Financials

Noritsu Koki: FYE Dec 2025 and ten years of results (47 metrics)

FYE Dec 2025 · Revenue¥119bnYoY +11.9%

FYE Dec 2025 · Operating profit¥21bnYoY +4.2%

FYE Dec 2025 · Net profit¥16bnYoY −3.0%

FYE Dec 2025 · Equity ratio75.7%YoY +1.7pp

FYE Dec 2025 · Group employees1,344YoY +105

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥50bn	n/a	¥4.6bn	n/a	9.2%	¥4.3bn	Nishimoto Hirotsugu	NK Works — the founding photo business — sold
FYE Mar 2018Consolidated	¥56bn	+12.0%	¥6.0bn	+29.1%	10.6%	¥8.9bn	Nishimoto Hirotsugu	—
FYE Mar 2019Consolidated	¥64bn	+13.4%	¥6.1bn	+1.7%	9.5%	¥2.9bn	Nishimoto Hirotsugu	<a class="en-history_person" href="/tse/7744/executives/ceo/iwakiri-takayoshi/" hreflang="ja">Iwakiri Takayoshi</a> becomes president and CEO
FYE Mar 2020Consolidated	¥26bn	−58.8%	¥4.1bn	−31.7%	15.8%	¥1.3bn	Iwakiri Takayoshi	—
FYE Dec 2020Consolidated	¥41bn	+57.4%	¥5.8bn	+40.7%	14.1%	¥9.9bn	Iwakiri Takayoshi	AlphaTheta acquired; seniors and insurance sold
FYE Dec 2021Consolidated	¥54bn	+32.4%	¥6.1bn	+4.3%	11.1%	¥5.1bn	Iwakiri Takayoshi	JLab Audio acquired for ¥26.3bn
FYE Dec 2022Consolidated	¥74bn	+34.9%	¥1.3bn	−79.2%	1.7%	¥102bn	Iwakiri Takayoshi	33% of JMDC sold to Omron for about ¥111.8bn
FYE Dec 2023Consolidated	¥90bn	+22.5%	¥14bn	+1040.1%	16.0%	¥10bn	Iwakiri Takayoshi	—
FYE Dec 2024Consolidated	¥107bn	+18.3%	¥20bn	+38.8%	18.7%	¥16bn	Iwakiri Takayoshi	—
FYE Dec 2025Consolidated	¥119bn	+11.9%	¥21bn	+4.2%	17.5%	¥16bn	Iwakiri Takayoshi	FY30 plan; revenue ¥119.2bn, 17.4% operating margin

How it compares

JVC (Victor Company of Japan)Delisted 2008 JVCKenwood¥357bnFY2025Operating margin 5.8%PioneerDelisted 2019

Clarion Co., Ltd.Delisted 2019

Noritsu Koki¥119bnFY2025Operating margin 17.5%

EIZO¥80bnFY2024Operating margin 4.6%

Funai ElectricDelisted 2021

Akai ElectricDelisted 2000

AIWA CO., LTD.Delisted 2002

Nippon ColumbiaDelisted 2017

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 Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥119bn

CAGR · 10 yrs +10.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	50.0	n/a	Cons. · IFRS
FYE Mar 2018	56.0	+12.0%	Cons. · IFRS
FYE Mar 2019	63.5	+13.4%	Cons. · IFRS
FYE Mar 2020	26.1	−58.8%	Cons. · IFRS
FYE Dec 2020	41.1	+57.4%	Cons. · IFRS
FYE Dec 2021	54.5	+32.4%	Cons. · IFRS
FYE Dec 2022	73.5	+34.9%	Cons. · IFRS
FYE Dec 2023	90.1	+22.5%	Cons. · IFRS
FYE Dec 2024	107	+18.3%	Cons. · IFRS
FYE Dec 2025	119	+11.9%	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 Dec 2025 ¥60bn

