Financials

Sysmex: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥500bnYoY −1.7%

FYE Mar 2026 · Operating profit¥52bnYoY −40.8%

FYE Mar 2026 · Net profit¥35bnYoY −33.9%

FYE Mar 2026 · Equity ratio71.3%YoY +1.7pp

FYE Mar 2026 · Group employees10,861YoY +328

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥250bn	n/a	¥52bn	n/a	20.7%	¥41bn	Ietsugu Hisashi	Riken Genesis becomes a wholly owned subsidiary
FYE Mar 2018Consolidated	¥282bn	+12.9%	¥59bn	+14.3%	21.0%	¥39bn	Ietsugu Hisashi	—
FYE Mar 2019Consolidated	¥294bn	+4.1%	¥61bn	+3.7%	20.9%	¥41bn	Ietsugu Hisashi	—
FYE Mar 2020Consolidated	¥302bn	+2.9%	¥55bn	−9.8%	18.3%	¥35bn	Ietsugu Hisashi	—
FYE Mar 2021Consolidated	¥305bn	+1.0%	¥50bn	−9.5%	16.4%	¥32bn	Ietsugu Hisashi	—
FYE Mar 2022Consolidated	¥364bn	+19.2%	¥67bn	+34.8%	18.5%	¥44bn	Ietsugu Hisashi	—
FYE Mar 2023Consolidated	¥411bn	+12.8%	¥74bn	+9.3%	17.9%	¥46bn	Ietsugu Hisashi	—
FYE Mar 2024Consolidated	¥462bn	+12.4%	¥78bn	+6.4%	17.0%	¥50bn	Ietsugu Hisashi	<a class="en-history_person" href="/tse/6869/executives/ceo/asano-kaoru/" hreflang="ja">Asano Kaoru</a> succeeds <a class="en-history_person" href="/tse/6869/executives/ceo/ietsugu-hisashi/" hreflang="ja">Ietsugu Hisashi</a> — the first non-family CEO
FYE Mar 2025Consolidated	¥509bn	+10.2%	¥88bn	+11.7%	17.2%	¥54bn	Asano Kaoru	—
FYE Mar 2026Consolidated	¥500bn	−1.7%	¥52bn	−40.8%	10.4%	¥35bn	Asano Kaoru	Revenue <span class="en-history_money" data-yen="508600000000" data-year="2024">$3.4B (¥509bn)</span>; about 10,500 employees

How it compares

Sysmex¥500bnFY2025Operating margin 10.4%

Nihon Kohden¥235bnFY2025Operating margin 8.0%Nakanishi¥81bnFY2025Operating margin 17.4%

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 ¥500bn

CAGR · 10 yrs +8.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	250	n/a	Cons. · IFRS
FYE Mar 2018	282	+12.9%	Cons. · IFRS
FYE Mar 2019	294	+4.1%	Cons. · IFRS
FYE Mar 2020	302	+2.9%	Cons. · IFRS
FYE Mar 2021	305	+1.0%	Cons. · IFRS
FYE Mar 2022	364	+19.2%	Cons. · IFRS
FYE Mar 2023	411	+12.8%	Cons. · IFRS
FYE Mar 2024	462	+12.4%	Cons. · IFRS
FYE Mar 2025	509	+10.2%	Cons. · IFRS
FYE Mar 2026	500	−1.7%	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 ¥244bn

CAGR · 10 yrs +9.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	108	n/a	Cons. · IFRS
FYE Mar 2018	123	+13.7%	Cons. · IFRS
FYE Mar 2019	132	+7.2%	Cons. · IFRS
FYE Mar 2020	142	+7.8%	Cons. · IFRS
FYE Mar 2021	151	+6.0%	Cons. · IFRS
FYE Mar 2022	173	+14.9%	Cons. · IFRS
FYE Mar 2023	194	+12.3%	Cons. · IFRS
FYE Mar 2024	219	+12.6%	Cons. · IFRS
FYE Mar 2025	237	+8.1%	Cons. · IFRS
FYE Mar 2026	244	+3.2%	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 ¥256bn

