Financials

Minebea Mitsumi: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥1.66tnYoY +9.3%

FYE Mar 2026 · Operating profit¥104bnYoY +10.1%

FYE Mar 2026 · Net profit¥99bnYoY +66.6%

FYE Mar 2026 · Equity ratio48.9%YoY +2.7pp

FYE Mar 2026 · Group employees81,383YoY −1,873

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥639bn	n/a	¥49bn	n/a	7.7%	¥41bn	Kainuma Yoshihisa	Integration and share exchange agreements signed with Mitsumi Electric
FYE Mar 2018Consolidated	¥881bn	+38.0%	¥69bn	+40.6%	7.8%	¥59bn	Kainuma Yoshihisa	Mitsumi becomes a wholly owned subsidiary; renamed MinebeaMitsumi
FYE Mar 2019Consolidated	¥885bn	+0.4%	¥72bn	+4.5%	8.1%	¥60bn	Kainuma Yoshihisa	—
FYE Mar 2020Consolidated	¥978bn	+10.6%	¥59bn	−18.6%	6.0%	¥46bn	Kainuma Yoshihisa	U-Shin made a subsidiary through a tender offer
FYE Mar 2021Consolidated	¥988bn	+1.0%	¥51bn	−12.8%	5.2%	¥39bn	Kainuma Yoshihisa	Ablic made a wholly owned subsidiary
FYE Mar 2022Consolidated	¥1.12tn	+13.7%	¥92bn	+80.1%	8.2%	¥69bn	Kainuma Yoshihisa	MMI Semiconductor acquired from Omron
FYE Mar 2023Consolidated	¥1.29tn	+15.0%	¥98bn	+5.9%	7.5%	¥73bn	Kainuma Yoshihisa	—
FYE Mar 2024Consolidated	¥1.40tn	+8.5%	¥74bn	−24.6%	5.2%	¥54bn	Kainuma Yoshihisa	Honda Lock made a subsidiary, renamed Minebea AccessSolutions
FYE Mar 2025Consolidated	¥1.52tn	+8.6%	¥94bn	+28.5%	6.2%	¥59bn	Yoshida Katsuhiko	Hitachi Power Devices acquired from Hitachi
FYE Mar 2026Consolidated	¥1.66tn	+9.3%	¥104bn	+10.1%	6.2%	¥99bn	Yoshida Katsuhiko	—

How it compares

Minebea Mitsumi¥1.66tnFY2025Operating margin 6.2%

Shimano¥466bnFY2025Operating margin 11.1%Misumi Group¥441bnFY2025Operating margin 10.8%

NABTESCO CORPORATION¥308bnFY2025Operating margin 6.7%

TSUBAKIMOTO CHAIN CO.¥296bnFY2025Operating margin 7.3%

THK¥240bnFY2025Operating margin 6.0%

NIKKISO CO., LTD.¥216bnFY2025Operating margin 7.1%

Harmonic Drive Systems Inc.¥60bnFY2025Operating margin 4.3%

PILLAR Corporation¥59bnFY2025Operating margin 20.4%

Union Tool¥40bnFY2025Operating margin 21.7%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.66tn

CAGR · 10 yrs +11.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	639	n/a	Cons. · Japanese GAAP
FYE Mar 2018	881	+38.0%	Cons. · Japanese GAAP
FYE Mar 2019	885	moved to IFRS	Cons. · IFRS
FYE Mar 2020	978	+10.6%	Cons. · IFRS
FYE Mar 2021	988	+1.0%	Cons. · IFRS
FYE Mar 2022	1,124	+13.7%	Cons. · IFRS
FYE Mar 2023	1,292	+15.0%	Cons. · IFRS
FYE Mar 2024	1,402	+8.5%	Cons. · IFRS
FYE Mar 2025	1,523	+8.6%	Cons. · IFRS
FYE Mar 2026	1,664	+9.3%	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 ¥1.37tn

