Financials

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

FYE Mar 2026 · Revenue¥117bnYoY +4.0%

FYE Mar 2026 · Operating profit¥15bnYoY +22.3%

FYE Mar 2026 · Net profit¥12bnYoY +26.1%

FYE Mar 2026 · Equity ratio76.6%YoY −1.2pp

FYE Mar 2026 · Group employees4,114YoY +148

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥88bn	n/a	¥4.2bn	n/a	4.8%	¥2.7bn	Hashimoto Hirokazu	FY15 consolidated revenue <span class="en-history_money" data-yen="95500000000" data-year="2016">$877.4M (¥96bn)</span>, net profit <span class="en-history_money" data-yen="3800000000" data-year="2016">$34.9M (¥4bn)</span>
FYE Mar 2018Consolidated	¥86bn	−1.9%	¥4.9bn	+16.0%	5.7%	¥2.9bn	Hashimoto Hirokazu	GLP2017 makes accelerated R&D for LTE-Advanced and 5G explicit policy
FYE Mar 2019Consolidated	¥100bn	+15.9%	¥11bn	+128.9%	11.3%	¥9.0bn	Hashimoto Hirokazu	<a class="en-history_person" href="/tse/6754/executives/ceo/hamada-koichi/" hreflang="ja">Hamada Koichi</a> becomes president in April; GLP2020 sets out three pillars of structural reform
FYE Mar 2020Consolidated	¥107bn	+7.4%	¥17bn	+54.8%	16.3%	¥13bn	Hamada Koichi	Hamada also takes on the group CEO role; a corporate planning office is set up under the president
FYE Mar 2021Consolidated	¥106bn	−1.0%	¥20bn	+12.9%	18.5%	¥16bn	Hamada Koichi	Three group companies absorbed into the parent in April; FY19 revenue <span class="en-history_money" data-yen="107000000000" data-year="2020">$1.0B (¥107bn)</span>, operating profit <span class="en-history_money" data-yen="17400000000" data-year="2020">$163M (¥17bn)</span> as 5G demand rises
FYE Mar 2022Consolidated	¥105bn	−0.5%	¥16bn	−16.0%	15.7%	¥13bn	Hamada Koichi	The <q>Advancing beyond</q> brand statement announced
FYE Mar 2023Consolidated	¥111bn	+5.2%	¥12bn	−28.8%	10.6%	¥9.3bn	Hamada Koichi	Takasago acquired in January; the company moves to the Prime Market in April
FYE Mar 2024Consolidated	¥110bn	−0.9%	¥9.0bn	−23.5%	8.2%	¥7.7bn	Hamada Koichi	GLP2023 names four new fields: local 5G, industrial DX, 6G and data centres
FYE Mar 2025Consolidated	¥113bn	+2.8%	¥12bn	+35.0%	10.7%	¥9.3bn	Hamada Koichi	Environmental measurement becomes a reporting segment; GLP2026 announced on 25 April
FYE Mar 2026Consolidated	¥117bn	+4.0%	¥15bn	+22.3%	12.6%	¥12bn	Hamada Koichi	Environmental measurement revenue reaches <span class="en-history_money" data-yen="8500000000" data-year="2025">$56.8M (¥9bn)</span> in FY24

How it compares

Keyence¥1.17tnFY2025Operating margin 51.0%Yokogawa Electric¥605bnFY2025Operating margin 13.6%Shimadzu¥561bnFY2025Operating margin 13.1%Horiba¥333bnFY2025Operating margin 15.9%Azbil¥299bnFY2025Operating margin 15.8%JEOL¥179bnFY2025Operating margin 14.5%

Furuno Electric¥141bnFY2025Operating margin 11.6%

Anritsu¥117bnFY2025Operating margin 12.6%

Rigaku Holdings Corporation¥94bnFY2025Operating margin 17.7%

Esupekku¥67bnFY2024Operating margin 11.2%

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 ¥117bn

CAGR · 10 yrs +3.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	87.6	n/a	Cons. · IFRS
FYE Mar 2018	86.0	−1.9%	Cons. · IFRS
FYE Mar 2019	99.7	+15.9%	Cons. · IFRS
FYE Mar 2020	107	+7.4%	Cons. · IFRS
FYE Mar 2021	106	−1.0%	Cons. · IFRS
FYE Mar 2022	105	−0.5%	Cons. · IFRS
FYE Mar 2023	111	+5.2%	Cons. · IFRS
FYE Mar 2024	110	−0.9%	Cons. · IFRS
FYE Mar 2025	113	+2.8%	Cons. · IFRS
FYE Mar 2026	117	+4.0%	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 Mar 2026 ¥57bn

