Financials

Shimano: FYE Dec 2025 and ten years of results (51 metrics)

FYE Dec 2025 · Revenue¥466bnYoY +3.4%

FYE Dec 2025 · Operating profit¥52bnYoY −20.6%

FYE Dec 2025 · Net profit¥34bnYoY −55.5%

FYE Dec 2025 · Equity ratio92.5%YoY +0.5pp

FYE Dec 2025 · Group employees10,242YoY +112

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥323bn	n/a	¥65bn	n/a	20.0%	¥51bn	Shimano Yozo	New Shimonoseki plant
FYE Dec 2017Consolidated	¥336bn	+4.0%	¥64bn	−0.3%	19.2%	¥38bn	Shimano Yozo	—
FYE Dec 2018Consolidated	¥348bn	+3.6%	¥66bn	+2.1%	18.9%	¥54bn	Shimano Yozo	—
FYE Dec 2019Consolidated	¥363bn	+4.4%	¥68bn	+3.5%	18.7%	¥52bn	Shimano Yozo	—
FYE Dec 2020Consolidated	¥378bn	+4.1%	¥83bn	+21.6%	21.9%	¥63bn	Shimano Yozo	—
FYE Dec 2021Consolidated	¥547bn	+44.6%	¥148bn	+79.3%	27.1%	¥116bn	Shimano Yozo	Centenary; Taizo Shimano becomes president (6th generation)
FYE Dec 2022Consolidated	¥629bn	+15.1%	¥169bn	+14.1%	26.9%	¥128bn	Shimano Taizo	Sales peak at <span class="en-history_money" data-yen="628800000000" data-year="2022">$4.8B (¥629bn)</span>
FYE Dec 2023Consolidated	¥474bn	−24.6%	¥84bn	−50.5%	17.6%	¥61bn	Shimano Taizo	—
FYE Dec 2024Consolidated	¥451bn	−4.9%	¥65bn	−22.2%	14.4%	¥76bn	Shimano Taizo	Inventory-adjustment trough; sales <span class="en-history_money" data-yen="451000000000" data-year="2024">$3.0B (¥451bn)</span>
FYE Dec 2025Consolidated	¥466bn	+3.4%	¥52bn	−20.6%	11.1%	¥34bn	Shimano Taizo	New Sakai head-office building

How it compares

Minebea Mitsumi¥1.66tnFY2025Operating margin 6.2%

Shimano¥466bnFY2025Operating margin 11.1%

Misumi Group¥441bnFY2025Operating margin 10.8%

NABTESCO CORPORATION¥308bnFY2025Operating margin 6.7%

TSUBAKIMOTO CHAIN CO.¥296bnFY2025Operating margin 7.3%

THK¥240bnFY2025Operating margin 6.0%

NIKKISO CO., LTD.¥216bnFY2025Operating margin 7.1%

Harmonic Drive Systems Inc.¥60bnFY2025Operating margin 4.3%

PILLAR Corporation¥59bnFY2025Operating margin 20.4%

Union Tool¥40bnFY2025Operating margin 21.7%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥466bn

CAGR · 10 yrs +4.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	323	n/a	Cons. · Japanese GAAP
FYE Dec 2017	336	+4.0%	Cons. · Japanese GAAP
FYE Dec 2018	348	+3.6%	Cons. · Japanese GAAP
FYE Dec 2019	363	+4.4%	Cons. · Japanese GAAP
FYE Dec 2020	378	+4.1%	Cons. · Japanese GAAP
FYE Dec 2021	547	+44.6%	Cons. · Japanese GAAP
FYE Dec 2022	629	+15.1%	Cons. · Japanese GAAP
FYE Dec 2023	474	−24.6%	Cons. · Japanese GAAP
FYE Dec 2024	451	−4.9%	Cons. · Japanese GAAP
FYE Dec 2025	466	+3.4%	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 Dec 2025 ¥300bn

