Financials

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

FYE Mar 2026 · Revenue¥7.54tnYoY +5.3%

FYE Mar 2026 · Operating profit¥553bnYoY +6.5%

FYE Mar 2026 · Net profit¥444bnYoY +5.9%

FYE Mar 2026 · Equity ratio60.4%YoY +1.7pp

FYE Mar 2026 · Group employees154,716YoY −3,340

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥4.53tn	n/a	¥331bn	n/a	7.3%	¥258bn	Arima Koji	—
FYE Mar 2018Consolidated	¥5.11tn	+12.8%	¥413bn	+24.8%	8.1%	¥321bn	Arima Koji	2030 Long-term Policy and 2025 Long-term Vision adopted
FYE Mar 2019Consolidated	¥5.36tn	+5.0%	¥316bn	−23.4%	5.9%	¥255bn	Arima Koji	—
FYE Mar 2020Consolidated	¥5.15tn	−3.9%	¥61bn	−80.7%	1.2%	¥68bn	Arima Koji	Arima: if we cannot change, we will go under
FYE Mar 2021Consolidated	¥4.94tn	−4.2%	¥155bn	+153.9%	3.1%	¥125bn	Arima Koji	Fuel-pump recall covering about 3.22m vehicles
FYE Mar 2022Consolidated	¥5.52tn	+11.7%	¥341bn	+120.0%	6.2%	¥264bn	Arima Koji	Product warranty provisions of ¥230.4bn at the end of March
FYE Mar 2023Consolidated	¥6.40tn	+16.1%	¥426bn	+24.9%	6.7%	¥315bn	Arima Koji	—
FYE Mar 2024Consolidated	¥7.14tn	+11.6%	¥381bn	−10.7%	5.3%	¥313bn	Arima Koji	Toyota group takes 49% of consolidated revenue
FYE Mar 2025Consolidated	¥7.16tn	+0.2%	¥519bn	+36.4%	7.2%	¥419bn	Hayashi Shinnosuke	—
FYE Mar 2026Consolidated	¥7.54tn	+5.3%	¥553bn	+6.5%	7.3%	¥444bn	Hayashi Shinnosuke	—

How it compares

Denso¥7.54tnFY2025Operating margin 7.3%

Sumitomo Electric Industries¥5.11tnFY2025Operating margin 8.2%Niterra (NGK Spark Plug)¥731bnFY2025Operating margin 18.9%

TOKAI RIKA CO., LTD.¥645bnFY2025Operating margin 5.5%

Stanley Electric¥518bnFY2025Operating margin 8.2%

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 ¥7.54tn

CAGR · 10 yrs +5.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	4,527	n/a	Cons. · IFRS
FYE Mar 2018	5,108	+12.8%	Cons. · IFRS
FYE Mar 2019	5,363	+5.0%	Cons. · IFRS
FYE Mar 2020	5,153	−3.9%	Cons. · IFRS
FYE Mar 2021	4,937	−4.2%	Cons. · IFRS
FYE Mar 2022	5,516	+11.7%	Cons. · IFRS
FYE Mar 2023	6,401	+16.1%	Cons. · IFRS
FYE Mar 2024	7,145	+11.6%	Cons. · IFRS
FYE Mar 2025	7,162	+0.2%	Cons. · IFRS
FYE Mar 2026	7,540	+5.3%	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 ¥6.37tn

CAGR · 10 yrs +6.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	3,770	n/a	Cons. · IFRS
FYE Mar 2018	4,255	+12.9%	Cons. · IFRS
FYE Mar 2019	4,532	+6.5%	Cons. · IFRS
FYE Mar 2020	4,424	−2.4%	Cons. · IFRS
FYE Mar 2021	4,275	−3.4%	Cons. · IFRS
FYE Mar 2022	4,714	+10.3%	Cons. · IFRS
FYE Mar 2023	5,490	+16.5%	Cons. · IFRS
FYE Mar 2024	6,055	+10.3%	Cons. · IFRS
FYE Mar 2025	6,059	+0.1%	Cons. · IFRS
FYE Mar 2026	6,370	+5.1%	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 ¥1.17tn