CAGR · 10 yrs +2.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	45.2	n/a	Cons. · IFRS
FYE Mar 2018	44.0	−2.5%	Cons. · IFRS
FYE Mar 2019	48.8	+10.9%	Cons. · IFRS
FYE Mar 2020	48.9	+0.3%	Cons. · IFRS
FYE Mar 2021	48.7	−0.4%	Cons. · IFRS
FYE Mar 2022	49.9	+2.4%	Cons. · IFRS
FYE Mar 2023	56.9	+13.9%	Cons. · IFRS
FYE Mar 2024	58.3	+2.6%	Cons. · IFRS
FYE Mar 2025	58.0	−0.6%	Cons. · IFRS
FYE Mar 2026	57.4	−1.1%	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 ¥60bn

CAGR · 10 yrs +3.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	42.5	n/a	Cons. · IFRS
FYE Mar 2018	41.9	−1.2%	Cons. · IFRS
FYE Mar 2019	50.9	+21.2%	Cons. · IFRS
FYE Mar 2020	58.1	+14.2%	Cons. · IFRS
FYE Mar 2021	57.2	−1.5%	Cons. · IFRS
FYE Mar 2022	55.5	−3.0%	Cons. · IFRS
FYE Mar 2023	54.1	−2.6%	Cons. · IFRS
FYE Mar 2024	51.6	−4.5%	Cons. · IFRS
FYE Mar 2025	55.0	+6.5%	Cons. · IFRS
FYE Mar 2026	60.1	+9.3%	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 ¥36bn

CAGR · 10 yrs +3.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	27.2	n/a	Cons. · IFRS
FYE Mar 2018	26.6	−2.3%	Cons. · IFRS
FYE Mar 2019	27.9	+5.2%	Cons. · IFRS
FYE Mar 2020	28.0	+0.3%	Cons. · IFRS
FYE Mar 2021	26.8	−4.4%	Cons. · IFRS
FYE Mar 2022	27.9	+4.2%	Cons. · IFRS
FYE Mar 2023	31.6	+13.1%	Cons. · IFRS
FYE Mar 2024	32.7	+3.6%	Cons. · IFRS
FYE Mar 2025	33.4	+2.1%	Cons. · IFRS
FYE Mar 2026	36.4	+9.0%	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 ¥15bn

CAGR · 10 yrs +14.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · IFRS
FYE Mar 2018	4.9	+16.0%	Cons. · IFRS
FYE Mar 2019	11.2	+128.9%	Cons. · IFRS
FYE Mar 2020	17.4	+54.8%	Cons. · IFRS
FYE Mar 2021	19.7	+12.9%	Cons. · IFRS
FYE Mar 2022	16.5	−16.0%	Cons. · IFRS
FYE Mar 2023	11.7	−28.8%	Cons. · IFRS
FYE Mar 2024	9.0	−23.5%	Cons. · IFRS
FYE Mar 2025	12.1	+35.0%	Cons. · IFRS
FYE Mar 2026	14.8	+22.3%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥1.6bn

CAGR · 10 yrs +26.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · IFRS
FYE Mar 2018	0.3	+72.0%	Cons. · IFRS
FYE Mar 2019	0.4	+16.6%	Cons. · IFRS
FYE Mar 2020	0.3	−10.9%	Cons. · IFRS
FYE Mar 2021	0.4	+7.8%	Cons. · IFRS
FYE Mar 2022	1.0	+160.8%	Cons. · IFRS
FYE Mar 2023	1.2	+20.6%	Cons. · IFRS
FYE Mar 2024	1.3	+7.6%	Cons. · IFRS
FYE Mar 2025	0.8	−39.9%	Cons. · IFRS
FYE Mar 2026	1.6	+105.4%	Cons. · IFRS

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

Non-operating expenses

FYE Mar 2026 ¥264m

CAGR · 10 yrs −11.6%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	798	n/a	Cons. · IFRS
FYE Mar 2018	642	−19.5%	Cons. · IFRS
FYE Mar 2019	271	−57.8%	Cons. · IFRS
FYE Mar 2020	577	+112.9%	Cons. · IFRS
FYE Mar 2021	184	−68.1%	Cons. · IFRS
FYE Mar 2022	318	+72.8%	Cons. · IFRS
FYE Mar 2023	482	+51.6%	Cons. · IFRS
FYE Mar 2024	290	−39.8%	Cons. · IFRS
FYE Mar 2025	143	−50.7%	Cons. · IFRS
FYE Mar 2026	264	+84.6%	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 ¥12bn