CAGR · 10 yrs +6.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	142	n/a	Cons. · IFRS
FYE Mar 2018	159	+12.1%	Cons. · IFRS
FYE Mar 2019	162	+1.7%	Cons. · IFRS
FYE Mar 2020	160	−1.1%	Cons. · IFRS
FYE Mar 2021	154	−3.4%	Cons. · IFRS
FYE Mar 2022	191	+23.5%	Cons. · IFRS
FYE Mar 2023	216	+13.4%	Cons. · IFRS
FYE Mar 2024	242	+12.2%	Cons. · IFRS
FYE Mar 2025	272	+12.2%	Cons. · IFRS
FYE Mar 2026	256	−6.0%	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 ¥164bn

CAGR · 10 yrs +9.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	75.4	n/a	Cons. · IFRS
FYE Mar 2018	82.5	+9.5%	Cons. · IFRS
FYE Mar 2019	81.2	−1.6%	Cons. · IFRS
FYE Mar 2020	83.5	+2.8%	Cons. · IFRS
FYE Mar 2021	82.6	−1.1%	Cons. · IFRS
FYE Mar 2022	94.2	+14.1%	Cons. · IFRS
FYE Mar 2023	112	+19.2%	Cons. · IFRS
FYE Mar 2024	134	+19.1%	Cons. · IFRS
FYE Mar 2025	151	+12.7%	Cons. · IFRS
FYE Mar 2026	164	+9.0%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥52bn

CAGR · 10 yrs +0.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	51.7	n/a	Cons. · IFRS
FYE Mar 2018	59.1	+14.3%	Cons. · IFRS
FYE Mar 2019	61.3	+3.7%	Cons. · IFRS
FYE Mar 2020	55.3	−9.8%	Cons. · IFRS
FYE Mar 2021	50.0	−9.5%	Cons. · IFRS
FYE Mar 2022	67.4	+34.8%	Cons. · IFRS
FYE Mar 2023	73.7	+9.3%	Cons. · IFRS
FYE Mar 2024	78.4	+6.4%	Cons. · IFRS
FYE Mar 2025	87.6	+11.7%	Cons. · IFRS
FYE Mar 2026	51.8	−40.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥0.9bn

CAGR · 9 yrs +11.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.4	n/a	Cons. · IFRS
FYE Mar 2019	0.4	+24.2%	Cons. · IFRS
FYE Mar 2020	0.6	+34.6%	Cons. · IFRS
FYE Mar 2021	0.4	−29.4%	Cons. · IFRS
FYE Mar 2022	0.6	+31.0%	Cons. · IFRS
FYE Mar 2023	0.9	+56.9%	Cons. · IFRS
FYE Mar 2024	0.9	+8.6%	Cons. · IFRS
FYE Mar 2025	1.1	+15.0%	Cons. · IFRS
FYE Mar 2026	0.9	−19.8%	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 ¥4.4bn

CAGR · 9 yrs +46.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.2	n/a	Cons. · IFRS
FYE Mar 2019	0.4	+89.3%	Cons. · IFRS
FYE Mar 2020	1.0	+164.4%	Cons. · IFRS
FYE Mar 2021	0.9	−16.0%	Cons. · IFRS
FYE Mar 2022	0.9	+5.0%	Cons. · IFRS
FYE Mar 2023	1.6	+72.3%	Cons. · IFRS
FYE Mar 2024	2.4	+52.4%	Cons. · IFRS
FYE Mar 2025	3.5	+47.4%	Cons. · IFRS
FYE Mar 2026	4.4	+23.9%	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 ¥35bn

CAGR · 10 yrs −1.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	40.6	n/a	Cons. · IFRS
FYE Mar 2018	39.2	−3.5%	Cons. · IFRS
FYE Mar 2019	41.2	+5.1%	Cons. · IFRS
FYE Mar 2020	34.9	−15.4%	Cons. · IFRS
FYE Mar 2021	31.9	−8.5%	Cons. · IFRS
FYE Mar 2022	44.1	+38.2%	Cons. · IFRS
FYE Mar 2023	45.8	+3.8%	Cons. · IFRS
FYE Mar 2024	49.6	+8.4%	Cons. · IFRS
FYE Mar 2025	53.7	+8.1%	Cons. · IFRS
FYE Mar 2026	35.5	−33.9%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 51.1%

