Financials

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

FYE Mar 2026 · Revenue¥2.50tnYoY +13.6%

FYE Mar 2026 · Operating profit¥272bnYoY +21.5%

FYE Mar 2026 · Net profit¥196bnYoY +17.1%

FYE Mar 2026 · Equity ratio49.2%YoY −1.7pp

FYE Mar 2026 · Group employees106,545YoY +1,478

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.18tn	n/a	¥212bn	n/a	18.0%	¥145bn	Kamigama Takehiro	Swiss magnetic-sensor maker Micronas acquired, becoming TDK-Micronas
FYE Mar 2018Consolidated	¥1.27tn	+7.9%	¥90bn	−57.6%	7.1%	¥63bn	Ishiguro Shigenao	High-frequency components transferred to RF360 Holdings, the Qualcomm joint venture
FYE Mar 2019Consolidated	¥1.38tn	+8.7%	¥116bn	+28.7%	8.4%	¥82bn	Ishiguro Shigenao	Head office moved to Nihonbashi, Chuo-ku, Tokyo
FYE Mar 2020Consolidated	¥1.36tn	−1.4%	¥96bn	−17.0%	7.0%	¥58bn	Ishiguro Shigenao	Stake in RF360 Holdings sold
FYE Mar 2021Consolidated	¥1.48tn	+8.5%	¥122bn	+27.1%	8.2%	¥75bn	Ishiguro Shigenao	TDK-EPC merged into TDK; four-segment structure settled
FYE Mar 2022Consolidated	¥1.90tn	+28.6%	¥167bn	+36.8%	8.8%	¥131bn	Ishiguro Shigenao	—
FYE Mar 2023Consolidated	¥2.18tn	+14.7%	¥169bn	+1.2%	7.7%	¥114bn	Ishiguro Shigenao	—
FYE Mar 2024Consolidated	¥2.10tn	−3.5%	¥173bn	+2.4%	8.2%	¥125bn	Saito Noboru	Consolidated revenue passes ¥2 trillion for the first time
FYE Mar 2025Consolidated	¥2.20tn	+4.8%	¥224bn	+29.7%	10.2%	¥167bn	Saito Noboru	—
FYE Mar 2026Consolidated	¥2.50tn	+13.6%	¥272bn	+21.5%	10.9%	¥196bn	Saito Noboru	Ninetieth anniversary; consolidated revenue of ¥2,204.8bn

How it compares

TDK¥2.50tnFY2025Operating margin 10.9%

Murata Manufacturing¥1.83tnFY2025Operating margin 15.4%Alps Alpine¥1.02tnFY2025Operating margin 4.1%Taiyo Yuden¥355bnFY2025Operating margin 5.6%Meiko¥241bnFY2025Operating margin 10.2%Japan Aviation Electronics Industry¥228bnFY2025Operating margin 3.9%Hirose Electric¥211bnFY2025Operating margin 20.4%

Mabuchi Motor¥200bnFY2025Operating margin 12.7%

NICHICON CORPORATION¥170bnFY2025Operating margin 3.8%

MARUWA¥74bnFY2025Operating margin 33.5%

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 ¥2.50tn

CAGR · 10 yrs +8.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,178	n/a	Cons. · US GAAP
FYE Mar 2018	1,272	+7.9%	Cons. · US GAAP
FYE Mar 2019	1,382	+8.7%	Cons. · US GAAP
FYE Mar 2020	1,363	−1.4%	Cons. · US GAAP
FYE Mar 2021	1,479	+8.5%	Cons. · US GAAP
FYE Mar 2022	1,902	moved to IFRS	Cons. · IFRS
FYE Mar 2023	2,181	+14.7%	Cons. · IFRS
FYE Mar 2024	2,104	−3.5%	Cons. · IFRS
FYE Mar 2025	2,205	+4.8%	Cons. · IFRS
FYE Mar 2026	2,505	+13.6%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥1.72tn

CAGR · 10 yrs +8.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	856	n/a	Cons. · US GAAP
FYE Mar 2018	931	+8.7%	Cons. · US GAAP
FYE Mar 2019	985	+5.9%	Cons. · US GAAP
FYE Mar 2020	960	−2.6%	Cons. · US GAAP
FYE Mar 2021	1,052	+9.7%	Cons. · US GAAP
FYE Mar 2022	1,338	moved to IFRS	Cons. · IFRS
FYE Mar 2023	1,596	+19.3%	Cons. · IFRS
FYE Mar 2024	1,501	−6.0%	Cons. · IFRS
FYE Mar 2025	1,517	+1.1%	Cons. · IFRS
FYE Mar 2026	1,721	+13.5%	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 ¥783bn

