Financials

Brother Industries: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥893bnYoY +1.9%

FYE Mar 2026 · Operating profit¥78bnYoY +11.4%

FYE Mar 2026 · Net profit¥68bnYoY +23.5%

FYE Mar 2026 · Equity ratio74.5%YoY +0.4pp

FYE Mar 2026 · Group employees39,495YoY −3,306

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥641bn	n/a	¥59bn	n/a	9.2%	¥47bn	Koike Toshikazu	—
FYE Mar 2018Consolidated	¥713bn	+11.2%	¥69bn	+16.1%	9.6%	¥50bn	Koike Toshikazu	—
FYE Mar 2019Consolidated	¥684bn	−4.1%	¥72bn	+4.7%	10.5%	¥54bn	Koike Toshikazu	—
FYE Mar 2020Consolidated	¥637bn	−6.8%	¥67bn	−6.4%	10.6%	¥50bn	Sasaki Ichiro	Domestic Domino business taken over from Cornes Technologies
FYE Mar 2021Consolidated	¥632bn	−0.9%	¥43bn	−36.5%	6.8%	¥25bn	Sasaki Ichiro	—
FYE Mar 2022Consolidated	¥711bn	+12.5%	¥86bn	+100.1%	12.0%	¥61bn	Sasaki Ichiro	¥27.2bn of Domino goodwill impaired in the year to March 2021
FYE Mar 2023Consolidated	¥815bn	+14.7%	¥55bn	−35.2%	6.8%	¥39bn	Sasaki Ichiro	Nissei taken fully private; move to the Prime Market; At your side 2030 launched
FYE Mar 2024Consolidated	¥823bn	+0.9%	¥50bn	−10.1%	6.1%	¥32bn	Sasaki Ichiro	—
FYE Mar 2025Consolidated	¥877bn	+6.5%	¥70bn	+40.4%	8.0%	¥55bn	Sasaki Ichiro	<a class="en-history_person" href="/tse/6448/executives/ceo/ikeda-kazufumi/" hreflang="ja">Ikeda Kazufumi</a> becomes president; counter-bid for Roland DG abandoned
FYE Mar 2026Consolidated	¥893bn	+1.9%	¥78bn	+11.4%	8.7%	¥68bn	Ikeda Kazufumi	—

How it compares

Seiko Epson¥1.41tnFY2025Operating margin 3.5%Konica Minolta¥1.09tnFY2025Operating margin 4.6%

Brother Industries¥893bnFY2025Operating margin 8.7%

Konica CorporationDissolved 2003

Minolta Co., Ltd.Delisted 2003

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥893bn

CAGR · 10 yrs +3.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	641	n/a	Cons. · IFRS
FYE Mar 2018	713	+11.2%	Cons. · IFRS
FYE Mar 2019	684	−4.1%	Cons. · IFRS
FYE Mar 2020	637	−6.8%	Cons. · IFRS
FYE Mar 2021	632	−0.9%	Cons. · IFRS
FYE Mar 2022	711	+12.5%	Cons. · IFRS
FYE Mar 2023	815	+14.7%	Cons. · IFRS
FYE Mar 2024	823	+0.9%	Cons. · IFRS
FYE Mar 2025	877	+6.5%	Cons. · IFRS
FYE Mar 2026	893	+1.9%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥513bn

CAGR · 10 yrs +3.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	368	n/a	Cons. · IFRS
FYE Mar 2018	412	+12.0%	Cons. · IFRS
FYE Mar 2019	392	−4.9%	Cons. · IFRS
FYE Mar 2020	355	−9.4%	Cons. · IFRS
FYE Mar 2021	345	−2.8%	Cons. · IFRS
FYE Mar 2022	404	+16.9%	Cons. · IFRS
FYE Mar 2023	496	+22.8%	Cons. · IFRS
FYE Mar 2024	468	−5.7%	Cons. · IFRS
FYE Mar 2025	495	+5.9%	Cons. · IFRS
FYE Mar 2026	513	+3.7%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥380bn

