Financials

Alps Alpine: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥1.02tnYoY +2.9%

FYE Mar 2026 · Operating profit¥42bnYoY +23.3%

FYE Mar 2026 · Net profit¥27bnYoY −29.0%

FYE Mar 2026 · Equity ratio57.1%YoY +1.3pp

FYE Mar 2026 · Group employees25,924YoY −1,363

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥753bn	n/a	¥44bn	n/a	5.9%	¥35bn	Kuriyama Toshihiro	Operating profit recovers roughly ninefold from the year to March 2013
FYE Mar 2018Consolidated	¥858bn	+13.9%	¥72bn	+62.1%	8.4%	¥47bn	Kuriyama Toshihiro	The merger with Alpine is announced in July; the proxy fight with Oasis begins
FYE Mar 2019Consolidated	¥851bn	−0.8%	¥50bn	−31.0%	5.8%	¥22bn	Kuriyama Toshihiro	A capital tie-up with Faital begins in October; the merger is approved in December
FYE Mar 2020Consolidated	¥811bn	−4.8%	¥27bn	−46.0%	3.3%	-¥4.0bn	Kuriyama Toshihiro	Renamed Alps Alpine in January
FYE Mar 2021Consolidated	¥718bn	−11.4%	¥13bn	−51.1%	1.8%	-¥3.8bn	Kuriyama Toshihiro	Alpine’s entire business is taken over by company split in April
FYE Mar 2022Consolidated	¥803bn	+11.8%	¥35bn	+168.6%	4.4%	¥23bn	Kuriyama Toshihiro	—
FYE Mar 2023Consolidated	¥933bn	+16.2%	¥34bn	−4.6%	3.6%	¥11bn	Kuriyama Toshihiro	—
FYE Mar 2024Consolidated	¥964bn	+3.3%	¥20bn	−41.3%	2.0%	-¥30bn	Kuriyama Toshihiro	The module and system business posts a loss of <span class="en-history_money" data-yen="1100000000" data-year="2023">$7.8M (¥1bn)</span>
FYE Mar 2025Consolidated	¥990bn	+2.7%	¥34bn	+73.0%	3.4%	¥38bn	Izumi Hideo	The second medium-term plan is halted in January and replaced by structural reform
FYE Mar 2026Consolidated	¥1.02tn	+2.9%	¥42bn	+23.3%	4.1%	¥27bn	Izumi Hideo	—

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%

Hoshiden¥248bnFY2024Operating margin 5.5%

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%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.02tn

CAGR · 10 yrs +3.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	753	n/a	Cons. · Japanese GAAP
FYE Mar 2018	858	+13.9%	Cons. · Japanese GAAP
FYE Mar 2019	851	−0.8%	Cons. · Japanese GAAP
FYE Mar 2020	811	−4.8%	Cons. · Japanese GAAP
FYE Mar 2021	718	−11.4%	Cons. · Japanese GAAP
FYE Mar 2022	803	+11.8%	Cons. · Japanese GAAP
FYE Mar 2023	933	+16.2%	Cons. · Japanese GAAP
FYE Mar 2024	964	+3.3%	Cons. · Japanese GAAP
FYE Mar 2025	990	+2.7%	Cons. · Japanese GAAP
FYE Mar 2026	1,019	+2.9%	Cons. · Japanese GAAP

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 ¥838bn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	602	n/a	Cons. · Japanese GAAP
FYE Mar 2018	670	+11.3%	Cons. · Japanese GAAP
FYE Mar 2019	689	+2.9%	Cons. · Japanese GAAP
FYE Mar 2020	671	−2.7%	Cons. · Japanese GAAP
FYE Mar 2021	604	−10.0%	Cons. · Japanese GAAP
FYE Mar 2022	664	+10.0%	Cons. · Japanese GAAP
FYE Mar 2023	766	+15.3%	Cons. · Japanese GAAP
FYE Mar 2024	798	+4.2%	Cons. · Japanese GAAP
FYE Mar 2025	815	+2.2%	Cons. · Japanese GAAP
FYE Mar 2026	838	+2.7%	Cons. · Japanese GAAP

