Financials

KOKUSAI ELECTRIC: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥235bnYoY −1.6%

FYE Mar 2026 · Operating profit¥42bnYoY −18.5%

FYE Mar 2026 · Net profit¥30bnYoY −16.4%

FYE Mar 2026 · Equity ratio61.0%YoY +3.5pp

FYE Mar 2026 · Group employees2,609YoY +69

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2020Consolidated	¥68bn	n/a	n/a	n/a	n/a	¥7.9bn	Kanai Fumiyuki	Applied Materials agrees to acquire the company for ~$2.2B
FYE Mar 2021Consolidated	¥178bn	+163.3%	n/a	n/a	n/a	¥33bn	Kanai Fumiyuki	—
FYE Mar 2022Consolidated	¥245bn	+37.9%	n/a	n/a	n/a	¥51bn	Kanai Fumiyuki	Price raised to ~$3.5B, then the deal collapses over Chinese approval
FYE Mar 2023Consolidated	¥246bn	+0.1%	¥56bn	n/a	22.8%	¥40bn	Kanai Fumiyuki	—
FYE Mar 2024Consolidated	¥181bn	−26.4%	¥31bn	−45.2%	17.0%	¥22bn	Kanai Fumiyuki	IPO on the TSE Prime Market at <span class="en-history_money" data-yen="1840" data-year="2023">$13 (¥1,840)</span> a share
FYE Mar 2025Consolidated	¥239bn	+32.1%	¥51bn	+66.9%	21.5%	¥36bn	Kanai Fumiyuki	—
FYE Mar 2026Consolidated	¥235bn	−1.6%	¥42bn	−18.5%	17.8%	¥30bn	Kanai Fumiyuki	—

How it compares

Tokyo Electron¥2.44tnFY2025Operating margin 25.6%Advantest¥1.13tnFY2025Operating margin 44.2%Screen Holdings¥606bnFY2025Operating margin 20.2%Lasertec¥251bnFY2025Operating margin 48.8%Ulvac¥251bnFY2025Operating margin 10.6%

KOKUSAI ELECTRIC¥235bnFY2025Operating margin 17.8%

Micronics Japan¥70bnFY2025Operating margin 23.6%

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 ¥235bn

CAGR · 7 yrs +23.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2020	67.6	n/a	Cons. · IFRS
FYE Mar 2021	178	+163.3%	Cons. · IFRS
FYE Mar 2022	245	+37.9%	Cons. · IFRS
FYE Mar 2023	246	+0.1%	Cons. · IFRS
FYE Mar 2024	181	−26.4%	Cons. · IFRS
FYE Mar 2025	239	+32.1%	Cons. · IFRS
FYE Mar 2026	235	−1.6%	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 ¥138bn

CAGR · 4 yrs −1.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	145	n/a	Cons. · IFRS
FYE Mar 2024	106	−26.9%	Cons. · IFRS
FYE Mar 2025	137	+29.6%	Cons. · IFRS
FYE Mar 2026	138	+0.8%	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 ¥97bn

CAGR · 4 yrs −1.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	101	n/a	Cons. · IFRS
FYE Mar 2024	75.0	−25.6%	Cons. · IFRS
FYE Mar 2025	102	+35.7%	Cons. · IFRS
FYE Mar 2026	96.8	−4.8%	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 ¥55bn

CAGR · 4 yrs +8.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	43.4	n/a	Cons. · IFRS
FYE Mar 2024	44.4	+2.2%	Cons. · IFRS
FYE Mar 2025	50.5	+13.7%	Cons. · IFRS
FYE Mar 2026	55.1	+9.1%	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 ¥42bn

CAGR · 4 yrs −9.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	56.1	n/a	Cons. · IFRS
FYE Mar 2024	30.7	−45.2%	Cons. · IFRS
FYE Mar 2025	51.3	+66.9%	Cons. · IFRS
FYE Mar 2026	41.8	−18.5%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥353m

CAGR · 4 yrs −27.0%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	909	n/a	Cons. · IFRS
FYE Mar 2024	339	−62.7%	Cons. · IFRS
FYE Mar 2025	908	+167.8%	Cons. · IFRS
FYE Mar 2026	353	−61.1%	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 ¥1.4bn

