Financials

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

FYE Mar 2026 · Revenue¥778bnYoY +3.2%

FYE Mar 2026 · Operating profit¥105bnYoY −2.2%

FYE Mar 2026 · Net profit¥79bnYoY +0.1%

FYE Mar 2026 · Equity ratio83.8%YoY +0.7pp

FYE Mar 2026 · Group employees17,586YoY −55

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥415bn	n/a	¥65bn	n/a	15.6%	¥45bn	Hori Shiro	—
FYE Mar 2018Consolidated	¥477bn	+15.0%	¥80bn	+23.1%	16.7%	¥55bn	Hori Shiro	Munetoshi Goto becomes president
FYE Mar 2019Consolidated	¥491bn	+2.8%	¥78bn	−1.7%	16.0%	¥56bn	Goto Munetoshi	—
FYE Mar 2020Consolidated	¥493bn	+0.4%	¥64bn	−18.2%	13.0%	¥48bn	Goto Munetoshi	—
FYE Mar 2021Consolidated	¥608bn	+23.5%	¥88bn	+38.1%	14.5%	¥62bn	Goto Munetoshi	—
FYE Mar 2022Consolidated	¥739bn	+21.5%	¥92bn	+3.7%	12.4%	¥65bn	Goto Munetoshi	—
FYE Mar 2023Consolidated	¥765bn	+3.4%	¥28bn	−69.2%	3.7%	¥12bn	Goto Munetoshi	Petrol-engine products discontinued — all-in on cordless
FYE Mar 2024Consolidated	¥741bn	−3.0%	¥66bn	+134.3%	8.9%	¥44bn	Goto Munetoshi	—
FYE Mar 2025Consolidated	¥753bn	+1.6%	¥107bn	+61.8%	14.2%	¥79bn	Goto Munetoshi	—
FYE Mar 2026Consolidated	¥778bn	+3.2%	¥105bn	−2.2%	13.5%	¥79bn	Goto Munetoshi	110th year; balance-sheet management, buyback, special dividend

How it compares

Makita¥778bnFY2025Operating margin 13.5%

MAX CO., LTD.¥100bnFY2025Operating margin 17.6%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥778bn

CAGR · 10 yrs +7.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	415	n/a	Cons. · US GAAP
FYE Mar 2018	477	+15.0%	Cons. · US GAAP
FYE Mar 2019	491	moved to IFRS	Cons. · IFRS
FYE Mar 2020	493	+0.4%	Cons. · IFRS
FYE Mar 2021	608	+23.5%	Cons. · IFRS
FYE Mar 2022	739	+21.5%	Cons. · IFRS
FYE Mar 2023	765	+3.4%	Cons. · IFRS
FYE Mar 2024	741	−3.0%	Cons. · IFRS
FYE Mar 2025	753	+1.6%	Cons. · IFRS
FYE Mar 2026	778	+3.2%	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 ¥494bn

CAGR · 10 yrs +7.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	268	n/a	Cons. · US GAAP
FYE Mar 2018	301	+12.7%	Cons. · US GAAP
FYE Mar 2019	313	moved to IFRS	Cons. · IFRS
FYE Mar 2020	324	+3.3%	Cons. · IFRS
FYE Mar 2021	405	+25.2%	Cons. · IFRS
FYE Mar 2022	511	+26.1%	Cons. · IFRS
FYE Mar 2023	576	+12.7%	Cons. · IFRS
FYE Mar 2024	517	−10.2%	Cons. · IFRS
FYE Mar 2025	482	−6.9%	Cons. · IFRS
FYE Mar 2026	494	+2.5%	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 ¥284bn

