Financials

Renesas Electronics: FYE Dec 2025 and ten years of results (48 metrics)

FYE Dec 2025 · Revenue¥1.32tnYoY −2.0%
FYE Dec 2025 · Operating profit¥201bnYoY −9.8%
FYE Dec 2025 · Net profit-¥52bnYoY −123.6%
FYE Dec 2025 · Equity ratio58.4%YoY +2.0pp
FYE Dec 2025 · Group employees21,629YoY −1,082
Fiscal yearRevenueYoYOperating profitYoYMarginNet profitChief executiveThat year
FYE Dec 2016Consolidated¥471bnn/a¥55bnn/a11.6%¥44bnTsurumaru Tetsuya<a class="en-history_person" href="/tse/6723/executives/ceo/kure-bunsei/" hreflang="ja">Kure Bunsei</a> succeeds Endo as president
FYE Dec 2017Consolidated¥780bn+65.6%¥78bn+43.3%10.0%¥77bnKure BunseiIntersil of the United States made a subsidiary
FYE Dec 2018Consolidated¥757bn−3.0%¥68bn−13.0%9.0%¥55bnKure BunseiAcquisition of IDT announced at more than ¥700bn
FYE Dec 2019Consolidated¥718bn−5.1%¥6.3bn−90.8%0.9%-¥6.3bnKure BunseiIDT made a subsidiary
FYE Dec 2020Consolidated¥716bn−0.4%¥65bn+940.1%9.1%¥46bnShibata HidetoshiGrowth investment maintained through the downturn as ratings outlooks turn negative
FYE Dec 2021Consolidated¥994bn+38.9%¥174bn+166.8%17.5%¥120bnShibata HidetoshiDialog Semiconductor of the United Kingdom made a subsidiary
FYE Dec 2022Consolidated¥1.50tn+51.0%¥424bn+144.0%28.3%¥257bnShibata HidetoshiReality Analytics and Steradian acquired for radar
FYE Dec 2023Consolidated¥1.47tn−2.1%¥391bn−7.9%26.6%¥337bnShibata HidetoshiPanthronics acquired for near-field communication
FYE Dec 2024Consolidated¥1.35tn−8.2%¥223bn−42.9%16.5%¥219bnShibata HidetoshiTransphorm acquired for gallium nitride power semiconductors
FYE Dec 2025Consolidated¥1.32tn−2.0%¥201bn−9.8%15.2%-¥52bnShibata HidetoshiRF business sold; Renesas 365 launched

How it compares

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 Dec 2025 ¥1.32tn
CAGR · 10 yrs +12.1%
Fiscal year Revenue ¥ bn YoY Basis
FYE Dec 2016 471 n/a Cons. · Japanese GAAP
FYE Dec 2017 780 +65.6% Cons. · Japanese GAAP
FYE Dec 2018 757 moved to IFRS Cons. · IFRS
FYE Dec 2019 718 −5.1% Cons. · IFRS
FYE Dec 2020 716 −0.4% Cons. · IFRS
FYE Dec 2021 994 +38.9% Cons. · IFRS
FYE Dec 2022 1,501 +51.0% Cons. · IFRS
FYE Dec 2023 1,469 −2.1% Cons. · IFRS
FYE Dec 2024 1,348 −8.2% Cons. · IFRS
FYE Dec 2025 1,321 −2.0% 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 Dec 2025 ¥567bn
CAGR · 10 yrs +8.7%
Fiscal year Cost of sales ¥ bn YoY Basis
FYE Dec 2016 268 n/a Cons. · Japanese GAAP
FYE Dec 2017 427 +59.3% Cons. · Japanese GAAP
FYE Dec 2018 424 moved to IFRS Cons. · IFRS
FYE Dec 2019 423 −0.1% Cons. · IFRS
FYE Dec 2020 380 −10.3% Cons. · IFRS
FYE Dec 2021 498 +31.0% Cons. · IFRS
FYE Dec 2022 647 +29.9% Cons. · IFRS
FYE Dec 2023 635 −1.8% Cons. · IFRS
FYE Dec 2024 599 −5.7% Cons. · IFRS
FYE Dec 2025 567 −5.2% 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 Dec 2025 ¥754bn
CAGR · 10 yrs +15.7%
Fiscal year Gross profit ¥ bn YoY Basis
FYE Dec 2016 203 n/a Cons. · Japanese GAAP
FYE Dec 2017 353 +74.1% Cons. · Japanese GAAP
FYE Dec 2018 332 moved to IFRS Cons. · IFRS
FYE Dec 2019 295 −11.3% Cons. · IFRS
FYE Dec 2020 336 +13.9% Cons. · IFRS
FYE Dec 2021 496 +47.8% Cons. · IFRS
FYE Dec 2022 854 +72.1% Cons. · IFRS
FYE Dec 2023 834 −2.3% Cons. · IFRS
FYE Dec 2024 750 −10.1% Cons. · IFRS
FYE Dec 2025 754 +0.5% 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 Dec 2025 ¥521bn
CAGR · 10 yrs +15.0%
Fiscal year SG&A ¥ bn YoY Basis
FYE Dec 2016 148 n/a Cons. · Japanese GAAP
FYE Dec 2017 274 +85.4% Cons. · Japanese GAAP
FYE Dec 2018 251 moved to IFRS Cons. · IFRS
FYE Dec 2019 273 +8.9% Cons. · IFRS
FYE Dec 2020 266 −2.6% Cons. · IFRS
FYE Dec 2021 317 +19.1% Cons. · IFRS
FYE Dec 2022 427 +34.6% Cons. · IFRS
FYE Dec 2023 466 +9.2% Cons. · IFRS
FYE Dec 2024 527 +13.2% Cons. · IFRS
FYE Dec 2025 521 −1.2% 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 Dec 2025 ¥201bn
CAGR · 10 yrs +15.6%
Fiscal year Operating profit ¥ bn YoY Basis
FYE Dec 2016 54.7 n/a Cons. · Japanese GAAP
FYE Dec 2017 78.4 +43.3% Cons. · Japanese GAAP
FYE Dec 2018 68.2 moved to IFRS Cons. · IFRS
FYE Dec 2019 6.3 −90.8% Cons. · IFRS
FYE Dec 2020 65.1 +940.1% Cons. · IFRS
FYE Dec 2021 174 +166.8% Cons. · IFRS
FYE Dec 2022 424 +144.0% Cons. · IFRS
FYE Dec 2023 391 −7.9% Cons. · IFRS
FYE Dec 2024 223 −42.9% Cons. · IFRS
FYE Dec 2025 201 −9.8% Cons. · IFRS
Definition
What the core business earns
Formula
Gross profit − SG&A
Source
Securities report (XBRL)