CAGR · 4 yrs +10.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	1.1	n/a	Cons. · IFRS
FYE Mar 2024	1.3	+23.1%	Cons. · IFRS
FYE Mar 2025	1.4	+8.4%	Cons. · IFRS
FYE Mar 2026	1.5	+0.8%	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 ¥30bn

CAGR · 7 yrs +25.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2020	7.9	n/a	Cons. · IFRS
FYE Mar 2021	33.0	+319.9%	Cons. · IFRS
FYE Mar 2022	51.3	+55.4%	Cons. · IFRS
FYE Mar 2023	40.3	−21.5%	Cons. · IFRS
FYE Mar 2024	22.4	−44.5%	Cons. · IFRS
FYE Mar 2025	36.0	+60.9%	Cons. · IFRS
FYE Mar 2026	30.1	−16.4%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 41.2%

Average · 4 yrs 41.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	41.0	n/a	Cons. · IFRS
FYE Mar 2024	41.5	+0.4pp	Cons. · IFRS
FYE Mar 2025	42.6	+1.1pp	Cons. · IFRS
FYE Mar 2026	41.2	−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 17.8%

Average · 4 yrs 19.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	22.8	n/a	Cons. · IFRS
FYE Mar 2024	17.0	−5.8pp	Cons. · IFRS
FYE Mar 2025	21.5	+4.5pp	Cons. · IFRS
FYE Mar 2026	17.8	−3.7pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 12.8%

Average · 7 yrs 15.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2020	11.6	n/a	Cons. · IFRS
FYE Mar 2021	18.6	+6.9pp	Cons. · IFRS
FYE Mar 2022	20.9	+2.4pp	Cons. · IFRS
FYE Mar 2023	16.4	−4.5pp	Cons. · IFRS
FYE Mar 2024	12.4	−4.0pp	Cons. · IFRS
FYE Mar 2025	15.1	+2.7pp	Cons. · IFRS
FYE Mar 2026	12.8	−2.3pp	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 58.8%

Average · 4 yrs 58.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	59.0	n/a	Cons. · IFRS
FYE Mar 2024	58.5	−0.4pp	Cons. · IFRS
FYE Mar 2025	57.4	−1.1pp	Cons. · IFRS
FYE Mar 2026	58.8	+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 23.4%

Average · 4 yrs 21.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	17.7	n/a	Cons. · IFRS
FYE Mar 2024	24.6	+6.9pp	Cons. · IFRS
FYE Mar 2025	21.1	−3.4pp	Cons. · IFRS
FYE Mar 2026	23.4	+2.3pp	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 ¥360bn

CAGR · 7 yrs +5.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2020	260	n/a	Cons. · IFRS
FYE Mar 2021	274	+5.3%	Cons. · IFRS
FYE Mar 2022	357	+30.2%	Cons. · IFRS
FYE Mar 2023	374	+4.8%	Cons. · IFRS
FYE Mar 2024	375	+0.5%	Cons. · IFRS
FYE Mar 2025	342	−9.0%	Cons. · IFRS
FYE Mar 2026	360	+5.3%	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 ¥219bn

CAGR · 7 yrs +21.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2020	69.8	n/a	Cons. · IFRS
FYE Mar 2021	64.9	−7.0%	Cons. · IFRS
FYE Mar 2022	120	+84.0%	Cons. · IFRS
FYE Mar 2023	161	+34.6%	Cons. · IFRS
FYE Mar 2024	187	+16.5%	Cons. · IFRS
FYE Mar 2025	196	+4.7%	Cons. · IFRS
FYE Mar 2026	219	+11.8%	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 ¥47bn

CAGR · 4 yrs −21.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	97.5	n/a	Cons. · IFRS
FYE Mar 2024	91.5	−6.2%	Cons. · IFRS
FYE Mar 2025	58.2	−36.4%	Cons. · IFRS
FYE Mar 2026	46.8	−19.6%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥12bn