CAGR · 10 yrs +7.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	147	n/a	Cons. · US GAAP
FYE Mar 2018	176	+19.3%	Cons. · US GAAP
FYE Mar 2019	177	moved to IFRS	Cons. · IFRS
FYE Mar 2020	169	−4.7%	Cons. · IFRS
FYE Mar 2021	203	+20.3%	Cons. · IFRS
FYE Mar 2022	228	+12.4%	Cons. · IFRS
FYE Mar 2023	189	−17.3%	Cons. · IFRS
FYE Mar 2024	224	+18.6%	Cons. · IFRS
FYE Mar 2025	271	+21.2%	Cons. · IFRS
FYE Mar 2026	284	+4.6%	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 ¥179bn

CAGR · 10 yrs +8.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	84.9	n/a	Cons. · US GAAP
FYE Mar 2018	95.7	+12.7%	Cons. · US GAAP
FYE Mar 2019	98.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	105	+5.9%	Cons. · IFRS
FYE Mar 2021	115	+9.3%	Cons. · IFRS
FYE Mar 2022	137	+19.2%	Cons. · IFRS
FYE Mar 2023	161	+17.5%	Cons. · IFRS
FYE Mar 2024	158	−1.7%	Cons. · IFRS
FYE Mar 2025	164	+4.2%	Cons. · IFRS
FYE Mar 2026	179	+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 ¥105bn

CAGR · 10 yrs +5.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	64.7	n/a	Cons. · US GAAP
FYE Mar 2018	79.7	+23.1%	Cons. · US GAAP
FYE Mar 2019	78.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	64.0	−18.2%	Cons. · IFRS
FYE Mar 2021	88.5	+38.1%	Cons. · IFRS
FYE Mar 2022	91.7	+3.7%	Cons. · IFRS
FYE Mar 2023	28.2	−69.2%	Cons. · IFRS
FYE Mar 2024	66.2	+134.3%	Cons. · IFRS
FYE Mar 2025	107	+61.8%	Cons. · IFRS
FYE Mar 2026	105	−2.2%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥6.9bn

CAGR · 9 yrs +10.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	3.2	n/a	Cons. · US GAAP
FYE Mar 2019	2.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.6	−4.6%	Cons. · IFRS
FYE Mar 2021	1.8	−29.1%	Cons. · IFRS
FYE Mar 2022	1.9	+6.8%	Cons. · IFRS
FYE Mar 2023	3.3	+71.2%	Cons. · IFRS
FYE Mar 2024	4.6	+40.0%	Cons. · IFRS
FYE Mar 2025	7.5	+60.5%	Cons. · IFRS
FYE Mar 2026	6.9	−7.4%	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 ¥3.6bn

CAGR · 9 yrs +0.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	3.5	n/a	Cons. · US GAAP
FYE Mar 2019	1.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.6	−44.1%	Cons. · IFRS
FYE Mar 2021	3.1	+416.4%	Cons. · IFRS
FYE Mar 2022	1.2	−61.6%	Cons. · IFRS
FYE Mar 2023	7.7	+549.3%	Cons. · IFRS
FYE Mar 2024	6.8	−11.5%	Cons. · IFRS
FYE Mar 2025	6.0	−11.5%	Cons. · IFRS
FYE Mar 2026	3.6	−40.4%	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 ¥79bn

CAGR · 10 yrs +6.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	44.8	n/a	Cons. · US GAAP
FYE Mar 2018	54.9	+22.7%	Cons. · US GAAP
FYE Mar 2019	55.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	47.7	−14.4%	Cons. · IFRS
FYE Mar 2021	62.0	+29.9%	Cons. · IFRS
FYE Mar 2022	64.8	+4.4%	Cons. · IFRS
FYE Mar 2023	11.7	−81.9%	Cons. · IFRS
FYE Mar 2024	43.7	+273.3%	Cons. · IFRS
FYE Mar 2025	79.3	+81.6%	Cons. · IFRS
FYE Mar 2026	79.4	+0.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 36.5%

