Financials

Kawasaki Heavy Industries: FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥2.31tnYoY +8.5%

FYE Mar 2026 · Operating profit¥146bnYoY +35.4%

FYE Mar 2026 · Net profit¥108bnYoY +22.9%

FYE Mar 2026 · Equity ratio24.3%YoY +1.7pp

FYE Mar 2026 · Group employees41,652YoY +1,012

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.52tn	n/a	¥46bn	n/a	3.0%	¥26bn	Murayama Shigeru	—
FYE Mar 2018Consolidated	¥1.57tn	+3.6%	¥56bn	+21.7%	3.6%	¥29bn	Kinbara Yoshinori	Structural reform of the ship and offshore business begins
FYE Mar 2019Consolidated	¥1.59tn	+1.3%	¥64bn	+14.5%	4.0%	¥27bn	Kinbara Yoshinori	—
FYE Mar 2020Consolidated	¥1.64tn	+2.9%	¥62bn	−3.1%	3.8%	¥19bn	Kinbara Yoshinori	—
FYE Mar 2021Consolidated	¥1.49tn	−9.3%	-¥5.3bn	−108.5%	-0.4%	-¥19bn	Kinbara Yoshinori	Group Vision 2030 drawn up under <a class="en-history_person" href="/tse/7012/executives/ceo/hashimoto-yasuhiko/" hreflang="ja">Hashimoto Yasuhiko</a>
FYE Mar 2022Consolidated	¥1.50tn	+0.8%	¥28bn	n/a	1.8%	¥22bn	Hashimoto Yasuhiko	Rolling stock and motorcycle businesses spun off
FYE Mar 2023Consolidated	¥1.73tn	+15.0%	¥70bn	+154.2%	4.1%	¥61bn	Hashimoto Yasuhiko	The <em>Suiso Frontier</em> completes the Japan–Australia hydrogen shipping trial
FYE Mar 2024Consolidated	¥1.85tn	+7.2%	¥32bn	−54.5%	1.7%	¥25bn	Hashimoto Yasuhiko	—
FYE Mar 2025Consolidated	¥2.13tn	+15.1%	¥108bn	+236.2%	5.0%	¥88bn	Hashimoto Yasuhiko	The submarine slush fund and defence-business misconduct come to light
FYE Mar 2026Consolidated	¥2.31tn	+8.5%	¥146bn	+35.4%	6.3%	¥108bn	Hashimoto Yasuhiko	—

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 ¥2.31tn

CAGR · 10 yrs +4.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,519	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,574	+3.6%	Cons. · Japanese GAAP
FYE Mar 2019	1,595	+1.3%	Cons. · Japanese GAAP
FYE Mar 2020	1,641	+2.9%	Cons. · Japanese GAAP
FYE Mar 2021	1,488	−9.3%	Cons. · Japanese GAAP
FYE Mar 2022	1,501	+0.8%	Cons. · Japanese GAAP
FYE Mar 2023	1,726	moved to IFRS	Cons. · IFRS
FYE Mar 2024	1,849	+7.2%	Cons. · IFRS
FYE Mar 2025	2,129	+15.1%	Cons. · IFRS
FYE Mar 2026	2,311	+8.5%	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 ¥1.86tn

CAGR · 10 yrs +4.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,279	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,320	+3.2%	Cons. · Japanese GAAP
FYE Mar 2019	1,327	+0.5%	Cons. · Japanese GAAP
FYE Mar 2020	1,371	+3.3%	Cons. · Japanese GAAP
FYE Mar 2021	1,297	−5.4%	Cons. · Japanese GAAP
FYE Mar 2022	1,248	−3.8%	Cons. · Japanese GAAP
FYE Mar 2023	1,392	moved to IFRS	Cons. · IFRS
FYE Mar 2024	1,537	+10.4%	Cons. · IFRS
FYE Mar 2025	1,698	+10.5%	Cons. · IFRS
FYE Mar 2026	1,856	+9.3%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥455bn

