Financials

Hamamatsu Photonics: FYE Sep 2025 and ten years of results (50 metrics)

FYE Sep 2025 · Revenue¥212bnYoY +4.0%

FYE Sep 2025 · Operating profit¥16bnYoY −49.7%

FYE Sep 2025 · Net profit¥14bnYoY −43.5%

FYE Sep 2025 · Equity ratio70.7%YoY −5.6pp

FYE Sep 2025 · Group employees6,601YoY +206

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Sep 2016Consolidated	¥122bn	n/a	¥21bn	n/a	16.9%	¥14bn	Hiruma Akira	—
FYE Sep 2017Consolidated	¥130bn	+7.1%	¥23bn	+11.2%	17.5%	¥18bn	Hiruma Akira	—
FYE Sep 2018Consolidated	¥144bn	+10.6%	¥27bn	+19.3%	18.9%	¥21bn	Hiruma Akira	—
FYE Sep 2019Consolidated	¥146bn	+1.1%	¥25bn	−6.8%	17.4%	¥20bn	Hiruma Akira	—
FYE Sep 2020Consolidated	¥140bn	−3.9%	¥22bn	−14.4%	15.5%	¥17bn	Hiruma Akira	European holding company set up in Belgium
FYE Sep 2021Consolidated	¥169bn	+20.5%	¥34bn	+57.8%	20.3%	¥25bn	Hiruma Akira	Pandemic research and chip-tool demand lift both businesses
FYE Sep 2022Consolidated	¥209bn	+23.5%	¥57bn	+66.0%	27.3%	¥41bn	Hiruma Akira	Moves to the TSE Prime market; NKT Photonics deal announced
FYE Sep 2023Consolidated	¥221bn	+6.1%	¥57bn	−0.5%	25.6%	¥43bn	Maruno Tadashi	—
FYE Sep 2024Consolidated	¥204bn	−7.9%	¥32bn	−43.3%	15.7%	¥25bn	Maruno Tadashi	NKT Photonics acquisition completes; operating profit falls ~43%
FYE Sep 2025Consolidated	¥212bn	+4.0%	¥16bn	−49.7%	7.6%	¥14bn	Maruno Tadashi	Operating profit falls again, to ¥16.2bn

How it compares

Nichia Corporation¥364bnFY2025Operating margin 10.9%

Hamamatsu Photonics¥212bnFY2025Operating margin 7.6%

USHIO INC.¥179bnFY2025Operating margin 6.7%

Iwasaki ElectricDelisted 2023

santec Holdings¥24bnFY2024Operating margin 30.9%

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 Sep 2025 ¥212bn

CAGR · 10 yrs +6.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Sep 2016	122	n/a	Cons. · Japanese GAAP
FYE Sep 2017	130	+7.1%	Cons. · Japanese GAAP
FYE Sep 2018	144	+10.6%	Cons. · Japanese GAAP
FYE Sep 2019	146	+1.1%	Cons. · Japanese GAAP
FYE Sep 2020	140	−3.9%	Cons. · Japanese GAAP
FYE Sep 2021	169	+20.5%	Cons. · Japanese GAAP
FYE Sep 2022	209	+23.5%	Cons. · Japanese GAAP
FYE Sep 2023	221	+6.1%	Cons. · Japanese GAAP
FYE Sep 2024	204	−7.9%	Cons. · Japanese GAAP
FYE Sep 2025	212	+4.0%	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 Sep 2025 ¥111bn

CAGR · 10 yrs +6.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Sep 2016	60.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	65.7	+8.0%	Cons. · Japanese GAAP
FYE Sep 2018	70.4	+7.2%	Cons. · Japanese GAAP
FYE Sep 2019	71.9	+2.2%	Cons. · Japanese GAAP
FYE Sep 2020	71.8	−0.2%	Cons. · Japanese GAAP
FYE Sep 2021	85.6	+19.3%	Cons. · Japanese GAAP
FYE Sep 2022	96.4	+12.6%	Cons. · Japanese GAAP
FYE Sep 2023	101	+5.2%	Cons. · Japanese GAAP
FYE Sep 2024	100	−1.3%	Cons. · Japanese GAAP
FYE Sep 2025	111	+10.6%	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 Sep 2025 ¥101bn

CAGR · 10 yrs +5.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Sep 2016	61.0	n/a	Cons. · Japanese GAAP
FYE Sep 2017	64.8	+6.2%	Cons. · Japanese GAAP
FYE Sep 2018	74.0	+14.1%	Cons. · Japanese GAAP
FYE Sep 2019	74.0	+0.1%	Cons. · Japanese GAAP
FYE Sep 2020	68.5	−7.5%	Cons. · Japanese GAAP
FYE Sep 2021	83.4	+21.8%	Cons. · Japanese GAAP
FYE Sep 2022	112	+34.8%	Cons. · Japanese GAAP
FYE Sep 2023	120	+6.8%	Cons. · Japanese GAAP
FYE Sep 2024	104	−13.4%	Cons. · Japanese GAAP
FYE Sep 2025	101	−2.4%	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 Sep 2025 ¥85bn