CAGR · 10 yrs +5.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	191	n/a	Cons. · Japanese GAAP
FYE Dec 2017	198	+3.6%	Cons. · Japanese GAAP
FYE Dec 2018	211	+6.6%	Cons. · Japanese GAAP
FYE Dec 2019	223	+5.3%	Cons. · Japanese GAAP
FYE Dec 2020	225	+1.0%	Cons. · Japanese GAAP
FYE Dec 2021	315	+40.1%	Cons. · Japanese GAAP
FYE Dec 2022	363	+15.3%	Cons. · Japanese GAAP
FYE Dec 2023	292	−19.7%	Cons. · Japanese GAAP
FYE Dec 2024	279	−4.5%	Cons. · Japanese GAAP
FYE Dec 2025	300	+7.5%	Cons. · Japanese GAAP

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

Gross profit

FYE Dec 2025 ¥167bn

CAGR · 10 yrs +2.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	132	n/a	Cons. · Japanese GAAP
FYE Dec 2017	137	+4.5%	Cons. · Japanese GAAP
FYE Dec 2018	137	−0.6%	Cons. · Japanese GAAP
FYE Dec 2019	141	+2.9%	Cons. · Japanese GAAP
FYE Dec 2020	153	+8.9%	Cons. · Japanese GAAP
FYE Dec 2021	231	+51.2%	Cons. · Japanese GAAP
FYE Dec 2022	266	+14.8%	Cons. · Japanese GAAP
FYE Dec 2023	183	−31.3%	Cons. · Japanese GAAP
FYE Dec 2024	172	−5.6%	Cons. · Japanese GAAP
FYE Dec 2025	167	−3.3%	Cons. · Japanese GAAP

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 Dec 2025 ¥115bn

CAGR · 10 yrs +6.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	67.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	73.1	+9.1%	Cons. · Japanese GAAP
FYE Dec 2018	70.9	−3.0%	Cons. · Japanese GAAP
FYE Dec 2019	72.6	+2.4%	Cons. · Japanese GAAP
FYE Dec 2020	70.4	−3.0%	Cons. · Japanese GAAP
FYE Dec 2021	83.1	+18.1%	Cons. · Japanese GAAP
FYE Dec 2022	96.5	+16.1%	Cons. · Japanese GAAP
FYE Dec 2023	98.9	+2.5%	Cons. · Japanese GAAP
FYE Dec 2024	107	+8.5%	Cons. · Japanese GAAP
FYE Dec 2025	115	+7.2%	Cons. · Japanese GAAP

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 Dec 2025 ¥52bn

CAGR · 10 yrs −2.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	64.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	64.4	−0.3%	Cons. · Japanese GAAP
FYE Dec 2018	65.7	+2.1%	Cons. · Japanese GAAP
FYE Dec 2019	68.0	+3.5%	Cons. · Japanese GAAP
FYE Dec 2020	82.7	+21.6%	Cons. · Japanese GAAP
FYE Dec 2021	148	+79.3%	Cons. · Japanese GAAP
FYE Dec 2022	169	+14.1%	Cons. · Japanese GAAP
FYE Dec 2023	83.7	−50.5%	Cons. · Japanese GAAP
FYE Dec 2024	65.1	−22.2%	Cons. · Japanese GAAP
FYE Dec 2025	51.7	−20.6%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥20bn

CAGR · 10 yrs +11.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	7.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.2	−54.4%	Cons. · Japanese GAAP
FYE Dec 2018	9.3	+185.7%	Cons. · Japanese GAAP
FYE Dec 2019	5.6	−39.6%	Cons. · Japanese GAAP
FYE Dec 2020	3.2	−42.0%	Cons. · Japanese GAAP
FYE Dec 2021	6.3	+93.8%	Cons. · Japanese GAAP
FYE Dec 2022	11.0	+75.1%	Cons. · Japanese GAAP
FYE Dec 2023	21.9	+98.7%	Cons. · Japanese GAAP
FYE Dec 2024	37.4	+70.8%	Cons. · Japanese GAAP
FYE Dec 2025	19.6	−47.6%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Dec 2025 ¥24bn

CAGR · 10 yrs +34.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.8	+615.2%	Cons. · Japanese GAAP
FYE Dec 2018	1.4	−88.5%	Cons. · Japanese GAAP
FYE Dec 2019	4.1	+204.0%	Cons. · Japanese GAAP
FYE Dec 2020	4.5	+8.2%	Cons. · Japanese GAAP
FYE Dec 2021	2.0	−54.9%	Cons. · Japanese GAAP
FYE Dec 2022	3.6	+78.8%	Cons. · Japanese GAAP
FYE Dec 2023	2.2	−39.4%	Cons. · Japanese GAAP
FYE Dec 2024	3.8	+74.5%	Cons. · Japanese GAAP
FYE Dec 2025	24.2	+535.0%	Cons. · Japanese GAAP

