Financials

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

FYE Mar 2026 · Revenue¥357bnYoY −3.6%

FYE Mar 2026 · Operating profit¥21bnYoY −5.7%

FYE Mar 2026 · Net profit¥17bnYoY −17.2%

FYE Mar 2026 · Equity ratio39.7%YoY +1.8pp

FYE Mar 2026 · Group employees15,229YoY +78

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥299bn	n/a	¥5.8bn	n/a	1.9%	-¥6.7bn	Kawahara Haruo	—
FYE Mar 2018Consolidated	¥301bn	+0.5%	¥6.9bn	+20.0%	2.3%	¥3.9bn	Tsuji Takao	—
FYE Mar 2019Consolidated	¥308bn	+2.3%	¥7.3bn	+4.7%	2.4%	¥3.8bn	Tsuji Takao	Rein Medical (Germany) acquired; alliance with Tait International (NZ)
FYE Mar 2020Consolidated	¥291bn	−5.3%	¥4.1bn	−43.8%	1.4%	¥1.0bn	Eguchi Shoichiro	<a class="en-history_person" href="/tse/6632/executives/ceo/eguchi-shoichiro/" hreflang="ja">Eguchi Shoichiro</a> returns as president and CEO
FYE Mar 2021Consolidated	¥274bn	−6.1%	¥4.9bn	+19.9%	1.8%	¥2.2bn	Eguchi Shoichiro	—
FYE Mar 2022Consolidated	¥282bn	+3.1%	¥9.1bn	+85.0%	3.2%	¥5.9bn	Eguchi Shoichiro	VISION2023 mid-term plan; Zetron sold to Codan
FYE Mar 2023Consolidated	¥337bn	+19.4%	¥22bn	+138.9%	6.4%	¥16bn	Eguchi Shoichiro	Moves to the TSE Prime Market
FYE Mar 2024Consolidated	¥359bn	+6.7%	¥18bn	−15.8%	5.1%	¥13bn	Eguchi Shoichiro	—
FYE Mar 2025Consolidated	¥370bn	+3.0%	¥22bn	+19.6%	5.9%	¥20bn	Eguchi Shoichiro	Shanghai Kenwood Electronics sold — exit from Chinese production
FYE Mar 2026Consolidated	¥357bn	−3.6%	¥21bn	−5.7%	5.8%	¥17bn	Eguchi Shoichiro	First credit rating since the merger: A- (stable) from R&I

How it compares

JVC (Victor Company of Japan)Delisted 2008

JVCKenwood¥357bnFY2025Operating margin 5.8%

PioneerDelisted 2019

Clarion Co., Ltd.Delisted 2019

Noritsu Koki¥119bnFY2025Operating margin 17.5%

Funai ElectricDelisted 2021

Akai ElectricDelisted 2000

AIWA CO., LTD.Delisted 2002

Nippon ColumbiaDelisted 2017

Onkyo CorporationDelisted 2021

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥357bn

CAGR · 10 yrs +2.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	299	n/a	Cons. · Japanese GAAP
FYE Mar 2018	301	moved to IFRS	Cons. · IFRS
FYE Mar 2019	308	+2.3%	Cons. · IFRS
FYE Mar 2020	291	−5.3%	Cons. · IFRS
FYE Mar 2021	274	−6.1%	Cons. · IFRS
FYE Mar 2022	282	+3.1%	Cons. · IFRS
FYE Mar 2023	337	+19.4%	Cons. · IFRS
FYE Mar 2024	359	+6.7%	Cons. · IFRS
FYE Mar 2025	370	+3.0%	Cons. · IFRS
FYE Mar 2026	357	−3.6%	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 ¥246bn