CAGR · 10 yrs +8.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Sep 2016	40.5	n/a	Cons. · Japanese GAAP
FYE Sep 2017	42.0	+3.6%	Cons. · Japanese GAAP
FYE Sep 2018	46.7	+11.2%	Cons. · Japanese GAAP
FYE Sep 2019	48.6	+4.1%	Cons. · Japanese GAAP
FYE Sep 2020	46.7	−3.8%	Cons. · Japanese GAAP
FYE Sep 2021	49.1	+5.0%	Cons. · Japanese GAAP
FYE Sep 2022	55.4	+12.9%	Cons. · Japanese GAAP
FYE Sep 2023	63.3	+14.3%	Cons. · Japanese GAAP
FYE Sep 2024	71.8	+13.3%	Cons. · Japanese GAAP
FYE Sep 2025	85.2	+18.7%	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 Sep 2025 ¥16bn

CAGR · 10 yrs −2.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Sep 2016	20.5	n/a	Cons. · Japanese GAAP
FYE Sep 2017	22.8	+11.2%	Cons. · Japanese GAAP
FYE Sep 2018	27.3	+19.3%	Cons. · Japanese GAAP
FYE Sep 2019	25.4	−6.8%	Cons. · Japanese GAAP
FYE Sep 2020	21.8	−14.4%	Cons. · Japanese GAAP
FYE Sep 2021	34.3	+57.8%	Cons. · Japanese GAAP
FYE Sep 2022	57.0	+66.0%	Cons. · Japanese GAAP
FYE Sep 2023	56.7	−0.5%	Cons. · Japanese GAAP
FYE Sep 2024	32.1	−43.3%	Cons. · Japanese GAAP
FYE Sep 2025	16.2	−49.7%	Cons. · Japanese GAAP

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

Non-operating income

FYE Sep 2025 ¥3.9bn

CAGR · 10 yrs +18.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Sep 2016	0.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	1.4	+71.4%	Cons. · Japanese GAAP
FYE Sep 2018	1.2	−14.4%	Cons. · Japanese GAAP
FYE Sep 2019	1.3	+9.5%	Cons. · Japanese GAAP
FYE Sep 2020	1.2	−11.8%	Cons. · Japanese GAAP
FYE Sep 2021	0.8	−28.8%	Cons. · Japanese GAAP
FYE Sep 2022	2.1	+159.0%	Cons. · Japanese GAAP
FYE Sep 2023	3.0	+38.8%	Cons. · Japanese GAAP
FYE Sep 2024	3.1	+4.8%	Cons. · Japanese GAAP
FYE Sep 2025	3.9	+24.1%	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 Sep 2025 ¥1.2bn

CAGR · 10 yrs −0.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Sep 2016	1.3	n/a	Cons. · Japanese GAAP
FYE Sep 2017	0.2	−83.3%	Cons. · Japanese GAAP
FYE Sep 2018	0.4	+74.0%	Cons. · Japanese GAAP
FYE Sep 2019	0.4	+16.8%	Cons. · Japanese GAAP
FYE Sep 2020	0.2	−49.7%	Cons. · Japanese GAAP
FYE Sep 2021	0.5	+122.8%	Cons. · Japanese GAAP
FYE Sep 2022	0.3	−49.7%	Cons. · Japanese GAAP
FYE Sep 2023	0.2	−3.6%	Cons. · Japanese GAAP
FYE Sep 2024	0.7	+202.1%	Cons. · Japanese GAAP
FYE Sep 2025	1.2	+69.6%	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 Sep 2025 ¥19bn

CAGR · 10 yrs −0.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Sep 2016	20.1	n/a	Cons. · Japanese GAAP
FYE Sep 2017	24.0	+19.9%	Cons. · Japanese GAAP
FYE Sep 2018	28.1	+16.9%	Cons. · Japanese GAAP
FYE Sep 2019	26.3	−6.4%	Cons. · Japanese GAAP
FYE Sep 2020	22.7	−13.6%	Cons. · Japanese GAAP
FYE Sep 2021	34.6	+52.7%	Cons. · Japanese GAAP
FYE Sep 2022	58.9	+69.9%	Cons. · Japanese GAAP
FYE Sep 2023	59.4	+0.9%	Cons. · Japanese GAAP
FYE Sep 2024	34.5	−41.9%	Cons. · Japanese GAAP
FYE Sep 2025	18.8	−45.5%	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 Sep 2025 ¥3.8bn

CAGR · 10 yrs +18.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Sep 2016	0.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	0.2	−71.2%	Cons. · Japanese GAAP
FYE Sep 2018	0.6	+153.8%	Cons. · Japanese GAAP
FYE Sep 2019	0.2	−73.2%	Cons. · Japanese GAAP
FYE Sep 2020	0.3	+78.6%	Cons. · Japanese GAAP
FYE Sep 2021	1.0	+266.9%	Cons. · Japanese GAAP
FYE Sep 2022	0.5	−47.8%	Cons. · Japanese GAAP
FYE Sep 2023	0.5	−1.8%	Cons. · Japanese GAAP
FYE Sep 2024	2.0	+266.3%	Cons. · Japanese GAAP
FYE Sep 2025	3.8	+94.2%	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 Sep 2025 ¥1.9bn

CAGR · 7 yrs +15.8%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Sep 2016	0.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	0.7	−10.5%	Cons. · Japanese GAAP
FYE Sep 2018	1.1	+57.6%	Cons. · Japanese GAAP
FYE Sep 2019	0.2	−80.4%	Cons. · Japanese GAAP
FYE Sep 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Sep 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Sep 2022	0.8	n/a	Cons. · Japanese GAAP
FYE Sep 2023	1.4	+89.3%	Cons. · Japanese GAAP
FYE Sep 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Sep 2025	1.9	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 Sep 2025 ¥14bn