CAGR · 10 yrs +17.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	2.7	n/a	Cons. · IFRS
FYE Mar 2018	2.9	+6.7%	Cons. · IFRS
FYE Mar 2019	9.0	+211.0%	Cons. · IFRS
FYE Mar 2020	13.4	+49.1%	Cons. · IFRS
FYE Mar 2021	16.1	+20.6%	Cons. · IFRS
FYE Mar 2022	12.8	−20.5%	Cons. · IFRS
FYE Mar 2023	9.3	−27.5%	Cons. · IFRS
FYE Mar 2024	7.7	−17.2%	Cons. · IFRS
FYE Mar 2025	9.3	+20.6%	Cons. · IFRS
FYE Mar 2026	11.7	+26.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 51.1%

Average · 10 yrs 50.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	48.5	n/a	Cons. · IFRS
FYE Mar 2018	48.8	+0.3pp	Cons. · IFRS
FYE Mar 2019	51.0	+2.2pp	Cons. · IFRS
FYE Mar 2020	54.3	+3.2pp	Cons. · IFRS
FYE Mar 2021	54.0	−0.3pp	Cons. · IFRS
FYE Mar 2022	52.6	−1.4pp	Cons. · IFRS
FYE Mar 2023	48.7	−3.9pp	Cons. · IFRS
FYE Mar 2024	46.9	−1.8pp	Cons. · IFRS
FYE Mar 2025	48.7	+1.7pp	Cons. · IFRS
FYE Mar 2026	51.1	+2.5pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 12.6%

Average · 10 yrs 11.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · IFRS
FYE Mar 2018	5.7	+0.9pp	Cons. · IFRS
FYE Mar 2019	11.3	+5.6pp	Cons. · IFRS
FYE Mar 2020	16.3	+5.0pp	Cons. · IFRS
FYE Mar 2021	18.5	+2.3pp	Cons. · IFRS
FYE Mar 2022	15.7	−2.9pp	Cons. · IFRS
FYE Mar 2023	10.6	−5.1pp	Cons. · IFRS
FYE Mar 2024	8.2	−2.4pp	Cons. · IFRS
FYE Mar 2025	10.7	+2.6pp	Cons. · IFRS
FYE Mar 2026	12.6	+1.9pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 9.9%

Average · 10 yrs 8.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · IFRS
FYE Mar 2018	3.4	+0.3pp	Cons. · IFRS
FYE Mar 2019	9.0	+5.6pp	Cons. · IFRS
FYE Mar 2020	12.5	+3.5pp	Cons. · IFRS
FYE Mar 2021	15.2	+2.7pp	Cons. · IFRS
FYE Mar 2022	12.1	−3.1pp	Cons. · IFRS
FYE Mar 2023	8.4	−3.8pp	Cons. · IFRS
FYE Mar 2024	7.0	−1.4pp	Cons. · IFRS
FYE Mar 2025	8.2	+1.2pp	Cons. · IFRS
FYE Mar 2026	9.9	+1.7pp	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 48.9%

Average · 10 yrs 49.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	51.5	n/a	Cons. · IFRS
FYE Mar 2018	51.2	−0.3pp	Cons. · IFRS
FYE Mar 2019	49.0	−2.2pp	Cons. · IFRS
FYE Mar 2020	45.7	−3.2pp	Cons. · IFRS
FYE Mar 2021	46.0	+0.3pp	Cons. · IFRS
FYE Mar 2022	47.4	+1.4pp	Cons. · IFRS
FYE Mar 2023	51.3	+3.9pp	Cons. · IFRS
FYE Mar 2024	53.1	+1.8pp	Cons. · IFRS
FYE Mar 2025	51.3	−1.7pp	Cons. · IFRS
FYE Mar 2026	48.9	−2.5pp	Cons. · IFRS

