Financials

LIFENET INSURANCE COMPANY: FYE Mar 2026 and ten years of results (40 metrics)

FYE Mar 2026 · Revenue¥34bnYoY +14.3%

FYE Mar 2026 · Operating profit¥12bnYoY +21.2%

FYE Mar 2026 · Net profit¥8.0bnYoY +34.2%

FYE Mar 2026 · Equity ratio78.5%YoY −0.8pp

FYE Mar 2026 · Group employees242YoY +3

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Parent only	¥10bn	n/a	-¥2.0bn	n/a	-20.1%	-¥1.9bn	Iwase Daisuke	—
FYE Mar 2018Parent only	¥11bn	+8.6%	-¥0.2bn	n/a	-1.8%	-¥0.2bn	Iwase Daisuke	Deguchi steps down as chairman; cancer policy Double Ale launches
FYE Mar 2019Parent only	¥13bn	+14.6%	-¥1.7bn	n/a	-13.7%	-¥1.7bn	Iwase Daisuke	<a class="en-history_person" href="/tse/7157/executives/ceo/mori-ryosuke/" hreflang="ja">Mori Ryosuke</a> becomes president
FYE Mar 2020Parent only	¥17bn	+34.2%	-¥2.4bn	n/a	-14.1%	-¥2.4bn	Mori Ryosuke	—
FYE Mar 2021Parent only	¥21bn	+23.4%	-¥3.1bn	n/a	-14.9%	-¥3.1bn	Mori Ryosuke	—
FYE Mar 2022Parent only	¥26bn	+25.9%	-¥3.2bn	n/a	-12.4%	-¥3.3bn	Mori Ryosuke	—
FYE Mar 2023Consolidated	¥21bn	−20.8%	¥6.6bn	n/a	31.9%	¥3.6bn	Mori Ryosuke	Group credit life alliance with au Jibun Bank
FYE Mar 2024Consolidated	¥25bn	+19.1%	¥8.2bn	+24.2%	33.3%	¥5.7bn	Mori Ryosuke	—
FYE Mar 2025Consolidated	¥30bn	+21.8%	¥9.6bn	+16.5%	31.8%	¥6.0bn	Mori Ryosuke	IFRS adopted; individual policies in force pass 600,000
FYE Mar 2026Consolidated	¥34bn	+14.3%	¥12bn	+21.2%	33.8%	¥8.0bn	Mori Ryosuke	<a class="en-history_person" href="/tse/7157/executives/ceo/yokozawa-junpei/" hreflang="ja">Yokozawa Junpei</a> becomes president; listing moves to TSE Prime

How it compares

Daiichi Life Group¥11.3tnFY2025Operating margin 6.7%

JAPAN POST INSURANCE¥5.63tnFY2025Operating margin 4.8%

T&D Holdings¥3.48tnFY2025Operating margin 7.4%

Sony Financial Group¥2.87tnFY2025Operating margin 2.9%

LIFENET INSURANCE COMPANY¥34bnFY2025Operating margin 33.8%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥34bn

CAGR · 10 yrs +14.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	10.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	11.0	+8.6%	Parent · Japanese GAAP
FYE Mar 2019	12.6	+14.6%	Parent · Japanese GAAP
FYE Mar 2020	16.9	+34.2%	Parent · Japanese GAAP
FYE Mar 2021	20.8	+23.4%	Parent · Japanese GAAP
FYE Mar 2022	26.2	+25.9%	Parent · Japanese GAAP
FYE Mar 2023	20.7	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	24.7	moved to IFRS	Cons. · IFRS
FYE Mar 2025	30.1	+21.8%	Cons. · IFRS
FYE Mar 2026	34.4	+14.3%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥21bn

CAGR · 10 yrs +6.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	12.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	11.2	−8.0%	Parent · Japanese GAAP
FYE Mar 2019	14.3	+28.0%	Parent · Japanese GAAP
FYE Mar 2020	19.2	+34.7%	Parent · Japanese GAAP
FYE Mar 2021	23.9	+24.2%	Parent · Japanese GAAP
FYE Mar 2022	29.4	+23.2%	Parent · Japanese GAAP
FYE Mar 2023	13.9	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	16.1	moved to IFRS	Cons. · IFRS
FYE Mar 2025	19.6	+21.7%	Cons. · IFRS
FYE Mar 2026	21.4	+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 n/a

