Financials

Seiko Epson: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥1.41tnYoY +3.7%

FYE Mar 2026 · Operating profit¥50bnYoY −34.0%

FYE Mar 2026 · Net profit¥18bnYoY −67.0%

FYE Mar 2026 · Equity ratio55.6%YoY +0.4pp

FYE Mar 2026 · Group employees74,619YoY −733

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.02tn	n/a	¥68bn	n/a	6.6%	¥48bn	Usui Minoru	Long-range vision <em>Epson 25</em> set out
FYE Mar 2018Consolidated	¥1.10tn	+7.5%	¥65bn	−4.3%	5.9%	¥42bn	Usui Minoru	Epson Imaging Devices absorbed and dissolved
FYE Mar 2019Consolidated	¥1.09tn	−1.1%	¥71bn	+9.8%	6.5%	¥54bn	Usui Minoru	—
FYE Mar 2020Consolidated	¥1.04tn	−4.2%	¥39bn	−44.7%	3.8%	¥7.7bn	Usui Minoru	—
FYE Mar 2021Consolidated	¥996bn	−4.6%	¥48bn	+20.7%	4.8%	¥31bn	Usui Minoru	<a class="en-history_person" href="/tse/6724/executives/ceo/ogawa-yasunori/" hreflang="ja">Ogawa Yasunori</a> becomes president
FYE Mar 2022Consolidated	¥1.13tn	+13.4%	¥94bn	+98.3%	8.4%	¥92bn	Ogawa Yasunori	—
FYE Mar 2023Consolidated	¥1.33tn	+17.8%	¥97bn	+2.7%	7.3%	¥75bn	Ogawa Yasunori	Moves from the first section to the TSE Prime Market
FYE Mar 2024Consolidated	¥1.31tn	−1.2%	¥58bn	−40.7%	4.4%	¥53bn	Ogawa Yasunori	—
FYE Mar 2025Consolidated	¥1.36tn	+3.7%	¥75bn	+30.5%	5.5%	¥55bn	Ogawa Yasunori	Fiery, LLC acquired outright for about ¥84.5bn
FYE Mar 2026Consolidated	¥1.41tn	+3.7%	¥50bn	−34.0%	3.5%	¥18bn	Ogawa Yasunori	—

How it compares

Seiko Epson¥1.41tnFY2025Operating margin 3.5%

Konica Minolta¥1.09tnFY2025Operating margin 4.6%Brother Industries¥893bnFY2025Operating margin 8.7%

Konica CorporationDissolved 2003

Minolta Co., Ltd.Delisted 2003

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.41tn

CAGR · 10 yrs +3.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,025	n/a	Cons. · IFRS
FYE Mar 2018	1,102	+7.5%	Cons. · IFRS
FYE Mar 2019	1,090	−1.1%	Cons. · IFRS
FYE Mar 2020	1,044	−4.2%	Cons. · IFRS
FYE Mar 2021	996	−4.6%	Cons. · IFRS
FYE Mar 2022	1,129	+13.4%	Cons. · IFRS
FYE Mar 2023	1,330	+17.8%	Cons. · IFRS
FYE Mar 2024	1,314	−1.2%	Cons. · IFRS
FYE Mar 2025	1,363	+3.7%	Cons. · IFRS
FYE Mar 2026	1,413	+3.7%	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 ¥912bn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	659	n/a	Cons. · IFRS
FYE Mar 2018	701	+6.4%	Cons. · IFRS
FYE Mar 2019	677	−3.5%	Cons. · IFRS
FYE Mar 2020	682	+0.7%	Cons. · IFRS
FYE Mar 2021	644	−5.6%	Cons. · IFRS
FYE Mar 2022	710	+10.4%	Cons. · IFRS
FYE Mar 2023	864	+21.6%	Cons. · IFRS
FYE Mar 2024	857	−0.7%	Cons. · IFRS
FYE Mar 2025	870	+1.5%	Cons. · IFRS
FYE Mar 2026	912	+4.9%	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 ¥501bn