CAGR · 10 yrs +11.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	513	n/a	Cons. · Japanese GAAP
FYE Mar 2018	707	+37.8%	Cons. · Japanese GAAP
FYE Mar 2019	718	moved to IFRS	Cons. · IFRS
FYE Mar 2020	812	+13.1%	Cons. · IFRS
FYE Mar 2021	821	+1.1%	Cons. · IFRS
FYE Mar 2022	909	+10.7%	Cons. · IFRS
FYE Mar 2023	1,072	+18.0%	Cons. · IFRS
FYE Mar 2024	1,171	+9.2%	Cons. · IFRS
FYE Mar 2025	1,252	+7.0%	Cons. · IFRS
FYE Mar 2026	1,371	+9.5%	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 ¥293bn

CAGR · 10 yrs +9.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	126	n/a	Cons. · Japanese GAAP
FYE Mar 2018	175	+38.7%	Cons. · Japanese GAAP
FYE Mar 2019	167	moved to IFRS	Cons. · IFRS
FYE Mar 2020	167	−0.0%	Cons. · IFRS
FYE Mar 2021	168	+0.6%	Cons. · IFRS
FYE Mar 2022	216	+28.6%	Cons. · IFRS
FYE Mar 2023	221	+2.3%	Cons. · IFRS
FYE Mar 2024	231	+4.9%	Cons. · IFRS
FYE Mar 2025	270	+16.9%	Cons. · IFRS
FYE Mar 2026	293	+8.4%	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 ¥190bn

CAGR · 10 yrs +10.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	76.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	98.7	+28.5%	Cons. · Japanese GAAP
FYE Mar 2019	94.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	108	+14.0%	Cons. · IFRS
FYE Mar 2021	108	+0.1%	Cons. · IFRS
FYE Mar 2022	125	+16.2%	Cons. · IFRS
FYE Mar 2023	144	+15.2%	Cons. · IFRS
FYE Mar 2024	162	+12.5%	Cons. · IFRS
FYE Mar 2025	179	+10.1%	Cons. · IFRS
FYE Mar 2026	190	+6.4%	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 ¥104bn

CAGR · 10 yrs +8.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	49.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	68.9	+40.6%	Cons. · Japanese GAAP
FYE Mar 2019	72.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	58.6	−18.6%	Cons. · IFRS
FYE Mar 2021	51.2	−12.8%	Cons. · IFRS
FYE Mar 2022	92.1	+80.1%	Cons. · IFRS
FYE Mar 2023	97.5	+5.9%	Cons. · IFRS
FYE Mar 2024	73.5	−24.6%	Cons. · IFRS
FYE Mar 2025	94.5	+28.5%	Cons. · IFRS
FYE Mar 2026	104	+10.1%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥41bn

CAGR · 10 yrs +40.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.4	−24.4%	Cons. · Japanese GAAP
FYE Mar 2019	1.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.8	+22.9%	Cons. · IFRS
FYE Mar 2021	1.5	−18.7%	Cons. · IFRS
FYE Mar 2022	1.5	+1.0%	Cons. · IFRS
FYE Mar 2023	2.1	+37.5%	Cons. · IFRS
FYE Mar 2024	6.5	+214.4%	Cons. · IFRS
FYE Mar 2025	6.9	+7.1%	Cons. · IFRS
FYE Mar 2026	40.9	+490.2%	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 ¥11bn

CAGR · 10 yrs +18.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.5	+39.1%	Cons. · Japanese GAAP
FYE Mar 2019	2.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.4	+8.5%	Cons. · IFRS
FYE Mar 2021	3.1	+31.1%	Cons. · IFRS
FYE Mar 2022	2.8	−8.8%	Cons. · IFRS
FYE Mar 2023	7.5	+162.2%	Cons. · IFRS
FYE Mar 2024	4.5	−40.2%	Cons. · IFRS
FYE Mar 2025	18.8	+321.4%	Cons. · IFRS
FYE Mar 2026	11.1	−40.9%	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 ¥99bn