Average · 6 yrs -¥2.1bn

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	-2.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	-0.2	n/a	Parent · Japanese GAAP
FYE Mar 2019	-1.7	n/a	Parent · Japanese GAAP
FYE Mar 2020	-2.4	n/a	Parent · Japanese GAAP
FYE Mar 2021	-3.1	n/a	Parent · Japanese GAAP
FYE Mar 2022	-3.2	n/a	Parent · Japanese GAAP
FYE Mar 2023	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥12bn

Average · 10 yrs ¥2.3bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	-2.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	-0.2	n/a	Parent · Japanese GAAP
FYE Mar 2019	-1.7	n/a	Parent · Japanese GAAP
FYE Mar 2020	-2.4	n/a	Parent · Japanese GAAP
FYE Mar 2021	-3.1	n/a	Parent · Japanese GAAP
FYE Mar 2022	-3.2	n/a	Parent · Japanese GAAP
FYE Mar 2023	6.6	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	8.2	moved to IFRS	Cons. · IFRS
FYE Mar 2025	9.6	+16.5%	Cons. · IFRS
FYE Mar 2026	11.6	+21.2%	Cons. · IFRS

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

Ordinary profit keijo rieki

FYE Mar 2026 n/a

Average · 7 yrs -¥2.5bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	-2.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	-0.2	n/a	Parent · Japanese GAAP
FYE Mar 2019	-1.7	n/a	Parent · Japanese GAAP
FYE Mar 2020	-2.4	n/a	Parent · Japanese GAAP
FYE Mar 2021	-3.1	n/a	Parent · Japanese GAAP
FYE Mar 2022	-3.2	n/a	Parent · Japanese GAAP
FYE Mar 2023	-4.9	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	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 loss

FYE Mar 2026 n/a

CAGR · 7 yrs +80.7%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	6.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	11.0	+83.3%	Parent · Japanese GAAP
FYE Mar 2019	11.0	−0.0%	Parent · Japanese GAAP
FYE Mar 2020	13.0	+18.2%	Parent · Japanese GAAP
FYE Mar 2021	20.0	+53.8%	Parent · Japanese GAAP
FYE Mar 2022	68.0	+240.0%	Parent · Japanese GAAP
FYE Mar 2023	209	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	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 ¥8.0bn

Average · 10 yrs ¥1.1bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	-1.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	-0.2	n/a	Parent · Japanese GAAP
FYE Mar 2019	-1.7	n/a	Parent · Japanese GAAP
FYE Mar 2020	-2.4	n/a	Parent · Japanese GAAP
FYE Mar 2021	-3.1	n/a	Parent · Japanese GAAP
FYE Mar 2022	-3.3	n/a	Parent · Japanese GAAP
FYE Mar 2023	3.6	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	5.7	moved to IFRS	Cons. · IFRS
FYE Mar 2025	6.0	+4.5%	Cons. · IFRS
FYE Mar 2026	8.0	+34.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 n/a

Average · 6 yrs -12.8%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	-20.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	-1.8	+18.3pp	Parent · Japanese GAAP
FYE Mar 2019	-13.7	−11.9pp	Parent · Japanese GAAP
FYE Mar 2020	-14.1	−0.4pp	Parent · Japanese GAAP
FYE Mar 2021	-14.9	−0.7pp	Parent · Japanese GAAP
FYE Mar 2022	-12.4	+2.5pp	Parent · Japanese GAAP
FYE Mar 2023	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	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 after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 33.8%

Average · 10 yrs 5.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	-20.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	-1.8	+18.3pp	Parent · Japanese GAAP
FYE Mar 2019	-13.7	−11.9pp	Parent · Japanese GAAP
FYE Mar 2020	-14.1	−0.5pp	Parent · Japanese GAAP
FYE Mar 2021	-14.9	−0.7pp	Parent · Japanese GAAP
FYE Mar 2022	-12.4	+2.5pp	Parent · Japanese GAAP
FYE Mar 2023	31.9	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	33.3	moved to IFRS	Cons. · IFRS
FYE Mar 2025	31.8	−1.5pp	Cons. · IFRS
FYE Mar 2026	33.8	+1.9pp	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 · 7 yrs -14.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	-20.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	-1.8	+18.3pp	Parent · Japanese GAAP
FYE Mar 2019	-13.7	−11.9pp	Parent · Japanese GAAP
FYE Mar 2020	-14.1	−0.5pp	Parent · Japanese GAAP
FYE Mar 2021	-14.9	−0.7pp	Parent · Japanese GAAP
FYE Mar 2022	-12.4	+2.5pp	Parent · Japanese GAAP
FYE Mar 2023	-23.9	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	n/a	moved to IFRS	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 23.4%