CAGR · 10 yrs −0.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Sep 2016	14.4	n/a	Cons. · Japanese GAAP
FYE Sep 2017	17.8	+23.3%	Cons. · Japanese GAAP
FYE Sep 2018	21.2	+19.4%	Cons. · Japanese GAAP
FYE Sep 2019	19.9	−6.1%	Cons. · Japanese GAAP
FYE Sep 2020	16.5	−17.0%	Cons. · Japanese GAAP
FYE Sep 2021	25.1	+51.6%	Cons. · Japanese GAAP
FYE Sep 2022	41.3	+64.8%	Cons. · Japanese GAAP
FYE Sep 2023	42.8	+3.7%	Cons. · Japanese GAAP
FYE Sep 2024	25.1	−41.3%	Cons. · Japanese GAAP
FYE Sep 2025	14.2	−43.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Sep 2025 47.8%

Average · 10 yrs 50.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Sep 2016	50.1	n/a	Cons. · Japanese GAAP
FYE Sep 2017	49.7	−0.4pp	Cons. · Japanese GAAP
FYE Sep 2018	51.2	+1.6pp	Cons. · Japanese GAAP
FYE Sep 2019	50.7	−0.5pp	Cons. · Japanese GAAP
FYE Sep 2020	48.8	−1.9pp	Cons. · Japanese GAAP
FYE Sep 2021	49.3	+0.5pp	Cons. · Japanese GAAP
FYE Sep 2022	53.8	+4.5pp	Cons. · Japanese GAAP
FYE Sep 2023	54.2	+0.4pp	Cons. · Japanese GAAP
FYE Sep 2024	50.9	−3.3pp	Cons. · Japanese GAAP
FYE Sep 2025	47.8	−3.1pp	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 Sep 2025 7.6%

Average · 10 yrs 18.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Sep 2016	16.9	n/a	Cons. · Japanese GAAP
FYE Sep 2017	17.5	+0.6pp	Cons. · Japanese GAAP
FYE Sep 2018	18.9	+1.4pp	Cons. · Japanese GAAP
FYE Sep 2019	17.4	−1.5pp	Cons. · Japanese GAAP
FYE Sep 2020	15.5	−1.9pp	Cons. · Japanese GAAP
FYE Sep 2021	20.3	+4.8pp	Cons. · Japanese GAAP
FYE Sep 2022	27.3	+7.0pp	Cons. · Japanese GAAP
FYE Sep 2023	25.6	−1.7pp	Cons. · Japanese GAAP
FYE Sep 2024	15.7	−9.8pp	Cons. · Japanese GAAP
FYE Sep 2025	7.6	−8.1pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Sep 2025 8.9%

Average · 10 yrs 19.0%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Sep 2016	16.5	n/a	Cons. · Japanese GAAP
FYE Sep 2017	18.4	+2.0pp	Cons. · Japanese GAAP
FYE Sep 2018	19.5	+1.0pp	Cons. · Japanese GAAP
FYE Sep 2019	18.0	−1.5pp	Cons. · Japanese GAAP
FYE Sep 2020	16.2	−1.8pp	Cons. · Japanese GAAP
FYE Sep 2021	20.5	+4.3pp	Cons. · Japanese GAAP
FYE Sep 2022	28.2	+7.7pp	Cons. · Japanese GAAP
FYE Sep 2023	26.8	−1.4pp	Cons. · Japanese GAAP
FYE Sep 2024	16.9	−9.9pp	Cons. · Japanese GAAP
FYE Sep 2025	8.9	−8.1pp	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 Sep 2025 6.7%

Average · 10 yrs 13.9%

Fiscal year	Net margin %	YoY	Basis
FYE Sep 2016	11.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	13.6	+1.8pp	Cons. · Japanese GAAP
FYE Sep 2018	14.7	+1.1pp	Cons. · Japanese GAAP
FYE Sep 2019	13.7	−1.1pp	Cons. · Japanese GAAP
FYE Sep 2020	11.8	−1.9pp	Cons. · Japanese GAAP
FYE Sep 2021	14.8	+3.0pp	Cons. · Japanese GAAP
FYE Sep 2022	19.8	+5.0pp	Cons. · Japanese GAAP
FYE Sep 2023	19.3	−0.4pp	Cons. · Japanese GAAP
FYE Sep 2024	12.3	−7.0pp	Cons. · Japanese GAAP
FYE Sep 2025	6.7	−5.6pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Sep 2025 52.2%

Average · 10 yrs 49.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Sep 2016	49.9	n/a	Cons. · Japanese GAAP
FYE Sep 2017	50.3	+0.4pp	Cons. · Japanese GAAP
FYE Sep 2018	48.8	−1.6pp	Cons. · Japanese GAAP
FYE Sep 2019	49.3	+0.5pp	Cons. · Japanese GAAP
FYE Sep 2020	51.2	+1.9pp	Cons. · Japanese GAAP
FYE Sep 2021	50.7	−0.5pp	Cons. · Japanese GAAP
FYE Sep 2022	46.2	−4.5pp	Cons. · Japanese GAAP
FYE Sep 2023	45.8	−0.4pp	Cons. · Japanese GAAP
FYE Sep 2024	49.1	+3.3pp	Cons. · Japanese GAAP
FYE Sep 2025	52.2	+3.1pp	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 Sep 2025 40.2%

