Financials

Olympus: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥1.01tnYoY +1.3%

FYE Mar 2026 · Operating profit¥97bnYoY −40.2%

FYE Mar 2026 · Net profit¥68bnYoY −42.2%

FYE Mar 2026 · Equity ratio52.8%YoY +0.4pp

FYE Mar 2026 · Group employees28,138YoY −1,159

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥748bn	n/a	¥76bn	n/a	10.2%	¥71bn	Sasa Hiroyuki	—
FYE Mar 2018Consolidated	¥786bn	+5.1%	¥81bn	+5.9%	10.3%	¥46bn	Sasa Hiroyuki	—
FYE Mar 2019Consolidated	¥794bn	+0.9%	¥28bn	−65.1%	3.6%	¥8.1bn	Sasa Hiroyuki	ValueAct files a large-shareholding report on Olympus
FYE Mar 2020Consolidated	¥755bn	−4.9%	¥92bn	+226.0%	12.2%	¥52bn	Sasa Hiroyuki	Concentrated investment in the global medical business is decided
FYE Mar 2021Consolidated	¥731bn	−3.3%	¥82bn	−11.1%	11.2%	¥13bn	Takeuchi Yasuo	Withdrawal from the imaging business — camera manufacturing — is announced
FYE Mar 2022Consolidated	¥750bn	+2.7%	¥146bn	+78.3%	19.5%	¥116bn	Takeuchi Yasuo	—
FYE Mar 2023Consolidated	¥882bn	+17.6%	¥187bn	+27.7%	21.2%	¥143bn	Takeuchi Yasuo	—
FYE Mar 2024Consolidated	¥936bn	+6.2%	¥44bn	−76.6%	4.7%	¥243bn	Takeuchi Yasuo	Evident is sold, ending the founding microscope business
FYE Mar 2025Consolidated	¥997bn	+6.5%	¥162bn	+272.6%	16.3%	¥118bn	Stefan Kaufmann	The orthopaedic business is transferred to Polaris Capital Group
FYE Mar 2026Consolidated	¥1.01tn	+1.3%	¥97bn	−40.2%	9.6%	¥68bn	Takeuchi Yasuo	—

How it compares

Terumo¥1.13tnFY2025Operating margin 15.6%

Olympus¥1.01tnFY2025Operating margin 9.6%

Nipro¥661bnFY2025Operating margin 5.7%

FUKUDA DENSHI¥140bnFY2025Operating margin 19.0%

Asahi Intecc¥120bnFY2025Operating margin 25.1%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.01tn

CAGR · 10 yrs +3.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	748	n/a	Cons. · Japanese GAAP
FYE Mar 2018	786	moved to IFRS	Cons. · IFRS
FYE Mar 2019	794	+0.9%	Cons. · IFRS
FYE Mar 2020	755	−4.9%	Cons. · IFRS
FYE Mar 2021	731	−3.3%	Cons. · IFRS
FYE Mar 2022	750	+2.7%	Cons. · IFRS
FYE Mar 2023	882	+17.6%	Cons. · IFRS
FYE Mar 2024	936	+6.2%	Cons. · IFRS
FYE Mar 2025	997	+6.5%	Cons. · IFRS
FYE Mar 2026	1,011	+1.3%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥357bn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	257	n/a	Cons. · Japanese GAAP
FYE Mar 2018	276	moved to IFRS	Cons. · IFRS
FYE Mar 2019	284	+3.0%	Cons. · IFRS
FYE Mar 2020	272	−4.2%	Cons. · IFRS
FYE Mar 2021	271	−0.5%	Cons. · IFRS
FYE Mar 2022	243	−10.2%	Cons. · IFRS
FYE Mar 2023	285	+17.1%	Cons. · IFRS
FYE Mar 2024	311	+9.1%	Cons. · IFRS
FYE Mar 2025	314	+0.8%	Cons. · IFRS
FYE Mar 2026	357	+13.7%	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 ¥654bn

