Financials

Advantest: FYE Mar 2026 and ten years of results (48 metrics)

FYE Mar 2026 · Revenue¥1.13tnYoY +44.7%

FYE Mar 2026 · Operating profit¥499bnYoY +118.8%

FYE Mar 2026 · Net profit¥375bnYoY +132.9%

FYE Mar 2026 · Equity ratio67.9%YoY +8.6pp

FYE Mar 2026 · Group employees7,241YoY +240

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥156bn	n/a	¥14bn	n/a	8.9%	¥14bn	Kuroe Shinichiro	—
FYE Mar 2018Consolidated	¥207bn	+32.9%	¥24bn	+76.1%	11.8%	¥18bn	Kuroe Shinichiro	Fujitsu sells its remaining shares — full independence
FYE Mar 2019Consolidated	¥282bn	+36.3%	¥65bn	+164.1%	22.9%	¥57bn	Yoshida Yoshiaki	Head office moves to Chiyoda, Tokyo
FYE Mar 2020Consolidated	¥276bn	−2.3%	¥59bn	−9.2%	21.3%	¥54bn	Yoshida Yoshiaki	—
FYE Mar 2021Consolidated	¥313bn	+13.4%	¥71bn	+20.5%	22.6%	¥70bn	Yoshida Yoshiaki	—
FYE Mar 2022Consolidated	¥417bn	+33.3%	¥115bn	+62.2%	27.5%	¥87bn	Yoshida Yoshiaki	—
FYE Mar 2023Consolidated	¥560bn	+34.4%	¥168bn	+46.2%	29.9%	¥130bn	Yoshida Yoshiaki	Moves to the TSE Prime Market
FYE Mar 2024Consolidated	¥487bn	−13.2%	¥82bn	−51.3%	16.8%	¥62bn	Yoshida Yoshiaki	Record profit as the AI/HBM cycle turns up; four-for-one stock split
FYE Mar 2025Consolidated	¥780bn	+60.3%	¥228bn	+179.5%	29.3%	¥161bn	Yoshida Yoshiaki	—
FYE Mar 2026Consolidated	¥1.13tn	+44.7%	¥499bn	+118.8%	44.2%	¥375bn	Tsukui Koichi	—

How it compares

Tokyo Electron¥2.44tnFY2025Operating margin 25.6%

Advantest¥1.13tnFY2025Operating margin 44.2%

Screen Holdings¥606bnFY2025Operating margin 20.2%Lasertec¥251bnFY2025Operating margin 48.8%Ulvac¥251bnFY2025Operating margin 10.6%KOKUSAI ELECTRIC¥235bnFY2025Operating margin 17.8%

Micronics Japan¥70bnFY2025Operating margin 23.6%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.13tn

CAGR · 10 yrs +24.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	156	n/a	Cons. · IFRS
FYE Mar 2018	207	+32.9%	Cons. · IFRS
FYE Mar 2019	282	+36.3%	Cons. · IFRS
FYE Mar 2020	276	−2.3%	Cons. · IFRS
FYE Mar 2021	313	+13.4%	Cons. · IFRS
FYE Mar 2022	417	+33.3%	Cons. · IFRS
FYE Mar 2023	560	+34.4%	Cons. · IFRS
FYE Mar 2024	487	−13.2%	Cons. · IFRS
FYE Mar 2025	780	+60.3%	Cons. · IFRS
FYE Mar 2026	1,129	+44.7%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥403bn

CAGR · 10 yrs +22.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	66.2	n/a	Cons. · IFRS
FYE Mar 2018	101	+52.1%	Cons. · IFRS
FYE Mar 2019	128	+27.6%	Cons. · IFRS
FYE Mar 2020	119	−7.0%	Cons. · IFRS
FYE Mar 2021	144	+21.0%	Cons. · IFRS
FYE Mar 2022	181	+25.3%	Cons. · IFRS
FYE Mar 2023	241	+33.2%	Cons. · IFRS
FYE Mar 2024	240	−0.3%	Cons. · IFRS
FYE Mar 2025	335	+39.1%	Cons. · IFRS
FYE Mar 2026	403	+20.3%	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 ¥726bn

