Financials

Horiba: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥333bnYoY +5.0%

FYE Dec 2025 · Operating profit¥53bnYoY +9.7%

FYE Dec 2025 · Net profit¥37bnYoY +10.4%

FYE Dec 2025 · Equity ratio67.3%YoY +1.9pp

FYE Dec 2025 · Group employees9,101YoY +146

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥170bn	n/a	¥18bn	n/a	10.9%	¥13bn	Horiba Atsushi	—
FYE Dec 2017Consolidated	¥195bn	+14.9%	¥27bn	+45.1%	13.7%	¥16bn	Horiba Atsushi	—
FYE Dec 2018Consolidated	¥211bn	+7.8%	¥29bn	+7.5%	13.7%	¥22bn	Horiba Atsushi	<a class="en-history_person" href="/tse/6856/executives/ceo/adachi-masayuki/" hreflang="ja">Adachi Masayuki</a> becomes president; <a class="en-history_person" href="/tse/6856/executives/ceo/horiba-atsushi/" hreflang="ja">Horiba Atsushi</a> chairman and Group CEO
FYE Dec 2019Consolidated	¥200bn	−4.9%	¥21bn	−27.5%	10.4%	¥15bn	Adachi Masayuki	—
FYE Dec 2020Consolidated	¥187bn	−6.6%	¥20bn	−5.8%	10.5%	¥13bn	Adachi Masayuki	—
FYE Dec 2021Consolidated	¥224bn	+19.9%	¥32bn	+62.7%	14.3%	¥21bn	Adachi Masayuki	Record profit as semiconductor demand surges
FYE Dec 2022Consolidated	¥270bn	+20.4%	¥46bn	+43.1%	17.0%	¥34bn	Adachi Masayuki	MLMAP2023 targets met a year early
FYE Dec 2023Consolidated	¥291bn	+7.6%	¥47bn	+3.2%	16.3%	¥40bn	Adachi Masayuki	—
FYE Dec 2024Consolidated	¥317bn	+9.2%	¥48bn	+2.2%	15.2%	¥34bn	Adachi Masayuki	Five segments re-cut into three axes
FYE Dec 2025Consolidated	¥333bn	+5.0%	¥53bn	+9.7%	15.9%	¥37bn	Adachi Masayuki	—

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%

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 Dec 2025 ¥333bn

CAGR · 10 yrs +7.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	170	n/a	Cons. · Japanese GAAP
FYE Dec 2017	195	+14.9%	Cons. · Japanese GAAP
FYE Dec 2018	211	+7.8%	Cons. · Japanese GAAP
FYE Dec 2019	200	−4.9%	Cons. · Japanese GAAP
FYE Dec 2020	187	−6.6%	Cons. · Japanese GAAP
FYE Dec 2021	224	+19.9%	Cons. · Japanese GAAP
FYE Dec 2022	270	+20.4%	Cons. · Japanese GAAP
FYE Dec 2023	291	+7.6%	Cons. · Japanese GAAP
FYE Dec 2024	317	+9.2%	Cons. · Japanese GAAP
FYE Dec 2025	333	+5.0%	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 Dec 2025 ¥187bn

CAGR · 10 yrs +7.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	100	n/a	Cons. · Japanese GAAP
FYE Dec 2017	112	+11.7%	Cons. · Japanese GAAP
FYE Dec 2018	121	+7.6%	Cons. · Japanese GAAP
FYE Dec 2019	118	−2.5%	Cons. · Japanese GAAP
FYE Dec 2020	111	−5.9%	Cons. · Japanese GAAP
FYE Dec 2021	131	+18.5%	Cons. · Japanese GAAP
FYE Dec 2022	153	+17.1%	Cons. · Japanese GAAP
FYE Dec 2023	163	+6.3%	Cons. · Japanese GAAP
FYE Dec 2024	181	+10.6%	Cons. · Japanese GAAP
FYE Dec 2025	187	+3.4%	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 Dec 2025 ¥146bn