CAGR · 10 yrs +3.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	273	n/a	Cons. · IFRS
FYE Mar 2018	301	+10.1%	Cons. · IFRS
FYE Mar 2019	292	−2.9%	Cons. · IFRS
FYE Mar 2020	282	−3.4%	Cons. · IFRS
FYE Mar 2021	287	+1.5%	Cons. · IFRS
FYE Mar 2022	307	+7.2%	Cons. · IFRS
FYE Mar 2023	320	+4.0%	Cons. · IFRS
FYE Mar 2024	355	+11.2%	Cons. · IFRS
FYE Mar 2025	382	+7.4%	Cons. · IFRS
FYE Mar 2026	380	−0.4%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥296bn

CAGR · 10 yrs +3.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	212	n/a	Cons. · IFRS
FYE Mar 2018	224	+5.2%	Cons. · IFRS
FYE Mar 2019	220	−1.5%	Cons. · IFRS
FYE Mar 2020	215	−2.2%	Cons. · IFRS
FYE Mar 2021	209	−3.2%	Cons. · IFRS
FYE Mar 2022	223	+6.8%	Cons. · IFRS
FYE Mar 2023	259	+16.3%	Cons. · IFRS
FYE Mar 2024	280	+7.9%	Cons. · IFRS
FYE Mar 2025	304	+8.6%	Cons. · IFRS
FYE Mar 2026	296	−2.5%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥78bn

CAGR · 10 yrs +3.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	59.2	n/a	Cons. · IFRS
FYE Mar 2018	68.7	+16.1%	Cons. · IFRS
FYE Mar 2019	71.9	+4.7%	Cons. · IFRS
FYE Mar 2020	67.3	−6.4%	Cons. · IFRS
FYE Mar 2021	42.7	−36.5%	Cons. · IFRS
FYE Mar 2022	85.5	+100.1%	Cons. · IFRS
FYE Mar 2023	55.4	−35.2%	Cons. · IFRS
FYE Mar 2024	49.8	−10.1%	Cons. · IFRS
FYE Mar 2025	69.9	+40.4%	Cons. · IFRS
FYE Mar 2026	77.9	+11.4%	Cons. · IFRS

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Mar 2026 ¥5.0bn

CAGR · 9 yrs +4.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3.5	n/a	Cons. · IFRS
FYE Mar 2019	4.0	+14.7%	Cons. · IFRS
FYE Mar 2020	2.3	−43.3%	Cons. · IFRS
FYE Mar 2021	2.2	−3.5%	Cons. · IFRS
FYE Mar 2022	4.1	+84.7%	Cons. · IFRS
FYE Mar 2023	6.3	+54.6%	Cons. · IFRS
FYE Mar 2024	5.9	−6.7%	Cons. · IFRS
FYE Mar 2025	5.9	+0.7%	Cons. · IFRS
FYE Mar 2026	5.0	−14.8%	Cons. · IFRS

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Mar 2026 ¥1.6bn

CAGR · 9 yrs −6.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	2.6	n/a	Cons. · IFRS
FYE Mar 2019	3.8	+46.3%	Cons. · IFRS
FYE Mar 2020	2.7	−28.9%	Cons. · IFRS
FYE Mar 2021	2.2	−17.4%	Cons. · IFRS
FYE Mar 2022	3.3	+49.6%	Cons. · IFRS
FYE Mar 2023	5.0	+49.3%	Cons. · IFRS
FYE Mar 2024	3.4	−30.9%	Cons. · IFRS
FYE Mar 2025	1.6	−53.6%	Cons. · IFRS
FYE Mar 2026	1.6	−2.6%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥68bn

CAGR · 10 yrs +4.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	47.2	n/a	Cons. · IFRS
FYE Mar 2018	50.0	+5.9%	Cons. · IFRS
FYE Mar 2019	53.9	+7.8%	Cons. · IFRS
FYE Mar 2020	49.6	−8.0%	Cons. · IFRS
FYE Mar 2021	24.5	−50.5%	Cons. · IFRS
FYE Mar 2022	61.0	+148.9%	Cons. · IFRS
FYE Mar 2023	39.1	−36.0%	Cons. · IFRS
FYE Mar 2024	31.6	−19.0%	Cons. · IFRS
FYE Mar 2025	54.8	+73.1%	Cons. · IFRS
FYE Mar 2026	67.6	+23.5%	Cons. · IFRS