CAGR · 10 yrs +3.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	366	n/a	Cons. · IFRS
FYE Mar 2018	401	+9.5%	Cons. · IFRS
FYE Mar 2019	413	+2.9%	Cons. · IFRS
FYE Mar 2020	362	−12.3%	Cons. · IFRS
FYE Mar 2021	352	−2.7%	Cons. · IFRS
FYE Mar 2022	418	+18.8%	Cons. · IFRS
FYE Mar 2023	467	+11.5%	Cons. · IFRS
FYE Mar 2024	457	−2.1%	Cons. · IFRS
FYE Mar 2025	493	+8.0%	Cons. · IFRS
FYE Mar 2026	501	+1.6%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥417bn

CAGR · 10 yrs +3.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	300	n/a	Cons. · IFRS
FYE Mar 2018	326	+8.6%	Cons. · IFRS
FYE Mar 2019	342	+4.9%	Cons. · IFRS
FYE Mar 2020	321	−6.1%	Cons. · IFRS
FYE Mar 2021	291	−9.5%	Cons. · IFRS
FYE Mar 2022	329	+13.1%	Cons. · IFRS
FYE Mar 2023	372	+13.0%	Cons. · IFRS
FYE Mar 2024	392	+5.5%	Cons. · IFRS
FYE Mar 2025	403	+2.9%	Cons. · IFRS
FYE Mar 2026	417	+3.4%	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 ¥50bn

CAGR · 10 yrs −3.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	67.9	n/a	Cons. · IFRS
FYE Mar 2018	65.0	−4.3%	Cons. · IFRS
FYE Mar 2019	71.4	+9.8%	Cons. · IFRS
FYE Mar 2020	39.5	−44.7%	Cons. · IFRS
FYE Mar 2021	47.7	+20.7%	Cons. · IFRS
FYE Mar 2022	94.5	+98.3%	Cons. · IFRS
FYE Mar 2023	97.0	+2.7%	Cons. · IFRS
FYE Mar 2024	57.5	−40.7%	Cons. · IFRS
FYE Mar 2025	75.1	+30.5%	Cons. · IFRS
FYE Mar 2026	49.6	−34.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥4.9bn

CAGR · 10 yrs +15.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.4	n/a	Cons. · IFRS
FYE Mar 2018	1.3	−7.7%	Cons. · IFRS
FYE Mar 2019	2.5	+91.9%	Cons. · IFRS
FYE Mar 2020	2.3	−5.9%	Cons. · IFRS
FYE Mar 2021	1.3	−42.9%	Cons. · IFRS
FYE Mar 2022	4.7	+256.7%	Cons. · IFRS
FYE Mar 2023	8.6	+83.9%	Cons. · IFRS
FYE Mar 2024	15.3	+76.5%	Cons. · IFRS
FYE Mar 2025	6.2	−59.5%	Cons. · IFRS
FYE Mar 2026	4.9	−21.5%	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 ¥4.4bn

CAGR · 10 yrs +10.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · IFRS
FYE Mar 2018	3.7	+98.7%	Cons. · IFRS
FYE Mar 2019	1.9	−49.5%	Cons. · IFRS
FYE Mar 2020	2.2	+15.3%	Cons. · IFRS
FYE Mar 2021	4.1	+92.4%	Cons. · IFRS
FYE Mar 2022	2.1	−48.6%	Cons. · IFRS
FYE Mar 2023	2.0	−4.4%	Cons. · IFRS
FYE Mar 2024	2.7	+33.4%	Cons. · IFRS
FYE Mar 2025	2.9	+6.9%	Cons. · IFRS
FYE Mar 2026	4.4	+50.8%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥18bn

CAGR · 10 yrs −10.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	48.3	n/a	Cons. · IFRS
FYE Mar 2018	41.8	−13.4%	Cons. · IFRS
FYE Mar 2019	53.7	+28.4%	Cons. · IFRS
FYE Mar 2020	7.7	−85.6%	Cons. · IFRS
FYE Mar 2021	30.9	+299.9%	Cons. · IFRS
FYE Mar 2022	92.3	+198.5%	Cons. · IFRS
FYE Mar 2023	75.0	−18.7%	Cons. · IFRS
FYE Mar 2024	52.6	−29.9%	Cons. · IFRS
FYE Mar 2025	55.2	+4.9%	Cons. · IFRS
FYE Mar 2026	18.2	−67.0%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 35.4%