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 Dec 2025 ¥47bn

CAGR · 10 yrs −4.3%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	70.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	55.7	−20.4%	Cons. · Japanese GAAP
FYE Dec 2018	73.6	+32.0%	Cons. · Japanese GAAP
FYE Dec 2019	69.5	−5.6%	Cons. · Japanese GAAP
FYE Dec 2020	81.5	+17.3%	Cons. · Japanese GAAP
FYE Dec 2021	153	+87.3%	Cons. · Japanese GAAP
FYE Dec 2022	177	+15.7%	Cons. · Japanese GAAP
FYE Dec 2023	103	−41.5%	Cons. · Japanese GAAP
FYE Dec 2024	98.7	−4.5%	Cons. · Japanese GAAP
FYE Dec 2025	47.0	−52.3%	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 Dec 2025 ¥9.5bn

CAGR · 5 yrs +87.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	0.8	n/a	Cons. · Japanese GAAP
FYE Dec 2019	2.6	+234.1%	Cons. · Japanese GAAP
FYE Dec 2020	3.6	+41.4%	Cons. · Japanese GAAP
FYE Dec 2021	1.6	−55.0%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	9.5	n/a	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Dec 2025 ¥179m

CAGR · 5 yrs −27.2%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	637	n/a	Cons. · Japanese GAAP
FYE Dec 2020	271	−57.5%	Cons. · Japanese GAAP
FYE Dec 2021	461	+70.1%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	80.0	n/a	Cons. · Japanese GAAP
FYE Dec 2025	179	+123.8%	Cons. · Japanese GAAP

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 Dec 2025 ¥34bn

CAGR · 10 yrs −4.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	51.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	38.4	−24.6%	Cons. · Japanese GAAP
FYE Dec 2018	53.9	+40.3%	Cons. · Japanese GAAP
FYE Dec 2019	51.8	−3.9%	Cons. · Japanese GAAP
FYE Dec 2020	63.5	+22.5%	Cons. · Japanese GAAP
FYE Dec 2021	116	+82.7%	Cons. · Japanese GAAP
FYE Dec 2022	128	+10.6%	Cons. · Japanese GAAP
FYE Dec 2023	61.1	−52.3%	Cons. · Japanese GAAP
FYE Dec 2024	76.3	+24.8%	Cons. · Japanese GAAP
FYE Dec 2025	34.0	−55.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 35.7%

Average · 10 yrs 39.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	40.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	40.9	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	39.2	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2019	38.7	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	40.5	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2021	42.3	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2022	42.2	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	38.5	−3.8pp	Cons. · Japanese GAAP
FYE Dec 2024	38.2	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	35.7	−2.5pp	Cons. · Japanese GAAP

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Dec 2025 11.1%

Average · 10 yrs 19.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	20.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.2	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	18.9	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	18.7	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2020	21.9	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2021	27.1	+5.3pp	Cons. · Japanese GAAP
FYE Dec 2022	26.9	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	17.6	−9.3pp	Cons. · Japanese GAAP
FYE Dec 2024	14.4	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2025	11.1	−3.3pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 10.1%

Average · 10 yrs 21.0%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	21.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.6	−5.1pp	Cons. · Japanese GAAP
FYE Dec 2018	21.1	+4.5pp	Cons. · Japanese GAAP
FYE Dec 2019	19.1	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2020	21.6	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2021	27.9	+6.4pp	Cons. · Japanese GAAP
FYE Dec 2022	28.1	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	21.8	−6.3pp	Cons. · Japanese GAAP
FYE Dec 2024	21.9	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	10.1	−11.8pp	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 Dec 2025 7.3%

Average · 10 yrs 15.2%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	15.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.4	−4.3pp	Cons. · Japanese GAAP
FYE Dec 2018	15.5	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2019	14.3	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2020	16.8	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2021	21.2	+4.4pp	Cons. · Japanese GAAP
FYE Dec 2022	20.4	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2023	12.9	−7.5pp	Cons. · Japanese GAAP
FYE Dec 2024	16.9	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2025	7.3	−9.6pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 64.3%