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 ¥182bn

CAGR · 10 yrs +2.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	152	n/a	Cons. · Japanese GAAP
FYE Mar 2018	189	+24.4%	Cons. · Japanese GAAP
FYE Mar 2019	162	−14.1%	Cons. · Japanese GAAP
FYE Mar 2020	140	−13.7%	Cons. · Japanese GAAP
FYE Mar 2021	114	−18.1%	Cons. · Japanese GAAP
FYE Mar 2022	139	+21.2%	Cons. · Japanese GAAP
FYE Mar 2023	168	+20.7%	Cons. · Japanese GAAP
FYE Mar 2024	166	−0.9%	Cons. · Japanese GAAP
FYE Mar 2025	175	+5.5%	Cons. · Japanese GAAP
FYE Mar 2026	182	+3.8%	Cons. · Japanese GAAP

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 ¥140bn

CAGR · 10 yrs +3.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	107	n/a	Cons. · Japanese GAAP
FYE Mar 2018	117	+8.9%	Cons. · Japanese GAAP
FYE Mar 2019	112	−3.7%	Cons. · Japanese GAAP
FYE Mar 2020	113	+0.6%	Cons. · Japanese GAAP
FYE Mar 2021	101	−10.3%	Cons. · Japanese GAAP
FYE Mar 2022	104	+2.2%	Cons. · Japanese GAAP
FYE Mar 2023	134	+29.3%	Cons. · Japanese GAAP
FYE Mar 2024	146	+9.3%	Cons. · Japanese GAAP
FYE Mar 2025	141	−3.6%	Cons. · Japanese GAAP
FYE Mar 2026	140	−0.9%	Cons. · Japanese GAAP

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 ¥42bn

CAGR · 10 yrs −0.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	44.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	71.9	+62.1%	Cons. · Japanese GAAP
FYE Mar 2019	49.6	−31.0%	Cons. · Japanese GAAP
FYE Mar 2020	26.8	−46.0%	Cons. · Japanese GAAP
FYE Mar 2021	13.1	−51.1%	Cons. · Japanese GAAP
FYE Mar 2022	35.2	+168.6%	Cons. · Japanese GAAP
FYE Mar 2023	33.6	−4.6%	Cons. · Japanese GAAP
FYE Mar 2024	19.7	−41.3%	Cons. · Japanese GAAP
FYE Mar 2025	34.1	+73.0%	Cons. · Japanese GAAP
FYE Mar 2026	42.0	+23.3%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥13bn

CAGR · 10 yrs +16.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.5	−24.9%	Cons. · Japanese GAAP
FYE Mar 2019	2.7	+8.9%	Cons. · Japanese GAAP
FYE Mar 2020	3.6	+31.0%	Cons. · Japanese GAAP
FYE Mar 2021	4.3	+21.5%	Cons. · Japanese GAAP
FYE Mar 2022	7.1	+63.1%	Cons. · Japanese GAAP
FYE Mar 2023	5.1	−28.0%	Cons. · Japanese GAAP
FYE Mar 2024	9.0	+76.7%	Cons. · Japanese GAAP
FYE Mar 2025	5.1	−43.6%	Cons. · Japanese GAAP
FYE Mar 2026	13.1	+158.0%	Cons. · Japanese GAAP

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 ¥6.0bn

CAGR · 10 yrs +2.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.7	+54.5%	Cons. · Japanese GAAP
FYE Mar 2019	8.8	+13.9%	Cons. · Japanese GAAP
FYE Mar 2020	11.7	+33.8%	Cons. · Japanese GAAP
FYE Mar 2021	4.2	−64.0%	Cons. · Japanese GAAP
FYE Mar 2022	2.0	−52.9%	Cons. · Japanese GAAP
FYE Mar 2023	3.7	+88.6%	Cons. · Japanese GAAP
FYE Mar 2024	3.9	+4.0%	Cons. · Japanese GAAP
FYE Mar 2025	8.7	+122.5%	Cons. · Japanese GAAP
FYE Mar 2026	6.0	−31.0%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥49bn

CAGR · 10 yrs +1.6%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	42.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	66.7	+56.2%	Cons. · Japanese GAAP
FYE Mar 2019	43.6	−34.6%	Cons. · Japanese GAAP
FYE Mar 2020	18.6	−57.2%	Cons. · Japanese GAAP
FYE Mar 2021	13.2	−29.1%	Cons. · Japanese GAAP
FYE Mar 2022	40.3	+204.6%	Cons. · Japanese GAAP
FYE Mar 2023	34.9	−13.3%	Cons. · Japanese GAAP
FYE Mar 2024	24.8	−29.0%	Cons. · Japanese GAAP
FYE Mar 2025	30.5	+23.0%	Cons. · Japanese GAAP
FYE Mar 2026	49.1	+61.0%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Mar 2026 ¥0.2bn