CAGR · 10 yrs +9.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	25.4	n/a	Cons. · IFRS
FYE Mar 2018	29.0	+14.0%	Cons. · IFRS
FYE Mar 2019	33.5	+15.4%	Cons. · IFRS
FYE Mar 2020	13.4	−59.8%	Cons. · IFRS
FYE Dec 2020	18.7	+39.3%	Cons. · IFRS
FYE Dec 2021	29.7	+58.7%	Cons. · IFRS
FYE Dec 2022	44.0	+48.0%	Cons. · IFRS
FYE Dec 2023	50.0	+13.6%	Cons. · IFRS
FYE Dec 2024	53.9	+7.8%	Cons. · IFRS
FYE Dec 2025	59.5	+10.5%	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 Dec 2025 ¥60bn

CAGR · 10 yrs +10.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	24.6	n/a	Cons. · IFRS
FYE Mar 2018	27.0	+9.9%	Cons. · IFRS
FYE Mar 2019	30.1	+11.2%	Cons. · IFRS
FYE Mar 2020	12.7	−57.7%	Cons. · IFRS
FYE Dec 2020	22.4	+76.5%	Cons. · IFRS
FYE Dec 2021	24.8	+10.4%	Cons. · IFRS
FYE Dec 2022	29.5	+19.2%	Cons. · IFRS
FYE Dec 2023	40.1	+35.7%	Cons. · IFRS
FYE Dec 2024	52.7	+31.4%	Cons. · IFRS
FYE Dec 2025	59.7	+13.4%	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 Dec 2025 ¥39bn

CAGR · 10 yrs +7.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	20.1	n/a	Cons. · IFRS
FYE Mar 2018	21.0	+4.5%	Cons. · IFRS
FYE Mar 2019	23.8	+13.3%	Cons. · IFRS
FYE Mar 2020	7.4	−69.2%	Cons. · IFRS
FYE Dec 2020	15.8	+115.3%	Cons. · IFRS
FYE Dec 2021	17.8	+12.7%	Cons. · IFRS
FYE Dec 2022	22.4	+25.6%	Cons. · IFRS
FYE Dec 2023	26.7	+19.3%	Cons. · IFRS
FYE Dec 2024	32.9	+23.0%	Cons. · IFRS
FYE Dec 2025	38.9	+18.3%	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 Dec 2025 ¥21bn

CAGR · 10 yrs +18.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · IFRS
FYE Mar 2018	6.0	+29.1%	Cons. · IFRS
FYE Mar 2019	6.1	+1.7%	Cons. · IFRS
FYE Mar 2020	4.1	−31.7%	Cons. · IFRS
FYE Dec 2020	5.8	+40.7%	Cons. · IFRS
FYE Dec 2021	6.1	+4.3%	Cons. · IFRS
FYE Dec 2022	1.3	−79.2%	Cons. · IFRS
FYE Dec 2023	14.4	+1040.1%	Cons. · IFRS
FYE Dec 2024	20.0	+38.8%	Cons. · IFRS
FYE Dec 2025	20.8	+4.2%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥0.1bn

CAGR · 9 yrs −23.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.9	n/a	Cons. · IFRS
FYE Mar 2019	0.1	−90.1%	Cons. · IFRS
FYE Mar 2020	0.0	−64.8%	Cons. · IFRS
FYE Dec 2020	0.1	+264.5%	Cons. · IFRS
FYE Dec 2021	1.0	+808.8%	Cons. · IFRS
FYE Dec 2022	6.8	+558.9%	Cons. · IFRS
FYE Dec 2023	0.8	−87.8%	Cons. · IFRS
FYE Dec 2024	0.1	−89.1%	Cons. · IFRS
FYE Dec 2025	0.1	+13.3%	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 Dec 2025 n/a