Average · 10 yrs 60.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	59.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	59.1	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	60.8	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2019	61.3	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	59.5	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2021	57.7	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2022	57.8	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	61.5	+3.8pp	Cons. · Japanese GAAP
FYE Dec 2024	61.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	64.3	+2.5pp	Cons. · Japanese GAAP

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

SG&A ratio

FYE Dec 2025 24.7%

Average · 10 yrs 20.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	20.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	21.8	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2018	20.4	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2019	20.0	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	18.6	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	15.2	−3.4pp	Cons. · Japanese GAAP
FYE Dec 2022	15.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	20.8	+5.5pp	Cons. · Japanese GAAP
FYE Dec 2024	23.8	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2025	24.7	+0.9pp	Cons. · Japanese GAAP

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 Dec 2025 ¥938bn

CAGR · 10 yrs +8.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	444	n/a	Cons. · Japanese GAAP
FYE Dec 2017	489	+10.1%	Cons. · Japanese GAAP
FYE Dec 2018	504	+3.1%	Cons. · Japanese GAAP
FYE Dec 2019	539	+6.9%	Cons. · Japanese GAAP
FYE Dec 2020	590	+9.6%	Cons. · Japanese GAAP
FYE Dec 2021	705	+19.5%	Cons. · Japanese GAAP
FYE Dec 2022	826	+17.2%	Cons. · Japanese GAAP
FYE Dec 2023	872	+5.5%	Cons. · Japanese GAAP
FYE Dec 2024	959	+10.0%	Cons. · Japanese GAAP
FYE Dec 2025	938	−2.2%	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 Dec 2025 ¥868bn

CAGR · 10 yrs +9.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	391	n/a	Cons. · Japanese GAAP
FYE Dec 2017	430	+10.2%	Cons. · Japanese GAAP
FYE Dec 2018	453	+5.3%	Cons. · Japanese GAAP
FYE Dec 2019	489	+7.9%	Cons. · Japanese GAAP
FYE Dec 2020	529	+8.2%	Cons. · Japanese GAAP
FYE Dec 2021	616	+16.4%	Cons. · Japanese GAAP
FYE Dec 2022	740	+20.1%	Cons. · Japanese GAAP
FYE Dec 2023	801	+8.2%	Cons. · Japanese GAAP
FYE Dec 2024	882	+10.1%	Cons. · Japanese GAAP
FYE Dec 2025	868	−1.6%	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 Dec 2025 n/a

Average · 8 yrs ¥3.4bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	9.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.6	−4.4%	Cons. · Japanese GAAP
FYE Dec 2018	1.1	−87.4%	Cons. · Japanese GAAP
FYE Dec 2019	3.2	+192.3%	Cons. · Japanese GAAP
FYE Dec 2020	0.0	−99.4%	Cons. · Japanese GAAP
FYE Dec 2021	3.1	+15575.0%	Cons. · Japanese GAAP
FYE Dec 2022	2.2	−31.4%	Cons. · Japanese GAAP
FYE Dec 2023	0.0	−100.0%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	n/a	n/a	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 n/a

CAGR · 7 yrs −18.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	7.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.6	+1.3%	Cons. · Japanese GAAP
FYE Dec 2018	0.6	−92.0%	Cons. · Japanese GAAP
FYE Dec 2019	3.2	+426.1%	Cons. · Japanese GAAP
FYE Dec 2020	0.0	−99.7%	Cons. · Japanese GAAP
FYE Dec 2021	3.1	+34711.1%	Cons. · Japanese GAAP
FYE Dec 2022	2.2	−31.3%	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	n/a	n/a	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Dec 2025 n/a

CAGR · 6 yrs −73.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	1.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.0	−32.6%	Cons. · Japanese GAAP
FYE Dec 2018	0.5	−52.2%	Cons. · Japanese GAAP
FYE Dec 2019	0.0	−99.8%	Cons. · Japanese GAAP
FYE Dec 2020	0.0	+1000.0%	Cons. · Japanese GAAP
FYE Dec 2021	0.0	−81.8%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	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 Dec 2025 ¥29bn