CAGR · 10 yrs −33.9%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	9.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−93.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.2	+94.9%	Cons. · Japanese GAAP
FYE Mar 2020	5.5	+362.9%	Cons. · Japanese GAAP
FYE Mar 2021	0.4	−92.7%	Cons. · Japanese GAAP
FYE Mar 2022	2.7	+567.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.8	−68.7%	Cons. · Japanese GAAP
FYE Mar 2024	1.9	+126.8%	Cons. · Japanese GAAP
FYE Mar 2025	34.2	+1681.8%	Cons. · Japanese GAAP
FYE Mar 2026	0.2	−99.4%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥27bn

CAGR · 10 yrs −2.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	34.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.4	+35.7%	Cons. · Japanese GAAP
FYE Mar 2019	22.1	−53.3%	Cons. · Japanese GAAP
FYE Mar 2020	-4.0	−118.1%	Cons. · Japanese GAAP
FYE Mar 2021	-3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	23.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	11.5	−50.0%	Cons. · Japanese GAAP
FYE Mar 2024	-29.8	−359.9%	Cons. · Japanese GAAP
FYE Mar 2025	37.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	26.9	−29.0%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 17.8%

Average · 10 yrs 18.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	20.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2019	19.0	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2020	17.3	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	15.9	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	17.3	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	18.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	17.2	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	17.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	17.8	+0.2pp	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 4.1%

Average · 10 yrs 4.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.4	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	5.8	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2020	3.3	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2021	1.8	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2022	4.4	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	3.6	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	2.0	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	3.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	4.1	+0.7pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 4.8%

Average · 10 yrs 4.2%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	5.1	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2020	2.3	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2021	1.8	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	5.0	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2023	3.7	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2024	2.6	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2025	3.1	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	4.8	+1.7pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 2.6%

Average · 10 yrs 1.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	2.6	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2020	-0.5	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2021	-0.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	2.9	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2023	1.2	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2024	-3.1	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2025	3.8	+6.9pp	Cons. · Japanese GAAP
FYE Mar 2026	2.6	−1.2pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2026 82.2%

Average · 10 yrs 81.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	79.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.0	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2019	81.0	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2020	82.7	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	84.1	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	82.7	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	82.0	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	82.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	82.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	82.2	−0.2pp	Cons. · Japanese GAAP

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 13.7%

Average · 10 yrs 13.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	14.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.6	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	13.2	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	13.9	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	14.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	12.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2023	14.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	15.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	14.2	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2026	13.7	−0.5pp	Cons. · Japanese GAAP

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 ¥783bn

CAGR · 10 yrs +2.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	603	n/a	Cons. · Japanese GAAP
FYE Mar 2018	670	+11.1%	Cons. · Japanese GAAP
FYE Mar 2019	676	+0.9%	Cons. · Japanese GAAP
FYE Mar 2020	626	−7.4%	Cons. · Japanese GAAP
FYE Mar 2021	694	+11.0%	Cons. · Japanese GAAP
FYE Mar 2022	744	+7.1%	Cons. · Japanese GAAP
FYE Mar 2023	737	−0.9%	Cons. · Japanese GAAP
FYE Mar 2024	754	+2.3%	Cons. · Japanese GAAP
FYE Mar 2025	741	−1.8%	Cons. · Japanese GAAP
FYE Mar 2026	783	+5.7%	Cons. · Japanese GAAP

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 ¥448bn

CAGR · 10 yrs +6.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	255	n/a	Cons. · Japanese GAAP
FYE Mar 2018	302	+18.4%	Cons. · Japanese GAAP
FYE Mar 2019	366	+21.3%	Cons. · Japanese GAAP
FYE Mar 2020	325	−11.2%	Cons. · Japanese GAAP
FYE Mar 2021	345	+6.3%	Cons. · Japanese GAAP
FYE Mar 2022	390	+12.9%	Cons. · Japanese GAAP
FYE Mar 2023	398	+2.2%	Cons. · Japanese GAAP
FYE Mar 2024	391	−1.8%	Cons. · Japanese GAAP
FYE Mar 2025	414	+5.8%	Cons. · Japanese GAAP
FYE Mar 2026	448	+8.1%	Cons. · Japanese GAAP