CAGR · 10 yrs +26.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	89.7	n/a	Cons. · IFRS
FYE Mar 2018	107	+18.8%	Cons. · IFRS
FYE Mar 2019	154	+44.5%	Cons. · IFRS
FYE Mar 2020	156	+1.6%	Cons. · IFRS
FYE Mar 2021	168	+7.5%	Cons. · IFRS
FYE Mar 2022	236	+40.2%	Cons. · IFRS
FYE Mar 2023	319	+35.2%	Cons. · IFRS
FYE Mar 2024	246	−22.9%	Cons. · IFRS
FYE Mar 2025	445	+80.9%	Cons. · IFRS
FYE Mar 2026	726	+63.1%	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 ¥230bn

CAGR · 10 yrs +13.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	76.2	n/a	Cons. · IFRS
FYE Mar 2018	82.6	+8.5%	Cons. · IFRS
FYE Mar 2019	93.1	+12.7%	Cons. · IFRS
FYE Mar 2020	97.8	+5.0%	Cons. · IFRS
FYE Mar 2021	106	+8.3%	Cons. · IFRS
FYE Mar 2022	121	+14.4%	Cons. · IFRS
FYE Mar 2023	152	+25.5%	Cons. · IFRS
FYE Mar 2024	159	+4.6%	Cons. · IFRS
FYE Mar 2025	195	+22.9%	Cons. · IFRS
FYE Mar 2026	230	+17.5%	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 ¥499bn

CAGR · 10 yrs +48.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	13.9	n/a	Cons. · IFRS
FYE Mar 2018	24.5	+76.1%	Cons. · IFRS
FYE Mar 2019	64.7	+164.1%	Cons. · IFRS
FYE Mar 2020	58.7	−9.2%	Cons. · IFRS
FYE Mar 2021	70.7	+20.5%	Cons. · IFRS
FYE Mar 2022	115	+62.2%	Cons. · IFRS
FYE Mar 2023	168	+46.2%	Cons. · IFRS
FYE Mar 2024	81.6	−51.3%	Cons. · IFRS
FYE Mar 2025	228	+179.5%	Cons. · IFRS
FYE Mar 2026	499	+118.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥20bn

CAGR · 10 yrs +35.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons. · IFRS
FYE Mar 2018	1.0	−27.5%	Cons. · IFRS
FYE Mar 2019	1.6	+66.8%	Cons. · IFRS
FYE Mar 2020	1.0	−35.7%	Cons. · IFRS
FYE Mar 2021	0.8	−26.6%	Cons. · IFRS
FYE Mar 2022	1.9	+149.3%	Cons. · IFRS
FYE Mar 2023	4.5	+133.2%	Cons. · IFRS
FYE Mar 2024	1.2	−72.1%	Cons. · IFRS
FYE Mar 2025	1.9	+52.3%	Cons. · IFRS
FYE Mar 2026	20.4	+974.1%	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 ¥2.8bn

CAGR · 10 yrs +32.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · IFRS
FYE Mar 2018	1.2	+419.8%	Cons. · IFRS
FYE Mar 2019	0.1	−93.5%	Cons. · IFRS
FYE Mar 2020	1.2	+1431.2%	Cons. · IFRS
FYE Mar 2021	1.9	+59.0%	Cons. · IFRS
FYE Mar 2022	0.3	−83.8%	Cons. · IFRS
FYE Mar 2023	0.9	+188.8%	Cons. · IFRS
FYE Mar 2024	4.7	+437.4%	Cons. · IFRS
FYE Mar 2025	5.3	+12.3%	Cons. · IFRS
FYE Mar 2026	2.8	−47.9%	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 ¥375bn

CAGR · 10 yrs +43.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	14.2	n/a	Cons. · IFRS
FYE Mar 2018	18.1	+27.5%	Cons. · IFRS
FYE Mar 2019	57.0	+214.8%	Cons. · IFRS
FYE Mar 2020	53.5	−6.1%	Cons. · IFRS
FYE Mar 2021	69.8	+30.4%	Cons. · IFRS
FYE Mar 2022	87.3	+25.1%	Cons. · IFRS
FYE Mar 2023	130	+49.4%	Cons. · IFRS
FYE Mar 2024	62.3	−52.2%	Cons. · IFRS
FYE Mar 2025	161	+158.8%	Cons. · IFRS
FYE Mar 2026	375	+132.9%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 64.3%