CAGR · 10 yrs +4.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	758	n/a	Cons. · IFRS
FYE Mar 2018	854	+12.7%	Cons. · IFRS
FYE Mar 2019	831	−2.7%	Cons. · IFRS
FYE Mar 2020	730	−12.2%	Cons. · IFRS
FYE Mar 2021	661	−9.3%	Cons. · IFRS
FYE Mar 2022	801	+21.2%	Cons. · IFRS
FYE Mar 2023	911	+13.7%	Cons. · IFRS
FYE Mar 2024	1,090	+19.6%	Cons. · IFRS
FYE Mar 2025	1,103	+1.2%	Cons. · IFRS
FYE Mar 2026	1,170	+6.1%	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 ¥599bn

CAGR · 10 yrs +3.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	431	n/a	Cons. · IFRS
FYE Mar 2018	448	+3.8%	Cons. · IFRS
FYE Mar 2019	513	+14.6%	Cons. · IFRS
FYE Mar 2020	669	+30.2%	Cons. · IFRS
FYE Mar 2021	514	−23.0%	Cons. · IFRS
FYE Mar 2022	460	−10.5%	Cons. · IFRS
FYE Mar 2023	490	+6.5%	Cons. · IFRS
FYE Mar 2024	715	+45.8%	Cons. · IFRS
FYE Mar 2025	605	−15.4%	Cons. · IFRS
FYE Mar 2026	599	−1.0%	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 ¥553bn

CAGR · 10 yrs +5.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	331	n/a	Cons. · IFRS
FYE Mar 2018	413	+24.8%	Cons. · IFRS
FYE Mar 2019	316	−23.4%	Cons. · IFRS
FYE Mar 2020	61.1	−80.7%	Cons. · IFRS
FYE Mar 2021	155	+153.9%	Cons. · IFRS
FYE Mar 2022	341	+120.0%	Cons. · IFRS
FYE Mar 2023	426	+24.9%	Cons. · IFRS
FYE Mar 2024	381	−10.7%	Cons. · IFRS
FYE Mar 2025	519	+36.4%	Cons. · IFRS
FYE Mar 2026	553	+6.5%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥83bn

CAGR · 10 yrs +9.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	35.5	n/a	Cons. · IFRS
FYE Mar 2018	40.5	+14.2%	Cons. · IFRS
FYE Mar 2019	48.6	+20.0%	Cons. · IFRS
FYE Mar 2020	47.3	−2.8%	Cons. · IFRS
FYE Mar 2021	42.7	−9.6%	Cons. · IFRS
FYE Mar 2022	42.3	−1.1%	Cons. · IFRS
FYE Mar 2023	51.5	+21.8%	Cons. · IFRS
FYE Mar 2024	78.7	+52.9%	Cons. · IFRS
FYE Mar 2025	86.4	+9.7%	Cons. · IFRS
FYE Mar 2026	82.7	−4.3%	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 ¥32bn

CAGR · 10 yrs +26.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · IFRS
FYE Mar 2018	9.5	+154.4%	Cons. · IFRS
FYE Mar 2019	12.0	+26.5%	Cons. · IFRS
FYE Mar 2020	9.6	−19.9%	Cons. · IFRS
FYE Mar 2021	7.3	−23.8%	Cons. · IFRS
FYE Mar 2022	8.4	+14.6%	Cons. · IFRS
FYE Mar 2023	13.7	+62.6%	Cons. · IFRS
FYE Mar 2024	22.2	+62.8%	Cons. · IFRS
FYE Mar 2025	25.8	+16.0%	Cons. · IFRS
FYE Mar 2026	31.7	+22.9%	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 ¥444bn

CAGR · 10 yrs +6.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	258	n/a	Cons. · IFRS
FYE Mar 2018	321	+24.4%	Cons. · IFRS
FYE Mar 2019	255	−20.6%	Cons. · IFRS
FYE Mar 2020	68.1	−73.2%	Cons. · IFRS
FYE Mar 2021	125	+83.6%	Cons. · IFRS
FYE Mar 2022	264	+111.0%	Cons. · IFRS
FYE Mar 2023	315	+19.2%	Cons. · IFRS
FYE Mar 2024	313	−0.6%	Cons. · IFRS
FYE Mar 2025	419	+34.0%	Cons. · IFRS
FYE Mar 2026	444	+5.9%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 15.5%

