Financials

Mitsubishi Heavy Industries: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥4.97tnYoY −1.1%

FYE Mar 2026 · Operating profit¥475bnYoY +26.7%

FYE Mar 2026 · Net profit¥332bnYoY +35.3%

FYE Mar 2026 · Equity ratio35.7%YoY +2.3pp

FYE Mar 2026 · Group employees78,793YoY +1,519

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥3.91tn	n/a	¥151bn	n/a	3.8%	¥88bn	Miyanaga Shunichi	Huge loss on the delayed cruise ships
FYE Mar 2018Consolidated	¥4.09tn	+4.4%	¥39bn	−73.9%	1.0%	¥70bn	Miyanaga Shunichi	—
FYE Mar 2019Consolidated	¥4.08tn	−0.2%	¥195bn	+397.2%	4.8%	¥110bn	Miyanaga Shunichi	—
FYE Mar 2020Consolidated	¥4.04tn	−0.9%	-¥33bn	−116.7%	-0.8%	¥87bn	Miyanaga Shunichi	—
FYE Mar 2021Consolidated	¥3.70tn	−8.4%	¥49bn	n/a	1.3%	¥41bn	Izumisawa Seiji	Mitsubishi Aircraft falls into negative net worth
FYE Mar 2022Consolidated	¥3.86tn	+4.3%	¥174bn	+251.9%	4.5%	¥114bn	Izumisawa Seiji	—
FYE Mar 2023Consolidated	¥4.20tn	+8.9%	¥191bn	+10.0%	4.5%	¥130bn	Izumisawa Seiji	Japan resolves to double defence spending toward 2% of GDP
FYE Mar 2024Consolidated	¥4.66tn	+10.8%	¥315bn	+64.9%	6.8%	¥222bn	Izumisawa Seiji	SpaceJet (ex-MRJ) development cancelled
FYE Mar 2025Consolidated	¥5.03tn	+7.9%	¥375bn	+18.8%	7.5%	¥245bn	Izumisawa Seiji	New GX segment — nuclear, hydrogen, CCUS
FYE Mar 2026Consolidated	¥4.97tn	−1.1%	¥475bn	+26.7%	9.5%	¥332bn	Izumisawa Seiji	—

How it compares

Mitsubishi Heavy Industries¥4.97tnFY2025Operating margin 9.5%

Kawasaki Heavy Industries¥2.31tnFY2025Operating margin 6.3%IHI¥1.64tnFY2025Operating margin 10.1%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥4.97tn

CAGR · 10 yrs +2.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	3,914	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4,086	+4.4%	Cons. · Japanese GAAP
FYE Mar 2019	4,078	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4,041	−0.9%	Cons. · IFRS
FYE Mar 2021	3,700	−8.4%	Cons. · IFRS
FYE Mar 2022	3,860	+4.3%	Cons. · IFRS
FYE Mar 2023	4,203	+8.9%	Cons. · IFRS
FYE Mar 2024	4,657	+10.8%	Cons. · IFRS
FYE Mar 2025	5,027	+7.9%	Cons. · IFRS
FYE Mar 2026	4,974	−1.1%	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 ¥3.89tn

CAGR · 10 yrs +2.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	3,181	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,367	+5.9%	Cons. · Japanese GAAP
FYE Mar 2019	3,309	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3,331	+0.7%	Cons. · IFRS
FYE Mar 2021	3,116	−6.5%	Cons. · IFRS
FYE Mar 2022	3,204	+2.8%	Cons. · IFRS
FYE Mar 2023	3,438	+7.3%	Cons. · IFRS
FYE Mar 2024	3,727	+8.4%	Cons. · IFRS
FYE Mar 2025	3,996	+7.2%	Cons. · IFRS
FYE Mar 2026	3,891	−2.6%	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 ¥1.08tn