Average · 10 yrs 56.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	57.6	n/a	Cons. · IFRS
FYE Mar 2018	51.4	−6.1pp	Cons. · IFRS
FYE Mar 2019	54.5	+3.1pp	Cons. · IFRS
FYE Mar 2020	56.7	+2.2pp	Cons. · IFRS
FYE Mar 2021	53.8	−2.9pp	Cons. · IFRS
FYE Mar 2022	56.6	+2.8pp	Cons. · IFRS
FYE Mar 2023	57.0	+0.4pp	Cons. · IFRS
FYE Mar 2024	50.6	−6.4pp	Cons. · IFRS
FYE Mar 2025	57.1	+6.5pp	Cons. · IFRS
FYE Mar 2026	64.3	+7.3pp	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 44.2%

Average · 10 yrs 23.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.9	n/a	Cons. · IFRS
FYE Mar 2018	11.8	+2.9pp	Cons. · IFRS
FYE Mar 2019	22.9	+11.1pp	Cons. · IFRS
FYE Mar 2020	21.3	−1.6pp	Cons. · IFRS
FYE Mar 2021	22.6	+1.3pp	Cons. · IFRS
FYE Mar 2022	27.5	+4.9pp	Cons. · IFRS
FYE Mar 2023	29.9	+2.4pp	Cons. · IFRS
FYE Mar 2024	16.8	−13.2pp	Cons. · IFRS
FYE Mar 2025	29.3	+12.5pp	Cons. · IFRS
FYE Mar 2026	44.2	+15.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 33.3%

Average · 10 yrs 19.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	9.1	n/a	Cons. · IFRS
FYE Mar 2018	8.7	−0.4pp	Cons. · IFRS
FYE Mar 2019	20.2	+11.4pp	Cons. · IFRS
FYE Mar 2020	19.4	−0.8pp	Cons. · IFRS
FYE Mar 2021	22.3	+2.9pp	Cons. · IFRS
FYE Mar 2022	20.9	−1.4pp	Cons. · IFRS
FYE Mar 2023	23.3	+2.3pp	Cons. · IFRS
FYE Mar 2024	12.8	−10.5pp	Cons. · IFRS
FYE Mar 2025	20.7	+7.9pp	Cons. · IFRS
FYE Mar 2026	33.3	+12.6pp	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 35.7%

Average · 10 yrs 44.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	42.4	n/a	Cons. · IFRS
FYE Mar 2018	48.6	+6.1pp	Cons. · IFRS
FYE Mar 2019	45.5	−3.1pp	Cons. · IFRS
FYE Mar 2020	43.3	−2.2pp	Cons. · IFRS
FYE Mar 2021	46.2	+2.9pp	Cons. · IFRS
FYE Mar 2022	43.4	−2.8pp	Cons. · IFRS
FYE Mar 2023	43.0	−0.4pp	Cons. · IFRS
FYE Mar 2024	49.4	+6.4pp	Cons. · IFRS
FYE Mar 2025	42.9	−6.5pp	Cons. · IFRS
FYE Mar 2026	35.7	−7.3pp	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 20.3%

Average · 10 yrs 32.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	48.9	n/a	Cons. · IFRS
FYE Mar 2018	39.9	−9.0pp	Cons. · IFRS
FYE Mar 2019	33.0	−6.9pp	Cons. · IFRS
FYE Mar 2020	35.4	+2.5pp	Cons. · IFRS
FYE Mar 2021	33.8	−1.6pp	Cons. · IFRS
FYE Mar 2022	29.1	−4.8pp	Cons. · IFRS
FYE Mar 2023	27.1	−1.9pp	Cons. · IFRS
FYE Mar 2024	32.7	+5.5pp	Cons. · IFRS
FYE Mar 2025	25.1	−7.6pp	Cons. · IFRS
FYE Mar 2026	20.3	−4.7pp	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 ¥1.17tn

CAGR · 10 yrs +19.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	232	n/a	Cons. · IFRS
FYE Mar 2018	255	+9.9%	Cons. · IFRS
FYE Mar 2019	305	+19.7%	Cons. · IFRS
FYE Mar 2020	356	+16.8%	Cons. · IFRS
FYE Mar 2021	423	+18.8%	Cons. · IFRS
FYE Mar 2022	495	+17.0%	Cons. · IFRS
FYE Mar 2023	600	+21.3%	Cons. · IFRS
FYE Mar 2024	671	+11.8%	Cons. · IFRS
FYE Mar 2025	854	+27.3%	Cons. · IFRS
FYE Mar 2026	1,172	+37.2%	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 ¥796bn