CAGR · 10 yrs +8.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	69.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	83.3	+19.4%	Cons. · Japanese GAAP
FYE Dec 2018	89.9	+8.0%	Cons. · Japanese GAAP
FYE Dec 2019	82.6	−8.1%	Cons. · Japanese GAAP
FYE Dec 2020	76.4	−7.5%	Cons. · Japanese GAAP
FYE Dec 2021	93.2	+22.0%	Cons. · Japanese GAAP
FYE Dec 2022	117	+25.2%	Cons. · Japanese GAAP
FYE Dec 2023	127	+9.2%	Cons. · Japanese GAAP
FYE Dec 2024	137	+7.4%	Cons. · Japanese GAAP
FYE Dec 2025	146	+6.9%	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 Dec 2025 ¥93bn

CAGR · 10 yrs +6.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	51.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	56.5	+10.2%	Cons. · Japanese GAAP
FYE Dec 2018	61.1	+8.2%	Cons. · Japanese GAAP
FYE Dec 2019	61.7	+1.0%	Cons. · Japanese GAAP
FYE Dec 2020	56.7	−8.0%	Cons. · Japanese GAAP
FYE Dec 2021	61.2	+7.8%	Cons. · Japanese GAAP
FYE Dec 2022	70.8	+15.8%	Cons. · Japanese GAAP
FYE Dec 2023	80.1	+13.1%	Cons. · Japanese GAAP
FYE Dec 2024	88.5	+10.5%	Cons. · Japanese GAAP
FYE Dec 2025	93.3	+5.4%	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 Dec 2025 ¥53bn

CAGR · 10 yrs +12.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	18.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	26.8	+45.1%	Cons. · Japanese GAAP
FYE Dec 2018	28.8	+7.5%	Cons. · Japanese GAAP
FYE Dec 2019	20.9	−27.5%	Cons. · Japanese GAAP
FYE Dec 2020	19.7	−5.8%	Cons. · Japanese GAAP
FYE Dec 2021	32.0	+62.7%	Cons. · Japanese GAAP
FYE Dec 2022	45.8	+43.1%	Cons. · Japanese GAAP
FYE Dec 2023	47.3	+3.2%	Cons. · Japanese GAAP
FYE Dec 2024	48.3	+2.2%	Cons. · Japanese GAAP
FYE Dec 2025	53.0	+9.7%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥3.2bn

CAGR · 10 yrs +19.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.6	−7.8%	Cons. · Japanese GAAP
FYE Dec 2018	0.6	−8.6%	Cons. · Japanese GAAP
FYE Dec 2019	0.8	+49.8%	Cons. · Japanese GAAP
FYE Dec 2020	0.8	+1.3%	Cons. · Japanese GAAP
FYE Dec 2021	0.9	+1.4%	Cons. · Japanese GAAP
FYE Dec 2022	1.8	+116.0%	Cons. · Japanese GAAP
FYE Dec 2023	2.7	+48.3%	Cons. · Japanese GAAP
FYE Dec 2024	3.7	+34.5%	Cons. · Japanese GAAP
FYE Dec 2025	3.2	−12.1%	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 Dec 2025 ¥2.0bn

CAGR · 10 yrs +9.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.8	−5.3%	Cons. · Japanese GAAP
FYE Dec 2018	1.1	+29.7%	Cons. · Japanese GAAP
FYE Dec 2019	1.2	+14.0%	Cons. · Japanese GAAP
FYE Dec 2020	1.1	−7.5%	Cons. · Japanese GAAP
FYE Dec 2021	0.9	−24.2%	Cons. · Japanese GAAP
FYE Dec 2022	0.8	−4.5%	Cons. · Japanese GAAP
FYE Dec 2023	1.8	+115.7%	Cons. · Japanese GAAP
FYE Dec 2024	1.8	+3.6%	Cons. · Japanese GAAP
FYE Dec 2025	2.0	+10.9%	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 Dec 2025 ¥54bn