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Mar 2026 42.5%

Average · 10 yrs 42.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	42.6	n/a	Cons. · IFRS
FYE Mar 2018	42.2	−0.4pp	Cons. · IFRS
FYE Mar 2019	42.7	+0.5pp	Cons. · IFRS
FYE Mar 2020	44.3	+1.6pp	Cons. · IFRS
FYE Mar 2021	45.4	+1.1pp	Cons. · IFRS
FYE Mar 2022	43.2	−2.1pp	Cons. · IFRS
FYE Mar 2023	39.2	−4.0pp	Cons. · IFRS
FYE Mar 2024	43.2	+4.0pp	Cons. · IFRS
FYE Mar 2025	43.5	+0.4pp	Cons. · IFRS
FYE Mar 2026	42.5	−1.0pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 8.7%

Average · 10 yrs 8.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · IFRS
FYE Mar 2018	9.6	+0.4pp	Cons. · IFRS
FYE Mar 2019	10.5	+0.9pp	Cons. · IFRS
FYE Mar 2020	10.6	−0.0pp	Cons. · IFRS
FYE Mar 2021	6.8	−3.8pp	Cons. · IFRS
FYE Mar 2022	12.0	+5.3pp	Cons. · IFRS
FYE Mar 2023	6.8	−5.2pp	Cons. · IFRS
FYE Mar 2024	6.1	−0.7pp	Cons. · IFRS
FYE Mar 2025	8.0	+1.9pp	Cons. · IFRS
FYE Mar 2026	8.7	+0.7pp	Cons. · IFRS

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 7.6%

Average · 10 yrs 6.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · IFRS
FYE Mar 2018	7.0	−0.4pp	Cons. · IFRS
FYE Mar 2019	7.9	+0.9pp	Cons. · IFRS
FYE Mar 2020	7.8	−0.1pp	Cons. · IFRS
FYE Mar 2021	3.9	−3.9pp	Cons. · IFRS
FYE Mar 2022	8.6	+4.7pp	Cons. · IFRS
FYE Mar 2023	4.8	−3.8pp	Cons. · IFRS
FYE Mar 2024	3.8	−0.9pp	Cons. · IFRS
FYE Mar 2025	6.2	+2.4pp	Cons. · IFRS
FYE Mar 2026	7.6	+1.3pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2026 57.5%

Average · 10 yrs 57.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	57.4	n/a	Cons. · IFRS
FYE Mar 2018	57.8	+0.4pp	Cons. · IFRS
FYE Mar 2019	57.3	−0.5pp	Cons. · IFRS
FYE Mar 2020	55.7	−1.6pp	Cons. · IFRS
FYE Mar 2021	54.6	−1.1pp	Cons. · IFRS
FYE Mar 2022	56.8	+2.1pp	Cons. · IFRS
FYE Mar 2023	60.8	+4.0pp	Cons. · IFRS
FYE Mar 2024	56.8	−4.0pp	Cons. · IFRS
FYE Mar 2025	56.5	−0.4pp	Cons. · IFRS
FYE Mar 2026	57.5	+1.0pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 33.2%

Average · 10 yrs 32.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	33.1	n/a	Cons. · IFRS
FYE Mar 2018	31.4	−1.8pp	Cons. · IFRS
FYE Mar 2019	32.2	+0.8pp	Cons. · IFRS
FYE Mar 2020	33.8	+1.6pp	Cons. · IFRS
FYE Mar 2021	33.0	−0.8pp	Cons. · IFRS
FYE Mar 2022	31.3	−1.7pp	Cons. · IFRS
FYE Mar 2023	31.8	+0.5pp	Cons. · IFRS
FYE Mar 2024	34.0	+2.2pp	Cons. · IFRS
FYE Mar 2025	34.7	+0.7pp	Cons. · IFRS
FYE Mar 2026	33.2	−1.5pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥1.02tn

CAGR · 10 yrs +5.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	657	n/a	Cons. · IFRS
FYE Mar 2018	708	+7.7%	Cons. · IFRS
FYE Mar 2019	709	−0.0%	Cons. · IFRS
FYE Mar 2020	731	+3.2%	Cons. · IFRS
FYE Mar 2021	744	+1.7%	Cons. · IFRS
FYE Mar 2022	811	+9.0%	Cons. · IFRS
FYE Mar 2023	850	+4.8%	Cons. · IFRS
FYE Mar 2024	896	+5.4%	Cons. · IFRS
FYE Mar 2025	933	+4.1%	Cons. · IFRS
FYE Mar 2026	1,019	+9.2%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥759bn