CAGR · 10 yrs +24.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	110	n/a	Cons. · IFRS
FYE Mar 2018	125	+13.8%	Cons. · IFRS
FYE Mar 2019	199	+59.5%	Cons. · IFRS
FYE Mar 2020	231	+16.5%	Cons. · IFRS
FYE Mar 2021	280	+21.1%	Cons. · IFRS
FYE Mar 2022	295	+5.1%	Cons. · IFRS
FYE Mar 2023	369	+25.1%	Cons. · IFRS
FYE Mar 2024	431	+16.9%	Cons. · IFRS
FYE Mar 2025	507	+17.5%	Cons. · IFRS
FYE Mar 2026	796	+57.1%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥0.0bn

Average · 10 yrs ¥27bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	44.7	n/a	Cons. · IFRS
FYE Mar 2018	15.0	−66.5%	Cons. · IFRS
FYE Mar 2019	0.0	−100.0%	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	30.6	n/a	Cons. · IFRS
FYE Mar 2023	33.4	+9.0%	Cons. · IFRS
FYE Mar 2024	75.1	+125.3%	Cons. · IFRS
FYE Mar 2025	75.0	−0.3%	Cons. · IFRS
FYE Mar 2026	0.0	−100.0%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 n/a

Average · 9 yrs ¥12bn

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	18.4	n/a	Cons. · IFRS
FYE Mar 2023	13.4	−27.2%	Cons. · IFRS
FYE Mar 2024	0.0	−100.0%	Cons. · IFRS
FYE Mar 2025	75.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 n/a

Average · 9 yrs ¥12bn

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	12.2	n/a	Cons. · IFRS
FYE Mar 2023	20.0	+63.4%	Cons. · IFRS
FYE Mar 2024	75.1	+275.7%	Cons. · IFRS
FYE Mar 2025	0.0	−100.0%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 ¥6.6bn

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	44.7	n/a	Cons. · IFRS
FYE Mar 2018	15.0	−66.5%	Cons. · IFRS
FYE Mar 2019	0.0	−100.0%	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	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 ¥19bn

CAGR · 9 yrs +41.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.2	n/a	Cons. · IFRS
FYE Mar 2019	1.3	+10.3%	Cons. · IFRS
FYE Mar 2020	4.1	+222.8%	Cons. · IFRS
FYE Mar 2021	21.8	+430.1%	Cons. · IFRS
FYE Mar 2022	22.1	+1.6%	Cons. · IFRS
FYE Mar 2023	32.7	+47.7%	Cons. · IFRS
FYE Mar 2024	33.3	+1.8%	Cons. · IFRS
FYE Mar 2025	17.2	−48.3%	Cons. · IFRS
FYE Mar 2026	18.6	+7.9%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥66bn

CAGR · 10 yrs +16.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	16.5	n/a	Cons. · IFRS
FYE Mar 2018	14.1	−14.2%	Cons. · IFRS
FYE Mar 2019	24.8	+75.8%	Cons. · IFRS
FYE Mar 2020	46.9	+88.8%	Cons. · IFRS
FYE Mar 2021	32.8	−30.1%	Cons. · IFRS
FYE Mar 2022	63.2	+92.8%	Cons. · IFRS
FYE Mar 2023	63.1	−0.2%	Cons. · IFRS
FYE Mar 2024	65.3	+3.4%	Cons. · IFRS
FYE Mar 2025	61.2	−6.3%	Cons. · IFRS
FYE Mar 2026	65.7	+7.4%	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 67.9%

Average · 10 yrs 60.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	47.3	n/a	Cons. · IFRS
FYE Mar 2018	49.0	+1.7pp	Cons. · IFRS
FYE Mar 2019	65.2	+16.3pp	Cons. · IFRS
FYE Mar 2020	65.1	−0.2pp	Cons. · IFRS
FYE Mar 2021	66.3	+1.3pp	Cons. · IFRS
FYE Mar 2022	59.6	−6.8pp	Cons. · IFRS
FYE Mar 2023	61.4	+1.9pp	Cons. · IFRS
FYE Mar 2024	64.2	+2.8pp	Cons. · IFRS
FYE Mar 2025	59.3	−4.9pp	Cons. · IFRS
FYE Mar 2026	67.9	+8.6pp	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 0.0%