CAGR · 10 yrs +7.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	16.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.0	+0.3%	Cons. · Japanese GAAP
FYE Dec 2018	14.7	−8.6%	Cons. · Japanese GAAP
FYE Dec 2019	13.6	−7.1%	Cons. · Japanese GAAP
FYE Dec 2020	15.2	+12.0%	Cons. · Japanese GAAP
FYE Dec 2021	16.1	+5.8%	Cons. · Japanese GAAP
FYE Dec 2022	19.8	+23.0%	Cons. · Japanese GAAP
FYE Dec 2023	22.0	+10.8%	Cons. · Japanese GAAP
FYE Dec 2024	25.0	+13.5%	Cons. · Japanese GAAP
FYE Dec 2025	29.3	+17.5%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥1.5bn

CAGR · 10 yrs −14.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	5.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.4	−7.3%	Cons. · Japanese GAAP
FYE Dec 2018	4.4	−18.1%	Cons. · Japanese GAAP
FYE Dec 2019	3.9	−11.9%	Cons. · Japanese GAAP
FYE Dec 2020	3.6	−7.6%	Cons. · Japanese GAAP
FYE Dec 2021	3.3	−8.8%	Cons. · Japanese GAAP
FYE Dec 2022	3.1	−6.4%	Cons. · Japanese GAAP
FYE Dec 2023	1.9	−38.1%	Cons. · Japanese GAAP
FYE Dec 2024	1.7	−12.5%	Cons. · Japanese GAAP
FYE Dec 2025	1.5	−12.4%	Cons. · Japanese GAAP

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 Dec 2025 92.5%

Average · 10 yrs 90.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	88.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	88.0	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	90.0	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2019	90.8	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	89.6	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2021	87.3	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2022	89.6	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2023	91.9	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2024	92.0	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	92.5	+0.5pp	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 Dec 2025 n/a

Average · 8 yrs 0.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	2.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.0	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2018	0.2	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	0.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	0.0	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2021	0.5	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	0.3	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	0.0	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	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 Dec 2025 3.9%

Average · 10 yrs 11.3%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	13.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.9	−4.1pp	Cons. · Japanese GAAP
FYE Dec 2018	11.9	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2019	10.6	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2020	12.0	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	18.8	+6.8pp	Cons. · Japanese GAAP
FYE Dec 2022	17.3	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2023	7.6	−9.7pp	Cons. · Japanese GAAP
FYE Dec 2024	8.7	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	3.9	−4.7pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 3.6%

Average · 10 yrs 10.1%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	11.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.9	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2018	10.7	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2019	9.6	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2020	10.8	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2021	16.4	+5.7pp	Cons. · Japanese GAAP
FYE Dec 2022	15.5	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2023	7.0	−8.5pp	Cons. · Japanese GAAP
FYE Dec 2024	8.0	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	3.6	−4.3pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.50×

CAGR · 10 yrs −4.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.73	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.69	−5.6%	Cons. · Japanese GAAP
FYE Dec 2018	0.69	+0.5%	Cons. · Japanese GAAP
FYE Dec 2019	0.67	−2.4%	Cons. · Japanese GAAP
FYE Dec 2020	0.64	−5.0%	Cons. · Japanese GAAP
FYE Dec 2021	0.77	+21.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.76	−1.8%	Cons. · Japanese GAAP
FYE Dec 2023	0.54	−28.5%	Cons. · Japanese GAAP
FYE Dec 2024	0.47	−13.6%	Cons. · Japanese GAAP
FYE Dec 2025	0.50	+5.7%	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 Dec 2025 ¥64bn

CAGR · 10 yrs −0.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	64.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	69.3	+8.2%	Cons. · Japanese GAAP
FYE Dec 2018	49.6	−28.4%	Cons. · Japanese GAAP
FYE Dec 2019	67.9	+36.9%	Cons. · Japanese GAAP
FYE Dec 2020	91.1	+34.1%	Cons. · Japanese GAAP
FYE Dec 2021	112	+23.5%	Cons. · Japanese GAAP
FYE Dec 2022	111	−1.6%	Cons. · Japanese GAAP
FYE Dec 2023	115	+3.5%	Cons. · Japanese GAAP
FYE Dec 2024	87.0	−24.0%	Cons. · Japanese GAAP
FYE Dec 2025	63.8	−26.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥41bn