Average · 10 yrs 35.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	35.7	n/a	Cons. · IFRS
FYE Mar 2018	36.4	+0.7pp	Cons. · IFRS
FYE Mar 2019	37.9	+1.5pp	Cons. · IFRS
FYE Mar 2020	34.7	−3.2pp	Cons. · IFRS
FYE Mar 2021	35.4	+0.7pp	Cons. · IFRS
FYE Mar 2022	37.1	+1.7pp	Cons. · IFRS
FYE Mar 2023	35.1	−2.0pp	Cons. · IFRS
FYE Mar 2024	34.8	−0.3pp	Cons. · IFRS
FYE Mar 2025	36.2	+1.4pp	Cons. · IFRS
FYE Mar 2026	35.4	−0.7pp	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 3.5%

Average · 10 yrs 5.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.6	n/a	Cons. · IFRS
FYE Mar 2018	5.9	−0.7pp	Cons. · IFRS
FYE Mar 2019	6.5	+0.7pp	Cons. · IFRS
FYE Mar 2020	3.8	−2.8pp	Cons. · IFRS
FYE Mar 2021	4.8	+1.0pp	Cons. · IFRS
FYE Mar 2022	8.4	+3.6pp	Cons. · IFRS
FYE Mar 2023	7.3	−1.1pp	Cons. · IFRS
FYE Mar 2024	4.4	−2.9pp	Cons. · IFRS
FYE Mar 2025	5.5	+1.1pp	Cons. · IFRS
FYE Mar 2026	3.5	−2.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 1.3%

Average · 10 yrs 4.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · IFRS
FYE Mar 2018	3.8	−0.9pp	Cons. · IFRS
FYE Mar 2019	4.9	+1.1pp	Cons. · IFRS
FYE Mar 2020	0.7	−4.2pp	Cons. · IFRS
FYE Mar 2021	3.1	+2.4pp	Cons. · IFRS
FYE Mar 2022	8.2	+5.1pp	Cons. · IFRS
FYE Mar 2023	5.6	−2.5pp	Cons. · IFRS
FYE Mar 2024	4.0	−1.6pp	Cons. · IFRS
FYE Mar 2025	4.0	−0.0pp	Cons. · IFRS
FYE Mar 2026	1.3	−2.8pp	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 64.6%

Average · 10 yrs 64.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	64.3	n/a	Cons. · IFRS
FYE Mar 2018	63.6	−0.7pp	Cons. · IFRS
FYE Mar 2019	62.1	−1.5pp	Cons. · IFRS
FYE Mar 2020	65.3	+3.2pp	Cons. · IFRS
FYE Mar 2021	64.6	−0.7pp	Cons. · IFRS
FYE Mar 2022	62.9	−1.7pp	Cons. · IFRS
FYE Mar 2023	64.9	+2.0pp	Cons. · IFRS
FYE Mar 2024	65.2	+0.3pp	Cons. · IFRS
FYE Mar 2025	63.8	−1.4pp	Cons. · IFRS
FYE Mar 2026	64.6	+0.7pp	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 29.5%

Average · 10 yrs 29.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	29.3	n/a	Cons. · IFRS
FYE Mar 2018	29.6	+0.3pp	Cons. · IFRS
FYE Mar 2019	31.4	+1.8pp	Cons. · IFRS
FYE Mar 2020	30.8	−0.6pp	Cons. · IFRS
FYE Mar 2021	29.2	−1.6pp	Cons. · IFRS
FYE Mar 2022	29.1	−0.1pp	Cons. · IFRS
FYE Mar 2023	27.9	−1.2pp	Cons. · IFRS
FYE Mar 2024	29.8	+1.9pp	Cons. · IFRS
FYE Mar 2025	29.6	−0.2pp	Cons. · IFRS
FYE Mar 2026	29.5	−0.1pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥1.53tn