CAGR · 10 yrs +3.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	491	n/a	Cons. · Japanese GAAP
FYE Mar 2018	510	moved to IFRS	Cons. · IFRS
FYE Mar 2019	510	−0.2%	Cons. · IFRS
FYE Mar 2020	483	−5.3%	Cons. · IFRS
FYE Mar 2021	460	−4.8%	Cons. · IFRS
FYE Mar 2022	507	+10.3%	Cons. · IFRS
FYE Mar 2023	597	+17.8%	Cons. · IFRS
FYE Mar 2024	618	+3.6%	Cons. · IFRS
FYE Mar 2025	684	+10.6%	Cons. · IFRS
FYE Mar 2026	654	−4.3%	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 ¥507bn

CAGR · 10 yrs +2.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	415	n/a	Cons. · Japanese GAAP
FYE Mar 2018	427	moved to IFRS	Cons. · IFRS
FYE Mar 2019	438	+2.6%	Cons. · IFRS
FYE Mar 2020	381	−12.9%	Cons. · IFRS
FYE Mar 2021	357	−6.3%	Cons. · IFRS
FYE Mar 2022	358	+0.1%	Cons. · IFRS
FYE Mar 2023	421	+17.6%	Cons. · IFRS
FYE Mar 2024	473	+12.5%	Cons. · IFRS
FYE Mar 2025	496	+4.7%	Cons. · IFRS
FYE Mar 2026	507	+2.3%	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 ¥97bn

CAGR · 10 yrs +2.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	76.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	28.3	−65.1%	Cons. · IFRS
FYE Mar 2020	92.2	+226.0%	Cons. · IFRS
FYE Mar 2021	82.0	−11.1%	Cons. · IFRS
FYE Mar 2022	146	+78.3%	Cons. · IFRS
FYE Mar 2023	187	+27.7%	Cons. · IFRS
FYE Mar 2024	43.6	−76.6%	Cons. · IFRS
FYE Mar 2025	162	+272.6%	Cons. · IFRS
FYE Mar 2026	97.1	−40.2%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥6.2bn

CAGR · 10 yrs +4.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	2.2	−18.7%	Cons. · IFRS
FYE Mar 2020	1.8	−19.1%	Cons. · IFRS
FYE Mar 2021	1.2	−32.4%	Cons. · IFRS
FYE Mar 2022	1.4	+13.2%	Cons. · IFRS
FYE Mar 2023	3.9	+185.7%	Cons. · IFRS
FYE Mar 2024	2.5	−34.7%	Cons. · IFRS
FYE Mar 2025	3.4	+36.9%	Cons. · IFRS
FYE Mar 2026	6.2	+78.9%	Cons. · IFRS

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

Non-operating expenses

FYE Mar 2026 ¥9.3bn

CAGR · 10 yrs −7.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	18.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	10.3	+46.8%	Cons. · IFRS
FYE Mar 2020	7.3	−29.0%	Cons. · IFRS
FYE Mar 2021	6.4	−13.3%	Cons. · IFRS
FYE Mar 2022	5.8	−8.3%	Cons. · IFRS
FYE Mar 2023	8.2	+40.0%	Cons. · IFRS
FYE Mar 2024	10.3	+25.9%	Cons. · IFRS
FYE Mar 2025	6.8	−33.6%	Cons. · IFRS
FYE Mar 2026	9.3	+35.9%	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 ¥68bn

CAGR · 10 yrs −0.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	71.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	8.1	−82.4%	Cons. · IFRS
FYE Mar 2020	51.7	+534.2%	Cons. · IFRS
FYE Mar 2021	12.9	−75.0%	Cons. · IFRS
FYE Mar 2022	116	+796.0%	Cons. · IFRS
FYE Mar 2023	143	+23.9%	Cons. · IFRS
FYE Mar 2024	243	+69.1%	Cons. · IFRS
FYE Mar 2025	118	−51.4%	Cons. · IFRS
FYE Mar 2026	68.2	−42.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 64.7%