CAGR · 10 yrs +4.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	733	n/a	Cons. · Japanese GAAP
FYE Mar 2018	719	−2.0%	Cons. · Japanese GAAP
FYE Mar 2019	769	moved to IFRS	Cons. · IFRS
FYE Mar 2020	710	−7.7%	Cons. · IFRS
FYE Mar 2021	583	−17.8%	Cons. · IFRS
FYE Mar 2022	656	+12.4%	Cons. · IFRS
FYE Mar 2023	765	+16.6%	Cons. · IFRS
FYE Mar 2024	930	+21.6%	Cons. · IFRS
FYE Mar 2025	1,031	+10.9%	Cons. · IFRS
FYE Mar 2026	1,083	+5.0%	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 ¥633bn

CAGR · 10 yrs +0.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	583	n/a	Cons. · Japanese GAAP
FYE Mar 2018	545	−6.4%	Cons. · Japanese GAAP
FYE Mar 2019	538	moved to IFRS	Cons. · IFRS
FYE Mar 2020	584	+8.5%	Cons. · IFRS
FYE Mar 2021	531	−9.0%	Cons. · IFRS
FYE Mar 2022	557	+4.8%	Cons. · IFRS
FYE Mar 2023	624	+12.0%	Cons. · IFRS
FYE Mar 2024	695	+11.5%	Cons. · IFRS
FYE Mar 2025	717	+3.1%	Cons. · IFRS
FYE Mar 2026	633	−11.7%	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 ¥475bn

CAGR · 10 yrs +13.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	151	n/a	Cons. · Japanese GAAP
FYE Mar 2018	39.2	−73.9%	Cons. · Japanese GAAP
FYE Mar 2019	195	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-32.7	−116.7%	Cons. · IFRS
FYE Mar 2021	49.4	n/a	Cons. · IFRS
FYE Mar 2022	174	+251.9%	Cons. · IFRS
FYE Mar 2023	191	+10.0%	Cons. · IFRS
FYE Mar 2024	315	+64.9%	Cons. · IFRS
FYE Mar 2025	375	+18.8%	Cons. · IFRS
FYE Mar 2026	475	+26.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥59bn

CAGR · 10 yrs +3.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	42.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.9	−86.0%	Cons. · Japanese GAAP
FYE Mar 2019	7.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.6	+51.8%	Cons. · IFRS
FYE Mar 2021	11.7	+0.5%	Cons. · IFRS
FYE Mar 2022	31.9	+173.2%	Cons. · IFRS
FYE Mar 2023	29.0	−9.2%	Cons. · IFRS
FYE Mar 2024	49.9	+72.3%	Cons. · IFRS
FYE Mar 2025	13.6	−72.7%	Cons. · IFRS
FYE Mar 2026	59.5	+335.8%	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 ¥17bn

CAGR · 10 yrs −14.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	68.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.8	−63.7%	Cons. · Japanese GAAP
FYE Mar 2019	13.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	14.7	+12.0%	Cons. · IFRS
FYE Mar 2021	16.4	+11.3%	Cons. · IFRS
FYE Mar 2022	18.5	+12.6%	Cons. · IFRS
FYE Mar 2023	31.2	+68.9%	Cons. · IFRS
FYE Mar 2024	17.3	−44.5%	Cons. · IFRS
FYE Mar 2025	22.3	+29.0%	Cons. · IFRS
FYE Mar 2026	17.0	−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 ¥332bn

CAGR · 10 yrs +15.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	87.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.5	−19.6%	Cons. · Japanese GAAP
FYE Mar 2019	110	moved to IFRS	Cons. · IFRS
FYE Mar 2020	87.1	−21.0%	Cons. · IFRS
FYE Mar 2021	40.6	−53.4%	Cons. · IFRS
FYE Mar 2022	114	+179.4%	Cons. · IFRS
FYE Mar 2023	130	+14.9%	Cons. · IFRS
FYE Mar 2024	222	+70.2%	Cons. · IFRS
FYE Mar 2025	245	+10.6%	Cons. · IFRS
FYE Mar 2026	332	+35.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 21.8%