Average · 10 yrs 0.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	-18.7	n/a	Parent · Japanese GAAP
FYE Mar 2018	-2.3	+16.4pp	Parent · Japanese GAAP
FYE Mar 2019	-13.8	−11.5pp	Parent · Japanese GAAP
FYE Mar 2020	-14.2	−0.4pp	Parent · Japanese GAAP
FYE Mar 2021	-15.0	−0.7pp	Parent · Japanese GAAP
FYE Mar 2022	-12.7	+2.3pp	Parent · Japanese GAAP
FYE Mar 2023	17.2	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	23.2	moved to IFRS	Cons. · IFRS
FYE Mar 2025	19.9	−3.3pp	Cons. · IFRS
FYE Mar 2026	23.4	+3.5pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 62.2%

Average · 10 yrs 93.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	120.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	101.8	−18.3pp	Parent · Japanese GAAP
FYE Mar 2019	113.7	+11.9pp	Parent · Japanese GAAP
FYE Mar 2020	114.1	+0.4pp	Parent · Japanese GAAP
FYE Mar 2021	114.9	+0.7pp	Parent · Japanese GAAP
FYE Mar 2022	112.4	−2.5pp	Parent · Japanese GAAP
FYE Mar 2023	66.9	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	65.1	moved to IFRS	Cons. · IFRS
FYE Mar 2025	65.1	−0.0pp	Cons. · IFRS
FYE Mar 2026	62.2	−2.9pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ 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

Total assets

FYE Mar 2026 ¥122bn

CAGR · 10 yrs +16.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	31.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	35.5	+11.3%	Parent · Japanese GAAP
FYE Mar 2019	38.2	+7.6%	Parent · Japanese GAAP
FYE Mar 2020	41.1	+7.6%	Parent · Japanese GAAP
FYE Mar 2021	54.5	+32.5%	Parent · Japanese GAAP
FYE Mar 2022	67.8	+24.4%	Parent · Japanese GAAP
FYE Mar 2023	93.8	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	112	moved to IFRS	Cons. · IFRS
FYE Mar 2025	116	+3.3%	Cons. · IFRS
FYE Mar 2026	122	+4.9%	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 ¥96bn

CAGR · 10 yrs +24.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	13.6	n/a	Parent · Japanese GAAP
FYE Mar 2018	13.4	−1.9%	Parent · Japanese GAAP
FYE Mar 2019	11.8	−12.1%	Parent · Japanese GAAP
FYE Mar 2020	9.4	−20.2%	Parent · Japanese GAAP
FYE Mar 2021	15.8	+68.1%	Parent · Japanese GAAP
FYE Mar 2022	22.1	+39.6%	Parent · Japanese GAAP
FYE Mar 2023	75.7	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	90.9	moved to IFRS	Cons. · IFRS
FYE Mar 2025	92.1	+1.4%	Cons. · IFRS
FYE Mar 2026	95.6	+3.8%	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)

Intangible assets

FYE Mar 2026 ¥2.2bn

CAGR · 10 yrs +17.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	0.5	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.6	+23.7%	Parent · Japanese GAAP
FYE Mar 2019	0.6	+1.3%	Parent · Japanese GAAP
FYE Mar 2020	0.7	+18.0%	Parent · Japanese GAAP
FYE Mar 2021	1.3	+68.7%	Parent · Japanese GAAP
FYE Mar 2022	1.3	+3.3%	Parent · Japanese GAAP
FYE Mar 2023	1.7	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	1.9	moved to IFRS	Cons. · IFRS
FYE Mar 2025	2.1	+9.6%	Cons. · IFRS
FYE Mar 2026	2.2	+4.7%	Cons. · IFRS

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

Equity ratio

FYE Mar 2026 78.5%

Average · 10 yrs 51.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	42.7	n/a	Parent · Japanese GAAP
FYE Mar 2018	37.7	−5.1pp	Parent · Japanese GAAP
FYE Mar 2019	30.8	−6.9pp	Parent · Japanese GAAP
FYE Mar 2020	22.8	−7.9pp	Parent · Japanese GAAP
FYE Mar 2021	29.0	+6.2pp	Parent · Japanese GAAP
FYE Mar 2022	32.5	+3.5pp	Parent · Japanese GAAP
FYE Mar 2023	80.7	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	80.8	moved to IFRS	Cons. · IFRS
FYE Mar 2025	79.3	−1.6pp	Cons. · IFRS
FYE Mar 2026	78.5	−0.8pp	Cons. · IFRS