CAGR · 10 yrs +8.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	354	n/a	Cons. · IFRS
FYE Mar 2018	379	+6.9%	Cons. · IFRS
FYE Mar 2019	408	+7.8%	Cons. · IFRS
FYE Mar 2020	412	+1.0%	Cons. · IFRS
FYE Mar 2021	466	+13.2%	Cons. · IFRS
FYE Mar 2022	561	+20.3%	Cons. · IFRS
FYE Mar 2023	597	+6.3%	Cons. · IFRS
FYE Mar 2024	668	+12.0%	Cons. · IFRS
FYE Mar 2025	691	+3.5%	Cons. · IFRS
FYE Mar 2026	759	+9.8%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥1.0bn

CAGR · 9 yrs −44.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	116	n/a	Cons. · IFRS
FYE Mar 2019	96.8	−16.9%	Cons. · IFRS
FYE Mar 2020	107	+10.6%	Cons. · IFRS
FYE Mar 2021	57.5	−46.3%	Cons. · IFRS
FYE Mar 2022	40.8	−28.9%	Cons. · IFRS
FYE Mar 2023	37.4	−8.3%	Cons. · IFRS
FYE Mar 2024	0.6	−98.4%	Cons. · IFRS
FYE Mar 2025	0.6	−0.0%	Cons. · IFRS
FYE Mar 2026	1.0	+65.2%	Cons. · IFRS

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Mar 2026 ¥0.6bn

CAGR · 7 yrs −45.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	21.9	n/a	Cons. · IFRS
FYE Mar 2019	19.6	−10.7%	Cons. · IFRS
FYE Mar 2020	50.4	+157.5%	Cons. · IFRS
FYE Mar 2021	19.2	−61.9%	Cons. · IFRS
FYE Mar 2022	20.1	+5.0%	Cons. · IFRS
FYE Mar 2023	36.8	+83.0%	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	0.6	n/a	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥0.4bn

CAGR · 9 yrs −49.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	94.6	n/a	Cons. · IFRS
FYE Mar 2019	77.2	−18.3%	Cons. · IFRS
FYE Mar 2020	56.7	−26.6%	Cons. · IFRS
FYE Mar 2021	38.3	−32.4%	Cons. · IFRS
FYE Mar 2022	20.7	−45.9%	Cons. · IFRS
FYE Mar 2023	0.6	−97.1%	Cons. · IFRS
FYE Mar 2024	0.6	−0.0%	Cons. · IFRS
FYE Mar 2025	0.6	−0.0%	Cons. · IFRS
FYE Mar 2026	0.4	−33.3%	Cons. · IFRS

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥37bn

CAGR · 9 yrs −4.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	52.9	n/a	Cons. · IFRS
FYE Mar 2019	47.8	−9.6%	Cons. · IFRS
FYE Mar 2020	43.0	−10.1%	Cons. · IFRS
FYE Mar 2021	42.4	−1.5%	Cons. · IFRS
FYE Mar 2022	42.3	−0.1%	Cons. · IFRS
FYE Mar 2023	43.4	+2.5%	Cons. · IFRS
FYE Mar 2024	44.3	+2.1%	Cons. · IFRS
FYE Mar 2025	42.2	−4.8%	Cons. · IFRS
FYE Mar 2026	37.2	−11.7%	Cons. · IFRS

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Mar 2026 ¥61bn

CAGR · 9 yrs −6.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	101	n/a	Cons. · IFRS
FYE Mar 2019	98.4	−2.6%	Cons. · IFRS
FYE Mar 2020	91.4	−7.1%	Cons. · IFRS
FYE Mar 2021	75.8	−17.0%	Cons. · IFRS
FYE Mar 2022	79.4	+4.6%	Cons. · IFRS
FYE Mar 2023	70.8	−10.7%	Cons. · IFRS
FYE Mar 2024	53.0	−25.2%	Cons. · IFRS
FYE Mar 2025	53.7	+1.4%	Cons. · IFRS
FYE Mar 2026	60.6	+12.9%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 74.5%