Average · 10 yrs 53.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	56.8	n/a	Cons. · IFRS
FYE Mar 2018	56.4	−0.4pp	Cons. · IFRS
FYE Mar 2019	55.1	−1.3pp	Cons. · IFRS
FYE Mar 2020	52.9	−2.1pp	Cons. · IFRS
FYE Mar 2021	50.6	−2.3pp	Cons. · IFRS
FYE Mar 2022	52.4	+1.8pp	Cons. · IFRS
FYE Mar 2023	52.6	+0.2pp	Cons. · IFRS
FYE Mar 2024	52.5	−0.1pp	Cons. · IFRS
FYE Mar 2025	53.5	+0.9pp	Cons. · IFRS
FYE Mar 2026	51.1	−2.3pp	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 10.4%

Average · 10 yrs 17.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	20.7	n/a	Cons. · IFRS
FYE Mar 2018	21.0	+0.3pp	Cons. · IFRS
FYE Mar 2019	20.9	−0.1pp	Cons. · IFRS
FYE Mar 2020	18.3	−2.6pp	Cons. · IFRS
FYE Mar 2021	16.4	−1.9pp	Cons. · IFRS
FYE Mar 2022	18.5	+2.1pp	Cons. · IFRS
FYE Mar 2023	17.9	−0.6pp	Cons. · IFRS
FYE Mar 2024	17.0	−1.0pp	Cons. · IFRS
FYE Mar 2025	17.2	+0.2pp	Cons. · IFRS
FYE Mar 2026	10.4	−6.9pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 7.1%

Average · 10 yrs 11.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	16.3	n/a	Cons. · IFRS
FYE Mar 2018	13.9	−2.4pp	Cons. · IFRS
FYE Mar 2019	14.0	+0.1pp	Cons. · IFRS
FYE Mar 2020	11.6	−2.5pp	Cons. · IFRS
FYE Mar 2021	10.5	−1.1pp	Cons. · IFRS
FYE Mar 2022	12.1	+1.7pp	Cons. · IFRS
FYE Mar 2023	11.2	−1.0pp	Cons. · IFRS
FYE Mar 2024	10.8	−0.4pp	Cons. · IFRS
FYE Mar 2025	10.6	−0.2pp	Cons. · IFRS
FYE Mar 2026	7.1	−3.5pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 48.9%

Average · 10 yrs 46.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	43.3	n/a	Cons. · IFRS
FYE Mar 2018	43.6	+0.3pp	Cons. · IFRS
FYE Mar 2019	44.9	+1.3pp	Cons. · IFRS
FYE Mar 2020	47.1	+2.1pp	Cons. · IFRS
FYE Mar 2021	49.4	+2.3pp	Cons. · IFRS
FYE Mar 2022	47.6	−1.8pp	Cons. · IFRS
FYE Mar 2023	47.4	−0.2pp	Cons. · IFRS
FYE Mar 2024	47.5	+0.1pp	Cons. · IFRS
FYE Mar 2025	46.5	−0.9pp	Cons. · IFRS
FYE Mar 2026	48.9	+2.3pp	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 32.9%

Average · 10 yrs 28.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	30.2	n/a	Cons. · IFRS
FYE Mar 2018	29.3	−0.9pp	Cons. · IFRS
FYE Mar 2019	27.7	−1.6pp	Cons. · IFRS
FYE Mar 2020	27.7	−0.0pp	Cons. · IFRS
FYE Mar 2021	27.1	−0.6pp	Cons. · IFRS
FYE Mar 2022	25.9	−1.2pp	Cons. · IFRS
FYE Mar 2023	27.4	+1.5pp	Cons. · IFRS
FYE Mar 2024	29.0	+1.6pp	Cons. · IFRS
FYE Mar 2025	29.7	+0.7pp	Cons. · IFRS
FYE Mar 2026	32.9	+3.2pp	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 ¥708bn