CAGR · 10 yrs +5.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	974	n/a	Cons. · IFRS
FYE Mar 2018	1,033	+6.1%	Cons. · IFRS
FYE Mar 2019	1,038	+0.5%	Cons. · IFRS
FYE Mar 2020	1,041	+0.2%	Cons. · IFRS
FYE Mar 2021	1,161	+11.6%	Cons. · IFRS
FYE Mar 2022	1,266	+9.1%	Cons. · IFRS
FYE Mar 2023	1,342	+5.9%	Cons. · IFRS
FYE Mar 2024	1,413	+5.3%	Cons. · IFRS
FYE Mar 2025	1,456	+3.1%	Cons. · IFRS
FYE Mar 2026	1,535	+5.4%	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 ¥853bn

CAGR · 10 yrs +6.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	492	n/a	Cons. · IFRS
FYE Mar 2018	510	+3.7%	Cons. · IFRS
FYE Mar 2019	538	+5.3%	Cons. · IFRS
FYE Mar 2020	501	−6.7%	Cons. · IFRS
FYE Mar 2021	549	+9.5%	Cons. · IFRS
FYE Mar 2022	666	+21.2%	Cons. · IFRS
FYE Mar 2023	727	+9.3%	Cons. · IFRS
FYE Mar 2024	811	+11.5%	Cons. · IFRS
FYE Mar 2025	805	−0.8%	Cons. · IFRS
FYE Mar 2026	853	+6.1%	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 ¥163bn

CAGR · 8 yrs +4.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	121	n/a	Cons. · IFRS
FYE Mar 2020	187	+54.9%	Cons. · IFRS
FYE Mar 2021	238	+26.9%	Cons. · IFRS
FYE Mar 2022	217	−8.8%	Cons. · IFRS
FYE Mar 2023	195	−10.2%	Cons. · IFRS
FYE Mar 2024	175	−10.1%	Cons. · IFRS
FYE Mar 2025	144	−17.5%	Cons. · IFRS
FYE Mar 2026	163	+13.1%	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 ¥163bn

CAGR · 8 yrs +4.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	121	n/a	Cons. · IFRS
FYE Mar 2020	187	+54.9%	Cons. · IFRS
FYE Mar 2021	238	+26.9%	Cons. · IFRS
FYE Mar 2022	217	−8.8%	Cons. · IFRS
FYE Mar 2023	195	−10.2%	Cons. · IFRS
FYE Mar 2024	175	−10.1%	Cons. · IFRS
FYE Mar 2025	144	−17.5%	Cons. · IFRS
FYE Mar 2026	163	+13.1%	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 ¥80bn

CAGR · 9 yrs +17.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	22.0	n/a	Cons. · IFRS
FYE Mar 2019	25.2	+14.3%	Cons. · IFRS
FYE Mar 2020	29.1	+15.3%	Cons. · IFRS
FYE Mar 2021	28.0	−3.7%	Cons. · IFRS
FYE Mar 2022	24.2	−13.4%	Cons. · IFRS
FYE Mar 2023	25.4	+5.0%	Cons. · IFRS
FYE Mar 2024	21.2	−16.5%	Cons. · IFRS
FYE Mar 2025	80.5	+279.2%	Cons. · IFRS
FYE Mar 2026	80.3	−0.3%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥20bn

CAGR · 9 yrs +19.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	5.0	n/a	Cons. · IFRS
FYE Mar 2019	4.9	−2.3%	Cons. · IFRS
FYE Mar 2020	4.7	−2.4%	Cons. · IFRS
FYE Mar 2021	5.0	+4.7%	Cons. · IFRS
FYE Mar 2022	5.2	+4.0%	Cons. · IFRS
FYE Mar 2023	5.4	+4.3%	Cons. · IFRS
FYE Mar 2024	5.8	+8.2%	Cons. · IFRS
FYE Mar 2025	41.9	+618.6%	Cons. · IFRS
FYE Mar 2026	20.1	−52.0%	Cons. · IFRS

