Financials

Mitsubishi Electric: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥5.89tnYoY +6.8%

FYE Mar 2026 · Operating profit¥433bnYoY +10.5%

FYE Mar 2026 · Net profit¥408bnYoY +25.8%

FYE Mar 2026 · Equity ratio59.0%YoY −1.0pp

FYE Mar 2026 · Group employees150,386YoY +472

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥4.24tn	n/a	¥296bn	n/a	7.0%	¥210bn	Sakuyama Masaki	DeLclima of Italy becomes a wholly owned subsidiary
FYE Mar 2018Consolidated	¥4.44tn	+4.9%	¥365bn	+23.1%	8.2%	¥256bn	Sakuyama Masaki	—
FYE Mar 2019Consolidated	¥4.52tn	+1.7%	¥290bn	−20.3%	6.4%	¥227bn	Sakuyama Masaki	—
FYE Mar 2020Consolidated	¥4.46tn	−1.3%	¥260bn	−10.6%	5.8%	¥222bn	Sugiyama Takeshi	—
FYE Mar 2021Consolidated	¥4.19tn	−6.1%	¥230bn	−11.3%	5.5%	¥193bn	Sugiyama Takeshi	—
FYE Mar 2022Consolidated	¥4.48tn	+6.8%	¥252bn	+9.5%	5.6%	¥203bn	Sugiyama Takeshi	Quality misconduct in rail air-conditioning units comes to light in June
FYE Mar 2023Consolidated	¥5.00tn	+11.8%	¥262bn	+4.1%	5.2%	¥214bn	Uruma Kei	—
FYE Mar 2024Consolidated	¥5.26tn	+5.1%	¥329bn	+25.2%	6.2%	¥285bn	Uruma Kei	—
FYE Mar 2025Consolidated	¥5.52tn	+5.0%	¥392bn	+19.3%	7.1%	¥324bn	Uruma Kei	The automotive equipment business is spun off as Mitsubishi Electric Mobility
FYE Mar 2026Consolidated	¥5.89tn	+6.8%	¥433bn	+10.5%	7.3%	¥408bn	Uruma Kei	The Next Stage Support scheme draws 2,378 applications

How it compares

Sony Group¥12.5tnFY2025Operating margin 11.6%Hitachi¥10.6tnFY2025Operating margin 12.0%Panasonic Holdings¥8.05tnFY2025Operating margin 2.9%

Mitsubishi Electric¥5.89tnFY2025Operating margin 7.3%

NEC¥3.58tnFY2025Operating margin 10.0%ToshibaDelisted 2023 Sharp¥1.89tnFY2025Operating margin 2.6%Sanyo ElectricDelisted 2011 Oki Electric Industry¥422bnFY2025Operating margin 4.5%

NOHMI BOSAI LTD.¥140bnFY2025Operating margin 13.1%

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 ¥5.89tn

CAGR · 10 yrs +3.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	4,239	n/a	Cons. · US GAAP
FYE Mar 2018	4,444	+4.9%	Cons. · US GAAP
FYE Mar 2019	4,520	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4,463	−1.3%	Cons. · IFRS
FYE Mar 2021	4,191	−6.1%	Cons. · IFRS
FYE Mar 2022	4,477	+6.8%	Cons. · IFRS
FYE Mar 2023	5,004	+11.8%	Cons. · IFRS
FYE Mar 2024	5,258	+5.1%	Cons. · IFRS
FYE Mar 2025	5,522	+5.0%	Cons. · IFRS
FYE Mar 2026	5,895	+6.8%	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 ¥4.01tn

CAGR · 10 yrs +3.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	2,951	n/a	Cons. · US GAAP
FYE Mar 2018	3,090	+4.7%	Cons. · US GAAP
FYE Mar 2019	3,187	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3,200	+0.4%	Cons. · IFRS
FYE Mar 2021	3,017	−5.7%	Cons. · IFRS
FYE Mar 2022	3,212	+6.5%	Cons. · IFRS
FYE Mar 2023	3,597	+12.0%	Cons. · IFRS
FYE Mar 2024	3,712	+3.2%	Cons. · IFRS
FYE Mar 2025	3,829	+3.2%	Cons. · IFRS
FYE Mar 2026	4,005	+4.6%	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 ¥1.89tn