Average · 10 yrs 32.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Sep 2016	33.2	n/a	Cons. · Japanese GAAP
FYE Sep 2017	32.2	−1.1pp	Cons. · Japanese GAAP
FYE Sep 2018	32.3	+0.2pp	Cons. · Japanese GAAP
FYE Sep 2019	33.3	+1.0pp	Cons. · Japanese GAAP
FYE Sep 2020	33.3	−0.0pp	Cons. · Japanese GAAP
FYE Sep 2021	29.0	−4.3pp	Cons. · Japanese GAAP
FYE Sep 2022	26.5	−2.5pp	Cons. · Japanese GAAP
FYE Sep 2023	28.6	+2.1pp	Cons. · Japanese GAAP
FYE Sep 2024	35.2	+6.6pp	Cons. · Japanese GAAP
FYE Sep 2025	40.2	+5.0pp	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 Sep 2025 ¥455bn

CAGR · 10 yrs +8.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Sep 2016	217	n/a	Cons. · Japanese GAAP
FYE Sep 2017	239	+10.1%	Cons. · Japanese GAAP
FYE Sep 2018	245	+2.3%	Cons. · Japanese GAAP
FYE Sep 2019	260	+6.0%	Cons. · Japanese GAAP
FYE Sep 2020	272	+4.6%	Cons. · Japanese GAAP
FYE Sep 2021	302	+11.1%	Cons. · Japanese GAAP
FYE Sep 2022	366	+21.4%	Cons. · Japanese GAAP
FYE Sep 2023	403	+10.0%	Cons. · Japanese GAAP
FYE Sep 2024	435	+7.9%	Cons. · Japanese GAAP
FYE Sep 2025	455	+4.7%	Cons. · Japanese GAAP

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

Equity net assets, shareholders' equity

FYE Sep 2025 ¥322bn

CAGR · 10 yrs +7.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Sep 2016	169	n/a	Cons. · Japanese GAAP
FYE Sep 2017	187	+10.5%	Cons. · Japanese GAAP
FYE Sep 2018	193	+3.4%	Cons. · Japanese GAAP
FYE Sep 2019	203	+5.0%	Cons. · Japanese GAAP
FYE Sep 2020	213	+4.8%	Cons. · Japanese GAAP
FYE Sep 2021	237	+11.2%	Cons. · Japanese GAAP
FYE Sep 2022	281	+18.6%	Cons. · Japanese GAAP
FYE Sep 2023	319	+13.6%	Cons. · Japanese GAAP
FYE Sep 2024	331	+4.0%	Cons. · Japanese GAAP
FYE Sep 2025	322	−3.0%	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 Sep 2025 ¥64bn

CAGR · 10 yrs +24.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Sep 2016	9.0	n/a	Cons. · Japanese GAAP
FYE Sep 2017	5.9	−34.5%	Cons. · Japanese GAAP
FYE Sep 2018	5.2	−12.5%	Cons. · Japanese GAAP
FYE Sep 2019	7.8	+50.8%	Cons. · Japanese GAAP
FYE Sep 2020	7.8	−0.2%	Cons. · Japanese GAAP
FYE Sep 2021	6.7	−13.4%	Cons. · Japanese GAAP
FYE Sep 2022	9.4	+39.8%	Cons. · Japanese GAAP
FYE Sep 2023	11.4	+20.8%	Cons. · Japanese GAAP
FYE Sep 2024	33.8	+196.8%	Cons. · Japanese GAAP
FYE Sep 2025	64.1	+89.5%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Sep 2025 ¥53bn

CAGR · 10 yrs +42.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Sep 2016	2.2	n/a	Cons. · Japanese GAAP
FYE Sep 2017	2.2	+2.2%	Cons. · Japanese GAAP
FYE Sep 2018	1.7	−25.5%	Cons. · Japanese GAAP
FYE Sep 2019	1.5	−12.5%	Cons. · Japanese GAAP
FYE Sep 2020	1.5	+3.9%	Cons. · Japanese GAAP
FYE Sep 2021	3.5	+132.1%	Cons. · Japanese GAAP
FYE Sep 2022	4.8	+36.8%	Cons. · Japanese GAAP
FYE Sep 2023	5.9	+22.0%	Cons. · Japanese GAAP
FYE Sep 2024	25.3	+331.9%	Cons. · Japanese GAAP
FYE Sep 2025	53.5	+111.6%	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 Sep 2025 ¥11bn

CAGR · 10 yrs +4.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Sep 2016	6.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	3.7	−46.2%	Cons. · Japanese GAAP
FYE Sep 2018	3.5	−4.6%	Cons. · Japanese GAAP
FYE Sep 2019	6.3	+80.8%	Cons. · Japanese GAAP
FYE Sep 2020	6.3	−1.1%	Cons. · Japanese GAAP
FYE Sep 2021	3.2	−48.4%	Cons. · Japanese GAAP
FYE Sep 2022	4.6	+42.9%	Cons. · Japanese GAAP
FYE Sep 2023	5.5	+19.5%	Cons. · Japanese GAAP
FYE Sep 2024	8.5	+54.0%	Cons. · Japanese GAAP
FYE Sep 2025	10.6	+24.0%	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 Sep 2025 ¥35bn