Average · 10 yrs 10.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	40.9	n/a	Cons. · IFRS
FYE Mar 2018	12.0	−28.8pp	Cons. · IFRS
FYE Mar 2019	0.0	−12.0pp	Cons. · IFRS
FYE Mar 2020	0.0	−0.0pp	Cons. · IFRS
FYE Mar 2021	0.0	−0.0pp	Cons. · IFRS
FYE Mar 2022	10.4	+10.4pp	Cons. · IFRS
FYE Mar 2023	9.0	−1.3pp	Cons. · IFRS
FYE Mar 2024	17.4	+8.4pp	Cons. · IFRS
FYE Mar 2025	14.8	−2.6pp	Cons. · IFRS
FYE Mar 2026	0.0	−14.8pp	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 47.2%

Average · 10 yrs 26.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	13.0	n/a	Cons. · IFRS
FYE Mar 2018	14.5	+1.6pp	Cons. · IFRS
FYE Mar 2019	28.7	+14.2pp	Cons. · IFRS
FYE Mar 2020	23.1	−5.5pp	Cons. · IFRS
FYE Mar 2021	24.9	+1.8pp	Cons. · IFRS
FYE Mar 2022	29.6	+4.7pp	Cons. · IFRS
FYE Mar 2023	35.4	+5.7pp	Cons. · IFRS
FYE Mar 2024	14.4	−20.9pp	Cons. · IFRS
FYE Mar 2025	31.8	+17.4pp	Cons. · IFRS
FYE Mar 2026	47.2	+15.4pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 32.0%

Average · 10 yrs 16.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · IFRS
FYE Mar 2018	7.1	+1.0pp	Cons. · IFRS
FYE Mar 2019	18.7	+11.6pp	Cons. · IFRS
FYE Mar 2020	15.0	−3.7pp	Cons. · IFRS
FYE Mar 2021	16.5	+1.5pp	Cons. · IFRS
FYE Mar 2022	17.6	+1.1pp	Cons. · IFRS
FYE Mar 2023	21.7	+4.1pp	Cons. · IFRS
FYE Mar 2024	9.3	−12.4pp	Cons. · IFRS
FYE Mar 2025	18.9	+9.6pp	Cons. · IFRS
FYE Mar 2026	32.0	+13.2pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.96×

CAGR · 10 yrs +4.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.67	n/a	Cons. · IFRS
FYE Mar 2018	0.81	+20.9%	Cons. · IFRS
FYE Mar 2019	0.93	+13.9%	Cons. · IFRS
FYE Mar 2020	0.78	−16.4%	Cons. · IFRS
FYE Mar 2021	0.74	−4.6%	Cons. · IFRS
FYE Mar 2022	0.84	+13.9%	Cons. · IFRS
FYE Mar 2023	0.93	+10.7%	Cons. · IFRS
FYE Mar 2024	0.72	−22.3%	Cons. · IFRS
FYE Mar 2025	0.91	+25.9%	Cons. · IFRS
FYE Mar 2026	0.96	+5.5%	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 ¥335bn

CAGR · 10 yrs +40.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	15.8	n/a	Cons. · IFRS
FYE Mar 2018	28.3	+78.5%	Cons. · IFRS
FYE Mar 2019	44.8	+58.5%	Cons. · IFRS
FYE Mar 2020	66.5	+48.4%	Cons. · IFRS
FYE Mar 2021	67.8	+2.0%	Cons. · IFRS
FYE Mar 2022	78.9	+16.3%	Cons. · IFRS
FYE Mar 2023	70.2	−11.0%	Cons. · IFRS
FYE Mar 2024	32.7	−53.5%	Cons. · IFRS
FYE Mar 2025	286	+775.4%	Cons. · IFRS
FYE Mar 2026	335	+17.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥35bn