CAGR · 10 yrs +7.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	240	n/a	Cons. · Japanese GAAP
FYE Mar 2018	255	+6.1%	Cons. · Japanese GAAP
FYE Mar 2019	268	+5.3%	Cons. · Japanese GAAP
FYE Mar 2020	271	+0.9%	Cons. · Japanese GAAP
FYE Mar 2021	191	−29.3%	Cons. · Japanese GAAP
FYE Mar 2022	253	+32.5%	Cons. · Japanese GAAP
FYE Mar 2023	334	moved to IFRS	Cons. · IFRS
FYE Mar 2024	312	−6.5%	Cons. · IFRS
FYE Mar 2025	432	+38.2%	Cons. · IFRS
FYE Mar 2026	455	+5.4%	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 ¥329bn

CAGR · 10 yrs +6.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	194	n/a	Cons. · Japanese GAAP
FYE Mar 2018	199	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	204	+2.7%	Cons. · Japanese GAAP
FYE Mar 2020	208	+2.2%	Cons. · Japanese GAAP
FYE Mar 2021	196	−5.8%	Cons. · Japanese GAAP
FYE Mar 2022	211	+7.5%	Cons. · Japanese GAAP
FYE Mar 2023	252	moved to IFRS	Cons. · IFRS
FYE Mar 2024	276	+9.4%	Cons. · IFRS
FYE Mar 2025	307	+11.2%	Cons. · IFRS
FYE Mar 2026	329	+7.1%	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 ¥146bn

CAGR · 10 yrs +13.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	46.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	55.9	+21.7%	Cons. · Japanese GAAP
FYE Mar 2019	64.0	+14.5%	Cons. · Japanese GAAP
FYE Mar 2020	62.1	−3.1%	Cons. · Japanese GAAP
FYE Mar 2021	-5.3	−108.5%	Cons. · Japanese GAAP
FYE Mar 2022	27.7	n/a	Cons. · Japanese GAAP
FYE Mar 2023	70.3	moved to IFRS	Cons. · IFRS
FYE Mar 2024	32.0	−54.5%	Cons. · IFRS
FYE Mar 2025	108	+236.2%	Cons. · IFRS
FYE Mar 2026	146	+35.4%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥22bn

CAGR · 10 yrs +6.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	12.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.1	−26.3%	Cons. · Japanese GAAP
FYE Mar 2019	6.7	−26.7%	Cons. · Japanese GAAP
FYE Mar 2020	9.7	+44.7%	Cons. · Japanese GAAP
FYE Mar 2021	15.2	+57.1%	Cons. · Japanese GAAP
FYE Mar 2022	2.6	−83.2%	Cons. · Japanese GAAP
FYE Mar 2023	2.3	moved to IFRS	Cons. · IFRS
FYE Mar 2024	3.0	+32.7%	Cons. · IFRS
FYE Mar 2025	3.4	+12.6%	Cons. · IFRS
FYE Mar 2026	21.7	+533.9%	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 ¥21bn

CAGR · 10 yrs −0.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	21.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.8	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	32.9	+50.5%	Cons. · Japanese GAAP
FYE Mar 2020	31.3	−4.7%	Cons. · Japanese GAAP
FYE Mar 2021	12.8	−59.2%	Cons. · Japanese GAAP
FYE Mar 2022	5.3	−58.9%	Cons. · Japanese GAAP
FYE Mar 2023	14.3	moved to IFRS	Cons. · IFRS
FYE Mar 2024	17.3	+20.7%	Cons. · IFRS
FYE Mar 2025	39.0	+126.1%	Cons. · IFRS
FYE Mar 2026	21.3	−45.5%	Cons. · IFRS

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 Mar 2026 n/a

CAGR · 6 yrs −4.0%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	36.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	43.2	+17.9%	Cons. · Japanese GAAP
FYE Mar 2019	37.9	−12.4%	Cons. · Japanese GAAP
FYE Mar 2020	40.4	+6.8%	Cons. · Japanese GAAP
FYE Mar 2021	-2.9	−107.1%	Cons. · Japanese GAAP
FYE Mar 2022	29.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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 Mar 2026 n/a

CAGR · 5 yrs −7.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	+18.3%	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	4.8	+277.2%	Cons. · Japanese GAAP
FYE Mar 2022	1.6	−66.1%	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Extraordinary loss

FYE Mar 2026 n/a

Average · 3 yrs ¥5.1bn

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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 Mar 2026 ¥108bn