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

ROE return on equity

FYE Mar 2026 8.4%

Average · 10 yrs -6.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	-13.8	n/a	Parent · Japanese GAAP
FYE Mar 2018	-1.9	+12.0pp	Parent · Japanese GAAP
FYE Mar 2019	-14.7	−12.9pp	Parent · Japanese GAAP
FYE Mar 2020	-25.5	−10.8pp	Parent · Japanese GAAP
FYE Mar 2021	-19.7	+5.8pp	Parent · Japanese GAAP
FYE Mar 2022	-15.0	+4.7pp	Parent · Japanese GAAP
FYE Mar 2023	4.7	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	6.3	moved to IFRS	Cons. · IFRS
FYE Mar 2025	6.5	+0.2pp	Cons. · IFRS
FYE Mar 2026	8.4	+1.9pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 6.6%

Average · 10 yrs -0.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	-5.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	-0.7	+5.2pp	Parent · Japanese GAAP
FYE Mar 2019	-4.5	−3.8pp	Parent · Japanese GAAP
FYE Mar 2020	-5.8	−1.3pp	Parent · Japanese GAAP
FYE Mar 2021	-5.7	+0.1pp	Parent · Japanese GAAP
FYE Mar 2022	-4.9	+0.8pp	Parent · Japanese GAAP
FYE Mar 2023	3.8	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	5.1	moved to IFRS	Cons. · IFRS
FYE Mar 2025	5.2	+0.1pp	Cons. · IFRS
FYE Mar 2026	6.6	+1.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.28×

CAGR · 10 yrs −1.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.32	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.31	−2.4%	Parent · Japanese GAAP
FYE Mar 2019	0.33	+6.5%	Parent · Japanese GAAP
FYE Mar 2020	0.41	+24.7%	Parent · Japanese GAAP
FYE Mar 2021	0.38	−6.9%	Parent · Japanese GAAP
FYE Mar 2022	0.39	+1.2%	Parent · Japanese GAAP
FYE Mar 2023	0.22	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	0.22	moved to IFRS	Cons. · IFRS
FYE Mar 2025	0.26	+17.9%	Cons. · IFRS
FYE Mar 2026	0.28	+9.0%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents

Operating cash flow

FYE Mar 2026 ¥8.8bn

CAGR · 10 yrs +9.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	3.8	−2.2%	Parent · Japanese GAAP
FYE Mar 2019	2.5	−34.4%	Parent · Japanese GAAP
FYE Mar 2020	1.6	−35.6%	Parent · Japanese GAAP
FYE Mar 2021	2.9	+82.1%	Parent · Japanese GAAP
FYE Mar 2022	2.8	−5.2%	Parent · Japanese GAAP
FYE Mar 2023	2.7	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	6.0	moved to IFRS	Cons. · IFRS
FYE Mar 2025	7.3	+21.0%	Cons. · IFRS
FYE Mar 2026	8.8	+21.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥12bn

Average · 10 yrs -¥6.0bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-3.8	n/a	Parent · Japanese GAAP
FYE Mar 2018	-3.9	n/a	Parent · Japanese GAAP
FYE Mar 2019	-3.2	n/a	Parent · Japanese GAAP
FYE Mar 2020	-2.2	n/a	Parent · Japanese GAAP
FYE Mar 2021	-10.4	n/a	Parent · Japanese GAAP
FYE Mar 2022	-7.7	n/a	Parent · Japanese GAAP
FYE Mar 2023	0.8	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	-3.4	moved to IFRS	Cons. · IFRS
FYE Mar 2025	-14.3	n/a	Cons. · IFRS
FYE Mar 2026	-12.2	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 -¥0.3bn

Average · 10 yrs ¥2.8bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Parent · Japanese GAAP
FYE Mar 2018	-0.0	−109.5%	Parent · Japanese GAAP
FYE Mar 2019	-0.0	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.1	n/a	Parent · Japanese GAAP
FYE Mar 2021	8.9	+11738.7%	Parent · Japanese GAAP
FYE Mar 2022	9.7	+8.9%	Parent · Japanese GAAP
FYE Mar 2023	-0.1	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	9.7	moved to IFRS	Cons. · IFRS
FYE Mar 2025	-0.2	−101.7%	Cons. · IFRS
FYE Mar 2026	-0.3	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 ¥14bn

