Financials

Toyoda Gosei: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥1.15tnYoY +8.2%

FYE Mar 2026 · Operating profit¥80bnYoY +32.9%

FYE Mar 2026 · Net profit¥62bnYoY +70.7%

FYE Mar 2026 · Equity ratio52.6%YoY −1.8pp

FYE Mar 2026 · Group employees41,304YoY +2,112

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥756bn	n/a	¥41bn	n/a	5.4%	¥16bn	Miyazaki Naoki	—
FYE Mar 2018Consolidated	¥808bn	+6.9%	¥35bn	−13.5%	4.4%	¥21bn	Miyazaki Naoki	LED business moves into wind-down
FYE Mar 2019Consolidated	¥841bn	+4.1%	¥37bn	+3.8%	4.3%	¥21bn	Miyazaki Naoki	2025 Business Plan — ¥1tn sales target
FYE Mar 2020Consolidated	¥813bn	−3.3%	¥18bn	−51.0%	2.2%	¥11bn	Miyazaki Naoki	—
FYE Mar 2021Consolidated	¥721bn	−11.2%	¥36bn	+103.9%	5.1%	¥35bn	Miyazaki Naoki	<a class="en-history_person" href="/tse/7282/executives/ceo/koyama-toru/" hreflang="ja">Koyama Toru</a> — first insider president in 38 years
FYE Mar 2022Consolidated	¥830bn	+15.1%	¥34bn	−6.3%	4.1%	¥23bn	Koyama Toru	—
FYE Mar 2023Consolidated	¥952bn	+14.7%	¥35bn	+2.6%	3.7%	¥16bn	Koyama Toru	—
FYE Mar 2024Consolidated	¥1.07tn	+12.5%	¥68bn	+93.1%	6.3%	¥51bn	Koyama Toru	<a class="en-history_person" href="/tse/7282/executives/ceo/saito-katsumi/" hreflang="ja">Saito Katsumi</a> appointed; 2030 Business Plan
FYE Mar 2025Consolidated	¥1.06tn	−1.1%	¥60bn	−11.6%	5.6%	¥36bn	Saito Katsumi	Sales pass ¥1tn for the first time
FYE Mar 2026Consolidated	¥1.15tn	+8.2%	¥80bn	+32.9%	6.9%	¥62bn	Saito Katsumi	Tender offer for Ashimori Industry succeeds

How it compares

Toyota Boshoku¥2.04tnFY2025Operating margin 2.6%

Toyoda Gosei¥1.15tnFY2025Operating margin 6.9%

Koito Manufacturing¥948bnFY2025Operating margin 5.4%

NOK¥738bnFY2025Operating margin 4.5%

TAKATA CORPORATIONDelisted 2017

TS Tech¥442bnFY2025Operating margin 2.3%

Kayaba¥438bnFY2024Operating margin 5.2%

Toupure¥374bnFY2024Operating margin 7.7%

Nifco¥353bnFY2025Operating margin 13.6%

Jitekuto¥339bnFY2024Operating margin 4.8%

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 ¥1.15tn

CAGR · 10 yrs +4.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	756	n/a	Cons. · Japanese GAAP
FYE Mar 2018	808	+6.9%	Cons. · Japanese GAAP
FYE Mar 2019	841	moved to IFRS	Cons. · IFRS
FYE Mar 2020	813	−3.3%	Cons. · IFRS
FYE Mar 2021	721	−11.2%	Cons. · IFRS
FYE Mar 2022	830	+15.1%	Cons. · IFRS
FYE Mar 2023	952	+14.7%	Cons. · IFRS
FYE Mar 2024	1,071	+12.5%	Cons. · IFRS
FYE Mar 2025	1,060	−1.1%	Cons. · IFRS
FYE Mar 2026	1,147	+8.2%	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 ¥961bn

CAGR · 10 yrs +4.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	658	n/a	Cons. · Japanese GAAP
FYE Mar 2018	706	+7.3%	Cons. · Japanese GAAP
FYE Mar 2019	737	moved to IFRS	Cons. · IFRS
FYE Mar 2020	712	−3.4%	Cons. · IFRS
FYE Mar 2021	623	−12.6%	Cons. · IFRS
FYE Mar 2022	734	+17.8%	Cons. · IFRS
FYE Mar 2023	836	+14.0%	Cons. · IFRS
FYE Mar 2024	913	+9.2%	Cons. · IFRS
FYE Mar 2025	899	−1.5%	Cons. · IFRS
FYE Mar 2026	961	+6.8%	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 ¥186bn