CAGR · 10 yrs +10.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	41.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	59.4	+44.3%	Cons. · Japanese GAAP
FYE Mar 2019	60.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	46.0	−23.6%	Cons. · IFRS
FYE Mar 2021	38.8	−15.7%	Cons. · IFRS
FYE Mar 2022	68.9	+77.9%	Cons. · IFRS
FYE Mar 2023	73.2	+6.1%	Cons. · IFRS
FYE Mar 2024	54.0	−26.1%	Cons. · IFRS
FYE Mar 2025	59.5	+10.0%	Cons. · IFRS
FYE Mar 2026	99.0	+66.6%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 17.6%

Average · 10 yrs 18.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	19.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	18.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.0	−1.8pp	Cons. · IFRS
FYE Mar 2021	17.0	−0.1pp	Cons. · IFRS
FYE Mar 2022	19.2	+2.2pp	Cons. · IFRS
FYE Mar 2023	17.1	−2.1pp	Cons. · IFRS
FYE Mar 2024	16.5	−0.6pp	Cons. · IFRS
FYE Mar 2025	17.8	+1.3pp	Cons. · IFRS
FYE Mar 2026	17.6	−0.2pp	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 6.2%

Average · 10 yrs 6.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	8.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	6.0	−2.1pp	Cons. · IFRS
FYE Mar 2021	5.2	−0.8pp	Cons. · IFRS
FYE Mar 2022	8.2	+3.0pp	Cons. · IFRS
FYE Mar 2023	7.5	−0.6pp	Cons. · IFRS
FYE Mar 2024	5.2	−2.3pp	Cons. · IFRS
FYE Mar 2025	6.2	+1.0pp	Cons. · IFRS
FYE Mar 2026	6.2	−0.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 6.0%

Average · 10 yrs 5.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	6.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.7	−2.1pp	Cons. · IFRS
FYE Mar 2021	3.9	−0.8pp	Cons. · IFRS
FYE Mar 2022	6.1	+2.2pp	Cons. · IFRS
FYE Mar 2023	5.7	−0.5pp	Cons. · IFRS
FYE Mar 2024	3.9	−1.8pp	Cons. · IFRS
FYE Mar 2025	3.9	+0.1pp	Cons. · IFRS
FYE Mar 2026	6.0	+2.0pp	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 82.4%

Average · 10 yrs 82.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	80.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	80.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	81.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	83.0	+1.8pp	Cons. · IFRS
FYE Mar 2021	83.0	+0.1pp	Cons. · IFRS
FYE Mar 2022	80.8	−2.2pp	Cons. · IFRS
FYE Mar 2023	82.9	+2.1pp	Cons. · IFRS
FYE Mar 2024	83.5	+0.6pp	Cons. · IFRS
FYE Mar 2025	82.2	−1.3pp	Cons. · IFRS
FYE Mar 2026	82.4	+0.2pp	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 11.4%

Average · 10 yrs 11.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	12.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.2	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	10.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.0	+0.3pp	Cons. · IFRS
FYE Mar 2021	10.9	−0.1pp	Cons. · IFRS
FYE Mar 2022	11.1	+0.2pp	Cons. · IFRS
FYE Mar 2023	11.2	−0.0pp	Cons. · IFRS
FYE Mar 2024	11.6	+0.4pp	Cons. · IFRS
FYE Mar 2025	11.7	+0.2pp	Cons. · IFRS
FYE Mar 2026	11.4	−0.3pp	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 ¥1.81tn

CAGR · 10 yrs +12.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	643	n/a	Cons. · Japanese GAAP
FYE Mar 2018	708	+10.0%	Cons. · Japanese GAAP
FYE Mar 2019	742	moved to IFRS	Cons. · IFRS
FYE Mar 2020	864	+16.5%	Cons. · IFRS
FYE Mar 2021	977	+13.0%	Cons. · IFRS
FYE Mar 2022	1,104	+13.0%	Cons. · IFRS
FYE Mar 2023	1,300	+17.7%	Cons. · IFRS
FYE Mar 2024	1,416	+8.9%	Cons. · IFRS
FYE Mar 2025	1,585	+11.9%	Cons. · IFRS
FYE Mar 2026	1,815	+14.5%	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 ¥887bn