Non-operating income

FYE Dec 2025 ¥15bn
CAGR · 10 yrs +29.2%
Fiscal year Non-operating income ¥ bn YoY Basis
FYE Dec 2016 1.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 2.1 +41.6% Cons. · Japanese GAAP
FYE Dec 2018 1.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 2.2 +35.9% Cons. · IFRS
FYE Dec 2020 7.6 +248.7% Cons. · IFRS
FYE Dec 2021 4.1 −45.7% Cons. · IFRS
FYE Dec 2022 1.4 −66.0% Cons. · IFRS
FYE Dec 2023 38.1 +2607.0% Cons. · IFRS
FYE Dec 2024 52.1 +36.6% Cons. · IFRS
FYE Dec 2025 14.7 −71.9% 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 Dec 2025 ¥246bn
CAGR · 10 yrs +50.6%
Fiscal year Non-operating expenses ¥ bn YoY Basis
FYE Dec 2016 6.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 5.2 −16.3% Cons. · Japanese GAAP
FYE Dec 2018 2.1 moved to IFRS Cons. · IFRS
FYE Dec 2019 8.8 +311.7% Cons. · IFRS
FYE Dec 2020 7.5 −14.0% Cons. · IFRS
FYE Dec 2021 35.2 +366.9% Cons. · IFRS
FYE Dec 2022 63.3 +79.5% Cons. · IFRS
FYE Dec 2023 6.7 −89.4% Cons. · IFRS
FYE Dec 2024 11.0 +62.9% Cons. · IFRS
FYE Dec 2025 246 +2138.8% Cons. · IFRS
Definition
Costs arising outside the core business
Formula
Non-operating expenses line of the income statement
Source
Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 -¥52bn
Average · 10 yrs ¥110bn
Fiscal year Net profit ¥ bn YoY Basis
FYE Dec 2016 44.1 n/a Cons. · Japanese GAAP
FYE Dec 2017 77.2 +75.0% Cons. · Japanese GAAP
FYE Dec 2018 54.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 -6.3 −111.6% Cons. · IFRS
FYE Dec 2020 45.6 n/a Cons. · IFRS
FYE Dec 2021 120 +162.0% Cons. · IFRS
FYE Dec 2022 257 +114.7% Cons. · IFRS
FYE Dec 2023 337 +31.4% Cons. · IFRS
FYE Dec 2024 219 −35.0% Cons. · IFRS
FYE Dec 2025 -51.8 −123.6% Cons. · IFRS
Definition
What is left after tax
Formula
Pre-tax profit − income taxes
Source
Securities report (XBRL)

Gross margin

FYE Dec 2025 57.1%
Average · 10 yrs 49.6%
Fiscal year Gross margin % YoY Basis
FYE Dec 2016 43.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 45.2 +2.2pp Cons. · Japanese GAAP
FYE Dec 2018 43.9 moved to IFRS Cons. · IFRS
FYE Dec 2019 41.0 −2.9pp Cons. · IFRS
FYE Dec 2020 46.9 +5.9pp Cons. · IFRS
FYE Dec 2021 49.9 +3.0pp Cons. · IFRS
FYE Dec 2022 56.9 +7.0pp Cons. · IFRS
FYE Dec 2023 56.8 −0.1pp Cons. · IFRS
FYE Dec 2024 55.6 −1.2pp Cons. · IFRS
FYE Dec 2025 57.1 +1.4pp Cons. · IFRS
Definition
The share of revenue left after the cost of sales
Formula
Gross profit ÷ revenue
Source
Securities report (XBRL)