CAGR · 10 yrs +7.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	97.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	102	+4.6%	Cons. · Japanese GAAP
FYE Mar 2019	103	moved to IFRS	Cons. · IFRS
FYE Mar 2020	101	−2.8%	Cons. · IFRS
FYE Mar 2021	98.7	−1.8%	Cons. · IFRS
FYE Mar 2022	96.6	−2.1%	Cons. · IFRS
FYE Mar 2023	116	+19.7%	Cons. · IFRS
FYE Mar 2024	158	+36.6%	Cons. · IFRS
FYE Mar 2025	160	+1.5%	Cons. · IFRS
FYE Mar 2026	186	+16.1%	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 ¥103bn

CAGR · 10 yrs +6.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	57.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	60.6	+6.3%	Cons. · Japanese GAAP
FYE Mar 2019	62.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	61.5	−1.4%	Cons. · IFRS
FYE Mar 2021	56.4	−8.3%	Cons. · IFRS
FYE Mar 2022	64.1	+13.5%	Cons. · IFRS
FYE Mar 2023	76.5	+19.5%	Cons. · IFRS
FYE Mar 2024	84.6	+10.6%	Cons. · IFRS
FYE Mar 2025	91.8	+8.5%	Cons. · IFRS
FYE Mar 2026	103	+12.5%	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 ¥80bn

CAGR · 10 yrs +7.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	40.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.2	−13.5%	Cons. · Japanese GAAP
FYE Mar 2019	36.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.9	−51.0%	Cons. · IFRS
FYE Mar 2021	36.5	+103.9%	Cons. · IFRS
FYE Mar 2022	34.2	−6.3%	Cons. · IFRS
FYE Mar 2023	35.1	+2.6%	Cons. · IFRS
FYE Mar 2024	67.7	+93.1%	Cons. · IFRS
FYE Mar 2025	59.8	−11.6%	Cons. · IFRS
FYE Mar 2026	79.6	+32.9%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥11bn

CAGR · 10 yrs +9.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.2	−55.3%	Cons. · Japanese GAAP
FYE Mar 2019	2.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.8	+6.5%	Cons. · IFRS
FYE Mar 2021	3.0	+6.8%	Cons. · IFRS
FYE Mar 2022	5.9	+94.8%	Cons. · IFRS
FYE Mar 2023	3.7	−37.7%	Cons. · IFRS
FYE Mar 2024	6.1	+65.8%	Cons. · IFRS
FYE Mar 2025	6.0	−2.3%	Cons. · IFRS
FYE Mar 2026	11.3	+89.8%	Cons. · IFRS

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Mar 2026 ¥3.3bn

CAGR · 10 yrs −7.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	6.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.9	−55.7%	Cons. · Japanese GAAP
FYE Mar 2019	2.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.5	+105.7%	Cons. · IFRS
FYE Mar 2021	3.1	−43.7%	Cons. · IFRS
FYE Mar 2022	2.7	−14.9%	Cons. · IFRS
FYE Mar 2023	3.7	+39.2%	Cons. · IFRS
FYE Mar 2024	6.7	+82.6%	Cons. · IFRS
FYE Mar 2025	8.8	+31.0%	Cons. · IFRS
FYE Mar 2026	3.3	−62.4%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥62bn

CAGR · 10 yrs +16.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	16.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.2	+30.4%	Cons. · Japanese GAAP
FYE Mar 2019	21.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.2	−47.1%	Cons. · IFRS
FYE Mar 2021	35.2	+213.6%	Cons. · IFRS
FYE Mar 2022	23.4	−33.7%	Cons. · IFRS
FYE Mar 2023	16.0	−31.5%	Cons. · IFRS
FYE Mar 2024	51.5	+221.5%	Cons. · IFRS
FYE Mar 2025	36.3	−29.4%	Cons. · IFRS
FYE Mar 2026	62.0	+70.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 16.2%

Average · 10 yrs 13.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	12.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	12.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	12.4	+0.1pp	Cons. · IFRS
FYE Mar 2021	13.7	+1.3pp	Cons. · IFRS
FYE Mar 2022	11.6	−2.0pp	Cons. · IFRS
FYE Mar 2023	12.1	+0.5pp	Cons. · IFRS
FYE Mar 2024	14.7	+2.6pp	Cons. · IFRS
FYE Mar 2025	15.1	+0.4pp	Cons. · IFRS
FYE Mar 2026	16.2	+1.1pp	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 6.9%