CAGR · 4 yrs +24.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	6.0	n/a	Cons. · IFRS
FYE Mar 2024	7.5	+25.0%	Cons. · IFRS
FYE Mar 2025	11.3	+51.3%	Cons. · IFRS
FYE Mar 2026	11.5	+1.5%	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 ¥35bn

CAGR · 4 yrs −27.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	91.5	n/a	Cons. · IFRS
FYE Mar 2024	84.0	−8.2%	Cons. · IFRS
FYE Mar 2025	46.9	−44.2%	Cons. · IFRS
FYE Mar 2026	35.3	−24.7%	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 ¥51bn

CAGR · 4 yrs −6.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	63.0	n/a	Cons. · IFRS
FYE Mar 2024	57.0	−9.5%	Cons. · IFRS
FYE Mar 2025	54.1	−5.0%	Cons. · IFRS
FYE Mar 2026	50.9	−6.0%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥59bn

CAGR · 4 yrs −0.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	59.1	n/a	Cons. · IFRS
FYE Mar 2024	59.1	−0.0%	Cons. · IFRS
FYE Mar 2025	59.1	−0.0%	Cons. · IFRS
FYE Mar 2026	59.1	−0.0%	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 61.0%

Average · 7 yrs 42.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2020	26.9	n/a	Cons. · IFRS
FYE Mar 2021	23.7	−3.1pp	Cons. · IFRS
FYE Mar 2022	33.5	+9.8pp	Cons. · IFRS
FYE Mar 2023	43.1	+9.5pp	Cons. · IFRS
FYE Mar 2024	49.9	+6.8pp	Cons. · IFRS
FYE Mar 2025	57.4	+7.5pp	Cons. · IFRS
FYE Mar 2026	61.0	+3.5pp	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 21.4%

Average · 4 yrs 40.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	60.6	n/a	Cons. · IFRS
FYE Mar 2024	48.8	−11.8pp	Cons. · IFRS
FYE Mar 2025	29.7	−19.2pp	Cons. · IFRS
FYE Mar 2026	21.4	−8.3pp	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 13.7%

Average · 7 yrs 24.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2020	11.3	n/a	Cons. · IFRS
FYE Mar 2021	50.9	+39.6pp	Cons. · IFRS
FYE Mar 2022	43.0	−7.9pp	Cons. · IFRS
FYE Mar 2023	25.1	−17.9pp	Cons. · IFRS
FYE Mar 2024	11.9	−13.1pp	Cons. · IFRS
FYE Mar 2025	18.4	+6.4pp	Cons. · IFRS
FYE Mar 2026	13.7	−4.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 8.4%

Average · 7 yrs 9.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2020	3.0	n/a	Cons. · IFRS
FYE Mar 2021	12.1	+9.0pp	Cons. · IFRS
FYE Mar 2022	14.4	+2.3pp	Cons. · IFRS
FYE Mar 2023	10.8	−3.6pp	Cons. · IFRS
FYE Mar 2024	6.0	−4.8pp	Cons. · IFRS
FYE Mar 2025	10.5	+4.6pp	Cons. · IFRS
FYE Mar 2026	8.4	−2.2pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.65×

CAGR · 7 yrs +16.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2020	0.26	n/a	Cons. · IFRS
FYE Mar 2021	0.65	+150.0%	Cons. · IFRS
FYE Mar 2022	0.69	+5.9%	Cons. · IFRS
FYE Mar 2023	0.66	−4.4%	Cons. · IFRS
FYE Mar 2024	0.48	−26.8%	Cons. · IFRS
FYE Mar 2025	0.70	+45.2%	Cons. · IFRS
FYE Mar 2026	0.65	−6.6%	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 ¥49bn

CAGR · 7 yrs +44.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2020	5.4	n/a	Cons. · IFRS
FYE Mar 2021	51.1	+848.4%	Cons. · IFRS
FYE Mar 2022	73.6	+44.0%	Cons. · IFRS
FYE Mar 2023	30.0	−59.3%	Cons. · IFRS
FYE Mar 2024	2.9	−90.2%	Cons. · IFRS
FYE Mar 2025	38.5	+1207.9%	Cons. · IFRS
FYE Mar 2026	48.8	+26.8%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥17bn