CAGR · 10 yrs +11.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	321	n/a	Cons. · Japanese GAAP
FYE Mar 2018	366	+13.9%	Cons. · Japanese GAAP
FYE Mar 2019	392	moved to IFRS	Cons. · IFRS
FYE Mar 2020	386	−1.4%	Cons. · IFRS
FYE Mar 2021	448	+16.0%	Cons. · IFRS
FYE Mar 2022	536	+19.5%	Cons. · IFRS
FYE Mar 2023	619	+15.6%	Cons. · IFRS
FYE Mar 2024	693	+11.9%	Cons. · IFRS
FYE Mar 2025	732	+5.7%	Cons. · IFRS
FYE Mar 2026	887	+21.1%	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 ¥482bn

CAGR · 10 yrs +17.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	111	n/a	Cons. · Japanese GAAP
FYE Mar 2018	156	+41.5%	Cons. · Japanese GAAP
FYE Mar 2019	162	moved to IFRS	Cons. · IFRS
FYE Mar 2020	222	+36.8%	Cons. · IFRS
FYE Mar 2021	269	+21.2%	Cons. · IFRS
FYE Mar 2022	271	+0.8%	Cons. · IFRS
FYE Mar 2023	354	+30.9%	Cons. · IFRS
FYE Mar 2024	362	+2.3%	Cons. · IFRS
FYE Mar 2025	464	+27.9%	Cons. · IFRS
FYE Mar 2026	482	+4.1%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥264bn

CAGR · 10 yrs +20.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	49.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	60.4	+21.7%	Cons. · Japanese GAAP
FYE Mar 2019	86.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	95.3	+10.0%	Cons. · IFRS
FYE Mar 2021	137	+44.0%	Cons. · IFRS
FYE Mar 2022	165	+20.2%	Cons. · IFRS
FYE Mar 2023	183	+11.0%	Cons. · IFRS
FYE Mar 2024	147	−19.6%	Cons. · IFRS
FYE Mar 2025	175	+18.9%	Cons. · IFRS
FYE Mar 2026	264	+50.9%	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 ¥218bn

CAGR · 10 yrs +12.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	78.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	61.6	−21.9%	Cons. · Japanese GAAP
FYE Mar 2019	75.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	126	+67.7%	Cons. · IFRS
FYE Mar 2021	131	+4.0%	Cons. · IFRS
FYE Mar 2022	106	−19.5%	Cons. · IFRS
FYE Mar 2023	171	+61.8%	Cons. · IFRS
FYE Mar 2024	215	+25.6%	Cons. · IFRS
FYE Mar 2025	289	+34.1%	Cons. · IFRS
FYE Mar 2026	218	−24.3%	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 ¥33bn

CAGR · 10 yrs +10.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	−25.4%	Cons. · Japanese GAAP
FYE Mar 2019	9.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	13.8	+47.2%	Cons. · IFRS
FYE Mar 2021	18.7	+35.3%	Cons. · IFRS
FYE Mar 2022	17.8	−4.7%	Cons. · IFRS
FYE Mar 2023	19.6	+10.2%	Cons. · IFRS
FYE Mar 2024	19.0	−2.8%	Cons. · IFRS
FYE Mar 2025	27.1	+42.2%	Cons. · IFRS
FYE Mar 2026	33.3	+23.0%	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 · 10 yrs +32.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.5	+80.5%	Cons. · Japanese GAAP
FYE Mar 2019	8.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	18.6	+124.8%	Cons. · IFRS
FYE Mar 2021	41.4	+122.5%	Cons. · IFRS
FYE Mar 2022	42.9	+3.4%	Cons. · IFRS
FYE Mar 2023	46.3	+8.1%	Cons. · IFRS
FYE Mar 2024	47.7	+3.0%	Cons. · IFRS
FYE Mar 2025	60.5	+26.8%	Cons. · IFRS
FYE Mar 2026	61.2	+1.1%	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 48.9%