CAGR · 10 yrs +17.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	26.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.9	+10.3%	Cons. · Japanese GAAP
FYE Mar 2019	27.5	−5.1%	Cons. · Japanese GAAP
FYE Mar 2020	18.7	−32.0%	Cons. · Japanese GAAP
FYE Mar 2021	-19.3	−203.6%	Cons. · Japanese GAAP
FYE Mar 2022	21.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	61.3	moved to IFRS	Cons. · IFRS
FYE Mar 2024	25.4	−58.6%	Cons. · IFRS
FYE Mar 2025	88.0	+246.8%	Cons. · IFRS
FYE Mar 2026	108	+22.9%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 19.7%

Average · 10 yrs 17.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	15.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	16.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	16.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	12.8	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2022	16.9	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2023	19.3	moved to IFRS	Cons. · IFRS
FYE Mar 2024	16.9	−2.5pp	Cons. · IFRS
FYE Mar 2025	20.3	+3.4pp	Cons. · IFRS
FYE Mar 2026	19.7	−0.6pp	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 6.3%

Average · 10 yrs 3.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	4.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	3.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-0.4	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2022	1.8	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	4.1	moved to IFRS	Cons. · IFRS
FYE Mar 2024	1.7	−2.3pp	Cons. · IFRS
FYE Mar 2025	5.0	+3.3pp	Cons. · IFRS
FYE Mar 2026	6.3	+1.2pp	Cons. · IFRS

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

Ordinary margin

FYE Mar 2026 n/a

Average · 6 yrs 2.0%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	2.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	2.5	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	-0.2	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2022	2.0	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 4.7%

Average · 10 yrs 2.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	1.7	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	1.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	-1.3	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2022	1.5	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2023	3.6	moved to IFRS	Cons. · IFRS
FYE Mar 2024	1.4	−2.2pp	Cons. · IFRS
FYE Mar 2025	4.1	+2.8pp	Cons. · IFRS
FYE Mar 2026	4.7	+0.5pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 80.3%

Average · 10 yrs 82.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	84.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	83.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	83.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	83.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	87.2	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2022	83.1	−4.0pp	Cons. · Japanese GAAP
FYE Mar 2023	80.7	moved to IFRS	Cons. · IFRS
FYE Mar 2024	83.1	+2.5pp	Cons. · IFRS
FYE Mar 2025	79.7	−3.4pp	Cons. · IFRS
FYE Mar 2026	80.3	+0.6pp	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 14.2%

Average · 10 yrs 13.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	12.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	12.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	12.7	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	13.2	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	14.1	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	14.6	moved to IFRS	Cons. · IFRS
FYE Mar 2024	14.9	+0.3pp	Cons. · IFRS
FYE Mar 2025	14.4	−0.5pp	Cons. · IFRS
FYE Mar 2026	14.2	−0.2pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥3.32tn

CAGR · 10 yrs +7.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,687	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,785	+5.8%	Cons. · Japanese GAAP
FYE Mar 2019	1,839	+3.0%	Cons. · Japanese GAAP
FYE Mar 2020	1,958	+6.5%	Cons. · Japanese GAAP
FYE Mar 2021	1,963	+0.3%	Cons. · Japanese GAAP
FYE Mar 2022	2,023	+3.0%	Cons. · Japanese GAAP
FYE Mar 2023	2,221	moved to IFRS	Cons. · IFRS
FYE Mar 2024	2,680	+20.7%	Cons. · IFRS
FYE Mar 2025	3,017	+12.6%	Cons. · IFRS
FYE Mar 2026	3,325	+10.2%	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 ¥808bn

CAGR · 10 yrs +7.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	437	n/a	Cons. · Japanese GAAP
FYE Mar 2018	466	+6.6%	Cons. · Japanese GAAP
FYE Mar 2019	476	+2.2%	Cons. · Japanese GAAP
FYE Mar 2020	456	−4.4%	Cons. · Japanese GAAP
FYE Mar 2021	465	+2.1%	Cons. · Japanese GAAP
FYE Mar 2022	479	+3.0%	Cons. · Japanese GAAP
FYE Mar 2023	560	moved to IFRS	Cons. · IFRS
FYE Mar 2024	614	+9.6%	Cons. · IFRS
FYE Mar 2025	681	+10.9%	Cons. · IFRS
FYE Mar 2026	808	+18.7%	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 ¥861bn