CAGR · 9 yrs +4.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	1,354	n/a	Cons. · US GAAP
FYE Mar 2019	1,333	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,262	−5.3%	Cons. · IFRS
FYE Mar 2021	1,174	−7.0%	Cons. · IFRS
FYE Mar 2022	1,265	+7.7%	Cons. · IFRS
FYE Mar 2023	1,407	+11.3%	Cons. · IFRS
FYE Mar 2024	1,546	+9.9%	Cons. · IFRS
FYE Mar 2025	1,692	+9.5%	Cons. · IFRS
FYE Mar 2026	1,889	+11.7%	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 ¥1.39tn

CAGR · 10 yrs +5.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	829	n/a	Cons. · US GAAP
FYE Mar 2018	1,021	+23.1%	Cons. · US GAAP
FYE Mar 2019	1,043	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,017	−2.5%	Cons. · IFRS
FYE Mar 2021	954	−6.2%	Cons. · IFRS
FYE Mar 2022	1,014	+6.3%	Cons. · IFRS
FYE Mar 2023	1,148	+13.2%	Cons. · IFRS
FYE Mar 2024	1,237	+7.8%	Cons. · IFRS
FYE Mar 2025	1,316	+6.4%	Cons. · IFRS
FYE Mar 2026	1,388	+5.5%	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 ¥433bn

CAGR · 10 yrs +4.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	296	n/a	Cons. · US GAAP
FYE Mar 2018	365	+23.1%	Cons. · US GAAP
FYE Mar 2019	290	moved to IFRS	Cons. · IFRS
FYE Mar 2020	260	−10.6%	Cons. · IFRS
FYE Mar 2021	230	−11.3%	Cons. · IFRS
FYE Mar 2022	252	+9.5%	Cons. · IFRS
FYE Mar 2023	262	+4.1%	Cons. · IFRS
FYE Mar 2024	329	+25.2%	Cons. · IFRS
FYE Mar 2025	392	+19.3%	Cons. · IFRS
FYE Mar 2026	433	+10.5%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥30bn

CAGR · 10 yrs −7.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	61.0	n/a	Cons. · US GAAP
FYE Mar 2018	8.6	−85.9%	Cons. · US GAAP
FYE Mar 2019	9.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.3	+5.5%	Cons. · IFRS
FYE Mar 2021	12.1	+18.0%	Cons. · IFRS
FYE Mar 2022	11.9	−1.9%	Cons. · IFRS
FYE Mar 2023	12.3	+3.3%	Cons. · IFRS
FYE Mar 2024	21.2	+72.3%	Cons. · IFRS
FYE Mar 2025	20.8	−1.7%	Cons. · IFRS
FYE Mar 2026	30.3	+45.3%	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 ¥6.9bn

CAGR · 10 yrs −16.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	34.8	n/a	Cons. · US GAAP
FYE Mar 2018	6.8	−80.5%	Cons. · US GAAP
FYE Mar 2019	4.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.0	+59.9%	Cons. · IFRS
FYE Mar 2021	2.8	−59.6%	Cons. · IFRS
FYE Mar 2022	2.7	−4.5%	Cons. · IFRS
FYE Mar 2023	4.3	+59.0%	Cons. · IFRS
FYE Mar 2024	11.7	+172.0%	Cons. · IFRS
FYE Mar 2025	14.4	+23.2%	Cons. · IFRS
FYE Mar 2026	6.9	−51.9%	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 ¥408bn

CAGR · 10 yrs +7.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	210	n/a	Cons. · US GAAP
FYE Mar 2018	256	+21.5%	Cons. · US GAAP
FYE Mar 2019	227	moved to IFRS	Cons. · IFRS
FYE Mar 2020	222	−2.1%	Cons. · IFRS
FYE Mar 2021	193	−12.9%	Cons. · IFRS
FYE Mar 2022	203	+5.4%	Cons. · IFRS
FYE Mar 2023	214	+5.1%	Cons. · IFRS
FYE Mar 2024	285	+33.2%	Cons. · IFRS
FYE Mar 2025	324	+13.7%	Cons. · IFRS
FYE Mar 2026	408	+25.8%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 32.1%