CAGR · 10 yrs +10.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	283	n/a	Cons. · IFRS
FYE Mar 2018	322	+13.7%	Cons. · IFRS
FYE Mar 2019	347	+7.7%	Cons. · IFRS
FYE Mar 2020	389	+12.3%	Cons. · IFRS
FYE Mar 2021	425	+9.1%	Cons. · IFRS
FYE Mar 2022	484	+13.8%	Cons. · IFRS
FYE Mar 2023	531	+9.8%	Cons. · IFRS
FYE Mar 2024	619	+16.5%	Cons. · IFRS
FYE Mar 2025	665	+7.5%	Cons. · IFRS
FYE Mar 2026	708	+6.4%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥504bn

CAGR · 10 yrs +10.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	213	n/a	Cons. · IFRS
FYE Mar 2018	240	+12.9%	Cons. · IFRS
FYE Mar 2019	264	+9.9%	Cons. · IFRS
FYE Mar 2020	277	+5.0%	Cons. · IFRS
FYE Mar 2021	305	+9.9%	Cons. · IFRS
FYE Mar 2022	348	+14.1%	Cons. · IFRS
FYE Mar 2023	387	+11.3%	Cons. · IFRS
FYE Mar 2024	431	+11.4%	Cons. · IFRS
FYE Mar 2025	463	+7.4%	Cons. · IFRS
FYE Mar 2026	504	+8.9%	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 ¥32bn

Average · 4 yrs ¥23bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	28.6	n/a	Cons. · IFRS
FYE Mar 2025	32.4	+13.1%	Cons. · IFRS
FYE Mar 2026	31.6	−2.2%	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 ¥32bn

CAGR · 3 yrs +5.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	28.6	n/a	Cons. · IFRS
FYE Mar 2025	32.4	+13.1%	Cons. · IFRS
FYE Mar 2026	31.6	−2.2%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥93bn

CAGR · 9 yrs +15.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	29.8	n/a	Cons. · IFRS
FYE Mar 2019	33.0	+11.0%	Cons. · IFRS
FYE Mar 2020	39.5	+19.7%	Cons. · IFRS
FYE Mar 2021	46.8	+18.5%	Cons. · IFRS
FYE Mar 2022	57.3	+22.2%	Cons. · IFRS
FYE Mar 2023	73.5	+28.4%	Cons. · IFRS
FYE Mar 2024	86.8	+18.0%	Cons. · IFRS
FYE Mar 2025	92.1	+6.2%	Cons. · IFRS
FYE Mar 2026	93.2	+1.1%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥4.1bn

CAGR · 9 yrs −12.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	12.3	n/a	Cons. · IFRS
FYE Mar 2019	11.9	−2.7%	Cons. · IFRS
FYE Mar 2020	11.3	−5.4%	Cons. · IFRS
FYE Mar 2021	12.4	+10.3%	Cons. · IFRS
FYE Mar 2022	13.0	+4.6%	Cons. · IFRS
FYE Mar 2023	16.8	+29.5%	Cons. · IFRS
FYE Mar 2024	17.2	+2.3%	Cons. · IFRS
FYE Mar 2025	14.2	−17.5%	Cons. · IFRS
FYE Mar 2026	4.1	−70.9%	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 71.3%

Average · 10 yrs 72.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	75.1	n/a	Cons. · IFRS
FYE Mar 2018	74.6	−0.6pp	Cons. · IFRS
FYE Mar 2019	76.0	+1.5pp	Cons. · IFRS
FYE Mar 2020	71.2	−4.9pp	Cons. · IFRS
FYE Mar 2021	71.7	+0.5pp	Cons. · IFRS
FYE Mar 2022	71.9	+0.2pp	Cons. · IFRS
FYE Mar 2023	72.9	+1.0pp	Cons. · IFRS
FYE Mar 2024	69.7	−3.2pp	Cons. · IFRS
FYE Mar 2025	69.6	−0.1pp	Cons. · IFRS
FYE Mar 2026	71.3	+1.7pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 6.3%

