Financials

Mebuki Financial Group: FYE Mar 2026 and ten years of results (42 metrics)

FYE Mar 2026 · Revenue¥443bnYoY +23.1%

FYE Mar 2026 · Operating profit¥116bnYoY +39.7%

FYE Mar 2026 · Net profit¥84bnYoY +44.5%

FYE Mar 2026 · Equity ratio5.1%YoY +0.6pp

FYE Mar 2026 · Group employees5,880YoY +52

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥213bn	n/a	¥52bn	n/a	24.5%	¥158bn	Matsushita Masanao	Share exchange completed; renamed Mebuki Financial Group
FYE Mar 2018Consolidated	¥262bn	+23.0%	¥64bn	+21.6%	24.2%	¥43bn	Terakado Kazuyoshi	Consolidated assets reach about ¥16tn; Mebuki Lease and Mebuki Securities
FYE Mar 2019Consolidated	¥288bn	+9.8%	¥70bn	+9.5%	24.1%	¥46bn	Terakado Kazuyoshi	—
FYE Mar 2020Consolidated	¥283bn	−1.9%	¥53bn	−23.5%	18.8%	¥36bn	Sasashima Ritsuo	Nomura sells down its stake
FYE Mar 2021Consolidated	¥275bn	−2.8%	¥54bn	+1.7%	19.7%	¥36bn	Sasashima Ritsuo	—
FYE Mar 2022Consolidated	¥268bn	−2.4%	¥65bn	+20.1%	24.2%	¥43bn	Sasashima Ritsuo	Mebuki Card completes the card consolidation
FYE Mar 2023Consolidated	¥329bn	+22.9%	¥47bn	−28.3%	14.2%	¥32bn	Sasashima Ritsuo	Moves to the TSE Prime Market
FYE Mar 2024Consolidated	¥310bn	−5.9%	¥63bn	+35.2%	20.3%	¥43bn	Akino Tetsuya	Joyo Credit Guarantee acquired; guarantee business consolidated
FYE Mar 2025Consolidated	¥360bn	+16.2%	¥83bn	+31.3%	23.0%	¥58bn	Akino Tetsuya	—
FYE Mar 2026Consolidated	¥443bn	+23.1%	¥116bn	+39.7%	26.1%	¥84bn	Akino Tetsuya	Ordinary profit ¥82.8bn; consolidated assets near ¥20tn

How it compares

Fukuoka Financial Group¥621bnFY2025Operating margin 19.4%Yokohama Financial Group¥491bnFY2025Operating margin 31.6%Chiba Bank¥445bnFY2025Operating margin 31.2%

Mebuki Financial Group¥443bnFY2025Operating margin 26.1%

Shizuoka Financial Group¥439bnFY2025Operating margin 29.7%

Kyoto Financial Group¥367bnFY2025Operating margin 37.4%

Hachijuni Nagano Bank¥305bnFY2025Operating margin 26.7%

Hokuhoku Financial Group, Inc.¥277bnFY2025Operating margin 29.1%

Iyogin Holdings¥266bnFY2025Operating margin 37.3%

Gunma Bank¥265bnFY2025Operating margin 32.0%

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

Where the revenue goes

¥ bn

Cost of sales Operating profit

Margins

Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥443bn

CAGR · 10 yrs +8.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	213	n/a	Cons. · Japanese GAAP
FYE Mar 2018	262	+23.0%	Cons. · Japanese GAAP
FYE Mar 2019	288	+9.8%	Cons. · Japanese GAAP
FYE Mar 2020	283	−1.9%	Cons. · Japanese GAAP
FYE Mar 2021	275	−2.8%	Cons. · Japanese GAAP
FYE Mar 2022	268	−2.4%	Cons. · Japanese GAAP
FYE Mar 2023	329	+22.9%	Cons. · Japanese GAAP
FYE Mar 2024	310	−5.9%	Cons. · Japanese GAAP
FYE Mar 2025	360	+16.2%	Cons. · Japanese GAAP
FYE Mar 2026	443	+23.1%	Cons. · Japanese GAAP