CAGR · 10 yrs +18.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	3.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	2.9	−2.6%	Parent · Japanese GAAP
FYE Mar 2019	2.2	−25.1%	Parent · Japanese GAAP
FYE Mar 2020	1.7	−23.5%	Parent · Japanese GAAP
FYE Mar 2021	3.1	+82.4%	Parent · Japanese GAAP
FYE Mar 2022	7.8	+153.7%	Parent · Japanese GAAP
FYE Mar 2023	12.1	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	24.4	moved to IFRS	Cons. · IFRS
FYE Mar 2025	17.2	−29.4%	Cons. · IFRS
FYE Mar 2026	13.6	−21.1%	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 -¥3.4bn

Average · 10 yrs -¥1.8bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	-0.0	−145.7%	Parent · Japanese GAAP
FYE Mar 2019	-0.7	n/a	Parent · Japanese GAAP
FYE Mar 2020	-0.6	n/a	Parent · Japanese GAAP
FYE Mar 2021	-7.5	n/a	Parent · Japanese GAAP
FYE Mar 2022	-5.0	n/a	Parent · Japanese GAAP
FYE Mar 2023	3.4	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	2.6	moved to IFRS	Cons. · IFRS
FYE Mar 2025	-7.0	−372.7%	Cons. · IFRS
FYE Mar 2026	-3.4	n/a	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 25.6%

Average · 10 yrs 21.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	38.7	n/a	Parent · Japanese GAAP
FYE Mar 2018	34.8	−3.8pp	Parent · Japanese GAAP
FYE Mar 2019	20.0	−14.9pp	Parent · Japanese GAAP
FYE Mar 2020	9.6	−10.4pp	Parent · Japanese GAAP
FYE Mar 2021	14.1	+4.6pp	Parent · Japanese GAAP
FYE Mar 2022	10.6	−3.5pp	Parent · Japanese GAAP
FYE Mar 2023	12.9	moved to consolidated	Cons. · Japanese GAAP
FYE Mar 2024	24.4	moved to IFRS	Cons. · IFRS
FYE Mar 2025	24.2	−0.2pp	Cons. · IFRS
FYE Mar 2026	25.6	+1.5pp	Cons. · IFRS

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

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

Market capitalisation

FYE Mar 2026 ¥162bn

Change · 4 yrs +¥81bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	n/a	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	81.0	n/a
FYE Mar 2024	121	n/a
FYE Mar 2025	140	n/a
FYE Mar 2026	162	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 2,011¥

Change · 4 yrs +849¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	n/a	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	1,162	n/a
FYE Mar 2024	1,512	n/a
FYE Mar 2025	1,742	n/a
FYE Mar 2026	2,011	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 80,340,768shares

Change · 10 yrs +29,195,768 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	51,145,000	Parent
FYE Mar 2018	51,145,000	Parent
FYE Mar 2019	51,145,000	Parent
FYE Mar 2020	51,360,238	Parent
FYE Mar 2021	60,611,136	Parent
FYE Mar 2022	69,679,538	Parent
FYE Mar 2023	69,736,419	Parent
FYE Mar 2024	80,279,827	Parent
FYE Mar 2025	80,318,340	Parent
FYE Mar 2026	80,340,768	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 100.11¥

Change · 4 yrs +49.01¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	n/a	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	51.10	Cons.
FYE Mar 2024	75.97	Cons.
FYE Mar 2025	74.63	Cons.
FYE Mar 2026	100.11	Cons.

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

BPS book value per share

FYE Mar 2026 1,189.93¥

Change · 10 yrs +923.14¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	266.79	Parent · Japanese GAAP
FYE Mar 2018	261.75	Parent · Japanese GAAP
FYE Mar 2019	230.19	Parent · Japanese GAAP
FYE Mar 2020	183.02	Parent · Japanese GAAP
FYE Mar 2021	260.78	Parent · Japanese GAAP
FYE Mar 2022	316.75	Parent · Japanese GAAP
FYE Mar 2023	1,085.33	Cons. · Japanese GAAP
FYE Mar 2024	1,131.92	Cons. · IFRS
FYE Mar 2025	1,146.80	Cons. · IFRS
FYE Mar 2026	1,189.93	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 20.09×