Average · 10 yrs 18.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	18.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.6	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	18.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.6	−1.3pp	Cons. · IFRS
FYE Mar 2021	15.8	−1.8pp	Cons. · IFRS
FYE Mar 2022	17.0	+1.2pp	Cons. · IFRS
FYE Mar 2023	18.2	+1.2pp	Cons. · IFRS
FYE Mar 2024	20.0	+1.8pp	Cons. · IFRS
FYE Mar 2025	20.5	+0.5pp	Cons. · IFRS
FYE Mar 2026	21.8	+1.3pp	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 9.5%

Average · 10 yrs 4.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.0	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2019	4.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-0.8	−5.6pp	Cons. · IFRS
FYE Mar 2021	1.3	+2.1pp	Cons. · IFRS
FYE Mar 2022	4.5	+3.2pp	Cons. · IFRS
FYE Mar 2023	4.5	−0.0pp	Cons. · IFRS
FYE Mar 2024	6.8	+2.2pp	Cons. · IFRS
FYE Mar 2025	7.5	+0.7pp	Cons. · IFRS
FYE Mar 2026	9.5	+2.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 6.7%

Average · 10 yrs 3.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	2.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.2	−0.5pp	Cons. · IFRS
FYE Mar 2021	1.1	−1.1pp	Cons. · IFRS
FYE Mar 2022	2.9	+1.8pp	Cons. · IFRS
FYE Mar 2023	3.1	+0.2pp	Cons. · IFRS
FYE Mar 2024	4.8	+1.7pp	Cons. · IFRS
FYE Mar 2025	4.9	+0.1pp	Cons. · IFRS
FYE Mar 2026	6.7	+1.8pp	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 78.2%

Average · 10 yrs 81.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	81.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	82.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	81.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	82.4	+1.3pp	Cons. · IFRS
FYE Mar 2021	84.2	+1.8pp	Cons. · IFRS
FYE Mar 2022	83.0	−1.2pp	Cons. · IFRS
FYE Mar 2023	81.8	−1.2pp	Cons. · IFRS
FYE Mar 2024	80.0	−1.8pp	Cons. · IFRS
FYE Mar 2025	79.5	−0.5pp	Cons. · IFRS
FYE Mar 2026	78.2	−1.3pp	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 12.7%

Average · 10 yrs 14.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	14.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.3	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	13.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	14.4	+1.3pp	Cons. · IFRS
FYE Mar 2021	14.4	−0.1pp	Cons. · IFRS
FYE Mar 2022	14.4	+0.1pp	Cons. · IFRS
FYE Mar 2023	14.8	+0.4pp	Cons. · IFRS
FYE Mar 2024	14.9	+0.1pp	Cons. · IFRS
FYE Mar 2025	14.3	−0.7pp	Cons. · IFRS
FYE Mar 2026	12.7	−1.5pp	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 ¥8.27tn

CAGR · 10 yrs +4.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	5,482	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5,488	+0.1%	Cons. · Japanese GAAP
FYE Mar 2019	5,240	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4,986	−4.9%	Cons. · IFRS
FYE Mar 2021	4,811	−3.5%	Cons. · IFRS
FYE Mar 2022	5,116	+6.4%	Cons. · IFRS
FYE Mar 2023	5,475	+7.0%	Cons. · IFRS
FYE Mar 2024	6,256	+14.3%	Cons. · IFRS
FYE Mar 2025	6,659	+6.4%	Cons. · IFRS
FYE Mar 2026	8,270	+24.2%	Cons. · IFRS