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

Equity ratio

FYE Mar 2026 55.6%

Average · 10 yrs 52.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	50.5	n/a	Cons. · IFRS
FYE Mar 2018	49.4	−1.1pp	Cons. · IFRS
FYE Mar 2019	51.8	+2.4pp	Cons. · IFRS
FYE Mar 2020	48.2	−3.6pp	Cons. · IFRS
FYE Mar 2021	47.3	−0.9pp	Cons. · IFRS
FYE Mar 2022	52.6	+5.3pp	Cons. · IFRS
FYE Mar 2023	54.2	+1.7pp	Cons. · IFRS
FYE Mar 2024	57.4	+3.2pp	Cons. · IFRS
FYE Mar 2025	55.2	−2.1pp	Cons. · IFRS
FYE Mar 2026	55.6	+0.4pp	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 19.1%

Average · 8 yrs 27.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	22.5	n/a	Cons. · IFRS
FYE Mar 2020	37.4	+14.9pp	Cons. · IFRS
FYE Mar 2021	43.3	+6.0pp	Cons. · IFRS
FYE Mar 2022	32.6	−10.7pp	Cons. · IFRS
FYE Mar 2023	26.8	−5.8pp	Cons. · IFRS
FYE Mar 2024	21.6	−5.2pp	Cons. · IFRS
FYE Mar 2025	18.0	−3.6pp	Cons. · IFRS
FYE Mar 2026	19.1	+1.2pp	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 2.1%

Average · 10 yrs 7.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.8	n/a	Cons. · IFRS
FYE Mar 2018	8.2	−1.6pp	Cons. · IFRS
FYE Mar 2019	10.0	+1.8pp	Cons. · IFRS
FYE Mar 2020	1.5	−8.4pp	Cons. · IFRS
FYE Mar 2021	5.6	+4.1pp	Cons. · IFRS
FYE Mar 2022	13.9	+8.2pp	Cons. · IFRS
FYE Mar 2023	10.3	−3.5pp	Cons. · IFRS
FYE Mar 2024	6.5	−3.8pp	Cons. · IFRS
FYE Mar 2025	6.9	+0.4pp	Cons. · IFRS
FYE Mar 2026	2.1	−4.7pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 1.2%

Average · 10 yrs 3.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · IFRS
FYE Mar 2018	4.0	−0.9pp	Cons. · IFRS
FYE Mar 2019	5.2	+1.1pp	Cons. · IFRS
FYE Mar 2020	0.7	−4.4pp	Cons. · IFRS
FYE Mar 2021	2.7	+1.9pp	Cons. · IFRS
FYE Mar 2022	7.3	+4.6pp	Cons. · IFRS
FYE Mar 2023	5.6	−1.7pp	Cons. · IFRS
FYE Mar 2024	3.7	−1.9pp	Cons. · IFRS
FYE Mar 2025	3.8	+0.1pp	Cons. · IFRS
FYE Mar 2026	1.2	−2.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.92×

CAGR · 10 yrs −1.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.05	n/a	Cons. · IFRS
FYE Mar 2018	1.07	+1.4%	Cons. · IFRS
FYE Mar 2019	1.05	−1.6%	Cons. · IFRS
FYE Mar 2020	1.00	−4.5%	Cons. · IFRS
FYE Mar 2021	0.86	−14.5%	Cons. · IFRS
FYE Mar 2022	0.89	+3.9%	Cons. · IFRS
FYE Mar 2023	0.99	+11.2%	Cons. · IFRS
FYE Mar 2024	0.93	−6.2%	Cons. · IFRS
FYE Mar 2025	0.94	+0.6%	Cons. · IFRS
FYE Mar 2026	0.92	−1.6%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥112bn

CAGR · 10 yrs +1.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	96.9	n/a	Cons. · IFRS
FYE Mar 2018	84.3	−13.0%	Cons. · IFRS
FYE Mar 2019	77.0	−8.7%	Cons. · IFRS
FYE Mar 2020	102	+33.0%	Cons. · IFRS
FYE Mar 2021	133	+30.2%	Cons. · IFRS
FYE Mar 2022	111	−16.8%	Cons. · IFRS
FYE Mar 2023	61.3	−44.7%	Cons. · IFRS
FYE Mar 2024	166	+170.0%	Cons. · IFRS
FYE Mar 2025	138	−16.6%	Cons. · IFRS
FYE Mar 2026	112	−18.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥66bn