Average · 10 yrs 4.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	4.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.2	−2.1pp	Cons. · IFRS
FYE Mar 2021	5.1	+2.9pp	Cons. · IFRS
FYE Mar 2022	4.1	−0.9pp	Cons. · IFRS
FYE Mar 2023	3.7	−0.4pp	Cons. · IFRS
FYE Mar 2024	6.3	+2.6pp	Cons. · IFRS
FYE Mar 2025	5.6	−0.7pp	Cons. · IFRS
FYE Mar 2026	6.9	+1.3pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 5.4%

Average · 10 yrs 3.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	2.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.4	−1.1pp	Cons. · IFRS
FYE Mar 2021	4.9	+3.5pp	Cons. · IFRS
FYE Mar 2022	2.8	−2.1pp	Cons. · IFRS
FYE Mar 2023	1.7	−1.1pp	Cons. · IFRS
FYE Mar 2024	4.8	+3.1pp	Cons. · IFRS
FYE Mar 2025	3.4	−1.4pp	Cons. · IFRS
FYE Mar 2026	5.4	+2.0pp	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 83.8%

Average · 10 yrs 86.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	87.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	87.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	87.6	−0.1pp	Cons. · IFRS
FYE Mar 2021	86.3	−1.3pp	Cons. · IFRS
FYE Mar 2022	88.4	+2.0pp	Cons. · IFRS
FYE Mar 2023	87.9	−0.5pp	Cons. · IFRS
FYE Mar 2024	85.3	−2.6pp	Cons. · IFRS
FYE Mar 2025	84.9	−0.4pp	Cons. · IFRS
FYE Mar 2026	83.8	−1.1pp	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 9.0%

Average · 10 yrs 7.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	7.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	7.6	+0.1pp	Cons. · IFRS
FYE Mar 2021	7.8	+0.3pp	Cons. · IFRS
FYE Mar 2022	7.7	−0.1pp	Cons. · IFRS
FYE Mar 2023	8.0	+0.3pp	Cons. · IFRS
FYE Mar 2024	7.9	−0.1pp	Cons. · IFRS
FYE Mar 2025	8.7	+0.8pp	Cons. · IFRS
FYE Mar 2026	9.0	+0.3pp	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 ¥993bn

CAGR · 10 yrs +5.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	621	n/a	Cons. · Japanese GAAP
FYE Mar 2018	662	+6.7%	Cons. · Japanese GAAP
FYE Mar 2019	710	moved to IFRS	Cons. · IFRS
FYE Mar 2020	709	−0.1%	Cons. · IFRS
FYE Mar 2021	775	+9.3%	Cons. · IFRS
FYE Mar 2022	859	+10.9%	Cons. · IFRS
FYE Mar 2023	865	+0.7%	Cons. · IFRS
FYE Mar 2024	933	+7.9%	Cons. · IFRS
FYE Mar 2025	913	−2.2%	Cons. · IFRS
FYE Mar 2026	993	+8.7%	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 ¥522bn

CAGR · 10 yrs +5.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	315	n/a	Cons. · Japanese GAAP
FYE Mar 2018	329	+4.4%	Cons. · Japanese GAAP
FYE Mar 2019	340	moved to IFRS	Cons. · IFRS
FYE Mar 2020	320	−6.0%	Cons. · IFRS
FYE Mar 2021	362	+13.1%	Cons. · IFRS
FYE Mar 2022	395	+9.2%	Cons. · IFRS
FYE Mar 2023	410	+4.0%	Cons. · IFRS
FYE Mar 2024	478	+16.4%	Cons. · IFRS
FYE Mar 2025	497	+4.0%	Cons. · IFRS
FYE Mar 2026	522	+5.1%	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 ¥123bn

CAGR · 10 yrs +5.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	75.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	108	+43.6%	Cons. · Japanese GAAP
FYE Mar 2019	125	moved to IFRS	Cons. · IFRS
FYE Mar 2020	148	+18.0%	Cons. · IFRS
FYE Mar 2021	152	+2.8%	Cons. · IFRS
FYE Mar 2022	174	+14.1%	Cons. · IFRS
FYE Mar 2023	163	−6.1%	Cons. · IFRS
FYE Mar 2024	138	−15.1%	Cons. · IFRS
FYE Mar 2025	110	−20.9%	Cons. · IFRS
FYE Mar 2026	123	+12.6%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥47bn

