Financials

Nidec: FYE Mar 2025 and ten years of results (48 metrics)

FYE Mar 2025 · Revenue¥2.61tnYoY +11.1%

FYE Mar 2025 · Operating profit¥238bnYoY +47.1%

FYE Mar 2025 · Net profit¥164bnYoY +32.1%

FYE Mar 2025 · Equity ratio51.0%YoY +0.2pp

FYE Mar 2025 · Group employees104,285YoY +3,173

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2016Consolidated	¥1.18tn	n/a	¥119bn	n/a	10.1%	¥90bn	Nagamori Shigenobu	—
FYE Mar 2017Consolidated	¥1.20tn	+1.8%	¥139bn	+16.8%	11.6%	¥111bn	Nagamori Shigenobu	—
FYE Mar 2018Consolidated	¥1.46tn	+21.7%	¥167bn	+19.7%	11.4%	¥131bn	Nagamori Shigenobu	—
FYE Mar 2019Consolidated	¥1.48tn	+1.1%	¥129bn	−22.5%	8.8%	¥110bn	Nagamori Shigenobu	Nidec PSA emotors JV — entry into EV traction motors
FYE Mar 2020Consolidated	¥1.53tn	+4.0%	¥109bn	−16.0%	7.1%	¥58bn	Yoshimoto Hiroyuki	Buys the Embraco compressor business for <span class="en-history_money" data-yen="122400000000" data-year="2019">$1.1B (¥122bn)</span>
FYE Mar 2021Consolidated	¥1.62tn	+5.4%	¥160bn	+47.4%	9.9%	¥122bn	Yoshimoto Hiroyuki	—
FYE Mar 2022Consolidated	¥1.92tn	+18.5%	¥170bn	+6.5%	8.9%	¥136bn	Seki Jun	Mitsubishi Heavy machine tools become Nidec Machine Tool
FYE Mar 2023Consolidated	¥2.23tn	+16.3%	¥90bn	−47.2%	4.0%	¥37bn	Seki Jun	—
FYE Mar 2024Consolidated	¥2.35tn	+5.3%	¥162bn	+80.0%	6.9%	¥124bn	Kobe Hiroshi	Renamed Nippon Densan to Nidec; tender offer for TAKISAWA
FYE Mar 2025Consolidated	¥2.61tn	+11.1%	¥238bn	+47.1%	9.1%	¥164bn	Kobe Hiroshi	Mitsuya Kishida becomes president

How it compares

Nidec¥2.61tnFY2024Operating margin 9.1%

Fanuc¥858bnFY2025Operating margin 21.4%SMC¥843bnFY2025Operating margin 22.6%Omron¥767bnFY2025Operating margin 6.9%Daifuku¥661bnFY2025Operating margin 15.3%Yaskawa Electric¥542bnFY2025Operating margin 8.7%

CKD¥158bnFY2025Operating margin 12.4%

Sankyo Seiki Mfg. Co., Ltd.Delisted 2012

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 2025 ¥2.61tn

CAGR · 10 yrs +9.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2016	1,178	n/a	Cons. · US GAAP
FYE Mar 2017	1,199	moved to IFRS	Cons. · IFRS
FYE Mar 2018	1,459	+21.7%	Cons. · IFRS
FYE Mar 2019	1,475	+1.1%	Cons. · IFRS
FYE Mar 2020	1,535	+4.0%	Cons. · IFRS
FYE Mar 2021	1,618	+5.4%	Cons. · IFRS
FYE Mar 2022	1,918	+18.5%	Cons. · IFRS
FYE Mar 2023	2,230	+16.3%	Cons. · IFRS
FYE Mar 2024	2,347	+5.3%	Cons. · IFRS
FYE Mar 2025	2,608	+11.1%	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 2025 ¥2.07tn

CAGR · 10 yrs +9.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2016	908	n/a	Cons. · US GAAP
FYE Mar 2017	914	moved to IFRS	Cons. · IFRS
FYE Mar 2018	1,132	+23.8%	Cons. · IFRS
FYE Mar 2019	1,140	+0.7%	Cons. · IFRS
FYE Mar 2020	1,202	+5.5%	Cons. · IFRS
FYE Mar 2021	1,252	+4.1%	Cons. · IFRS
FYE Mar 2022	1,515	+21.0%	Cons. · IFRS
FYE Mar 2023	1,827	+20.6%	Cons. · IFRS
FYE Mar 2024	1,850	+1.3%	Cons. · IFRS
FYE Mar 2025	2,071	+12.0%	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 2025 ¥536bn