Average · 10 yrs 65.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	65.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	64.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	64.2	−0.7pp	Cons. · IFRS
FYE Mar 2020	63.9	−0.3pp	Cons. · IFRS
FYE Mar 2021	62.9	−1.0pp	Cons. · IFRS
FYE Mar 2022	67.5	+4.6pp	Cons. · IFRS
FYE Mar 2023	67.7	+0.1pp	Cons. · IFRS
FYE Mar 2024	66.1	−1.6pp	Cons. · IFRS
FYE Mar 2025	68.6	+2.5pp	Cons. · IFRS
FYE Mar 2026	64.7	−3.8pp	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 9.6%

Average · 10 yrs 11.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	10.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	3.6	−6.7pp	Cons. · IFRS
FYE Mar 2020	12.2	+8.6pp	Cons. · IFRS
FYE Mar 2021	11.2	−1.0pp	Cons. · IFRS
FYE Mar 2022	19.5	+8.3pp	Cons. · IFRS
FYE Mar 2023	21.2	+1.7pp	Cons. · IFRS
FYE Mar 2024	4.7	−16.5pp	Cons. · IFRS
FYE Mar 2025	16.3	+11.6pp	Cons. · IFRS
FYE Mar 2026	9.6	−6.7pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 6.7%

Average · 10 yrs 10.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	9.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.0	−4.8pp	Cons. · IFRS
FYE Mar 2020	6.8	+5.8pp	Cons. · IFRS
FYE Mar 2021	1.8	−5.1pp	Cons. · IFRS
FYE Mar 2022	15.4	+13.7pp	Cons. · IFRS
FYE Mar 2023	16.3	+0.8pp	Cons. · IFRS
FYE Mar 2024	25.9	+9.6pp	Cons. · IFRS
FYE Mar 2025	11.8	−14.1pp	Cons. · IFRS
FYE Mar 2026	6.7	−5.1pp	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 35.3%

Average · 10 yrs 34.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	34.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	35.8	+0.7pp	Cons. · IFRS
FYE Mar 2020	36.1	+0.3pp	Cons. · IFRS
FYE Mar 2021	37.1	+1.0pp	Cons. · IFRS
FYE Mar 2022	32.5	−4.6pp	Cons. · IFRS
FYE Mar 2023	32.3	−0.1pp	Cons. · IFRS
FYE Mar 2024	33.2	+0.9pp	Cons. · IFRS
FYE Mar 2025	31.4	−1.8pp	Cons. · IFRS
FYE Mar 2026	35.3	+3.8pp	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 50.2%

Average · 10 yrs 51.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	55.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	55.1	+0.9pp	Cons. · IFRS
FYE Mar 2020	50.5	−4.6pp	Cons. · IFRS
FYE Mar 2021	48.9	−1.6pp	Cons. · IFRS
FYE Mar 2022	47.7	−1.2pp	Cons. · IFRS
FYE Mar 2023	47.7	−0.0pp	Cons. · IFRS
FYE Mar 2024	50.5	+2.9pp	Cons. · IFRS
FYE Mar 2025	49.7	−0.8pp	Cons. · IFRS
FYE Mar 2026	50.2	+0.5pp	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 ¥1.54tn

CAGR · 10 yrs +5.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	939	n/a	Cons. · Japanese GAAP
FYE Mar 2018	968	moved to IFRS	Cons. · IFRS
FYE Mar 2019	932	−3.7%	Cons. · IFRS
FYE Mar 2020	1,016	+9.0%	Cons. · IFRS
FYE Mar 2021	1,183	+16.5%	Cons. · IFRS
FYE Mar 2022	1,358	+14.7%	Cons. · IFRS
FYE Mar 2023	1,509	+11.1%	Cons. · IFRS
FYE Mar 2024	1,534	+1.7%	Cons. · IFRS
FYE Mar 2025	1,433	−6.6%	Cons. · IFRS
FYE Mar 2026	1,537	+7.3%	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 ¥812bn