CAGR · 10 yrs +1.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	219	n/a	Cons. · Japanese GAAP
FYE Mar 2018	219	moved to IFRS	Cons. · IFRS
FYE Mar 2019	223	+2.1%	Cons. · IFRS
FYE Mar 2020	212	−5.0%	Cons. · IFRS
FYE Mar 2021	199	−6.2%	Cons. · IFRS
FYE Mar 2022	206	+3.6%	Cons. · IFRS
FYE Mar 2023	242	+17.2%	Cons. · IFRS
FYE Mar 2024	251	+3.7%	Cons. · IFRS
FYE Mar 2025	251	+0.3%	Cons. · IFRS
FYE Mar 2026	246	−1.9%	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 ¥110bn

CAGR · 10 yrs +3.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	80.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	84.3	+3.0%	Cons. · IFRS
FYE Mar 2020	79.1	−6.2%	Cons. · IFRS
FYE Mar 2021	74.6	−5.7%	Cons. · IFRS
FYE Mar 2022	75.8	+1.6%	Cons. · IFRS
FYE Mar 2023	95.2	+25.6%	Cons. · IFRS
FYE Mar 2024	109	+14.2%	Cons. · IFRS
FYE Mar 2025	119	+9.4%	Cons. · IFRS
FYE Mar 2026	110	−7.2%	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 ¥90bn

CAGR · 10 yrs +2.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	75.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	75.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	75.7	+0.3%	Cons. · IFRS
FYE Mar 2020	73.4	−3.1%	Cons. · IFRS
FYE Mar 2021	67.1	−8.6%	Cons. · IFRS
FYE Mar 2022	68.6	+2.3%	Cons. · IFRS
FYE Mar 2023	79.4	+15.6%	Cons. · IFRS
FYE Mar 2024	89.1	+12.2%	Cons. · IFRS
FYE Mar 2025	93.6	+5.1%	Cons. · IFRS
FYE Mar 2026	89.5	−4.4%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥21bn

CAGR · 10 yrs +15.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	7.3	+4.7%	Cons. · IFRS
FYE Mar 2020	4.1	−43.8%	Cons. · IFRS
FYE Mar 2021	4.9	+19.9%	Cons. · IFRS
FYE Mar 2022	9.1	+85.0%	Cons. · IFRS
FYE Mar 2023	21.6	+138.9%	Cons. · IFRS
FYE Mar 2024	18.2	−15.8%	Cons. · IFRS
FYE Mar 2025	21.8	+19.6%	Cons. · IFRS
FYE Mar 2026	20.5	−5.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥1.0bn

CAGR · 10 yrs +1.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	0.3	+22.1%	Cons. · IFRS
FYE Mar 2020	0.3	+1.3%	Cons. · IFRS
FYE Mar 2021	0.6	+83.8%	Cons. · IFRS
FYE Mar 2022	0.3	−39.6%	Cons. · IFRS
FYE Mar 2023	0.5	+32.7%	Cons. · IFRS
FYE Mar 2024	1.0	+110.8%	Cons. · IFRS
FYE Mar 2025	1.2	+22.3%	Cons. · IFRS
FYE Mar 2026	1.0	−14.8%	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 · 10 yrs −7.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.1	−20.1%	Cons. · IFRS
FYE Mar 2020	1.2	+8.1%	Cons. · IFRS
FYE Mar 2021	1.2	−0.9%	Cons. · IFRS
FYE Mar 2022	1.1	−8.8%	Cons. · IFRS
FYE Mar 2023	1.2	+16.2%	Cons. · IFRS
FYE Mar 2024	1.5	+21.6%	Cons. · IFRS
FYE Mar 2025	1.4	−2.9%	Cons. · IFRS
FYE Mar 2026	1.4	+0.3%	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 ¥17bn

Average · 10 yrs ¥7.6bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	-6.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	3.8	−2.3%	Cons. · IFRS
FYE Mar 2020	1.0	−75.2%	Cons. · IFRS
FYE Mar 2021	2.2	+125.8%	Cons. · IFRS
FYE Mar 2022	5.9	+172.7%	Cons. · IFRS
FYE Mar 2023	16.2	+176.3%	Cons. · IFRS
FYE Mar 2024	13.0	−19.8%	Cons. · IFRS
FYE Mar 2025	20.3	+55.8%	Cons. · IFRS
FYE Mar 2026	16.8	−17.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 30.9%