CAGR · 10 yrs +10.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	322	n/a	Cons. · US GAAP
FYE Mar 2018	341	+5.9%	Cons. · US GAAP
FYE Mar 2019	396	+16.2%	Cons. · US GAAP
FYE Mar 2020	403	+1.7%	Cons. · US GAAP
FYE Mar 2021	427	+5.8%	Cons. · US GAAP
FYE Mar 2022	564	moved to IFRS	Cons. · IFRS
FYE Mar 2023	585	+3.7%	Cons. · IFRS
FYE Mar 2024	603	+3.2%	Cons. · IFRS
FYE Mar 2025	688	+14.1%	Cons. · IFRS
FYE Mar 2026	783	+13.9%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥544bn

CAGR · 10 yrs +19.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	114	n/a	Cons. · US GAAP
FYE Mar 2018	260	+128.5%	Cons. · US GAAP
FYE Mar 2019	288	+10.7%	Cons. · US GAAP
FYE Mar 2020	290	+0.8%	Cons. · US GAAP
FYE Mar 2021	328	+13.3%	Cons. · US GAAP
FYE Mar 2022	411	moved to IFRS	Cons. · IFRS
FYE Mar 2023	435	+5.9%	Cons. · IFRS
FYE Mar 2024	453	+4.1%	Cons. · IFRS
FYE Mar 2025	494	+9.2%	Cons. · IFRS
FYE Mar 2026	544	+10.1%	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 ¥272bn

CAGR · 10 yrs +2.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	212	n/a	Cons. · US GAAP
FYE Mar 2018	89.8	−57.6%	Cons. · US GAAP
FYE Mar 2019	116	+28.7%	Cons. · US GAAP
FYE Mar 2020	95.9	−17.0%	Cons. · US GAAP
FYE Mar 2021	122	+27.1%	Cons. · US GAAP
FYE Mar 2022	167	moved to IFRS	Cons. · IFRS
FYE Mar 2023	169	+1.2%	Cons. · IFRS
FYE Mar 2024	173	+2.4%	Cons. · IFRS
FYE Mar 2025	224	+29.7%	Cons. · IFRS
FYE Mar 2026	272	+21.5%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥36bn

CAGR · 6 yrs +26.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	n/a	n/a	Cons. · US GAAP
FYE Mar 2020	n/a	n/a	Cons. · US GAAP
FYE Mar 2021	11.4	n/a	Cons. · US GAAP
FYE Mar 2022	11.3	moved to IFRS	Cons. · IFRS
FYE Mar 2023	17.4	+54.0%	Cons. · IFRS
FYE Mar 2024	35.9	+106.7%	Cons. · IFRS
FYE Mar 2025	27.0	−24.7%	Cons. · IFRS
FYE Mar 2026	36.5	+34.9%	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 Mar 2026 ¥33bn

CAGR · 6 yrs +34.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	n/a	n/a	Cons. · US GAAP
FYE Mar 2020	n/a	n/a	Cons. · US GAAP
FYE Mar 2021	7.5	n/a	Cons. · US GAAP
FYE Mar 2022	7.9	moved to IFRS	Cons. · IFRS
FYE Mar 2023	20.8	+164.5%	Cons. · IFRS
FYE Mar 2024	30.2	+45.5%	Cons. · IFRS
FYE Mar 2025	13.4	−55.8%	Cons. · IFRS
FYE Mar 2026	32.7	+144.7%	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 ¥196bn

CAGR · 10 yrs +3.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	145	n/a	Cons. · US GAAP
FYE Mar 2018	63.5	−56.3%	Cons. · US GAAP
FYE Mar 2019	82.2	+29.5%	Cons. · US GAAP
FYE Mar 2020	57.8	−29.7%	Cons. · US GAAP
FYE Mar 2021	74.7	+29.3%	Cons. · US GAAP
FYE Mar 2022	131	moved to IFRS	Cons. · IFRS
FYE Mar 2023	114	−13.0%	Cons. · IFRS
FYE Mar 2024	125	+9.2%	Cons. · IFRS
FYE Mar 2025	167	+34.1%	Cons. · IFRS
FYE Mar 2026	196	+17.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 31.3%