CAGR · 10 yrs +14.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	259	n/a	Cons. · Japanese GAAP
FYE Mar 2018	295	+13.8%	Cons. · Japanese GAAP
FYE Mar 2019	288	−2.4%	Cons. · Japanese GAAP
FYE Mar 2020	355	+23.5%	Cons. · Japanese GAAP
FYE Mar 2021	341	−4.0%	Cons. · Japanese GAAP
FYE Mar 2022	667	+95.7%	Cons. · Japanese GAAP
FYE Mar 2023	785	moved to IFRS	Cons. · IFRS
FYE Mar 2024	845	+7.6%	Cons. · IFRS
FYE Mar 2025	890	+5.2%	Cons. · IFRS
FYE Mar 2026	861	−3.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥503bn

CAGR · 10 yrs +18.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	111	n/a	Cons. · Japanese GAAP
FYE Mar 2018	109	−2.2%	Cons. · Japanese GAAP
FYE Mar 2019	100	−8.2%	Cons. · Japanese GAAP
FYE Mar 2020	166	+66.1%	Cons. · Japanese GAAP
FYE Mar 2021	142	−14.8%	Cons. · Japanese GAAP
FYE Mar 2022	96.1	−32.1%	Cons. · Japanese GAAP
FYE Mar 2023	340	moved to IFRS	Cons. · IFRS
FYE Mar 2024	454	+33.4%	Cons. · IFRS
FYE Mar 2025	527	+16.2%	Cons. · IFRS
FYE Mar 2026	503	−4.7%	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 ¥359bn

CAGR · 10 yrs +8.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	167	n/a	Cons. · Japanese GAAP
FYE Mar 2018	159	−5.0%	Cons. · Japanese GAAP
FYE Mar 2019	169	+6.4%	Cons. · Japanese GAAP
FYE Mar 2020	169	−0.2%	Cons. · Japanese GAAP
FYE Mar 2021	145	−13.8%	Cons. · Japanese GAAP
FYE Mar 2022	160	+10.3%	Cons. · Japanese GAAP
FYE Mar 2023	445	moved to IFRS	Cons. · IFRS
FYE Mar 2024	392	−12.0%	Cons. · IFRS
FYE Mar 2025	362	−7.5%	Cons. · IFRS
FYE Mar 2026	359	−1.0%	Cons. · IFRS

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

Bonds

FYE Mar 2026 n/a

CAGR · 6 yrs −0.0%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	140	n/a	Cons. · Japanese GAAP
FYE Mar 2018	150	+7.1%	Cons. · Japanese GAAP
FYE Mar 2019	140	−6.7%	Cons. · Japanese GAAP
FYE Mar 2020	130	−7.1%	Cons. · Japanese GAAP
FYE Mar 2021	150	+15.4%	Cons. · Japanese GAAP
FYE Mar 2022	140	−6.7%	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥83bn

CAGR · 10 yrs +20.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	15.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.2	+5.8%	Cons. · Japanese GAAP
FYE Mar 2019	16.8	+3.8%	Cons. · Japanese GAAP
FYE Mar 2020	21.4	+27.2%	Cons. · Japanese GAAP
FYE Mar 2021	22.4	+5.0%	Cons. · Japanese GAAP
FYE Mar 2022	61.9	+176.2%	Cons. · Japanese GAAP
FYE Mar 2023	66.2	moved to IFRS	Cons. · IFRS
FYE Mar 2024	69.6	+5.1%	Cons. · IFRS
FYE Mar 2025	75.8	+8.8%	Cons. · IFRS
FYE Mar 2026	82.5	+8.9%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	0.0	moved to IFRS	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: 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 24.3%

Average · 10 yrs 24.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	25.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	25.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	23.3	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	23.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	23.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	25.2	moved to IFRS	Cons. · IFRS
FYE Mar 2024	22.9	−2.3pp	Cons. · IFRS
FYE Mar 2025	22.6	−0.3pp	Cons. · IFRS
FYE Mar 2026	24.3	+1.7pp	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Mar 2026 106.6%

Average · 10 yrs 98.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	59.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	63.2	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2019	60.4	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2020	77.9	+17.6pp	Cons. · Japanese GAAP
FYE Mar 2021	73.2	−4.7pp	Cons. · Japanese GAAP
FYE Mar 2022	139.2	+66.0pp	Cons. · Japanese GAAP
FYE Mar 2023	140.2	moved to IFRS	Cons. · IFRS
FYE Mar 2024	137.7	−2.5pp	Cons. · IFRS
FYE Mar 2025	130.7	−7.1pp	Cons. · IFRS
FYE Mar 2026	106.6	−24.0pp	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 13.4%