CAGR · 10 yrs +11.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	18.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.6	+2.8%	Cons. · Japanese GAAP
FYE Mar 2019	32.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	44.7	+37.8%	Cons. · IFRS
FYE Mar 2021	42.8	−4.1%	Cons. · IFRS
FYE Mar 2022	43.9	+2.5%	Cons. · IFRS
FYE Mar 2023	32.9	−25.1%	Cons. · IFRS
FYE Mar 2024	38.9	+18.3%	Cons. · IFRS
FYE Mar 2025	19.1	−51.0%	Cons. · IFRS
FYE Mar 2026	46.8	+145.5%	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 ¥77bn

CAGR · 10 yrs +3.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	57.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.5	−4.9%	Cons. · Japanese GAAP
FYE Mar 2019	93.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	103	+11.1%	Cons. · IFRS
FYE Mar 2021	109	+5.8%	Cons. · IFRS
FYE Mar 2022	130	+18.6%	Cons. · IFRS
FYE Mar 2023	130	+0.3%	Cons. · IFRS
FYE Mar 2024	99.4	−23.6%	Cons. · IFRS
FYE Mar 2025	90.5	−9.0%	Cons. · IFRS
FYE Mar 2026	76.5	−15.4%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥6.4bn

CAGR · 10 yrs +11.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.3	−0.3%	Cons. · Japanese GAAP
FYE Mar 2019	2.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.7	+60.8%	Cons. · IFRS
FYE Mar 2021	4.6	+22.2%	Cons. · IFRS
FYE Mar 2022	5.2	+12.8%	Cons. · IFRS
FYE Mar 2023	5.2	+1.7%	Cons. · IFRS
FYE Mar 2024	6.2	+18.1%	Cons. · IFRS
FYE Mar 2025	6.4	+3.5%	Cons. · IFRS
FYE Mar 2026	6.4	−0.1%	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 52.6%

Average · 10 yrs 49.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	50.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.6	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	47.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	45.1	−2.8pp	Cons. · IFRS
FYE Mar 2021	46.7	+1.6pp	Cons. · IFRS
FYE Mar 2022	45.9	−0.7pp	Cons. · IFRS
FYE Mar 2023	47.4	+1.5pp	Cons. · IFRS
FYE Mar 2024	51.2	+3.8pp	Cons. · IFRS
FYE Mar 2025	54.4	+3.2pp	Cons. · IFRS
FYE Mar 2026	52.6	−1.8pp	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 23.6%

Average · 10 yrs 34.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	23.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.9	+9.0pp	Cons. · Japanese GAAP
FYE Mar 2019	36.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	46.3	+9.4pp	Cons. · IFRS
FYE Mar 2021	42.1	−4.2pp	Cons. · IFRS
FYE Mar 2022	44.0	+1.9pp	Cons. · IFRS
FYE Mar 2023	39.7	−4.3pp	Cons. · IFRS
FYE Mar 2024	29.0	−10.8pp	Cons. · IFRS
FYE Mar 2025	22.0	−6.9pp	Cons. · IFRS
FYE Mar 2026	23.6	+1.6pp	Cons. · IFRS

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

ROE return on equity

FYE Mar 2026 11.9%

Average · 10 yrs 7.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.4	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	6.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.5	−2.7pp	Cons. · IFRS
FYE Mar 2021	9.7	+6.2pp	Cons. · IFRS
FYE Mar 2022	5.9	−3.8pp	Cons. · IFRS
FYE Mar 2023	3.9	−2.0pp	Cons. · IFRS
FYE Mar 2024	10.8	+6.9pp	Cons. · IFRS
FYE Mar 2025	7.3	−3.5pp	Cons. · IFRS
FYE Mar 2026	11.9	+4.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 6.2%

Average · 10 yrs 3.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	3.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.6	−1.4pp	Cons. · IFRS
FYE Mar 2021	4.5	+3.0pp	Cons. · IFRS
FYE Mar 2022	2.7	−1.8pp	Cons. · IFRS
FYE Mar 2023	1.8	−0.9pp	Cons. · IFRS
FYE Mar 2024	5.5	+3.7pp	Cons. · IFRS
FYE Mar 2025	4.0	−1.5pp	Cons. · IFRS
FYE Mar 2026	6.2	+2.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.15×