CAGR · 10 yrs +12.8%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	18.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	26.6	+45.6%	Cons. · Japanese GAAP
FYE Dec 2018	28.3	+6.4%	Cons. · Japanese GAAP
FYE Dec 2019	20.5	−27.5%	Cons. · Japanese GAAP
FYE Dec 2020	19.4	−5.5%	Cons. · Japanese GAAP
FYE Dec 2021	32.0	+65.2%	Cons. · Japanese GAAP
FYE Dec 2022	46.9	+46.3%	Cons. · Japanese GAAP
FYE Dec 2023	48.3	+3.0%	Cons. · Japanese GAAP
FYE Dec 2024	50.2	+4.0%	Cons. · Japanese GAAP
FYE Dec 2025	54.2	+8.1%	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 Dec 2025 ¥0.1bn

CAGR · 10 yrs −19.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	0.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.5	−2.5%	Cons. · Japanese GAAP
FYE Dec 2018	0.7	+36.4%	Cons. · Japanese GAAP
FYE Dec 2019	0.3	−62.9%	Cons. · Japanese GAAP
FYE Dec 2020	0.6	+134.6%	Cons. · Japanese GAAP
FYE Dec 2021	0.2	−67.9%	Cons. · Japanese GAAP
FYE Dec 2022	0.5	+178.6%	Cons. · Japanese GAAP
FYE Dec 2023	6.7	+1118.5%	Cons. · Japanese GAAP
FYE Dec 2024	0.0	−99.7%	Cons. · Japanese GAAP
FYE Dec 2025	0.1	+260.0%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Dec 2025 n/a

CAGR · 6 yrs −5.1%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Dec 2016	1.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	0.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	0.0	−55.6%	Cons. · Japanese GAAP
FYE Dec 2020	1.2	+2600.0%	Cons. · Japanese GAAP
FYE Dec 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	0.1	n/a	Cons. · Japanese GAAP
FYE Dec 2023	1.2	+796.3%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥37bn

CAGR · 10 yrs +12.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	13.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.3	+25.6%	Cons. · Japanese GAAP
FYE Dec 2018	22.3	+37.0%	Cons. · Japanese GAAP
FYE Dec 2019	15.5	−30.6%	Cons. · Japanese GAAP
FYE Dec 2020	13.2	−14.8%	Cons. · Japanese GAAP
FYE Dec 2021	21.3	+61.6%	Cons. · Japanese GAAP
FYE Dec 2022	34.1	+59.9%	Cons. · Japanese GAAP
FYE Dec 2023	40.3	+18.3%	Cons. · Japanese GAAP
FYE Dec 2024	33.6	−16.7%	Cons. · Japanese GAAP
FYE Dec 2025	37.1	+10.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 43.9%

Average · 10 yrs 42.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	41.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.6	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2018	42.7	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	41.3	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2020	40.9	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	41.6	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2022	43.2	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2023	43.8	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2024	43.1	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2025	43.9	+0.8pp	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 Dec 2025 15.9%

Average · 10 yrs 13.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	10.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.7	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2018	13.7	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2019	10.4	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	10.5	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	14.3	+3.8pp	Cons. · Japanese GAAP
FYE Dec 2022	17.0	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2023	16.3	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2024	15.2	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	15.9	+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 Dec 2025 16.3%

Average · 10 yrs 13.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	10.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.6	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2018	13.4	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	10.2	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	10.4	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	14.3	+3.9pp	Cons. · Japanese GAAP
FYE Dec 2022	17.3	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2023	16.6	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2024	15.8	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2025	16.3	+0.5pp	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 Dec 2025 11.1%

Average · 10 yrs 9.9%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	7.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.3	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	10.6	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2019	7.7	−2.9pp	Cons. · Japanese GAAP
FYE Dec 2020	7.0	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	9.5	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2022	12.6	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2023	13.9	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	10.6	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2025	11.1	+0.6pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 56.1%

Average · 10 yrs 57.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	59.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	57.4	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2018	57.3	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	58.7	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2020	59.1	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	58.4	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2022	56.8	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2023	56.2	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2024	56.9	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2025	56.1	−0.8pp	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 Dec 2025 28.0%