Operating margin

FYE Dec 2025 15.2%
Average · 10 yrs 14.5%
Fiscal year Operating margin % YoY Basis
FYE Dec 2016 11.6 n/a Cons. · Japanese GAAP
FYE Dec 2017 10.0 −1.6pp Cons. · Japanese GAAP
FYE Dec 2018 9.0 moved to IFRS Cons. · IFRS
FYE Dec 2019 0.9 −8.1pp Cons. · IFRS
FYE Dec 2020 9.1 +8.2pp Cons. · IFRS
FYE Dec 2021 17.5 +8.4pp Cons. · IFRS
FYE Dec 2022 28.3 +10.8pp Cons. · IFRS
FYE Dec 2023 26.6 −1.7pp Cons. · IFRS
FYE Dec 2024 16.5 −10.1pp Cons. · IFRS
FYE Dec 2025 15.2 −1.3pp Cons. · IFRS
Definition
The share of revenue the core business keeps
Formula
Operating profit ÷ revenue
Source
Securities report (XBRL)

Net margin

FYE Dec 2025 -3.9%
Average · 10 yrs 9.6%
Fiscal year Net margin % YoY Basis
FYE Dec 2016 9.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 9.9 +0.5pp Cons. · Japanese GAAP
FYE Dec 2018 7.2 moved to IFRS Cons. · IFRS
FYE Dec 2019 -0.9 −8.1pp Cons. · IFRS
FYE Dec 2020 6.4 +7.3pp Cons. · IFRS
FYE Dec 2021 12.0 +5.7pp Cons. · IFRS
FYE Dec 2022 17.1 +5.1pp Cons. · IFRS
FYE Dec 2023 22.9 +5.8pp Cons. · IFRS
FYE Dec 2024 16.2 −6.7pp Cons. · IFRS
FYE Dec 2025 -3.9 −20.2pp Cons. · IFRS
Definition
The share of revenue left after everything
Formula
Net profit ÷ revenue
Source
Securities report (XBRL)

Cost-of-sales ratio

FYE Dec 2025 42.9%
Average · 10 yrs 50.4%
Fiscal year Cost-of-sales ratio % YoY Basis
FYE Dec 2016 57.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 54.8 −2.2pp Cons. · Japanese GAAP
FYE Dec 2018 56.1 moved to IFRS Cons. · IFRS
FYE Dec 2019 59.0 +2.9pp Cons. · IFRS
FYE Dec 2020 53.1 −5.9pp Cons. · IFRS
FYE Dec 2021 50.1 −3.0pp Cons. · IFRS
FYE Dec 2022 43.1 −7.0pp Cons. · IFRS
FYE Dec 2023 43.2 +0.1pp Cons. · IFRS
FYE Dec 2024 44.4 +1.2pp Cons. · IFRS
FYE Dec 2025 42.9 −1.4pp Cons. · IFRS
Definition
The share of revenue taken by the cost of sales
Formula
Cost of sales ÷ revenue
Source
Securities report (XBRL)

SG&A ratio

FYE Dec 2025 39.5%
Average · 10 yrs 34.6%
Fiscal year SG&A ratio % YoY Basis
FYE Dec 2016 31.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 35.2 +3.8pp Cons. · Japanese GAAP
FYE Dec 2018 33.2 moved to IFRS Cons. · IFRS
FYE Dec 2019 38.1 +4.9pp Cons. · IFRS
FYE Dec 2020 37.2 −0.9pp Cons. · IFRS
FYE Dec 2021 31.9 −5.3pp Cons. · IFRS
FYE Dec 2022 28.4 −3.5pp Cons. · IFRS
FYE Dec 2023 31.7 +3.3pp Cons. · IFRS
FYE Dec 2024 39.1 +7.4pp Cons. · IFRS
FYE Dec 2025 39.5 +0.3pp Cons. · IFRS
Definition
The share of revenue taken by selling and administrative costs
Formula
SG&A ÷ revenue
Source
Securities report (XBRL)