CAGR · 10 yrs −0.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.22	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.22	+0.2%	Cons. · Japanese GAAP
FYE Mar 2019	1.18	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.15	−3.2%	Cons. · IFRS
FYE Mar 2021	0.93	−18.8%	Cons. · IFRS
FYE Mar 2022	0.97	+3.8%	Cons. · IFRS
FYE Mar 2023	1.10	+13.9%	Cons. · IFRS
FYE Mar 2024	1.15	+4.3%	Cons. · IFRS
FYE Mar 2025	1.16	+1.1%	Cons. · IFRS
FYE Mar 2026	1.15	−0.5%	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 ¥132bn

CAGR · 10 yrs +9.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	60.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	60.8	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	64.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	65.2	+0.7%	Cons. · IFRS
FYE Mar 2021	67.2	+3.1%	Cons. · IFRS
FYE Mar 2022	27.7	−58.9%	Cons. · IFRS
FYE Mar 2023	54.0	+95.1%	Cons. · IFRS
FYE Mar 2024	128	+137.8%	Cons. · IFRS
FYE Mar 2025	92.0	−28.3%	Cons. · IFRS
FYE Mar 2026	132	+43.1%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥50bn

Average · 10 yrs -¥54bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-82.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-39.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-62.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-54.2	n/a	Cons. · IFRS
FYE Mar 2021	-49.9	n/a	Cons. · IFRS
FYE Mar 2022	-59.4	n/a	Cons. · IFRS
FYE Mar 2023	-32.0	n/a	Cons. · IFRS
FYE Mar 2024	-40.7	n/a	Cons. · IFRS
FYE Mar 2025	-71.8	n/a	Cons. · IFRS
FYE Mar 2026	-49.6	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 -¥71bn

Average · 10 yrs -¥17bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	14.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.5	−55.8%	Cons. · Japanese GAAP
FYE Mar 2019	7.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	12.5	+76.5%	Cons. · IFRS
FYE Mar 2021	-13.1	−204.3%	Cons. · IFRS
FYE Mar 2022	2.2	n/a	Cons. · IFRS
FYE Mar 2023	-28.6	−1394.6%	Cons. · IFRS
FYE Mar 2024	-53.1	n/a	Cons. · IFRS
FYE Mar 2025	-50.7	n/a	Cons. · IFRS
FYE Mar 2026	-70.9	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 ¥132bn

CAGR · 10 yrs +7.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	69.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	98.0	+40.2%	Cons. · Japanese GAAP
FYE Mar 2019	107	moved to IFRS	Cons. · IFRS
FYE Mar 2020	128	+19.2%	Cons. · IFRS
FYE Mar 2021	134	+5.0%	Cons. · IFRS
FYE Mar 2022	113	−15.6%	Cons. · IFRS
FYE Mar 2023	105	−7.2%	Cons. · IFRS
FYE Mar 2024	146	+38.7%	Cons. · IFRS
FYE Mar 2025	119	−18.7%	Cons. · IFRS
FYE Mar 2026	132	+11.0%	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 ¥82bn

Average · 10 yrs ¥21bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-21.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.6	n/a	Cons. · Japanese GAAP
FYE Mar 2019	2.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.1	+448.4%	Cons. · IFRS
FYE Mar 2021	17.3	+56.2%	Cons. · IFRS
FYE Mar 2022	-31.8	−283.7%	Cons. · IFRS
FYE Mar 2023	22.0	n/a	Cons. · IFRS
FYE Mar 2024	87.7	+298.2%	Cons. · IFRS
FYE Mar 2025	20.2	−77.0%	Cons. · IFRS
FYE Mar 2026	82.0	+306.4%	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 11.5%

Average · 10 yrs 8.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	7.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.0	+0.3pp	Cons. · IFRS
FYE Mar 2021	9.3	+1.3pp	Cons. · IFRS
FYE Mar 2022	3.3	−6.0pp	Cons. · IFRS
FYE Mar 2023	5.7	+2.3pp	Cons. · IFRS
FYE Mar 2024	12.0	+6.3pp	Cons. · IFRS
FYE Mar 2025	8.7	−3.3pp	Cons. · IFRS
FYE Mar 2026	11.5	+2.8pp	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 ¥8.5bn