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

SG&A ratio

FYE Mar 2026 31.0%

Average · 10 yrs 28.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	31.0	n/a	Cons. · IFRS
FYE Mar 2018	30.9	−0.1pp	Cons. · IFRS
FYE Mar 2019	28.0	−2.9pp	Cons. · IFRS
FYE Mar 2020	26.2	−1.8pp	Cons. · IFRS
FYE Mar 2021	25.3	−0.9pp	Cons. · IFRS
FYE Mar 2022	26.5	+1.2pp	Cons. · IFRS
FYE Mar 2023	28.5	+2.0pp	Cons. · IFRS
FYE Mar 2024	29.7	+1.3pp	Cons. · IFRS
FYE Mar 2025	29.6	−0.2pp	Cons. · IFRS
FYE Mar 2026	31.0	+1.4pp	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 ¥173bn

CAGR · 10 yrs +3.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	125	n/a	Cons. · IFRS
FYE Mar 2018	121	−3.1%	Cons. · IFRS
FYE Mar 2019	130	+7.7%	Cons. · IFRS
FYE Mar 2020	139	+6.4%	Cons. · IFRS
FYE Mar 2021	144	+3.8%	Cons. · IFRS
FYE Mar 2022	153	+6.4%	Cons. · IFRS
FYE Mar 2023	152	−0.7%	Cons. · IFRS
FYE Mar 2024	161	+5.8%	Cons. · IFRS
FYE Mar 2025	160	−0.8%	Cons. · IFRS
FYE Mar 2026	173	+8.4%	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 ¥133bn

CAGR · 10 yrs +6.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	76.4	n/a	Cons. · IFRS
FYE Mar 2018	78.1	+2.3%	Cons. · IFRS
FYE Mar 2019	85.4	+9.3%	Cons. · IFRS
FYE Mar 2020	94.0	+10.0%	Cons. · IFRS
FYE Mar 2021	109	+16.0%	Cons. · IFRS
FYE Mar 2022	114	+4.5%	Cons. · IFRS
FYE Mar 2023	117	+2.7%	Cons. · IFRS
FYE Mar 2024	126	+7.2%	Cons. · IFRS
FYE Mar 2025	124	−1.0%	Cons. · IFRS
FYE Mar 2026	133	+6.8%	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 ¥3.6bn

CAGR · 9 yrs −17.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	15.9	n/a	Cons. · IFRS
FYE Mar 2019	16.2	+1.9%	Cons. · IFRS
FYE Mar 2020	12.9	−20.8%	Cons. · IFRS
FYE Mar 2021	4.1	−67.9%	Cons. · IFRS
FYE Mar 2022	4.1	−0.2%	Cons. · IFRS
FYE Mar 2023	4.1	+0.3%	Cons. · IFRS
FYE Mar 2024	4.1	−1.2%	Cons. · IFRS
FYE Mar 2025	3.6	−12.9%	Cons. · IFRS
FYE Mar 2026	3.6	+0.1%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥0.6bn

CAGR · 9 yrs −22.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	4.5	n/a	Cons. · IFRS
FYE Mar 2019	5.3	+18.0%	Cons. · IFRS
FYE Mar 2020	9.9	+87.5%	Cons. · IFRS
FYE Mar 2021	4.1	−58.2%	Cons. · IFRS
FYE Mar 2022	1.1	−72.6%	Cons. · IFRS
FYE Mar 2023	1.1	+1.0%	Cons. · IFRS
FYE Mar 2024	4.1	+257.3%	Cons. · IFRS
FYE Mar 2025	0.6	−86.1%	Cons. · IFRS
FYE Mar 2026	0.6	−0.0%	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 ¥3.0bn

CAGR · 7 yrs −20.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	11.5	n/a	Cons. · IFRS
FYE Mar 2019	11.0	−4.3%	Cons. · IFRS
FYE Mar 2020	3.0	−72.7%	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	3.0	n/a	Cons. · IFRS
FYE Mar 2023	3.0	+0.1%	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	3.0	n/a	Cons. · IFRS
FYE Mar 2026	3.0	+0.1%	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 ¥9.8bn

CAGR · 9 yrs +12.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3.8	n/a	Cons. · IFRS
FYE Mar 2019	3.4	−10.9%	Cons. · IFRS
FYE Mar 2020	3.6	+7.4%	Cons. · IFRS
FYE Mar 2021	5.0	+37.0%	Cons. · IFRS
FYE Mar 2022	5.5	+10.1%	Cons. · IFRS
FYE Mar 2023	5.4	−2.1%	Cons. · IFRS
FYE Mar 2024	5.4	−0.3%	Cons. · IFRS
FYE Mar 2025	5.3	−1.3%	Cons. · IFRS
FYE Mar 2026	9.8	+84.3%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥8.1bn