Average · 10 yrs 28.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	27.4	n/a	Cons. · US GAAP
FYE Mar 2018	26.8	−0.5pp	Cons. · US GAAP
FYE Mar 2019	28.7	+1.9pp	Cons. · US GAAP
FYE Mar 2020	29.6	+0.9pp	Cons. · US GAAP
FYE Mar 2021	28.8	−0.7pp	Cons. · US GAAP
FYE Mar 2022	29.6	moved to IFRS	Cons. · IFRS
FYE Mar 2023	26.8	−2.8pp	Cons. · IFRS
FYE Mar 2024	28.7	+1.9pp	Cons. · IFRS
FYE Mar 2025	31.2	+2.5pp	Cons. · IFRS
FYE Mar 2026	31.3	+0.1pp	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 10.9%

Average · 10 yrs 9.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	18.0	n/a	Cons. · US GAAP
FYE Mar 2018	7.1	−10.9pp	Cons. · US GAAP
FYE Mar 2019	8.4	+1.3pp	Cons. · US GAAP
FYE Mar 2020	7.0	−1.3pp	Cons. · US GAAP
FYE Mar 2021	8.2	+1.2pp	Cons. · US GAAP
FYE Mar 2022	8.8	moved to IFRS	Cons. · IFRS
FYE Mar 2023	7.7	−1.0pp	Cons. · IFRS
FYE Mar 2024	8.2	+0.5pp	Cons. · IFRS
FYE Mar 2025	10.2	+2.0pp	Cons. · IFRS
FYE Mar 2026	10.9	+0.7pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 7.8%

Average · 10 yrs 6.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	12.3	n/a	Cons. · US GAAP
FYE Mar 2018	5.0	−7.3pp	Cons. · US GAAP
FYE Mar 2019	5.9	+1.0pp	Cons. · US GAAP
FYE Mar 2020	4.2	−1.7pp	Cons. · US GAAP
FYE Mar 2021	5.0	+0.8pp	Cons. · US GAAP
FYE Mar 2022	6.9	moved to IFRS	Cons. · IFRS
FYE Mar 2023	5.2	−1.7pp	Cons. · IFRS
FYE Mar 2024	5.9	+0.7pp	Cons. · IFRS
FYE Mar 2025	7.6	+1.7pp	Cons. · IFRS
FYE Mar 2026	7.8	+0.2pp	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 68.7%

Average · 10 yrs 71.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	72.6	n/a	Cons. · US GAAP
FYE Mar 2018	73.2	+0.5pp	Cons. · US GAAP
FYE Mar 2019	71.3	−1.9pp	Cons. · US GAAP
FYE Mar 2020	70.4	−0.9pp	Cons. · US GAAP
FYE Mar 2021	71.2	+0.7pp	Cons. · US GAAP
FYE Mar 2022	70.4	moved to IFRS	Cons. · IFRS
FYE Mar 2023	73.2	+2.8pp	Cons. · IFRS
FYE Mar 2024	71.3	−1.9pp	Cons. · IFRS
FYE Mar 2025	68.8	−2.5pp	Cons. · IFRS
FYE Mar 2026	68.7	−0.1pp	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 21.7%

Average · 10 yrs 20.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	9.6	n/a	Cons. · US GAAP
FYE Mar 2018	20.4	+10.8pp	Cons. · US GAAP
FYE Mar 2019	20.8	+0.4pp	Cons. · US GAAP
FYE Mar 2020	21.3	+0.4pp	Cons. · US GAAP
FYE Mar 2021	22.2	+0.9pp	Cons. · US GAAP
FYE Mar 2022	21.6	moved to IFRS	Cons. · IFRS
FYE Mar 2023	19.9	−1.6pp	Cons. · IFRS
FYE Mar 2024	21.5	+1.6pp	Cons. · IFRS
FYE Mar 2025	22.4	+0.9pp	Cons. · IFRS
FYE Mar 2026	21.7	−0.7pp	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 ¥4.42tn

CAGR · 10 yrs +11.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,664	n/a	Cons. · US GAAP
FYE Mar 2018	1,905	+14.5%	Cons. · US GAAP
FYE Mar 2019	1,992	+4.6%	Cons. · US GAAP
FYE Mar 2020	1,901	−4.6%	Cons. · US GAAP
FYE Mar 2021	2,360	+24.1%	Cons. · US GAAP
FYE Mar 2022	3,042	moved to IFRS	Cons. · IFRS
FYE Mar 2023	3,147	+3.5%	Cons. · IFRS
FYE Mar 2024	3,415	+8.5%	Cons. · IFRS
FYE Mar 2025	3,541	+3.7%	Cons. · IFRS
FYE Mar 2026	4,415	+24.7%	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 ¥2.17tn