Average · 10 yrs 28.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	30.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	28.9	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	29.0	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	30.8	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2020	30.3	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2021	27.3	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2022	26.2	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2023	27.6	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	27.9	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	28.0	+0.1pp	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 Dec 2025 ¥518bn

CAGR · 10 yrs +8.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	240	n/a	Cons. · Japanese GAAP
FYE Dec 2017	266	+11.0%	Cons. · Japanese GAAP
FYE Dec 2018	277	+4.3%	Cons. · Japanese GAAP
FYE Dec 2019	315	+13.6%	Cons. · Japanese GAAP
FYE Dec 2020	328	+4.1%	Cons. · Japanese GAAP
FYE Dec 2021	372	+13.3%	Cons. · Japanese GAAP
FYE Dec 2022	417	+12.2%	Cons. · Japanese GAAP
FYE Dec 2023	449	+7.7%	Cons. · Japanese GAAP
FYE Dec 2024	482	+7.3%	Cons. · Japanese GAAP
FYE Dec 2025	518	+7.6%	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 Dec 2025 ¥349bn

CAGR · 10 yrs +11.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	133	n/a	Cons. · Japanese GAAP
FYE Dec 2017	151	+13.3%	Cons. · Japanese GAAP
FYE Dec 2018	162	+7.4%	Cons. · Japanese GAAP
FYE Dec 2019	172	+6.0%	Cons. · Japanese GAAP
FYE Dec 2020	179	+4.1%	Cons. · Japanese GAAP
FYE Dec 2021	204	+14.5%	Cons. · Japanese GAAP
FYE Dec 2022	241	+17.8%	Cons. · Japanese GAAP
FYE Dec 2023	284	+17.8%	Cons. · Japanese GAAP
FYE Dec 2024	315	+10.9%	Cons. · Japanese GAAP
FYE Dec 2025	349	+10.8%	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 Dec 2025 ¥36bn

CAGR · 10 yrs +1.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	31.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.1	−14.7%	Cons. · Japanese GAAP
FYE Dec 2018	29.1	+7.5%	Cons. · Japanese GAAP
FYE Dec 2019	25.4	−12.7%	Cons. · Japanese GAAP
FYE Dec 2020	47.1	+85.5%	Cons. · Japanese GAAP
FYE Dec 2021	50.2	+6.6%	Cons. · Japanese GAAP
FYE Dec 2022	37.2	−25.9%	Cons. · Japanese GAAP
FYE Dec 2023	30.4	−18.3%	Cons. · Japanese GAAP
FYE Dec 2024	34.4	+13.2%	Cons. · Japanese GAAP
FYE Dec 2025	36.5	+6.0%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥12bn

CAGR · 10 yrs −0.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	12.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.4	−33.0%	Cons. · Japanese GAAP
FYE Dec 2018	12.0	+44.2%	Cons. · Japanese GAAP
FYE Dec 2019	8.5	−29.5%	Cons. · Japanese GAAP
FYE Dec 2020	9.5	+12.4%	Cons. · Japanese GAAP
FYE Dec 2021	25.1	+163.0%	Cons. · Japanese GAAP
FYE Dec 2022	12.4	−50.8%	Cons. · Japanese GAAP
FYE Dec 2023	5.7	−53.9%	Cons. · Japanese GAAP
FYE Dec 2024	9.0	+58.3%	Cons. · Japanese GAAP
FYE Dec 2025	12.2	+35.2%	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 Dec 2025 ¥24bn

CAGR · 10 yrs +2.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	19.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	18.7	−2.9%	Cons. · Japanese GAAP
FYE Dec 2018	17.0	−9.0%	Cons. · Japanese GAAP
FYE Dec 2019	16.9	−0.9%	Cons. · Japanese GAAP
FYE Dec 2020	37.5	+122.3%	Cons. · Japanese GAAP
FYE Dec 2021	25.1	−33.2%	Cons. · Japanese GAAP
FYE Dec 2022	24.9	−0.9%	Cons. · Japanese GAAP
FYE Dec 2023	24.7	−0.6%	Cons. · Japanese GAAP
FYE Dec 2024	25.4	+2.8%	Cons. · Japanese GAAP
FYE Dec 2025	24.3	−4.3%	Cons. · Japanese GAAP