CAGR · 9 yrs +60.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.2	n/a	Cons. · IFRS
FYE Mar 2019	0.2	+4.8%	Cons. · IFRS
FYE Mar 2020	0.2	−2.0%	Cons. · IFRS
FYE Mar 2021	0.2	+1.6%	Cons. · IFRS
FYE Mar 2022	3.1	+1475.5%	Cons. · IFRS
FYE Mar 2023	3.1	+0.6%	Cons. · IFRS
FYE Mar 2024	2.9	−7.6%	Cons. · IFRS
FYE Mar 2025	2.9	−0.0%	Cons. · IFRS
FYE Mar 2026	8.1	+180.8%	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 76.6%

Average · 10 yrs 71.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	61.1	n/a	Cons. · IFRS
FYE Mar 2018	64.5	+3.4pp	Cons. · IFRS
FYE Mar 2019	65.5	+1.0pp	Cons. · IFRS
FYE Mar 2020	67.7	+2.2pp	Cons. · IFRS
FYE Mar 2021	75.7	+8.0pp	Cons. · IFRS
FYE Mar 2022	74.4	−1.3pp	Cons. · IFRS
FYE Mar 2023	76.9	+2.5pp	Cons. · IFRS
FYE Mar 2024	77.9	+1.0pp	Cons. · IFRS
FYE Mar 2025	77.8	−0.2pp	Cons. · IFRS
FYE Mar 2026	76.6	−1.2pp	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 2026 2.7%

Average · 9 yrs 8.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	20.4	n/a	Cons. · IFRS
FYE Mar 2019	19.0	−1.4pp	Cons. · IFRS
FYE Mar 2020	13.7	−5.3pp	Cons. · IFRS
FYE Mar 2021	3.8	−9.9pp	Cons. · IFRS
FYE Mar 2022	3.6	−0.2pp	Cons. · IFRS
FYE Mar 2023	3.5	−0.1pp	Cons. · IFRS
FYE Mar 2024	3.3	−0.3pp	Cons. · IFRS
FYE Mar 2025	2.9	−0.4pp	Cons. · IFRS
FYE Mar 2026	2.7	−0.2pp	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 8.8%

Average · 10 yrs 8.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons. · IFRS
FYE Mar 2018	3.7	+0.2pp	Cons. · IFRS
FYE Mar 2019	10.5	+6.8pp	Cons. · IFRS
FYE Mar 2020	14.2	+3.7pp	Cons. · IFRS
FYE Mar 2021	14.8	+0.6pp	Cons. · IFRS
FYE Mar 2022	11.2	−3.5pp	Cons. · IFRS
FYE Mar 2023	7.9	−3.3pp	Cons. · IFRS
FYE Mar 2024	6.1	−1.8pp	Cons. · IFRS
FYE Mar 2025	7.4	+1.3pp	Cons. · IFRS
FYE Mar 2026	8.8	+1.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 6.7%

Average · 10 yrs 6.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · IFRS
FYE Mar 2018	2.4	+0.2pp	Cons. · IFRS
FYE Mar 2019	6.9	+4.5pp	Cons. · IFRS
FYE Mar 2020	9.6	+2.8pp	Cons. · IFRS
FYE Mar 2021	11.2	+1.6pp	Cons. · IFRS
FYE Mar 2022	8.3	−2.8pp	Cons. · IFRS
FYE Mar 2023	6.1	−2.3pp	Cons. · IFRS
FYE Mar 2024	4.8	−1.3pp	Cons. · IFRS
FYE Mar 2025	5.8	+1.0pp	Cons. · IFRS
FYE Mar 2026	6.7	+0.9pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.68×

CAGR · 10 yrs −0.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.70	n/a	Cons. · IFRS
FYE Mar 2018	0.71	+1.2%	Cons. · IFRS
FYE Mar 2019	0.76	+7.7%	Cons. · IFRS
FYE Mar 2020	0.77	+0.9%	Cons. · IFRS
FYE Mar 2021	0.74	−4.6%	Cons. · IFRS
FYE Mar 2022	0.69	−6.5%	Cons. · IFRS
FYE Mar 2023	0.73	+6.0%	Cons. · IFRS
FYE Mar 2024	0.68	−6.3%	Cons. · IFRS
FYE Mar 2025	0.71	+3.6%	Cons. · IFRS
FYE Mar 2026	0.68	−4.1%	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 ¥18bn