Average · 10 yrs 33.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	35.5	n/a	Cons. · US GAAP
FYE Mar 2018	36.9	+1.3pp	Cons. · US GAAP
FYE Mar 2019	36.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	34.3	−1.9pp	Cons. · IFRS
FYE Mar 2021	33.4	−0.9pp	Cons. · IFRS
FYE Mar 2022	30.9	−2.5pp	Cons. · IFRS
FYE Mar 2023	24.7	−6.2pp	Cons. · IFRS
FYE Mar 2024	30.2	+5.5pp	Cons. · IFRS
FYE Mar 2025	36.0	+5.8pp	Cons. · IFRS
FYE Mar 2026	36.5	+0.5pp	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 13.5%

Average · 10 yrs 12.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	15.6	n/a	Cons. · US GAAP
FYE Mar 2018	16.7	+1.1pp	Cons. · US GAAP
FYE Mar 2019	16.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	13.0	−3.0pp	Cons. · IFRS
FYE Mar 2021	14.5	+1.5pp	Cons. · IFRS
FYE Mar 2022	12.4	−2.1pp	Cons. · IFRS
FYE Mar 2023	3.7	−8.7pp	Cons. · IFRS
FYE Mar 2024	8.9	+5.2pp	Cons. · IFRS
FYE Mar 2025	14.2	+5.3pp	Cons. · IFRS
FYE Mar 2026	13.5	−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 10.2%

Average · 10 yrs 9.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	10.8	n/a	Cons. · US GAAP
FYE Mar 2018	11.5	+0.7pp	Cons. · US GAAP
FYE Mar 2019	11.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.7	−1.7pp	Cons. · IFRS
FYE Mar 2021	10.2	+0.5pp	Cons. · IFRS
FYE Mar 2022	8.8	−1.4pp	Cons. · IFRS
FYE Mar 2023	1.5	−7.2pp	Cons. · IFRS
FYE Mar 2024	5.9	+4.4pp	Cons. · IFRS
FYE Mar 2025	10.5	+4.6pp	Cons. · IFRS
FYE Mar 2026	10.2	−0.3pp	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 63.5%

Average · 10 yrs 66.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	64.5	n/a	Cons. · US GAAP
FYE Mar 2018	63.1	−1.3pp	Cons. · US GAAP
FYE Mar 2019	63.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	65.7	+1.9pp	Cons. · IFRS
FYE Mar 2021	66.6	+0.9pp	Cons. · IFRS
FYE Mar 2022	69.1	+2.5pp	Cons. · IFRS
FYE Mar 2023	75.3	+6.2pp	Cons. · IFRS
FYE Mar 2024	69.8	−5.5pp	Cons. · IFRS
FYE Mar 2025	64.0	−5.8pp	Cons. · IFRS
FYE Mar 2026	63.5	−0.5pp	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 23.1%

Average · 10 yrs 20.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	20.5	n/a	Cons. · US GAAP
FYE Mar 2018	20.0	−0.4pp	Cons. · US GAAP
FYE Mar 2019	20.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	21.3	+1.1pp	Cons. · IFRS
FYE Mar 2021	18.8	−2.4pp	Cons. · IFRS
FYE Mar 2022	18.5	−0.4pp	Cons. · IFRS
FYE Mar 2023	21.0	+2.5pp	Cons. · IFRS
FYE Mar 2024	21.3	+0.3pp	Cons. · IFRS
FYE Mar 2025	21.8	+0.5pp	Cons. · IFRS
FYE Mar 2026	23.1	+1.2pp	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 ¥1.18tn

CAGR · 10 yrs +7.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	600	n/a	Cons. · US GAAP
FYE Mar 2018	655	+9.2%	Cons. · US GAAP
FYE Mar 2019	680	moved to IFRS	Cons. · IFRS
FYE Mar 2020	675	−0.8%	Cons. · IFRS
FYE Mar 2021	813	+20.5%	Cons. · IFRS
FYE Mar 2022	1,007	+23.9%	Cons. · IFRS
FYE Mar 2023	1,099	+9.1%	Cons. · IFRS
FYE Mar 2024	1,056	−4.0%	Cons. · IFRS
FYE Mar 2025	1,107	+4.8%	Cons. · IFRS
FYE Mar 2026	1,181	+6.7%	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 ¥990bn