Average · 10 yrs -¥75bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-75.8	n/a	Cons. · IFRS
FYE Mar 2018	-74.7	n/a	Cons. · IFRS
FYE Mar 2019	-82.7	n/a	Cons. · IFRS
FYE Mar 2020	-76.1	n/a	Cons. · IFRS
FYE Mar 2021	-57.4	n/a	Cons. · IFRS
FYE Mar 2022	-44.1	n/a	Cons. · IFRS
FYE Mar 2023	-61.6	n/a	Cons. · IFRS
FYE Mar 2024	-59.0	n/a	Cons. · IFRS
FYE Mar 2025	-151	n/a	Cons. · IFRS
FYE Mar 2026	-65.6	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 -¥40bn

Average · 10 yrs -¥33bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-26.7	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	-49.4	−133694.6%	Cons. · IFRS
FYE Mar 2020	-0.3	n/a	Cons. · IFRS
FYE Mar 2021	23.2	n/a	Cons. · IFRS
FYE Mar 2022	-51.8	−323.6%	Cons. · IFRS
FYE Mar 2023	-79.3	n/a	Cons. · IFRS
FYE Mar 2024	-65.4	n/a	Cons. · IFRS
FYE Mar 2025	-45.1	n/a	Cons. · IFRS
FYE Mar 2026	-39.6	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 ¥289bn

CAGR · 10 yrs +3.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	222	n/a	Cons. · IFRS
FYE Mar 2018	230	+3.6%	Cons. · IFRS
FYE Mar 2019	175	−23.7%	Cons. · IFRS
FYE Mar 2020	196	+12.0%	Cons. · IFRS
FYE Mar 2021	304	+54.9%	Cons. · IFRS
FYE Mar 2022	335	+10.3%	Cons. · IFRS
FYE Mar 2023	267	−20.2%	Cons. · IFRS
FYE Mar 2024	328	+22.9%	Cons. · IFRS
FYE Mar 2025	267	−18.7%	Cons. · IFRS
FYE Mar 2026	289	+8.1%	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 Mar 2026 ¥47bn

CAGR · 10 yrs +9.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	21.1	n/a	Cons. · IFRS
FYE Mar 2018	9.6	−54.4%	Cons. · IFRS
FYE Mar 2019	-5.8	−160.1%	Cons. · IFRS
FYE Mar 2020	26.2	n/a	Cons. · IFRS
FYE Mar 2021	75.8	+189.3%	Cons. · IFRS
FYE Mar 2022	66.7	−12.0%	Cons. · IFRS
FYE Mar 2023	-0.3	−100.4%	Cons. · IFRS
FYE Mar 2024	107	n/a	Cons. · IFRS
FYE Mar 2025	-12.7	−111.9%	Cons. · IFRS
FYE Mar 2026	46.8	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 Mar 2026 8.0%

Average · 10 yrs 9.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.5	n/a	Cons. · IFRS
FYE Mar 2018	7.6	−1.8pp	Cons. · IFRS
FYE Mar 2019	7.1	−0.6pp	Cons. · IFRS
FYE Mar 2020	9.8	+2.7pp	Cons. · IFRS
FYE Mar 2021	13.4	+3.6pp	Cons. · IFRS
FYE Mar 2022	9.8	−3.6pp	Cons. · IFRS
FYE Mar 2023	4.6	−5.2pp	Cons. · IFRS
FYE Mar 2024	12.6	+8.0pp	Cons. · IFRS
FYE Mar 2025	10.1	−2.5pp	Cons. · IFRS
FYE Mar 2026	8.0	−2.2pp	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 ¥125bn