CAGR · 10 yrs +8.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	392	n/a	Cons. · Japanese GAAP
FYE Mar 2018	441	moved to IFRS	Cons. · IFRS
FYE Mar 2019	440	−0.3%	Cons. · IFRS
FYE Mar 2020	370	−16.0%	Cons. · IFRS
FYE Mar 2021	393	+6.4%	Cons. · IFRS
FYE Mar 2022	509	+29.5%	Cons. · IFRS
FYE Mar 2023	639	+25.5%	Cons. · IFRS
FYE Mar 2024	757	+18.5%	Cons. · IFRS
FYE Mar 2025	752	−0.7%	Cons. · IFRS
FYE Mar 2026	812	+8.0%	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 ¥240bn

CAGR · 10 yrs −1.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	261	n/a	Cons. · Japanese GAAP
FYE Mar 2018	248	moved to IFRS	Cons. · IFRS
FYE Mar 2019	181	−26.9%	Cons. · IFRS
FYE Mar 2020	281	+54.9%	Cons. · IFRS
FYE Mar 2021	355	+26.5%	Cons. · IFRS
FYE Mar 2022	386	+8.7%	Cons. · IFRS
FYE Mar 2023	340	−11.9%	Cons. · IFRS
FYE Mar 2024	300	−11.9%	Cons. · IFRS
FYE Mar 2025	229	−23.5%	Cons. · IFRS
FYE Mar 2026	240	+4.6%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥80bn

CAGR · 10 yrs +1.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	68.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	88.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	59.7	−32.8%	Cons. · IFRS
FYE Mar 2020	81.0	+35.7%	Cons. · IFRS
FYE Mar 2021	31.5	−61.1%	Cons. · IFRS
FYE Mar 2022	52.3	+65.8%	Cons. · IFRS
FYE Mar 2023	50.0	−4.4%	Cons. · IFRS
FYE Mar 2024	70.0	+40.1%	Cons. · IFRS
FYE Mar 2025	95.0	+35.7%	Cons. · IFRS
FYE Mar 2026	79.9	−15.9%	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 ¥160bn

CAGR · 10 yrs −3.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	217	n/a	Cons. · Japanese GAAP
FYE Mar 2018	159	moved to IFRS	Cons. · IFRS
FYE Mar 2019	122	−23.6%	Cons. · IFRS
FYE Mar 2020	200	+64.4%	Cons. · IFRS
FYE Mar 2021	324	+62.0%	Cons. · IFRS
FYE Mar 2022	334	+3.1%	Cons. · IFRS
FYE Mar 2023	290	−13.1%	Cons. · IFRS
FYE Mar 2024	230	−20.8%	Cons. · IFRS
FYE Mar 2025	134	−41.6%	Cons. · IFRS
FYE Mar 2026	160	+19.1%	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 ¥101bn

CAGR · 10 yrs −2.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	131	n/a	Cons. · Japanese GAAP
FYE Mar 2018	73.4	moved to IFRS	Cons. · IFRS
FYE Mar 2019	69.3	−5.6%	Cons. · IFRS
FYE Mar 2020	74.8	+8.0%	Cons. · IFRS
FYE Mar 2021	105	+40.1%	Cons. · IFRS
FYE Mar 2022	120	+14.8%	Cons. · IFRS
FYE Mar 2023	117	−3.0%	Cons. · IFRS
FYE Mar 2024	92.0	−21.2%	Cons. · IFRS
FYE Mar 2025	94.0	+2.2%	Cons. · IFRS
FYE Mar 2026	101	+7.5%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥194bn

CAGR · 10 yrs +9.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	86.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	97.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	101	+4.1%	Cons. · IFRS
FYE Mar 2020	98.3	−2.8%	Cons. · IFRS
FYE Mar 2021	127	+29.6%	Cons. · IFRS
FYE Mar 2022	164	+29.1%	Cons. · IFRS
FYE Mar 2023	181	+10.2%	Cons. · IFRS
FYE Mar 2024	180	−0.5%	Cons. · IFRS
FYE Mar 2025	180	−0.1%	Cons. · IFRS
FYE Mar 2026	194	+7.8%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 52.8%