CAGR · 10 yrs +7.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	504	n/a	Cons. · US GAAP
FYE Mar 2018	550	+9.0%	Cons. · US GAAP
FYE Mar 2019	568	moved to IFRS	Cons. · IFRS
FYE Mar 2020	567	−0.3%	Cons. · IFRS
FYE Mar 2021	652	+15.1%	Cons. · IFRS
FYE Mar 2022	740	+13.5%	Cons. · IFRS
FYE Mar 2023	763	+3.1%	Cons. · IFRS
FYE Mar 2024	861	+12.9%	Cons. · IFRS
FYE Mar 2025	920	+6.8%	Cons. · IFRS
FYE Mar 2026	990	+7.7%	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 ¥2.4bn

CAGR · 9 yrs −4.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	3.4	n/a	Cons. · US GAAP
FYE Mar 2019	11.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.0	−32.2%	Cons. · IFRS
FYE Mar 2021	2.6	−67.3%	Cons. · IFRS
FYE Mar 2022	79.7	+2950.3%	Cons. · IFRS
FYE Mar 2023	186	+133.9%	Cons. · IFRS
FYE Mar 2024	19.9	−89.3%	Cons. · IFRS
FYE Mar 2025	10.2	−49.0%	Cons. · IFRS
FYE Mar 2026	2.4	−76.5%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥2.4bn

CAGR · 8 yrs −20.4%

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	11.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.0	−32.2%	Cons. · IFRS
FYE Mar 2021	2.6	−67.3%	Cons. · IFRS
FYE Mar 2022	79.7	+2950.3%	Cons. · IFRS
FYE Mar 2023	186	+133.9%	Cons. · IFRS
FYE Mar 2024	19.9	−89.3%	Cons. · IFRS
FYE Mar 2025	10.2	−49.0%	Cons. · IFRS
FYE Mar 2026	2.4	−76.5%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥8.9bn

CAGR · 8 yrs +3.1%

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	7.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.9	+9.9%	Cons. · IFRS
FYE Mar 2021	8.6	+9.6%	Cons. · IFRS
FYE Mar 2022	9.4	+8.3%	Cons. · IFRS
FYE Mar 2023	9.7	+3.7%	Cons. · IFRS
FYE Mar 2024	9.5	−2.3%	Cons. · IFRS
FYE Mar 2025	8.9	−6.7%	Cons. · IFRS
FYE Mar 2026	8.9	+0.5%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥721m

CAGR · 9 yrs −0.0%

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	721	n/a	Cons. · US GAAP
FYE Mar 2019	862	moved to IFRS	Cons. · IFRS
FYE Mar 2020	862	−0.0%	Cons. · IFRS
FYE Mar 2021	721	−16.4%	Cons. · IFRS
FYE Mar 2022	721	−0.0%	Cons. · IFRS
FYE Mar 2023	721	−0.0%	Cons. · IFRS
FYE Mar 2024	721	−0.0%	Cons. · IFRS
FYE Mar 2025	721	−0.0%	Cons. · IFRS
FYE Mar 2026	721	−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 83.8%

Average · 10 yrs 80.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	84.1	n/a	Cons. · US GAAP
FYE Mar 2018	83.9	−0.2pp	Cons. · US GAAP
FYE Mar 2019	83.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	84.0	+0.5pp	Cons. · IFRS
FYE Mar 2021	80.3	−3.8pp	Cons. · IFRS
FYE Mar 2022	73.5	−6.8pp	Cons. · IFRS
FYE Mar 2023	69.4	−4.1pp	Cons. · IFRS
FYE Mar 2024	81.6	+12.2pp	Cons. · IFRS
FYE Mar 2025	83.1	+1.5pp	Cons. · IFRS
FYE Mar 2026	83.8	+0.7pp	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 0.2%