CAGR · 8 yrs +12.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	54.3	n/a	Cons. · IFRS
FYE Mar 2020	8.9	−83.6%	Cons. · IFRS
FYE Mar 2021	66.2	+645.5%	Cons. · IFRS
FYE Mar 2022	118	+78.8%	Cons. · IFRS
FYE Mar 2023	72.7	−38.6%	Cons. · IFRS
FYE Mar 2024	153	+111.0%	Cons. · IFRS
FYE Mar 2025	123	−20.1%	Cons. · IFRS
FYE Mar 2026	125	+2.2%	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 ¥716bn

Change · 10 yrs −¥220bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	937	n/a
FYE Mar 2018	756	n/a
FYE Mar 2019	678	n/a
FYE Mar 2020	468	n/a
FYE Mar 2021	719	n/a
FYE Mar 2022	736	n/a
FYE Mar 2023	724	n/a
FYE Mar 2024	1,018	n/a
FYE Mar 2025	891	n/a
FYE Mar 2026	716	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 1,918¥

Change · 10 yrs −426¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,344	n/a
FYE Mar 2018	1,891	n/a
FYE Mar 2019	1,696	n/a
FYE Mar 2020	1,170	n/a
FYE Mar 2021	1,800	n/a
FYE Mar 2022	1,840	n/a
FYE Mar 2023	1,881	n/a
FYE Mar 2024	2,645	n/a
FYE Mar 2025	2,386	n/a
FYE Mar 2026	1,918	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 373,573,152shares

Change · 10 yrs −26,061,626 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	399,634,778	Parent
FYE Mar 2018	399,634,778	Parent
FYE Mar 2019	399,634,778	Parent
FYE Mar 2020	399,634,778	Parent
FYE Mar 2021	399,634,778	Parent
FYE Mar 2022	399,634,778	Parent
FYE Mar 2023	385,022,278	Parent
FYE Mar 2024	385,022,278	Parent
FYE Mar 2025	373,573,152	Parent
FYE Mar 2026	373,573,152	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 56.81¥

Change · 10 yrs −80.01¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	136.82	Cons.
FYE Mar 2018	118.78	Cons.
FYE Mar 2019	152.49	Cons.
FYE Mar 2020	22.26	Cons.
FYE Mar 2021	89.38	Cons.
FYE Mar 2022	266.73	Cons.
FYE Mar 2023	220.75	Cons.
FYE Mar 2024	158.68	Cons.
FYE Mar 2025	168.75	Cons.
FYE Mar 2026	56.81	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 2,284.32¥

Change · 10 yrs +1,052.70¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,231.61	Cons. · IFRS
FYE Mar 2018	1,277.04	Cons. · IFRS
FYE Mar 2019	1,345.27	Cons. · IFRS
FYE Mar 2020	1,254.79	Cons. · IFRS
FYE Mar 2021	1,373.50	Cons. · IFRS
FYE Mar 2022	1,665.31	Cons. · IFRS
FYE Mar 2023	1,888.79	Cons. · IFRS
FYE Mar 2024	2,105.98	Cons. · IFRS
FYE Mar 2025	2,153.83	Cons. · IFRS
FYE Mar 2026	2,284.32	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 33.76×

Average · 10 yrs 19.69×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.13	Cons.
FYE Mar 2018	15.92	Cons.
FYE Mar 2019	11.12	Cons.
FYE Mar 2020	52.56	Cons.
FYE Mar 2021	20.14	Cons.
FYE Mar 2022	6.90	Cons.
FYE Mar 2023	8.52	Cons.
FYE Mar 2024	16.67	Cons.
FYE Mar 2025	14.14	Cons.
FYE Mar 2026	33.76	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 0.72×

Average · 10 yrs 1.06×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.68	Cons.
FYE Mar 2018	1.30	Cons.
FYE Mar 2019	1.11	Cons.
FYE Mar 2020	0.80	Cons.
FYE Mar 2021	1.13	Cons.
FYE Mar 2022	0.96	Cons.
FYE Mar 2023	0.86	Cons.
FYE Mar 2024	1.08	Cons.
FYE Mar 2025	0.95	Cons.
FYE Mar 2026	0.72	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 74,619people