Average · 9 yrs 29.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	30.5	n/a	Cons. · US GAAP
FYE Mar 2019	29.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	28.3	−1.2pp	Cons. · IFRS
FYE Mar 2021	28.0	−0.3pp	Cons. · IFRS
FYE Mar 2022	28.2	+0.2pp	Cons. · IFRS
FYE Mar 2023	28.1	−0.1pp	Cons. · IFRS
FYE Mar 2024	29.4	+1.3pp	Cons. · IFRS
FYE Mar 2025	30.6	+1.2pp	Cons. · IFRS
FYE Mar 2026	32.1	+1.4pp	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 7.3%

Average · 10 yrs 6.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.0	n/a	Cons. · US GAAP
FYE Mar 2018	8.2	+1.2pp	Cons. · US GAAP
FYE Mar 2019	6.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.8	−0.6pp	Cons. · IFRS
FYE Mar 2021	5.5	−0.3pp	Cons. · IFRS
FYE Mar 2022	5.6	+0.1pp	Cons. · IFRS
FYE Mar 2023	5.2	−0.4pp	Cons. · IFRS
FYE Mar 2024	6.2	+1.0pp	Cons. · IFRS
FYE Mar 2025	7.1	+0.8pp	Cons. · IFRS
FYE Mar 2026	7.3	+0.3pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 6.9%

Average · 10 yrs 5.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · US GAAP
FYE Mar 2018	5.8	+0.8pp	Cons. · US GAAP
FYE Mar 2019	5.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.0	−0.0pp	Cons. · IFRS
FYE Mar 2021	4.6	−0.4pp	Cons. · IFRS
FYE Mar 2022	4.5	−0.1pp	Cons. · IFRS
FYE Mar 2023	4.3	−0.3pp	Cons. · IFRS
FYE Mar 2024	5.4	+1.1pp	Cons. · IFRS
FYE Mar 2025	5.9	+0.4pp	Cons. · IFRS
FYE Mar 2026	6.9	+1.0pp	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 67.9%

Average · 10 yrs 70.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	69.6	n/a	Cons. · US GAAP
FYE Mar 2018	69.5	−0.1pp	Cons. · US GAAP
FYE Mar 2019	70.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	71.7	+1.2pp	Cons. · IFRS
FYE Mar 2021	72.0	+0.3pp	Cons. · IFRS
FYE Mar 2022	71.8	−0.2pp	Cons. · IFRS
FYE Mar 2023	71.9	+0.1pp	Cons. · IFRS
FYE Mar 2024	70.6	−1.3pp	Cons. · IFRS
FYE Mar 2025	69.4	−1.2pp	Cons. · IFRS
FYE Mar 2026	67.9	−1.4pp	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 23.6%

Average · 10 yrs 22.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	19.6	n/a	Cons. · US GAAP
FYE Mar 2018	23.0	+3.4pp	Cons. · US GAAP
FYE Mar 2019	23.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	22.8	−0.3pp	Cons. · IFRS
FYE Mar 2021	22.8	−0.0pp	Cons. · IFRS
FYE Mar 2022	22.6	−0.1pp	Cons. · IFRS
FYE Mar 2023	22.9	+0.3pp	Cons. · IFRS
FYE Mar 2024	23.5	+0.6pp	Cons. · IFRS
FYE Mar 2025	23.8	+0.3pp	Cons. · IFRS
FYE Mar 2026	23.6	−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 ¥7.36tn