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

Cost of sales

FYE Mar 2026 ¥328bn

CAGR · 10 yrs +8.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	161	n/a	Cons. · Japanese GAAP
FYE Mar 2018	199	+23.5%	Cons. · Japanese GAAP
FYE Mar 2019	219	+9.9%	Cons. · Japanese GAAP
FYE Mar 2020	230	+5.0%	Cons. · Japanese GAAP
FYE Mar 2021	221	−3.9%	Cons. · Japanese GAAP
FYE Mar 2022	203	−7.9%	Cons. · Japanese GAAP
FYE Mar 2023	283	+39.3%	Cons. · Japanese GAAP
FYE Mar 2024	247	−12.7%	Cons. · Japanese GAAP
FYE Mar 2025	277	+12.3%	Cons. · Japanese GAAP
FYE Mar 2026	328	+18.1%	Cons. · Japanese GAAP

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

Operating profit

FYE Mar 2026 ¥116bn

CAGR · 10 yrs +9.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	52.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	63.5	+21.6%	Cons. · Japanese GAAP
FYE Mar 2019	69.5	+9.5%	Cons. · Japanese GAAP
FYE Mar 2020	53.2	−23.5%	Cons. · Japanese GAAP
FYE Mar 2021	54.1	+1.7%	Cons. · Japanese GAAP
FYE Mar 2022	65.0	+20.1%	Cons. · Japanese GAAP
FYE Mar 2023	46.6	−28.3%	Cons. · Japanese GAAP
FYE Mar 2024	63.0	+35.2%	Cons. · Japanese GAAP
FYE Mar 2025	82.8	+31.3%	Cons. · Japanese GAAP
FYE Mar 2026	116	+39.7%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥116bn

CAGR · 10 yrs +9.2%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	52.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	63.5	+21.6%	Cons. · Japanese GAAP
FYE Mar 2019	69.5	+9.5%	Cons. · Japanese GAAP
FYE Mar 2020	53.2	−23.5%	Cons. · Japanese GAAP
FYE Mar 2021	54.1	+1.7%	Cons. · Japanese GAAP
FYE Mar 2022	65.0	+20.1%	Cons. · Japanese GAAP
FYE Mar 2023	46.6	−28.3%	Cons. · Japanese GAAP
FYE Mar 2024	63.0	+35.2%	Cons. · Japanese GAAP
FYE Mar 2025	82.8	+31.3%	Cons. · Japanese GAAP
FYE Mar 2026	116	+39.7%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Mar 2026 ¥3.2bn

CAGR · 10 yrs −33.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	119	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	−99.2%	Cons. · Japanese GAAP
FYE Mar 2019	0.1	−91.8%	Cons. · Japanese GAAP
FYE Mar 2020	0.1	−16.9%	Cons. · Japanese GAAP
FYE Mar 2021	0.1	+125.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.3	+81.3%	Cons. · Japanese GAAP
FYE Mar 2023	0.2	−7.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.1	−52.7%	Cons. · Japanese GAAP
FYE Mar 2025	0.4	+209.6%	Cons. · Japanese GAAP
FYE Mar 2026	3.2	+800.3%	Cons. · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥84bn

CAGR · 10 yrs −6.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	158	n/a	Cons. · Japanese GAAP
FYE Mar 2018	43.1	−72.8%	Cons. · Japanese GAAP
FYE Mar 2019	46.3	+7.6%	Cons. · Japanese GAAP
FYE Mar 2020	36.4	−21.5%	Cons. · Japanese GAAP
FYE Mar 2021	36.5	+0.3%	Cons. · Japanese GAAP
FYE Mar 2022	43.0	+17.8%	Cons. · Japanese GAAP
FYE Mar 2023	32.2	−25.1%	Cons. · Japanese GAAP
FYE Mar 2024	43.4	+34.8%	Cons. · Japanese GAAP
FYE Mar 2025	58.2	+34.3%	Cons. · Japanese GAAP
FYE Mar 2026	84.2	+44.5%	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 26.1%

Average · 10 yrs 21.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	24.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.2	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	24.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	18.8	−5.3pp	Cons. · Japanese GAAP
FYE Mar 2021	19.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	24.2	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2023	14.2	−10.1pp	Cons. · Japanese GAAP
FYE Mar 2024	20.3	+6.2pp	Cons. · Japanese GAAP
FYE Mar 2025	23.0	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	26.1	+3.1pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 26.1%

Average · 10 yrs 21.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	24.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.2	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	24.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	18.8	−5.3pp	Cons. · Japanese GAAP
FYE Mar 2021	19.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	24.2	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2023	14.2	−10.1pp	Cons. · Japanese GAAP
FYE Mar 2024	20.3	+6.2pp	Cons. · Japanese GAAP
FYE Mar 2025	23.0	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	26.1	+3.1pp	Cons. · Japanese GAAP