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

Equity net assets, shareholders' equity

FYE Mar 2026 ¥2.95tn

CAGR · 10 yrs +5.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,782	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,866	+4.7%	Cons. · Japanese GAAP
FYE Mar 2019	1,094	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,147	+4.8%	Cons. · IFRS
FYE Mar 2021	1,293	+12.8%	Cons. · IFRS
FYE Mar 2022	1,491	+15.3%	Cons. · IFRS
FYE Mar 2023	1,648	+10.6%	Cons. · IFRS
FYE Mar 2024	2,129	+29.2%	Cons. · IFRS
FYE Mar 2025	2,224	+4.5%	Cons. · IFRS
FYE Mar 2026	2,949	+32.6%	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 ¥876bn

CAGR · 10 yrs +5.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	553	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,174	+112.3%	Cons. · Japanese GAAP
FYE Mar 2019	1,097	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,371	+25.0%	Cons. · IFRS
FYE Mar 2021	1,236	−9.8%	Cons. · IFRS
FYE Mar 2022	1,078	−12.8%	Cons. · IFRS
FYE Mar 2023	1,192	+10.6%	Cons. · IFRS
FYE Mar 2024	1,143	−4.1%	Cons. · IFRS
FYE Mar 2025	1,131	−1.0%	Cons. · IFRS
FYE Mar 2026	876	−22.5%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥255bn

CAGR · 10 yrs −2.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	329	n/a	Cons. · Japanese GAAP
FYE Mar 2018	299	−9.1%	Cons. · Japanese GAAP
FYE Mar 2019	344	moved to IFRS	Cons. · IFRS
FYE Mar 2020	488	+42.1%	Cons. · IFRS
FYE Mar 2021	526	+7.6%	Cons. · IFRS
FYE Mar 2022	319	−39.4%	Cons. · IFRS
FYE Mar 2023	322	+1.0%	Cons. · IFRS
FYE Mar 2024	379	+17.7%	Cons. · IFRS
FYE Mar 2025	281	−26.0%	Cons. · IFRS
FYE Mar 2026	255	−9.1%	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 ¥621bn

CAGR · 10 yrs +3.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	448	n/a	Cons. · Japanese GAAP
FYE Mar 2018	425	−5.2%	Cons. · Japanese GAAP
FYE Mar 2019	620	moved to IFRS	Cons. · IFRS
FYE Mar 2020	638	+2.9%	Cons. · IFRS
FYE Mar 2021	583	−8.7%	Cons. · IFRS
FYE Mar 2022	757	+30.0%	Cons. · IFRS
FYE Mar 2023	658	−13.1%	Cons. · IFRS
FYE Mar 2024	764	+16.1%	Cons. · IFRS
FYE Mar 2025	851	+11.4%	Cons. · IFRS
FYE Mar 2026	621	−27.0%	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 ¥77bn

CAGR · 10 yrs −12.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	249	n/a	Cons. · Japanese GAAP
FYE Mar 2018	103	−58.7%	Cons. · Japanese GAAP
FYE Mar 2019	113	moved to IFRS	Cons. · IFRS
FYE Mar 2020	78.9	−30.3%	Cons. · IFRS
FYE Mar 2021	74.7	−5.3%	Cons. · IFRS
FYE Mar 2022	70.4	−5.8%	Cons. · IFRS
FYE Mar 2023	70.2	−0.3%	Cons. · IFRS
FYE Mar 2024	93.8	+33.7%	Cons. · IFRS
FYE Mar 2025	87.3	−6.9%	Cons. · IFRS
FYE Mar 2026	77.5	−11.2%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥106bn

CAGR · 10 yrs −1.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	121	n/a	Cons. · Japanese GAAP
FYE Mar 2018	122	+0.8%	Cons. · Japanese GAAP
FYE Mar 2019	121	moved to IFRS	Cons. · IFRS
FYE Mar 2020	125	+2.8%	Cons. · IFRS
FYE Mar 2021	125	−0.0%	Cons. · IFRS
FYE Mar 2022	129	+3.4%	Cons. · IFRS
FYE Mar 2023	131	+1.9%	Cons. · IFRS
FYE Mar 2024	172	+31.5%	Cons. · IFRS
FYE Mar 2025	173	+0.3%	Cons. · IFRS
FYE Mar 2026	106	−38.5%	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 35.7%