CAGR · 10 yrs +7.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2016	270	n/a	Cons. · US GAAP
FYE Mar 2017	286	moved to IFRS	Cons. · IFRS
FYE Mar 2018	357	+24.8%	Cons. · IFRS
FYE Mar 2019	336	−5.8%	Cons. · IFRS
FYE Mar 2020	333	−1.0%	Cons. · IFRS
FYE Mar 2021	367	+10.2%	Cons. · IFRS
FYE Mar 2022	403	+10.0%	Cons. · IFRS
FYE Mar 2023	403	−0.1%	Cons. · IFRS
FYE Mar 2024	497	+23.3%	Cons. · IFRS
FYE Mar 2025	536	+7.9%	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 2025 ¥218bn

CAGR · 10 yrs +4.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2016	145	n/a	Cons. · US GAAP
FYE Mar 2017	93.5	moved to IFRS	Cons. · IFRS
FYE Mar 2018	134	+43.7%	Cons. · IFRS
FYE Mar 2019	144	+7.0%	Cons. · IFRS
FYE Mar 2020	145	+1.2%	Cons. · IFRS
FYE Mar 2021	139	−4.2%	Cons. · IFRS
FYE Mar 2022	155	+11.3%	Cons. · IFRS
FYE Mar 2023	232	+49.6%	Cons. · IFRS
FYE Mar 2024	254	+9.7%	Cons. · IFRS
FYE Mar 2025	218	−14.4%	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 2025 ¥238bn

CAGR · 10 yrs +8.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2016	119	n/a	Cons. · US GAAP
FYE Mar 2017	139	moved to IFRS	Cons. · IFRS
FYE Mar 2018	167	+19.7%	Cons. · IFRS
FYE Mar 2019	129	−22.5%	Cons. · IFRS
FYE Mar 2020	109	−16.0%	Cons. · IFRS
FYE Mar 2021	160	+47.4%	Cons. · IFRS
FYE Mar 2022	170	+6.5%	Cons. · IFRS
FYE Mar 2023	89.9	−47.2%	Cons. · IFRS
FYE Mar 2024	162	+80.0%	Cons. · IFRS
FYE Mar 2025	238	+47.1%	Cons. · IFRS

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

Non-operating income

FYE Mar 2025 ¥37bn

CAGR · 9 yrs +34.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2016	n/a	n/a	Cons. · US GAAP
FYE Mar 2017	3.4	moved to IFRS	Cons. · IFRS
FYE Mar 2018	6.6	+95.3%	Cons. · IFRS
FYE Mar 2019	10.6	+60.5%	Cons. · IFRS
FYE Mar 2020	9.4	−10.7%	Cons. · IFRS
FYE Mar 2021	4.2	−55.4%	Cons. · IFRS
FYE Mar 2022	4.3	+2.1%	Cons. · IFRS
FYE Mar 2023	17.7	+313.1%	Cons. · IFRS
FYE Mar 2024	36.3	+104.9%	Cons. · IFRS
FYE Mar 2025	36.9	+1.6%	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 2025 ¥24bn

CAGR · 9 yrs +38.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2016	n/a	n/a	Cons. · US GAAP
FYE Mar 2017	1.8	moved to IFRS	Cons. · IFRS
FYE Mar 2018	7.0	+295.7%	Cons. · IFRS
FYE Mar 2019	8.7	+24.4%	Cons. · IFRS
FYE Mar 2020	9.3	+6.6%	Cons. · IFRS
FYE Mar 2021	5.9	−36.3%	Cons. · IFRS
FYE Mar 2022	5.7	−4.6%	Cons. · IFRS
FYE Mar 2023	13.1	+132.5%	Cons. · IFRS
FYE Mar 2024	21.9	+66.3%	Cons. · IFRS
FYE Mar 2025	23.7	+8.2%	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 2025 ¥164bn

CAGR · 10 yrs +6.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2016	89.9	n/a	Cons. · US GAAP
FYE Mar 2017	111	moved to IFRS	Cons. · IFRS
FYE Mar 2018	131	+17.9%	Cons. · IFRS
FYE Mar 2019	110	−16.0%	Cons. · IFRS
FYE Mar 2020	58.5	−46.8%	Cons. · IFRS
FYE Mar 2021	122	+108.6%	Cons. · IFRS
FYE Mar 2022	136	+11.3%	Cons. · IFRS
FYE Mar 2023	37.0	−72.8%	Cons. · IFRS
FYE Mar 2024	124	+236.5%	Cons. · IFRS
FYE Mar 2025	164	+32.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2025 20.6%