Average · 4 yrs 5.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	6.6	+6.6pp	Cons. · IFRS
FYE Mar 2025	7.0	+0.4pp	Cons. · IFRS
FYE Mar 2026	6.3	−0.7pp	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 7.0%

Average · 10 yrs 12.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	19.1	n/a	Cons. · IFRS
FYE Mar 2018	16.3	−2.8pp	Cons. · IFRS
FYE Mar 2019	15.6	−0.7pp	Cons. · IFRS
FYE Mar 2020	12.6	−3.0pp	Cons. · IFRS
FYE Mar 2021	10.5	−2.1pp	Cons. · IFRS
FYE Mar 2022	12.7	+2.2pp	Cons. · IFRS
FYE Mar 2023	11.8	−0.9pp	Cons. · IFRS
FYE Mar 2024	11.5	−0.3pp	Cons. · IFRS
FYE Mar 2025	11.6	+0.1pp	Cons. · IFRS
FYE Mar 2026	7.0	−4.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.0%

Average · 10 yrs 9.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	14.3	n/a	Cons. · IFRS
FYE Mar 2018	12.2	−2.2pp	Cons. · IFRS
FYE Mar 2019	11.9	−0.3pp	Cons. · IFRS
FYE Mar 2020	9.0	−2.9pp	Cons. · IFRS
FYE Mar 2021	7.5	−1.5pp	Cons. · IFRS
FYE Mar 2022	9.1	+1.6pp	Cons. · IFRS
FYE Mar 2023	8.6	−0.5pp	Cons. · IFRS
FYE Mar 2024	8.0	−0.6pp	Cons. · IFRS
FYE Mar 2025	8.1	−0.0pp	Cons. · IFRS
FYE Mar 2026	5.0	−3.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.71×

CAGR · 10 yrs −2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.88	n/a	Cons. · IFRS
FYE Mar 2018	0.88	−0.7%	Cons. · IFRS
FYE Mar 2019	0.85	−3.3%	Cons. · IFRS
FYE Mar 2020	0.78	−8.3%	Cons. · IFRS
FYE Mar 2021	0.72	−7.4%	Cons. · IFRS
FYE Mar 2022	0.75	+4.7%	Cons. · IFRS
FYE Mar 2023	0.77	+2.8%	Cons. · IFRS
FYE Mar 2024	0.75	−3.5%	Cons. · IFRS
FYE Mar 2025	0.76	+2.5%	Cons. · IFRS
FYE Mar 2026	0.71	−7.6%	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 ¥74bn

CAGR · 10 yrs +10.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	30.2	n/a	Cons. · IFRS
FYE Mar 2018	52.2	+72.9%	Cons. · IFRS
FYE Mar 2019	44.7	−14.4%	Cons. · IFRS
FYE Mar 2020	53.2	+18.9%	Cons. · IFRS
FYE Mar 2021	56.9	+6.9%	Cons. · IFRS
FYE Mar 2022	58.7	+3.3%	Cons. · IFRS
FYE Mar 2023	68.8	+17.2%	Cons. · IFRS
FYE Mar 2024	63.9	−7.2%	Cons. · IFRS
FYE Mar 2025	88.2	+38.1%	Cons. · IFRS
FYE Mar 2026	73.8	−16.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥51bn

Average · 10 yrs -¥40bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-16.8	n/a	Cons. · IFRS
FYE Mar 2018	-37.8	n/a	Cons. · IFRS
FYE Mar 2019	-40.1	n/a	Cons. · IFRS
FYE Mar 2020	-25.9	n/a	Cons. · IFRS
FYE Mar 2021	-29.2	n/a	Cons. · IFRS
FYE Mar 2022	-35.1	n/a	Cons. · IFRS
FYE Mar 2023	-51.8	n/a	Cons. · IFRS
FYE Mar 2024	-55.0	n/a	Cons. · IFRS
FYE Mar 2025	-52.5	n/a	Cons. · IFRS
FYE Mar 2026	-51.5	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 -¥38bn