Average · 10 yrs -¥29bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-34.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-51.7	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-49.0	n/a	Cons. · Japanese GAAP
FYE Dec 2019	34.4	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-28.3	−182.3%	Cons. · Japanese GAAP
FYE Dec 2021	-20.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-33.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-31.8	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-35.8	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-40.7	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 Dec 2025 -¥80bn

Average · 10 yrs -¥37bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-15.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-15.2	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-21.7	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-12.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-17.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-58.8	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-58.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-44.0	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-49.5	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-80.3	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 Dec 2025 ¥473bn

CAGR · 10 yrs +10.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	196	n/a	Cons. · Japanese GAAP
FYE Dec 2017	200	+1.7%	Cons. · Japanese GAAP
FYE Dec 2018	176	−11.7%	Cons. · Japanese GAAP
FYE Dec 2019	265	+50.1%	Cons. · Japanese GAAP
FYE Dec 2020	300	+13.4%	Cons. · Japanese GAAP
FYE Dec 2021	358	+19.2%	Cons. · Japanese GAAP
FYE Dec 2022	417	+16.6%	Cons. · Japanese GAAP
FYE Dec 2023	482	+15.5%	Cons. · Japanese GAAP
FYE Dec 2024	530	+10.0%	Cons. · Japanese GAAP
FYE Dec 2025	473	−10.8%	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 Dec 2025 ¥23bn

CAGR · 10 yrs −2.9%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	30.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	17.6	−41.3%	Cons. · Japanese GAAP
FYE Dec 2018	0.6	−96.7%	Cons. · Japanese GAAP
FYE Dec 2019	102	+17388.2%	Cons. · Japanese GAAP
FYE Dec 2020	62.7	−38.7%	Cons. · Japanese GAAP
FYE Dec 2021	92.3	+47.2%	Cons. · Japanese GAAP
FYE Dec 2022	77.3	−16.3%	Cons. · Japanese GAAP
FYE Dec 2023	82.8	+7.1%	Cons. · Japanese GAAP
FYE Dec 2024	51.2	−38.1%	Cons. · Japanese GAAP
FYE Dec 2025	23.1	−54.9%	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 Dec 2025 13.7%

Average · 10 yrs 19.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	19.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.6	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	14.2	−6.4pp	Cons. · Japanese GAAP
FYE Dec 2019	18.7	+4.4pp	Cons. · Japanese GAAP
FYE Dec 2020	24.1	+5.4pp	Cons. · Japanese GAAP
FYE Dec 2021	20.6	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2022	17.6	−3.0pp	Cons. · Japanese GAAP
FYE Dec 2023	24.2	+6.6pp	Cons. · Japanese GAAP
FYE Dec 2024	19.3	−4.9pp	Cons. · Japanese GAAP
FYE Dec 2025	13.7	−5.6pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 n/a

CAGR · 8 yrs +14.4%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	187	n/a	Cons. · Japanese GAAP
FYE Dec 2017	191	+2.0%	Cons. · Japanese GAAP
FYE Dec 2018	175	−8.3%	Cons. · Japanese GAAP
FYE Dec 2019	262	+49.2%	Cons. · Japanese GAAP
FYE Dec 2020	300	+14.8%	Cons. · Japanese GAAP
FYE Dec 2021	355	+18.1%	Cons. · Japanese GAAP
FYE Dec 2022	415	+17.1%	Cons. · Japanese GAAP
FYE Dec 2023	482	+16.1%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	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 Dec 2025 ¥1.43tn

Change · 10 yrs −¥272bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,703	n/a
FYE Dec 2017	1,469	n/a
FYE Dec 2018	1,440	n/a
FYE Dec 2019	1,649	n/a
FYE Dec 2020	2,235	n/a
FYE Dec 2021	2,835	n/a
FYE Dec 2022	1,913	n/a
FYE Dec 2023	1,968	n/a
FYE Dec 2024	1,909	n/a
FYE Dec 2025	1,431	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 Dec 2025 16,536¥