Average · 10 yrs 30.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	32.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.0	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	20.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	23.0	+2.1pp	Cons. · IFRS
FYE Mar 2021	26.9	+3.9pp	Cons. · IFRS
FYE Mar 2022	29.1	+2.3pp	Cons. · IFRS
FYE Mar 2023	30.1	+1.0pp	Cons. · IFRS
FYE Mar 2024	34.0	+3.9pp	Cons. · IFRS
FYE Mar 2025	33.4	−0.6pp	Cons. · IFRS
FYE Mar 2026	35.7	+2.3pp	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 29.7%

Average · 10 yrs 68.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	31.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.9	+31.9pp	Cons. · Japanese GAAP
FYE Mar 2019	100.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	119.6	+19.3pp	Cons. · IFRS
FYE Mar 2021	95.6	−24.0pp	Cons. · IFRS
FYE Mar 2022	72.3	−23.2pp	Cons. · IFRS
FYE Mar 2023	72.4	−0.0pp	Cons. · IFRS
FYE Mar 2024	53.7	−18.7pp	Cons. · IFRS
FYE Mar 2025	50.9	−2.8pp	Cons. · IFRS
FYE Mar 2026	29.7	−21.2pp	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 11.3%

Average · 10 yrs 7.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	10.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.6	−2.5pp	Cons. · IFRS
FYE Mar 2021	3.1	−4.5pp	Cons. · IFRS
FYE Mar 2022	7.6	+4.5pp	Cons. · IFRS
FYE Mar 2023	7.9	+0.3pp	Cons. · IFRS
FYE Mar 2024	10.4	+2.5pp	Cons. · IFRS
FYE Mar 2025	11.0	+0.6pp	Cons. · IFRS
FYE Mar 2026	11.3	+0.2pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.0%

Average · 10 yrs 2.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	2.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.7	−0.4pp	Cons. · IFRS
FYE Mar 2021	0.8	−0.9pp	Cons. · IFRS
FYE Mar 2022	2.2	+1.4pp	Cons. · IFRS
FYE Mar 2023	2.4	+0.2pp	Cons. · IFRS
FYE Mar 2024	3.5	+1.2pp	Cons. · IFRS
FYE Mar 2025	3.7	+0.1pp	Cons. · IFRS
FYE Mar 2026	4.0	+0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.60×

CAGR · 10 yrs −1.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.71	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.74	+4.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.78	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.81	+4.2%	Cons. · IFRS
FYE Mar 2021	0.77	−5.1%	Cons. · IFRS
FYE Mar 2022	0.75	−1.9%	Cons. · IFRS
FYE Mar 2023	0.77	+1.7%	Cons. · IFRS
FYE Mar 2024	0.74	−3.0%	Cons. · IFRS
FYE Mar 2025	0.75	+1.4%	Cons. · IFRS
FYE Mar 2026	0.60	−20.3%	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 ¥943bn

CAGR · 10 yrs +28.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	95.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	345	+259.8%	Cons. · Japanese GAAP
FYE Mar 2019	420	moved to IFRS	Cons. · IFRS
FYE Mar 2020	453	+7.7%	Cons. · IFRS
FYE Mar 2021	-94.9	−121.0%	Cons. · IFRS
FYE Mar 2022	286	n/a	Cons. · IFRS
FYE Mar 2023	80.9	−71.7%	Cons. · IFRS
FYE Mar 2024	331	+309.4%	Cons. · IFRS
FYE Mar 2025	530	+60.2%	Cons. · IFRS
FYE Mar 2026	943	+77.7%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥49bn