CAGR · 10 yrs +42.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Sep 2016	1.5	n/a	Cons. · Japanese GAAP
FYE Sep 2017	1.7	+16.0%	Cons. · Japanese GAAP
FYE Sep 2018	6.3	+269.9%	Cons. · Japanese GAAP
FYE Sep 2019	5.3	−15.2%	Cons. · Japanese GAAP
FYE Sep 2020	5.0	−5.4%	Cons. · Japanese GAAP
FYE Sep 2021	4.9	−3.6%	Cons. · Japanese GAAP
FYE Sep 2022	5.4	+10.4%	Cons. · Japanese GAAP
FYE Sep 2023	5.1	−4.2%	Cons. · Japanese GAAP
FYE Sep 2024	35.7	+595.7%	Cons. · Japanese GAAP
FYE Sep 2025	34.6	−3.2%	Cons. · Japanese GAAP

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

Goodwill

FYE Sep 2025 ¥30bn

CAGR · 8 yrs +54.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Sep 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Sep 2018	1.4	n/a	Cons. · Japanese GAAP
FYE Sep 2019	1.2	−15.8%	Cons. · Japanese GAAP
FYE Sep 2020	1.4	+13.5%	Cons. · Japanese GAAP
FYE Sep 2021	1.2	−10.3%	Cons. · Japanese GAAP
FYE Sep 2022	1.2	+2.4%	Cons. · Japanese GAAP
FYE Sep 2023	1.0	−17.5%	Cons. · Japanese GAAP
FYE Sep 2024	30.8	+2895.8%	Cons. · Japanese GAAP
FYE Sep 2025	30.1	−2.5%	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 Sep 2025 70.7%

Average · 10 yrs 77.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Sep 2016	77.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	78.1	+0.3pp	Cons. · Japanese GAAP
FYE Sep 2018	78.9	+0.8pp	Cons. · Japanese GAAP
FYE Sep 2019	78.2	−0.8pp	Cons. · Japanese GAAP
FYE Sep 2020	78.3	+0.1pp	Cons. · Japanese GAAP
FYE Sep 2021	78.4	+0.1pp	Cons. · Japanese GAAP
FYE Sep 2022	76.6	−1.8pp	Cons. · Japanese GAAP
FYE Sep 2023	79.1	+2.5pp	Cons. · Japanese GAAP
FYE Sep 2024	76.2	−2.9pp	Cons. · Japanese GAAP
FYE Sep 2025	70.7	−5.6pp	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 Sep 2025 19.9%

Average · 10 yrs 5.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Sep 2016	5.3	n/a	Cons. · Japanese GAAP
FYE Sep 2017	3.2	−2.2pp	Cons. · Japanese GAAP
FYE Sep 2018	2.7	−0.5pp	Cons. · Japanese GAAP
FYE Sep 2019	3.8	+1.2pp	Cons. · Japanese GAAP
FYE Sep 2020	3.7	−0.2pp	Cons. · Japanese GAAP
FYE Sep 2021	2.9	−0.8pp	Cons. · Japanese GAAP
FYE Sep 2022	3.4	+0.5pp	Cons. · Japanese GAAP
FYE Sep 2023	3.6	+0.2pp	Cons. · Japanese GAAP
FYE Sep 2024	10.2	+6.6pp	Cons. · Japanese GAAP
FYE Sep 2025	19.9	+9.7pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Sep 2025 4.4%

Average · 10 yrs 9.7%

Fiscal year	ROE %	YoY	Basis
FYE Sep 2016	8.5	n/a	Cons. · Japanese GAAP
FYE Sep 2017	9.5	+1.0pp	Cons. · Japanese GAAP
FYE Sep 2018	11.0	+1.5pp	Cons. · Japanese GAAP
FYE Sep 2019	9.8	−1.2pp	Cons. · Japanese GAAP
FYE Sep 2020	7.8	−2.0pp	Cons. · Japanese GAAP
FYE Sep 2021	10.6	+2.8pp	Cons. · Japanese GAAP
FYE Sep 2022	14.7	+4.1pp	Cons. · Japanese GAAP
FYE Sep 2023	13.4	−1.3pp	Cons. · Japanese GAAP
FYE Sep 2024	7.6	−5.9pp	Cons. · Japanese GAAP
FYE Sep 2025	4.4	−3.2pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Sep 2025 3.1%

Average · 10 yrs 7.6%

Fiscal year	ROA %	YoY	Basis
FYE Sep 2016	6.6	n/a	Cons. · Japanese GAAP
FYE Sep 2017	7.4	+0.8pp	Cons. · Japanese GAAP
FYE Sep 2018	8.7	+1.2pp	Cons. · Japanese GAAP
FYE Sep 2019	7.7	−1.0pp	Cons. · Japanese GAAP
FYE Sep 2020	6.1	−1.6pp	Cons. · Japanese GAAP
FYE Sep 2021	8.3	+2.2pp	Cons. · Japanese GAAP
FYE Sep 2022	11.3	+3.0pp	Cons. · Japanese GAAP
FYE Sep 2023	10.6	−0.6pp	Cons. · Japanese GAAP
FYE Sep 2024	5.8	−4.8pp	Cons. · Japanese GAAP
FYE Sep 2025	3.1	−2.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Sep 2025 0.47×