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 ¥92bn

CAGR · 10 yrs +4.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	63.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.4	+11.3%	Cons. · Japanese GAAP
FYE Mar 2019	109	+54.5%	Cons. · Japanese GAAP
FYE Mar 2020	99.9	−8.2%	Cons. · Japanese GAAP
FYE Mar 2021	118	+18.1%	Cons. · Japanese GAAP
FYE Mar 2022	113	−4.0%	Cons. · Japanese GAAP
FYE Mar 2023	122	+7.7%	Cons. · Japanese GAAP
FYE Mar 2024	129	+6.0%	Cons. · Japanese GAAP
FYE Mar 2025	101	−22.1%	Cons. · Japanese GAAP
FYE Mar 2026	92.3	−8.4%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥37bn

CAGR · 10 yrs −0.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	37.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.8	−1.7%	Cons. · Japanese GAAP
FYE Mar 2019	38.2	+3.9%	Cons. · Japanese GAAP
FYE Mar 2020	56.2	+46.9%	Cons. · Japanese GAAP
FYE Mar 2021	50.9	−9.5%	Cons. · Japanese GAAP
FYE Mar 2022	57.0	+12.1%	Cons. · Japanese GAAP
FYE Mar 2023	77.2	+35.4%	Cons. · Japanese GAAP
FYE Mar 2024	50.5	−34.6%	Cons. · Japanese GAAP
FYE Mar 2025	44.3	−12.2%	Cons. · Japanese GAAP
FYE Mar 2026	37.1	−16.3%	Cons. · Japanese GAAP

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 ¥55bn

CAGR · 10 yrs +8.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	25.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.6	+30.1%	Cons. · Japanese GAAP
FYE Mar 2019	70.6	+110.0%	Cons. · Japanese GAAP
FYE Mar 2020	43.7	−38.1%	Cons. · Japanese GAAP
FYE Mar 2021	67.1	+53.6%	Cons. · Japanese GAAP
FYE Mar 2022	56.2	−16.2%	Cons. · Japanese GAAP
FYE Mar 2023	44.7	−20.5%	Cons. · Japanese GAAP
FYE Mar 2024	78.8	+76.3%	Cons. · Japanese GAAP
FYE Mar 2025	56.5	−28.3%	Cons. · Japanese GAAP
FYE Mar 2026	55.2	−2.3%	Cons. · Japanese GAAP

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. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥31bn

CAGR · 10 yrs +6.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	16.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.6	+10.7%	Cons. · Japanese GAAP
FYE Mar 2019	23.2	+25.2%	Cons. · Japanese GAAP
FYE Mar 2020	28.3	+21.6%	Cons. · Japanese GAAP
FYE Mar 2021	28.2	−0.3%	Cons. · Japanese GAAP
FYE Mar 2022	28.2	+0.2%	Cons. · Japanese GAAP
FYE Mar 2023	26.5	−6.2%	Cons. · Japanese GAAP
FYE Mar 2024	26.6	+0.3%	Cons. · Japanese GAAP
FYE Mar 2025	22.0	−17.0%	Cons. · Japanese GAAP
FYE Mar 2026	30.6	+38.9%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 57.1%

Average · 10 yrs 51.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	42.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	45.0	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2019	54.1	+9.1pp	Cons. · Japanese GAAP
FYE Mar 2020	51.9	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	49.7	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	52.4	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2023	54.0	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2024	51.9	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2025	55.9	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2026	57.1	+1.3pp	Cons. · Japanese GAAP

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 20.6%

Average · 10 yrs 28.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	24.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.4	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	29.8	+6.4pp	Cons. · Japanese GAAP
FYE Mar 2020	30.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2021	34.2	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	29.1	−5.1pp	Cons. · Japanese GAAP
FYE Mar 2023	30.6	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	33.1	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2025	24.3	−8.7pp	Cons. · Japanese GAAP
FYE Mar 2026	20.6	−3.7pp	Cons. · Japanese GAAP