Average · 10 yrs 21.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2016	22.9	n/a	Cons. · US GAAP
FYE Mar 2017	23.8	moved to IFRS	Cons. · IFRS
FYE Mar 2018	24.4	+0.6pp	Cons. · IFRS
FYE Mar 2019	22.8	−1.7pp	Cons. · IFRS
FYE Mar 2020	21.7	−1.1pp	Cons. · IFRS
FYE Mar 2021	22.7	+1.0pp	Cons. · IFRS
FYE Mar 2022	21.0	−1.6pp	Cons. · IFRS
FYE Mar 2023	18.1	−3.0pp	Cons. · IFRS
FYE Mar 2024	21.2	+3.1pp	Cons. · IFRS
FYE Mar 2025	20.6	−0.6pp	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 2025 9.1%

Average · 10 yrs 8.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2016	10.1	n/a	Cons. · US GAAP
FYE Mar 2017	11.6	moved to IFRS	Cons. · IFRS
FYE Mar 2018	11.4	−0.2pp	Cons. · IFRS
FYE Mar 2019	8.8	−2.7pp	Cons. · IFRS
FYE Mar 2020	7.1	−1.7pp	Cons. · IFRS
FYE Mar 2021	9.9	+2.8pp	Cons. · IFRS
FYE Mar 2022	8.9	−1.0pp	Cons. · IFRS
FYE Mar 2023	4.0	−4.8pp	Cons. · IFRS
FYE Mar 2024	6.9	+2.9pp	Cons. · IFRS
FYE Mar 2025	9.1	+2.2pp	Cons. · IFRS

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

Net margin

FYE Mar 2025 6.3%

Average · 10 yrs 6.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2016	7.6	n/a	Cons. · US GAAP
FYE Mar 2017	9.3	moved to IFRS	Cons. · IFRS
FYE Mar 2018	9.0	−0.3pp	Cons. · IFRS
FYE Mar 2019	7.5	−1.5pp	Cons. · IFRS
FYE Mar 2020	3.8	−3.6pp	Cons. · IFRS
FYE Mar 2021	7.5	+3.7pp	Cons. · IFRS
FYE Mar 2022	7.1	−0.5pp	Cons. · IFRS
FYE Mar 2023	1.7	−5.4pp	Cons. · IFRS
FYE Mar 2024	5.3	+3.6pp	Cons. · IFRS
FYE Mar 2025	6.3	+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 2025 79.4%

Average · 10 yrs 78.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2016	77.1	n/a	Cons. · US GAAP
FYE Mar 2017	76.2	moved to IFRS	Cons. · IFRS
FYE Mar 2018	77.6	+1.4pp	Cons. · IFRS
FYE Mar 2019	77.2	−0.3pp	Cons. · IFRS
FYE Mar 2020	78.3	+1.1pp	Cons. · IFRS
FYE Mar 2021	77.3	−1.0pp	Cons. · IFRS
FYE Mar 2022	79.0	+1.6pp	Cons. · IFRS
FYE Mar 2023	81.9	+3.0pp	Cons. · IFRS
FYE Mar 2024	78.8	−3.1pp	Cons. · IFRS
FYE Mar 2025	79.4	+0.6pp	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 2025 8.3%

Average · 10 yrs 9.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2016	12.3	n/a	Cons. · US GAAP
FYE Mar 2017	7.8	moved to IFRS	Cons. · IFRS
FYE Mar 2018	9.2	+1.4pp	Cons. · IFRS
FYE Mar 2019	9.7	+0.5pp	Cons. · IFRS
FYE Mar 2020	9.5	−0.3pp	Cons. · IFRS
FYE Mar 2021	8.6	−0.9pp	Cons. · IFRS
FYE Mar 2022	8.1	−0.5pp	Cons. · IFRS
FYE Mar 2023	10.4	+2.3pp	Cons. · IFRS
FYE Mar 2024	10.8	+0.4pp	Cons. · IFRS
FYE Mar 2025	8.3	−2.5pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2025 ¥3.32tn

CAGR · 10 yrs +10.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2016	1,377	n/a	Cons. · US GAAP
FYE Mar 2017	1,679	moved to IFRS	Cons. · IFRS
FYE Mar 2018	1,773	+5.6%	Cons. · IFRS
FYE Mar 2019	1,884	+6.2%	Cons. · IFRS
FYE Mar 2020	2,122	+12.7%	Cons. · IFRS
FYE Mar 2021	2,256	+6.3%	Cons. · IFRS
FYE Mar 2022	2,678	+18.7%	Cons. · IFRS
FYE Mar 2023	2,863	+6.9%	Cons. · IFRS
FYE Mar 2024	3,160	+10.4%	Cons. · IFRS
FYE Mar 2025	3,315	+4.9%	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 2025 ¥1.69tn