Average · 10 yrs -¥26bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-3.5	n/a	Cons. · IFRS
FYE Mar 2018	-2.3	n/a	Cons. · IFRS
FYE Mar 2019	-15.9	n/a	Cons. · IFRS
FYE Mar 2020	-38.8	n/a	Cons. · IFRS
FYE Mar 2021	-16.8	n/a	Cons. · IFRS
FYE Mar 2022	-46.9	n/a	Cons. · IFRS
FYE Mar 2023	-26.7	n/a	Cons. · IFRS
FYE Mar 2024	-27.9	n/a	Cons. · IFRS
FYE Mar 2025	-42.2	n/a	Cons. · IFRS
FYE Mar 2026	-34.6	n/a	Cons. · IFRS

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

Financing cash flow

FYE Mar 2026 -¥231bn

Average · 10 yrs -¥53bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1.0	n/a	Cons. · IFRS
FYE Mar 2018	-15.2	n/a	Cons. · IFRS
FYE Mar 2019	-13.7	n/a	Cons. · IFRS
FYE Mar 2020	-17.9	n/a	Cons. · IFRS
FYE Mar 2021	-30.4	n/a	Cons. · IFRS
FYE Mar 2022	-68.7	n/a	Cons. · IFRS
FYE Mar 2023	-77.4	n/a	Cons. · IFRS
FYE Mar 2024	10.8	n/a	Cons. · IFRS
FYE Mar 2025	-82.8	−869.7%	Cons. · IFRS
FYE Mar 2026	-231	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 ¥340bn

CAGR · 10 yrs +15.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	95.3	n/a	Cons. · IFRS
FYE Mar 2018	104	+9.1%	Cons. · IFRS
FYE Mar 2019	120	+15.4%	Cons. · IFRS
FYE Mar 2020	128	+6.5%	Cons. · IFRS
FYE Mar 2021	149	+16.8%	Cons. · IFRS
FYE Mar 2022	117	−21.8%	Cons. · IFRS
FYE Mar 2023	85.5	−26.6%	Cons. · IFRS
FYE Mar 2024	107	+24.7%	Cons. · IFRS
FYE Mar 2025	263	+146.1%	Cons. · IFRS
FYE Mar 2026	340	+29.5%	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 ¥301bn

CAGR · 10 yrs +42.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	12.3	n/a	Cons. · IFRS
FYE Mar 2018	25.9	+110.6%	Cons. · IFRS
FYE Mar 2019	28.9	+11.4%	Cons. · IFRS
FYE Mar 2020	27.7	−4.2%	Cons. · IFRS
FYE Mar 2021	51.0	+84.4%	Cons. · IFRS
FYE Mar 2022	32.0	−37.3%	Cons. · IFRS
FYE Mar 2023	43.5	+36.1%	Cons. · IFRS
FYE Mar 2024	4.7	−89.1%	Cons. · IFRS
FYE Mar 2025	244	+5056.1%	Cons. · IFRS
FYE Mar 2026	301	+23.3%	Cons. · IFRS

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

Operating cash flow margin

FYE Mar 2026 29.7%

Average · 10 yrs 19.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	10.2	n/a	Cons. · IFRS
FYE Mar 2018	13.6	+3.5pp	Cons. · IFRS
FYE Mar 2019	15.9	+2.2pp	Cons. · IFRS
FYE Mar 2020	24.1	+8.2pp	Cons. · IFRS
FYE Mar 2021	21.7	−2.4pp	Cons. · IFRS
FYE Mar 2022	18.9	−2.8pp	Cons. · IFRS
FYE Mar 2023	12.5	−6.4pp	Cons. · IFRS
FYE Mar 2024	6.7	−5.8pp	Cons. · IFRS
FYE Mar 2025	36.7	+30.0pp	Cons. · IFRS
FYE Mar 2026	29.7	−7.0pp	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 ¥340bn

CAGR · 10 yrs +23.6%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	50.6	n/a	Cons. · IFRS
FYE Mar 2018	89.0	+75.9%	Cons. · IFRS
FYE Mar 2019	120	+34.8%	Cons. · IFRS
FYE Mar 2020	128	+6.5%	Cons. · IFRS
FYE Mar 2021	149	+16.8%	Cons. · IFRS
FYE Mar 2022	86.0	−42.4%	Cons. · IFRS
FYE Mar 2023	52.2	−39.3%	Cons. · IFRS
FYE Mar 2024	31.6	−39.5%	Cons. · IFRS
FYE Mar 2025	188	+494.4%	Cons. · IFRS
FYE Mar 2026	340	+81.2%	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 ¥14.9tn