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

Intangible assets

FYE Dec 2025 ¥6.4bn

CAGR · 10 yrs −2.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	7.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.4	−44.5%	Cons. · Japanese GAAP
FYE Dec 2018	4.9	+11.5%	Cons. · Japanese GAAP
FYE Dec 2019	5.5	+12.9%	Cons. · Japanese GAAP
FYE Dec 2020	4.6	−16.4%	Cons. · Japanese GAAP
FYE Dec 2021	4.4	−4.4%	Cons. · Japanese GAAP
FYE Dec 2022	3.6	−18.8%	Cons. · Japanese GAAP
FYE Dec 2023	5.0	+38.2%	Cons. · Japanese GAAP
FYE Dec 2024	5.5	+10.4%	Cons. · Japanese GAAP
FYE Dec 2025	6.4	+17.5%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥2.0bn

CAGR · 10 yrs +19.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	0.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.2	−49.9%	Cons. · Japanese GAAP
FYE Dec 2018	0.9	+364.4%	Cons. · Japanese GAAP
FYE Dec 2019	1.3	+39.2%	Cons. · Japanese GAAP
FYE Dec 2020	0.9	−24.7%	Cons. · Japanese GAAP
FYE Dec 2021	1.0	+2.3%	Cons. · Japanese GAAP
FYE Dec 2022	0.6	−36.9%	Cons. · Japanese GAAP
FYE Dec 2023	1.3	+120.2%	Cons. · Japanese GAAP
FYE Dec 2024	1.1	−21.0%	Cons. · Japanese GAAP
FYE Dec 2025	2.0	+87.0%	Cons. · Japanese GAAP

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

Equity ratio

FYE Dec 2025 67.3%

Average · 10 yrs 58.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	55.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	56.7	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	58.4	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2019	54.5	−3.9pp	Cons. · Japanese GAAP
FYE Dec 2020	54.5	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	55.0	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2022	57.8	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2023	63.2	+5.4pp	Cons. · Japanese GAAP
FYE Dec 2024	65.3	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2025	67.3	+1.9pp	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 Dec 2025 10.5%

Average · 10 yrs 17.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	23.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	17.9	−5.9pp	Cons. · Japanese GAAP
FYE Dec 2018	18.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2019	14.8	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	26.3	+11.6pp	Cons. · Japanese GAAP
FYE Dec 2021	24.5	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2022	15.4	−9.1pp	Cons. · Japanese GAAP
FYE Dec 2023	10.7	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2024	10.9	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2025	10.5	−0.5pp	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 Dec 2025 10.6%

Average · 10 yrs 11.1%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	9.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.8	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2018	13.8	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2019	9.0	−4.8pp	Cons. · Japanese GAAP
FYE Dec 2020	7.4	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2021	10.4	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2022	14.1	+3.7pp	Cons. · Japanese GAAP
FYE Dec 2023	14.2	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2024	10.7	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2025	10.6	−0.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 7.2%

Average · 10 yrs 6.6%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.1	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	8.0	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2019	4.9	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2020	4.0	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2021	5.7	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2022	8.2	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2023	9.0	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2024	7.0	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2025	7.2	+0.2pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.64×

CAGR · 10 yrs −1.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.71	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.73	+3.5%	Cons. · Japanese GAAP
FYE Dec 2018	0.76	+3.3%	Cons. · Japanese GAAP
FYE Dec 2019	0.64	−16.3%	Cons. · Japanese GAAP
FYE Dec 2020	0.57	−10.3%	Cons. · Japanese GAAP
FYE Dec 2021	0.60	+5.9%	Cons. · Japanese GAAP
FYE Dec 2022	0.65	+7.4%	Cons. · Japanese GAAP
FYE Dec 2023	0.65	−0.2%	Cons. · Japanese GAAP
FYE Dec 2024	0.66	+1.8%	Cons. · Japanese GAAP
FYE Dec 2025	0.64	−2.5%	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 Dec 2025 ¥54bn