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

Net margin

FYE Mar 2026 19.0%

Average · 10 yrs 20.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	74.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.4	−57.9pp	Cons. · Japanese GAAP
FYE Mar 2019	16.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	12.9	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2021	13.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	16.0	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2023	9.8	−6.3pp	Cons. · Japanese GAAP
FYE Mar 2024	14.0	+4.2pp	Cons. · Japanese GAAP
FYE Mar 2025	16.2	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	19.0	+2.8pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 73.9%

Average · 10 yrs 78.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	75.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	75.8	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	75.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	81.2	+5.3pp	Cons. · Japanese GAAP
FYE Mar 2021	80.3	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	75.8	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2023	85.8	+10.1pp	Cons. · Japanese GAAP
FYE Mar 2024	79.7	−6.2pp	Cons. · Japanese GAAP
FYE Mar 2025	77.0	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	73.9	−3.1pp	Cons. · Japanese GAAP

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

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 ¥21.2tn

CAGR · 10 yrs +3.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	16,124	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16,770	+4.0%	Cons. · Japanese GAAP
FYE Mar 2019	17,373	+3.6%	Cons. · Japanese GAAP
FYE Mar 2020	17,805	+2.5%	Cons. · Japanese GAAP
FYE Mar 2021	22,835	+28.3%	Cons. · Japanese GAAP
FYE Mar 2022	24,126	+5.7%	Cons. · Japanese GAAP
FYE Mar 2023	21,387	−11.3%	Cons. · Japanese GAAP
FYE Mar 2024	21,786	+1.9%	Cons. · Japanese GAAP
FYE Mar 2025	21,408	−1.7%	Cons. · Japanese GAAP
FYE Mar 2026	21,174	−1.1%	Cons. · Japanese GAAP

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

Equity net assets, shareholders' equity

FYE Mar 2026 ¥1.08tn

CAGR · 10 yrs +2.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	863	n/a	Cons. · Japanese GAAP
FYE Mar 2018	888	+2.9%	Cons. · Japanese GAAP
FYE Mar 2019	920	+3.5%	Cons. · Japanese GAAP
FYE Mar 2020	882	−4.1%	Cons. · Japanese GAAP
FYE Mar 2021	999	+13.2%	Cons. · Japanese GAAP
FYE Mar 2022	959	−4.0%	Cons. · Japanese GAAP
FYE Mar 2023	905	−5.7%	Cons. · Japanese GAAP
FYE Mar 2024	989	+9.4%	Cons. · Japanese GAAP
FYE Mar 2025	966	−2.4%	Cons. · Japanese GAAP
FYE Mar 2026	1,077	+11.5%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 n/a

Average · 5 yrs ¥4.0bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	5.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Mar 2026 n/a

CAGR · 4 yrs −0.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	5.0	−0.0%	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	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥12bn

CAGR · 10 yrs −0.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	12.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.8	+19.2%	Cons. · Japanese GAAP
FYE Mar 2019	18.4	+24.2%	Cons. · Japanese GAAP
FYE Mar 2020	19.3	+5.0%	Cons. · Japanese GAAP
FYE Mar 2021	18.1	−6.2%	Cons. · Japanese GAAP
FYE Mar 2022	15.9	−12.3%	Cons. · Japanese GAAP
FYE Mar 2023	13.5	−14.9%	Cons. · Japanese GAAP
FYE Mar 2024	13.0	−4.2%	Cons. · Japanese GAAP
FYE Mar 2025	12.2	−6.2%	Cons. · Japanese GAAP
FYE Mar 2026	12.1	−0.4%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 5.1%

Average · 10 yrs 4.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.3	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	5.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	5.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	4.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	4.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	4.2	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	4.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	4.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	5.1	+0.6pp	Cons. · Japanese GAAP

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

Debt-to-equity ratio D/E ratio

FYE Mar 2026 n/a

Average · 5 yrs 0.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	0.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	0.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	0.0	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

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

ROE return on equity

FYE Mar 2026 7.8%

Average · 10 yrs 6.2%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	18.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.8	−13.5pp	Cons. · Japanese GAAP
FYE Mar 2019	5.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	4.1	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	3.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	4.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	3.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2024	4.4	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	6.0	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2026	7.8	+1.8pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 0.4%