Average · 10 yrs 64.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	53.9	n/a	Cons. · IFRS
FYE Mar 2018	53.4	−0.4pp	Cons. · IFRS
FYE Mar 2019	57.6	+4.1pp	Cons. · IFRS
FYE Mar 2020	56.3	−1.3pp	Cons. · IFRS
FYE Mar 2021	62.7	+6.4pp	Cons. · IFRS
FYE Mar 2022	69.2	+6.5pp	Cons. · IFRS
FYE Mar 2023	70.1	+1.0pp	Cons. · IFRS
FYE Mar 2024	74.5	+4.4pp	Cons. · IFRS
FYE Mar 2025	74.1	−0.4pp	Cons. · IFRS
FYE Mar 2026	74.5	+0.4pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 0.1%

Average · 9 yrs 11.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	30.8	n/a	Cons. · IFRS
FYE Mar 2019	23.7	−7.0pp	Cons. · IFRS
FYE Mar 2020	26.0	+2.3pp	Cons. · IFRS
FYE Mar 2021	12.3	−13.7pp	Cons. · IFRS
FYE Mar 2022	7.3	−5.0pp	Cons. · IFRS
FYE Mar 2023	6.3	−1.0pp	Cons. · IFRS
FYE Mar 2024	0.1	−6.2pp	Cons. · IFRS
FYE Mar 2025	0.1	−0.0pp	Cons. · IFRS
FYE Mar 2026	0.1	−0.0pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 8.9%

Average · 10 yrs 9.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	13.3	n/a	Cons. · IFRS
FYE Mar 2018	13.2	−0.1pp	Cons. · IFRS
FYE Mar 2019	13.2	−0.0pp	Cons. · IFRS
FYE Mar 2020	12.0	−1.2pp	Cons. · IFRS
FYE Mar 2021	5.3	−6.8pp	Cons. · IFRS
FYE Mar 2022	10.9	+5.6pp	Cons. · IFRS
FYE Mar 2023	6.6	−4.3pp	Cons. · IFRS
FYE Mar 2024	4.7	−1.8pp	Cons. · IFRS
FYE Mar 2025	7.9	+3.2pp	Cons. · IFRS
FYE Mar 2026	8.9	+1.0pp	Cons. · IFRS

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Mar 2026 6.6%

Average · 10 yrs 6.0%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · IFRS
FYE Mar 2018	7.1	−0.1pp	Cons. · IFRS
FYE Mar 2019	7.6	+0.5pp	Cons. · IFRS
FYE Mar 2020	6.8	−0.8pp	Cons. · IFRS
FYE Mar 2021	3.3	−3.5pp	Cons. · IFRS
FYE Mar 2022	7.5	+4.2pp	Cons. · IFRS
FYE Mar 2023	4.6	−2.9pp	Cons. · IFRS
FYE Mar 2024	3.5	−1.1pp	Cons. · IFRS
FYE Mar 2025	5.9	+2.3pp	Cons. · IFRS
FYE Mar 2026	6.6	+0.8pp	Cons. · IFRS

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Mar 2026 0.88×

CAGR · 10 yrs −1.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.98	n/a	Cons. · IFRS
FYE Mar 2018	1.01	+3.2%	Cons. · IFRS
FYE Mar 2019	0.97	−4.1%	Cons. · IFRS
FYE Mar 2020	0.87	−9.7%	Cons. · IFRS
FYE Mar 2021	0.85	−2.5%	Cons. · IFRS
FYE Mar 2022	0.88	+3.2%	Cons. · IFRS
FYE Mar 2023	0.96	+9.4%	Cons. · IFRS
FYE Mar 2024	0.92	−4.2%	Cons. · IFRS
FYE Mar 2025	0.94	+2.3%	Cons. · IFRS
FYE Mar 2026	0.88	−6.7%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥111bn

CAGR · 10 yrs +1.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	99.2	n/a	Cons. · IFRS
FYE Mar 2018	81.8	−17.5%	Cons. · IFRS
FYE Mar 2019	73.3	−10.4%	Cons. · IFRS
FYE Mar 2020	87.7	+19.7%	Cons. · IFRS
FYE Mar 2021	109	+24.5%	Cons. · IFRS
FYE Mar 2022	72.3	−33.9%	Cons. · IFRS
FYE Mar 2023	14.4	−80.0%	Cons. · IFRS
FYE Mar 2024	141	+877.2%	Cons. · IFRS
FYE Mar 2025	90.0	−36.2%	Cons. · IFRS
FYE Mar 2026	111	+23.3%	Cons. · IFRS