CAGR · 10 yrs +7.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · IFRS
FYE Mar 2018	7.9	−14.1%	Cons. · IFRS
FYE Mar 2019	12.2	+54.1%	Cons. · IFRS
FYE Mar 2020	14.7	+20.2%	Cons. · IFRS
FYE Mar 2021	20.5	+39.1%	Cons. · IFRS
FYE Mar 2022	16.0	−21.7%	Cons. · IFRS
FYE Mar 2023	6.1	−61.9%	Cons. · IFRS
FYE Mar 2024	16.6	+171.1%	Cons. · IFRS
FYE Mar 2025	21.1	+27.1%	Cons. · IFRS
FYE Mar 2026	17.9	−15.1%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥15bn

Average · 10 yrs -¥5.3bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-3.7	n/a	Cons. · IFRS
FYE Mar 2018	-3.9	n/a	Cons. · IFRS
FYE Mar 2019	-0.6	n/a	Cons. · IFRS
FYE Mar 2020	-3.7	n/a	Cons. · IFRS
FYE Mar 2021	-5.0	n/a	Cons. · IFRS
FYE Mar 2022	-8.7	n/a	Cons. · IFRS
FYE Mar 2023	-5.2	n/a	Cons. · IFRS
FYE Mar 2024	-3.6	n/a	Cons. · IFRS
FYE Mar 2025	-3.9	n/a	Cons. · IFRS
FYE Mar 2026	-14.7	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 -¥6.4bn

Average · 10 yrs -¥8.5bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.8	n/a	Cons. · IFRS
FYE Mar 2018	-8.2	n/a	Cons. · IFRS
FYE Mar 2019	-2.1	n/a	Cons. · IFRS
FYE Mar 2020	-7.6	n/a	Cons. · IFRS
FYE Mar 2021	-14.5	n/a	Cons. · IFRS
FYE Mar 2022	-13.4	n/a	Cons. · IFRS
FYE Mar 2023	-11.4	n/a	Cons. · IFRS
FYE Mar 2024	-6.6	n/a	Cons. · IFRS
FYE Mar 2025	-12.3	n/a	Cons. · IFRS
FYE Mar 2026	-6.4	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 ¥49bn

CAGR · 10 yrs +2.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	39.7	n/a	Cons. · IFRS
FYE Mar 2018	35.5	−10.7%	Cons. · IFRS
FYE Mar 2019	45.1	+27.2%	Cons. · IFRS
FYE Mar 2020	47.7	+5.7%	Cons. · IFRS
FYE Mar 2021	49.8	+4.5%	Cons. · IFRS
FYE Mar 2022	45.7	−8.3%	Cons. · IFRS
FYE Mar 2023	36.8	−19.4%	Cons. · IFRS
FYE Mar 2024	45.7	+24.0%	Cons. · IFRS
FYE Mar 2025	50.1	+9.7%	Cons. · IFRS
FYE Mar 2026	49.3	−1.6%	Cons. · IFRS

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

Free cash flow

FYE Mar 2026 ¥3.2bn

CAGR · 10 yrs −6.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · IFRS
FYE Mar 2018	4.0	−28.1%	Cons. · IFRS
FYE Mar 2019	11.6	+189.8%	Cons. · IFRS
FYE Mar 2020	11.0	−5.1%	Cons. · IFRS
FYE Mar 2021	15.5	+40.0%	Cons. · IFRS
FYE Mar 2022	7.3	−52.6%	Cons. · IFRS
FYE Mar 2023	0.9	−87.7%	Cons. · IFRS
FYE Mar 2024	12.9	+1339.9%	Cons. · IFRS
FYE Mar 2025	17.2	+32.7%	Cons. · IFRS
FYE Mar 2026	3.2	−81.3%	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 15.2%

Average · 10 yrs 13.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	10.6	n/a	Cons. · IFRS
FYE Mar 2018	9.2	−1.3pp	Cons. · IFRS
FYE Mar 2019	12.3	+3.0pp	Cons. · IFRS
FYE Mar 2020	13.8	+1.5pp	Cons. · IFRS
FYE Mar 2021	19.3	+5.6pp	Cons. · IFRS
FYE Mar 2022	15.2	−4.1pp	Cons. · IFRS
FYE Mar 2023	5.5	−9.7pp	Cons. · IFRS
FYE Mar 2024	15.1	+9.6pp	Cons. · IFRS
FYE Mar 2025	18.7	+3.6pp	Cons. · IFRS
FYE Mar 2026	15.2	−3.4pp	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 ¥46bn