Average · 10 yrs 6.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	5.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	4.1	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	-4.2	−8.3pp	Cons. · Japanese GAAP
FYE Mar 2022	4.6	+8.7pp	Cons. · Japanese GAAP
FYE Mar 2023	11.0	moved to IFRS	Cons. · IFRS
FYE Mar 2024	4.1	−6.8pp	Cons. · IFRS
FYE Mar 2025	12.9	+8.8pp	Cons. · IFRS
FYE Mar 2026	13.4	+0.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 3.3%

Average · 10 yrs 1.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	1.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	1.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	-1.0	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2022	1.1	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2023	2.8	moved to IFRS	Cons. · IFRS
FYE Mar 2024	0.9	−1.8pp	Cons. · IFRS
FYE Mar 2025	2.9	+2.0pp	Cons. · IFRS
FYE Mar 2026	3.3	+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 0.70×

CAGR · 10 yrs −2.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.90	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.88	−2.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.87	−1.7%	Cons. · Japanese GAAP
FYE Mar 2020	0.84	−3.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.76	−9.6%	Cons. · Japanese GAAP
FYE Mar 2022	0.74	−2.1%	Cons. · Japanese GAAP
FYE Mar 2023	0.78	moved to IFRS	Cons. · IFRS
FYE Mar 2024	0.69	−11.2%	Cons. · IFRS
FYE Mar 2025	0.71	+2.3%	Cons. · IFRS
FYE Mar 2026	0.70	−1.5%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥140bn

CAGR · 10 yrs +4.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	93.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.1	−40.1%	Cons. · Japanese GAAP
FYE Mar 2019	110	+95.8%	Cons. · Japanese GAAP
FYE Mar 2020	-15.5	−114.1%	Cons. · Japanese GAAP
FYE Mar 2021	34.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	144	+317.4%	Cons. · Japanese GAAP
FYE Mar 2023	97.0	moved to IFRS	Cons. · IFRS
FYE Mar 2024	31.7	−67.4%	Cons. · IFRS
FYE Mar 2025	149	+370.4%	Cons. · IFRS
FYE Mar 2026	140	−6.0%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥128bn

Average · 10 yrs -¥79bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-64.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-80.6	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-85.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-69.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-37.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-52.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-72.9	moved to IFRS	Cons. · IFRS
FYE Mar 2024	-89.8	n/a	Cons. · IFRS
FYE Mar 2025	-111	n/a	Cons. · IFRS
FYE Mar 2026	-128	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 -¥33bn

Average · 10 yrs ¥3.5bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	37.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-19.8	−152.3%	Cons. · Japanese GAAP
FYE Mar 2020	116	n/a	Cons. · Japanese GAAP
FYE Mar 2021	23.1	−80.1%	Cons. · Japanese GAAP
FYE Mar 2022	-102	−543.2%	Cons. · Japanese GAAP
FYE Mar 2023	7.4	moved to IFRS	Cons. · IFRS
FYE Mar 2024	12.9	+75.6%	Cons. · IFRS
FYE Mar 2025	9.6	−25.6%	Cons. · IFRS
FYE Mar 2026	-33.2	−446.0%	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 ¥115bn

CAGR · 10 yrs +9.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	50.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	64.4	+26.9%	Cons. · Japanese GAAP
FYE Mar 2019	68.3	+6.1%	Cons. · Japanese GAAP
FYE Mar 2020	103	+50.1%	Cons. · Japanese GAAP
FYE Mar 2021	122	+19.1%	Cons. · Japanese GAAP
FYE Mar 2022	109	−11.2%	Cons. · Japanese GAAP
FYE Mar 2023	138	moved to IFRS	Cons. · IFRS
FYE Mar 2024	84.2	−39.2%	Cons. · IFRS
FYE Mar 2025	133	+57.8%	Cons. · IFRS
FYE Mar 2026	115	−13.1%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥12bn

CAGR · 10 yrs −9.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	28.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-24.5	−185.7%	Cons. · Japanese GAAP
FYE Mar 2019	24.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-84.9	−447.5%	Cons. · Japanese GAAP
FYE Mar 2021	-2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	91.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	24.1	moved to IFRS	Cons. · IFRS
FYE Mar 2024	-58.2	−341.2%	Cons. · IFRS
FYE Mar 2025	37.7	n/a	Cons. · IFRS
FYE Mar 2026	12.0	−68.1%	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 6.1%