Average · 10 yrs -¥16bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-10.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-18.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-20.1	n/a	Cons. · IFRS
FYE Mar 2021	-17.9	n/a	Cons. · IFRS
FYE Mar 2022	-60.3	n/a	Cons. · IFRS
FYE Mar 2023	-57.8	n/a	Cons. · IFRS
FYE Mar 2024	7.6	n/a	Cons. · IFRS
FYE Mar 2025	9.2	+21.3%	Cons. · IFRS
FYE Mar 2026	8.5	−8.3%	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 ¥471bn

Change · 10 yrs +¥102bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	369	n/a
FYE Mar 2018	322	n/a
FYE Mar 2019	304	n/a
FYE Mar 2020	241	n/a
FYE Mar 2021	378	n/a
FYE Mar 2022	263	n/a
FYE Mar 2023	296	n/a
FYE Mar 2024	414	n/a
FYE Mar 2025	343	n/a
FYE Mar 2026	471	n/a

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

Share price year-end close

FYE Mar 2026 4,002¥

Change · 10 yrs +1,168¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,834	n/a
FYE Mar 2018	2,476	n/a
FYE Mar 2019	2,341	n/a
FYE Mar 2020	1,856	n/a
FYE Mar 2021	2,910	n/a
FYE Mar 2022	2,020	n/a
FYE Mar 2023	2,275	n/a
FYE Mar 2024	3,242	n/a
FYE Mar 2025	2,688	n/a
FYE Mar 2026	4,002	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 117,614,000shares

Change · 10 yrs −12,396,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	130,010,000	Parent
FYE Mar 2018	130,010,000	Parent
FYE Mar 2019	130,010,000	Parent
FYE Mar 2020	130,010,000	Parent
FYE Mar 2021	130,031,000	Parent
FYE Mar 2022	130,048,000	Parent
FYE Mar 2023	130,071,000	Parent
FYE Mar 2024	127,614,000	Parent
FYE Mar 2025	127,614,000	Parent
FYE Mar 2026	117,614,000	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 494.11¥

Change · 10 yrs +368.69¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	125.42	Cons.
FYE Mar 2018	165.04	Cons.
FYE Mar 2019	180.09	Cons.
FYE Mar 2020	86.74	Cons.
FYE Mar 2021	271.99	Cons.
FYE Mar 2022	180.39	Cons.
FYE Mar 2023	123.62	Cons.
FYE Mar 2024	400.22	Cons.
FYE Mar 2025	286.00	Cons.
FYE Mar 2026	494.11	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 4,437.96¥

Change · 10 yrs +2,016.00¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,421.96	Cons. · Japanese GAAP
FYE Mar 2018	2,529.02	Cons. · Japanese GAAP
FYE Mar 2019	2,616.73	Cons. · IFRS
FYE Mar 2020	2,460.32	Cons. · IFRS
FYE Mar 2021	2,781.73	Cons. · IFRS
FYE Mar 2022	3,035.92	Cons. · IFRS
FYE Mar 2023	3,155.66	Cons. · IFRS
FYE Mar 2024	3,745.21	Cons. · IFRS
FYE Mar 2025	3,893.36	Cons. · IFRS
FYE Mar 2026	4,437.96	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 8.10×

Average · 10 yrs 13.79×

Fiscal year	PER ×	Basis
FYE Mar 2017	22.60	Cons.
FYE Mar 2018	15.00	Cons.
FYE Mar 2019	13.00	Cons.
FYE Mar 2020	21.40	Cons.
FYE Mar 2021	10.70	Cons.
FYE Mar 2022	11.20	Cons.
FYE Mar 2023	18.40	Cons.
FYE Mar 2024	8.10	Cons.
FYE Mar 2025	9.40	Cons.
FYE Mar 2026	8.10	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 0.82×

Average · 10 yrs 0.81×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.12	Cons.
FYE Mar 2018	0.94	Cons.
FYE Mar 2019	0.86	Cons.
FYE Mar 2020	0.70	Cons.
FYE Mar 2021	0.96	Cons.
FYE Mar 2022	0.61	Cons.
FYE Mar 2023	0.66	Cons.
FYE Mar 2024	0.79	Cons.
FYE Mar 2025	0.63	Cons.
FYE Mar 2026	0.82	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 41,304people