Change · 10 yrs +2,199 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	72,420	n/a	Cons.
FYE Mar 2018	76,391	+5.5%	Cons.
FYE Mar 2019	76,647	+0.3%	Cons.
FYE Mar 2020	75,608	−1.4%	Cons.
FYE Mar 2021	79,944	+5.7%	Cons.
FYE Mar 2022	77,642	−2.9%	Cons.
FYE Mar 2023	79,906	+2.9%	Cons.
FYE Mar 2024	74,464	−6.8%	Cons.
FYE Mar 2025	75,352	+1.2%	Cons.
FYE Mar 2026	74,619	−1.0%	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 12,311people

Change · 10 yrs +73 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	12,238	n/a	Parent
FYE Mar 2018	12,502	+2.2%	Parent
FYE Mar 2019	12,713	+1.7%	Parent
FYE Mar 2020	12,813	+0.8%	Parent
FYE Mar 2021	12,676	−1.1%	Parent
FYE Mar 2022	12,630	−0.4%	Parent
FYE Mar 2023	12,918	+2.3%	Parent
FYE Mar 2024	13,083	+1.3%	Parent
FYE Mar 2025	12,792	−2.2%	Parent
FYE Mar 2026	12,311	−3.8%	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 ¥8.1m

Change · 10 yrs +¥0.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.9	n/a	Parent
FYE Mar 2018	7.7	−3.4%	Parent
FYE Mar 2019	7.7	+0.7%	Parent
FYE Mar 2020	7.5	−3.1%	Parent
FYE Mar 2021	7.1	−4.7%	Parent
FYE Mar 2022	7.7	+7.8%	Parent
FYE Mar 2023	8.1	+5.8%	Parent
FYE Mar 2024	8.0	−1.3%	Parent
FYE Mar 2025	7.9	−0.8%	Parent
FYE Mar 2026	8.1	+1.8%	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 42.9years

Change · 8 yrs −0.7 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	43.6	n/a	Parent
FYE Mar 2020	43.6	−0.0%	Parent
FYE Mar 2021	44.0	+0.9%	Parent
FYE Mar 2022	43.8	−0.5%	Parent
FYE Mar 2023	43.7	−0.2%	Parent
FYE Mar 2024	43.4	−0.7%	Parent
FYE Mar 2025	43.2	−0.5%	Parent
FYE Mar 2026	42.9	−0.7%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 18.1years

Change · 10 yrs −1.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.4	n/a	Parent
FYE Mar 2018	19.5	+0.5%	Parent
FYE Mar 2019	19.4	−0.5%	Parent
FYE Mar 2020	19.2	−1.0%	Parent
FYE Mar 2021	19.0	−1.0%	Parent
FYE Mar 2022	19.3	+1.6%	Parent
FYE Mar 2023	19.0	−1.6%	Parent
FYE Mar 2024	18.6	−2.1%	Parent
FYE Mar 2025	18.3	−1.6%	Parent
FYE Mar 2026	18.1	−1.1%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥18.9m

Change · 10 yrs +¥4.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	14.2	n/a	Cons.
FYE Mar 2018	14.4	+1.9%	Cons.
FYE Mar 2019	14.2	−1.5%	Cons.
FYE Mar 2020	13.8	−2.9%	Cons.
FYE Mar 2021	12.5	−9.7%	Cons.
FYE Mar 2022	14.5	+16.7%	Cons.
FYE Mar 2023	16.6	+14.5%	Cons.
FYE Mar 2024	17.6	+6.0%	Cons.
FYE Mar 2025	18.1	+2.5%	Cons.
FYE Mar 2026	18.9	+4.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥0.7m

Change · 10 yrs −¥0.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons.
FYE Mar 2018	0.9	−9.2%	Cons.
FYE Mar 2019	0.9	+9.4%	Cons.
FYE Mar 2020	0.5	−43.9%	Cons.
FYE Mar 2021	0.6	+14.2%	Cons.
FYE Mar 2022	1.2	+104.1%	Cons.
FYE Mar 2023	1.2	−0.2%	Cons.
FYE Mar 2024	0.8	−36.4%	Cons.
FYE Mar 2025	1.0	+29.0%	Cons.
FYE Mar 2026	0.7	−33.4%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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