Average · 9 yrs 4.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	0.6	n/a	Cons. · US GAAP
FYE Mar 2019	2.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.4	−0.7pp	Cons. · IFRS
FYE Mar 2021	0.4	−1.0pp	Cons. · IFRS
FYE Mar 2022	10.8	+10.4pp	Cons. · IFRS
FYE Mar 2023	24.4	+13.7pp	Cons. · IFRS
FYE Mar 2024	2.3	−22.1pp	Cons. · IFRS
FYE Mar 2025	1.1	−1.2pp	Cons. · IFRS
FYE Mar 2026	0.2	−0.9pp	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 8.0%

Average · 10 yrs 7.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.9	n/a	Cons. · US GAAP
FYE Mar 2018	10.0	+1.1pp	Cons. · US GAAP
FYE Mar 2019	9.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.4	−1.4pp	Cons. · IFRS
FYE Mar 2021	9.5	+1.1pp	Cons. · IFRS
FYE Mar 2022	8.8	−0.8pp	Cons. · IFRS
FYE Mar 2023	1.5	−7.2pp	Cons. · IFRS
FYE Mar 2024	5.1	+3.5pp	Cons. · IFRS
FYE Mar 2025	8.6	+3.6pp	Cons. · IFRS
FYE Mar 2026	8.0	−0.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 6.7%

Average · 10 yrs 6.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · US GAAP
FYE Mar 2018	8.4	+0.9pp	Cons. · US GAAP
FYE Mar 2019	8.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.1	−1.1pp	Cons. · IFRS
FYE Mar 2021	7.6	+0.6pp	Cons. · IFRS
FYE Mar 2022	6.4	−1.2pp	Cons. · IFRS
FYE Mar 2023	1.1	−5.4pp	Cons. · IFRS
FYE Mar 2024	4.1	+3.1pp	Cons. · IFRS
FYE Mar 2025	7.2	+3.0pp	Cons. · IFRS
FYE Mar 2026	6.7	−0.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.66×

CAGR · 10 yrs −0.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.69	n/a	Cons. · US GAAP
FYE Mar 2018	0.73	+5.3%	Cons. · US GAAP
FYE Mar 2019	0.72	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.73	+1.3%	Cons. · IFRS
FYE Mar 2021	0.75	+2.5%	Cons. · IFRS
FYE Mar 2022	0.73	−2.0%	Cons. · IFRS
FYE Mar 2023	0.70	−5.2%	Cons. · IFRS
FYE Mar 2024	0.70	+1.0%	Cons. · IFRS
FYE Mar 2025	0.68	−3.1%	Cons. · IFRS
FYE Mar 2026	0.66	−3.3%	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 ¥102bn

CAGR · 10 yrs +5.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	63.4	n/a	Cons. · US GAAP
FYE Mar 2018	34.2	−46.0%	Cons. · US GAAP
FYE Mar 2019	23.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	57.3	+147.5%	Cons. · IFRS
FYE Mar 2021	64.5	+12.6%	Cons. · IFRS
FYE Mar 2022	-104	−260.6%	Cons. · IFRS
FYE Mar 2023	44.4	n/a	Cons. · IFRS
FYE Mar 2024	237	+433.6%	Cons. · IFRS
FYE Mar 2025	130	−45.2%	Cons. · IFRS
FYE Mar 2026	102	−21.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥18bn

Average · 10 yrs -¥26bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-5.0	n/a	Cons. · US GAAP
FYE Mar 2018	-15.7	n/a	Cons. · US GAAP
FYE Mar 2019	-15.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-30.5	n/a	Cons. · IFRS
FYE Mar 2021	-42.9	n/a	Cons. · IFRS
FYE Mar 2022	-27.9	n/a	Cons. · IFRS
FYE Mar 2023	-37.7	n/a	Cons. · IFRS
FYE Mar 2024	-25.6	n/a	Cons. · IFRS
FYE Mar 2025	-37.9	n/a	Cons. · IFRS
FYE Mar 2026	-17.6	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 -¥99bn