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 6.0%

Average · 10 yrs 4.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.7	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	6.0	−9.7pp	Cons. · Japanese GAAP
FYE Mar 2020	-1.2	−7.3pp	Cons. · Japanese GAAP
FYE Mar 2021	-1.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	5.9	+7.0pp	Cons. · Japanese GAAP
FYE Mar 2023	2.9	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2024	-7.6	−10.5pp	Cons. · Japanese GAAP
FYE Mar 2025	9.1	+16.8pp	Cons. · Japanese GAAP
FYE Mar 2026	6.0	−3.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 3.4%

Average · 10 yrs 2.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.1	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	3.3	−3.8pp	Cons. · Japanese GAAP
FYE Mar 2020	-0.6	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2021	-0.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.1	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2023	1.6	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	-4.0	−5.5pp	Cons. · Japanese GAAP
FYE Mar 2025	5.1	+9.1pp	Cons. · Japanese GAAP
FYE Mar 2026	3.4	−1.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.30×

CAGR · 10 yrs +0.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.25	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.28	+2.6%	Cons. · Japanese GAAP
FYE Mar 2019	1.26	−1.7%	Cons. · Japanese GAAP
FYE Mar 2020	1.30	+2.8%	Cons. · Japanese GAAP
FYE Mar 2021	1.03	−20.2%	Cons. · Japanese GAAP
FYE Mar 2022	1.08	+4.4%	Cons. · Japanese GAAP
FYE Mar 2023	1.27	+17.3%	Cons. · Japanese GAAP
FYE Mar 2024	1.28	+1.0%	Cons. · Japanese GAAP
FYE Mar 2025	1.34	+4.6%	Cons. · Japanese GAAP
FYE Mar 2026	1.30	−2.6%	Cons. · Japanese GAAP

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 ¥96bn

CAGR · 10 yrs +9.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	41.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.4	+69.2%	Cons. · Japanese GAAP
FYE Mar 2019	72.7	+3.2%	Cons. · Japanese GAAP
FYE Mar 2020	87.2	+20.0%	Cons. · Japanese GAAP
FYE Mar 2021	42.6	−51.1%	Cons. · Japanese GAAP
FYE Mar 2022	34.3	−19.5%	Cons. · Japanese GAAP
FYE Mar 2023	15.4	−55.1%	Cons. · Japanese GAAP
FYE Mar 2024	89.2	+478.6%	Cons. · Japanese GAAP
FYE Mar 2025	65.8	−26.2%	Cons. · Japanese GAAP
FYE Mar 2026	95.9	+45.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥58bn

Average · 10 yrs -¥47bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-38.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-66.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-67.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-42.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-41.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-45.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-54.2	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-55.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-58.4	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE Mar 2026 -¥41bn

Average · 10 yrs -¥12bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-31.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	14.5	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-13.5	−193.3%	Cons. · Japanese GAAP
FYE Mar 2023	-0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-37.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-41.1	n/a	Cons. · Japanese GAAP

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 ¥153bn

CAGR · 10 yrs +3.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	118	n/a	Cons. · Japanese GAAP
FYE Mar 2018	121	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	118	−2.0%	Cons. · Japanese GAAP
FYE Mar 2020	128	+8.4%	Cons. · Japanese GAAP
FYE Mar 2021	152	+18.4%	Cons. · Japanese GAAP
FYE Mar 2022	138	−8.7%	Cons. · Japanese GAAP
FYE Mar 2023	82.9	−40.1%	Cons. · Japanese GAAP
FYE Mar 2024	122	+47.5%	Cons. · Japanese GAAP
FYE Mar 2025	147	+20.6%	Cons. · Japanese GAAP
FYE Mar 2026	153	+4.0%	Cons. · Japanese GAAP

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 ¥38bn

CAGR · 10 yrs +29.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.7	+1.2%	Cons. · Japanese GAAP
FYE Mar 2019	5.3	+43.7%	Cons. · Japanese GAAP
FYE Mar 2020	44.8	+750.6%	Cons. · Japanese GAAP
FYE Mar 2021	1.5	−96.7%	Cons. · Japanese GAAP
FYE Mar 2022	-11.2	−861.6%	Cons. · Japanese GAAP
FYE Mar 2023	-38.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	34.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	64.1	+88.2%	Cons. · Japanese GAAP
FYE Mar 2026	37.5	−41.5%	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 9.4%