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

What the balance sheet is made of

¥ bn
Equity Liabilities and non-controlling interests

Financial strength

%
Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥4.18tn
CAGR · 10 yrs +19.8%
Fiscal year Total assets ¥ bn YoY Basis
FYE Dec 2016 823 n/a Cons. · Japanese GAAP
FYE Dec 2017 1,051 +27.8% Cons. · Japanese GAAP
FYE Dec 2018 968 moved to IFRS Cons. · IFRS
FYE Dec 2019 1,668 +72.4% Cons. · IFRS
FYE Dec 2020 1,609 −3.5% Cons. · IFRS
FYE Dec 2021 2,426 +50.8% Cons. · IFRS
FYE Dec 2022 2,812 +15.9% Cons. · IFRS
FYE Dec 2023 3,167 +12.6% Cons. · IFRS
FYE Dec 2024 4,490 +41.8% Cons. · IFRS
FYE Dec 2025 4,177 −7.0% 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 Dec 2025 ¥2.44tn
CAGR · 10 yrs +21.6%
Fiscal year Equity ¥ bn YoY Basis
FYE Dec 2016 420 n/a Cons. · Japanese GAAP
FYE Dec 2017 509 +21.2% Cons. · Japanese GAAP
FYE Dec 2018 529 moved to IFRS Cons. · IFRS
FYE Dec 2019 619 +17.0% Cons. · IFRS
FYE Dec 2020 614 −0.8% Cons. · IFRS
FYE Dec 2021 1,147 +86.8% Cons. · IFRS
FYE Dec 2022 1,530 +33.4% Cons. · IFRS
FYE Dec 2023 1,998 +30.6% Cons. · IFRS
FYE Dec 2024 2,532 +26.8% Cons. · IFRS
FYE Dec 2025 2,438 −3.7% 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 Dec 2025 ¥1.21tn
CAGR · 10 yrs +25.8%
Fiscal year Interest-bearing debt ¥ bn YoY Basis
FYE Dec 2016 153 n/a Cons. · Japanese GAAP
FYE Dec 2017 216 +41.8% Cons. · Japanese GAAP
FYE Dec 2018 192 moved to IFRS Cons. · IFRS
FYE Dec 2019 772 +301.4% Cons. · IFRS
FYE Dec 2020 680 −11.9% Cons. · IFRS
FYE Dec 2021 814 +19.8% Cons. · IFRS
FYE Dec 2022 756 −7.2% Cons. · IFRS
FYE Dec 2023 651 −13.9% Cons. · IFRS
FYE Dec 2024 1,266 +94.5% Cons. · IFRS
FYE Dec 2025 1,207 −4.7% Cons. · IFRS
Definition
Borrowings the company pays interest on
Formula
Loans + bonds + lease obligations
Source
Securities report (XBRL)

Short-term borrowings

FYE Dec 2025 ¥242bn
Average · 10 yrs ¥132bn
Fiscal year Short-term borrowings ¥ bn YoY Basis
FYE Dec 2016 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 35.0 n/a Cons. · Japanese GAAP
FYE Dec 2018 45.0 moved to IFRS Cons. · IFRS
FYE Dec 2019 93.2 +107.1% Cons. · IFRS
FYE Dec 2020 93.2 −0.0% Cons. · IFRS
FYE Dec 2021 121 +30.0% Cons. · IFRS
FYE Dec 2022 120 −0.9% Cons. · IFRS
FYE Dec 2023 425 +254.4% Cons. · IFRS
FYE Dec 2024 144 −66.1% Cons. · IFRS
FYE Dec 2025 242 +68.2% 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 Dec 2025 ¥0.0bn
Average · 10 yrs ¥457bn
Fiscal year Long-term borrowings ¥ bn YoY Basis
FYE Dec 2016 153 n/a Cons. · Japanese GAAP
FYE Dec 2017 194 +27.3% Cons. · Japanese GAAP
FYE Dec 2018 147 moved to IFRS Cons. · IFRS
FYE Dec 2019 679 +360.8% Cons. · IFRS
FYE Dec 2020 587 −13.6% Cons. · IFRS
FYE Dec 2021 693 +18.1% Cons. · IFRS
FYE Dec 2022 636 −8.3% Cons. · IFRS
FYE Dec 2023 226 −64.5% Cons. · IFRS
FYE Dec 2024 1,257 +456.9% Cons. · IFRS
FYE Dec 2025 0.0 −100.0% 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 Dec 2025 ¥0.0m
Average · 10 yrs ¥0.0m
Fiscal year Bonds ¥ m YoY Basis
FYE Dec 2016 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2018 0.0 moved to IFRS Cons. · IFRS
FYE Dec 2019 0.0 n/a Cons. · IFRS
FYE Dec 2020 0.0 n/a Cons. · IFRS
FYE Dec 2021 0.0 n/a Cons. · IFRS
FYE Dec 2022 0.0 n/a Cons. · IFRS
FYE Dec 2023 0.0 n/a Cons. · IFRS
FYE Dec 2024 0.0 n/a Cons. · IFRS
FYE Dec 2025 0.0 n/a Cons. · IFRS
Definition
Bonds outstanding
Formula
Bonds line of the balance sheet
Source
Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥593bn
CAGR · 10 yrs +40.1%
Fiscal year Intangible assets ¥ bn YoY Basis
FYE Dec 2016 28.6 n/a Cons. · Japanese GAAP
FYE Dec 2017 335 +1072.0% Cons. · Japanese GAAP
FYE Dec 2018 167 moved to IFRS Cons. · IFRS
FYE Dec 2019 415 +149.0% Cons. · IFRS
FYE Dec 2020 365 −12.0% Cons. · IFRS
FYE Dec 2021 535 +46.6% Cons. · IFRS
FYE Dec 2022 489 −8.6% Cons. · IFRS
FYE Dec 2023 422 −13.7% Cons. · IFRS
FYE Dec 2024 725 +71.8% Cons. · IFRS
FYE Dec 2025 593 −18.1% Cons. · IFRS
Definition
Assets with no physical form
Formula
Intangible assets line of the balance sheet
Source
Securities report (XBRL)