Average · 10 yrs -¥19bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-10.9	n/a	Cons. · IFRS
FYE Mar 2018	-11.5	n/a	Cons. · IFRS
FYE Mar 2019	-14.1	n/a	Cons. · IFRS
FYE Mar 2020	-20.6	n/a	Cons. · IFRS
FYE Mar 2021	-20.3	n/a	Cons. · IFRS
FYE Mar 2022	-20.5	n/a	Cons. · IFRS
FYE Mar 2023	-24.2	n/a	Cons. · IFRS
FYE Mar 2024	-9.0	n/a	Cons. · IFRS
FYE Mar 2025	-24.3	n/a	Cons. · IFRS
FYE Mar 2026	-37.7	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥84bn

CAGR · 10 yrs +4.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	57.9	n/a	Cons. · IFRS
FYE Mar 2018	61.4	+6.0%	Cons. · IFRS
FYE Mar 2019	51.1	−16.9%	Cons. · IFRS
FYE Mar 2020	60.6	+18.7%	Cons. · IFRS
FYE Mar 2021	58.8	−2.9%	Cons. · IFRS
FYE Mar 2022	73.8	+25.4%	Cons. · IFRS
FYE Mar 2023	69.5	−5.8%	Cons. · IFRS
FYE Mar 2024	75.5	+8.7%	Cons. · IFRS
FYE Mar 2025	89.6	+18.6%	Cons. · IFRS
FYE Mar 2026	84.1	−6.1%	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 ¥22bn

CAGR · 10 yrs +5.8%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons. · IFRS
FYE Mar 2018	14.4	+7.3%	Cons. · IFRS
FYE Mar 2019	4.6	−68.0%	Cons. · IFRS
FYE Mar 2020	27.3	+491.0%	Cons. · IFRS
FYE Mar 2021	27.7	+1.5%	Cons. · IFRS
FYE Mar 2022	23.7	−14.4%	Cons. · IFRS
FYE Mar 2023	17.1	−27.9%	Cons. · IFRS
FYE Mar 2024	8.9	−47.7%	Cons. · IFRS
FYE Mar 2025	35.8	+300.2%	Cons. · IFRS
FYE Mar 2026	22.4	−37.4%	Cons. · IFRS

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

Operating cash flow margin

FYE Mar 2026 14.8%

Average · 10 yrs 16.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	12.1	n/a	Cons. · IFRS
FYE Mar 2018	18.5	+6.4pp	Cons. · IFRS
FYE Mar 2019	15.2	−3.3pp	Cons. · IFRS
FYE Mar 2020	17.6	+2.4pp	Cons. · IFRS
FYE Mar 2021	18.6	+1.0pp	Cons. · IFRS
FYE Mar 2022	16.1	−2.5pp	Cons. · IFRS
FYE Mar 2023	16.8	+0.6pp	Cons. · IFRS
FYE Mar 2024	13.8	−2.9pp	Cons. · IFRS
FYE Mar 2025	17.3	+3.5pp	Cons. · IFRS
FYE Mar 2026	14.8	−2.6pp	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 ¥52bn

CAGR · 4 yrs −8.9%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	69.5	n/a	Cons. · IFRS
FYE Mar 2024	46.9	−32.5%	Cons. · IFRS
FYE Mar 2025	57.2	+22.0%	Cons. · IFRS
FYE Mar 2026	52.5	−8.3%	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 ¥862bn

Change · 10 yrs −¥547bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,408	n/a
FYE Mar 2018	2,015	n/a
FYE Mar 2019	1,399	n/a
FYE Mar 2020	1,642	n/a
FYE Mar 2021	2,498	n/a
FYE Mar 2022	1,871	n/a
FYE Mar 2023	1,812	n/a
FYE Mar 2024	1,675	n/a
FYE Mar 2025	1,786	n/a
FYE Mar 2026	862	n/a