CAGR · 8 yrs −4.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.7	n/a	Cons. · IFRS
FYE Mar 2019	0.2	−72.8%	Cons. · IFRS
FYE Mar 2020	0.2	+7.8%	Cons. · IFRS
FYE Dec 2020	3.1	+1373.4%	Cons. · IFRS
FYE Dec 2021	1.5	−49.8%	Cons. · IFRS
FYE Dec 2022	1.8	+17.4%	Cons. · IFRS
FYE Dec 2023	0.6	−69.0%	Cons. · IFRS
FYE Dec 2024	0.5	−5.4%	Cons. · IFRS
FYE Dec 2025	n/a	n/a	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 Dec 2025 ¥16bn

CAGR · 10 yrs +15.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · IFRS
FYE Mar 2018	8.9	+107.9%	Cons. · IFRS
FYE Mar 2019	2.9	−67.0%	Cons. · IFRS
FYE Mar 2020	1.3	−56.3%	Cons. · IFRS
FYE Dec 2020	9.9	+667.5%	Cons. · IFRS
FYE Dec 2021	5.1	−48.3%	Cons. · IFRS
FYE Dec 2022	102	+1885.4%	Cons. · IFRS
FYE Dec 2023	10.2	−90.0%	Cons. · IFRS
FYE Dec 2024	16.1	+58.1%	Cons. · IFRS
FYE Dec 2025	15.6	−3.0%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 50.1%

Average · 10 yrs 47.8%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	49.2	n/a	Cons. · IFRS
FYE Mar 2018	48.3	−0.9pp	Cons. · IFRS
FYE Mar 2019	47.3	−0.9pp	Cons. · IFRS
FYE Mar 2020	48.6	+1.3pp	Cons. · IFRS
FYE Dec 2020	54.5	+5.9pp	Cons. · IFRS
FYE Dec 2021	45.5	−9.0pp	Cons. · IFRS
FYE Dec 2022	40.2	−5.3pp	Cons. · IFRS
FYE Dec 2023	44.5	+4.3pp	Cons. · IFRS
FYE Dec 2024	49.4	+4.9pp	Cons. · IFRS
FYE Dec 2025	50.1	+0.6pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 17.5%

Average · 10 yrs 12.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · IFRS
FYE Mar 2018	10.6	+1.4pp	Cons. · IFRS
FYE Mar 2019	9.5	−1.1pp	Cons. · IFRS
FYE Mar 2020	15.8	+6.3pp	Cons. · IFRS
FYE Dec 2020	14.1	−1.7pp	Cons. · IFRS
FYE Dec 2021	11.1	−3.0pp	Cons. · IFRS
FYE Dec 2022	1.7	−9.4pp	Cons. · IFRS
FYE Dec 2023	16.0	+14.3pp	Cons. · IFRS
FYE Dec 2024	18.7	+2.8pp	Cons. · IFRS
FYE Dec 2025	17.5	−1.3pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 13.1%

Average · 10 yrs 24.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons. · IFRS
FYE Mar 2018	15.9	+7.3pp	Cons. · IFRS
FYE Mar 2019	4.6	−11.3pp	Cons. · IFRS
FYE Mar 2020	4.9	+0.3pp	Cons. · IFRS
FYE Dec 2020	24.0	+19.1pp	Cons. · IFRS
FYE Dec 2021	9.4	−14.7pp	Cons. · IFRS
FYE Dec 2022	138.1	+128.8pp	Cons. · IFRS
FYE Dec 2023	11.3	−126.8pp	Cons. · IFRS
FYE Dec 2024	15.1	+3.8pp	Cons. · IFRS
FYE Dec 2025	13.1	−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 Dec 2025 49.9%

Average · 10 yrs 52.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	50.8	n/a	Cons. · IFRS
FYE Mar 2018	51.7	+0.9pp	Cons. · IFRS
FYE Mar 2019	52.7	+0.9pp	Cons. · IFRS
FYE Mar 2020	51.4	−1.3pp	Cons. · IFRS
FYE Dec 2020	45.5	−5.9pp	Cons. · IFRS
FYE Dec 2021	54.5	+9.0pp	Cons. · IFRS
FYE Dec 2022	59.8	+5.3pp	Cons. · IFRS
FYE Dec 2023	55.5	−4.3pp	Cons. · IFRS
FYE Dec 2024	50.6	−4.9pp	Cons. · IFRS
FYE Dec 2025	49.9	−0.6pp	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 Dec 2025 32.6%