Goodwill

FYE Dec 2025 ¥2.24tn
Average · 10 yrs ¥979bn
Fiscal year Goodwill ¥ bn YoY Basis
FYE Dec 2016 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 173 n/a Cons. · Japanese GAAP
FYE Dec 2018 187 moved to IFRS Cons. · IFRS
FYE Dec 2019 625 +233.8% Cons. · IFRS
FYE Dec 2020 590 −5.5% Cons. · IFRS
FYE Dec 2021 1,089 +84.5% Cons. · IFRS
FYE Dec 2022 1,264 +16.0% Cons. · IFRS
FYE Dec 2023 1,362 +7.7% Cons. · IFRS
FYE Dec 2024 2,256 +65.6% Cons. · IFRS
FYE Dec 2025 2,239 −0.7% 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 Dec 2025 58.4%
Average · 10 yrs 50.9%
Fiscal year Equity ratio % YoY Basis
FYE Dec 2016 51.1 n/a Cons. · Japanese GAAP
FYE Dec 2017 48.5 −2.6pp Cons. · Japanese GAAP
FYE Dec 2018 54.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 37.1 −17.6pp Cons. · IFRS
FYE Dec 2020 38.1 +1.1pp Cons. · IFRS
FYE Dec 2021 47.3 +9.1pp Cons. · IFRS
FYE Dec 2022 54.4 +7.1pp Cons. · IFRS
FYE Dec 2023 63.1 +8.7pp Cons. · IFRS
FYE Dec 2024 56.4 −6.7pp Cons. · IFRS
FYE Dec 2025 58.4 +2.0pp Cons. · IFRS
Definition
How much of the balance sheet is funded without debt
Formula
Equity ÷ total assets
Source
Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Dec 2025 49.5%
Average · 10 yrs 60.3%
Fiscal year Debt-to-equity ratio % YoY Basis
FYE Dec 2016 36.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 42.5 +6.2pp Cons. · Japanese GAAP
FYE Dec 2018 36.4 moved to IFRS Cons. · IFRS
FYE Dec 2019 124.8 +88.4pp Cons. · IFRS
FYE Dec 2020 110.8 −14.0pp Cons. · IFRS
FYE Dec 2021 71.0 −39.8pp Cons. · IFRS
FYE Dec 2022 49.4 −21.6pp Cons. · IFRS
FYE Dec 2023 32.6 −16.8pp Cons. · IFRS
FYE Dec 2024 50.0 +17.4pp Cons. · IFRS
FYE Dec 2025 49.5 −0.5pp 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 Dec 2025 -2.1%
Average · 10 yrs 9.3%
Fiscal year ROE % YoY Basis
FYE Dec 2016 10.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 15.2 +4.7pp Cons. · Japanese GAAP
FYE Dec 2018 10.3 moved to IFRS Cons. · IFRS
FYE Dec 2019 -1.0 −11.3pp Cons. · IFRS
FYE Dec 2020 7.4 +8.5pp Cons. · IFRS
FYE Dec 2021 10.4 +3.0pp Cons. · IFRS
FYE Dec 2022 16.8 +6.3pp Cons. · IFRS
FYE Dec 2023 16.9 +0.1pp Cons. · IFRS
FYE Dec 2024 8.7 −8.2pp Cons. · IFRS
FYE Dec 2025 -2.1 −10.8pp Cons. · IFRS
Definition
What the shareholders' capital earns
Formula
Net profit ÷ equity
Source
Securities report (XBRL)

ROA return on assets

FYE Dec 2025 -1.2%
Average · 10 yrs 4.9%
Fiscal year ROA % YoY Basis
FYE Dec 2016 5.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 7.3 +2.0pp Cons. · Japanese GAAP
FYE Dec 2018 5.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 -0.4 −6.0pp Cons. · IFRS
FYE Dec 2020 2.8 +3.2pp Cons. · IFRS
FYE Dec 2021 4.9 +2.1pp Cons. · IFRS
FYE Dec 2022 9.1 +4.2pp Cons. · IFRS
FYE Dec 2023 10.6 +1.5pp Cons. · IFRS
FYE Dec 2024 4.9 −5.8pp Cons. · IFRS
FYE Dec 2025 -1.2 −6.1pp Cons. · IFRS
Definition
What the whole balance sheet earns
Formula
Net profit ÷ total assets
Source
Securities report (XBRL)

Asset turnover

FYE Dec 2025 0.32×
CAGR · 10 yrs −6.4%
Fiscal year Asset turnover × YoY Basis
FYE Dec 2016 0.57 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.74 +29.7% Cons. · Japanese GAAP
FYE Dec 2018 0.78 moved to IFRS Cons. · IFRS
FYE Dec 2019 0.43 −44.9% Cons. · IFRS
FYE Dec 2020 0.44 +3.3% Cons. · IFRS
FYE Dec 2021 0.41 −7.9% Cons. · IFRS
FYE Dec 2022 0.53 +30.3% Cons. · IFRS
FYE Dec 2023 0.46 −13.1% Cons. · IFRS
FYE Dec 2024 0.30 −35.3% Cons. · IFRS
FYE Dec 2025 0.32 +5.3% 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 Dec 2025 ¥453bn
CAGR · 10 yrs +18.8%
Fiscal year Operating cash flow ¥ bn YoY Basis
FYE Dec 2016 95.9 n/a Cons. · Japanese GAAP
FYE Dec 2017 164 +71.3% Cons. · Japanese GAAP
FYE Dec 2018 164 moved to IFRS Cons. · IFRS
FYE Dec 2019 202 +23.0% Cons. · IFRS
FYE Dec 2020 224 +10.9% Cons. · IFRS
FYE Dec 2021 307 +37.3% Cons. · IFRS
FYE Dec 2022 479 +55.9% Cons. · IFRS
FYE Dec 2023 497 +3.6% Cons. · IFRS
FYE Dec 2024 340 −31.4% Cons. · IFRS
FYE Dec 2025 453 +33.0% Cons. · IFRS
Definition
Cash the business itself generated
Formula
Cash flow from operating activities
Source
Securities report (XBRL)