Average · 10 yrs -¥27bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-9.5	n/a	Cons. · US GAAP
FYE Mar 2018	-17.7	n/a	Cons. · US GAAP
FYE Mar 2019	-8.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-22.9	n/a	Cons. · IFRS
FYE Mar 2021	-23.0	n/a	Cons. · IFRS
FYE Mar 2022	52.6	n/a	Cons. · IFRS
FYE Mar 2023	81.0	+53.9%	Cons. · IFRS
FYE Mar 2024	-191	−336.2%	Cons. · IFRS
FYE Mar 2025	-33.5	n/a	Cons. · IFRS
FYE Mar 2026	-99.2	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 ¥257bn

CAGR · 10 yrs +6.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	142	n/a	Cons. · US GAAP
FYE Mar 2018	142	−0.0%	Cons. · US GAAP
FYE Mar 2019	147	moved to IFRS	Cons. · IFRS
FYE Mar 2020	143	−2.1%	Cons. · IFRS
FYE Mar 2021	149	+3.6%	Cons. · IFRS
FYE Mar 2022	71.1	−52.2%	Cons. · IFRS
FYE Mar 2023	163	+129.0%	Cons. · IFRS
FYE Mar 2024	197	+21.0%	Cons. · IFRS
FYE Mar 2025	253	+28.6%	Cons. · IFRS
FYE Mar 2026	257	+1.6%	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 ¥85bn

CAGR · 10 yrs +4.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	58.3	n/a	Cons. · US GAAP
FYE Mar 2018	18.5	−68.3%	Cons. · US GAAP
FYE Mar 2019	7.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	26.8	+242.5%	Cons. · IFRS
FYE Mar 2021	21.6	−19.3%	Cons. · IFRS
FYE Mar 2022	-132	−708.4%	Cons. · IFRS
FYE Mar 2023	6.8	n/a	Cons. · IFRS
FYE Mar 2024	211	+3032.8%	Cons. · IFRS
FYE Mar 2025	92.0	−56.5%	Cons. · IFRS
FYE Mar 2026	84.7	−7.9%	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 13.2%

Average · 10 yrs 10.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.3	n/a	Cons. · US GAAP
FYE Mar 2018	7.2	−8.1pp	Cons. · US GAAP
FYE Mar 2019	4.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.6	+6.9pp	Cons. · IFRS
FYE Mar 2021	10.6	−1.0pp	Cons. · IFRS
FYE Mar 2022	-14.0	−24.6pp	Cons. · IFRS
FYE Mar 2023	5.8	+19.8pp	Cons. · IFRS
FYE Mar 2024	32.0	+26.2pp	Cons. · IFRS
FYE Mar 2025	17.2	−14.7pp	Cons. · IFRS
FYE Mar 2026	13.2	−4.1pp	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

CAGR · 9 yrs +7.9%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	139	n/a	Cons. · US GAAP
FYE Mar 2019	135	moved to IFRS	Cons. · IFRS
FYE Mar 2020	135	+0.5%	Cons. · IFRS
FYE Mar 2021	146	+7.8%	Cons. · IFRS
FYE Mar 2022	-8.6	−105.9%	Cons. · IFRS
FYE Mar 2023	-23.7	n/a	Cons. · IFRS
FYE Mar 2024	177	n/a	Cons. · IFRS
FYE Mar 2025	243	+37.3%	Cons. · IFRS
FYE Mar 2026	255	+4.9%	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 ¥1.42tn

Change · 10 yrs +¥329bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,090	n/a
FYE Mar 2018	1,462	n/a
FYE Mar 2019	1,081	n/a
FYE Mar 2020	930	n/a
FYE Mar 2021	1,330	n/a
FYE Mar 2022	1,102	n/a
FYE Mar 2023	919	n/a
FYE Mar 2024	1,194	n/a
FYE Mar 2025	1,379	n/a
FYE Mar 2026	1,419	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 5,069¥