Average · 10 yrs 33.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	40.2	n/a	Cons. · IFRS
FYE Mar 2018	37.5	−2.7pp	Cons. · IFRS
FYE Mar 2019	37.5	−0.0pp	Cons. · IFRS
FYE Mar 2020	28.1	−9.4pp	Cons. · IFRS
FYE Dec 2020	38.5	+10.3pp	Cons. · IFRS
FYE Dec 2021	32.7	−5.7pp	Cons. · IFRS
FYE Dec 2022	30.5	−2.3pp	Cons. · IFRS
FYE Dec 2023	29.7	−0.8pp	Cons. · IFRS
FYE Dec 2024	30.8	+1.2pp	Cons. · IFRS
FYE Dec 2025	32.6	+1.8pp	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 Dec 2025 ¥302bn

CAGR · 10 yrs +11.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	116	n/a	Cons. · IFRS
FYE Mar 2018	149	+27.8%	Cons. · IFRS
FYE Mar 2019	150	+0.7%	Cons. · IFRS
FYE Mar 2020	160	+7.0%	Cons. · IFRS
FYE Dec 2020	237	+47.6%	Cons. · IFRS
FYE Dec 2021	264	+11.6%	Cons. · IFRS
FYE Dec 2022	307	+16.3%	Cons. · IFRS
FYE Dec 2023	279	−9.0%	Cons. · IFRS
FYE Dec 2024	299	+7.1%	Cons. · IFRS
FYE Dec 2025	302	+0.8%	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 Dec 2025 ¥228bn

CAGR · 10 yrs +16.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	57.3	n/a	Cons. · IFRS
FYE Mar 2018	74.2	+29.6%	Cons. · IFRS
FYE Mar 2019	72.0	−3.1%	Cons. · IFRS
FYE Mar 2020	73.1	+1.6%	Cons. · IFRS
FYE Dec 2020	91.6	+25.3%	Cons. · IFRS
FYE Dec 2021	95.3	+4.0%	Cons. · IFRS
FYE Dec 2022	192	+101.6%	Cons. · IFRS
FYE Dec 2023	205	+6.6%	Cons. · IFRS
FYE Dec 2024	222	+8.1%	Cons. · IFRS
FYE Dec 2025	228	+3.1%	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 Dec 2025 ¥29bn

CAGR · 9 yrs −3.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	38.2	n/a	Cons. · IFRS
FYE Mar 2019	36.1	−5.5%	Cons. · IFRS
FYE Mar 2020	37.4	+3.6%	Cons. · IFRS
FYE Dec 2020	81.0	+116.9%	Cons. · IFRS
FYE Dec 2021	95.6	+18.0%	Cons. · IFRS
FYE Dec 2022	48.1	−49.7%	Cons. · IFRS
FYE Dec 2023	39.0	−18.8%	Cons. · IFRS
FYE Dec 2024	33.8	−13.3%	Cons. · IFRS
FYE Dec 2025	29.4	−13.0%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥14bn

CAGR · 9 yrs +9.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	7.2	n/a	Cons. · IFRS
FYE Mar 2019	5.8	−19.2%	Cons. · IFRS
FYE Mar 2020	6.9	+18.3%	Cons. · IFRS
FYE Dec 2020	23.7	+244.3%	Cons. · IFRS
FYE Dec 2021	21.9	−7.5%	Cons. · IFRS
FYE Dec 2022	19.0	−13.3%	Cons. · IFRS
FYE Dec 2023	15.2	−20.1%	Cons. · IFRS
FYE Dec 2024	14.4	−5.0%	Cons. · IFRS
FYE Dec 2025	14.5	+0.4%	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 Dec 2025 ¥15bn