CAGR · 10 yrs +9.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2016	763	n/a	Cons. · US GAAP
FYE Mar 2017	847	moved to IFRS	Cons. · IFRS
FYE Mar 2018	923	+9.0%	Cons. · IFRS
FYE Mar 2019	974	+5.6%	Cons. · IFRS
FYE Mar 2020	927	−4.8%	Cons. · IFRS
FYE Mar 2021	1,078	+16.3%	Cons. · IFRS
FYE Mar 2022	1,268	+17.6%	Cons. · IFRS
FYE Mar 2023	1,327	+4.7%	Cons. · IFRS
FYE Mar 2024	1,605	+20.9%	Cons. · IFRS
FYE Mar 2025	1,691	+5.3%	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 2025 ¥472bn

CAGR · 10 yrs +27.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2016	52.4	n/a	Cons. · US GAAP
FYE Mar 2017	182	moved to IFRS	Cons. · IFRS
FYE Mar 2018	316	+73.9%	Cons. · IFRS
FYE Mar 2019	277	−12.3%	Cons. · IFRS
FYE Mar 2020	488	+75.9%	Cons. · IFRS
FYE Mar 2021	456	−6.6%	Cons. · IFRS
FYE Mar 2022	453	−0.7%	Cons. · IFRS
FYE Mar 2023	646	+42.7%	Cons. · IFRS
FYE Mar 2024	458	−29.1%	Cons. · IFRS
FYE Mar 2025	472	+3.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2025 ¥43bn

CAGR · 10 yrs −2.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2016	52.4	n/a	Cons. · US GAAP
FYE Mar 2017	182	moved to IFRS	Cons. · IFRS
FYE Mar 2018	167	−8.4%	Cons. · IFRS
FYE Mar 2019	202	+21.3%	Cons. · IFRS
FYE Mar 2020	17.4	−91.4%	Cons. · IFRS
FYE Mar 2021	212	+1120.2%	Cons. · IFRS
FYE Mar 2022	31.0	−85.4%	Cons. · IFRS
FYE Mar 2023	212	+585.1%	Cons. · IFRS
FYE Mar 2024	212	−0.0%	Cons. · IFRS
FYE Mar 2025	43.0	−79.8%	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 2025 ¥0.0bn

Average · 10 yrs ¥18bn

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2016	185	n/a	Cons. · US GAAP
FYE Mar 2017	0.0	moved to IFRS	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS

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

Bonds

FYE Mar 2025 ¥0.0m

Average · 10 yrs ¥0.0m

Fiscal year	YoY	Basis
FYE Mar 2016	n/a	Cons. · US GAAP
FYE Mar 2017	moved to IFRS	Cons. · IFRS
FYE Mar 2018	n/a	Cons. · IFRS
FYE Mar 2019	n/a	Cons. · IFRS
FYE Mar 2020	n/a	Cons. · IFRS
FYE Mar 2021	n/a	Cons. · IFRS
FYE Mar 2022	n/a	Cons. · IFRS
FYE Mar 2023	n/a	Cons. · IFRS
FYE Mar 2024	n/a	Cons. · IFRS
FYE Mar 2025	n/a	Cons. · IFRS

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2025 ¥280bn

CAGR · 8 yrs +12.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2016	n/a	n/a	Cons. · US GAAP
FYE Mar 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2018	124	n/a	Cons. · IFRS
FYE Mar 2019	144	+15.4%	Cons. · IFRS
FYE Mar 2020	192	+33.5%	Cons. · IFRS
FYE Mar 2021	196	+2.1%	Cons. · IFRS
FYE Mar 2022	214	+9.7%	Cons. · IFRS
FYE Mar 2023	223	+4.2%	Cons. · IFRS
FYE Mar 2024	250	+12.0%	Cons. · IFRS
FYE Mar 2025	280	+12.0%	Cons. · IFRS

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

Goodwill

FYE Mar 2025 ¥407bn

CAGR · 9 yrs +264.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2016	n/a	n/a	Cons. · US GAAP
FYE Mar 2017	0.0	moved to IFRS	Cons. · IFRS
FYE Mar 2018	235	+1806938.5%	Cons. · IFRS
FYE Mar 2019	251	+6.8%	Cons. · IFRS
FYE Mar 2020	310	+23.7%	Cons. · IFRS
FYE Mar 2021	320	+3.0%	Cons. · IFRS
FYE Mar 2022	340	+6.2%	Cons. · IFRS
FYE Mar 2023	362	+6.6%	Cons. · IFRS
FYE Mar 2024	395	+8.9%	Cons. · IFRS
FYE Mar 2025	407	+3.2%	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 2025 51.0%