Average · 10 yrs 15.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	16.7	n/a	Cons. · IFRS
FYE Mar 2018	16.7	−0.0pp	Cons. · IFRS
FYE Mar 2019	15.5	−1.2pp	Cons. · IFRS
FYE Mar 2020	14.2	−1.3pp	Cons. · IFRS
FYE Mar 2021	13.4	−0.8pp	Cons. · IFRS
FYE Mar 2022	14.5	+1.1pp	Cons. · IFRS
FYE Mar 2023	14.2	−0.3pp	Cons. · IFRS
FYE Mar 2024	15.3	+1.0pp	Cons. · IFRS
FYE Mar 2025	15.4	+0.1pp	Cons. · IFRS
FYE Mar 2026	15.5	+0.1pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 7.3%

Average · 10 yrs 5.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.3	n/a	Cons. · IFRS
FYE Mar 2018	8.1	+0.8pp	Cons. · IFRS
FYE Mar 2019	5.9	−2.2pp	Cons. · IFRS
FYE Mar 2020	1.2	−4.7pp	Cons. · IFRS
FYE Mar 2021	3.1	+2.0pp	Cons. · IFRS
FYE Mar 2022	6.2	+3.0pp	Cons. · IFRS
FYE Mar 2023	6.7	+0.5pp	Cons. · IFRS
FYE Mar 2024	5.3	−1.3pp	Cons. · IFRS
FYE Mar 2025	7.2	+1.9pp	Cons. · IFRS
FYE Mar 2026	7.3	+0.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 5.9%

Average · 10 yrs 4.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · IFRS
FYE Mar 2018	6.3	+0.6pp	Cons. · IFRS
FYE Mar 2019	4.7	−1.5pp	Cons. · IFRS
FYE Mar 2020	1.3	−3.4pp	Cons. · IFRS
FYE Mar 2021	2.5	+1.2pp	Cons. · IFRS
FYE Mar 2022	4.8	+2.3pp	Cons. · IFRS
FYE Mar 2023	4.9	+0.1pp	Cons. · IFRS
FYE Mar 2024	4.4	−0.5pp	Cons. · IFRS
FYE Mar 2025	5.9	+1.5pp	Cons. · IFRS
FYE Mar 2026	5.9	−0.0pp	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 84.5%

Average · 10 yrs 84.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	83.3	n/a	Cons. · IFRS
FYE Mar 2018	83.3	−0.0pp	Cons. · IFRS
FYE Mar 2019	84.5	+1.2pp	Cons. · IFRS
FYE Mar 2020	85.8	+1.3pp	Cons. · IFRS
FYE Mar 2021	86.6	+0.8pp	Cons. · IFRS
FYE Mar 2022	85.5	−1.1pp	Cons. · IFRS
FYE Mar 2023	85.8	+0.3pp	Cons. · IFRS
FYE Mar 2024	84.7	−1.0pp	Cons. · IFRS
FYE Mar 2025	84.6	−0.1pp	Cons. · IFRS
FYE Mar 2026	84.5	−0.1pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 7.9%

Average · 10 yrs 9.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	9.5	n/a	Cons. · IFRS
FYE Mar 2018	8.8	−0.8pp	Cons. · IFRS
FYE Mar 2019	9.6	+0.8pp	Cons. · IFRS
FYE Mar 2020	13.0	+3.4pp	Cons. · IFRS
FYE Mar 2021	10.4	−2.6pp	Cons. · IFRS
FYE Mar 2022	8.3	−2.1pp	Cons. · IFRS
FYE Mar 2023	7.7	−0.7pp	Cons. · IFRS
FYE Mar 2024	10.0	+2.3pp	Cons. · IFRS
FYE Mar 2025	8.4	−1.6pp	Cons. · IFRS
FYE Mar 2026	7.9	−0.5pp	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 ¥8.73tn

CAGR · 10 yrs +6.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	5,151	n/a	Cons. · IFRS
FYE Mar 2018	5,764	+11.9%	Cons. · IFRS
FYE Mar 2019	5,792	+0.5%	Cons. · IFRS
FYE Mar 2020	5,652	−2.4%	Cons. · IFRS
FYE Mar 2021	6,768	+19.7%	Cons. · IFRS
FYE Mar 2022	7,432	+9.8%	Cons. · IFRS
FYE Mar 2023	7,409	−0.3%	Cons. · IFRS
FYE Mar 2024	9,093	+22.7%	Cons. · IFRS
FYE Mar 2025	8,125	−10.6%	Cons. · IFRS
FYE Mar 2026	8,731	+7.5%	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 ¥5.27tn