Average · 10 yrs 28.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	27.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	27.4	+0.2pp	Cons. · IFRS
FYE Mar 2020	27.1	−0.3pp	Cons. · IFRS
FYE Mar 2021	27.3	+0.1pp	Cons. · IFRS
FYE Mar 2022	26.9	−0.4pp	Cons. · IFRS
FYE Mar 2023	28.3	+1.4pp	Cons. · IFRS
FYE Mar 2024	30.3	+2.0pp	Cons. · IFRS
FYE Mar 2025	32.1	+1.9pp	Cons. · IFRS
FYE Mar 2026	30.9	−1.2pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 5.8%

Average · 10 yrs 3.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	2.4	+0.1pp	Cons. · IFRS
FYE Mar 2020	1.4	−1.0pp	Cons. · IFRS
FYE Mar 2021	1.8	+0.4pp	Cons. · IFRS
FYE Mar 2022	3.2	+1.4pp	Cons. · IFRS
FYE Mar 2023	6.4	+3.2pp	Cons. · IFRS
FYE Mar 2024	5.1	−1.4pp	Cons. · IFRS
FYE Mar 2025	5.9	+0.8pp	Cons. · IFRS
FYE Mar 2026	5.8	−0.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 4.7%

Average · 10 yrs 2.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	-2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.3	−0.1pp	Cons. · IFRS
FYE Mar 2020	0.3	−0.9pp	Cons. · IFRS
FYE Mar 2021	0.8	+0.5pp	Cons. · IFRS
FYE Mar 2022	2.1	+1.3pp	Cons. · IFRS
FYE Mar 2023	4.8	+2.7pp	Cons. · IFRS
FYE Mar 2024	3.6	−1.2pp	Cons. · IFRS
FYE Mar 2025	5.5	+1.9pp	Cons. · IFRS
FYE Mar 2026	4.7	−0.8pp	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 69.1%

Average · 10 yrs 71.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	73.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	72.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	72.6	−0.2pp	Cons. · IFRS
FYE Mar 2020	72.9	+0.3pp	Cons. · IFRS
FYE Mar 2021	72.7	−0.1pp	Cons. · IFRS
FYE Mar 2022	73.1	+0.4pp	Cons. · IFRS
FYE Mar 2023	71.7	−1.4pp	Cons. · IFRS
FYE Mar 2024	69.7	−2.0pp	Cons. · IFRS
FYE Mar 2025	67.9	−1.9pp	Cons. · IFRS
FYE Mar 2026	69.1	+1.2pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 25.1%

Average · 10 yrs 24.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	25.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	24.6	−0.5pp	Cons. · IFRS
FYE Mar 2020	25.2	+0.6pp	Cons. · IFRS
FYE Mar 2021	24.5	−0.7pp	Cons. · IFRS
FYE Mar 2022	24.3	−0.2pp	Cons. · IFRS
FYE Mar 2023	23.6	−0.8pp	Cons. · IFRS
FYE Mar 2024	24.8	+1.2pp	Cons. · IFRS
FYE Mar 2025	25.3	+0.5pp	Cons. · IFRS
FYE Mar 2026	25.1	−0.2pp	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 ¥348bn

CAGR · 10 yrs +3.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	262	n/a	Cons. · Japanese GAAP
FYE Mar 2018	254	moved to IFRS	Cons. · IFRS
FYE Mar 2019	251	−1.5%	Cons. · IFRS
FYE Mar 2020	250	−0.4%	Cons. · IFRS
FYE Mar 2021	264	+5.9%	Cons. · IFRS
FYE Mar 2022	281	+6.2%	Cons. · IFRS
FYE Mar 2023	299	+6.6%	Cons. · IFRS
FYE Mar 2024	317	+5.8%	Cons. · IFRS
FYE Mar 2025	313	−1.1%	Cons. · IFRS
FYE Mar 2026	348	+10.9%	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 2026 ¥138bn