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

Share price year-end close

FYE Mar 2026 1,369¥

Change · 10 yrs −5,381¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	6,750	n/a
FYE Mar 2018	9,640	n/a
FYE Mar 2019	6,691	n/a
FYE Mar 2020	7,845	n/a
FYE Mar 2021	11,925	n/a
FYE Mar 2022	8,922	n/a
FYE Mar 2023	8,643	n/a
FYE Mar 2024	7,986	n/a
FYE Mar 2025	2,837	n/a
FYE Mar 2026	1,369	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 629,480,000shares

Change · 10 yrs +420,849,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	208,631,000	Parent
FYE Mar 2018	208,964,000	Parent
FYE Mar 2019	209,154,000	Parent
FYE Mar 2020	209,266,000	Parent
FYE Mar 2021	209,443,000	Parent
FYE Mar 2022	209,657,000	Parent
FYE Mar 2023	209,693,000	Parent
FYE Mar 2024	209,790,000	Parent
FYE Mar 2025	629,473,000	Parent
FYE Mar 2026	629,480,000	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 56.89¥

Change · 10 yrs −138.42¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	195.31	Cons.
FYE Mar 2018	188.29	Cons.
FYE Mar 2019	197.60	Cons.
FYE Mar 2020	167.10	Cons.
FYE Mar 2021	152.73	Cons.
FYE Mar 2022	210.88	Cons.
FYE Mar 2023	72.94	Cons.
FYE Mar 2024	79.27	Cons.
FYE Mar 2025	86.07	Cons.
FYE Mar 2026	56.89	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 801.18¥

Change · 10 yrs −218.29¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,019.47	Cons. · IFRS
FYE Mar 2018	1,148.79	Cons. · IFRS
FYE Mar 2019	1,260.87	Cons. · IFRS
FYE Mar 2020	1,323.77	Cons. · IFRS
FYE Mar 2021	1,454.08	Cons. · IFRS
FYE Mar 2022	1,657.72	Cons. · IFRS
FYE Mar 2023	1,845.44	Cons. · IFRS
FYE Mar 2024	2,055.36	Cons. · IFRS
FYE Mar 2025	735.56	Cons. · IFRS
FYE Mar 2026	801.18	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 24.06×

Average · 10 yrs 41.71×

Fiscal year	PER ×	Basis
FYE Mar 2017	34.56	Cons.
FYE Mar 2018	51.20	Cons.
FYE Mar 2019	33.86	Cons.
FYE Mar 2020	46.95	Cons.
FYE Mar 2021	78.08	Cons.
FYE Mar 2022	42.31	Cons.
FYE Mar 2023	39.50	Cons.
FYE Mar 2024	33.58	Cons.
FYE Mar 2025	32.96	Cons.
FYE Mar 2026	24.06	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 Mar 2026 1.68×

Average · 10 yrs 5.38×

Fiscal year	PBR ×	Basis
FYE Mar 2017	6.71	Cons.
FYE Mar 2018	8.35	Cons.
FYE Mar 2019	5.28	Cons.
FYE Mar 2020	5.90	Cons.
FYE Mar 2021	8.16	Cons.
FYE Mar 2022	5.36	Cons.
FYE Mar 2023	4.67	Cons.
FYE Mar 2024	3.84	Cons.
FYE Mar 2025	3.81	Cons.
FYE Mar 2026	1.68	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 10,861people

Change · 10 yrs +3,897 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	6,964	n/a	Cons.
FYE Mar 2018	7,409	+6.4%	Cons.
FYE Mar 2019	7,697	+3.9%	Cons.
FYE Mar 2020	8,200	+6.5%	Cons.
FYE Mar 2021	8,445	+3.0%	Cons.
FYE Mar 2022	8,771	+3.9%	Cons.
FYE Mar 2023	9,500	+8.3%	Cons.
FYE Mar 2024	10,042	+5.7%	Cons.
FYE Mar 2025	10,533	+4.9%	Cons.
FYE Mar 2026	10,861	+3.1%	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 3,011people