CAGR · 10 yrs +5.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	3,313	n/a	Cons. · IFRS
FYE Mar 2018	3,422	+3.3%	Cons. · IFRS
FYE Mar 2019	3,421	−0.0%	Cons. · IFRS
FYE Mar 2020	3,235	−5.4%	Cons. · IFRS
FYE Mar 2021	3,705	+14.5%	Cons. · IFRS
FYE Mar 2022	4,109	+10.9%	Cons. · IFRS
FYE Mar 2023	4,174	+1.6%	Cons. · IFRS
FYE Mar 2024	5,323	+27.5%	Cons. · IFRS
FYE Mar 2025	4,768	−10.4%	Cons. · IFRS
FYE Mar 2026	5,270	+10.5%	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 ¥811bn

CAGR · 10 yrs +9.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	350	n/a	Cons. · IFRS
FYE Mar 2018	474	+35.3%	Cons. · IFRS
FYE Mar 2019	550	+16.1%	Cons. · IFRS
FYE Mar 2020	465	−15.4%	Cons. · IFRS
FYE Mar 2021	854	+83.6%	Cons. · IFRS
FYE Mar 2022	991	+16.1%	Cons. · IFRS
FYE Mar 2023	889	−10.3%	Cons. · IFRS
FYE Mar 2024	851	−4.3%	Cons. · IFRS
FYE Mar 2025	699	−17.8%	Cons. · IFRS
FYE Mar 2026	811	+16.0%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥237bn

CAGR · 10 yrs +12.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	84.1	n/a	Cons. · IFRS
FYE Mar 2018	170	+102.1%	Cons. · IFRS
FYE Mar 2019	144	−15.3%	Cons. · IFRS
FYE Mar 2020	112	−22.0%	Cons. · IFRS
FYE Mar 2021	98.3	−12.5%	Cons. · IFRS
FYE Mar 2022	263	+167.2%	Cons. · IFRS
FYE Mar 2023	304	+15.5%	Cons. · IFRS
FYE Mar 2024	333	+9.6%	Cons. · IFRS
FYE Mar 2025	252	−24.1%	Cons. · IFRS
FYE Mar 2026	237	−5.9%	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 ¥574bn

CAGR · 10 yrs +8.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	266	n/a	Cons. · IFRS
FYE Mar 2018	304	+14.2%	Cons. · IFRS
FYE Mar 2019	406	+33.7%	Cons. · IFRS
FYE Mar 2020	353	−13.1%	Cons. · IFRS
FYE Mar 2021	756	+114.1%	Cons. · IFRS
FYE Mar 2022	729	−3.6%	Cons. · IFRS
FYE Mar 2023	586	−19.6%	Cons. · IFRS
FYE Mar 2024	518	−11.5%	Cons. · IFRS
FYE Mar 2025	447	−13.7%	Cons. · IFRS
FYE Mar 2026	574	+28.4%	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 ¥317bn

CAGR · 10 yrs +34.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	22.5	n/a	Cons. · IFRS
FYE Mar 2018	77.0	+242.8%	Cons. · IFRS
FYE Mar 2019	86.3	+12.1%	Cons. · IFRS
FYE Mar 2020	96.4	+11.7%	Cons. · IFRS
FYE Mar 2021	144	+49.4%	Cons. · IFRS
FYE Mar 2022	156	+8.1%	Cons. · IFRS
FYE Mar 2023	170	+9.4%	Cons. · IFRS
FYE Mar 2024	200	+17.4%	Cons. · IFRS
FYE Mar 2025	229	+14.8%	Cons. · IFRS
FYE Mar 2026	317	+38.2%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥68bn

CAGR · 9 yrs +25.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	11.2	n/a	Cons. · IFRS
FYE Mar 2019	14.2	+27.3%	Cons. · IFRS
FYE Mar 2020	13.8	−3.1%	Cons. · IFRS
FYE Mar 2021	21.1	+53.6%	Cons. · IFRS
FYE Mar 2022	24.0	+13.7%	Cons. · IFRS
FYE Mar 2023	23.2	−3.6%	Cons. · IFRS
FYE Mar 2024	28.8	+24.2%	Cons. · IFRS
FYE Mar 2025	29.6	+2.7%	Cons. · IFRS
FYE Mar 2026	68.3	+131.1%	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 60.4%