Average · 10 yrs 49.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2016	55.4	n/a	Cons. · US GAAP
FYE Mar 2017	50.4	moved to IFRS	Cons. · IFRS
FYE Mar 2018	52.0	+1.6pp	Cons. · IFRS
FYE Mar 2019	51.7	−0.3pp	Cons. · IFRS
FYE Mar 2020	43.7	−8.0pp	Cons. · IFRS
FYE Mar 2021	47.8	+4.1pp	Cons. · IFRS
FYE Mar 2022	47.3	−0.5pp	Cons. · IFRS
FYE Mar 2023	46.4	−1.0pp	Cons. · IFRS
FYE Mar 2024	50.8	+4.4pp	Cons. · IFRS
FYE Mar 2025	51.0	+0.2pp	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 2025 27.9%

Average · 10 yrs 32.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2016	6.9	n/a	Cons. · US GAAP
FYE Mar 2017	21.5	moved to IFRS	Cons. · IFRS
FYE Mar 2018	34.3	+12.8pp	Cons. · IFRS
FYE Mar 2019	28.5	−5.8pp	Cons. · IFRS
FYE Mar 2020	52.7	+24.2pp	Cons. · IFRS
FYE Mar 2021	42.3	−10.4pp	Cons. · IFRS
FYE Mar 2022	35.7	−6.6pp	Cons. · IFRS
FYE Mar 2023	48.6	+12.9pp	Cons. · IFRS
FYE Mar 2024	28.5	−20.1pp	Cons. · IFRS
FYE Mar 2025	27.9	−0.6pp	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 2025 9.7%

Average · 10 yrs 9.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2016	11.8	n/a	Cons. · US GAAP
FYE Mar 2017	13.1	moved to IFRS	Cons. · IFRS
FYE Mar 2018	14.2	+1.1pp	Cons. · IFRS
FYE Mar 2019	11.3	−2.9pp	Cons. · IFRS
FYE Mar 2020	6.3	−5.0pp	Cons. · IFRS
FYE Mar 2021	11.3	+5.0pp	Cons. · IFRS
FYE Mar 2022	10.7	−0.6pp	Cons. · IFRS
FYE Mar 2023	2.8	−7.9pp	Cons. · IFRS
FYE Mar 2024	7.8	+5.0pp	Cons. · IFRS
FYE Mar 2025	9.7	+2.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2025 5.0%

Average · 10 yrs 5.0%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2016	6.5	n/a	Cons. · US GAAP
FYE Mar 2017	6.6	moved to IFRS	Cons. · IFRS
FYE Mar 2018	7.4	+0.8pp	Cons. · IFRS
FYE Mar 2019	5.8	−1.5pp	Cons. · IFRS
FYE Mar 2020	2.8	−3.1pp	Cons. · IFRS
FYE Mar 2021	5.4	+2.7pp	Cons. · IFRS
FYE Mar 2022	5.1	−0.3pp	Cons. · IFRS
FYE Mar 2023	1.3	−3.8pp	Cons. · IFRS
FYE Mar 2024	3.9	+2.6pp	Cons. · IFRS
FYE Mar 2025	5.0	+1.0pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2025 0.79×

CAGR · 10 yrs −0.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2016	0.86	n/a	Cons. · US GAAP
FYE Mar 2017	0.71	moved to IFRS	Cons. · IFRS
FYE Mar 2018	0.82	+15.2%	Cons. · IFRS
FYE Mar 2019	0.78	−4.8%	Cons. · IFRS
FYE Mar 2020	0.72	−7.7%	Cons. · IFRS
FYE Mar 2021	0.72	−0.8%	Cons. · IFRS
FYE Mar 2022	0.72	−0.2%	Cons. · IFRS
FYE Mar 2023	0.78	+8.8%	Cons. · IFRS
FYE Mar 2024	0.74	−4.6%	Cons. · IFRS
FYE Mar 2025	0.79	+5.9%	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 2025 ¥284bn

CAGR · 10 yrs +7.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2016	148	n/a	Cons. · US GAAP
FYE Mar 2017	130	moved to IFRS	Cons. · IFRS
FYE Mar 2018	176	+35.2%	Cons. · IFRS
FYE Mar 2019	170	−3.0%	Cons. · IFRS
FYE Mar 2020	168	−1.3%	Cons. · IFRS
FYE Mar 2021	219	+30.4%	Cons. · IFRS
FYE Mar 2022	95.0	−56.7%	Cons. · IFRS
FYE Mar 2023	143	+51.0%	Cons. · IFRS
FYE Mar 2024	321	+123.6%	Cons. · IFRS
FYE Mar 2025	284	−11.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2025 -¥147bn