Change · 10 yrs +¥14.5tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	415	n/a
FYE Mar 2018	445	n/a
FYE Mar 2019	513	n/a
FYE Mar 2020	866	n/a
FYE Mar 2021	1,931	n/a
FYE Mar 2022	1,930	n/a
FYE Mar 2023	2,330	n/a
FYE Mar 2024	5,225	n/a
FYE Mar 2025	4,959	n/a
FYE Mar 2026	14,880	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 20,328¥

Change · 10 yrs +18,248¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,080	n/a
FYE Mar 2018	2,229	n/a
FYE Mar 2019	2,573	n/a
FYE Mar 2020	4,341	n/a
FYE Mar 2021	9,678	n/a
FYE Mar 2022	9,670	n/a
FYE Mar 2023	12,163	n/a
FYE Mar 2024	6,819	n/a
FYE Mar 2025	6,473	n/a
FYE Mar 2026	20,328	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 732,000,000shares

Change · 10 yrs +532,433,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	199,567,000	Parent
FYE Mar 2018	199,567,000	Parent
FYE Mar 2019	199,567,000	Parent
FYE Mar 2020	199,567,000	Parent
FYE Mar 2021	199,567,000	Parent
FYE Mar 2022	199,542,000	Parent
FYE Mar 2023	191,542,000	Parent
FYE Mar 2024	766,141,000	Parent
FYE Mar 2025	766,141,000	Parent
FYE Mar 2026	732,000,000	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 515.15¥

Change · 10 yrs +434.08¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	81.07	Cons.
FYE Mar 2018	101.94	Cons.
FYE Mar 2019	302.35	Cons.
FYE Mar 2020	270.12	Cons.
FYE Mar 2021	353.87	Cons.
FYE Mar 2022	449.56	Cons.
FYE Mar 2023	174.35	Cons.
FYE Mar 2024	84.45	Cons.
FYE Mar 2025	218.67	Cons.
FYE Mar 2026	515.15	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 1,087.06¥

Change · 10 yrs +538.28¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	548.77	Cons. · IFRS
FYE Mar 2018	624.40	Cons. · IFRS
FYE Mar 2019	995.81	Cons. · IFRS
FYE Mar 2020	1,159.77	Cons. · IFRS
FYE Mar 2021	1,404.89	Cons. · IFRS
FYE Mar 2022	1,476.49	Cons. · IFRS
FYE Mar 2023	1,924.87	Cons. · IFRS
FYE Mar 2024	562.79	Cons. · IFRS
FYE Mar 2025	661.16	Cons. · IFRS
FYE Mar 2026	1,087.06	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 39.46×

Average · 10 yrs 28.82×

Fiscal year	PER ×	Basis
FYE Mar 2017	25.66	Cons.
FYE Mar 2018	21.87	Cons.
FYE Mar 2019	8.51	Cons.
FYE Mar 2020	16.07	Cons.
FYE Mar 2021	27.35	Cons.
FYE Mar 2022	21.51	Cons.
FYE Mar 2023	17.44	Cons.
FYE Mar 2024	80.75	Cons.
FYE Mar 2025	29.60	Cons.
FYE Mar 2026	39.46	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 18.52×

Average · 10 yrs 7.15×

Fiscal year	PBR ×	Basis
FYE Mar 2017	3.36	Cons.
FYE Mar 2018	3.20	Cons.
FYE Mar 2019	2.56	Cons.
FYE Mar 2020	3.72	Cons.
FYE Mar 2021	6.78	Cons.
FYE Mar 2022	6.23	Cons.
FYE Mar 2023	6.07	Cons.
FYE Mar 2024	11.67	Cons.
FYE Mar 2025	9.37	Cons.
FYE Mar 2026	18.52	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 7,241people

Change · 10 yrs +2,827 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	4,414	n/a	Cons.
FYE Mar 2018	4,457	+1.0%	Cons.
FYE Mar 2019	4,630	+3.9%	Cons.
FYE Mar 2020	5,048	+9.0%	Cons.
FYE Mar 2021	5,261	+4.2%	Cons.
FYE Mar 2022	5,941	+12.9%	Cons.
FYE Mar 2023	6,544	+10.1%	Cons.
FYE Mar 2024	6,766	+3.4%	Cons.
FYE Mar 2025	7,001	+3.5%	Cons.
FYE Mar 2026	7,241	+3.4%	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 2,033people