Average · 10 yrs 48.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	50.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.7	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	52.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	44.7	−8.1pp	Cons. · IFRS
FYE Mar 2021	45.9	+1.2pp	Cons. · IFRS
FYE Mar 2022	48.5	+2.6pp	Cons. · IFRS
FYE Mar 2023	47.6	−0.9pp	Cons. · IFRS
FYE Mar 2024	48.9	+1.3pp	Cons. · IFRS
FYE Mar 2025	46.2	−2.7pp	Cons. · IFRS
FYE Mar 2026	48.9	+2.7pp	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 54.4%

Average · 10 yrs 51.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	34.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	42.7	+8.3pp	Cons. · Japanese GAAP
FYE Mar 2019	41.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	57.4	+16.0pp	Cons. · IFRS
FYE Mar 2021	59.9	+2.6pp	Cons. · IFRS
FYE Mar 2022	50.5	−9.4pp	Cons. · IFRS
FYE Mar 2023	57.2	+6.7pp	Cons. · IFRS
FYE Mar 2024	52.3	−4.9pp	Cons. · IFRS
FYE Mar 2025	63.3	+11.0pp	Cons. · IFRS
FYE Mar 2026	54.4	−8.9pp	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 11.2%

Average · 10 yrs 11.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	12.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.2	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	15.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.9	−3.4pp	Cons. · IFRS
FYE Mar 2021	8.6	−3.3pp	Cons. · IFRS
FYE Mar 2022	12.9	+4.2pp	Cons. · IFRS
FYE Mar 2023	11.8	−1.1pp	Cons. · IFRS
FYE Mar 2024	7.8	−4.0pp	Cons. · IFRS
FYE Mar 2025	8.1	+0.3pp	Cons. · IFRS
FYE Mar 2026	11.2	+3.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.5%

Average · 10 yrs 5.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.4	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	8.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.3	−2.8pp	Cons. · IFRS
FYE Mar 2021	4.0	−1.4pp	Cons. · IFRS
FYE Mar 2022	6.2	+2.3pp	Cons. · IFRS
FYE Mar 2023	5.6	−0.6pp	Cons. · IFRS
FYE Mar 2024	3.8	−1.8pp	Cons. · IFRS
FYE Mar 2025	3.8	−0.1pp	Cons. · IFRS
FYE Mar 2026	5.5	+1.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.92×

CAGR · 10 yrs −0.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.99	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.25	+25.4%	Cons. · Japanese GAAP
FYE Mar 2019	1.19	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.13	−5.1%	Cons. · IFRS
FYE Mar 2021	1.01	−10.6%	Cons. · IFRS
FYE Mar 2022	1.02	+0.6%	Cons. · IFRS
FYE Mar 2023	0.99	−2.4%	Cons. · IFRS
FYE Mar 2024	0.99	−0.4%	Cons. · IFRS
FYE Mar 2025	0.96	−3.0%	Cons. · IFRS
FYE Mar 2026	0.92	−4.5%	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 ¥95bn

CAGR · 10 yrs +1.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	83.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	96.6	+16.2%	Cons. · Japanese GAAP
FYE Mar 2019	101	moved to IFRS	Cons. · IFRS
FYE Mar 2020	86.5	−14.1%	Cons. · IFRS
FYE Mar 2021	93.8	+8.4%	Cons. · IFRS
FYE Mar 2022	78.4	−16.4%	Cons. · IFRS
FYE Mar 2023	44.1	−43.8%	Cons. · IFRS
FYE Mar 2024	102	+130.8%	Cons. · IFRS
FYE Mar 2025	134	+31.4%	Cons. · IFRS
FYE Mar 2026	94.9	−29.0%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥83bn