CAGR · 10 yrs +6.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	4,238	n/a	Cons. · US GAAP
FYE Mar 2018	4,306	+1.6%	Cons. · US GAAP
FYE Mar 2019	4,356	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4,410	+1.2%	Cons. · IFRS
FYE Mar 2021	4,798	+8.8%	Cons. · IFRS
FYE Mar 2022	5,108	+6.5%	Cons. · IFRS
FYE Mar 2023	5,583	+9.3%	Cons. · IFRS
FYE Mar 2024	6,167	+10.5%	Cons. · IFRS
FYE Mar 2025	6,376	+3.4%	Cons. · IFRS
FYE Mar 2026	7,358	+15.4%	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 ¥4.34tn

CAGR · 10 yrs +8.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,068	n/a	Cons. · US GAAP
FYE Mar 2018	2,191	+5.9%	Cons. · US GAAP
FYE Mar 2019	2,289	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2,321	+1.4%	Cons. · IFRS
FYE Mar 2021	2,638	+13.7%	Cons. · IFRS
FYE Mar 2022	2,854	+8.2%	Cons. · IFRS
FYE Mar 2023	3,115	+9.1%	Cons. · IFRS
FYE Mar 2024	3,612	+16.0%	Cons. · IFRS
FYE Mar 2025	3,823	+5.8%	Cons. · IFRS
FYE Mar 2026	4,339	+13.5%	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 ¥363bn

CAGR · 9 yrs +1.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	312	n/a	Cons. · US GAAP
FYE Mar 2019	298	moved to IFRS	Cons. · IFRS
FYE Mar 2020	377	+26.3%	Cons. · IFRS
FYE Mar 2021	365	−3.1%	Cons. · IFRS
FYE Mar 2022	329	−9.8%	Cons. · IFRS
FYE Mar 2023	401	+21.6%	Cons. · IFRS
FYE Mar 2024	395	−1.5%	Cons. · IFRS
FYE Mar 2025	361	−8.6%	Cons. · IFRS
FYE Mar 2026	363	+0.7%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥152bn

CAGR · 8 yrs +5.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	105	moved to IFRS	Cons. · IFRS
FYE Mar 2020	133	+27.1%	Cons. · IFRS
FYE Mar 2021	153	+14.5%	Cons. · IFRS
FYE Mar 2022	173	+13.5%	Cons. · IFRS
FYE Mar 2023	186	+7.6%	Cons. · IFRS
FYE Mar 2024	152	−18.6%	Cons. · IFRS
FYE Mar 2025	121	−20.3%	Cons. · IFRS
FYE Mar 2026	152	+26.1%	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 ¥211bn

CAGR · 8 yrs +1.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	193	moved to IFRS	Cons. · IFRS
FYE Mar 2020	244	+25.9%	Cons. · IFRS
FYE Mar 2021	213	−12.7%	Cons. · IFRS
FYE Mar 2022	156	−26.6%	Cons. · IFRS
FYE Mar 2023	214	+37.3%	Cons. · IFRS
FYE Mar 2024	243	+13.3%	Cons. · IFRS
FYE Mar 2025	240	−1.3%	Cons. · IFRS
FYE Mar 2026	211	−12.1%	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 ¥174bn

CAGR · 8 yrs +9.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	89.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	92.9	+3.3%	Cons. · IFRS
FYE Mar 2021	92.4	−0.5%	Cons. · IFRS
FYE Mar 2022	92.4	−0.0%	Cons. · IFRS
FYE Mar 2023	99.9	+8.1%	Cons. · IFRS
FYE Mar 2024	112	+12.6%	Cons. · IFRS
FYE Mar 2025	117	+3.8%	Cons. · IFRS
FYE Mar 2026	174	+49.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥301bn

CAGR · 9 yrs +25.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	49.3	n/a	Cons. · US GAAP
FYE Mar 2019	47.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	53.4	+12.1%	Cons. · IFRS
FYE Mar 2021	61.1	+14.3%	Cons. · IFRS
FYE Mar 2022	69.1	+13.1%	Cons. · IFRS
FYE Mar 2023	90.7	+31.2%	Cons. · IFRS
FYE Mar 2024	99.4	+9.6%	Cons. · IFRS
FYE Mar 2025	105	+5.3%	Cons. · IFRS
FYE Mar 2026	301	+187.5%	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 59.0%