CAGR · 9 yrs −8.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	31.0	n/a	Cons. · IFRS
FYE Mar 2019	30.3	−2.3%	Cons. · IFRS
FYE Mar 2020	30.5	+0.7%	Cons. · IFRS
FYE Dec 2020	57.4	+88.1%	Cons. · IFRS
FYE Dec 2021	73.7	+28.5%	Cons. · IFRS
FYE Dec 2022	29.1	−60.6%	Cons. · IFRS
FYE Dec 2023	23.8	−17.9%	Cons. · IFRS
FYE Dec 2024	19.4	−18.6%	Cons. · IFRS
FYE Dec 2025	15.0	−23.0%	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 Dec 2025 ¥74bn

CAGR · 9 yrs +16.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	21.7	n/a	Cons. · IFRS
FYE Mar 2019	17.1	−20.9%	Cons. · IFRS
FYE Mar 2020	17.3	+0.7%	Cons. · IFRS
FYE Dec 2020	64.6	+274.5%	Cons. · IFRS
FYE Dec 2021	83.1	+28.5%	Cons. · IFRS
FYE Dec 2022	78.3	−5.7%	Cons. · IFRS
FYE Dec 2023	77.1	−1.5%	Cons. · IFRS
FYE Dec 2024	76.6	−0.7%	Cons. · IFRS
FYE Dec 2025	73.7	−3.8%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥50bn

CAGR · 9 yrs +3.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	39.4	n/a	Cons. · IFRS
FYE Mar 2019	38.8	−1.4%	Cons. · IFRS
FYE Mar 2020	38.2	−1.6%	Cons. · IFRS
FYE Dec 2020	52.4	+37.4%	Cons. · IFRS
FYE Dec 2021	72.2	+37.6%	Cons. · IFRS
FYE Dec 2022	48.6	−32.7%	Cons. · IFRS
FYE Dec 2023	49.3	+1.4%	Cons. · IFRS
FYE Dec 2024	50.5	+2.4%	Cons. · IFRS
FYE Dec 2025	50.3	−0.2%	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 Dec 2025 75.7%

Average · 10 yrs 55.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	49.3	n/a	Cons. · IFRS
FYE Mar 2018	49.9	+0.7pp	Cons. · IFRS
FYE Mar 2019	48.1	−1.9pp	Cons. · IFRS
FYE Mar 2020	45.6	−2.4pp	Cons. · IFRS
FYE Dec 2020	38.7	−6.9pp	Cons. · IFRS
FYE Dec 2021	36.1	−2.6pp	Cons. · IFRS
FYE Dec 2022	62.6	+26.5pp	Cons. · IFRS
FYE Dec 2023	73.3	+10.8pp	Cons. · IFRS
FYE Dec 2024	74.0	+0.7pp	Cons. · IFRS
FYE Dec 2025	75.7	+1.7pp	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 Dec 2025 12.9%

Average · 9 yrs 46.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	51.4	n/a	Cons. · IFRS
FYE Mar 2019	50.1	−1.3pp	Cons. · IFRS
FYE Mar 2020	51.1	+0.9pp	Cons. · IFRS
FYE Dec 2020	88.4	+37.3pp	Cons. · IFRS
FYE Dec 2021	100.3	+11.9pp	Cons. · IFRS
FYE Dec 2022	25.0	−75.3pp	Cons. · IFRS
FYE Dec 2023	19.0	−6.0pp	Cons. · IFRS
FYE Dec 2024	15.3	−3.8pp	Cons. · IFRS
FYE Dec 2025	12.9	−2.4pp	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 Dec 2025 6.8%