CAGR · 10 yrs +14.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	15.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	28.3	+78.2%	Cons. · Japanese GAAP
FYE Dec 2018	19.5	−30.9%	Cons. · Japanese GAAP
FYE Dec 2019	26.6	+36.4%	Cons. · Japanese GAAP
FYE Dec 2020	32.3	+21.1%	Cons. · Japanese GAAP
FYE Dec 2021	35.3	+9.3%	Cons. · Japanese GAAP
FYE Dec 2022	34.0	−3.7%	Cons. · Japanese GAAP
FYE Dec 2023	16.7	−51.0%	Cons. · Japanese GAAP
FYE Dec 2024	40.3	+142.2%	Cons. · Japanese GAAP
FYE Dec 2025	54.4	+34.8%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥25bn

Average · 10 yrs -¥14bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-10.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-13.2	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-11.0	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-12.4	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-14.0	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-14.7	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-10.7	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-7.3	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-17.6	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-24.9	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 Dec 2025 -¥12bn

Average · 10 yrs -¥6.8bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-0.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-9.0	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-3.2	n/a	Cons. · Japanese GAAP
FYE Dec 2019	19.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	0.8	−95.6%	Cons. · Japanese GAAP
FYE Dec 2021	-4.0	−579.8%	Cons. · Japanese GAAP
FYE Dec 2022	-22.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-21.0	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-15.9	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-12.0	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 Dec 2025 ¥162bn

CAGR · 10 yrs +13.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	51.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	58.3	+12.3%	Cons. · Japanese GAAP
FYE Dec 2018	62.8	+7.7%	Cons. · Japanese GAAP
FYE Dec 2019	96.1	+52.9%	Cons. · Japanese GAAP
FYE Dec 2020	114	+18.8%	Cons. · Japanese GAAP
FYE Dec 2021	134	+17.3%	Cons. · Japanese GAAP
FYE Dec 2022	139	+3.6%	Cons. · Japanese GAAP
FYE Dec 2023	131	−5.9%	Cons. · Japanese GAAP
FYE Dec 2024	144	+10.3%	Cons. · Japanese GAAP
FYE Dec 2025	162	+12.9%	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 Dec 2025 ¥29bn

CAGR · 10 yrs +20.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	15.1	+177.7%	Cons. · Japanese GAAP
FYE Dec 2018	8.5	−43.7%	Cons. · Japanese GAAP
FYE Dec 2019	14.3	+67.8%	Cons. · Japanese GAAP
FYE Dec 2020	18.2	+27.8%	Cons. · Japanese GAAP
FYE Dec 2021	20.6	+13.0%	Cons. · Japanese GAAP
FYE Dec 2022	23.2	+12.7%	Cons. · Japanese GAAP
FYE Dec 2023	9.3	−59.8%	Cons. · Japanese GAAP
FYE Dec 2024	22.8	+143.9%	Cons. · Japanese GAAP
FYE Dec 2025	29.5	+29.4%	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 Dec 2025 16.3%

Average · 10 yrs 12.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	9.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.5	+5.1pp	Cons. · Japanese GAAP
FYE Dec 2018	9.3	−5.2pp	Cons. · Japanese GAAP
FYE Dec 2019	13.3	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2020	17.2	+3.9pp	Cons. · Japanese GAAP
FYE Dec 2021	15.7	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2022	12.6	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2023	5.7	−6.8pp	Cons. · Japanese GAAP
FYE Dec 2024	12.7	+7.0pp	Cons. · Japanese GAAP
FYE Dec 2025	16.3	+3.6pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 ¥126bn

CAGR · 10 yrs +22.5%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	20.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	31.3	+54.7%	Cons. · Japanese GAAP
FYE Dec 2018	33.8	+8.0%	Cons. · Japanese GAAP
FYE Dec 2019	70.7	+109.4%	Cons. · Japanese GAAP
FYE Dec 2020	67.1	−5.1%	Cons. · Japanese GAAP
FYE Dec 2021	83.8	+24.8%	Cons. · Japanese GAAP
FYE Dec 2022	102	+21.3%	Cons. · Japanese GAAP
FYE Dec 2023	100	−1.4%	Cons. · Japanese GAAP
FYE Dec 2024	110	+9.4%	Cons. · Japanese GAAP
FYE Dec 2025	126	+15.0%	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 Dec 2025 ¥674bn