Average · 10 yrs 54.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	48.8	n/a	Cons. · US GAAP
FYE Mar 2018	50.9	+2.1pp	Cons. · US GAAP
FYE Mar 2019	52.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	52.6	+0.1pp	Cons. · IFRS
FYE Mar 2021	55.0	+2.4pp	Cons. · IFRS
FYE Mar 2022	55.9	+0.9pp	Cons. · IFRS
FYE Mar 2023	55.8	−0.1pp	Cons. · IFRS
FYE Mar 2024	58.6	+2.8pp	Cons. · IFRS
FYE Mar 2025	60.0	+1.4pp	Cons. · IFRS
FYE Mar 2026	59.0	−1.0pp	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 8.4%

Average · 9 yrs 12.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	14.2	n/a	Cons. · US GAAP
FYE Mar 2019	13.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	16.2	+3.2pp	Cons. · IFRS
FYE Mar 2021	13.9	−2.4pp	Cons. · IFRS
FYE Mar 2022	11.5	−2.3pp	Cons. · IFRS
FYE Mar 2023	12.9	+1.3pp	Cons. · IFRS
FYE Mar 2024	10.9	−1.9pp	Cons. · IFRS
FYE Mar 2025	9.4	−1.5pp	Cons. · IFRS
FYE Mar 2026	8.4	−1.1pp	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 9.4%

Average · 10 yrs 8.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	10.2	n/a	Cons. · US GAAP
FYE Mar 2018	11.7	+1.5pp	Cons. · US GAAP
FYE Mar 2019	9.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.6	−0.3pp	Cons. · IFRS
FYE Mar 2021	7.3	−2.2pp	Cons. · IFRS
FYE Mar 2022	7.1	−0.2pp	Cons. · IFRS
FYE Mar 2023	6.9	−0.3pp	Cons. · IFRS
FYE Mar 2024	7.9	+1.0pp	Cons. · IFRS
FYE Mar 2025	8.5	+0.6pp	Cons. · IFRS
FYE Mar 2026	9.4	+0.9pp	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 4.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · US GAAP
FYE Mar 2018	5.9	+1.0pp	Cons. · US GAAP
FYE Mar 2019	5.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.0	−0.2pp	Cons. · IFRS
FYE Mar 2021	4.0	−1.0pp	Cons. · IFRS
FYE Mar 2022	4.0	−0.0pp	Cons. · IFRS
FYE Mar 2023	3.8	−0.2pp	Cons. · IFRS
FYE Mar 2024	4.6	+0.8pp	Cons. · IFRS
FYE Mar 2025	5.1	+0.5pp	Cons. · IFRS
FYE Mar 2026	5.5	+0.5pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.80×

CAGR · 10 yrs −2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.00	n/a	Cons. · US GAAP
FYE Mar 2018	1.03	+3.2%	Cons. · US GAAP
FYE Mar 2019	1.04	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.01	−2.5%	Cons. · IFRS
FYE Mar 2021	0.87	−13.7%	Cons. · IFRS
FYE Mar 2022	0.88	+0.3%	Cons. · IFRS
FYE Mar 2023	0.90	+2.3%	Cons. · IFRS
FYE Mar 2024	0.85	−4.9%	Cons. · IFRS
FYE Mar 2025	0.87	+1.6%	Cons. · IFRS
FYE Mar 2026	0.80	−7.5%	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 ¥576bn

CAGR · 10 yrs +5.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	366	n/a	Cons. · US GAAP
FYE Mar 2018	266	−27.4%	Cons. · US GAAP
FYE Mar 2019	240	moved to IFRS	Cons. · IFRS
FYE Mar 2020	396	+65.1%	Cons. · IFRS
FYE Mar 2021	542	+37.0%	Cons. · IFRS
FYE Mar 2022	282	−47.9%	Cons. · IFRS
FYE Mar 2023	167	−41.0%	Cons. · IFRS
FYE Mar 2024	415	+149.2%	Cons. · IFRS
FYE Mar 2025	456	+9.7%	Cons. · IFRS
FYE Mar 2026	576	+26.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥344bn