Change · 10 yrs −125 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,158	n/a	Parent
FYE Mar 2018	2,104	−2.5%	Parent
FYE Mar 2019	2,067	−1.8%	Parent
FYE Mar 2020	2,021	−2.2%	Parent
FYE Mar 2021	2,025	+0.2%	Parent
FYE Mar 2022	1,986	−1.9%	Parent
FYE Mar 2023	1,988	+0.1%	Parent
FYE Mar 2024	2,011	+1.2%	Parent
FYE Mar 2025	1,988	−1.1%	Parent
FYE Mar 2026	2,033	+2.3%	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 ¥11.0m

Change · 10 yrs +¥2.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.8	n/a	Parent
FYE Mar 2018	8.9	+0.9%	Parent
FYE Mar 2019	10.2	+14.3%	Parent
FYE Mar 2020	9.9	−2.5%	Parent
FYE Mar 2021	9.8	−1.4%	Parent
FYE Mar 2022	10.2	+3.9%	Parent
FYE Mar 2023	10.1	−0.9%	Parent
FYE Mar 2024	10.1	−0.5%	Parent
FYE Mar 2025	10.5	+4.4%	Parent
FYE Mar 2026	11.0	+4.6%	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 45.7years

Change · 8 yrs −0.1 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	45.8	n/a	Parent
FYE Mar 2020	46.0	+0.5%	Parent
FYE Mar 2021	46.1	+0.3%	Parent
FYE Mar 2022	46.1	−0.0%	Parent
FYE Mar 2023	46.1	−0.1%	Parent
FYE Mar 2024	46.1	−0.0%	Parent
FYE Mar 2025	45.8	−0.5%	Parent
FYE Mar 2026	45.7	−0.3%	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 20.2years

Change · 10 yrs +0.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.6	n/a	Parent
FYE Mar 2018	20.3	+3.5%	Parent
FYE Mar 2019	20.9	+2.9%	Parent
FYE Mar 2020	21.0	+0.7%	Parent
FYE Mar 2021	21.2	+0.7%	Parent
FYE Mar 2022	21.0	−0.9%	Parent
FYE Mar 2023	20.7	−1.0%	Parent
FYE Mar 2024	20.4	−1.4%	Parent
FYE Mar 2025	20.2	−1.4%	Parent
FYE Mar 2026	20.2	−0.0%	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 389people

Change · 10 yrs +241 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	148	n/a	n/a
FYE Mar 2018	208	+40.5%	n/a
FYE Mar 2019	285	+37.0%	n/a
FYE Mar 2020	381	+33.7%	n/a
FYE Mar 2021	475	+24.7%	n/a
FYE Mar 2022	509	+7.2%	n/a
FYE Mar 2023	548	+7.7%	n/a
FYE Mar 2024	583	+6.4%	n/a
FYE Mar 2025	598	+2.6%	n/a
FYE Mar 2026	389	−34.9%	n/a

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

Revenue per employee

FYE Mar 2026 ¥156m

Change · 10 yrs +¥121m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	35.3	n/a	Cons.
FYE Mar 2018	46.5	+31.6%	Cons.
FYE Mar 2019	61.0	+31.2%	Cons.
FYE Mar 2020	54.7	−10.4%	Cons.
FYE Mar 2021	59.5	+8.8%	Cons.
FYE Mar 2022	70.2	+18.0%	Cons.
FYE Mar 2023	85.6	+22.0%	Cons.
FYE Mar 2024	71.9	−16.0%	Cons.
FYE Mar 2025	111	+54.9%	Cons.
FYE Mar 2026	156	+40.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥68.9m

Change · 10 yrs +¥65.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons.
FYE Mar 2018	5.5	+74.4%	Cons.
FYE Mar 2019	14.0	+154.2%	Cons.
FYE Mar 2020	11.6	−16.7%	Cons.
FYE Mar 2021	13.4	+15.6%	Cons.
FYE Mar 2022	19.3	+43.7%	Cons.
FYE Mar 2023	25.6	+32.7%	Cons.
FYE Mar 2024	12.1	−52.9%	Cons.
FYE Mar 2025	32.6	+170.1%	Cons.
FYE Mar 2026	68.9	+111.5%	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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