Change · 10 yrs −2,719¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	7,788	n/a
FYE Mar 2018	5,222	n/a
FYE Mar 2019	3,861	n/a
FYE Mar 2020	3,323	n/a
FYE Mar 2021	4,751	n/a
FYE Mar 2022	3,936	n/a
FYE Mar 2023	3,281	n/a
FYE Mar 2024	4,264	n/a
FYE Mar 2025	4,925	n/a
FYE Mar 2026	5,069	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 280,017,000shares

Change · 10 yrs +140,009,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	140,008,000	Parent
FYE Mar 2018	280,017,000	Parent
FYE Mar 2019	280,017,000	Parent
FYE Mar 2020	280,017,000	Parent
FYE Mar 2021	280,017,000	Parent
FYE Mar 2022	280,017,000	Parent
FYE Mar 2023	280,017,000	Parent
FYE Mar 2024	280,017,000	Parent
FYE Mar 2025	280,017,000	Parent
FYE Mar 2026	280,017,000	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 299.95¥

Change · 10 yrs +134.95¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	165.00	Cons.
FYE Mar 2018	202.39	Cons.
FYE Mar 2019	205.37	Cons.
FYE Mar 2020	175.80	Cons.
FYE Mar 2021	228.41	Cons.
FYE Mar 2022	238.54	Cons.
FYE Mar 2023	43.11	Cons.
FYE Mar 2024	162.13	Cons.
FYE Mar 2025	294.90	Cons.
FYE Mar 2026	299.95	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 3,536.00¥

Change · 10 yrs −65.51¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,601.50	Cons. · US GAAP
FYE Mar 2018	1,962.93	Cons. · US GAAP
FYE Mar 2019	2,029.43	Cons. · IFRS
FYE Mar 2020	2,024.17	Cons. · IFRS
FYE Mar 2021	2,329.80	Cons. · IFRS
FYE Mar 2022	2,643.26	Cons. · IFRS
FYE Mar 2023	2,724.10	Cons. · IFRS
FYE Mar 2024	3,075.19	Cons. · IFRS
FYE Mar 2025	3,283.78	Cons. · IFRS
FYE Mar 2026	3,536.00	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 16.90×

Average · 10 yrs 26.04×

Fiscal year	PER ×	Basis
FYE Mar 2017	23.60	Cons.
FYE Mar 2018	25.80	Cons.
FYE Mar 2019	18.80	Cons.
FYE Mar 2020	18.90	Cons.
FYE Mar 2021	20.80	Cons.
FYE Mar 2022	16.50	Cons.
FYE Mar 2023	76.10	Cons.
FYE Mar 2024	26.30	Cons.
FYE Mar 2025	16.70	Cons.
FYE Mar 2026	16.90	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 1.31×

Average · 10 yrs 1.67×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.10	Cons.
FYE Mar 2018	2.56	Cons.
FYE Mar 2019	1.83	Cons.
FYE Mar 2020	1.58	Cons.
FYE Mar 2021	1.96	Cons.
FYE Mar 2022	1.43	Cons.
FYE Mar 2023	1.16	Cons.
FYE Mar 2024	1.32	Cons.
FYE Mar 2025	1.43	Cons.
FYE Mar 2026	1.31	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 17,586people

Change · 10 yrs +2,242 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	15,344	n/a	Cons.
FYE Mar 2018	16,137	+5.2%	Cons.
FYE Mar 2019	16,424	+1.8%	Cons.
FYE Mar 2020	17,090	+4.1%	Cons.
FYE Mar 2021	18,624	+9.0%	Cons.
FYE Mar 2022	20,233	+8.6%	Cons.
FYE Mar 2023	18,804	−7.1%	Cons.
FYE Mar 2024	17,669	−6.0%	Cons.
FYE Mar 2025	17,641	−0.2%	Cons.
FYE Mar 2026	17,586	−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 3,435people