Change · 10 yrs +928 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,083	n/a	Parent
FYE Mar 2018	2,046	−1.8%	Parent
FYE Mar 2019	2,049	+0.1%	Parent
FYE Mar 2020	2,108	+2.9%	Parent
FYE Mar 2021	2,175	+3.2%	Parent
FYE Mar 2022	2,259	+3.9%	Parent
FYE Mar 2023	2,550	+12.9%	Parent
FYE Mar 2024	2,703	+6.0%	Parent
FYE Mar 2025	2,876	+6.4%	Parent
FYE Mar 2026	3,011	+4.7%	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 Mar 2026 ¥8.8m

Change · 8 yrs +¥1.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	7.8	n/a	Parent
FYE Mar 2020	8.0	+2.3%	Parent
FYE Mar 2021	7.4	−7.6%	Parent
FYE Mar 2022	8.4	+13.1%	Parent
FYE Mar 2023	8.4	+0.9%	Parent
FYE Mar 2024	8.7	+3.7%	Parent
FYE Mar 2025	9.1	+4.5%	Parent
FYE Mar 2026	8.8	−3.3%	Parent

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

Average age

FYE Mar 2026 42.4years

Change · 8 yrs +1.3 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	41.1	n/a	Parent
FYE Mar 2020	41.2	+0.2%	Parent
FYE Mar 2021	41.4	+0.5%	Parent
FYE Mar 2022	41.7	+0.7%	Parent
FYE Mar 2023	42.3	+1.4%	Parent
FYE Mar 2024	42.4	+0.2%	Parent
FYE Mar 2025	42.3	−0.2%	Parent
FYE Mar 2026	42.4	+0.2%	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 12.8years

Change · 8 yrs +0.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	12.3	n/a	Parent
FYE Mar 2020	12.4	+0.8%	Parent
FYE Mar 2021	12.5	+0.8%	Parent
FYE Mar 2022	12.6	+0.8%	Parent
FYE Mar 2023	12.6	−0.0%	Parent
FYE Mar 2024	12.7	+0.8%	Parent
FYE Mar 2025	12.7	−0.0%	Parent
FYE Mar 2026	12.8	+0.8%	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 804people

Change · 10 yrs −77 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	881	n/a	n/a
FYE Mar 2018	955	+8.4%	n/a
FYE Mar 2019	944	−1.2%	n/a
FYE Mar 2020	912	−3.4%	n/a
FYE Mar 2021	984	+7.9%	n/a
FYE Mar 2022	979	−0.5%	n/a
FYE Mar 2023	948	−3.2%	n/a
FYE Mar 2024	898	−5.3%	n/a
FYE Mar 2025	836	−6.9%	n/a
FYE Mar 2026	804	−3.8%	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 ¥46.0m

Change · 10 yrs +¥10.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	35.9	n/a	Cons.
FYE Mar 2018	38.1	+6.1%	Cons.
FYE Mar 2019	38.1	+0.2%	Cons.
FYE Mar 2020	36.8	−3.4%	Cons.
FYE Mar 2021	36.1	−1.9%	Cons.
FYE Mar 2022	41.5	+14.8%	Cons.
FYE Mar 2023	43.2	+4.2%	Cons.
FYE Mar 2024	46.0	+6.4%	Cons.
FYE Mar 2025	48.3	+5.1%	Cons.
FYE Mar 2026	46.0	−4.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.8m

Change · 10 yrs −¥2.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons.
FYE Mar 2018	8.0	+7.4%	Cons.
FYE Mar 2019	8.0	−0.2%	Cons.
FYE Mar 2020	6.7	−15.3%	Cons.
FYE Mar 2021	5.9	−12.2%	Cons.
FYE Mar 2022	7.7	+29.8%	Cons.
FYE Mar 2023	7.8	+0.9%	Cons.
FYE Mar 2024	7.8	+0.6%	Cons.
FYE Mar 2025	8.3	+6.5%	Cons.
FYE Mar 2026	4.8	−42.6%	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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