Average · 10 yrs 11.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · IFRS
FYE Mar 2018	12.0	+4.5pp	Cons. · IFRS
FYE Mar 2019	4.1	−7.9pp	Cons. · IFRS
FYE Mar 2020	1.8	−2.3pp	Cons. · IFRS
FYE Dec 2020	10.8	+9.0pp	Cons. · IFRS
FYE Dec 2021	5.4	−5.4pp	Cons. · IFRS
FYE Dec 2022	52.8	+47.5pp	Cons. · IFRS
FYE Dec 2023	5.0	−47.9pp	Cons. · IFRS
FYE Dec 2024	7.3	+2.3pp	Cons. · IFRS
FYE Dec 2025	6.8	−0.4pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 5.2%

Average · 10 yrs 6.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · IFRS
FYE Mar 2018	6.0	+2.3pp	Cons. · IFRS
FYE Mar 2019	2.0	−4.0pp	Cons. · IFRS
FYE Mar 2020	0.8	−1.2pp	Cons. · IFRS
FYE Dec 2020	4.2	+3.4pp	Cons. · IFRS
FYE Dec 2021	1.9	−2.2pp	Cons. · IFRS
FYE Dec 2022	33.1	+31.1pp	Cons. · IFRS
FYE Dec 2023	3.6	−29.4pp	Cons. · IFRS
FYE Dec 2024	5.4	+1.7pp	Cons. · IFRS
FYE Dec 2025	5.2	−0.2pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.40×

CAGR · 10 yrs −0.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.43	n/a	Cons. · IFRS
FYE Mar 2018	0.38	−12.4%	Cons. · IFRS
FYE Mar 2019	0.42	+12.5%	Cons. · IFRS
FYE Mar 2020	0.16	−61.6%	Cons. · IFRS
FYE Dec 2020	0.17	+6.6%	Cons. · IFRS
FYE Dec 2021	0.21	+18.6%	Cons. · IFRS
FYE Dec 2022	0.24	+16.0%	Cons. · IFRS
FYE Dec 2023	0.32	+34.7%	Cons. · IFRS
FYE Dec 2024	0.36	+10.4%	Cons. · IFRS
FYE Dec 2025	0.40	+11.0%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥20bn

CAGR · 10 yrs +28.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · IFRS
FYE Mar 2018	2.8	+32.6%	Cons. · IFRS
FYE Mar 2019	7.1	+154.9%	Cons. · IFRS
FYE Mar 2020	7.1	−0.5%	Cons. · IFRS
FYE Dec 2020	5.6	−21.3%	Cons. · IFRS
FYE Dec 2021	3.9	−29.7%	Cons. · IFRS
FYE Dec 2022	11.7	+200.4%	Cons. · IFRS
FYE Dec 2023	-31.6	−369.1%	Cons. · IFRS
FYE Dec 2024	31.9	n/a	Cons. · IFRS
FYE Dec 2025	19.9	−37.6%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥0.0bn

Average · 10 yrs ¥4.2bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-9.1	n/a	Cons. · IFRS
FYE Mar 2018	-1.1	n/a	Cons. · IFRS
FYE Mar 2019	-1.6	n/a	Cons. · IFRS
FYE Mar 2020	-1.3	n/a	Cons. · IFRS
FYE Dec 2020	-22.0	n/a	Cons. · IFRS
FYE Dec 2021	-40.5	n/a	Cons. · IFRS
FYE Dec 2022	93.4	n/a	Cons. · IFRS
FYE Dec 2023	23.2	−75.2%	Cons. · IFRS
FYE Dec 2024	1.1	−95.5%	Cons. · IFRS
FYE Dec 2025	-0.0	−104.1%	Cons. · IFRS