Average · 10 yrs -¥111bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-137	−1674.6%	Cons. · Japanese GAAP
FYE Mar 2019	-162	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-240	n/a	Cons. · IFRS
FYE Mar 2021	-182	n/a	Cons. · IFRS
FYE Mar 2022	16.3	n/a	Cons. · IFRS
FYE Mar 2023	-45.6	−379.5%	Cons. · IFRS
FYE Mar 2024	-131	n/a	Cons. · IFRS
FYE Mar 2025	-188	n/a	Cons. · IFRS
FYE Mar 2026	-49.2	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 -¥275bn

Average · 10 yrs -¥139bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-162	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-152	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-271	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-204	n/a	Cons. · IFRS
FYE Mar 2021	222	n/a	Cons. · IFRS
FYE Mar 2022	-256	−215.4%	Cons. · IFRS
FYE Mar 2023	-18.9	n/a	Cons. · IFRS
FYE Mar 2024	-159	n/a	Cons. · IFRS
FYE Mar 2025	-114	n/a	Cons. · IFRS
FYE Mar 2026	-275	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 ¥1.33tn

CAGR · 10 yrs +20.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	242	n/a	Cons. · Japanese GAAP
FYE Mar 2018	299	+23.4%	Cons. · Japanese GAAP
FYE Mar 2019	283	moved to IFRS	Cons. · IFRS
FYE Mar 2020	82.7	−70.8%	Cons. · IFRS
FYE Mar 2021	245	+196.7%	Cons. · IFRS
FYE Mar 2022	314	+28.0%	Cons. · IFRS
FYE Mar 2023	348	+10.6%	Cons. · IFRS
FYE Mar 2024	431	+24.1%	Cons. · IFRS
FYE Mar 2025	658	+52.5%	Cons. · IFRS
FYE Mar 2026	1,335	+102.9%	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 ¥893bn

CAGR · 10 yrs +26.9%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	105	n/a	Cons. · Japanese GAAP
FYE Mar 2018	208	+98.7%	Cons. · Japanese GAAP
FYE Mar 2019	258	moved to IFRS	Cons. · IFRS
FYE Mar 2020	213	−17.6%	Cons. · IFRS
FYE Mar 2021	-277	−230.1%	Cons. · IFRS
FYE Mar 2022	302	n/a	Cons. · IFRS
FYE Mar 2023	35.3	−88.3%	Cons. · IFRS
FYE Mar 2024	200	+466.8%	Cons. · IFRS
FYE Mar 2025	343	+71.3%	Cons. · IFRS
FYE Mar 2026	893	+160.7%	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 19.0%

Average · 10 yrs 7.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.4	+6.0pp	Cons. · Japanese GAAP
FYE Mar 2019	10.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.2	+0.9pp	Cons. · IFRS
FYE Mar 2021	-2.6	−13.8pp	Cons. · IFRS
FYE Mar 2022	7.4	+10.0pp	Cons. · IFRS
FYE Mar 2023	1.9	−5.5pp	Cons. · IFRS
FYE Mar 2024	7.1	+5.2pp	Cons. · IFRS
FYE Mar 2025	10.6	+3.4pp	Cons. · IFRS
FYE Mar 2026	19.0	+8.4pp	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 ¥459bn

Average · 10 yrs -¥661bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-310	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-874	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-814	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-1,288	n/a	Cons. · IFRS
FYE Mar 2021	-991	n/a	Cons. · IFRS
FYE Mar 2022	-764	n/a	Cons. · IFRS
FYE Mar 2023	-845	n/a	Cons. · IFRS
FYE Mar 2024	-712	n/a	Cons. · IFRS
FYE Mar 2025	-473	n/a	Cons. · IFRS
FYE Mar 2026	459	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥14.2tn

Change · 9 yrs +¥12.7tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,507	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	1,552	n/a
FYE Mar 2020	922	n/a
FYE Mar 2021	1,163	n/a
FYE Mar 2022	1,357	n/a
FYE Mar 2023	1,644	n/a
FYE Mar 2024	4,886	n/a
FYE Mar 2025	8,521	n/a
FYE Mar 2026	14,248	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 4,223¥