CAGR · 10 yrs −2.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Sep 2016	0.56	n/a	Cons. · Japanese GAAP
FYE Sep 2017	0.55	−2.8%	Cons. · Japanese GAAP
FYE Sep 2018	0.59	+8.1%	Cons. · Japanese GAAP
FYE Sep 2019	0.56	−4.7%	Cons. · Japanese GAAP
FYE Sep 2020	0.52	−8.1%	Cons. · Japanese GAAP
FYE Sep 2021	0.56	+8.5%	Cons. · Japanese GAAP
FYE Sep 2022	0.57	+1.8%	Cons. · Japanese GAAP
FYE Sep 2023	0.55	−3.6%	Cons. · Japanese GAAP
FYE Sep 2024	0.47	−14.6%	Cons. · Japanese GAAP
FYE Sep 2025	0.47	−0.7%	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 Sep 2025 ¥38bn

CAGR · 10 yrs +5.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Sep 2016	24.2	n/a	Cons. · Japanese GAAP
FYE Sep 2017	26.2	+8.3%	Cons. · Japanese GAAP
FYE Sep 2018	23.6	−9.8%	Cons. · Japanese GAAP
FYE Sep 2019	30.9	+30.9%	Cons. · Japanese GAAP
FYE Sep 2020	23.3	−24.5%	Cons. · Japanese GAAP
FYE Sep 2021	39.9	+71.1%	Cons. · Japanese GAAP
FYE Sep 2022	45.1	+13.1%	Cons. · Japanese GAAP
FYE Sep 2023	34.3	−24.1%	Cons. · Japanese GAAP
FYE Sep 2024	38.1	+11.1%	Cons. · Japanese GAAP
FYE Sep 2025	37.8	−0.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Sep 2025 -¥42bn

Average · 10 yrs -¥23bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Sep 2016	4.2	n/a	Cons. · Japanese GAAP
FYE Sep 2017	-13.2	−415.3%	Cons. · Japanese GAAP
FYE Sep 2018	-8.9	n/a	Cons. · Japanese GAAP
FYE Sep 2019	-16.1	n/a	Cons. · Japanese GAAP
FYE Sep 2020	-16.2	n/a	Cons. · Japanese GAAP
FYE Sep 2021	-16.8	n/a	Cons. · Japanese GAAP
FYE Sep 2022	-13.3	n/a	Cons. · Japanese GAAP
FYE Sep 2023	-32.9	n/a	Cons. · Japanese GAAP
FYE Sep 2024	-73.7	n/a	Cons. · Japanese GAAP
FYE Sep 2025	-42.2	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 Sep 2025 -¥2.8bn

Average · 10 yrs -¥6.5bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Sep 2016	-15.4	n/a	Cons. · Japanese GAAP
FYE Sep 2017	-5.7	n/a	Cons. · Japanese GAAP
FYE Sep 2018	-16.3	n/a	Cons. · Japanese GAAP
FYE Sep 2019	-6.7	n/a	Cons. · Japanese GAAP
FYE Sep 2020	-6.5	n/a	Cons. · Japanese GAAP
FYE Sep 2021	-4.5	n/a	Cons. · Japanese GAAP
FYE Sep 2022	-7.8	n/a	Cons. · Japanese GAAP
FYE Sep 2023	-11.9	n/a	Cons. · Japanese GAAP
FYE Sep 2024	12.6	n/a	Cons. · Japanese GAAP
FYE Sep 2025	-2.8	−122.6%	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 Sep 2025 ¥86bn

CAGR · 10 yrs +5.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Sep 2016	53.6	n/a	Cons. · Japanese GAAP
FYE Sep 2017	63.4	+18.3%	Cons. · Japanese GAAP
FYE Sep 2018	61.8	−2.5%	Cons. · Japanese GAAP
FYE Sep 2019	68.5	+10.8%	Cons. · Japanese GAAP
FYE Sep 2020	68.8	+0.4%	Cons. · Japanese GAAP
FYE Sep 2021	90.0	+30.9%	Cons. · Japanese GAAP
FYE Sep 2022	123	+36.7%	Cons. · Japanese GAAP
FYE Sep 2023	114	−7.0%	Cons. · Japanese GAAP
FYE Sep 2024	92.6	−19.1%	Cons. · Japanese GAAP
FYE Sep 2025	86.0	−7.1%	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 Sep 2025 -¥4.4bn

Average · 10 yrs ¥9.4bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Sep 2016	28.3	n/a	Cons. · Japanese GAAP
FYE Sep 2017	13.0	−54.3%	Cons. · Japanese GAAP
FYE Sep 2018	14.7	+13.5%	Cons. · Japanese GAAP
FYE Sep 2019	14.8	+0.6%	Cons. · Japanese GAAP
FYE Sep 2020	7.1	−52.0%	Cons. · Japanese GAAP
FYE Sep 2021	23.1	+225.6%	Cons. · Japanese GAAP
FYE Sep 2022	31.8	+37.4%	Cons. · Japanese GAAP
FYE Sep 2023	1.4	−95.7%	Cons. · Japanese GAAP
FYE Sep 2024	-35.6	−2728.9%	Cons. · Japanese GAAP
FYE Sep 2025	-4.4	n/a	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 Sep 2025 17.8%