Change · 10 yrs +582 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,853	n/a	Parent
FYE Mar 2018	2,877	+0.8%	Parent
FYE Mar 2019	2,906	+1.0%	Parent
FYE Mar 2020	2,958	+1.8%	Parent
FYE Mar 2021	3,086	+4.3%	Parent
FYE Mar 2022	3,245	+5.2%	Parent
FYE Mar 2023	3,384	+4.3%	Parent
FYE Mar 2024	3,427	+1.3%	Parent
FYE Mar 2025	3,431	+0.1%	Parent
FYE Mar 2026	3,435	+0.1%	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 ¥7.5m

Change · 8 yrs +¥0.3m

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	7.2	n/a	Parent
FYE Mar 2020	7.2	−0.4%	Parent
FYE Mar 2021	7.0	−2.6%	Parent
FYE Mar 2022	7.2	+2.6%	Parent
FYE Mar 2023	7.0	−2.1%	Parent
FYE Mar 2024	6.5	−7.7%	Parent
FYE Mar 2025	7.0	+7.3%	Parent
FYE Mar 2026	7.5	+8.3%	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 39.8years

Change · 8 yrs −1.7 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	41.5	n/a	Parent
FYE Mar 2020	41.2	−0.7%	Parent
FYE Mar 2021	40.5	−1.7%	Parent
FYE Mar 2022	40.2	−0.7%	Parent
FYE Mar 2023	39.8	−1.0%	Parent
FYE Mar 2024	39.7	−0.3%	Parent
FYE Mar 2025	39.9	+0.5%	Parent
FYE Mar 2026	39.8	−0.3%	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 16.5years

Change · 8 yrs −1.8 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	18.3	n/a	Parent
FYE Mar 2020	17.8	−2.7%	Parent
FYE Mar 2021	17.1	−3.9%	Parent
FYE Mar 2022	16.8	−1.8%	Parent
FYE Mar 2023	16.4	−2.4%	Parent
FYE Mar 2024	16.4	−0.0%	Parent
FYE Mar 2025	16.5	+0.6%	Parent
FYE Mar 2026	16.5	−0.0%	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 2,661people

Change · 10 yrs +698 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,963	n/a	n/a
FYE Mar 2018	2,442	+24.4%	n/a
FYE Mar 2019	2,794	+14.4%	n/a
FYE Mar 2020	2,564	−8.2%	n/a
FYE Mar 2021	4,867	+89.8%	n/a
FYE Mar 2022	3,897	−19.9%	n/a
FYE Mar 2023	2,039	−47.7%	n/a
FYE Mar 2024	1,898	−6.9%	n/a
FYE Mar 2025	1,958	+3.2%	n/a
FYE Mar 2026	2,661	+35.9%	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 ¥44.2m

Change · 10 yrs +¥17.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	27.0	n/a	Cons.
FYE Mar 2018	29.6	+9.4%	Cons.
FYE Mar 2019	29.9	n/a	Cons.
FYE Mar 2020	28.8	−3.5%	Cons.
FYE Mar 2021	32.7	+13.3%	Cons.
FYE Mar 2022	36.5	+11.9%	Cons.
FYE Mar 2023	40.7	+11.3%	Cons.
FYE Mar 2024	42.0	+3.2%	Cons.
FYE Mar 2025	42.7	+1.7%	Cons.
FYE Mar 2026	44.2	+3.6%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥6.0m

Change · 10 yrs +¥1.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons.
FYE Mar 2018	4.9	+17.0%	Cons.
FYE Mar 2019	4.8	n/a	Cons.
FYE Mar 2020	3.7	−21.4%	Cons.
FYE Mar 2021	4.8	+26.7%	Cons.
FYE Mar 2022	4.5	−4.6%	Cons.
FYE Mar 2023	1.5	−66.9%	Cons.
FYE Mar 2024	3.7	+149.3%	Cons.
FYE Mar 2025	6.1	+62.0%	Cons.
FYE Mar 2026	6.0	−1.9%	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.

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