Average · 10 yrs 0.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	0.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	0.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	0.4	+0.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.02×

CAGR · 10 yrs +5.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.01	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.02	+18.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.02	+6.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.02	−4.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.01	−24.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.01	−7.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.02	+38.6%	Cons. · Japanese GAAP
FYE Mar 2024	0.01	−7.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.02	+18.2%	Cons. · Japanese GAAP
FYE Mar 2026	0.02	+24.5%	Cons. · Japanese GAAP

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 -¥1.12tn

Average · 10 yrs ¥167bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	499	n/a	Cons. · Japanese GAAP
FYE Mar 2018	412	−17.4%	Cons. · Japanese GAAP
FYE Mar 2019	6.1	−98.5%	Cons. · Japanese GAAP
FYE Mar 2020	356	+5750.2%	Cons. · Japanese GAAP
FYE Mar 2021	4,661	+1209.0%	Cons. · Japanese GAAP
FYE Mar 2022	1,232	−73.6%	Cons. · Japanese GAAP
FYE Mar 2023	-3,368	−373.4%	Cons. · Japanese GAAP
FYE Mar 2024	-25.2	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-981	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-1,119	n/a	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 ¥389bn

Average · 10 yrs ¥8.9bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-125	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-72.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-212	n/a	Cons. · Japanese GAAP
FYE Mar 2020	176	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-112	−163.8%	Cons. · Japanese GAAP
FYE Mar 2022	-359	n/a	Cons. · Japanese GAAP
FYE Mar 2023	922	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-324	−135.1%	Cons. · Japanese GAAP
FYE Mar 2025	-196	n/a	Cons. · Japanese GAAP
FYE Mar 2026	389	n/a	Cons. · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 -¥50bn

Average · 10 yrs -¥35bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-21.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-54.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-50.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-42.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-31.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-16.7	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-32.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-33.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-49.9	n/a	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥2.43tn

CAGR · 10 yrs +6.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	1,370	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,694	+23.6%	Cons. · Japanese GAAP
FYE Mar 2019	1,435	−15.3%	Cons. · Japanese GAAP
FYE Mar 2020	1,917	+33.6%	Cons. · Japanese GAAP
FYE Mar 2021	6,423	+235.1%	Cons. · Japanese GAAP
FYE Mar 2022	7,265	+13.1%	Cons. · Japanese GAAP
FYE Mar 2023	4,802	−33.9%	Cons. · Japanese GAAP
FYE Mar 2024	4,421	−7.9%	Cons. · Japanese GAAP
FYE Mar 2025	3,212	−27.4%	Cons. · Japanese GAAP
FYE Mar 2026	2,431	−24.3%	Cons. · Japanese GAAP

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

Free cash flow

FYE Mar 2026 -¥730bn

Average · 10 yrs ¥176bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	375	n/a	Cons. · Japanese GAAP
FYE Mar 2018	340	−9.3%	Cons. · Japanese GAAP
FYE Mar 2019	-205	−160.5%	Cons. · Japanese GAAP
FYE Mar 2020	532	n/a	Cons. · Japanese GAAP
FYE Mar 2021	4,549	+754.8%	Cons. · Japanese GAAP
FYE Mar 2022	874	−80.8%	Cons. · Japanese GAAP
FYE Mar 2023	-2,446	−379.9%	Cons. · Japanese GAAP
FYE Mar 2024	-349	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-1,177	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-730	n/a	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 -252.5%

Average · 10 yrs 112.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	234.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	157.1	−76.9pp	Cons. · Japanese GAAP
FYE Mar 2019	2.1	−155.0pp	Cons. · Japanese GAAP
FYE Mar 2020	125.9	+123.8pp	Cons. · Japanese GAAP
FYE Mar 2021	1,696.7	+1570.8pp	Cons. · Japanese GAAP
FYE Mar 2022	459.6	−1237.1pp	Cons. · Japanese GAAP
FYE Mar 2023	-1,022.3	−1481.9pp	Cons. · Japanese GAAP
FYE Mar 2024	-8.1	+1014.2pp	Cons. · Japanese GAAP
FYE Mar 2025	-272.5	−264.4pp	Cons. · Japanese GAAP
FYE Mar 2026	-252.5	+20.0pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 n/a