Average · 10 yrs -¥182bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-149	n/a	Cons. · US GAAP
FYE Mar 2018	-182	n/a	Cons. · US GAAP
FYE Mar 2019	-211	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-204	n/a	Cons. · IFRS
FYE Mar 2021	-177	n/a	Cons. · IFRS
FYE Mar 2022	-115	n/a	Cons. · IFRS
FYE Mar 2023	-149	n/a	Cons. · IFRS
FYE Mar 2024	-94.1	n/a	Cons. · IFRS
FYE Mar 2025	-192	n/a	Cons. · IFRS
FYE Mar 2026	-344	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 -¥305bn

Average · 10 yrs -¥187bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-123	n/a	Cons. · US GAAP
FYE Mar 2018	-150	n/a	Cons. · US GAAP
FYE Mar 2019	-112	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-156	n/a	Cons. · IFRS
FYE Mar 2021	-157	n/a	Cons. · IFRS
FYE Mar 2022	-241	n/a	Cons. · IFRS
FYE Mar 2023	-120	n/a	Cons. · IFRS
FYE Mar 2024	-240	n/a	Cons. · IFRS
FYE Mar 2025	-265	n/a	Cons. · IFRS
FYE Mar 2026	-305	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 ¥732bn

CAGR · 10 yrs +1.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	662	n/a	Cons. · US GAAP
FYE Mar 2018	599	−9.6%	Cons. · US GAAP
FYE Mar 2019	514	moved to IFRS	Cons. · IFRS
FYE Mar 2020	538	+4.5%	Cons. · IFRS
FYE Mar 2021	767	+42.8%	Cons. · IFRS
FYE Mar 2022	727	−5.2%	Cons. · IFRS
FYE Mar 2023	646	−11.2%	Cons. · IFRS
FYE Mar 2024	765	+18.5%	Cons. · IFRS
FYE Mar 2025	757	−1.1%	Cons. · IFRS
FYE Mar 2026	732	−3.4%	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 ¥232bn

CAGR · 10 yrs +0.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	217	n/a	Cons. · US GAAP
FYE Mar 2018	83.8	−61.5%	Cons. · US GAAP
FYE Mar 2019	29.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	192	+558.1%	Cons. · IFRS
FYE Mar 2021	366	+90.6%	Cons. · IFRS
FYE Mar 2022	168	−54.2%	Cons. · IFRS
FYE Mar 2023	18.2	−89.1%	Cons. · IFRS
FYE Mar 2024	321	+1667.9%	Cons. · IFRS
FYE Mar 2025	264	−17.8%	Cons. · IFRS
FYE Mar 2026	232	−12.3%	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 9.8%

Average · 10 yrs 7.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons. · US GAAP
FYE Mar 2018	6.0	−2.7pp	Cons. · US GAAP
FYE Mar 2019	5.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.9	+3.6pp	Cons. · IFRS
FYE Mar 2021	12.9	+4.1pp	Cons. · IFRS
FYE Mar 2022	6.3	−6.6pp	Cons. · IFRS
FYE Mar 2023	3.3	−3.0pp	Cons. · IFRS
FYE Mar 2024	7.9	+4.6pp	Cons. · IFRS
FYE Mar 2025	8.3	+0.4pp	Cons. · IFRS
FYE Mar 2026	9.8	+1.5pp	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 ¥368bn

CAGR · 9 yrs +3.2%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	287	n/a	Cons. · US GAAP
FYE Mar 2019	216	moved to IFRS	Cons. · IFRS
FYE Mar 2020	161	−25.6%	Cons. · IFRS
FYE Mar 2021	402	+150.4%	Cons. · IFRS
FYE Mar 2022	398	−1.1%	Cons. · IFRS
FYE Mar 2023	245	−38.4%	Cons. · IFRS
FYE Mar 2024	371	+51.3%	Cons. · IFRS
FYE Mar 2025	397	+7.0%	Cons. · IFRS
FYE Mar 2026	368	−7.1%	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 ¥10.6tn