CAGR · 10 yrs +10.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	56.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	58.7	−6.3%	Cons. · IFRS
FYE Mar 2020	53.0	−9.8%	Cons. · IFRS
FYE Mar 2021	60.8	+14.7%	Cons. · IFRS
FYE Mar 2022	75.0	+23.5%	Cons. · IFRS
FYE Mar 2023	93.9	+25.1%	Cons. · IFRS
FYE Mar 2024	108	+15.4%	Cons. · IFRS
FYE Mar 2025	119	+9.6%	Cons. · IFRS
FYE Mar 2026	138	+16.1%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥69bn

CAGR · 10 yrs +1.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	61.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	67.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	71.3	+5.1%	Cons. · IFRS
FYE Mar 2020	74.6	+4.6%	Cons. · IFRS
FYE Mar 2021	75.6	+1.3%	Cons. · IFRS
FYE Mar 2022	69.8	−7.6%	Cons. · IFRS
FYE Mar 2023	62.5	−10.5%	Cons. · IFRS
FYE Mar 2024	57.3	−8.3%	Cons. · IFRS
FYE Mar 2025	50.4	−12.1%	Cons. · IFRS
FYE Mar 2026	68.6	+36.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥19bn

CAGR · 10 yrs +13.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	24.4	−17.5%	Cons. · IFRS
FYE Mar 2020	24.5	+0.1%	Cons. · IFRS
FYE Mar 2021	23.2	−5.2%	Cons. · IFRS
FYE Mar 2022	17.9	−22.7%	Cons. · IFRS
FYE Mar 2023	26.3	+46.7%	Cons. · IFRS
FYE Mar 2024	19.2	−27.0%	Cons. · IFRS
FYE Mar 2025	26.1	+36.1%	Cons. · IFRS
FYE Mar 2026	18.6	−28.8%	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 2026 ¥50bn

CAGR · 10 yrs −1.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	55.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	46.9	+22.7%	Cons. · IFRS
FYE Mar 2020	50.1	+7.0%	Cons. · IFRS
FYE Mar 2021	52.4	+4.5%	Cons. · IFRS
FYE Mar 2022	51.9	−0.9%	Cons. · IFRS
FYE Mar 2023	36.2	−30.3%	Cons. · IFRS
FYE Mar 2024	38.1	+5.3%	Cons. · IFRS
FYE Mar 2025	24.3	−36.3%	Cons. · IFRS
FYE Mar 2026	50.0	+106.2%	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 ¥28bn

CAGR · 10 yrs +4.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	18.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	19.8	+5.3%	Cons. · IFRS
FYE Mar 2020	20.1	+1.7%	Cons. · IFRS
FYE Mar 2021	17.0	−15.5%	Cons. · IFRS
FYE Mar 2022	18.6	+9.3%	Cons. · IFRS
FYE Mar 2023	18.1	−2.9%	Cons. · IFRS
FYE Mar 2024	18.0	−0.5%	Cons. · IFRS
FYE Mar 2025	22.9	+27.6%	Cons. · IFRS
FYE Mar 2026	28.2	+22.8%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥1.0bn

CAGR · 10 yrs −13.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	3.4	+68.9%	Cons. · IFRS
FYE Mar 2020	3.3	−3.2%	Cons. · IFRS
FYE Mar 2021	2.1	−35.2%	Cons. · IFRS
FYE Mar 2022	2.2	+5.3%	Cons. · IFRS
FYE Mar 2023	2.4	+6.6%	Cons. · IFRS
FYE Mar 2024	2.7	+12.0%	Cons. · IFRS
FYE Mar 2025	0.9	−66.8%	Cons. · IFRS
FYE Mar 2026	1.0	+13.1%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 39.7%