Change · 10 yrs +¥444bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	230	n/a
FYE Dec 2017	289	n/a
FYE Dec 2018	191	n/a
FYE Dec 2019	312	n/a
FYE Dec 2020	257	n/a
FYE Dec 2021	287	n/a
FYE Dec 2022	244	n/a
FYE Dec 2023	469	n/a
FYE Dec 2024	387	n/a
FYE Dec 2025	674	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 15,956¥

Change · 10 yrs +10,546¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	5,410	n/a
FYE Dec 2017	6,791	n/a
FYE Dec 2018	4,488	n/a
FYE Dec 2019	7,331	n/a
FYE Dec 2020	6,052	n/a
FYE Dec 2021	6,758	n/a
FYE Dec 2022	5,730	n/a
FYE Dec 2023	11,034	n/a
FYE Dec 2024	9,154	n/a
FYE Dec 2025	15,956	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Dec 2025 42,233,000shares

Change · 10 yrs −299,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	42,532,000	Parent
FYE Dec 2017	42,532,000	Parent
FYE Dec 2018	42,532,000	Parent
FYE Dec 2019	42,532,000	Parent
FYE Dec 2020	42,532,000	Parent
FYE Dec 2021	42,532,000	Parent
FYE Dec 2022	42,532,000	Parent
FYE Dec 2023	42,532,000	Parent
FYE Dec 2024	42,233,000	Parent
FYE Dec 2025	42,233,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 883.50¥

Change · 10 yrs +575.76¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	307.74	Cons.
FYE Dec 2017	386.30	Cons.
FYE Dec 2018	529.24	Cons.
FYE Dec 2019	367.09	Cons.
FYE Dec 2020	312.58	Cons.
FYE Dec 2021	505.05	Cons.
FYE Dec 2022	807.06	Cons.
FYE Dec 2023	953.71	Cons.
FYE Dec 2024	799.44	Cons.
FYE Dec 2025	883.50	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Dec 2025 8,254.28¥

Change · 10 yrs +5,124.40¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	3,129.88	Cons. · Japanese GAAP
FYE Dec 2017	3,545.00	Cons. · Japanese GAAP
FYE Dec 2018	3,806.83	Cons. · Japanese GAAP
FYE Dec 2019	4,034.73	Cons. · Japanese GAAP
FYE Dec 2020	4,200.67	Cons. · Japanese GAAP
FYE Dec 2021	4,807.70	Cons. · Japanese GAAP
FYE Dec 2022	5,662.44	Cons. · Japanese GAAP
FYE Dec 2023	6,670.62	Cons. · Japanese GAAP
FYE Dec 2024	7,451.28	Cons. · Japanese GAAP
FYE Dec 2025	8,254.28	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 18.06×

Average · 10 yrs 14.45×

Fiscal year	PER ×	Basis
FYE Dec 2016	17.58	Cons.
FYE Dec 2017	17.58	Cons.
FYE Dec 2018	8.48	Cons.
FYE Dec 2019	19.97	Cons.
FYE Dec 2020	19.36	Cons.
FYE Dec 2021	13.38	Cons.
FYE Dec 2022	7.10	Cons.
FYE Dec 2023	11.57	Cons.
FYE Dec 2024	11.45	Cons.
FYE Dec 2025	18.06	Cons.