Average · 10 yrs 43.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	41.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	45.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	47.2	+1.6pp	Cons. · IFRS
FYE Mar 2020	36.4	−10.8pp	Cons. · IFRS
FYE Mar 2021	33.2	−3.2pp	Cons. · IFRS
FYE Mar 2022	37.5	+4.3pp	Cons. · IFRS
FYE Mar 2023	42.4	+4.9pp	Cons. · IFRS
FYE Mar 2024	49.4	+7.0pp	Cons. · IFRS
FYE Mar 2025	52.5	+3.1pp	Cons. · IFRS
FYE Mar 2026	52.8	+0.4pp	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 29.5%

Average · 10 yrs 55.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	66.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	41.2	−15.0pp	Cons. · IFRS
FYE Mar 2020	76.0	+34.8pp	Cons. · IFRS
FYE Mar 2021	90.4	+14.3pp	Cons. · IFRS
FYE Mar 2022	75.9	−14.5pp	Cons. · IFRS
FYE Mar 2023	53.2	−22.6pp	Cons. · IFRS
FYE Mar 2024	39.6	−13.7pp	Cons. · IFRS
FYE Mar 2025	30.5	−9.1pp	Cons. · IFRS
FYE Mar 2026	29.5	−1.0pp	Cons. · IFRS

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

ROE return on equity

FYE Mar 2026 8.4%

Average · 10 yrs 14.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	18.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.9	−8.6pp	Cons. · IFRS
FYE Mar 2020	14.0	+12.1pp	Cons. · IFRS
FYE Mar 2021	3.3	−10.7pp	Cons. · IFRS
FYE Mar 2022	22.7	+19.5pp	Cons. · IFRS
FYE Mar 2023	22.4	−0.3pp	Cons. · IFRS
FYE Mar 2024	32.0	+9.6pp	Cons. · IFRS
FYE Mar 2025	15.7	−16.4pp	Cons. · IFRS
FYE Mar 2026	8.4	−7.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.4%

Average · 10 yrs 6.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	7.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	0.9	−3.9pp	Cons. · IFRS
FYE Mar 2020	5.1	+4.2pp	Cons. · IFRS
FYE Mar 2021	1.1	−4.0pp	Cons. · IFRS
FYE Mar 2022	8.5	+7.4pp	Cons. · IFRS
FYE Mar 2023	9.5	+1.0pp	Cons. · IFRS
FYE Mar 2024	15.8	+6.3pp	Cons. · IFRS
FYE Mar 2025	8.2	−7.6pp	Cons. · IFRS
FYE Mar 2026	4.4	−3.8pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.66×

CAGR · 10 yrs −2.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.80	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.81	moved to IFRS	Cons. · IFRS
FYE Mar 2019	0.85	+4.8%	Cons. · IFRS
FYE Mar 2020	0.74	−12.7%	Cons. · IFRS
FYE Mar 2021	0.62	−17.0%	Cons. · IFRS
FYE Mar 2022	0.55	−10.5%	Cons. · IFRS
FYE Mar 2023	0.58	+5.8%	Cons. · IFRS
FYE Mar 2024	0.61	+4.4%	Cons. · IFRS
FYE Mar 2025	0.70	+14.1%	Cons. · IFRS
FYE Mar 2026	0.66	−5.5%	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 ¥101bn

CAGR · 10 yrs +0.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	98.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	84.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	66.9	−21.1%	Cons. · IFRS
FYE Mar 2020	134	+99.5%	Cons. · IFRS
FYE Mar 2021	124	−7.1%	Cons. · IFRS
FYE Mar 2022	170	+36.7%	Cons. · IFRS
FYE Mar 2023	98.5	−42.0%	Cons. · IFRS
FYE Mar 2024	42.4	−57.0%	Cons. · IFRS
FYE Mar 2025	190	+349.6%	Cons. · IFRS
FYE Mar 2026	101	−47.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥87bn