Investing cash flow

FYE Dec 2025 -¥125bn
Average · 10 yrs -¥376bn
Fiscal year Investing cash flow ¥ bn YoY Basis
FYE Dec 2016 -48.9 n/a Cons. · Japanese GAAP
FYE Dec 2017 -433 n/a Cons. · Japanese GAAP
FYE Dec 2018 -61.3 moved to IFRS Cons. · IFRS
FYE Dec 2019 -742 n/a Cons. · IFRS
FYE Dec 2020 -40.2 n/a Cons. · IFRS
FYE Dec 2021 -663 n/a Cons. · IFRS
FYE Dec 2022 -97.5 n/a Cons. · IFRS
FYE Dec 2023 -267 n/a Cons. · IFRS
FYE Dec 2024 -1,284 n/a Cons. · IFRS
FYE Dec 2025 -125 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 Dec 2025 -¥270bn
Average · 10 yrs ¥58bn
Fiscal year Financing cash flow ¥ bn YoY Basis
FYE Dec 2016 -97.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 63.2 n/a Cons. · Japanese GAAP
FYE Dec 2018 -50.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 500 n/a Cons. · IFRS
FYE Dec 2020 -104 −120.9% Cons. · IFRS
FYE Dec 2021 341 n/a Cons. · IFRS
FYE Dec 2022 -295 −186.5% Cons. · IFRS
FYE Dec 2023 -181 n/a Cons. · IFRS
FYE Dec 2024 677 n/a Cons. · IFRS
FYE Dec 2025 -270 −139.8% 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 Dec 2025 ¥296bn
CAGR · 10 yrs −2.0%
Fiscal year Cash and equivalents ¥ bn YoY Basis
FYE Dec 2016 354 n/a Cons. · Japanese GAAP
FYE Dec 2017 140 −60.6% Cons. · Japanese GAAP
FYE Dec 2018 189 moved to IFRS Cons. · IFRS
FYE Dec 2019 146 −22.4% Cons. · IFRS
FYE Dec 2020 220 +50.1% Cons. · IFRS
FYE Dec 2021 222 +1.0% Cons. · IFRS
FYE Dec 2022 336 +51.4% Cons. · IFRS
FYE Dec 2023 435 +29.3% Cons. · IFRS
FYE Dec 2024 229 −47.3% Cons. · IFRS
FYE Dec 2025 296 +29.1% 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 Dec 2025 ¥328bn
CAGR · 10 yrs +24.1%
Fiscal year FCF ¥ bn YoY Basis
FYE Dec 2016 47.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 -268 −671.4% Cons. · Japanese GAAP
FYE Dec 2018 103 moved to IFRS Cons. · IFRS
FYE Dec 2019 -540 −625.4% Cons. · IFRS
FYE Dec 2020 184 n/a Cons. · IFRS
FYE Dec 2021 -356 −293.6% Cons. · IFRS
FYE Dec 2022 382 n/a Cons. · IFRS
FYE Dec 2023 229 −40.0% Cons. · IFRS
FYE Dec 2024 -944 −511.8% Cons. · IFRS
FYE Dec 2025 328 n/a 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 Dec 2025 34.3%
Average · 10 yrs 27.9%
Fiscal year OCF margin % YoY Basis
FYE Dec 2016 20.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 21.0 +0.7pp Cons. · Japanese GAAP
FYE Dec 2018 21.7 moved to IFRS Cons. · IFRS
FYE Dec 2019 28.1 +6.4pp Cons. · IFRS
FYE Dec 2020 31.3 +3.2pp Cons. · IFRS
FYE Dec 2021 30.9 −0.4pp Cons. · IFRS
FYE Dec 2022 31.9 +1.0pp Cons. · IFRS
FYE Dec 2023 33.8 +1.9pp Cons. · IFRS
FYE Dec 2024 25.2 −8.5pp Cons. · IFRS
FYE Dec 2025 34.3 +9.0pp Cons. · IFRS
Definition
How much of the revenue turned into cash
Formula
Operating cash flow ÷ revenue
Source
Securities report (XBRL)