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Mar 2026 -¥43bn

Average · 10 yrs -¥34bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-23.3	n/a	Cons. · IFRS
FYE Mar 2018	-37.1	n/a	Cons. · IFRS
FYE Mar 2019	-22.6	n/a	Cons. · IFRS
FYE Mar 2020	-28.0	n/a	Cons. · IFRS
FYE Mar 2021	-25.1	n/a	Cons. · IFRS
FYE Mar 2022	-40.8	n/a	Cons. · IFRS
FYE Mar 2023	-32.2	n/a	Cons. · IFRS
FYE Mar 2024	-42.1	n/a	Cons. · IFRS
FYE Mar 2025	-48.2	n/a	Cons. · IFRS
FYE Mar 2026	-43.0	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 -¥55bn

Average · 10 yrs -¥45bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-30.4	n/a	Cons. · IFRS
FYE Mar 2018	-34.6	n/a	Cons. · IFRS
FYE Mar 2019	-39.0	n/a	Cons. · IFRS
FYE Mar 2020	-14.9	n/a	Cons. · IFRS
FYE Mar 2021	-74.0	n/a	Cons. · IFRS
FYE Mar 2022	-65.2	n/a	Cons. · IFRS
FYE Mar 2023	-36.6	n/a	Cons. · IFRS
FYE Mar 2024	-61.6	n/a	Cons. · IFRS
FYE Mar 2025	-34.6	n/a	Cons. · IFRS
FYE Mar 2026	-54.6	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥198bn

CAGR · 10 yrs +6.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	112	n/a	Cons. · IFRS
FYE Mar 2018	121	+8.3%	Cons. · IFRS
FYE Mar 2019	131	+8.0%	Cons. · IFRS
FYE Mar 2020	168	+28.4%	Cons. · IFRS
FYE Mar 2021	191	+13.4%	Cons. · IFRS
FYE Mar 2022	168	−12.1%	Cons. · IFRS
FYE Mar 2023	119	−29.1%	Cons. · IFRS
FYE Mar 2024	173	+45.1%	Cons. · IFRS
FYE Mar 2025	173	−0.0%	Cons. · IFRS
FYE Mar 2026	198	+14.4%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥68bn

CAGR · 10 yrs −1.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	75.9	n/a	Cons. · IFRS
FYE Mar 2018	44.7	−41.1%	Cons. · IFRS
FYE Mar 2019	50.7	+13.3%	Cons. · IFRS
FYE Mar 2020	59.8	+18.0%	Cons. · IFRS
FYE Mar 2021	84.2	+40.8%	Cons. · IFRS
FYE Mar 2022	31.5	−62.6%	Cons. · IFRS
FYE Mar 2023	-17.8	−156.4%	Cons. · IFRS
FYE Mar 2024	99.0	n/a	Cons. · IFRS
FYE Mar 2025	41.9	−57.7%	Cons. · IFRS
FYE Mar 2026	68.0	+62.4%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 12.4%

Average · 10 yrs 12.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.5	n/a	Cons. · IFRS
FYE Mar 2018	11.5	−4.0pp	Cons. · IFRS
FYE Mar 2019	10.7	−0.8pp	Cons. · IFRS
FYE Mar 2020	13.8	+3.1pp	Cons. · IFRS
FYE Mar 2021	17.3	+3.5pp	Cons. · IFRS
FYE Mar 2022	10.2	−7.1pp	Cons. · IFRS
FYE Mar 2023	1.8	−8.4pp	Cons. · IFRS
FYE Mar 2024	17.1	+15.4pp	Cons. · IFRS
FYE Mar 2025	10.3	−6.9pp	Cons. · IFRS
FYE Mar 2026	12.4	+2.2pp	Cons. · IFRS

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Mar 2026 ¥197bn

CAGR · 9 yrs +58.5%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	4.9	n/a	Cons. · IFRS
FYE Mar 2019	34.4	+595.8%	Cons. · IFRS
FYE Mar 2020	61.4	+78.7%	Cons. · IFRS
FYE Mar 2021	134	+117.5%	Cons. · IFRS
FYE Mar 2022	127	−4.8%	Cons. · IFRS
FYE Mar 2023	81.6	−35.8%	Cons. · IFRS
FYE Mar 2024	172	+111.0%	Cons. · IFRS
FYE Mar 2025	172	−0.0%	Cons. · IFRS
FYE Mar 2026	197	+14.2%	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥739bn