CAGR · 10 yrs +11.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	794	n/a	Cons. · US GAAP
FYE Mar 2018	825	+3.9%	Cons. · US GAAP
FYE Mar 2019	877	+6.4%	Cons. · US GAAP
FYE Mar 2020	805	−8.3%	Cons. · US GAAP
FYE Mar 2021	959	+19.2%	Cons. · US GAAP
FYE Mar 2022	1,300	moved to IFRS	Cons. · IFRS
FYE Mar 2023	1,458	+12.2%	Cons. · IFRS
FYE Mar 2024	1,707	+17.1%	Cons. · IFRS
FYE Mar 2025	1,800	+5.4%	Cons. · IFRS
FYE Mar 2026	2,171	+20.6%	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 ¥544bn

CAGR · 10 yrs +5.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	334	n/a	Cons. · US GAAP
FYE Mar 2018	483	+44.6%	Cons. · US GAAP
FYE Mar 2019	520	+7.7%	Cons. · US GAAP
FYE Mar 2020	425	−18.4%	Cons. · US GAAP
FYE Mar 2021	478	+12.5%	Cons. · US GAAP
FYE Mar 2022	631	moved to IFRS	Cons. · IFRS
FYE Mar 2023	697	+10.4%	Cons. · IFRS
FYE Mar 2024	613	−12.0%	Cons. · IFRS
FYE Mar 2025	533	−13.1%	Cons. · IFRS
FYE Mar 2026	544	+2.0%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥211bn

CAGR · 10 yrs +11.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	77.7	n/a	Cons. · US GAAP
FYE Mar 2018	125	+60.4%	Cons. · US GAAP
FYE Mar 2019	221	+77.7%	Cons. · US GAAP
FYE Mar 2020	217	−2.1%	Cons. · US GAAP
FYE Mar 2021	328	+51.2%	Cons. · US GAAP
FYE Mar 2022	176	moved to IFRS	Cons. · IFRS
FYE Mar 2023	249	+41.3%	Cons. · IFRS
FYE Mar 2024	213	−14.3%	Cons. · IFRS
FYE Mar 2025	187	−12.1%	Cons. · IFRS
FYE Mar 2026	211	+12.7%	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 ¥333bn

CAGR · 10 yrs +2.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	256	n/a	Cons. · US GAAP
FYE Mar 2018	358	+39.8%	Cons. · US GAAP
FYE Mar 2019	299	−16.6%	Cons. · US GAAP
FYE Mar 2020	208	−30.4%	Cons. · US GAAP
FYE Mar 2021	150	−27.8%	Cons. · US GAAP
FYE Mar 2022	456	moved to IFRS	Cons. · IFRS
FYE Mar 2023	449	−1.5%	Cons. · IFRS
FYE Mar 2024	400	−10.8%	Cons. · IFRS
FYE Mar 2025	346	−13.6%	Cons. · IFRS
FYE Mar 2026	333	−3.9%	Cons. · IFRS

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

Bonds

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · US GAAP
FYE Mar 2018	0.0	n/a	Cons. · US GAAP
FYE Mar 2019	0.0	n/a	Cons. · US GAAP
FYE Mar 2020	0.0	n/a	Cons. · US GAAP
FYE Mar 2021	0.0	n/a	Cons. · US GAAP
FYE Mar 2022	0.0	moved to IFRS	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥50bn

CAGR · 10 yrs −0.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	51.8	n/a	Cons. · US GAAP
FYE Mar 2018	85.5	+65.1%	Cons. · US GAAP
FYE Mar 2019	88.7	+3.7%	Cons. · US GAAP
FYE Mar 2020	79.7	−10.1%	Cons. · US GAAP
FYE Mar 2021	73.4	−8.0%	Cons. · US GAAP
FYE Mar 2022	69.0	moved to IFRS	Cons. · IFRS
FYE Mar 2023	61.2	−11.3%	Cons. · IFRS
FYE Mar 2024	57.1	−6.7%	Cons. · IFRS
FYE Mar 2025	49.2	−13.9%	Cons. · IFRS
FYE Mar 2026	49.7	+1.1%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥188bn