Change · 10 yrs −1,826¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	18,362	n/a
FYE Dec 2017	15,841	n/a
FYE Dec 2018	15,533	n/a
FYE Dec 2019	17,781	n/a
FYE Dec 2020	24,102	n/a
FYE Dec 2021	30,689	n/a
FYE Dec 2022	20,982	n/a
FYE Dec 2023	21,860	n/a
FYE Dec 2024	21,419	n/a
FYE Dec 2025	16,536	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 Dec 2025 86,530,000shares

Change · 10 yrs −6,190,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	92,720,000	Parent
FYE Dec 2017	92,720,000	Parent
FYE Dec 2018	92,720,000	Parent
FYE Dec 2019	92,720,000	Parent
FYE Dec 2020	92,720,000	Parent
FYE Dec 2021	92,390,000	Parent
FYE Dec 2022	91,160,000	Parent
FYE Dec 2023	90,022,000	Parent
FYE Dec 2024	89,120,000	Parent
FYE Dec 2025	86,530,000	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 Dec 2025 388.17¥

Change · 10 yrs −161.59¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	549.76	Cons.
FYE Dec 2017	414.69	Cons.
FYE Dec 2018	581.77	Cons.
FYE Dec 2019	559.15	Cons.
FYE Dec 2020	684.71	Cons.
FYE Dec 2021	1,252.62	Cons.
FYE Dec 2022	1,408.22	Cons.
FYE Dec 2023	676.77	Cons.
FYE Dec 2024	853.36	Cons.
FYE Dec 2025	388.17	Cons.

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

BPS book value per share

FYE Dec 2025 10,034.16¥

Change · 10 yrs +5,821.19¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	4,212.97	Cons. · Japanese GAAP
FYE Dec 2017	4,640.99	Cons. · Japanese GAAP
FYE Dec 2018	4,889.11	Cons. · Japanese GAAP
FYE Dec 2019	5,274.86	Cons. · Japanese GAAP
FYE Dec 2020	5,708.44	Cons. · Japanese GAAP
FYE Dec 2021	6,667.30	Cons. · Japanese GAAP
FYE Dec 2022	8,118.79	Cons. · Japanese GAAP
FYE Dec 2023	8,899.67	Cons. · Japanese GAAP
FYE Dec 2024	9,901.23	Cons. · Japanese GAAP
FYE Dec 2025	10,034.16	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 42.60×

Average · 10 yrs 30.47×

Fiscal year	PER ×	Basis
FYE Dec 2016	33.40	Cons.
FYE Dec 2017	38.20	Cons.
FYE Dec 2018	26.70	Cons.
FYE Dec 2019	31.80	Cons.
FYE Dec 2020	35.20	Cons.
FYE Dec 2021	24.50	Cons.
FYE Dec 2022	14.90	Cons.
FYE Dec 2023	32.30	Cons.
FYE Dec 2024	25.10	Cons.
FYE Dec 2025	42.60	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 Dec 2025 1.65×

Average · 10 yrs 3.19×

Fiscal year	PBR ×	Basis
FYE Dec 2016	4.36	Cons.
FYE Dec 2017	3.41	Cons.
FYE Dec 2018	3.18	Cons.
FYE Dec 2019	3.37	Cons.
FYE Dec 2020	4.22	Cons.
FYE Dec 2021	4.58	Cons.
FYE Dec 2022	2.57	Cons.
FYE Dec 2023	2.45	Cons.
FYE Dec 2024	2.16	Cons.
FYE Dec 2025	1.65	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 Dec 2025 10,242people

Change · 10 yrs −1,666 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	11,908	n/a	Cons.
FYE Dec 2017	11,829	−0.7%	Cons.
FYE Dec 2018	11,600	−1.9%	Cons.
FYE Dec 2019	11,380	−1.9%	Cons.
FYE Dec 2020	12,244	+7.6%	Cons.
FYE Dec 2021	13,179	+7.6%	Cons.
FYE Dec 2022	11,364	−13.8%	Cons.
FYE Dec 2023	9,703	−14.6%	Cons.
FYE Dec 2024	10,130	+4.4%	Cons.
FYE Dec 2025	10,242	+1.1%	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 Dec 2025 1,779people