Change · 9 yrs +3,777¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	447	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	4,599	n/a
FYE Mar 2020	2,731	n/a
FYE Mar 2021	3,448	n/a
FYE Mar 2022	4,021	n/a
FYE Mar 2023	4,874	n/a
FYE Mar 2024	14,483	n/a
FYE Mar 2025	2,526	n/a
FYE Mar 2026	4,223	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 3,373,647,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	3,373,647,000	Parent
FYE Mar 2018	337,364,000	Parent
FYE Mar 2019	337,364,000	Parent
FYE Mar 2020	337,364,000	Parent
FYE Mar 2021	337,364,000	Parent
FYE Mar 2022	337,364,000	Parent
FYE Mar 2023	337,364,000	Parent
FYE Mar 2024	337,364,000	Parent
FYE Mar 2025	3,373,647,000	Parent
FYE Mar 2026	3,373,647,000	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 98.86¥

Change · 10 yrs −162.38¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	261.24	Cons.
FYE Mar 2018	-21.79	Cons.
FYE Mar 2019	328.52	Cons.
FYE Mar 2020	25.94	Cons.
FYE Mar 2021	12.09	Cons.
FYE Mar 2022	33.82	Cons.
FYE Mar 2023	38.84	Cons.
FYE Mar 2024	66.07	Cons.
FYE Mar 2025	73.04	Cons.
FYE Mar 2026	98.86	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 874.05¥

Change · 10 yrs +345.82¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	528.23	Cons. · Japanese GAAP
FYE Mar 2018	5,531.54	Cons. · Japanese GAAP
FYE Mar 2019	3,244.08	Cons. · IFRS
FYE Mar 2020	3,398.74	Cons. · IFRS
FYE Mar 2021	3,833.53	Cons. · IFRS
FYE Mar 2022	4,418.65	Cons. · IFRS
FYE Mar 2023	4,884.82	Cons. · IFRS
FYE Mar 2024	6,309.46	Cons. · IFRS
FYE Mar 2025	659.10	Cons. · IFRS
FYE Mar 2026	874.05	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 42.72×

Average · 10 yrs 21.32×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.10	Cons.
FYE Mar 2018	19.42	Cons.
FYE Mar 2019	14.00	Cons.
FYE Mar 2020	10.53	Cons.
FYE Mar 2021	28.52	Cons.
FYE Mar 2022	11.89	Cons.
FYE Mar 2023	12.55	Cons.
FYE Mar 2024	21.92	Cons.
FYE Mar 2025	34.58	Cons.
FYE Mar 2026	42.72	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 4.59×

Average · 9 yrs 1.77×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.07	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	1.09	Cons.
FYE Mar 2020	0.75	Cons.
FYE Mar 2021	0.85	Cons.
FYE Mar 2022	0.86	Cons.
FYE Mar 2023	0.94	Cons.
FYE Mar 2024	2.17	Cons.
FYE Mar 2025	3.61	Cons.
FYE Mar 2026	4.59	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 78,793people

Change · 10 yrs −3,935 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	82,728	n/a	Cons.
FYE Mar 2018	80,652	−2.5%	Cons.
FYE Mar 2019	80,744	+0.1%	Cons.
FYE Mar 2020	81,631	+1.1%	Cons.
FYE Mar 2021	79,974	−2.0%	Cons.
FYE Mar 2022	77,991	−2.5%	Cons.
FYE Mar 2023	76,859	−1.5%	Cons.
FYE Mar 2024	77,697	+1.1%	Cons.
FYE Mar 2025	77,274	−0.5%	Cons.
FYE Mar 2026	78,793	+2.0%	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 23,373people