Average · 10 yrs -¥73bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-46.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-59.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-54.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-43.5	n/a	Cons. · IFRS
FYE Mar 2021	-70.6	n/a	Cons. · IFRS
FYE Mar 2022	-63.6	n/a	Cons. · IFRS
FYE Mar 2023	-106	n/a	Cons. · IFRS
FYE Mar 2024	-76.3	n/a	Cons. · IFRS
FYE Mar 2025	-126	n/a	Cons. · IFRS
FYE Mar 2026	-82.8	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 -¥16bn

Average · 10 yrs -¥4.7bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-17.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-27.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-13.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-28.8	n/a	Cons. · IFRS
FYE Mar 2021	9.3	n/a	Cons. · IFRS
FYE Mar 2022	-25.5	−376.0%	Cons. · IFRS
FYE Mar 2023	37.9	n/a	Cons. · IFRS
FYE Mar 2024	-30.2	−179.8%	Cons. · IFRS
FYE Mar 2025	64.0	n/a	Cons. · IFRS
FYE Mar 2026	-16.1	−125.2%	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 ¥228bn

CAGR · 10 yrs +12.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	78.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	88.7	+12.5%	Cons. · Japanese GAAP
FYE Mar 2019	122	moved to IFRS	Cons. · IFRS
FYE Mar 2020	131	+6.8%	Cons. · IFRS
FYE Mar 2021	165	+26.6%	Cons. · IFRS
FYE Mar 2022	164	−1.1%	Cons. · IFRS
FYE Mar 2023	145	−11.6%	Cons. · IFRS
FYE Mar 2024	147	+1.4%	Cons. · IFRS
FYE Mar 2025	214	+46.1%	Cons. · IFRS
FYE Mar 2026	228	+6.2%	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 ¥12bn

CAGR · 10 yrs −11.5%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	36.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	37.2	+2.3%	Cons. · Japanese GAAP
FYE Mar 2019	46.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	42.9	−7.7%	Cons. · IFRS
FYE Mar 2021	23.2	−46.0%	Cons. · IFRS
FYE Mar 2022	14.8	−36.1%	Cons. · IFRS
FYE Mar 2023	-62.2	−519.8%	Cons. · IFRS
FYE Mar 2024	25.5	n/a	Cons. · IFRS
FYE Mar 2025	7.9	−69.0%	Cons. · IFRS
FYE Mar 2026	12.1	+52.8%	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 5.7%

Average · 10 yrs 8.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	13.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.0	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	11.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.8	−2.5pp	Cons. · IFRS
FYE Mar 2021	9.5	+0.6pp	Cons. · IFRS
FYE Mar 2022	7.0	−2.5pp	Cons. · IFRS
FYE Mar 2023	3.4	−3.6pp	Cons. · IFRS
FYE Mar 2024	7.3	+3.8pp	Cons. · IFRS
FYE Mar 2025	8.8	+1.5pp	Cons. · IFRS
FYE Mar 2026	5.7	−3.1pp	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 -¥255bn

Average · 10 yrs -¥137bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-31.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-67.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-39.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-91.0	n/a	Cons. · IFRS
FYE Mar 2021	-103	n/a	Cons. · IFRS
FYE Mar 2022	-107	n/a	Cons. · IFRS
FYE Mar 2023	-210	n/a	Cons. · IFRS
FYE Mar 2024	-216	n/a	Cons. · IFRS
FYE Mar 2025	-249	n/a	Cons. · IFRS
FYE Mar 2026	-255	n/a	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 ¥1.08tn

Change · 10 yrs +¥450bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	635	n/a
FYE Mar 2018	971	n/a
FYE Mar 2019	713	n/a
FYE Mar 2020	688	n/a
FYE Mar 2021	1,208	n/a
FYE Mar 2022	1,148	n/a
FYE Mar 2023	1,073	n/a
FYE Mar 2024	1,261	n/a
FYE Mar 2025	927	n/a
FYE Mar 2026	1,085	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 2,540¥