CAGR · 9 yrs +11.2%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	19.5	n/a	Cons. · IFRS
FYE Mar 2019	28.8	+47.9%	Cons. · IFRS
FYE Mar 2020	34.8	+20.6%	Cons. · IFRS
FYE Mar 2021	45.7	+31.3%	Cons. · IFRS
FYE Mar 2022	41.6	−9.0%	Cons. · IFRS
FYE Mar 2023	32.7	−21.3%	Cons. · IFRS
FYE Mar 2024	41.6	+27.1%	Cons. · IFRS
FYE Mar 2025	46.5	+11.9%	Cons. · IFRS
FYE Mar 2026	45.8	−1.7%	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 ¥372bn

Change · 10 yrs +¥256bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	116	n/a
FYE Mar 2018	182	n/a
FYE Mar 2019	283	n/a
FYE Mar 2020	277	n/a
FYE Mar 2021	334	n/a
FYE Mar 2022	215	n/a
FYE Mar 2023	166	n/a
FYE Mar 2024	168	n/a
FYE Mar 2025	183	n/a
FYE Mar 2026	372	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 2,738¥

Change · 10 yrs +1,896¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	842	n/a
FYE Mar 2018	1,314	n/a
FYE Mar 2019	2,050	n/a
FYE Mar 2020	2,006	n/a
FYE Mar 2021	2,416	n/a
FYE Mar 2022	1,553	n/a
FYE Mar 2023	1,221	n/a
FYE Mar 2024	1,236	n/a
FYE Mar 2025	1,344	n/a
FYE Mar 2026	2,738	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 135,870,000shares

Change · 10 yrs −2,245,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	138,115,000	Parent
FYE Mar 2018	138,134,000	Parent
FYE Mar 2019	138,206,000	Parent
FYE Mar 2020	138,257,000	Parent
FYE Mar 2021	138,282,000	Parent
FYE Mar 2022	138,308,000	Parent
FYE Mar 2023	135,868,000	Parent
FYE Mar 2024	135,870,000	Parent
FYE Mar 2025	135,870,000	Parent
FYE Mar 2026	135,870,000	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 91.20¥

Change · 10 yrs +71.55¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	19.65	Cons.
FYE Mar 2018	20.97	Cons.
FYE Mar 2019	65.20	Cons.
FYE Mar 2020	97.20	Cons.
FYE Mar 2021	117.18	Cons.
FYE Mar 2022	93.98	Cons.
FYE Mar 2023	69.98	Cons.
FYE Mar 2024	58.29	Cons.
FYE Mar 2025	70.42	Cons.
FYE Mar 2026	91.20	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 976.79¥

Change · 10 yrs +423.65¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	553.15	Cons. · IFRS
FYE Mar 2018	565.73	Cons. · IFRS
FYE Mar 2019	618.23	Cons. · IFRS
FYE Mar 2020	679.99	Cons. · IFRS
FYE Mar 2021	788.69	Cons. · IFRS
FYE Mar 2022	823.89	Cons. · IFRS
FYE Mar 2023	861.55	Cons. · IFRS
FYE Mar 2024	923.79	Cons. · IFRS
FYE Mar 2025	914.61	Cons. · IFRS
FYE Mar 2026	976.79	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 30.02×

Average · 10 yrs 28.25×

Fiscal year	PER ×	Basis
FYE Mar 2017	42.85	Cons.
FYE Mar 2018	62.66	Cons.
FYE Mar 2019	31.44	Cons.
FYE Mar 2020	20.64	Cons.
FYE Mar 2021	20.62	Cons.
FYE Mar 2022	16.52	Cons.
FYE Mar 2023	17.45	Cons.
FYE Mar 2024	21.21	Cons.
FYE Mar 2025	19.09	Cons.
FYE Mar 2026	30.02	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 2.64×

Average · 10 yrs 2.16×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.51	Cons.
FYE Mar 2018	2.31	Cons.
FYE Mar 2019	3.29	Cons.
FYE Mar 2020	2.93	Cons.
FYE Mar 2021	3.04	Cons.
FYE Mar 2022	1.83	Cons.
FYE Mar 2023	1.37	Cons.
FYE Mar 2024	1.30	Cons.
FYE Mar 2025	1.40	Cons.
FYE Mar 2026	2.64	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 4,114people