Average · 4 yrs 21.52×

Fiscal year	PER ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	n/a	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	22.74	Cons.
FYE Mar 2024	19.90	Cons.
FYE Mar 2025	23.34	Cons.
FYE Mar 2026	20.09	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 1.69×

Average · 4 yrs 1.41×

Fiscal year	PBR ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	n/a	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	1.07	Cons.
FYE Mar 2024	1.34	Cons.
FYE Mar 2025	1.52	Cons.
FYE Mar 2026	1.69	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 242people

Change · 5 yrs +56 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	n/a	n/a	Cons.
FYE Mar 2019	n/a	n/a	Cons.
FYE Mar 2020	n/a	n/a	Cons.
FYE Mar 2021	n/a	n/a	Cons.
FYE Mar 2022	186	n/a	Cons.
FYE Mar 2023	208	+11.8%	Cons.
FYE Mar 2024	224	+7.7%	Cons.
FYE Mar 2025	239	+6.7%	Cons.
FYE Mar 2026	242	+1.3%	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 242people

Change · 10 yrs +98 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	144	n/a	Parent
FYE Mar 2018	151	+4.9%	Parent
FYE Mar 2019	146	−3.3%	Parent
FYE Mar 2020	160	+9.6%	Parent
FYE Mar 2021	165	+3.1%	Parent
FYE Mar 2022	174	+5.5%	Parent
FYE Mar 2023	208	+19.5%	Parent
FYE Mar 2024	224	+7.7%	Parent
FYE Mar 2025	239	+6.7%	Parent
FYE Mar 2026	242	+1.3%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥8.3m

Change · 8 yrs +¥1.7m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	6.7	n/a	Parent
FYE Mar 2020	7.3	+10.0%	Parent
FYE Mar 2021	7.4	+1.0%	Parent
FYE Mar 2022	7.4	+0.4%	Parent
FYE Mar 2023	7.8	+4.7%	Parent
FYE Mar 2024	8.0	+3.3%	Parent
FYE Mar 2025	8.3	+2.9%	Parent
FYE Mar 2026	8.3	+0.6%	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 41.8years

Change · 8 yrs +2.6 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	39.2	n/a	Parent
FYE Mar 2020	39.3	+0.3%	Parent
FYE Mar 2021	40.0	+1.8%	Parent
FYE Mar 2022	40.2	+0.5%	Parent
FYE Mar 2023	40.7	+1.2%	Parent
FYE Mar 2024	41.2	+1.2%	Parent
FYE Mar 2025	41.6	+1.0%	Parent
FYE Mar 2026	41.8	+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 Mar 2026 6.3years

Change · 8 yrs +1.6 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	4.7	n/a	Parent
FYE Mar 2020	4.9	+4.3%	Parent
FYE Mar 2021	5.2	+6.1%	Parent
FYE Mar 2022	5.3	+1.9%	Parent
FYE Mar 2023	5.2	−1.9%	Parent
FYE Mar 2024	5.6	+7.7%	Parent
FYE Mar 2025	6.1	+8.9%	Parent
FYE Mar 2026	6.3	+3.3%	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 75people

Change · 4 yrs −13 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	n/a
FYE Mar 2019	n/a	n/a	n/a
FYE Mar 2020	n/a	n/a	n/a
FYE Mar 2021	n/a	n/a	n/a
FYE Mar 2022	n/a	n/a	n/a
FYE Mar 2023	88	n/a	n/a
FYE Mar 2024	84	−4.5%	n/a
FYE Mar 2025	78	−7.1%	n/a
FYE Mar 2026	75	−3.8%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥142m

Change · 5 yrs +¥1.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	n/a	n/a	Parent
FYE Mar 2020	n/a	n/a	Parent
FYE Mar 2021	n/a	n/a	Parent
FYE Mar 2022	141	n/a	Parent
FYE Mar 2023	99.7	moved to consolidated	Cons.
FYE Mar 2024	110	n/a	Cons.
FYE Mar 2025	126	+14.2%	Cons.
FYE Mar 2026	142	+12.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥48.0m

Change · 5 yrs +¥65.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	n/a	n/a	Parent
FYE Mar 2020	n/a	n/a	Parent
FYE Mar 2021	n/a	n/a	Parent
FYE Mar 2022	-17.4	n/a	Parent
FYE Mar 2023	31.8	moved to consolidated	Cons.
FYE Mar 2024	36.7	n/a	Cons.
FYE Mar 2025	40.1	+9.2%	Cons.
FYE Mar 2026	48.0	+19.7%	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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