Net cash

FYE Dec 2025 -¥911bn
Average · 10 yrs -¥414bn
Fiscal year Net cash ¥ bn YoY Basis
FYE Dec 2016 202 n/a Cons. · Japanese GAAP
FYE Dec 2017 -76.9 −138.1% Cons. · Japanese GAAP
FYE Dec 2018 -3.4 moved to IFRS Cons. · IFRS
FYE Dec 2019 -625 n/a Cons. · IFRS
FYE Dec 2020 -460 n/a Cons. · IFRS
FYE Dec 2021 -592 n/a Cons. · IFRS
FYE Dec 2022 -420 n/a Cons. · IFRS
FYE Dec 2023 -216 n/a Cons. · IFRS
FYE Dec 2024 -1,037 n/a Cons. · IFRS
FYE Dec 2025 -911 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 Dec 2025 n/a
Change · 8 yrs +¥2.28tn
Fiscal year Market capitalisation ¥ bn Basis
FYE Dec 2016 1,548 n/a
FYE Dec 2017 2,194 n/a
FYE Dec 2018 836 n/a
FYE Dec 2019 n/a n/a
FYE Dec 2020 1,871 n/a
FYE Dec 2021 2,770 n/a
FYE Dec 2022 2,319 n/a
FYE Dec 2023 4,980 n/a
FYE Dec 2024 3,827 n/a
FYE Dec 2025 n/a 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 Dec 2025 n/a
Change · 8 yrs +1,117¥
Fiscal year Share price ¥ Basis
FYE Dec 2016 929 n/a
FYE Dec 2017 1,316 n/a
FYE Dec 2018 501 n/a
FYE Dec 2019 n/a n/a
FYE Dec 2020 1,080 n/a
FYE Dec 2021 1,425 n/a
FYE Dec 2022 1,184 n/a
FYE Dec 2023 2,543 n/a
FYE Dec 2024 2,046 n/a
FYE Dec 2025 n/a 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 Dec 2025 1,870,615,000shares
Change · 10 yrs +203,491,000 shares
Fiscal year Shares outstanding shares Basis
FYE Dec 2016 1,667,124,000 Parent
FYE Dec 2017 1,667,194,000 Parent
FYE Dec 2018 1,668,385,000 Parent
FYE Dec 2019 1,710,277,000 Parent
FYE Dec 2020 1,731,899,000 Parent
FYE Dec 2021 1,943,806,000 Parent
FYE Dec 2022 1,958,454,000 Parent
FYE Dec 2023 1,958,454,000 Parent
FYE Dec 2024 1,870,615,000 Parent
FYE Dec 2025 1,870,615,000 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 Dec 2025 -28.65¥
Change · 10 yrs −55.11¥
Fiscal year EPS ¥ Basis
FYE Dec 2016 26.46 Cons.
FYE Dec 2017 61.20 Cons.
FYE Dec 2018 30.57 Cons.
FYE Dec 2019 -3.73 Cons.
FYE Dec 2020 26.54 Cons.
FYE Dec 2021 64.77 Cons.
FYE Dec 2022 137.66 Cons.
FYE Dec 2023 189.77 Cons.
FYE Dec 2024 122.51 Cons.
FYE Dec 2025 -28.65 Cons.
Definition
Net profit for each share
Formula
Net profit ÷ average shares outstanding
Source
Securities report (XBRL)

BPS book value per share

FYE Dec 2025 1,303.11¥
Change · 10 yrs +1,051.07¥
Fiscal year BPS ¥ Basis
FYE Dec 2016 252.04 Cons. · Japanese GAAP
FYE Dec 2017 305.58 Cons. · Japanese GAAP
FYE Dec 2018 316.89 Cons. · IFRS
FYE Dec 2019 361.64 Cons. · IFRS
FYE Dec 2020 354.37 Cons. · IFRS
FYE Dec 2021 589.96 Cons. · IFRS
FYE Dec 2022 781.23 Cons. · IFRS
FYE Dec 2023 1,019.95 Cons. · IFRS
FYE Dec 2024 1,353.81 Cons. · IFRS
FYE Dec 2025 1,303.11 Cons. · IFRS
Definition
Equity behind each share
Formula
Equity ÷ shares outstanding
Source
Securities report (XBRL)