Average · 10 yrs -¥22bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-16.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-43.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-60.3	n/a	Cons. · IFRS
FYE Mar 2020	-62.4	n/a	Cons. · IFRS
FYE Mar 2021	-119	n/a	Cons. · IFRS
FYE Mar 2022	-71.0	n/a	Cons. · IFRS
FYE Mar 2023	-58.4	n/a	Cons. · IFRS
FYE Mar 2024	360	n/a	Cons. · IFRS
FYE Mar 2025	-65.5	−118.2%	Cons. · IFRS
FYE Mar 2026	-87.4	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 -¥88bn

Average · 10 yrs -¥92bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-44.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-51.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-82.9	n/a	Cons. · IFRS
FYE Mar 2020	-19.5	n/a	Cons. · IFRS
FYE Mar 2021	40.8	n/a	Cons. · IFRS
FYE Mar 2022	-40.7	−199.7%	Cons. · IFRS
FYE Mar 2023	-143	n/a	Cons. · IFRS
FYE Mar 2024	-276	n/a	Cons. · IFRS
FYE Mar 2025	-212	n/a	Cons. · IFRS
FYE Mar 2026	-87.6	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 ¥188bn

CAGR · 10 yrs −0.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	199	n/a	Cons. · Japanese GAAP
FYE Mar 2018	191	moved to IFRS	Cons. · IFRS
FYE Mar 2019	115	−40.1%	Cons. · IFRS
FYE Mar 2020	163	+42.0%	Cons. · IFRS
FYE Mar 2021	217	+33.7%	Cons. · IFRS
FYE Mar 2022	303	+39.1%	Cons. · IFRS
FYE Mar 2023	206	−32.1%	Cons. · IFRS
FYE Mar 2024	341	+65.9%	Cons. · IFRS
FYE Mar 2025	253	−25.9%	Cons. · IFRS
FYE Mar 2026	188	−25.5%	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 ¥13bn

CAGR · 10 yrs −18.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	81.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	6.6	−84.1%	Cons. · IFRS
FYE Mar 2020	71.1	+969.9%	Cons. · IFRS
FYE Mar 2021	5.2	−92.7%	Cons. · IFRS
FYE Mar 2022	98.7	+1796.9%	Cons. · IFRS
FYE Mar 2023	40.1	−59.4%	Cons. · IFRS
FYE Mar 2024	402	+904.0%	Cons. · IFRS
FYE Mar 2025	125	−68.9%	Cons. · IFRS
FYE Mar 2026	13.2	−89.5%	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 10.0%

Average · 10 yrs 13.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	8.4	−2.4pp	Cons. · IFRS
FYE Mar 2020	17.7	+9.2pp	Cons. · IFRS
FYE Mar 2021	17.0	−0.7pp	Cons. · IFRS
FYE Mar 2022	22.6	+5.6pp	Cons. · IFRS
FYE Mar 2023	11.2	−11.5pp	Cons. · IFRS
FYE Mar 2024	4.5	−6.6pp	Cons. · IFRS
FYE Mar 2025	19.1	+14.6pp	Cons. · IFRS
FYE Mar 2026	10.0	−9.1pp	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 -¥52bn

Average · 10 yrs -¥65bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-61.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-56.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-66.8	n/a	Cons. · IFRS
FYE Mar 2020	-118	n/a	Cons. · IFRS
FYE Mar 2021	-138	n/a	Cons. · IFRS
FYE Mar 2022	-83.6	n/a	Cons. · IFRS
FYE Mar 2023	-135	n/a	Cons. · IFRS
FYE Mar 2024	41.3	n/a	Cons. · IFRS
FYE Mar 2025	23.4	−43.3%	Cons. · IFRS
FYE Mar 2026	-51.5	−320.0%	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 ¥1.66tn

Change · 10 yrs −¥908bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,567	n/a
FYE Mar 2018	1,384	n/a
FYE Mar 2019	1,648	n/a
FYE Mar 2020	2,141	n/a
FYE Mar 2021	3,141	n/a
FYE Mar 2022	3,040	n/a
FYE Mar 2023	2,936	n/a
FYE Mar 2024	2,689	n/a
FYE Mar 2025	2,218	n/a
FYE Mar 2026	1,659	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 1,488¥