Average · 10 yrs 4.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2019	6.9	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2020	-0.9	−7.8pp	Cons. · Japanese GAAP
FYE Mar 2021	2.3	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	9.6	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2023	5.6	moved to IFRS	Cons. · IFRS
FYE Mar 2024	1.7	−3.9pp	Cons. · IFRS
FYE Mar 2025	7.0	+5.3pp	Cons. · IFRS
FYE Mar 2026	6.1	−0.9pp	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 -¥746bn

Average · 10 yrs -¥460bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-208	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-230	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-219	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-253	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-219	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-558	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-647	moved to IFRS	Cons. · IFRS
FYE Mar 2024	-761	n/a	Cons. · IFRS
FYE Mar 2025	-757	n/a	Cons. · IFRS
FYE Mar 2026	-746	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 ¥2.43tn

Change · 9 yrs +¥1.87tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	563	n/a
FYE Mar 2018	576	n/a
FYE Mar 2019	456	n/a
FYE Mar 2020	261	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	673	n/a
FYE Mar 2023	581	n/a
FYE Mar 2024	855	n/a
FYE Mar 2025	1,500	n/a
FYE Mar 2026	2,434	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 14,494¥

Change · 9 yrs +14,157¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	337	n/a
FYE Mar 2018	3,444	n/a
FYE Mar 2019	2,728	n/a
FYE Mar 2020	1,564	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	4,009	n/a
FYE Mar 2023	3,457	n/a
FYE Mar 2024	5,090	n/a
FYE Mar 2025	8,932	n/a
FYE Mar 2026	14,494	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 167,921,000shares

Change · 10 yrs −1,502,884,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,670,805,000	Parent
FYE Mar 2018	167,080,000	Parent
FYE Mar 2019	167,080,000	Parent
FYE Mar 2020	167,080,000	Parent
FYE Mar 2021	167,080,000	Parent
FYE Mar 2022	167,921,000	Parent
FYE Mar 2023	167,921,000	Parent
FYE Mar 2024	167,921,000	Parent
FYE Mar 2025	167,921,000	Parent
FYE Mar 2026	167,921,000	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 129.41¥

Change · 10 yrs −27.44¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	156.85	Cons.
FYE Mar 2018	173.09	Cons.
FYE Mar 2019	164.34	Cons.
FYE Mar 2020	111.72	Cons.
FYE Mar 2021	-115.73	Cons.
FYE Mar 2022	15.10	Cons.
FYE Mar 2023	63.32	Cons.
FYE Mar 2024	30.30	Cons.
FYE Mar 2025	105.08	Cons.
FYE Mar 2026	129.41	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 4,810.29¥

Change · 10 yrs +4,548.59¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	261.70	Cons. · Japanese GAAP
FYE Mar 2018	2,789.45	Cons. · Japanese GAAP
FYE Mar 2019	2,851.25	Cons. · Japanese GAAP
FYE Mar 2020	2,727.01	Cons. · Japanese GAAP
FYE Mar 2021	2,785.09	Cons. · Japanese GAAP
FYE Mar 2022	2,853.22	Cons. · Japanese GAAP
FYE Mar 2023	3,334.87	Cons. · IFRS
FYE Mar 2024	3,654.28	Cons. · IFRS
FYE Mar 2025	4,054.09	Cons. · IFRS
FYE Mar 2026	4,810.29	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 22.40×

Average · 9 yrs 20.40×

Fiscal year	PER ×	Basis
FYE Mar 2017	21.50	Cons.
FYE Mar 2018	19.90	Cons.
FYE Mar 2019	16.60	Cons.
FYE Mar 2020	14.00	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	29.50	Cons.
FYE Mar 2023	9.10	Cons.
FYE Mar 2024	33.60	Cons.
FYE Mar 2025	17.00	Cons.
FYE Mar 2026	22.40	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 2.76×

Average · 9 yrs 1.32×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.29	Cons.
FYE Mar 2018	1.23	Cons.
FYE Mar 2019	0.96	Cons.
FYE Mar 2020	0.57	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.74	Cons.
FYE Mar 2023	0.84	Cons.
FYE Mar 2024	1.34	Cons.
FYE Mar 2025	2.12	Cons.
FYE Mar 2026	2.76	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 41,652people