CAGR · 10 yrs +13.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	61.0	n/a	Cons. · US GAAP
FYE Mar 2018	158	+158.7%	Cons. · US GAAP
FYE Mar 2019	165	+4.4%	Cons. · US GAAP
FYE Mar 2020	161	−2.3%	Cons. · US GAAP
FYE Mar 2021	126	−21.9%	Cons. · US GAAP
FYE Mar 2022	137	moved to IFRS	Cons. · IFRS
FYE Mar 2023	150	+8.9%	Cons. · IFRS
FYE Mar 2024	168	+12.6%	Cons. · IFRS
FYE Mar 2025	165	−2.1%	Cons. · IFRS
FYE Mar 2026	188	+14.3%	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 49.2%

Average · 10 yrs 45.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	47.7	n/a	Cons. · US GAAP
FYE Mar 2018	43.3	−4.4pp	Cons. · US GAAP
FYE Mar 2019	44.0	+0.7pp	Cons. · US GAAP
FYE Mar 2020	42.3	−1.7pp	Cons. · US GAAP
FYE Mar 2021	40.6	−1.7pp	Cons. · US GAAP
FYE Mar 2022	42.8	moved to IFRS	Cons. · IFRS
FYE Mar 2023	46.3	+3.6pp	Cons. · IFRS
FYE Mar 2024	50.0	+3.6pp	Cons. · IFRS
FYE Mar 2025	50.8	+0.8pp	Cons. · IFRS
FYE Mar 2026	49.2	−1.7pp	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 25.0%

Average · 10 yrs 45.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	42.1	n/a	Cons. · US GAAP
FYE Mar 2018	58.6	+16.5pp	Cons. · US GAAP
FYE Mar 2019	59.3	+0.7pp	Cons. · US GAAP
FYE Mar 2020	52.8	−6.5pp	Cons. · US GAAP
FYE Mar 2021	49.8	−3.0pp	Cons. · US GAAP
FYE Mar 2022	48.6	moved to IFRS	Cons. · IFRS
FYE Mar 2023	47.8	−0.8pp	Cons. · IFRS
FYE Mar 2024	35.9	−11.9pp	Cons. · IFRS
FYE Mar 2025	29.6	−6.3pp	Cons. · IFRS
FYE Mar 2026	25.0	−4.6pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 9.0%

Average · 10 yrs 9.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	18.3	n/a	Cons. · US GAAP
FYE Mar 2018	7.7	−10.6pp	Cons. · US GAAP
FYE Mar 2019	9.4	+1.7pp	Cons. · US GAAP
FYE Mar 2020	7.2	−2.2pp	Cons. · US GAAP
FYE Mar 2021	7.8	+0.6pp	Cons. · US GAAP
FYE Mar 2022	10.1	moved to IFRS	Cons. · IFRS
FYE Mar 2023	7.8	−2.3pp	Cons. · IFRS
FYE Mar 2024	7.3	−0.5pp	Cons. · IFRS
FYE Mar 2025	9.3	+2.0pp	Cons. · IFRS
FYE Mar 2026	9.0	−0.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.4%

Average · 10 yrs 4.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · US GAAP
FYE Mar 2018	3.3	−5.4pp	Cons. · US GAAP
FYE Mar 2019	4.1	+0.8pp	Cons. · US GAAP
FYE Mar 2020	3.0	−1.1pp	Cons. · US GAAP
FYE Mar 2021	3.2	+0.1pp	Cons. · US GAAP
FYE Mar 2022	4.3	moved to IFRS	Cons. · IFRS
FYE Mar 2023	3.6	−0.7pp	Cons. · IFRS
FYE Mar 2024	3.7	−0.0pp	Cons. · IFRS
FYE Mar 2025	4.7	+1.1pp	Cons. · IFRS
FYE Mar 2026	4.4	−0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.57×

CAGR · 10 yrs −2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.71	n/a	Cons. · US GAAP
FYE Mar 2018	0.67	−5.7%	Cons. · US GAAP
FYE Mar 2019	0.69	+3.9%	Cons. · US GAAP
FYE Mar 2020	0.72	+3.4%	Cons. · US GAAP
FYE Mar 2021	0.63	−12.6%	Cons. · US GAAP
FYE Mar 2022	0.63	moved to IFRS	Cons. · IFRS
FYE Mar 2023	0.69	+10.8%	Cons. · IFRS
FYE Mar 2024	0.62	−11.1%	Cons. · IFRS
FYE Mar 2025	0.62	+1.1%	Cons. · IFRS
FYE Mar 2026	0.57	−8.9%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥508bn