CAGR · 5 yrs +47.3%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	1,365	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,689	+23.7%	Cons. · Japanese GAAP
FYE Mar 2019	1,430	−15.3%	Cons. · Japanese GAAP
FYE Mar 2020	1,912	+33.7%	Cons. · Japanese GAAP
FYE Mar 2021	6,423	+236.0%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE Mar 2026 ¥1.13tn

Change · 10 yrs +¥606bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	523	n/a
FYE Mar 2018	482	n/a
FYE Mar 2019	334	n/a
FYE Mar 2020	259	n/a
FYE Mar 2021	307	n/a
FYE Mar 2022	278	n/a
FYE Mar 2023	353	n/a
FYE Mar 2024	520	n/a
FYE Mar 2025	716	n/a
FYE Mar 2026	1,129	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 1,192¥

Change · 10 yrs +748¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	444	n/a
FYE Mar 2018	409	n/a
FYE Mar 2019	283	n/a
FYE Mar 2020	220	n/a
FYE Mar 2021	261	n/a
FYE Mar 2022	256	n/a
FYE Mar 2023	324	n/a
FYE Mar 2024	511	n/a
FYE Mar 2025	726	n/a
FYE Mar 2026	1,192	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 947,055,000shares

Change · 10 yrs −232,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,179,055,000	Parent
FYE Mar 2018	1,179,055,000	Parent
FYE Mar 2019	1,179,055,000	Parent
FYE Mar 2020	1,179,055,000	Parent
FYE Mar 2021	1,179,055,000	Parent
FYE Mar 2022	1,089,055,000	Parent
FYE Mar 2023	1,089,055,000	Parent
FYE Mar 2024	1,017,055,000	Parent
FYE Mar 2025	987,055,000	Parent
FYE Mar 2026	947,055,000	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 89.03¥

Change · 10 yrs −67.75¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	156.78	Cons.
FYE Mar 2018	36.56	Cons.
FYE Mar 2019	39.47	Cons.
FYE Mar 2020	31.14	Cons.
FYE Mar 2021	31.45	Cons.
FYE Mar 2022	38.96	Cons.
FYE Mar 2023	29.90	Cons.
FYE Mar 2024	41.66	Cons.
FYE Mar 2025	58.38	Cons.
FYE Mar 2026	89.03	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 1,137.37¥

Change · 10 yrs +405.36¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	732.02	Cons. · Japanese GAAP
FYE Mar 2018	753.26	Cons. · Japanese GAAP
FYE Mar 2019	779.90	Cons. · Japanese GAAP
FYE Mar 2020	748.26	Cons. · Japanese GAAP
FYE Mar 2021	847.21	Cons. · Japanese GAAP
FYE Mar 2022	880.64	Cons. · Japanese GAAP
FYE Mar 2023	830.76	Cons. · Japanese GAAP
FYE Mar 2024	972.78	Cons. · Japanese GAAP
FYE Mar 2025	978.65	Cons. · Japanese GAAP
FYE Mar 2026	1,137.37	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 13.39×

Average · 10 yrs 9.20×

Fiscal year	PER ×	Basis
FYE Mar 2017	2.83	Cons.
FYE Mar 2018	11.18	Cons.
FYE Mar 2019	7.17	Cons.
FYE Mar 2020	7.06	Cons.
FYE Mar 2021	8.29	Cons.
FYE Mar 2022	6.56	Cons.
FYE Mar 2023	10.83	Cons.
FYE Mar 2024	12.27	Cons.
FYE Mar 2025	12.43	Cons.
FYE Mar 2026	13.39	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 1.04×

Average · 10 yrs 0.51×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.61	Cons.
FYE Mar 2018	0.54	Cons.
FYE Mar 2019	0.36	Cons.
FYE Mar 2020	0.29	Cons.
FYE Mar 2021	0.30	Cons.
FYE Mar 2022	0.29	Cons.
FYE Mar 2023	0.38	Cons.
FYE Mar 2024	0.53	Cons.
FYE Mar 2025	0.74	Cons.
FYE Mar 2026	1.04	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 5,880people