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

Financing cash flow

FYE Dec 2025 -¥16bn

Average · 10 yrs -¥4.1bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · IFRS
FYE Mar 2018	-0.3	−127.9%	Cons. · IFRS
FYE Mar 2019	-2.6	n/a	Cons. · IFRS
FYE Mar 2020	14.9	n/a	Cons. · IFRS
FYE Dec 2020	35.8	+140.2%	Cons. · IFRS
FYE Dec 2021	4.3	−88.1%	Cons. · IFRS
FYE Dec 2022	-47.6	−1213.1%	Cons. · IFRS
FYE Dec 2023	-18.9	n/a	Cons. · IFRS
FYE Dec 2024	-12.2	n/a	Cons. · IFRS
FYE Dec 2025	-15.9	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 Dec 2025 ¥97bn

CAGR · 10 yrs +16.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	25.3	n/a	Cons. · IFRS
FYE Mar 2018	26.7	+5.3%	Cons. · IFRS
FYE Mar 2019	29.7	+11.4%	Cons. · IFRS
FYE Mar 2020	50.2	+68.8%	Cons. · IFRS
FYE Dec 2020	69.6	+38.7%	Cons. · IFRS
FYE Dec 2021	38.1	−45.2%	Cons. · IFRS
FYE Dec 2022	96.4	+152.8%	Cons. · IFRS
FYE Dec 2023	70.2	−27.2%	Cons. · IFRS
FYE Dec 2024	92.9	+32.3%	Cons. · IFRS
FYE Dec 2025	97.4	+4.9%	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 Dec 2025 ¥20bn

Average · 10 yrs ¥10bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-7.0	n/a	Cons. · IFRS
FYE Mar 2018	1.7	n/a	Cons. · IFRS
FYE Mar 2019	5.5	+229.0%	Cons. · IFRS
FYE Mar 2020	5.7	+3.5%	Cons. · IFRS
FYE Dec 2020	-16.4	−387.2%	Cons. · IFRS
FYE Dec 2021	-36.6	n/a	Cons. · IFRS
FYE Dec 2022	105	n/a	Cons. · IFRS
FYE Dec 2023	-8.4	−108.0%	Cons. · IFRS
FYE Dec 2024	33.0	n/a	Cons. · IFRS
FYE Dec 2025	19.9	−39.7%	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 Dec 2025 16.7%

Average · 10 yrs 9.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · IFRS
FYE Mar 2018	5.0	+0.8pp	Cons. · IFRS
FYE Mar 2019	11.2	+6.2pp	Cons. · IFRS
FYE Mar 2020	27.0	+15.8pp	Cons. · IFRS
FYE Dec 2020	13.5	−13.5pp	Cons. · IFRS
FYE Dec 2021	7.2	−6.3pp	Cons. · IFRS
FYE Dec 2022	16.0	+8.8pp	Cons. · IFRS
FYE Dec 2023	-35.1	−51.0pp	Cons. · IFRS
FYE Dec 2024	30.0	+65.1pp	Cons. · IFRS
FYE Dec 2025	16.7	−13.3pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 ¥68bn

Average · 9 yrs ¥15bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-11.5	n/a	Cons. · IFRS
FYE Mar 2019	-6.4	n/a	Cons. · IFRS
FYE Mar 2020	12.8	n/a	Cons. · IFRS
FYE Dec 2020	-11.4	−189.4%	Cons. · IFRS
FYE Dec 2021	-57.5	n/a	Cons. · IFRS
FYE Dec 2022	48.4	n/a	Cons. · IFRS
FYE Dec 2023	31.2	−35.6%	Cons. · IFRS
FYE Dec 2024	59.0	+89.4%	Cons. · IFRS
FYE Dec 2025	68.0	+15.2%	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 Dec 2025 ¥201bn

Change · 10 yrs +¥169bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	32.7	n/a
FYE Mar 2018	90.6	n/a
FYE Mar 2019	89.0	n/a
FYE Mar 2020	33.6	n/a
FYE Dec 2020	88.5	n/a
FYE Dec 2021	98.2	n/a
FYE Dec 2022	82.5	n/a
FYE Dec 2023	109	n/a
FYE Dec 2024	188	n/a
FYE Dec 2025	201	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 1,852¥