Average · 10 yrs 28.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	21.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	23.4	−1.2pp	Cons. · IFRS
FYE Mar 2020	21.2	−2.2pp	Cons. · IFRS
FYE Mar 2021	23.0	+1.8pp	Cons. · IFRS
FYE Mar 2022	26.7	+3.7pp	Cons. · IFRS
FYE Mar 2023	31.4	+4.6pp	Cons. · IFRS
FYE Mar 2024	34.2	+2.8pp	Cons. · IFRS
FYE Mar 2025	37.9	+3.7pp	Cons. · IFRS
FYE Mar 2026	39.7	+1.8pp	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 49.7%

Average · 10 yrs 90.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	109.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	108.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	121.5	+13.2pp	Cons. · IFRS
FYE Mar 2020	140.8	+19.3pp	Cons. · IFRS
FYE Mar 2021	124.4	−16.5pp	Cons. · IFRS
FYE Mar 2022	93.1	−31.3pp	Cons. · IFRS
FYE Mar 2023	66.6	−26.5pp	Cons. · IFRS
FYE Mar 2024	52.9	−13.7pp	Cons. · IFRS
FYE Mar 2025	42.4	−10.5pp	Cons. · IFRS
FYE Mar 2026	49.7	+7.3pp	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 12.2%

Average · 10 yrs 7.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	-12.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	6.6	+0.3pp	Cons. · IFRS
FYE Mar 2020	1.8	−4.8pp	Cons. · IFRS
FYE Mar 2021	3.5	+1.7pp	Cons. · IFRS
FYE Mar 2022	7.8	+4.3pp	Cons. · IFRS
FYE Mar 2023	17.3	+9.5pp	Cons. · IFRS
FYE Mar 2024	12.0	−5.3pp	Cons. · IFRS
FYE Mar 2025	17.1	+5.1pp	Cons. · IFRS
FYE Mar 2026	12.2	−4.9pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.8%

Average · 10 yrs 2.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	-2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.5	−0.0pp	Cons. · IFRS
FYE Mar 2020	0.4	−1.2pp	Cons. · IFRS
FYE Mar 2021	0.8	+0.4pp	Cons. · IFRS
FYE Mar 2022	2.1	+1.3pp	Cons. · IFRS
FYE Mar 2023	5.4	+3.3pp	Cons. · IFRS
FYE Mar 2024	4.1	−1.3pp	Cons. · IFRS
FYE Mar 2025	6.5	+2.4pp	Cons. · IFRS
FYE Mar 2026	4.8	−1.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.03×

CAGR · 10 yrs −1.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.14	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.18	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.23	+3.8%	Cons. · IFRS
FYE Mar 2020	1.17	−4.9%	Cons. · IFRS
FYE Mar 2021	1.04	−11.3%	Cons. · IFRS
FYE Mar 2022	1.00	−3.0%	Cons. · IFRS
FYE Mar 2023	1.13	+12.0%	Cons. · IFRS
FYE Mar 2024	1.13	+0.8%	Cons. · IFRS
FYE Mar 2025	1.18	+4.2%	Cons. · IFRS
FYE Mar 2026	1.03	−13.1%	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 ¥34bn

CAGR · 10 yrs +9.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	15.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	21.0	+53.4%	Cons. · IFRS
FYE Mar 2020	21.6	+3.1%	Cons. · IFRS
FYE Mar 2021	35.8	+65.6%	Cons. · IFRS
FYE Mar 2022	7.1	−80.3%	Cons. · IFRS
FYE Mar 2023	26.6	+276.9%	Cons. · IFRS
FYE Mar 2024	33.2	+24.7%	Cons. · IFRS
FYE Mar 2025	31.5	−5.2%	Cons. · IFRS
FYE Mar 2026	33.8	+7.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥22bn