Change · 10 yrs −6,002¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	7,490	n/a
FYE Mar 2018	4,039	n/a
FYE Mar 2019	4,808	n/a
FYE Mar 2020	1,562	n/a
FYE Mar 2021	2,291	n/a
FYE Mar 2022	2,339	n/a
FYE Mar 2023	2,319	n/a
FYE Mar 2024	2,213	n/a
FYE Mar 2025	1,948	n/a
FYE Mar 2026	1,488	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 1,114,486,000shares

Change · 10 yrs +771,814,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	342,672,000	Parent
FYE Mar 2018	342,691,000	Parent
FYE Mar 2019	342,713,000	Parent
FYE Mar 2020	1,370,915,000	Parent
FYE Mar 2021	1,370,915,000	Parent
FYE Mar 2022	1,299,294,000	Parent
FYE Mar 2023	1,266,179,000	Parent
FYE Mar 2024	1,215,147,000	Parent
FYE Mar 2025	1,139,116,000	Parent
FYE Mar 2026	1,114,486,000	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 61.32¥

Change · 10 yrs +30.07¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	31.25	Cons.
FYE Mar 2018	41.71	Cons.
FYE Mar 2019	5.97	Cons.
FYE Mar 2020	39.37	Cons.
FYE Mar 2021	10.05	Cons.
FYE Mar 2022	90.22	Cons.
FYE Mar 2023	113.22	Cons.
FYE Mar 2024	199.91	Cons.
FYE Mar 2025	102.99	Cons.
FYE Mar 2026	61.32	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 728.62¥

Change · 10 yrs −414.10¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,142.72	Cons. · Japanese GAAP
FYE Mar 2018	1,288.29	Cons. · IFRS
FYE Mar 2019	1,283.87	Cons. · IFRS
FYE Mar 2020	269.55	Cons. · IFRS
FYE Mar 2021	286.80	Cons. · IFRS
FYE Mar 2022	391.73	Cons. · IFRS
FYE Mar 2023	504.62	Cons. · IFRS
FYE Mar 2024	623.12	Cons. · IFRS
FYE Mar 2025	659.93	Cons. · IFRS
FYE Mar 2026	728.62	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 24.27×

Average · 10 yrs 62.81×

Fiscal year	PER ×	Basis
FYE Mar 2017	34.24	Cons.
FYE Mar 2018	24.21	Cons.
FYE Mar 2019	201.34	Cons.
FYE Mar 2020	39.67	Cons.
FYE Mar 2021	227.96	Cons.
FYE Mar 2022	25.93	Cons.
FYE Mar 2023	20.48	Cons.
FYE Mar 2024	11.07	Cons.
FYE Mar 2025	18.91	Cons.
FYE Mar 2026	24.27	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 2.02×

Average · 10 yrs 4.22×

Fiscal year	PBR ×	Basis
FYE Mar 2017	3.71	Cons.
FYE Mar 2018	3.11	Cons.
FYE Mar 2019	3.72	Cons.
FYE Mar 2020	5.42	Cons.
FYE Mar 2021	7.47	Cons.
FYE Mar 2022	5.84	Cons.
FYE Mar 2023	4.54	Cons.
FYE Mar 2024	3.41	Cons.
FYE Mar 2025	2.92	Cons.
FYE Mar 2026	2.02	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 28,138people

Change · 10 yrs −6,549 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	34,687	n/a	Cons.
FYE Mar 2018	35,933	+3.6%	Cons.
FYE Mar 2019	35,124	−2.3%	Cons.
FYE Mar 2020	35,174	+0.1%	Cons.
FYE Mar 2021	31,653	−10.0%	Cons.
FYE Mar 2022	31,557	−0.3%	Cons.
FYE Mar 2023	32,805	+4.0%	Cons.
FYE Mar 2024	28,838	−12.1%	Cons.
FYE Mar 2025	29,297	+1.6%	Cons.
FYE Mar 2026	28,138	−4.0%	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 2,469people