Change · 10 yrs +1,053¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,487	n/a
FYE Mar 2018	2,273	n/a
FYE Mar 2019	1,669	n/a
FYE Mar 2020	1,611	n/a
FYE Mar 2021	2,830	n/a
FYE Mar 2022	2,687	n/a
FYE Mar 2023	2,513	n/a
FYE Mar 2024	2,954	n/a
FYE Mar 2025	2,169	n/a
FYE Mar 2026	2,540	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 427,080,606shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	427,080,606	Parent
FYE Mar 2018	427,080,606	Parent
FYE Mar 2019	427,080,606	Parent
FYE Mar 2020	427,080,606	Parent
FYE Mar 2021	427,080,606	Parent
FYE Mar 2022	427,080,606	Parent
FYE Mar 2023	427,080,606	Parent
FYE Mar 2024	427,080,606	Parent
FYE Mar 2025	427,080,606	Parent
FYE Mar 2026	427,080,606	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 246.60¥

Change · 10 yrs +110.20¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	136.40	Cons.
FYE Mar 2018	119.61	Cons.
FYE Mar 2019	143.90	Cons.
FYE Mar 2020	111.11	Cons.
FYE Mar 2021	94.95	Cons.
FYE Mar 2022	170.08	Cons.
FYE Mar 2023	178.23	Cons.
FYE Mar 2024	133.05	Cons.
FYE Mar 2025	147.58	Cons.
FYE Mar 2026	246.60	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 2,076.68¥

Change · 10 yrs +1,324.14¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	752.54	Cons. · Japanese GAAP
FYE Mar 2018	857.27	Cons. · Japanese GAAP
FYE Mar 2019	918.20	Cons. · IFRS
FYE Mar 2020	904.91	Cons. · IFRS
FYE Mar 2021	1,049.65	Cons. · IFRS
FYE Mar 2022	1,254.53	Cons. · IFRS
FYE Mar 2023	1,449.68	Cons. · IFRS
FYE Mar 2024	1,621.60	Cons. · IFRS
FYE Mar 2025	1,714.62	Cons. · IFRS
FYE Mar 2026	2,076.68	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 10.30×

Average · 10 yrs 16.29×

Fiscal year	PER ×	Basis
FYE Mar 2017	10.90	Cons.
FYE Mar 2018	19.00	Cons.
FYE Mar 2019	11.60	Cons.
FYE Mar 2020	14.50	Cons.
FYE Mar 2021	29.80	Cons.
FYE Mar 2022	15.80	Cons.
FYE Mar 2023	14.10	Cons.
FYE Mar 2024	22.20	Cons.
FYE Mar 2025	14.70	Cons.
FYE Mar 2026	10.30	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 1.13×

Average · 10 yrs 1.82×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.94	Cons.
FYE Mar 2018	2.68	Cons.
FYE Mar 2019	1.73	Cons.
FYE Mar 2020	1.67	Cons.
FYE Mar 2021	2.55	Cons.
FYE Mar 2022	2.03	Cons.
FYE Mar 2023	1.63	Cons.
FYE Mar 2024	1.70	Cons.
FYE Mar 2025	1.17	Cons.
FYE Mar 2026	1.13	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 81,383people

Change · 10 yrs +2,426 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	78,957	n/a	Cons.
FYE Mar 2018	78,351	−0.8%	Cons.
FYE Mar 2019	77,957	−0.5%	Cons.
FYE Mar 2020	82,617	+6.0%	Cons.
FYE Mar 2021	83,011	+0.5%	Cons.
FYE Mar 2022	81,659	−1.6%	Cons.
FYE Mar 2023	87,752	+7.5%	Cons.
FYE Mar 2024	83,886	−4.4%	Cons.
FYE Mar 2025	83,256	−0.8%	Cons.
FYE Mar 2026	81,383	−2.2%	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 4,946people