Average · 7 yrs -¥6.6bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2020	24.6	n/a	Cons. · IFRS
FYE Mar 2021	-3.3	−113.5%	Cons. · IFRS
FYE Mar 2022	-3.3	n/a	Cons. · IFRS
FYE Mar 2023	-7.8	n/a	Cons. · IFRS
FYE Mar 2024	-12.0	n/a	Cons. · IFRS
FYE Mar 2025	-27.7	n/a	Cons. · IFRS
FYE Mar 2026	-17.0	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 -¥22bn

Average · 7 yrs -¥27bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2020	-26.1	n/a	Cons. · IFRS
FYE Mar 2021	-48.3	n/a	Cons. · IFRS
FYE Mar 2022	-3.5	n/a	Cons. · IFRS
FYE Mar 2023	-25.1	n/a	Cons. · IFRS
FYE Mar 2024	-6.3	n/a	Cons. · IFRS
FYE Mar 2025	-58.1	n/a	Cons. · IFRS
FYE Mar 2026	-21.5	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 ¥57bn

CAGR · 7 yrs +6.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2020	38.0	n/a	Cons. · IFRS
FYE Mar 2021	40.0	+5.3%	Cons. · IFRS
FYE Mar 2022	108	+170.7%	Cons. · IFRS
FYE Mar 2023	106	−2.2%	Cons. · IFRS
FYE Mar 2024	92.6	−12.7%	Cons. · IFRS
FYE Mar 2025	44.8	−51.7%	Cons. · IFRS
FYE Mar 2026	56.5	+26.3%	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 ¥32bn

CAGR · 7 yrs +1.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2020	30.0	n/a	Cons. · IFRS
FYE Mar 2021	47.8	+59.6%	Cons. · IFRS
FYE Mar 2022	70.3	+47.0%	Cons. · IFRS
FYE Mar 2023	22.2	−68.5%	Cons. · IFRS
FYE Mar 2024	-9.0	−140.6%	Cons. · IFRS
FYE Mar 2025	10.8	n/a	Cons. · IFRS
FYE Mar 2026	31.8	+195.7%	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 20.8%

Average · 7 yrs 16.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2020	8.0	n/a	Cons. · IFRS
FYE Mar 2021	28.7	+20.7pp	Cons. · IFRS
FYE Mar 2022	30.0	+1.3pp	Cons. · IFRS
FYE Mar 2023	12.2	−17.8pp	Cons. · IFRS
FYE Mar 2024	1.6	−10.6pp	Cons. · IFRS
FYE Mar 2025	16.1	+14.5pp	Cons. · IFRS
FYE Mar 2026	20.8	+4.7pp	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 ¥9.7bn

CAGR · 4 yrs +4.4%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	8.6	n/a	Cons. · IFRS
FYE Mar 2024	1.1	−86.9%	Cons. · IFRS
FYE Mar 2025	-13.5	−1302.6%	Cons. · IFRS
FYE Mar 2026	9.7	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 ¥1.19tn

Change · 3 yrs +¥218bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	976	n/a
FYE Mar 2025	577	n/a
FYE Mar 2026	1,193	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 5,012¥

Change · 3 yrs +822¥

Fiscal year	Share price ¥	Basis
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	4,189	n/a
FYE Mar 2025	2,423	n/a
FYE Mar 2026	5,012	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 238,115,614shares

Change · 7 yrs +161,315,614 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2020	76,800,000	Parent
FYE Mar 2021	76,800,000	Parent
FYE Mar 2022	230,400,000	Parent
FYE Mar 2023	230,404,200	Parent
FYE Mar 2024	232,928,202	Parent
FYE Mar 2025	238,002,985	Parent
FYE Mar 2026	238,115,614	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 129.00¥

Change · 7 yrs +94.84¥

Fiscal year	EPS ¥	Basis
FYE Mar 2020	34.16	Cons.
FYE Mar 2021	143.42	Cons.
FYE Mar 2022	222.83	Cons.
FYE Mar 2023	174.93	Cons.
FYE Mar 2024	96.82	Cons.
FYE Mar 2025	154.60	Cons.
FYE Mar 2026	129.00	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 920.86¥