Change · 10 yrs +6,525 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	35,127	n/a	Cons.
FYE Mar 2018	35,805	+1.9%	Cons.
FYE Mar 2019	35,691	−0.3%	Cons.
FYE Mar 2020	36,332	+1.8%	Cons.
FYE Mar 2021	36,691	+1.0%	Cons.
FYE Mar 2022	36,587	−0.3%	Cons.
FYE Mar 2023	38,254	+4.6%	Cons.
FYE Mar 2024	39,689	+3.8%	Cons.
FYE Mar 2025	40,640	+2.4%	Cons.
FYE Mar 2026	41,652	+2.5%	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 15,361people

Change · 10 yrs −801 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	16,162	n/a	Parent
FYE Mar 2018	16,423	+1.6%	Parent
FYE Mar 2019	16,899	+2.9%	Parent
FYE Mar 2020	17,218	+1.9%	Parent
FYE Mar 2021	17,397	+1.0%	Parent
FYE Mar 2022	13,381	−23.1%	Parent
FYE Mar 2023	13,662	+2.1%	Parent
FYE Mar 2024	14,111	+3.3%	Parent
FYE Mar 2025	14,597	+3.4%	Parent
FYE Mar 2026	15,361	+5.2%	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 ¥9.1m

Change · 10 yrs +¥1.7m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.4	n/a	Parent
FYE Mar 2018	7.1	−4.5%	Parent
FYE Mar 2019	7.1	+0.1%	Parent
FYE Mar 2020	7.2	+1.1%	Parent
FYE Mar 2021	7.0	−2.2%	Parent
FYE Mar 2022	6.8	−2.2%	Parent
FYE Mar 2023	7.4	+7.7%	Parent
FYE Mar 2024	8.1	+9.9%	Parent
FYE Mar 2025	7.9	−2.1%	Parent
FYE Mar 2026	9.1	+14.8%	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 41.7years

Change · 8 yrs +3.0 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	38.7	n/a	Parent
FYE Mar 2020	39.0	+0.8%	Parent
FYE Mar 2021	39.4	+1.0%	Parent
FYE Mar 2022	40.5	+2.8%	Parent
FYE Mar 2023	40.9	+1.0%	Parent
FYE Mar 2024	41.3	+1.0%	Parent
FYE Mar 2025	41.5	+0.5%	Parent
FYE Mar 2026	41.7	+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 15.3years

Change · 10 yrs +2.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	13.3	n/a	Parent
FYE Mar 2018	13.5	+1.5%	Parent
FYE Mar 2019	13.6	+0.7%	Parent
FYE Mar 2020	13.9	+2.2%	Parent
FYE Mar 2021	14.1	+1.4%	Parent
FYE Mar 2022	14.9	+5.7%	Parent
FYE Mar 2023	15.2	+2.0%	Parent
FYE Mar 2024	15.3	+0.7%	Parent
FYE Mar 2025	15.4	+0.7%	Parent
FYE Mar 2026	15.3	−0.6%	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 Mar 2026 ¥55.5m

Change · 10 yrs +¥12.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	43.2	n/a	Cons.
FYE Mar 2018	44.0	+1.7%	Cons.
FYE Mar 2019	44.7	+1.6%	Cons.
FYE Mar 2020	45.2	+1.1%	Cons.
FYE Mar 2021	40.6	−10.2%	Cons.
FYE Mar 2022	41.0	+1.1%	Cons.
FYE Mar 2023	45.1	n/a	Cons.
FYE Mar 2024	46.6	+3.3%	Cons.
FYE Mar 2025	52.4	+12.4%	Cons.
FYE Mar 2026	55.5	+5.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.5m

Change · 10 yrs +¥2.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons.
FYE Mar 2018	1.6	+19.4%	Cons.
FYE Mar 2019	1.8	+14.8%	Cons.
FYE Mar 2020	1.7	−4.8%	Cons.
FYE Mar 2021	-0.1	−108.5%	Cons.
FYE Mar 2022	0.8	n/a	Cons.
FYE Mar 2023	1.8	n/a	Cons.
FYE Mar 2024	0.8	−56.2%	Cons.
FYE Mar 2025	2.6	+228.3%	Cons.
FYE Mar 2026	3.5	+32.1%	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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