Change · 10 yrs +1,184 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,762	n/a	Parent
FYE Mar 2018	3,867	+2.8%	Parent
FYE Mar 2019	4,014	+3.8%	Parent
FYE Mar 2020	4,278	+6.6%	Parent
FYE Mar 2021	4,412	+3.1%	Parent
FYE Mar 2022	4,523	+2.5%	Parent
FYE Mar 2023	4,620	+2.1%	Parent
FYE Mar 2024	4,713	+2.0%	Parent
FYE Mar 2025	4,821	+2.3%	Parent
FYE Mar 2026	4,946	+2.6%	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 ¥7.9m

Change · 10 yrs +¥1.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	6.8	n/a	Parent
FYE Mar 2018	7.0	+3.3%	Parent
FYE Mar 2019	7.3	+3.4%	Parent
FYE Mar 2020	7.1	−2.8%	Parent
FYE Mar 2021	6.9	−2.3%	Parent
FYE Mar 2022	7.1	+3.6%	Parent
FYE Mar 2023	7.3	+2.2%	Parent
FYE Mar 2024	7.3	−0.4%	Parent
FYE Mar 2025	7.6	+4.9%	Parent
FYE Mar 2026	7.9	+3.1%	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 45.0years

Change · 8 yrs +0.8 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	44.2	n/a	Parent
FYE Mar 2020	44.4	+0.5%	Parent
FYE Mar 2021	44.7	+0.7%	Parent
FYE Mar 2022	45.0	+0.7%	Parent
FYE Mar 2023	45.3	+0.7%	Parent
FYE Mar 2024	45.4	+0.2%	Parent
FYE Mar 2025	45.0	−0.9%	Parent
FYE Mar 2026	45.0	−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 15.9years

Change · 10 yrs −1.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	17.5	n/a	Parent
FYE Mar 2018	17.5	−0.0%	Parent
FYE Mar 2019	17.3	−1.1%	Parent
FYE Mar 2020	16.3	−5.8%	Parent
FYE Mar 2021	16.3	−0.0%	Parent
FYE Mar 2022	16.5	+1.2%	Parent
FYE Mar 2023	16.7	+1.2%	Parent
FYE Mar 2024	16.5	−1.2%	Parent
FYE Mar 2025	16.5	−0.0%	Parent
FYE Mar 2026	15.9	−3.6%	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 24,806people

Change · 10 yrs +2,699 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	22,107	n/a	n/a
FYE Mar 2018	24,135	+9.2%	n/a
FYE Mar 2019	20,784	−13.9%	n/a
FYE Mar 2020	23,561	+13.4%	n/a
FYE Mar 2021	20,202	−14.3%	n/a
FYE Mar 2022	19,988	−1.1%	n/a
FYE Mar 2023	23,505	+17.6%	n/a
FYE Mar 2024	19,643	−16.4%	n/a
FYE Mar 2025	21,936	+11.7%	n/a
FYE Mar 2026	24,806	+13.1%	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 ¥20.5m

Change · 10 yrs +¥12.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	8.1	n/a	Cons.
FYE Mar 2018	11.2	+39.0%	Cons.
FYE Mar 2019	11.3	n/a	Cons.
FYE Mar 2020	11.8	+4.4%	Cons.
FYE Mar 2021	11.9	+0.5%	Cons.
FYE Mar 2022	13.8	+15.6%	Cons.
FYE Mar 2023	14.7	+7.0%	Cons.
FYE Mar 2024	16.7	+13.5%	Cons.
FYE Mar 2025	18.3	+9.4%	Cons.
FYE Mar 2026	20.5	+11.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.3m

Change · 10 yrs +¥0.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons.
FYE Mar 2018	0.9	+41.7%	Cons.
FYE Mar 2019	0.9	n/a	Cons.
FYE Mar 2020	0.7	−23.2%	Cons.
FYE Mar 2021	0.6	−13.2%	Cons.
FYE Mar 2022	1.1	+83.1%	Cons.
FYE Mar 2023	1.1	−1.5%	Cons.
FYE Mar 2024	0.9	−21.1%	Cons.
FYE Mar 2025	1.1	+29.5%	Cons.
FYE Mar 2026	1.3	+12.6%	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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