Average · 10 yrs 58.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	64.3	n/a	Cons. · IFRS
FYE Mar 2018	59.4	−4.9pp	Cons. · IFRS
FYE Mar 2019	59.1	−0.3pp	Cons. · IFRS
FYE Mar 2020	57.2	−1.8pp	Cons. · IFRS
FYE Mar 2021	54.8	−2.5pp	Cons. · IFRS
FYE Mar 2022	55.3	+0.5pp	Cons. · IFRS
FYE Mar 2023	56.3	+1.1pp	Cons. · IFRS
FYE Mar 2024	58.5	+2.2pp	Cons. · IFRS
FYE Mar 2025	58.7	+0.1pp	Cons. · IFRS
FYE Mar 2026	60.4	+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 15.4%

Average · 10 yrs 16.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	10.6	n/a	Cons. · IFRS
FYE Mar 2018	13.8	+3.3pp	Cons. · IFRS
FYE Mar 2019	16.1	+2.2pp	Cons. · IFRS
FYE Mar 2020	14.4	−1.7pp	Cons. · IFRS
FYE Mar 2021	23.1	+8.7pp	Cons. · IFRS
FYE Mar 2022	24.1	+1.1pp	Cons. · IFRS
FYE Mar 2023	21.3	−2.8pp	Cons. · IFRS
FYE Mar 2024	16.0	−5.3pp	Cons. · IFRS
FYE Mar 2025	14.7	−1.3pp	Cons. · IFRS
FYE Mar 2026	15.4	+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 8.4%

Average · 10 yrs 6.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.8	n/a	Cons. · IFRS
FYE Mar 2018	9.4	+1.6pp	Cons. · IFRS
FYE Mar 2019	7.4	−1.9pp	Cons. · IFRS
FYE Mar 2020	2.1	−5.3pp	Cons. · IFRS
FYE Mar 2021	3.4	+1.3pp	Cons. · IFRS
FYE Mar 2022	6.4	+3.0pp	Cons. · IFRS
FYE Mar 2023	7.5	+1.1pp	Cons. · IFRS
FYE Mar 2024	5.9	−1.7pp	Cons. · IFRS
FYE Mar 2025	8.8	+2.9pp	Cons. · IFRS
FYE Mar 2026	8.4	−0.4pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.1%

Average · 10 yrs 3.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · IFRS
FYE Mar 2018	5.6	+0.6pp	Cons. · IFRS
FYE Mar 2019	4.4	−1.2pp	Cons. · IFRS
FYE Mar 2020	1.2	−3.2pp	Cons. · IFRS
FYE Mar 2021	1.8	+0.6pp	Cons. · IFRS
FYE Mar 2022	3.6	+1.7pp	Cons. · IFRS
FYE Mar 2023	4.2	+0.7pp	Cons. · IFRS
FYE Mar 2024	3.4	−0.8pp	Cons. · IFRS
FYE Mar 2025	5.2	+1.7pp	Cons. · IFRS
FYE Mar 2026	5.1	−0.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.86×

CAGR · 10 yrs −0.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.88	n/a	Cons. · IFRS
FYE Mar 2018	0.89	+0.8%	Cons. · IFRS
FYE Mar 2019	0.93	+4.5%	Cons. · IFRS
FYE Mar 2020	0.91	−1.5%	Cons. · IFRS
FYE Mar 2021	0.73	−20.0%	Cons. · IFRS
FYE Mar 2022	0.74	+1.7%	Cons. · IFRS
FYE Mar 2023	0.86	+16.4%	Cons. · IFRS
FYE Mar 2024	0.79	−9.1%	Cons. · IFRS
FYE Mar 2025	0.88	+12.2%	Cons. · IFRS
FYE Mar 2026	0.86	−2.0%	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 ¥511bn

CAGR · 10 yrs +1.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	468	n/a	Cons. · IFRS
FYE Mar 2018	558	+19.3%	Cons. · IFRS
FYE Mar 2019	533	−4.4%	Cons. · IFRS
FYE Mar 2020	595	+11.6%	Cons. · IFRS
FYE Mar 2021	437	−26.6%	Cons. · IFRS
FYE Mar 2022	396	−9.5%	Cons. · IFRS
FYE Mar 2023	603	+52.3%	Cons. · IFRS
FYE Mar 2024	962	+59.6%	Cons. · IFRS
FYE Mar 2025	759	−21.1%	Cons. · IFRS
FYE Mar 2026	511	−32.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥17bn