Average · 10 yrs 7.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.2	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2019	8.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	10.8	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	5.9	−4.8pp	Cons. · Japanese GAAP
FYE Mar 2022	4.3	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	1.7	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2024	9.2	+7.6pp	Cons. · Japanese GAAP
FYE Mar 2025	6.6	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	9.4	+2.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 ¥61bn

CAGR · 10 yrs +1.2%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	54.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.4	−8.0%	Cons. · Japanese GAAP
FYE Mar 2019	9.5	−81.1%	Cons. · Japanese GAAP
FYE Mar 2020	28.3	+198.3%	Cons. · Japanese GAAP
FYE Mar 2021	33.8	+19.3%	Cons. · Japanese GAAP
FYE Mar 2022	25.2	−25.4%	Cons. · Japanese GAAP
FYE Mar 2023	-39.0	−254.8%	Cons. · Japanese GAAP
FYE Mar 2024	-7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	46.7	n/a	Cons. · Japanese GAAP
FYE Mar 2026	61.1	+30.9%	Cons. · Japanese GAAP

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 ¥432bn

Change · 7 yrs −¥193bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	625	n/a
FYE Mar 2018	518	n/a
FYE Mar 2019	507	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	265	n/a
FYE Mar 2023	279	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	335	n/a
FYE Mar 2026	432	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 2,075¥

Change · 7 yrs −1,080¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,155	n/a
FYE Mar 2018	2,613	n/a
FYE Mar 2019	2,314	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,208	n/a
FYE Mar 2023	1,272	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	1,527	n/a
FYE Mar 2026	2,075	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 208,103,000shares

Change · 10 yrs +9,895,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	198,208,000	Parent
FYE Mar 2018	198,208,000	Parent
FYE Mar 2019	219,281,000	Parent
FYE Mar 2020	219,281,000	Parent
FYE Mar 2021	219,281,000	Parent
FYE Mar 2022	219,281,000	Parent
FYE Mar 2023	219,281,000	Parent
FYE Mar 2024	219,281,000	Parent
FYE Mar 2025	219,281,000	Parent
FYE Mar 2026	208,103,000	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 134.77¥

Change · 10 yrs −43.48¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	178.25	Cons.
FYE Mar 2018	241.91	Cons.
FYE Mar 2019	110.19	Cons.
FYE Mar 2020	-19.53	Cons.
FYE Mar 2021	-18.72	Cons.
FYE Mar 2022	110.82	Cons.
FYE Mar 2023	55.77	Cons.
FYE Mar 2024	-145.04	Cons.
FYE Mar 2025	184.00	Cons.
FYE Mar 2026	134.77	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 2,150.54¥

Change · 10 yrs +865.28¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,285.26	Cons. · Japanese GAAP
FYE Mar 2018	1,521.18	Cons. · Japanese GAAP
FYE Mar 2019	1,667.76	Cons. · Japanese GAAP
FYE Mar 2020	1,480.94	Cons. · Japanese GAAP
FYE Mar 2021	1,573.94	Cons. · Japanese GAAP
FYE Mar 2022	1,776.75	Cons. · Japanese GAAP
FYE Mar 2023	1,816.01	Cons. · Japanese GAAP
FYE Mar 2024	1,783.90	Cons. · Japanese GAAP
FYE Mar 2025	1,887.99	Cons. · Japanese GAAP
FYE Mar 2026	2,150.54	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 15.40×

Average · 7 yrs 15.27×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.70	Cons.
FYE Mar 2018	10.80	Cons.
FYE Mar 2019	21.00	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	10.90	Cons.
FYE Mar 2023	22.80	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	8.30	Cons.
FYE Mar 2026	15.40	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 0.90×

Average · 7 yrs 1.20×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.43	Cons.
FYE Mar 2018	1.70	Cons.
FYE Mar 2019	1.34	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.64	Cons.
FYE Mar 2023	0.66	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	0.76	Cons.
FYE Mar 2026	0.90	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 25,924people

Change · 10 yrs −16,129 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	42,053	n/a	Cons.
FYE Mar 2018	42,289	+0.6%	Cons.
FYE Mar 2019	41,840	−1.1%	Cons.
FYE Mar 2020	40,443	−3.3%	Cons.
FYE Mar 2021	38,471	−4.9%	Cons.
FYE Mar 2022	36,900	−4.1%	Cons.
FYE Mar 2023	29,926	−18.9%	Cons.
FYE Mar 2024	28,693	−4.1%	Cons.
FYE Mar 2025	27,287	−4.9%	Cons.
FYE Mar 2026	25,924	−5.0%	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 6,305people