Change · 10 yrs +4,625 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	36,679	n/a	Cons.
FYE Mar 2018	38,234	+4.2%	Cons.
FYE Mar 2019	39,429	+3.1%	Cons.
FYE Mar 2020	39,403	−0.1%	Cons.
FYE Mar 2021	38,823	−1.5%	Cons.
FYE Mar 2022	39,511	+1.8%	Cons.
FYE Mar 2023	38,942	−1.4%	Cons.
FYE Mar 2024	38,951	−0.0%	Cons.
FYE Mar 2025	39,192	+0.6%	Cons.
FYE Mar 2026	41,304	+5.4%	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 6,657people

Change · 10 yrs +188 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	6,469	n/a	Parent
FYE Mar 2018	6,485	+0.2%	Parent
FYE Mar 2019	6,638	+2.4%	Parent
FYE Mar 2020	6,366	−4.1%	Parent
FYE Mar 2021	6,526	+2.5%	Parent
FYE Mar 2022	6,676	+2.3%	Parent
FYE Mar 2023	6,733	+0.9%	Parent
FYE Mar 2024	6,688	−0.7%	Parent
FYE Mar 2025	6,635	−0.8%	Parent
FYE Mar 2026	6,657	+0.3%	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 745万円

Change · 8 yrs +81万円

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	665	n/a	Parent
FYE Mar 2020	641	−3.6%	Parent
FYE Mar 2021	643	+0.2%	Parent
FYE Mar 2022	638	−0.7%	Parent
FYE Mar 2023	659	+3.3%	Parent
FYE Mar 2024	687	+4.3%	Parent
FYE Mar 2025	731	+6.3%	Parent
FYE Mar 2026	745	+2.0%	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 44.1years

Change · 8 yrs +1.8 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	42.3	n/a	Parent
FYE Mar 2020	42.1	−0.5%	Parent
FYE Mar 2021	41.9	−0.5%	Parent
FYE Mar 2022	42.0	+0.2%	Parent
FYE Mar 2023	42.8	+1.9%	Parent
FYE Mar 2024	43.3	+1.2%	Parent
FYE Mar 2025	43.7	+0.9%	Parent
FYE Mar 2026	44.1	+0.9%	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 20.2years

Change · 8 yrs +1.8 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	18.4	n/a	Parent
FYE Mar 2020	18.3	−0.5%	Parent
FYE Mar 2021	18.0	−1.6%	Parent
FYE Mar 2022	18.1	+0.6%	Parent
FYE Mar 2023	19.2	+6.1%	Parent
FYE Mar 2024	19.5	+1.6%	Parent
FYE Mar 2025	19.9	+2.1%	Parent
FYE Mar 2026	20.2	+1.5%	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 7,323people

Change · 10 yrs +245 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	7,078	n/a	n/a
FYE Mar 2018	7,536	+6.5%	n/a
FYE Mar 2019	6,814	−9.6%	n/a
FYE Mar 2020	5,880	−13.7%	n/a
FYE Mar 2021	7,399	+25.8%	n/a
FYE Mar 2022	7,322	−1.0%	n/a
FYE Mar 2023	7,577	+3.5%	n/a
FYE Mar 2024	7,581	+0.1%	n/a
FYE Mar 2025	7,088	−6.5%	n/a
FYE Mar 2026	7,323	+3.3%	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 ¥27.8m

Change · 10 yrs +¥7.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	20.6	n/a	Cons.
FYE Mar 2018	21.1	+2.6%	Cons.
FYE Mar 2019	21.3	n/a	Cons.
FYE Mar 2020	20.6	−3.2%	Cons.
FYE Mar 2021	18.6	−9.9%	Cons.
FYE Mar 2022	21.0	+13.1%	Cons.
FYE Mar 2023	24.4	+16.3%	Cons.
FYE Mar 2024	27.5	+12.5%	Cons.
FYE Mar 2025	27.0	−1.7%	Cons.
FYE Mar 2026	27.8	+2.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.9m

Change · 10 yrs +¥0.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons.
FYE Mar 2018	0.9	−17.0%	Cons.
FYE Mar 2019	0.9	n/a	Cons.
FYE Mar 2020	0.5	−51.0%	Cons.
FYE Mar 2021	0.9	+107.0%	Cons.
FYE Mar 2022	0.9	−8.0%	Cons.
FYE Mar 2023	0.9	+4.1%	Cons.
FYE Mar 2024	1.7	+93.0%	Cons.
FYE Mar 2025	1.5	−12.2%	Cons.
FYE Mar 2026	1.9	+26.1%	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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