Change · 10 yrs +¥7.13tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	3,432	n/a
FYE Mar 2018	3,660	n/a
FYE Mar 2019	3,062	n/a
FYE Mar 2020	2,864	n/a
FYE Mar 2021	3,615	n/a
FYE Mar 2022	3,032	n/a
FYE Mar 2023	3,393	n/a
FYE Mar 2024	5,392	n/a
FYE Mar 2025	5,758	n/a
FYE Mar 2026	10,561	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 4,997¥

Change · 10 yrs +3,399¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,599	n/a
FYE Mar 2018	1,704	n/a
FYE Mar 2019	1,426	n/a
FYE Mar 2020	1,334	n/a
FYE Mar 2021	1,684	n/a
FYE Mar 2022	1,412	n/a
FYE Mar 2023	1,580	n/a
FYE Mar 2024	2,511	n/a
FYE Mar 2025	2,725	n/a
FYE Mar 2026	4,997	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 2,113,201,000shares

Change · 10 yrs −34,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	2,147,201,000	Parent
FYE Mar 2018	2,147,201,000	Parent
FYE Mar 2019	2,147,201,000	Parent
FYE Mar 2020	2,147,201,000	Parent
FYE Mar 2021	2,147,201,000	Parent
FYE Mar 2022	2,147,201,000	Parent
FYE Mar 2023	2,147,201,000	Parent
FYE Mar 2024	2,147,201,000	Parent
FYE Mar 2025	2,113,201,000	Parent
FYE Mar 2026	2,113,201,000	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 198.31¥

Change · 10 yrs +100.24¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	98.07	Cons.
FYE Mar 2018	119.19	Cons.
FYE Mar 2019	105.65	Cons.
FYE Mar 2020	103.41	Cons.
FYE Mar 2021	90.03	Cons.
FYE Mar 2022	95.41	Cons.
FYE Mar 2023	101.30	Cons.
FYE Mar 2024	135.74	Cons.
FYE Mar 2025	155.70	Cons.
FYE Mar 2026	198.31	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 2,053.06¥

Change · 10 yrs +1,089.87¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	963.19	Cons. · US GAAP
FYE Mar 2018	1,020.46	Cons. · US GAAP
FYE Mar 2019	1,065.92	Cons. · IFRS
FYE Mar 2020	1,080.77	Cons. · IFRS
FYE Mar 2021	1,228.56	Cons. · IFRS
FYE Mar 2022	1,329.40	Cons. · IFRS
FYE Mar 2023	1,450.65	Cons. · IFRS
FYE Mar 2024	1,682.30	Cons. · IFRS
FYE Mar 2025	1,809.10	Cons. · IFRS
FYE Mar 2026	2,053.06	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 25.20×

Average · 10 yrs 16.73×

Fiscal year	PER ×	Basis
FYE Mar 2017	16.30	Cons.
FYE Mar 2018	14.30	Cons.
FYE Mar 2019	13.50	Cons.
FYE Mar 2020	12.90	Cons.
FYE Mar 2021	18.70	Cons.
FYE Mar 2022	14.80	Cons.
FYE Mar 2023	15.60	Cons.
FYE Mar 2024	18.50	Cons.
FYE Mar 2025	17.50	Cons.
FYE Mar 2026	25.20	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 2.28×

Average · 10 yrs 1.41×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.66	Cons.
FYE Mar 2018	1.59	Cons.
FYE Mar 2019	1.27	Cons.
FYE Mar 2020	1.18	Cons.
FYE Mar 2021	1.31	Cons.
FYE Mar 2022	1.00	Cons.
FYE Mar 2023	1.03	Cons.
FYE Mar 2024	1.40	Cons.
FYE Mar 2025	1.43	Cons.
FYE Mar 2026	2.28	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 150,386people