Average · 10 yrs -¥301bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-108	n/a	Cons. · IFRS
FYE Mar 2018	-529	n/a	Cons. · IFRS
FYE Mar 2019	-515	n/a	Cons. · IFRS
FYE Mar 2020	-447	n/a	Cons. · IFRS
FYE Mar 2021	-396	n/a	Cons. · IFRS
FYE Mar 2022	-302	n/a	Cons. · IFRS
FYE Mar 2023	-364	n/a	Cons. · IFRS
FYE Mar 2024	-459	n/a	Cons. · IFRS
FYE Mar 2025	122	n/a	Cons. · IFRS
FYE Mar 2026	-16.9	−113.9%	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 -¥355bn

Average · 10 yrs -¥246bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-241	n/a	Cons. · IFRS
FYE Mar 2018	-40.3	n/a	Cons. · IFRS
FYE Mar 2019	-92.2	n/a	Cons. · IFRS
FYE Mar 2020	-241	n/a	Cons. · IFRS
FYE Mar 2021	239	n/a	Cons. · IFRS
FYE Mar 2022	-160	−166.8%	Cons. · IFRS
FYE Mar 2023	-400	n/a	Cons. · IFRS
FYE Mar 2024	-497	n/a	Cons. · IFRS
FYE Mar 2025	-677	n/a	Cons. · IFRS
FYE Mar 2026	-355	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 ¥1.19tn

CAGR · 10 yrs +4.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	794	n/a	Cons. · IFRS
FYE Mar 2018	783	−1.3%	Cons. · IFRS
FYE Mar 2019	712	−9.2%	Cons. · IFRS
FYE Mar 2020	598	−16.0%	Cons. · IFRS
FYE Mar 2021	897	+50.1%	Cons. · IFRS
FYE Mar 2022	868	−3.3%	Cons. · IFRS
FYE Mar 2023	734	−15.4%	Cons. · IFRS
FYE Mar 2024	789	+7.6%	Cons. · IFRS
FYE Mar 2025	987	+25.0%	Cons. · IFRS
FYE Mar 2026	1,189	+20.5%	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 ¥494bn

CAGR · 10 yrs +3.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	360	n/a	Cons. · IFRS
FYE Mar 2018	28.9	−92.0%	Cons. · IFRS
FYE Mar 2019	18.8	−35.1%	Cons. · IFRS
FYE Mar 2020	148	+687.4%	Cons. · IFRS
FYE Mar 2021	41.3	−72.1%	Cons. · IFRS
FYE Mar 2022	94.1	+127.6%	Cons. · IFRS
FYE Mar 2023	239	+154.1%	Cons. · IFRS
FYE Mar 2024	502	+110.1%	Cons. · IFRS
FYE Mar 2025	881	+75.3%	Cons. · IFRS
FYE Mar 2026	494	−43.9%	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 6.8%

Average · 10 yrs 9.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · IFRS
FYE Mar 2018	10.9	+0.6pp	Cons. · IFRS
FYE Mar 2019	9.9	−1.0pp	Cons. · IFRS
FYE Mar 2020	11.6	+1.6pp	Cons. · IFRS
FYE Mar 2021	8.9	−2.7pp	Cons. · IFRS
FYE Mar 2022	7.2	−1.7pp	Cons. · IFRS
FYE Mar 2023	9.4	+2.2pp	Cons. · IFRS
FYE Mar 2024	13.5	+4.0pp	Cons. · IFRS
FYE Mar 2025	10.6	−2.9pp	Cons. · IFRS
FYE Mar 2026	6.8	−3.8pp	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 ¥378bn

CAGR · 10 yrs −1.8%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	443	n/a	Cons. · IFRS
FYE Mar 2018	309	−30.2%	Cons. · IFRS
FYE Mar 2019	161	−47.8%	Cons. · IFRS
FYE Mar 2020	132	−18.0%	Cons. · IFRS
FYE Mar 2021	43.2	−67.4%	Cons. · IFRS
FYE Mar 2022	-124	−386.4%	Cons. · IFRS
FYE Mar 2023	-155	n/a	Cons. · IFRS
FYE Mar 2024	-61.3	n/a	Cons. · IFRS
FYE Mar 2025	287	n/a	Cons. · IFRS
FYE Mar 2026	378	+31.6%	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 ¥5.67tn