Average · 10 yrs 19.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Sep 2016	19.8	n/a	Cons. · Japanese GAAP
FYE Sep 2017	20.0	+0.2pp	Cons. · Japanese GAAP
FYE Sep 2018	16.3	−3.7pp	Cons. · Japanese GAAP
FYE Sep 2019	21.2	+4.8pp	Cons. · Japanese GAAP
FYE Sep 2020	16.6	−4.5pp	Cons. · Japanese GAAP
FYE Sep 2021	23.6	+7.0pp	Cons. · Japanese GAAP
FYE Sep 2022	21.6	−2.0pp	Cons. · Japanese GAAP
FYE Sep 2023	15.5	−6.1pp	Cons. · Japanese GAAP
FYE Sep 2024	18.7	+3.2pp	Cons. · Japanese GAAP
FYE Sep 2025	17.8	−0.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Sep 2025 ¥22bn

CAGR · 10 yrs −7.6%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Sep 2016	44.6	n/a	Cons. · Japanese GAAP
FYE Sep 2017	57.5	+29.0%	Cons. · Japanese GAAP
FYE Sep 2018	56.7	−1.4%	Cons. · Japanese GAAP
FYE Sep 2019	60.7	+7.2%	Cons. · Japanese GAAP
FYE Sep 2020	61.0	+0.4%	Cons. · Japanese GAAP
FYE Sep 2021	83.3	+36.5%	Cons. · Japanese GAAP
FYE Sep 2022	114	+36.5%	Cons. · Japanese GAAP
FYE Sep 2023	103	−9.3%	Cons. · Japanese GAAP
FYE Sep 2024	58.8	−43.0%	Cons. · Japanese GAAP
FYE Sep 2025	22.0	−62.6%	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 Sep 2025 ¥512bn

Change · 10 yrs −¥4.9bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Sep 2016	517	n/a
FYE Sep 2017	570	n/a
FYE Sep 2018	748	n/a
FYE Sep 2019	662	n/a
FYE Sep 2020	874	n/a
FYE Sep 2021	1,146	n/a
FYE Sep 2022	1,021	n/a
FYE Sep 2023	1,041	n/a
FYE Sep 2024	619	n/a
FYE Sep 2025	512	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 Sep 2025 1,604¥

Change · 10 yrs −1,482¥

Fiscal year	Share price ¥	Basis
FYE Sep 2016	3,086	n/a
FYE Sep 2017	3,401	n/a
FYE Sep 2018	4,532	n/a
FYE Sep 2019	4,015	n/a
FYE Sep 2020	5,294	n/a
FYE Sep 2021	6,942	n/a
FYE Sep 2022	6,187	n/a
FYE Sep 2023	6,306	n/a
FYE Sep 2024	3,751	n/a
FYE Sep 2025	1,604	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 Sep 2025 319,191,114shares

Change · 10 yrs +151,661,146 shares

Fiscal year	Shares outstanding shares	Basis
FYE Sep 2016	167,529,968	Parent
FYE Sep 2017	167,529,968	Parent
FYE Sep 2018	165,011,568	Parent
FYE Sep 2019	165,011,568	Parent
FYE Sep 2020	165,027,259	Parent
FYE Sep 2021	165,041,841	Parent
FYE Sep 2022	165,052,729	Parent
FYE Sep 2023	165,065,948	Parent
FYE Sep 2024	165,083,770	Parent
FYE Sep 2025	319,191,114	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 Sep 2025 47.32¥

Change · 10 yrs −42.91¥

Fiscal year	EPS ¥	Basis
FYE Sep 2016	90.23	Cons.
FYE Sep 2017	113.00	Cons.
FYE Sep 2018	136.50	Cons.
FYE Sep 2019	128.67	Cons.
FYE Sep 2020	53.37	Cons.
FYE Sep 2021	80.91	Cons.
FYE Sep 2022	133.35	Cons.
FYE Sep 2023	138.28	Cons.
FYE Sep 2024	81.19	Cons.
FYE Sep 2025	47.32	Cons.

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

BPS book value per share

FYE Sep 2025 1,007.30¥

Change · 10 yrs −2.45¥

Fiscal year	BPS ¥	Basis
FYE Sep 2016	1,009.75	Cons. · Japanese GAAP
FYE Sep 2017	1,115.86	Cons. · Japanese GAAP
FYE Sep 2018	1,171.54	Cons. · Japanese GAAP
FYE Sep 2019	1,229.96	Cons. · Japanese GAAP
FYE Sep 2020	1,288.76	Cons. · Japanese GAAP
FYE Sep 2021	1,433.10	Cons. · Japanese GAAP
FYE Sep 2022	1,699.84	Cons. · Japanese GAAP
FYE Sep 2023	1,930.42	Cons. · Japanese GAAP
FYE Sep 2024	2,006.90	Cons. · Japanese GAAP
FYE Sep 2025	1,007.30	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Sep 2025 33.90×

Average · 10 yrs 32.42×

Fiscal year	PER ×	Basis
FYE Sep 2016	34.20	Cons.
FYE Sep 2017	30.10	Cons.
FYE Sep 2018	33.20	Cons.
FYE Sep 2019	31.20	Cons.
FYE Sep 2020	49.60	Cons.
FYE Sep 2021	42.90	Cons.
FYE Sep 2022	23.20	Cons.
FYE Sep 2023	22.80	Cons.
FYE Sep 2024	23.10	Cons.
FYE Sep 2025	33.90	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 Sep 2025 1.49×

Average · 10 yrs 3.05×

Fiscal year	PBR ×	Basis
FYE Sep 2016	2.87	Cons.
FYE Sep 2017	2.86	Cons.
FYE Sep 2018	3.63	Cons.
FYE Sep 2019	3.06	Cons.
FYE Sep 2020	3.85	Cons.
FYE Sep 2021	4.54	Cons.
FYE Sep 2022	3.41	Cons.
FYE Sep 2023	3.06	Cons.
FYE Sep 2024	1.75	Cons.
FYE Sep 2025	1.49	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 Sep 2025 6,601people