Average · 10 yrs -¥157bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2016	-95.4	n/a	Cons. · US GAAP
FYE Mar 2017	-211	moved to IFRS	Cons. · IFRS
FYE Mar 2018	-114	n/a	Cons. · IFRS
FYE Mar 2019	-161	n/a	Cons. · IFRS
FYE Mar 2020	-312	n/a	Cons. · IFRS
FYE Mar 2021	-101	n/a	Cons. · IFRS
FYE Mar 2022	-113	n/a	Cons. · IFRS
FYE Mar 2023	-165	n/a	Cons. · IFRS
FYE Mar 2024	-154	n/a	Cons. · IFRS
FYE Mar 2025	-147	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 2025 -¥80bn

Average · 10 yrs -¥40bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2016	7.8	n/a	Cons. · US GAAP
FYE Mar 2017	95.8	moved to IFRS	Cons. · IFRS
FYE Mar 2018	-117	−221.9%	Cons. · IFRS
FYE Mar 2019	-32.7	n/a	Cons. · IFRS
FYE Mar 2020	129	n/a	Cons. · IFRS
FYE Mar 2021	-136	−205.9%	Cons. · IFRS
FYE Mar 2022	-64.4	n/a	Cons. · IFRS
FYE Mar 2023	-19.2	n/a	Cons. · IFRS
FYE Mar 2024	-182	n/a	Cons. · IFRS
FYE Mar 2025	-80.2	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 2025 ¥246bn

CAGR · 10 yrs −2.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2016	306	n/a	Cons. · US GAAP
FYE Mar 2017	322	moved to IFRS	Cons. · IFRS
FYE Mar 2018	266	−17.3%	Cons. · IFRS
FYE Mar 2019	242	−8.9%	Cons. · IFRS
FYE Mar 2020	207	−14.6%	Cons. · IFRS
FYE Mar 2021	220	+6.1%	Cons. · IFRS
FYE Mar 2022	200	−9.1%	Cons. · IFRS
FYE Mar 2023	186	−6.8%	Cons. · IFRS
FYE Mar 2024	217	+16.6%	Cons. · IFRS
FYE Mar 2025	246	+13.5%	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 2025 ¥137bn

CAGR · 10 yrs +11.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2016	52.3	n/a	Cons. · US GAAP
FYE Mar 2017	-81.6	moved to IFRS	Cons. · IFRS
FYE Mar 2018	61.7	n/a	Cons. · IFRS
FYE Mar 2019	9.4	−84.8%	Cons. · IFRS
FYE Mar 2020	-143	−1628.0%	Cons. · IFRS
FYE Mar 2021	119	n/a	Cons. · IFRS
FYE Mar 2022	-17.6	−114.8%	Cons. · IFRS
FYE Mar 2023	-21.5	n/a	Cons. · IFRS
FYE Mar 2024	167	n/a	Cons. · IFRS
FYE Mar 2025	137	−18.0%	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 2025 10.9%

Average · 10 yrs 10.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2016	12.5	n/a	Cons. · US GAAP
FYE Mar 2017	10.8	moved to IFRS	Cons. · IFRS
FYE Mar 2018	12.0	+1.2pp	Cons. · IFRS
FYE Mar 2019	11.5	−0.5pp	Cons. · IFRS
FYE Mar 2020	10.9	−0.6pp	Cons. · IFRS
FYE Mar 2021	13.5	+2.6pp	Cons. · IFRS
FYE Mar 2022	5.0	−8.6pp	Cons. · IFRS
FYE Mar 2023	6.4	+1.5pp	Cons. · IFRS
FYE Mar 2024	13.7	+7.2pp	Cons. · IFRS
FYE Mar 2025	10.9	−2.8pp	Cons. · IFRS

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

Net cash

FYE Mar 2025 -¥226bn

Average · 10 yrs -¥139bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2016	254	n/a	Cons. · US GAAP
FYE Mar 2017	140	moved to IFRS	Cons. · IFRS
FYE Mar 2018	-50.3	−136.0%	Cons. · IFRS
FYE Mar 2019	-35.2	n/a	Cons. · IFRS
FYE Mar 2020	-281	n/a	Cons. · IFRS
FYE Mar 2021	-236	n/a	Cons. · IFRS
FYE Mar 2022	-253	n/a	Cons. · IFRS
FYE Mar 2023	-459	n/a	Cons. · IFRS
FYE Mar 2024	-241	n/a	Cons. · IFRS
FYE Mar 2025	-226	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 2025 ¥2.97tn