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

PBR price-to-book ratio

FYE Dec 2025 1.93×

Average · 10 yrs 1.52×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.72	Cons.
FYE Dec 2017	1.90	Cons.
FYE Dec 2018	1.17	Cons.
FYE Dec 2019	1.81	Cons.
FYE Dec 2020	1.43	Cons.
FYE Dec 2021	1.40	Cons.
FYE Dec 2022	1.01	Cons.
FYE Dec 2023	1.65	Cons.
FYE Dec 2024	1.22	Cons.
FYE Dec 2025	1.93	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 9,101people

Change · 10 yrs +1,952 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	7,149	n/a	Cons.
FYE Dec 2017	7,399	+3.5%	Cons.
FYE Dec 2018	7,943	+7.4%	Cons.
FYE Dec 2019	8,288	+4.3%	Cons.
FYE Dec 2020	8,269	−0.2%	Cons.
FYE Dec 2021	8,205	−0.8%	Cons.
FYE Dec 2022	8,432	+2.8%	Cons.
FYE Dec 2023	8,665	+2.8%	Cons.
FYE Dec 2024	8,955	+3.3%	Cons.
FYE Dec 2025	9,101	+1.6%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 1,573people

Change · 10 yrs −2 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	1,575	n/a	Parent
FYE Dec 2017	1,574	−0.1%	Parent
FYE Dec 2018	1,656	+5.2%	Parent
FYE Dec 2019	1,702	+2.8%	Parent
FYE Dec 2020	1,623	−4.6%	Parent
FYE Dec 2021	1,542	−5.0%	Parent
FYE Dec 2022	1,484	−3.8%	Parent
FYE Dec 2023	1,510	+1.8%	Parent
FYE Dec 2024	1,546	+2.4%	Parent
FYE Dec 2025	1,573	+1.7%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 ¥8.2m

Change · 7 yrs +¥1.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	6.6	n/a	Parent
FYE Dec 2020	6.0	−8.7%	Parent
FYE Dec 2021	6.2	+3.4%	Parent
FYE Dec 2022	6.6	+5.9%	Parent
FYE Dec 2023	6.9	+5.5%	Parent
FYE Dec 2024	7.6	+10.3%	Parent
FYE Dec 2025	8.2	+7.5%	Parent

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

Average age

FYE Dec 2025 42.8years

Change · 7 yrs +2.6 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	40.2	n/a	Parent
FYE Dec 2020	40.7	+1.2%	Parent
FYE Dec 2021	41.2	+1.2%	Parent
FYE Dec 2022	42.0	+1.9%	Parent
FYE Dec 2023	42.4	+1.0%	Parent
FYE Dec 2024	42.6	+0.5%	Parent
FYE Dec 2025	42.8	+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 Dec 2025 16.0years

Change · 7 yrs +2.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	13.6	n/a	Parent
FYE Dec 2020	13.6	−0.0%	Parent
FYE Dec 2021	14.9	+9.6%	Parent
FYE Dec 2022	15.7	+5.4%	Parent
FYE Dec 2023	15.9	+1.3%	Parent
FYE Dec 2024	15.9	−0.0%	Parent
FYE Dec 2025	16.0	+0.6%	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 Dec 2025 ¥36.6m

Change · 10 yrs +¥12.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	23.8	n/a	Cons.
FYE Dec 2017	26.4	+11.0%	Cons.
FYE Dec 2018	26.5	+0.4%	Cons.
FYE Dec 2019	24.2	−8.9%	Cons.
FYE Dec 2020	22.6	−6.4%	Cons.
FYE Dec 2021	27.3	+20.8%	Cons.
FYE Dec 2022	32.0	+17.2%	Cons.
FYE Dec 2023	33.5	+4.7%	Cons.
FYE Dec 2024	35.4	+5.7%	Cons.
FYE Dec 2025	36.6	+3.3%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥5.8m

Change · 10 yrs +¥3.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	2.6	n/a	Cons.
FYE Dec 2017	3.6	+40.2%	Cons.
FYE Dec 2018	3.6	+0.1%	Cons.
FYE Dec 2019	2.5	−30.5%	Cons.
FYE Dec 2020	2.4	−5.6%	Cons.
FYE Dec 2021	3.9	+64.0%	Cons.
FYE Dec 2022	5.4	+39.2%	Cons.
FYE Dec 2023	5.5	+0.4%	Cons.
FYE Dec 2024	5.4	−1.1%	Cons.
FYE Dec 2025	5.8	+8.0%	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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