Change · 10 yrs +521 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	1,258	n/a	Parent
FYE Dec 2017	1,299	+3.3%	Parent
FYE Dec 2018	1,345	+3.5%	Parent
FYE Dec 2019	1,379	+2.5%	Parent
FYE Dec 2020	1,442	+4.6%	Parent
FYE Dec 2021	1,507	+4.5%	Parent
FYE Dec 2022	1,620	+7.5%	Parent
FYE Dec 2023	1,651	+1.9%	Parent
FYE Dec 2024	1,748	+5.9%	Parent
FYE Dec 2025	1,779	+1.8%	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 Dec 2025 ¥9.0m

Change · 7 yrs +¥0.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	8.1	n/a	Parent
FYE Dec 2020	7.9	−2.3%	Parent
FYE Dec 2021	8.5	+8.1%	Parent
FYE Dec 2022	8.7	+2.5%	Parent
FYE Dec 2023	8.5	−2.9%	Parent
FYE Dec 2024	8.6	+1.1%	Parent
FYE Dec 2025	9.0	+5.0%	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 Dec 2025 41.6years

Change · 7 yrs +1.8 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	39.8	n/a	Parent
FYE Dec 2020	39.9	+0.3%	Parent
FYE Dec 2021	40.2	+0.8%	Parent
FYE Dec 2022	40.6	+1.0%	Parent
FYE Dec 2023	41.3	+1.7%	Parent
FYE Dec 2024	41.3	−0.0%	Parent
FYE Dec 2025	41.6	+0.7%	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 Dec 2025 13.8years

Change · 7 yrs −0.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	14.4	n/a	Parent
FYE Dec 2020	14.1	−2.1%	Parent
FYE Dec 2021	14.2	+0.7%	Parent
FYE Dec 2022	13.6	−4.2%	Parent
FYE Dec 2023	14.2	+4.4%	Parent
FYE Dec 2024	13.8	−2.8%	Parent
FYE Dec 2025	13.8	−0.0%	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 Dec 2025 3,133people

Change · 10 yrs +1,159 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	1,974	n/a	n/a
FYE Dec 2017	1,830	−7.3%	n/a
FYE Dec 2018	2,241	+22.5%	n/a
FYE Dec 2019	2,238	−0.1%	n/a
FYE Dec 2020	2,175	−2.8%	n/a
FYE Dec 2021	1,809	−16.8%	n/a
FYE Dec 2022	3,723	+105.8%	n/a
FYE Dec 2023	3,537	−5.0%	n/a
FYE Dec 2024	3,184	−10.0%	n/a
FYE Dec 2025	3,133	−1.6%	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 Dec 2025 ¥45.5m

Change · 10 yrs +¥18.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	27.1	n/a	Cons.
FYE Dec 2017	28.4	+4.7%	Cons.
FYE Dec 2018	30.0	+5.7%	Cons.
FYE Dec 2019	31.9	+6.4%	Cons.
FYE Dec 2020	30.9	−3.3%	Cons.
FYE Dec 2021	41.5	+34.3%	Cons.
FYE Dec 2022	55.3	+33.5%	Cons.
FYE Dec 2023	48.9	−11.7%	Cons.
FYE Dec 2024	44.5	−8.9%	Cons.
FYE Dec 2025	45.5	+2.3%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥5.0m

Change · 10 yrs −¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons.
FYE Dec 2017	5.4	+0.4%	Cons.
FYE Dec 2018	5.7	+4.1%	Cons.
FYE Dec 2019	6.0	+5.5%	Cons.
FYE Dec 2020	6.8	+13.0%	Cons.
FYE Dec 2021	11.3	+66.6%	Cons.
FYE Dec 2022	14.9	+32.3%	Cons.
FYE Dec 2023	8.6	−42.1%	Cons.
FYE Dec 2024	6.4	−25.5%	Cons.
FYE Dec 2025	5.0	−21.5%	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 →

Data API

Shimano’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/7309/company.json ·/api/7309/history.json ·/api/7309/ceo.json ·/api/7309/financials.json ·/api/7309/financials/segment.json ·/api/7309/financials/pl.json ·/api/7309/financials/cf.json ·/api/7309/financials/bs.json ·/api/7309/financials/employee.json ·/api/7309/financials/stock.json ·/api/7309/financials.csv ·/api/7309/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json