Average · 10 yrs -¥16bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-14.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-10.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-25.8	n/a	Cons. · IFRS
FYE Mar 2020	-19.7	n/a	Cons. · IFRS
FYE Mar 2021	-11.8	n/a	Cons. · IFRS
FYE Mar 2022	-9.8	n/a	Cons. · IFRS
FYE Mar 2023	-7.3	n/a	Cons. · IFRS
FYE Mar 2024	-16.1	n/a	Cons. · IFRS
FYE Mar 2025	-21.5	n/a	Cons. · IFRS
FYE Mar 2026	-22.3	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 ¥1.8bn

Average · 10 yrs -¥6.8bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-6.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	8.5	n/a	Cons. · IFRS
FYE Mar 2020	-1.7	−119.6%	Cons. · IFRS
FYE Mar 2021	-5.3	n/a	Cons. · IFRS
FYE Mar 2022	-11.3	n/a	Cons. · IFRS
FYE Mar 2023	-14.0	n/a	Cons. · IFRS
FYE Mar 2024	-19.4	n/a	Cons. · IFRS
FYE Mar 2025	-18.8	n/a	Cons. · IFRS
FYE Mar 2026	1.8	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 ¥66bn

CAGR · 10 yrs +5.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	40.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	37.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	40.8	+10.4%	Cons. · IFRS
FYE Mar 2020	39.9	−2.2%	Cons. · IFRS
FYE Mar 2021	59.6	+49.4%	Cons. · IFRS
FYE Mar 2022	48.7	−18.3%	Cons. · IFRS
FYE Mar 2023	56.2	+15.4%	Cons. · IFRS
FYE Mar 2024	57.9	+3.0%	Cons. · IFRS
FYE Mar 2025	48.6	−16.0%	Cons. · IFRS
FYE Mar 2026	65.7	+35.2%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥11bn

CAGR · 10 yrs +31.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-4.8	−263.5%	Cons. · IFRS
FYE Mar 2020	2.0	n/a	Cons. · IFRS
FYE Mar 2021	24.0	+1121.4%	Cons. · IFRS
FYE Mar 2022	-2.7	−111.4%	Cons. · IFRS
FYE Mar 2023	19.3	n/a	Cons. · IFRS
FYE Mar 2024	17.1	−11.2%	Cons. · IFRS
FYE Mar 2025	9.9	−42.1%	Cons. · IFRS
FYE Mar 2026	11.5	+15.6%	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 9.5%

Average · 10 yrs 7.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	6.8	+2.3pp	Cons. · IFRS
FYE Mar 2020	7.4	+0.6pp	Cons. · IFRS
FYE Mar 2021	13.1	+5.7pp	Cons. · IFRS
FYE Mar 2022	2.5	−10.6pp	Cons. · IFRS
FYE Mar 2023	7.9	+5.4pp	Cons. · IFRS
FYE Mar 2024	9.2	+1.3pp	Cons. · IFRS
FYE Mar 2025	8.5	−0.7pp	Cons. · IFRS
FYE Mar 2026	9.5	+1.0pp	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 -¥2.9bn

Average · 10 yrs -¥16bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-20.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-30.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-30.5	n/a	Cons. · IFRS
FYE Mar 2020	-34.7	n/a	Cons. · IFRS
FYE Mar 2021	-15.9	n/a	Cons. · IFRS
FYE Mar 2022	-21.1	n/a	Cons. · IFRS
FYE Mar 2023	-6.3	n/a	Cons. · IFRS
FYE Mar 2024	0.6	n/a	Cons. · IFRS
FYE Mar 2025	-1.8	−408.0%	Cons. · IFRS
FYE Mar 2026	-2.9	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 ¥176bn

Change · 9 yrs +¥127bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	49.3	n/a
FYE Mar 2019	44.0	n/a
FYE Mar 2020	32.0	n/a
FYE Mar 2021	36.1	n/a
FYE Mar 2022	29.2	n/a
FYE Mar 2023	62.5	n/a
FYE Mar 2024	155	n/a
FYE Mar 2025	206	n/a
FYE Mar 2026	176	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 1,091¥