Change · 10 yrs +326 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	3,788	n/a	Cons.
FYE Mar 2018	3,717	−1.9%	Cons.
FYE Mar 2019	3,778	+1.6%	Cons.
FYE Mar 2020	3,881	+2.7%	Cons.
FYE Mar 2021	3,954	+1.9%	Cons.
FYE Mar 2022	4,168	+5.4%	Cons.
FYE Mar 2023	4,144	−0.6%	Cons.
FYE Mar 2024	4,083	−1.5%	Cons.
FYE Mar 2025	3,966	−2.9%	Cons.
FYE Mar 2026	4,114	+3.7%	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 1,734people

Change · 10 yrs +919 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	815	n/a	Parent
FYE Mar 2018	844	+3.6%	Parent
FYE Mar 2019	836	−0.9%	Parent
FYE Mar 2020	855	+2.3%	Parent
FYE Mar 2021	1,284	+50.2%	Parent
FYE Mar 2022	1,758	+36.9%	Parent
FYE Mar 2023	1,750	−0.5%	Parent
FYE Mar 2024	1,732	−1.0%	Parent
FYE Mar 2025	1,713	−1.1%	Parent
FYE Mar 2026	1,734	+1.2%	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 784万円

Change · 8 yrs +18万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	766	n/a	Parent
FYE Mar 2020	820	+7.1%	Parent
FYE Mar 2021	783	−4.5%	Parent
FYE Mar 2022	761	−2.9%	Parent
FYE Mar 2023	755	−0.8%	Parent
FYE Mar 2024	744	−1.4%	Parent
FYE Mar 2025	730	−1.9%	Parent
FYE Mar 2026	784	+7.3%	Parent

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

Average age

FYE Mar 2026 46.1years

Change · 8 yrs +2.4 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	43.7	n/a	Parent
FYE Mar 2020	43.9	+0.5%	Parent
FYE Mar 2021	44.7	+1.8%	Parent
FYE Mar 2022	44.2	−1.1%	Parent
FYE Mar 2023	44.5	+0.7%	Parent
FYE Mar 2024	45.1	+1.3%	Parent
FYE Mar 2025	45.8	+1.6%	Parent
FYE Mar 2026	46.1	+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 21.3years

Change · 8 yrs +1.7 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	19.6	n/a	Parent
FYE Mar 2020	19.9	+1.5%	Parent
FYE Mar 2021	20.7	+4.0%	Parent
FYE Mar 2022	19.6	−5.3%	Parent
FYE Mar 2023	19.8	+1.0%	Parent
FYE Mar 2024	20.3	+2.5%	Parent
FYE Mar 2025	21.0	+3.4%	Parent
FYE Mar 2026	21.3	+1.4%	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 540people

Change · 10 yrs −91 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	631	n/a	n/a
FYE Mar 2018	572	−9.4%	n/a
FYE Mar 2019	558	−2.4%	n/a
FYE Mar 2020	582	+4.3%	n/a
FYE Mar 2021	591	+1.5%	n/a
FYE Mar 2022	628	+6.3%	n/a
FYE Mar 2023	617	−1.8%	n/a
FYE Mar 2024	550	−10.9%	n/a
FYE Mar 2025	525	−4.5%	n/a
FYE Mar 2026	540	+2.9%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥28.6m

Change · 10 yrs +¥5.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	23.1	n/a	Cons.
FYE Mar 2018	23.1	−0.0%	Cons.
FYE Mar 2019	26.4	+14.1%	Cons.
FYE Mar 2020	27.6	+4.5%	Cons.
FYE Mar 2021	26.8	−2.8%	Cons.
FYE Mar 2022	25.3	−5.6%	Cons.
FYE Mar 2023	26.8	+5.9%	Cons.
FYE Mar 2024	26.9	+0.6%	Cons.
FYE Mar 2025	28.5	+5.8%	Cons.
FYE Mar 2026	28.6	+0.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.6m

Change · 10 yrs +¥2.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons.
FYE Mar 2018	1.3	+18.2%	Cons.
FYE Mar 2019	3.0	+125.3%	Cons.
FYE Mar 2020	4.5	+50.7%	Cons.
FYE Mar 2021	5.0	+10.8%	Cons.
FYE Mar 2022	4.0	−20.4%	Cons.
FYE Mar 2023	2.8	−28.4%	Cons.
FYE Mar 2024	2.2	−22.4%	Cons.
FYE Mar 2025	3.1	+38.9%	Cons.
FYE Mar 2026	3.6	+17.9%	Cons.

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

Disclaimer

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

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