Change · 10 yrs +¥1.78tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	3,889	n/a
FYE Mar 2018	4,622	n/a
FYE Mar 2019	3,401	n/a
FYE Mar 2020	2,750	n/a
FYE Mar 2021	5,789	n/a
FYE Mar 2022	6,193	n/a
FYE Mar 2023	5,864	n/a
FYE Mar 2024	9,088	n/a
FYE Mar 2025	5,370	n/a
FYE Mar 2026	5,669	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 1,947¥

Change · 10 yrs −2,951¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	4,898	n/a
FYE Mar 2018	5,820	n/a
FYE Mar 2019	4,316	n/a
FYE Mar 2020	3,491	n/a
FYE Mar 2021	7,347	n/a
FYE Mar 2022	7,859	n/a
FYE Mar 2023	7,442	n/a
FYE Mar 2024	2,884	n/a
FYE Mar 2025	1,845	n/a
FYE Mar 2026	1,947	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 2,910,980,000shares

Change · 10 yrs +2,116,911,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	794,069,000	Parent
FYE Mar 2018	794,069,000	Parent
FYE Mar 2019	787,945,000	Parent
FYE Mar 2020	787,945,000	Parent
FYE Mar 2021	787,945,000	Parent
FYE Mar 2022	787,945,000	Parent
FYE Mar 2023	787,945,000	Parent
FYE Mar 2024	3,151,780,000	Parent
FYE Mar 2025	2,910,980,000	Parent
FYE Mar 2026	2,910,980,000	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 162.96¥

Change · 10 yrs −163.36¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	326.32	Cons.
FYE Mar 2018	410.45	Cons.
FYE Mar 2019	326.47	Cons.
FYE Mar 2020	21.97	Cons.
FYE Mar 2021	40.35	Cons.
FYE Mar 2022	85.69	Cons.
FYE Mar 2023	104.00	Cons.
FYE Mar 2024	104.97	Cons.
FYE Mar 2025	145.02	Cons.
FYE Mar 2026	162.96	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 1,810.23¥

Change · 10 yrs −2,361.61¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	4,171.83	Cons. · IFRS
FYE Mar 2018	4,309.89	Cons. · IFRS
FYE Mar 2019	4,341.70	Cons. · IFRS
FYE Mar 2020	4,106.13	Cons. · IFRS
FYE Mar 2021	4,702.49	Cons. · IFRS
FYE Mar 2022	5,215.07	Cons. · IFRS
FYE Mar 2023	5,297.51	Cons. · IFRS
FYE Mar 2024	1,689.04	Cons. · IFRS
FYE Mar 2025	1,637.80	Cons. · IFRS
FYE Mar 2026	1,810.23	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 11.95×

Average · 10 yrs 22.06×

Fiscal year	PER ×	Basis
FYE Mar 2017	15.01	Cons.
FYE Mar 2018	14.18	Cons.
FYE Mar 2019	13.22	Cons.
FYE Mar 2020	39.72	Cons.
FYE Mar 2021	45.52	Cons.
FYE Mar 2022	22.93	Cons.
FYE Mar 2023	17.89	Cons.
FYE Mar 2024	27.47	Cons.
FYE Mar 2025	12.72	Cons.
FYE Mar 2026	11.95	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 0.95×

Average · 10 yrs 1.18×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.16	Cons.
FYE Mar 2018	1.26	Cons.
FYE Mar 2019	0.93	Cons.
FYE Mar 2020	0.80	Cons.
FYE Mar 2021	1.46	Cons.
FYE Mar 2022	1.40	Cons.
FYE Mar 2023	1.27	Cons.
FYE Mar 2024	1.52	Cons.
FYE Mar 2025	1.04	Cons.
FYE Mar 2026	0.95	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 154,716people

Change · 10 yrs +223 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	154,493	n/a	Cons.
FYE Mar 2018	168,813	+9.3%	Cons.
FYE Mar 2019	171,992	+1.9%	Cons.
FYE Mar 2020	170,932	−0.6%	Cons.
FYE Mar 2021	168,391	−1.5%	Cons.
FYE Mar 2022	167,950	−0.3%	Cons.
FYE Mar 2023	164,572	−2.0%	Cons.
FYE Mar 2024	162,029	−1.5%	Cons.
FYE Mar 2025	158,056	−2.5%	Cons.
FYE Mar 2026	154,716	−2.1%	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 43,889people