CAGR · 10 yrs +13.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	160	n/a	Cons. · US GAAP
FYE Mar 2018	91.3	−43.0%	Cons. · US GAAP
FYE Mar 2019	140	+53.6%	Cons. · US GAAP
FYE Mar 2020	222	+58.5%	Cons. · US GAAP
FYE Mar 2021	231	+3.8%	Cons. · US GAAP
FYE Mar 2022	179	moved to IFRS	Cons. · IFRS
FYE Mar 2023	263	+46.8%	Cons. · IFRS
FYE Mar 2024	447	+70.1%	Cons. · IFRS
FYE Mar 2025	446	−0.3%	Cons. · IFRS
FYE Mar 2026	508	+13.9%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥378bn

Average · 10 yrs -¥209bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-71.1	n/a	Cons. · US GAAP
FYE Mar 2018	-246	n/a	Cons. · US GAAP
FYE Mar 2019	-140	n/a	Cons. · US GAAP
FYE Mar 2020	-42.0	n/a	Cons. · US GAAP
FYE Mar 2021	-231	n/a	Cons. · US GAAP
FYE Mar 2022	-282	moved to IFRS	Cons. · IFRS
FYE Mar 2023	-234	n/a	Cons. · IFRS
FYE Mar 2024	-217	n/a	Cons. · IFRS
FYE Mar 2025	-245	n/a	Cons. · IFRS
FYE Mar 2026	-378	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 -¥65bn

Average · 10 yrs -¥24bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-37.8	n/a	Cons. · US GAAP
FYE Mar 2018	110	n/a	Cons. · US GAAP
FYE Mar 2019	9.4	−91.4%	Cons. · US GAAP
FYE Mar 2020	-122	−1390.6%	Cons. · US GAAP
FYE Mar 2021	21.1	n/a	Cons. · US GAAP
FYE Mar 2022	114	moved to IFRS	Cons. · IFRS
FYE Mar 2023	14.9	−86.9%	Cons. · IFRS
FYE Mar 2024	-146	−1079.2%	Cons. · IFRS
FYE Mar 2025	-143	n/a	Cons. · IFRS
FYE Mar 2026	-64.7	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 ¥843bn

CAGR · 10 yrs +11.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	330	n/a	Cons. · US GAAP
FYE Mar 2018	280	−15.4%	Cons. · US GAAP
FYE Mar 2019	289	+3.4%	Cons. · US GAAP
FYE Mar 2020	333	+15.1%	Cons. · US GAAP
FYE Mar 2021	380	+14.3%	Cons. · US GAAP
FYE Mar 2022	439	moved to IFRS	Cons. · IFRS
FYE Mar 2023	506	+15.2%	Cons. · IFRS
FYE Mar 2024	650	+28.4%	Cons. · IFRS
FYE Mar 2025	697	+7.3%	Cons. · IFRS
FYE Mar 2026	843	+20.9%	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 ¥130bn

CAGR · 10 yrs +4.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	89.0	n/a	Cons. · US GAAP
FYE Mar 2018	-155	−273.9%	Cons. · US GAAP
FYE Mar 2019	0.1	n/a	Cons. · US GAAP
FYE Mar 2020	180	+189822.1%	Cons. · US GAAP
FYE Mar 2021	-0.6	−100.3%	Cons. · US GAAP
FYE Mar 2022	-103	moved to IFRS	Cons. · IFRS
FYE Mar 2023	28.4	n/a	Cons. · IFRS
FYE Mar 2024	230	+712.2%	Cons. · IFRS
FYE Mar 2025	201	−12.8%	Cons. · IFRS
FYE Mar 2026	130	−35.4%	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 20.3%

Average · 10 yrs 14.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	13.6	n/a	Cons. · US GAAP
FYE Mar 2018	7.2	−6.4pp	Cons. · US GAAP
FYE Mar 2019	10.2	+3.0pp	Cons. · US GAAP
FYE Mar 2020	16.3	+6.2pp	Cons. · US GAAP
FYE Mar 2021	15.6	−0.7pp	Cons. · US GAAP
FYE Mar 2022	9.4	moved to IFRS	Cons. · IFRS
FYE Mar 2023	12.0	+2.6pp	Cons. · IFRS
FYE Mar 2024	21.2	+9.2pp	Cons. · IFRS
FYE Mar 2025	20.2	−1.0pp	Cons. · IFRS
FYE Mar 2026	20.3	−0.0pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 ¥299bn