Change · 10 yrs +11,686 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	138,700	n/a	Cons.
FYE Mar 2018	142,340	+2.6%	Cons.
FYE Mar 2019	145,817	+2.4%	Cons.
FYE Mar 2020	146,518	+0.5%	Cons.
FYE Mar 2021	145,653	−0.6%	Cons.
FYE Mar 2022	145,696	−0.0%	Cons.
FYE Mar 2023	149,655	+2.7%	Cons.
FYE Mar 2024	149,134	−0.3%	Cons.
FYE Mar 2025	149,914	+0.5%	Cons.
FYE Mar 2026	150,386	+0.3%	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 29,949people

Change · 10 yrs −4,028 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	33,977	n/a	Parent
FYE Mar 2018	34,561	+1.7%	Parent
FYE Mar 2019	35,203	+1.9%	Parent
FYE Mar 2020	35,649	+1.3%	Parent
FYE Mar 2021	36,162	+1.4%	Parent
FYE Mar 2022	36,700	+1.5%	Parent
FYE Mar 2023	35,136	−4.3%	Parent
FYE Mar 2024	36,520	+3.9%	Parent
FYE Mar 2025	31,213	−14.5%	Parent
FYE Mar 2026	29,949	−4.0%	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 ¥9.1m

Change · 10 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.0	n/a	Parent
FYE Mar 2018	7.9	−0.4%	Parent
FYE Mar 2019	8.2	+3.1%	Parent
FYE Mar 2020	8.1	−1.2%	Parent
FYE Mar 2021	8.0	−1.3%	Parent
FYE Mar 2022	8.1	+1.3%	Parent
FYE Mar 2023	8.3	+2.6%	Parent
FYE Mar 2024	8.3	+0.3%	Parent
FYE Mar 2025	8.7	+4.8%	Parent
FYE Mar 2026	9.1	+5.0%	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 40.5years

Change · 8 yrs +0.1 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	40.4	n/a	Parent
FYE Mar 2020	40.5	+0.2%	Parent
FYE Mar 2021	40.7	+0.5%	Parent
FYE Mar 2022	41.1	+1.0%	Parent
FYE Mar 2023	41.3	+0.5%	Parent
FYE Mar 2024	41.4	+0.2%	Parent
FYE Mar 2025	41.3	−0.2%	Parent
FYE Mar 2026	40.5	−1.9%	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 15.3years

Change · 10 yrs −1.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	16.4	n/a	Parent
FYE Mar 2018	16.3	−0.6%	Parent
FYE Mar 2019	16.3	−0.0%	Parent
FYE Mar 2020	16.4	+0.6%	Parent
FYE Mar 2021	16.6	+1.2%	Parent
FYE Mar 2022	16.9	+1.8%	Parent
FYE Mar 2023	16.9	−0.0%	Parent
FYE Mar 2024	16.7	−1.2%	Parent
FYE Mar 2025	16.3	−2.4%	Parent
FYE Mar 2026	15.3	−6.1%	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)

Revenue per employee

FYE Mar 2026 ¥39.2m

Change · 10 yrs +¥8.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	30.6	n/a	Cons.
FYE Mar 2018	31.2	+2.2%	Cons.
FYE Mar 2019	31.0	n/a	Cons.
FYE Mar 2020	30.5	−1.7%	Cons.
FYE Mar 2021	28.8	−5.5%	Cons.
FYE Mar 2022	30.7	+6.8%	Cons.
FYE Mar 2023	33.4	+8.8%	Cons.
FYE Mar 2024	35.3	+5.4%	Cons.
FYE Mar 2025	36.8	+4.5%	Cons.
FYE Mar 2026	39.2	+6.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥2.9m

Change · 10 yrs +¥0.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons.
FYE Mar 2018	2.6	+19.9%	Cons.
FYE Mar 2019	2.0	n/a	Cons.
FYE Mar 2020	1.8	−11.0%	Cons.
FYE Mar 2021	1.6	−10.8%	Cons.
FYE Mar 2022	1.7	+9.5%	Cons.
FYE Mar 2023	1.8	+1.3%	Cons.
FYE Mar 2024	2.2	+25.7%	Cons.
FYE Mar 2025	2.6	+18.7%	Cons.
FYE Mar 2026	2.9	+10.2%	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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