Change · 10 yrs −3,814 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	6,283	n/a	Parent
FYE Mar 2018	6,926	+10.2%	Parent
FYE Mar 2019	7,024	+1.4%	Parent
FYE Mar 2020	7,146	+1.7%	Parent
FYE Mar 2021	4,775	−33.2%	Parent
FYE Mar 2022	3,478	−27.2%	Parent
FYE Mar 2023	2,727	−21.6%	Parent
FYE Mar 2024	2,834	+3.9%	Parent
FYE Mar 2025	2,494	−12.0%	Parent
FYE Mar 2026	2,469	−1.0%	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 ¥10.1m

Change · 10 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.8	n/a	Parent
FYE Mar 2018	8.5	−4.2%	Parent
FYE Mar 2019	8.7	+2.3%	Parent
FYE Mar 2020	8.5	−1.9%	Parent
FYE Mar 2021	8.7	+2.2%	Parent
FYE Mar 2022	9.2	+6.1%	Parent
FYE Mar 2023	9.7	+4.6%	Parent
FYE Mar 2024	10.4	+7.9%	Parent
FYE Mar 2025	10.5	+0.5%	Parent
FYE Mar 2026	10.1	−3.9%	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 +2.2 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	41.9	n/a	Parent
FYE Mar 2020	42.2	+0.6%	Parent
FYE Mar 2021	42.8	+1.4%	Parent
FYE Mar 2022	42.6	−0.4%	Parent
FYE Mar 2023	42.9	+0.6%	Parent
FYE Mar 2024	43.2	+0.7%	Parent
FYE Mar 2025	43.3	+0.3%	Parent
FYE Mar 2026	44.1	+1.8%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 15.7years

Change · 10 yrs +0.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	15.7	n/a	Parent
FYE Mar 2018	14.1	−9.9%	Parent
FYE Mar 2019	14.1	−0.4%	Parent
FYE Mar 2020	14.2	+0.6%	Parent
FYE Mar 2021	14.4	+1.7%	Parent
FYE Mar 2022	14.3	−0.6%	Parent
FYE Mar 2023	13.9	−3.3%	Parent
FYE Mar 2024	13.6	−1.6%	Parent
FYE Mar 2025	13.5	−0.7%	Parent
FYE Mar 2026	15.7	+16.3%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Mar 2026 1,187people

Change · 10 yrs −111 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,298	n/a	n/a
FYE Mar 2018	1,511	+16.4%	n/a
FYE Mar 2019	1,396	−7.6%	n/a
FYE Mar 2020	1,437	+2.9%	n/a
FYE Mar 2021	1,135	−21.0%	n/a
FYE Mar 2022	934	−17.7%	n/a
FYE Mar 2023	786	−15.8%	n/a
FYE Mar 2024	942	+19.8%	n/a
FYE Mar 2025	699	−25.8%	n/a
FYE Mar 2026	1,187	+69.8%	n/a

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

Revenue per employee

FYE Mar 2026 ¥35.9m

Change · 10 yrs +¥14.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	21.6	n/a	Cons.
FYE Mar 2018	21.9	n/a	Cons.
FYE Mar 2019	22.6	+3.3%	Cons.
FYE Mar 2020	21.5	−5.0%	Cons.
FYE Mar 2021	23.1	+7.5%	Cons.
FYE Mar 2022	23.8	+3.0%	Cons.
FYE Mar 2023	26.9	+13.1%	Cons.
FYE Mar 2024	32.5	+20.8%	Cons.
FYE Mar 2025	34.0	+4.9%	Cons.
FYE Mar 2026	35.9	+5.5%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.5m

Change · 10 yrs +¥1.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons.
FYE Mar 2018	2.3	n/a	Cons.
FYE Mar 2019	0.8	−64.3%	Cons.
FYE Mar 2020	2.6	+225.6%	Cons.
FYE Mar 2021	2.6	−1.2%	Cons.
FYE Mar 2022	4.6	+78.9%	Cons.
FYE Mar 2023	5.7	+22.8%	Cons.
FYE Mar 2024	1.5	−73.4%	Cons.
FYE Mar 2025	5.5	+266.8%	Cons.
FYE Mar 2026	3.5	−37.8%	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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