Average · 10 yrs -¥51bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-3.7	n/a	Cons. · US GAAP
FYE Mar 2018	-203	n/a	Cons. · US GAAP
FYE Mar 2019	-231	n/a	Cons. · US GAAP
FYE Mar 2020	-92.0	n/a	Cons. · US GAAP
FYE Mar 2021	-97.3	n/a	Cons. · US GAAP
FYE Mar 2022	-192	moved to IFRS	Cons. · IFRS
FYE Mar 2023	-191	n/a	Cons. · IFRS
FYE Mar 2024	36.8	n/a	Cons. · IFRS
FYE Mar 2025	164	+345.7%	Cons. · IFRS
FYE Mar 2026	299	+82.2%	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 ¥3.83tn

Change · 10 yrs +¥2.92tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	909	n/a
FYE Mar 2018	1,245	n/a
FYE Mar 2019	1,122	n/a
FYE Mar 2020	1,085	n/a
FYE Mar 2021	1,984	n/a
FYE Mar 2022	1,738	n/a
FYE Mar 2023	1,838	n/a
FYE Mar 2024	2,914	n/a
FYE Mar 2025	2,997	n/a
FYE Mar 2026	3,827	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 1,969¥

Change · 10 yrs −5,047¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	7,016	n/a
FYE Mar 2018	9,603	n/a
FYE Mar 2019	8,659	n/a
FYE Mar 2020	8,372	n/a
FYE Mar 2021	15,311	n/a
FYE Mar 2022	4,469	n/a
FYE Mar 2023	4,729	n/a
FYE Mar 2024	7,494	n/a
FYE Mar 2025	1,542	n/a
FYE Mar 2026	1,969	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 1,943,860,000shares

Change · 10 yrs +1,814,269,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	129,591,000	Parent
FYE Mar 2018	129,591,000	Parent
FYE Mar 2019	129,591,000	Parent
FYE Mar 2020	129,591,000	Parent
FYE Mar 2021	129,591,000	Parent
FYE Mar 2022	388,772,000	Parent
FYE Mar 2023	388,772,000	Parent
FYE Mar 2024	388,772,000	Parent
FYE Mar 2025	1,943,860,000	Parent
FYE Mar 2026	1,943,860,000	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 103.09¥

Change · 10 yrs −1,047.07¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	1,150.16	Cons.
FYE Mar 2018	167.60	Cons.
FYE Mar 2019	217.01	Cons.
FYE Mar 2020	152.49	Cons.
FYE Mar 2021	39.41	Cons.
FYE Mar 2022	69.29	Cons.
FYE Mar 2023	60.24	Cons.
FYE Mar 2024	65.74	Cons.
FYE Mar 2025	88.10	Cons.
FYE Mar 2026	103.09	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 1,116.81¥

Change · 10 yrs −5,007.18¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	6,123.99	Cons. · US GAAP
FYE Mar 2018	6,363.36	Cons. · US GAAP
FYE Mar 2019	6,769.68	Cons. · US GAAP
FYE Mar 2020	6,209.22	Cons. · US GAAP
FYE Mar 2021	7,399.66	Cons. · US GAAP
FYE Mar 2022	3,344.68	Cons. · IFRS
FYE Mar 2023	3,751.42	Cons. · IFRS
FYE Mar 2024	4,391.60	Cons. · IFRS
FYE Mar 2025	926.03	Cons. · IFRS
FYE Mar 2026	1,116.81	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 19.10×

Average · 10 yrs 17.07×

Fiscal year	PER ×	Basis
FYE Mar 2017	6.10	Cons.
FYE Mar 2018	19.10	Cons.
FYE Mar 2019	13.30	Cons.
FYE Mar 2020	18.30	Cons.
FYE Mar 2021	25.90	Cons.
FYE Mar 2022	12.90	Cons.
FYE Mar 2023	15.70	Cons.
FYE Mar 2024	22.80	Cons.
FYE Mar 2025	17.50	Cons.
FYE Mar 2026	19.10	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Mar 2026 1.71×

Average · 10 yrs 1.47×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.12	Cons.
FYE Mar 2018	1.47	Cons.
FYE Mar 2019	1.25	Cons.
FYE Mar 2020	1.32	Cons.
FYE Mar 2021	2.02	Cons.
FYE Mar 2022	1.30	Cons.
FYE Mar 2023	1.23	Cons.
FYE Mar 2024	1.67	Cons.
FYE Mar 2025	1.63	Cons.
FYE Mar 2026	1.71	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 106,545people