Change · 10 yrs −723 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	6,603	n/a	Cons.
FYE Mar 2018	6,666	+1.0%	Cons.
FYE Mar 2019	6,647	−0.3%	Cons.
FYE Mar 2020	6,556	−1.4%	Cons.
FYE Mar 2021	6,373	−2.8%	Cons.
FYE Mar 2022	6,221	−2.4%	Cons.
FYE Mar 2023	5,971	−4.0%	Cons.
FYE Mar 2024	5,855	−1.9%	Cons.
FYE Mar 2025	5,828	−0.5%	Cons.
FYE Mar 2026	5,880	+0.9%	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 12people

Change · 10 yrs −5 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	17	n/a	Parent
FYE Mar 2018	17	−0.0%	Parent
FYE Mar 2019	15	−11.8%	Parent
FYE Mar 2020	18	+20.0%	Parent
FYE Mar 2021	18	−0.0%	Parent
FYE Mar 2022	16	−11.1%	Parent
FYE Mar 2023	14	−12.5%	Parent
FYE Mar 2024	13	−7.1%	Parent
FYE Mar 2025	13	−0.0%	Parent
FYE Mar 2026	12	−7.7%	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 1,305万円

Change · 8 yrs +233万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	1,072	n/a	Parent
FYE Mar 2020	1,157	+8.0%	Parent
FYE Mar 2021	1,104	−4.6%	Parent
FYE Mar 2022	1,490	+35.0%	Parent
FYE Mar 2023	1,235	−17.2%	Parent
FYE Mar 2024	1,202	−2.6%	Parent
FYE Mar 2025	1,203	+0.1%	Parent
FYE Mar 2026	1,305	+8.5%	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 47.5years

Change · 8 yrs −0.5 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	48.0	n/a	Parent
FYE Mar 2020	49.6	+3.3%	Parent
FYE Mar 2021	50.7	+2.2%	Parent
FYE Mar 2022	51.2	+1.0%	Parent
FYE Mar 2023	48.7	−4.9%	Parent
FYE Mar 2024	46.8	−3.9%	Parent
FYE Mar 2025	47.8	+2.1%	Parent
FYE Mar 2026	47.5	−0.6%	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 24.4years

Change · 8 yrs +1.4 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	23.0	n/a	Parent
FYE Mar 2020	24.9	+8.3%	Parent
FYE Mar 2021	25.5	+2.4%	Parent
FYE Mar 2022	27.3	+7.1%	Parent
FYE Mar 2023	25.0	−8.4%	Parent
FYE Mar 2024	23.8	−4.8%	Parent
FYE Mar 2025	24.8	+4.2%	Parent
FYE Mar 2026	24.4	−1.6%	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)

Temporary employees

FYE Mar 2026 2,905people

Change · 10 yrs −645 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,550	n/a	n/a
FYE Mar 2018	3,894	+9.7%	n/a
FYE Mar 2019	3,824	−1.8%	n/a
FYE Mar 2020	3,622	−5.3%	n/a
FYE Mar 2021	3,493	−3.6%	n/a
FYE Mar 2022	3,286	−5.9%	n/a
FYE Mar 2023	3,050	−7.2%	n/a
FYE Mar 2024	2,957	−3.0%	n/a
FYE Mar 2025	2,954	−0.1%	n/a
FYE Mar 2026	2,905	−1.7%	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 ¥75.4m

Change · 10 yrs +¥43.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	32.3	n/a	Cons.
FYE Mar 2018	39.4	+21.9%	Cons.
FYE Mar 2019	43.3	+10.1%	Cons.
FYE Mar 2020	43.1	−0.5%	Cons.
FYE Mar 2021	43.1	−0.0%	Cons.
FYE Mar 2022	43.1	−0.0%	Cons.
FYE Mar 2023	55.2	+28.0%	Cons.
FYE Mar 2024	53.0	−4.0%	Cons.
FYE Mar 2025	61.8	+16.7%	Cons.
FYE Mar 2026	75.4	+22.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥19.7m

Change · 10 yrs +¥11.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	7.9	n/a	Cons.
FYE Mar 2018	9.5	+20.4%	Cons.
FYE Mar 2019	10.5	+9.8%	Cons.
FYE Mar 2020	8.1	−22.5%	Cons.
FYE Mar 2021	8.5	+4.7%	Cons.
FYE Mar 2022	10.4	+23.1%	Cons.
FYE Mar 2023	7.8	−25.2%	Cons.
FYE Mar 2024	10.8	+37.9%	Cons.
FYE Mar 2025	14.2	+32.0%	Cons.
FYE Mar 2026	19.7	+38.5%	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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