Change · 10 yrs +¥93bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	646	n/a
FYE Mar 2018	647	n/a
FYE Mar 2019	539	n/a
FYE Mar 2020	435	n/a
FYE Mar 2021	643	n/a
FYE Mar 2022	585	n/a
FYE Mar 2023	512	n/a
FYE Mar 2024	728	n/a
FYE Mar 2025	696	n/a
FYE Mar 2026	739	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 2,869¥

Change · 10 yrs +540¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,329	n/a
FYE Mar 2018	2,466	n/a
FYE Mar 2019	2,055	n/a
FYE Mar 2020	1,660	n/a
FYE Mar 2021	2,453	n/a
FYE Mar 2022	2,231	n/a
FYE Mar 2023	1,985	n/a
FYE Mar 2024	2,823	n/a
FYE Mar 2025	2,700	n/a
FYE Mar 2026	2,869	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Mar 2026 257,755,930shares

Change · 10 yrs −19,779,936 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	277,535,866	Parent
FYE Mar 2018	262,220,530	Parent
FYE Mar 2019	262,220,530	Parent
FYE Mar 2020	262,220,530	Parent
FYE Mar 2021	262,220,530	Parent
FYE Mar 2022	262,220,530	Parent
FYE Mar 2023	257,755,930	Parent
FYE Mar 2024	257,755,930	Parent
FYE Mar 2025	257,755,930	Parent
FYE Mar 2026	257,755,930	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Mar 2026 268.10¥

Change · 10 yrs +86.14¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	181.96	Cons.
FYE Mar 2018	192.63	Cons.
FYE Mar 2019	207.54	Cons.
FYE Mar 2020	190.80	Cons.
FYE Mar 2021	94.36	Cons.
FYE Mar 2022	234.89	Cons.
FYE Mar 2023	152.67	Cons.
FYE Mar 2024	123.81	Cons.
FYE Mar 2025	214.27	Cons.
FYE Mar 2026	268.10	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 2,945.39¥

Change · 10 yrs +1,669.22¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,276.16	Cons. · IFRS
FYE Mar 2018	1,443.57	Cons. · IFRS
FYE Mar 2019	1,555.66	Cons. · IFRS
FYE Mar 2020	1,570.70	Cons. · IFRS
FYE Mar 2021	1,778.63	Cons. · IFRS
FYE Mar 2022	2,139.73	Cons. · IFRS
FYE Mar 2023	2,314.43	Cons. · IFRS
FYE Mar 2024	2,591.50	Cons. · IFRS
FYE Mar 2025	2,682.03	Cons. · IFRS
FYE Mar 2026	2,945.39	Cons. · IFRS

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Mar 2026 10.70×

Average · 10 yrs 13.88×

Fiscal year	PER ×	Basis
FYE Mar 2017	12.80	Cons.
FYE Mar 2018	12.80	Cons.
FYE Mar 2019	9.90	Cons.
FYE Mar 2020	8.70	Cons.
FYE Mar 2021	26.00	Cons.
FYE Mar 2022	9.50	Cons.
FYE Mar 2023	13.00	Cons.
FYE Mar 2024	22.80	Cons.
FYE Mar 2025	12.60	Cons.
FYE Mar 2026	10.70	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Mar 2026 0.94×

Average · 10 yrs 1.19×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.75	Cons.
FYE Mar 2018	1.62	Cons.
FYE Mar 2019	1.26	Cons.
FYE Mar 2020	1.01	Cons.
FYE Mar 2021	1.32	Cons.
FYE Mar 2022	1.03	Cons.
FYE Mar 2023	0.85	Cons.
FYE Mar 2024	1.08	Cons.
FYE Mar 2025	1.00	Cons.
FYE Mar 2026	0.94	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Mar 2026 39,495people

Change · 10 yrs +2,566 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	36,929	n/a	Cons.
FYE Mar 2018	38,628	+4.6%	Cons.
FYE Mar 2019	37,769	−2.2%	Cons.
FYE Mar 2020	37,697	−0.2%	Cons.
FYE Mar 2021	38,741	+2.8%	Cons.
FYE Mar 2022	41,215	+6.4%	Cons.
FYE Mar 2023	41,653	+1.1%	Cons.
FYE Mar 2024	40,538	−2.7%	Cons.
FYE Mar 2025	42,801	+5.6%	Cons.
FYE Mar 2026	39,495	−7.7%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 3,997people