Change · 10 yrs +717 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,588	n/a	Parent
FYE Mar 2018	5,590	−0.0%	Parent
FYE Mar 2019	5,639	+0.9%	Parent
FYE Mar 2020	5,499	−2.5%	Parent
FYE Mar 2021	7,133	+29.7%	Parent
FYE Mar 2022	6,989	−2.0%	Parent
FYE Mar 2023	6,784	−2.9%	Parent
FYE Mar 2024	6,597	−2.8%	Parent
FYE Mar 2025	6,429	−2.5%	Parent
FYE Mar 2026	6,305	−1.9%	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 691万円

Change · 10 yrs +81万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	611	n/a	Parent
FYE Mar 2018	635	+4.0%	Parent
FYE Mar 2019	630	−0.8%	Parent
FYE Mar 2020	601	−4.7%	Parent
FYE Mar 2021	578	−3.7%	Parent
FYE Mar 2022	603	+4.3%	Parent
FYE Mar 2023	624	+3.5%	Parent
FYE Mar 2024	628	+0.6%	Parent
FYE Mar 2025	641	+2.1%	Parent
FYE Mar 2026	691	+7.8%	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 41.7years

Change · 8 yrs −1.4 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	43.1	n/a	Parent
FYE Mar 2020	42.9	−0.5%	Parent
FYE Mar 2021	42.9	−0.0%	Parent
FYE Mar 2022	42.8	−0.2%	Parent
FYE Mar 2023	42.5	−0.7%	Parent
FYE Mar 2024	42.3	−0.5%	Parent
FYE Mar 2025	41.9	−0.9%	Parent
FYE Mar 2026	41.7	−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 16.7years

Change · 10 yrs −3.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.8	n/a	Parent
FYE Mar 2018	19.8	−0.0%	Parent
FYE Mar 2019	19.4	−2.0%	Parent
FYE Mar 2020	19.3	−0.5%	Parent
FYE Mar 2021	18.4	−4.7%	Parent
FYE Mar 2022	18.4	−0.0%	Parent
FYE Mar 2023	18.1	−1.6%	Parent
FYE Mar 2024	17.7	−2.2%	Parent
FYE Mar 2025	17.3	−2.3%	Parent
FYE Mar 2026	16.7	−3.5%	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 2,090people

Change · 10 yrs −3,806 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	5,896	n/a	n/a
FYE Mar 2018	5,898	−0.0%	n/a
FYE Mar 2019	5,898	−0.0%	n/a
FYE Mar 2020	5,575	−5.5%	n/a
FYE Mar 2021	5,211	−6.5%	n/a
FYE Mar 2022	4,937	−5.3%	n/a
FYE Mar 2023	1,788	−63.8%	n/a
FYE Mar 2024	2,229	+24.7%	n/a
FYE Mar 2025	2,239	+0.4%	n/a
FYE Mar 2026	2,090	−6.7%	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 ¥39.3m

Change · 10 yrs +¥21.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	17.9	n/a	Cons.
FYE Mar 2018	20.3	+13.3%	Cons.
FYE Mar 2019	20.3	+0.3%	Cons.
FYE Mar 2020	20.0	−1.5%	Cons.
FYE Mar 2021	18.7	−6.9%	Cons.
FYE Mar 2022	21.8	+16.6%	Cons.
FYE Mar 2023	31.2	+43.3%	Cons.
FYE Mar 2024	33.6	+7.8%	Cons.
FYE Mar 2025	36.3	+8.0%	Cons.
FYE Mar 2026	39.3	+8.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.6m

Change · 10 yrs +¥0.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons.
FYE Mar 2018	1.7	+61.1%	Cons.
FYE Mar 2019	1.2	−30.2%	Cons.
FYE Mar 2020	0.7	−44.2%	Cons.
FYE Mar 2021	0.3	−48.6%	Cons.
FYE Mar 2022	1.0	+180.0%	Cons.
FYE Mar 2023	1.1	+17.7%	Cons.
FYE Mar 2024	0.7	−38.8%	Cons.
FYE Mar 2025	1.2	+81.9%	Cons.
FYE Mar 2026	1.6	+29.8%	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.

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

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