Change · 10 yrs +6,852 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	99,693	n/a	Cons.
FYE Mar 2018	102,883	+3.2%	Cons.
FYE Mar 2019	104,781	+1.8%	Cons.
FYE Mar 2020	107,138	+2.2%	Cons.
FYE Mar 2021	129,284	+20.7%	Cons.
FYE Mar 2022	116,808	−9.7%	Cons.
FYE Mar 2023	102,908	−11.9%	Cons.
FYE Mar 2024	101,453	−1.4%	Cons.
FYE Mar 2025	105,067	+3.6%	Cons.
FYE Mar 2026	106,545	+1.4%	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 6,573people

Change · 10 yrs +1,929 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4,644	n/a	Parent
FYE Mar 2018	5,055	+8.9%	Parent
FYE Mar 2019	5,330	+5.4%	Parent
FYE Mar 2020	5,521	+3.6%	Parent
FYE Mar 2021	5,689	+3.0%	Parent
FYE Mar 2022	5,719	+0.5%	Parent
FYE Mar 2023	5,902	+3.2%	Parent
FYE Mar 2024	6,037	+2.3%	Parent
FYE Mar 2025	6,241	+3.4%	Parent
FYE Mar 2026	6,573	+5.3%	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 ¥9.2m

Change · 10 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.0	n/a	Parent
FYE Mar 2018	8.2	+1.5%	Parent
FYE Mar 2019	7.9	−2.6%	Parent
FYE Mar 2020	7.8	−2.0%	Parent
FYE Mar 2021	7.9	+1.1%	Parent
FYE Mar 2022	7.8	−0.6%	Parent
FYE Mar 2023	7.9	+1.0%	Parent
FYE Mar 2024	7.8	−0.8%	Parent
FYE Mar 2025	8.3	+6.0%	Parent
FYE Mar 2026	9.2	+10.9%	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 43.0years

Change · 8 yrs −0.8 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	43.8	n/a	Parent
FYE Mar 2020	43.4	−0.9%	Parent
FYE Mar 2021	43.5	+0.2%	Parent
FYE Mar 2022	43.4	−0.2%	Parent
FYE Mar 2023	43.0	−0.9%	Parent
FYE Mar 2024	42.7	−0.7%	Parent
FYE Mar 2025	43.2	+1.2%	Parent
FYE Mar 2026	43.0	−0.5%	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 16.9years

Change · 10 yrs −3.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	20.4	n/a	Parent
FYE Mar 2018	19.8	−2.9%	Parent
FYE Mar 2019	18.9	−4.5%	Parent
FYE Mar 2020	17.9	−5.3%	Parent
FYE Mar 2021	18.3	+2.2%	Parent
FYE Mar 2022	18.3	−0.0%	Parent
FYE Mar 2023	17.9	−2.2%	Parent
FYE Mar 2024	17.7	−1.1%	Parent
FYE Mar 2025	17.2	−2.8%	Parent
FYE Mar 2026	16.9	−1.7%	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 ¥23.5m

Change · 10 yrs +¥11.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	11.8	n/a	Cons.
FYE Mar 2018	12.4	+4.6%	Cons.
FYE Mar 2019	13.2	+6.7%	Cons.
FYE Mar 2020	12.7	−3.5%	Cons.
FYE Mar 2021	11.4	−10.1%	Cons.
FYE Mar 2022	16.3	n/a	Cons.
FYE Mar 2023	21.2	+30.1%	Cons.
FYE Mar 2024	20.7	−2.1%	Cons.
FYE Mar 2025	21.0	+1.2%	Cons.
FYE Mar 2026	23.5	+12.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥2.6m

Change · 10 yrs +¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons.
FYE Mar 2018	0.9	−58.9%	Cons.
FYE Mar 2019	1.1	+26.3%	Cons.
FYE Mar 2020	0.9	−18.9%	Cons.
FYE Mar 2021	0.9	+5.4%	Cons.
FYE Mar 2022	1.4	n/a	Cons.
FYE Mar 2023	1.6	+14.9%	Cons.
FYE Mar 2024	1.7	+3.9%	Cons.
FYE Mar 2025	2.1	+25.2%	Cons.
FYE Mar 2026	2.6	+19.8%	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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