Change · 10 yrs +2,009 people

Fiscal year	Group employees people	YoY	Basis
FYE Sep 2016	4,592	n/a	Cons.
FYE Sep 2017	4,683	+2.0%	Cons.
FYE Sep 2018	4,878	+4.2%	Cons.
FYE Sep 2019	5,035	+3.2%	Cons.
FYE Sep 2020	5,195	+3.2%	Cons.
FYE Sep 2021	5,279	+1.6%	Cons.
FYE Sep 2022	5,491	+4.0%	Cons.
FYE Sep 2023	5,795	+5.5%	Cons.
FYE Sep 2024	6,395	+10.4%	Cons.
FYE Sep 2025	6,601	+3.2%	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 Sep 2025 4,262people

Change · 10 yrs +992 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Sep 2016	3,270	n/a	Parent
FYE Sep 2017	3,357	+2.7%	Parent
FYE Sep 2018	3,470	+3.4%	Parent
FYE Sep 2019	3,571	+2.9%	Parent
FYE Sep 2020	3,677	+3.0%	Parent
FYE Sep 2021	3,766	+2.4%	Parent
FYE Sep 2022	3,884	+3.1%	Parent
FYE Sep 2023	4,071	+4.8%	Parent
FYE Sep 2024	4,227	+3.8%	Parent
FYE Sep 2025	4,262	+0.8%	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 Sep 2025 728万円

Change · 7 yrs +20万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Sep 2016	n/a	n/a	Parent
FYE Sep 2017	n/a	n/a	Parent
FYE Sep 2018	n/a	n/a	Parent
FYE Sep 2019	709	n/a	Parent
FYE Sep 2020	691	−2.5%	Parent
FYE Sep 2021	683	−1.2%	Parent
FYE Sep 2022	720	+5.4%	Parent
FYE Sep 2023	772	+7.2%	Parent
FYE Sep 2024	745	−3.6%	Parent
FYE Sep 2025	728	−2.2%	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 Sep 2025 39.8years

Change · 7 yrs −0.6 years

Fiscal year	Average age years	YoY	Basis
FYE Sep 2016	n/a	n/a	Parent
FYE Sep 2017	n/a	n/a	Parent
FYE Sep 2018	n/a	n/a	Parent
FYE Sep 2019	40.4	n/a	Parent
FYE Sep 2020	40.3	−0.2%	Parent
FYE Sep 2021	40.3	−0.0%	Parent
FYE Sep 2022	40.2	−0.2%	Parent
FYE Sep 2023	39.9	−0.7%	Parent
FYE Sep 2024	39.6	−0.8%	Parent
FYE Sep 2025	39.8	+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 Sep 2025 15.9years

Change · 7 yrs −0.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Sep 2016	n/a	n/a	Parent
FYE Sep 2017	n/a	n/a	Parent
FYE Sep 2018	n/a	n/a	Parent
FYE Sep 2019	16.2	n/a	Parent
FYE Sep 2020	16.1	−0.6%	Parent
FYE Sep 2021	16.1	−0.0%	Parent
FYE Sep 2022	16.0	−0.6%	Parent
FYE Sep 2023	15.7	−1.9%	Parent
FYE Sep 2024	15.4	−1.9%	Parent
FYE Sep 2025	15.9	+3.2%	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 Sep 2025 ¥32.1m

Change · 10 yrs +¥5.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Sep 2016	26.5	n/a	Cons.
FYE Sep 2017	27.9	+5.0%	Cons.
FYE Sep 2018	29.6	+6.2%	Cons.
FYE Sep 2019	29.0	−2.1%	Cons.
FYE Sep 2020	27.0	−6.8%	Cons.
FYE Sep 2021	32.0	+18.6%	Cons.
FYE Sep 2022	38.0	+18.8%	Cons.
FYE Sep 2023	38.2	+0.5%	Cons.
FYE Sep 2024	31.9	−16.5%	Cons.
FYE Sep 2025	32.1	+0.7%	Cons.

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

Operating profit per employee

FYE Sep 2025 ¥2.4m

Change · 10 yrs −¥2.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Sep 2016	4.5	n/a	Cons.
FYE Sep 2017	4.9	+9.1%	Cons.
FYE Sep 2018	5.6	+14.5%	Cons.
FYE Sep 2019	5.0	−9.7%	Cons.
FYE Sep 2020	4.2	−17.0%	Cons.
FYE Sep 2021	6.5	+55.3%	Cons.
FYE Sep 2022	10.4	+59.6%	Cons.
FYE Sep 2023	9.8	−5.8%	Cons.
FYE Sep 2024	5.0	−48.6%	Cons.
FYE Sep 2025	2.4	−51.2%	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 →

Data API

Hamamatsu Photonics’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/6965/company.json ·/api/6965/history.json ·/api/6965/ceo.json ·/api/6965/financials.json ·/api/6965/financials/segment.json ·/api/6965/financials/pl.json ·/api/6965/financials/cf.json ·/api/6965/financials/bs.json ·/api/6965/financials/employee.json ·/api/6965/financials/stock.json ·/api/6965/financials.csv ·/api/6965/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json