PER price-to-earnings ratio

FYE Dec 2025 n/a
Average · 8 yrs 21.80×
Fiscal year PER × Basis
FYE Dec 2016 35.10 Cons.
FYE Dec 2017 21.50 Cons.
FYE Dec 2018 16.40 Cons.
FYE Dec 2019 n/a Cons.
FYE Dec 2020 40.70 Cons.
FYE Dec 2021 22.00 Cons.
FYE Dec 2022 8.60 Cons.
FYE Dec 2023 13.40 Cons.
FYE Dec 2024 16.70 Cons.
FYE Dec 2025 n/a 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 Dec 2025 n/a
Average · 8 yrs 2.38×
Fiscal year PBR × Basis
FYE Dec 2016 3.31 Cons.
FYE Dec 2017 3.81 Cons.
FYE Dec 2018 1.40 Cons.
FYE Dec 2019 n/a Cons.
FYE Dec 2020 3.03 Cons.
FYE Dec 2021 2.41 Cons.
FYE Dec 2022 1.39 Cons.
FYE Dec 2023 2.26 Cons.
FYE Dec 2024 1.45 Cons.
FYE Dec 2025 n/a 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 Dec 2025 21,629people
Change · 10 yrs +2,745 people
Fiscal year Group employees people YoY Basis
FYE Dec 2016 18,884 n/a Cons.
FYE Dec 2017 20,513 +8.6% Cons.
FYE Dec 2018 19,546 −4.7% Cons.
FYE Dec 2019 18,958 −3.0% Cons.
FYE Dec 2020 18,753 −1.1% Cons.
FYE Dec 2021 20,962 +11.8% Cons.
FYE Dec 2022 21,017 +0.3% Cons.
FYE Dec 2023 21,204 +0.9% Cons.
FYE Dec 2024 22,711 +7.1% Cons.
FYE Dec 2025 21,629 −4.8% 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 Dec 2025 6,025people
Change · 10 yrs +2,996 people
Fiscal year Parent-company employees people YoY Basis
FYE Dec 2016 3,029 n/a Parent
FYE Dec 2017 5,663 +87.0% Parent
FYE Dec 2018 5,600 −1.1% Parent
FYE Dec 2019 6,252 +11.6% Parent
FYE Dec 2020 6,162 −1.4% Parent
FYE Dec 2021 6,116 −0.7% Parent
FYE Dec 2022 6,133 +0.3% Parent
FYE Dec 2023 6,296 +2.7% Parent
FYE Dec 2024 6,482 +3.0% Parent
FYE Dec 2025 6,025 −7.1% 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 Dec 2025 ¥7.5m
Change · 10 yrs −¥0.1m
Fiscal year Average annual pay ¥ m YoY Basis
FYE Dec 2016 7.6 n/a Parent
FYE Dec 2017 8.9 +17.1% Parent
FYE Dec 2018 8.0 −9.9% Parent
FYE Dec 2019 7.7 −3.8% Parent
FYE Dec 2020 7.9 +2.4% Parent
FYE Dec 2021 8.8 +11.4% Parent
FYE Dec 2022 8.7 −1.0% Parent
FYE Dec 2023 8.9 +1.7% Parent
FYE Dec 2024 8.1 −8.9% Parent
FYE Dec 2025 7.5 −7.5% 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 Dec 2025 48.5years
Change · 7 yrs +2.2 years
Fiscal year Average age years YoY Basis
FYE Dec 2016 n/a n/a Parent
FYE Dec 2017 n/a n/a Parent
FYE Dec 2018 n/a n/a Parent
FYE Dec 2019 46.3 n/a Parent
FYE Dec 2020 46.9 +1.3% Parent
FYE Dec 2021 47.3 +0.9% Parent
FYE Dec 2022 47.7 +0.8% Parent
FYE Dec 2023 48.2 +1.0% Parent
FYE Dec 2024 48.5 +0.6% Parent
FYE Dec 2025 48.5 −0.0% 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 Dec 2025 23.4years
Change · 10 yrs +2.9 years
Fiscal year Average length of service years YoY Basis
FYE Dec 2016 20.5 n/a Parent
FYE Dec 2017 21.1 +2.9% Parent
FYE Dec 2018 21.4 +1.4% Parent
FYE Dec 2019 21.3 −0.5% Parent
FYE Dec 2020 21.6 +1.4% Parent
FYE Dec 2021 21.6 −0.0% Parent
FYE Dec 2022 21.0 −2.8% Parent
FYE Dec 2023 23.2 +10.5% Parent
FYE Dec 2024 23.4 +0.9% Parent
FYE Dec 2025 23.4 −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 Dec 2025 n/a
Change · 3 yrs +4 people
Fiscal year Temporary employees people YoY Basis
FYE Dec 2016 681 n/a n/a
FYE Dec 2017 803 +17.9% n/a
FYE Dec 2018 685 −14.7% n/a
FYE Dec 2019 n/a n/a n/a
FYE Dec 2020 n/a n/a n/a
FYE Dec 2021 n/a n/a n/a
FYE Dec 2022 n/a n/a n/a
FYE Dec 2023 n/a n/a n/a
FYE Dec 2024 n/a n/a n/a
FYE Dec 2025 n/a n/a 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 Dec 2025 ¥61.1m
Change · 10 yrs +¥36.1m
Fiscal year Revenue per employee ¥ m YoY Basis
FYE Dec 2016 24.9 n/a Cons.
FYE Dec 2017 38.0 +52.5% Cons.
FYE Dec 2018 38.7 n/a Cons.
FYE Dec 2019 37.9 −2.1% Cons.
FYE Dec 2020 38.2 +0.7% Cons.
FYE Dec 2021 47.4 +24.2% Cons.
FYE Dec 2022 71.4 +50.6% Cons.
FYE Dec 2023 69.3 −3.0% Cons.
FYE Dec 2024 59.4 −14.3% Cons.
FYE Dec 2025 61.1 +2.9% Cons.
Definition
What each employee accounts for in revenue
Formula
Revenue ÷ group employees
Source
Securities report (XBRL)

Operating profit per employee

FYE Dec 2025 ¥9.3m
Change · 10 yrs +¥6.4m
Fiscal year OP per employee ¥ m YoY Basis
FYE Dec 2016 2.9 n/a Cons.
FYE Dec 2017 3.8 +31.9% Cons.
FYE Dec 2018 3.5 n/a Cons.
FYE Dec 2019 0.3 −90.5% Cons.
FYE Dec 2020 3.5 +951.5% Cons.
FYE Dec 2021 8.3 +138.7% Cons.
FYE Dec 2022 20.2 +143.4% Cons.
FYE Dec 2023 18.4 −8.7% Cons.
FYE Dec 2024 9.8 −46.7% Cons.
FYE Dec 2025 9.3 −5.3% Cons.
Definition
What each employee accounts for in operating profit
Formula
Operating profit ÷ group employees
Source
Securities report (XBRL)

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