Change · 10 yrs +6,549 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	16,824	n/a	Parent
FYE Mar 2018	14,717	−12.5%	Parent
FYE Mar 2019	14,534	−1.2%	Parent
FYE Mar 2020	14,501	−0.2%	Parent
FYE Mar 2021	14,553	+0.4%	Parent
FYE Mar 2022	22,755	+56.4%	Parent
FYE Mar 2023	21,634	−4.9%	Parent
FYE Mar 2024	22,538	+4.2%	Parent
FYE Mar 2025	22,347	−0.8%	Parent
FYE Mar 2026	23,373	+4.6%	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 ¥10.7m

Change · 10 yrs +¥2.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.4	n/a	Parent
FYE Mar 2018	8.5	+0.3%	Parent
FYE Mar 2019	8.5	+0.3%	Parent
FYE Mar 2020	8.7	+2.3%	Parent
FYE Mar 2021	8.6	−0.9%	Parent
FYE Mar 2022	8.6	+0.5%	Parent
FYE Mar 2023	9.2	+6.3%	Parent
FYE Mar 2024	9.7	+5.1%	Parent
FYE Mar 2025	10.2	+5.4%	Parent
FYE Mar 2026	10.7	+5.4%	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 42.3years

Change · 8 yrs +2.2 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	40.1	n/a	Parent
FYE Mar 2020	40.7	+1.5%	Parent
FYE Mar 2021	41.3	+1.5%	Parent
FYE Mar 2022	41.6	+0.7%	Parent
FYE Mar 2023	42.1	+1.2%	Parent
FYE Mar 2024	42.4	+0.7%	Parent
FYE Mar 2025	42.5	+0.2%	Parent
FYE Mar 2026	42.3	−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 Mar 2026 18.5years

Change · 8 yrs +1.5 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	17.0	n/a	Parent
FYE Mar 2020	17.6	+3.5%	Parent
FYE Mar 2021	18.1	+2.8%	Parent
FYE Mar 2022	18.5	+2.2%	Parent
FYE Mar 2023	18.8	+1.6%	Parent
FYE Mar 2024	19.0	+1.1%	Parent
FYE Mar 2025	18.9	−0.5%	Parent
FYE Mar 2026	18.5	−2.1%	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 8,037people

Change · 10 yrs −8,575 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	16,612	n/a	n/a
FYE Mar 2018	15,275	−8.0%	n/a
FYE Mar 2019	12,429	−18.6%	n/a
FYE Mar 2020	11,444	−7.9%	n/a
FYE Mar 2021	10,348	−9.6%	n/a
FYE Mar 2022	8,340	−19.4%	n/a
FYE Mar 2023	7,458	−10.6%	n/a
FYE Mar 2024	7,701	+3.3%	n/a
FYE Mar 2025	8,664	+12.5%	n/a
FYE Mar 2026	8,037	−7.2%	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 ¥63.1m

Change · 10 yrs +¥15.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	47.3	n/a	Cons.
FYE Mar 2018	50.7	+7.1%	Cons.
FYE Mar 2019	50.5	n/a	Cons.
FYE Mar 2020	49.5	−2.0%	Cons.
FYE Mar 2021	46.3	−6.6%	Cons.
FYE Mar 2022	49.5	+7.0%	Cons.
FYE Mar 2023	54.7	+10.5%	Cons.
FYE Mar 2024	59.9	+9.6%	Cons.
FYE Mar 2025	65.1	+8.5%	Cons.
FYE Mar 2026	63.1	−3.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥6.0m

Change · 10 yrs +¥4.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons.
FYE Mar 2018	0.5	−73.3%	Cons.
FYE Mar 2019	2.4	n/a	Cons.
FYE Mar 2020	-0.4	−116.6%	Cons.
FYE Mar 2021	0.6	n/a	Cons.
FYE Mar 2022	2.2	+260.9%	Cons.
FYE Mar 2023	2.5	+11.7%	Cons.
FYE Mar 2024	4.1	+63.1%	Cons.
FYE Mar 2025	4.8	+19.5%	Cons.
FYE Mar 2026	6.0	+24.3%	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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