Change · 9 yrs +736¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	355	n/a
FYE Mar 2019	268	n/a
FYE Mar 2020	195	n/a
FYE Mar 2021	220	n/a
FYE Mar 2022	178	n/a
FYE Mar 2023	381	n/a
FYE Mar 2024	944	n/a
FYE Mar 2025	1,257	n/a
FYE Mar 2026	1,091	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 161,564,000shares

Change · 10 yrs +22,564,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	139,000,000	Parent
FYE Mar 2018	139,000,000	Parent
FYE Mar 2019	164,000,000	Parent
FYE Mar 2020	164,000,000	Parent
FYE Mar 2021	164,000,000	Parent
FYE Mar 2022	164,000,000	Parent
FYE Mar 2023	164,000,000	Parent
FYE Mar 2024	164,000,000	Parent
FYE Mar 2025	164,000,000	Parent
FYE Mar 2026	161,564,000	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 115.21¥

Change · 10 yrs +137.63¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	-22.42	Cons.
FYE Mar 2018	17.20	Cons.
FYE Mar 2019	25.00	Cons.
FYE Mar 2020	5.82	Cons.
FYE Mar 2021	13.14	Cons.
FYE Mar 2022	35.89	Cons.
FYE Mar 2023	99.27	Cons.
FYE Mar 2024	84.34	Cons.
FYE Mar 2025	135.17	Cons.
FYE Mar 2026	115.21	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 853.96¥

Change · 10 yrs +450.80¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	403.17	Cons. · Japanese GAAP
FYE Mar 2018	450.81	Cons. · IFRS
FYE Mar 2019	357.91	Cons. · IFRS
FYE Mar 2020	323.00	Cons. · IFRS
FYE Mar 2021	370.54	Cons. · IFRS
FYE Mar 2022	457.50	Cons. · IFRS
FYE Mar 2023	572.46	Cons. · IFRS
FYE Mar 2024	660.87	Cons. · IFRS
FYE Mar 2025	724.44	Cons. · IFRS
FYE Mar 2026	853.96	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 9.47×

Average · 9 yrs 13.37×

Fiscal year	PER ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	20.64	Cons.
FYE Mar 2019	10.72	Cons.
FYE Mar 2020	33.51	Cons.
FYE Mar 2021	16.74	Cons.
FYE Mar 2022	4.96	Cons.
FYE Mar 2023	3.84	Cons.
FYE Mar 2024	11.19	Cons.
FYE Mar 2025	9.30	Cons.
FYE Mar 2026	9.47	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 1.07×

Average · 9 yrs 0.85×

Fiscal year	PBR ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	0.97	Cons.
FYE Mar 2019	0.71	Cons.
FYE Mar 2020	0.57	Cons.
FYE Mar 2021	0.56	Cons.
FYE Mar 2022	0.37	Cons.
FYE Mar 2023	0.63	Cons.
FYE Mar 2024	1.24	Cons.
FYE Mar 2025	1.49	Cons.
FYE Mar 2026	1.07	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 15,229people

Change · 10 yrs −2,822 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	18,051	n/a	Cons.
FYE Mar 2018	17,801	−1.4%	Cons.
FYE Mar 2019	16,939	−4.8%	Cons.
FYE Mar 2020	17,623	+4.0%	Cons.
FYE Mar 2021	16,956	−3.8%	Cons.
FYE Mar 2022	16,585	−2.2%	Cons.
FYE Mar 2023	16,277	−1.9%	Cons.
FYE Mar 2024	15,880	−2.4%	Cons.
FYE Mar 2025	15,151	−4.6%	Cons.
FYE Mar 2026	15,229	+0.5%	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 3,125people