Change · 10 yrs +169 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,828	n/a	Parent
FYE Mar 2018	3,937	+2.8%	Parent
FYE Mar 2019	3,865	−1.8%	Parent
FYE Mar 2020	3,800	−1.7%	Parent
FYE Mar 2021	3,803	+0.1%	Parent
FYE Mar 2022	3,867	+1.7%	Parent
FYE Mar 2023	3,890	+0.6%	Parent
FYE Mar 2024	3,877	−0.3%	Parent
FYE Mar 2025	3,903	+0.7%	Parent
FYE Mar 2026	3,997	+2.4%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 ¥8.1m

Change · 8 yrs +¥0.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	7.7	n/a	Parent
FYE Mar 2020	7.6	−1.0%	Parent
FYE Mar 2021	7.7	+1.1%	Parent
FYE Mar 2022	7.7	−0.4%	Parent
FYE Mar 2023	7.8	+2.2%	Parent
FYE Mar 2024	7.5	−4.8%	Parent
FYE Mar 2025	8.0	+7.7%	Parent
FYE Mar 2026	8.1	+0.2%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 43.6years

Change · 8 yrs +1.2 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.4	n/a	Parent
FYE Mar 2020	42.7	+0.7%	Parent
FYE Mar 2021	43.0	+0.7%	Parent
FYE Mar 2022	43.3	+0.7%	Parent
FYE Mar 2023	43.5	+0.5%	Parent
FYE Mar 2024	43.5	−0.0%	Parent
FYE Mar 2025	43.6	+0.2%	Parent
FYE Mar 2026	43.6	−0.0%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 13.9years

Change · 8 yrs −1.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	15.2	n/a	Parent
FYE Mar 2020	15.4	+1.3%	Parent
FYE Mar 2021	15.5	+0.6%	Parent
FYE Mar 2022	15.0	−3.2%	Parent
FYE Mar 2023	14.5	−3.3%	Parent
FYE Mar 2024	14.3	−1.4%	Parent
FYE Mar 2025	14.2	−0.7%	Parent
FYE Mar 2026	13.9	−2.1%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Mar 2026 2,895people

Change · 10 yrs −3,304 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	6,199	n/a	n/a
FYE Mar 2018	6,012	−3.0%	n/a
FYE Mar 2019	5,907	−1.7%	n/a
FYE Mar 2020	4,672	−20.9%	n/a
FYE Mar 2021	5,441	+16.5%	n/a
FYE Mar 2022	4,553	−16.3%	n/a
FYE Mar 2023	3,272	−28.1%	n/a
FYE Mar 2024	1,803	−44.9%	n/a
FYE Mar 2025	2,463	+36.6%	n/a
FYE Mar 2026	2,895	+17.5%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥22.6m

Change · 10 yrs +¥5.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	17.4	n/a	Cons.
FYE Mar 2018	18.5	+6.3%	Cons.
FYE Mar 2019	18.1	−1.9%	Cons.
FYE Mar 2020	16.9	−6.7%	Cons.
FYE Mar 2021	16.3	−3.5%	Cons.
FYE Mar 2022	17.2	+5.8%	Cons.
FYE Mar 2023	19.6	+13.5%	Cons.
FYE Mar 2024	20.3	+3.7%	Cons.
FYE Mar 2025	20.5	+0.9%	Cons.
FYE Mar 2026	22.6	+10.5%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Mar 2026 ¥2.0m

Change · 10 yrs +¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons.
FYE Mar 2018	1.8	+11.0%	Cons.
FYE Mar 2019	1.9	+7.1%	Cons.
FYE Mar 2020	1.8	−6.2%	Cons.
FYE Mar 2021	1.1	−38.2%	Cons.
FYE Mar 2022	2.1	+88.1%	Cons.
FYE Mar 2023	1.3	−35.9%	Cons.
FYE Mar 2024	1.2	−7.6%	Cons.
FYE Mar 2025	1.6	+32.9%	Cons.
FYE Mar 2026	2.0	+20.7%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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