Change · 7 yrs +11.48¥

Fiscal year	BPS ¥	Basis
FYE Mar 2020	909.38	Cons. · IFRS
FYE Mar 2021	845.61	Cons. · IFRS
FYE Mar 2022	518.75	Cons. · IFRS
FYE Mar 2023	698.26	Cons. · IFRS
FYE Mar 2024	804.49	Cons. · IFRS
FYE Mar 2025	824.22	Cons. · IFRS
FYE Mar 2026	920.86	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 38.85×

Average · 3 yrs 32.60×

Fiscal year	PER ×	Basis
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	43.27	Cons.
FYE Mar 2025	15.67	Cons.
FYE Mar 2026	38.85	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 5.34×

Average · 3 yrs 4.46×

Fiscal year	PBR ×	Basis
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	5.16	Cons.
FYE Mar 2025	2.88	Cons.
FYE Mar 2026	5.34	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 2,609people

Change · 7 yrs +672 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2020	1,937	n/a	Cons.
FYE Mar 2021	2,035	+5.1%	Cons.
FYE Mar 2022	2,245	+10.3%	Cons.
FYE Mar 2023	2,429	+8.2%	Cons.
FYE Mar 2024	2,483	+2.2%	Cons.
FYE Mar 2025	2,540	+2.3%	Cons.
FYE Mar 2026	2,609	+2.7%	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 1,193people

Change · 7 yrs +212 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2020	981	n/a	Parent
FYE Mar 2021	976	−0.5%	Parent
FYE Mar 2022	1,027	+5.2%	Parent
FYE Mar 2023	1,082	+5.4%	Parent
FYE Mar 2024	1,125	+4.0%	Parent
FYE Mar 2025	1,148	+2.0%	Parent
FYE Mar 2026	1,193	+3.9%	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 ¥9.6m

Change · 3 yrs +¥1.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2020	n/a	n/a	Parent
FYE Mar 2021	n/a	n/a	Parent
FYE Mar 2022	n/a	n/a	Parent
FYE Mar 2023	n/a	n/a	Parent
FYE Mar 2024	8.6	n/a	Parent
FYE Mar 2025	8.6	+0.5%	Parent
FYE Mar 2026	9.6	+11.4%	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 44.1years

Change · 3 yrs −0.4 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2020	n/a	n/a	Parent
FYE Mar 2021	n/a	n/a	Parent
FYE Mar 2022	n/a	n/a	Parent
FYE Mar 2023	n/a	n/a	Parent
FYE Mar 2024	44.5	n/a	Parent
FYE Mar 2025	44.5	−0.0%	Parent
FYE Mar 2026	44.1	−0.9%	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 18.0years

Change · 3 yrs −1.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2020	n/a	n/a	Parent
FYE Mar 2021	n/a	n/a	Parent
FYE Mar 2022	n/a	n/a	Parent
FYE Mar 2023	n/a	n/a	Parent
FYE Mar 2024	19.9	n/a	Parent
FYE Mar 2025	19.7	−1.0%	Parent
FYE Mar 2026	18.0	−8.6%	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)

Revenue per employee

FYE Mar 2026 ¥90.1m

Change · 7 yrs +¥55.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2020	34.9	n/a	Cons.
FYE Mar 2021	87.5	+150.6%	Cons.
FYE Mar 2022	109	+25.0%	Cons.
FYE Mar 2023	101	−7.5%	Cons.
FYE Mar 2024	72.8	−28.0%	Cons.
FYE Mar 2025	94.1	+29.2%	Cons.
FYE Mar 2026	90.1	−4.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥16.0m

Change · 4 yrs −¥7.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2020	n/a	n/a	Cons.
FYE Mar 2021	n/a	n/a	Cons.
FYE Mar 2022	n/a	n/a	Cons.
FYE Mar 2023	23.1	n/a	Cons.
FYE Mar 2024	12.4	−46.4%	Cons.
FYE Mar 2025	20.2	+63.2%	Cons.
FYE Mar 2026	16.0	−20.6%	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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