Change · 10 yrs +138 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,987	n/a	Parent
FYE Mar 2018	3,055	+2.3%	Parent
FYE Mar 2019	3,109	+1.8%	Parent
FYE Mar 2020	3,300	+6.1%	Parent
FYE Mar 2021	3,292	−0.2%	Parent
FYE Mar 2022	3,179	−3.4%	Parent
FYE Mar 2023	3,130	−1.5%	Parent
FYE Mar 2024	3,089	−1.3%	Parent
FYE Mar 2025	3,061	−0.9%	Parent
FYE Mar 2026	3,125	+2.1%	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 ¥8.6m

Change · 8 yrs +¥1.1m

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	7.6	n/a	Parent
FYE Mar 2020	7.4	−1.9%	Parent
FYE Mar 2021	6.9	−7.4%	Parent
FYE Mar 2022	7.0	+1.3%	Parent
FYE Mar 2023	7.0	−0.0%	Parent
FYE Mar 2024	7.8	+12.6%	Parent
FYE Mar 2025	8.5	+8.8%	Parent
FYE Mar 2026	8.6	+1.1%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 50.8years

Change · 8 yrs +2.5 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	48.3	n/a	Parent
FYE Mar 2020	49.0	+1.4%	Parent
FYE Mar 2021	49.5	+1.0%	Parent
FYE Mar 2022	50.3	+1.6%	Parent
FYE Mar 2023	50.9	+1.2%	Parent
FYE Mar 2024	50.9	−0.0%	Parent
FYE Mar 2025	51.0	+0.2%	Parent
FYE Mar 2026	50.8	−0.4%	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 23.4years

Change · 8 yrs +1.0 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	22.4	n/a	Parent
FYE Mar 2020	22.7	+1.3%	Parent
FYE Mar 2021	23.4	+3.1%	Parent
FYE Mar 2022	24.3	+3.8%	Parent
FYE Mar 2023	24.8	+2.1%	Parent
FYE Mar 2024	24.7	−0.4%	Parent
FYE Mar 2025	24.8	+0.4%	Parent
FYE Mar 2026	23.4	−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 2026 1,068people

Change · 10 yrs −2,638 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,706	n/a	n/a
FYE Mar 2018	3,397	−8.3%	n/a
FYE Mar 2019	3,107	−8.5%	n/a
FYE Mar 2020	1,550	−50.1%	n/a
FYE Mar 2021	1,892	+22.1%	n/a
FYE Mar 2022	2,053	+8.5%	n/a
FYE Mar 2023	963	−53.1%	n/a
FYE Mar 2024	856	−11.1%	n/a
FYE Mar 2025	717	−16.2%	n/a
FYE Mar 2026	1,068	+49.0%	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 ¥23.4m

Change · 10 yrs +¥6.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	16.6	n/a	Cons.
FYE Mar 2018	16.9	n/a	Cons.
FYE Mar 2019	18.2	+7.5%	Cons.
FYE Mar 2020	16.5	−9.0%	Cons.
FYE Mar 2021	16.1	−2.4%	Cons.
FYE Mar 2022	17.0	+5.4%	Cons.
FYE Mar 2023	20.7	+21.7%	Cons.
FYE Mar 2024	22.6	+9.4%	Cons.
FYE Mar 2025	24.4	+8.0%	Cons.
FYE Mar 2026	23.4	−4.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.3m

Change · 10 yrs +¥1.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons.
FYE Mar 2018	0.4	n/a	Cons.
FYE Mar 2019	0.4	+10.0%	Cons.
FYE Mar 2020	0.2	−46.0%	Cons.
FYE Mar 2021	0.3	+24.6%	Cons.
FYE Mar 2022	0.5	+89.2%	Cons.
FYE Mar 2023	1.3	+143.5%	Cons.
FYE Mar 2024	1.1	−13.6%	Cons.
FYE Mar 2025	1.4	+25.3%	Cons.
FYE Mar 2026	1.3	−6.2%	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.

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