Change · 10 yrs +4,975 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	38,914	n/a	Parent
FYE Mar 2018	39,315	+1.0%	Parent
FYE Mar 2019	45,304	+15.2%	Parent
FYE Mar 2020	45,280	−0.1%	Parent
FYE Mar 2021	46,272	+2.2%	Parent
FYE Mar 2022	45,152	−2.4%	Parent
FYE Mar 2023	44,758	−0.9%	Parent
FYE Mar 2024	43,980	−1.7%	Parent
FYE Mar 2025	43,781	−0.5%	Parent
FYE Mar 2026	43,889	+0.2%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥9.2m

Change · 10 yrs +¥0.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.3	n/a	Parent
FYE Mar 2018	8.1	−1.8%	Parent
FYE Mar 2019	8.2	+0.6%	Parent
FYE Mar 2020	8.0	−2.3%	Parent
FYE Mar 2021	7.2	−9.6%	Parent
FYE Mar 2022	7.9	+9.1%	Parent
FYE Mar 2023	8.1	+3.1%	Parent
FYE Mar 2024	8.4	+3.4%	Parent
FYE Mar 2025	8.6	+2.9%	Parent
FYE Mar 2026	9.2	+6.0%	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 44.8years

Change · 8 yrs +1.5 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	43.3	n/a	Parent
FYE Mar 2020	43.6	+0.7%	Parent
FYE Mar 2021	43.8	+0.5%	Parent
FYE Mar 2022	44.2	+0.9%	Parent
FYE Mar 2023	44.5	+0.7%	Parent
FYE Mar 2024	44.7	+0.4%	Parent
FYE Mar 2025	44.8	+0.2%	Parent
FYE Mar 2026	44.8	−0.0%	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 22.9years

Change · 10 yrs +0.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	22.6	n/a	Parent
FYE Mar 2018	22.6	−0.0%	Parent
FYE Mar 2019	22.3	−1.3%	Parent
FYE Mar 2020	22.3	−0.0%	Parent
FYE Mar 2021	22.0	−1.3%	Parent
FYE Mar 2022	22.3	+1.4%	Parent
FYE Mar 2023	22.9	+2.7%	Parent
FYE Mar 2024	23.1	+0.9%	Parent
FYE Mar 2025	23.1	−0.0%	Parent
FYE Mar 2026	22.9	−0.9%	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 27,960people

Change · 10 yrs −2,681 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	30,641	n/a	n/a
FYE Mar 2018	35,501	+15.9%	n/a
FYE Mar 2019	34,529	−2.7%	n/a
FYE Mar 2020	31,431	−9.0%	n/a
FYE Mar 2021	27,735	−11.8%	n/a
FYE Mar 2022	30,001	+8.2%	n/a
FYE Mar 2023	30,899	+3.0%	n/a
FYE Mar 2024	31,120	+0.7%	n/a
FYE Mar 2025	28,916	−7.1%	n/a
FYE Mar 2026	27,960	−3.3%	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 ¥48.7m

Change · 10 yrs +¥19.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	29.3	n/a	Cons.
FYE Mar 2018	30.3	+3.3%	Cons.
FYE Mar 2019	31.2	+3.0%	Cons.
FYE Mar 2020	30.1	−3.3%	Cons.
FYE Mar 2021	29.3	−2.8%	Cons.
FYE Mar 2022	32.8	+12.0%	Cons.
FYE Mar 2023	38.9	+18.4%	Cons.
FYE Mar 2024	44.1	+13.4%	Cons.
FYE Mar 2025	45.3	+2.8%	Cons.
FYE Mar 2026	48.7	+7.6%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.6m

Change · 10 yrs +¥1.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons.
FYE Mar 2018	2.4	+14.3%	Cons.
FYE Mar 2019	1.8	−24.8%	Cons.
FYE Mar 2020	0.4	−80.6%	Cons.
FYE Mar 2021	0.9	+157.8%	Cons.
FYE Mar 2022	2.0	+120.5%	Cons.
FYE Mar 2023	2.6	+27.5%	Cons.
FYE Mar 2024	2.3	−9.3%	Cons.
FYE Mar 2025	3.3	+39.8%	Cons.
FYE Mar 2026	3.6	+8.8%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

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

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