Change · 10 yrs +¥674bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2016	2,295	n/a
FYE Mar 2017	3,158	n/a
FYE Mar 2018	4,888	n/a
FYE Mar 2019	4,181	n/a
FYE Mar 2020	3,342	n/a
FYE Mar 2021	7,995	n/a
FYE Mar 2022	5,792	n/a
FYE Mar 2023	3,874	n/a
FYE Mar 2024	3,655	n/a
FYE Mar 2025	2,969	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 2025 2,489¥

Change · 10 yrs −5,208¥

Fiscal year	Share price ¥	Basis
FYE Mar 2016	7,697	n/a
FYE Mar 2017	10,592	n/a
FYE Mar 2018	16,395	n/a
FYE Mar 2019	14,024	n/a
FYE Mar 2020	11,209	n/a
FYE Mar 2021	13,408	n/a
FYE Mar 2022	9,714	n/a
FYE Mar 2023	6,497	n/a
FYE Mar 2024	6,130	n/a
FYE Mar 2025	2,489	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 2025 1,192,569,000shares

Change · 10 yrs +894,427,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2016	298,142,000	Parent
FYE Mar 2017	298,142,000	Parent
FYE Mar 2018	298,142,000	Parent
FYE Mar 2019	298,142,000	Parent
FYE Mar 2020	298,142,000	Parent
FYE Mar 2021	596,284,000	Parent
FYE Mar 2022	596,284,000	Parent
FYE Mar 2023	596,284,000	Parent
FYE Mar 2024	596,284,000	Parent
FYE Mar 2025	1,192,569,000	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 2025 143.06¥

Change · 10 yrs −8.46¥

Fiscal year	EPS ¥	Basis
FYE Mar 2016	151.52	Cons.
FYE Mar 2017	187.14	Cons.
FYE Mar 2018	220.96	Cons.
FYE Mar 2019	186.49	Cons.
FYE Mar 2020	99.37	Cons.
FYE Mar 2021	104.10	Cons.
FYE Mar 2022	116.20	Cons.
FYE Mar 2023	32.13	Cons.
FYE Mar 2024	108.30	Cons.
FYE Mar 2025	143.06	Cons.

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

BPS book value per share

FYE Mar 2025 1,417.53¥

Change · 10 yrs −1,141.73¥

Fiscal year	BPS ¥	Basis
FYE Mar 2016	2,559.26	Cons. · US GAAP
FYE Mar 2017	2,839.49	Cons. · IFRS
FYE Mar 2018	3,094.54	Cons. · IFRS
FYE Mar 2019	3,266.77	Cons. · IFRS
FYE Mar 2020	3,109.08	Cons. · IFRS
FYE Mar 2021	1,808.04	Cons. · IFRS
FYE Mar 2022	2,126.14	Cons. · IFRS
FYE Mar 2023	2,226.08	Cons. · IFRS
FYE Mar 2024	2,691.24	Cons. · IFRS
FYE Mar 2025	1,417.53	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2025 17.40×

Average · 10 yrs 43.78×

Fiscal year	PER ×	Basis
FYE Mar 2016	25.40	Cons.
FYE Mar 2017	28.30	Cons.
FYE Mar 2018	37.10	Cons.
FYE Mar 2019	37.60	Cons.
FYE Mar 2020	56.40	Cons.
FYE Mar 2021	64.40	Cons.
FYE Mar 2022	41.80	Cons.
FYE Mar 2023	101.10	Cons.
FYE Mar 2024	28.30	Cons.
FYE Mar 2025	17.40	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 2025 1.66×

Average · 10 yrs 3.76×

Fiscal year	PBR ×	Basis
FYE Mar 2016	2.99	Cons.
FYE Mar 2017	3.71	Cons.
FYE Mar 2018	5.20	Cons.
FYE Mar 2019	4.14	Cons.
FYE Mar 2020	3.47	Cons.
FYE Mar 2021	7.17	Cons.
FYE Mar 2022	4.36	Cons.
FYE Mar 2023	2.77	Cons.
FYE Mar 2024	2.16	Cons.
FYE Mar 2025	1.66	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 2025 104,285people

Change · 10 yrs +7,683 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2016	96,602	n/a	Cons.
FYE Mar 2017	107,062	+10.8%	Cons.
FYE Mar 2018	107,554	+0.5%	Cons.
FYE Mar 2019	108,906	+1.3%	Cons.
FYE Mar 2020	117,206	+7.6%	Cons.
FYE Mar 2021	112,551	−4.0%	Cons.
FYE Mar 2022	114,371	+1.6%	Cons.
FYE Mar 2023	106,592	−6.8%	Cons.
FYE Mar 2024	101,112	−5.1%	Cons.
FYE Mar 2025	104,285	+3.1%	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 2025 1,714people

Change · 10 yrs −271 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2016	1,985	n/a	Parent
FYE Mar 2017	2,392	+20.5%	Parent
FYE Mar 2018	2,576	+7.7%	Parent
FYE Mar 2019	2,794	+8.5%	Parent
FYE Mar 2020	2,756	−1.4%	Parent
FYE Mar 2021	2,568	−6.8%	Parent
FYE Mar 2022	2,511	−2.2%	Parent
FYE Mar 2023	2,176	−13.3%	Parent
FYE Mar 2024	1,964	−9.7%	Parent
FYE Mar 2025	1,714	−12.7%	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 2025 ¥7.6m

Change · 10 yrs +¥1.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2016	6.6	n/a	Parent
FYE Mar 2017	6.4	−1.8%	Parent
FYE Mar 2018	6.6	+3.1%	Parent
FYE Mar 2019	6.6	−0.3%	Parent
FYE Mar 2020	6.2	−6.8%	Parent
FYE Mar 2021	5.9	−4.5%	Parent
FYE Mar 2022	6.5	+9.7%	Parent
FYE Mar 2023	6.9	+6.5%	Parent
FYE Mar 2024	7.2	+4.9%	Parent
FYE Mar 2025	7.6	+5.5%	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 2025 42.2years

Change · 7 yrs +3.2 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2016	n/a	n/a	Parent
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	39.0	n/a	Parent
FYE Mar 2020	38.6	−1.0%	Parent
FYE Mar 2021	38.7	+0.3%	Parent
FYE Mar 2022	39.2	+1.3%	Parent
FYE Mar 2023	40.0	+2.0%	Parent
FYE Mar 2024	41.7	+4.3%	Parent
FYE Mar 2025	42.2	+1.2%	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 2025 13.3years

Change · 10 yrs +2.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2016	10.4	n/a	Parent
FYE Mar 2017	9.5	−8.7%	Parent
FYE Mar 2018	9.4	−1.1%	Parent
FYE Mar 2019	9.4	−0.0%	Parent
FYE Mar 2020	9.7	+3.2%	Parent
FYE Mar 2021	10.3	+6.2%	Parent
FYE Mar 2022	10.8	+4.9%	Parent
FYE Mar 2023	11.8	+9.3%	Parent
FYE Mar 2024	12.6	+6.8%	Parent
FYE Mar 2025	13.3	+5.6%	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 2025 19,464people

Change · 10 yrs −6,652 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2016	26,116	n/a	n/a
FYE Mar 2017	25,704	−1.6%	n/a
FYE Mar 2018	27,657	+7.6%	n/a
FYE Mar 2019	28,885	+4.4%	n/a
FYE Mar 2020	27,963	−3.2%	n/a
FYE Mar 2021	23,635	−15.5%	n/a
FYE Mar 2022	27,977	+18.4%	n/a
FYE Mar 2023	21,410	−23.5%	n/a
FYE Mar 2024	17,815	−16.8%	n/a
FYE Mar 2025	19,464	+9.3%	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 2025 ¥25.0m

Change · 10 yrs +¥12.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2016	12.2	n/a	Cons.
FYE Mar 2017	11.2	n/a	Cons.
FYE Mar 2018	13.6	+21.1%	Cons.
FYE Mar 2019	13.5	−0.1%	Cons.
FYE Mar 2020	13.1	−3.3%	Cons.
FYE Mar 2021	14.4	+9.8%	Cons.
FYE Mar 2022	16.8	+16.7%	Cons.
FYE Mar 2023	20.9	+24.7%	Cons.
FYE Mar 2024	23.2	+11.0%	Cons.
FYE Mar 2025	25.0	+7.7%	Cons.

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

Operating profit per employee

FYE Mar 2025 ¥2.3m

Change · 10 yrs +¥1.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2016	1.2	n/a	Cons.
FYE Mar 2017	1.3	n/a	Cons.
FYE Mar 2018	1.6	+19.2%	Cons.
FYE Mar 2019	1.2	−23.5%	Cons.
FYE Mar 2020	0.9	−21.9%	Cons.
FYE Mar 2021	1.4	+53.5%	Cons.
FYE Mar 2022	1.5	+4.8%	Cons.
FYE Mar 2023	0.8	−43.4%	Cons.
FYE Mar 2024	1.6	+89.7%	Cons.
FYE Mar 2025	2.3	+42.6%	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.

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