Change · 10 yrs +948¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	903	n/a
FYE Mar 2018	2,505	n/a
FYE Mar 2019	2,459	n/a
FYE Mar 2020	927	n/a
FYE Dec 2020	2,445	n/a
FYE Dec 2021	2,714	n/a
FYE Dec 2022	2,279	n/a
FYE Dec 2023	3,002	n/a
FYE Dec 2024	5,194	n/a
FYE Dec 2025	1,852	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 108,818,916shares

Change · 10 yrs +72,628,044 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	36,190,872	Parent
FYE Mar 2018	36,190,872	Parent
FYE Mar 2019	36,190,872	Parent
FYE Mar 2020	36,190,872	Parent
FYE Dec 2020	36,190,872	Parent
FYE Dec 2021	36,190,872	Parent
FYE Dec 2022	36,190,872	Parent
FYE Dec 2023	36,190,872	Parent
FYE Dec 2024	36,190,872	Parent
FYE Dec 2025	108,818,916	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 146.95¥

Change · 10 yrs +26.49¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	120.46	Cons.
FYE Mar 2018	250.47	Cons.
FYE Mar 2019	82.80	Cons.
FYE Mar 2020	36.22	Cons.
FYE Dec 2020	277.80	Cons.
FYE Dec 2021	143.58	Cons.
FYE Dec 2022	2,848.51	Cons.
FYE Dec 2023	285.88	Cons.
FYE Dec 2024	150.54	Cons.
FYE Dec 2025	146.95	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 2,098.50¥

Change · 10 yrs +515.45¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,583.05	Cons. · IFRS
FYE Mar 2018	2,051.54	Cons. · IFRS
FYE Mar 2019	1,988.40	Cons. · IFRS
FYE Mar 2020	2,021.03	Cons. · IFRS
FYE Dec 2020	2,532.27	Cons. · IFRS
FYE Dec 2021	2,633.62	Cons. · IFRS
FYE Dec 2022	5,310.57	Cons. · IFRS
FYE Dec 2023	5,661.79	Cons. · IFRS
FYE Dec 2024	6,121.24	Cons. · IFRS
FYE Dec 2025	2,098.50	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 12.60×

Average · 10 yrs 13.59×

Fiscal year	PER ×	Basis
FYE Mar 2017	7.50	Cons.
FYE Mar 2018	10.00	Cons.
FYE Mar 2019	29.70	Cons.
FYE Mar 2020	25.60	Cons.
FYE Dec 2020	8.80	Cons.
FYE Dec 2021	18.90	Cons.
FYE Dec 2022	0.80	Cons.
FYE Dec 2023	10.50	Cons.
FYE Dec 2024	11.50	Cons.
FYE Dec 2025	12.60	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 0.87×

Average · 10 yrs 0.77×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.56	Cons.
FYE Mar 2018	1.18	Cons.
FYE Mar 2019	1.17	Cons.
FYE Mar 2020	0.42	Cons.
FYE Dec 2020	0.83	Cons.
FYE Dec 2021	0.87	Cons.
FYE Dec 2022	0.42	Cons.
FYE Dec 2023	0.52	Cons.
FYE Dec 2024	0.83	Cons.
FYE Dec 2025	0.87	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 1,344people

Change · 10 yrs −16 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,360	n/a	Cons.
FYE Mar 2018	1,459	+7.3%	Cons.
FYE Mar 2019	1,630	+11.7%	Cons.
FYE Mar 2020	1,629	−0.1%	Cons.
FYE Dec 2020	1,776	+9.0%	Cons.
FYE Dec 2021	2,076	+16.9%	Cons.
FYE Dec 2022	1,184	−43.0%	Cons.
FYE Dec 2023	1,246	+5.2%	Cons.
FYE Dec 2024	1,239	−0.6%	Cons.
FYE Dec 2025	1,344	+8.5%	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 18people

Change · 10 yrs +10 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	8	n/a	Parent
FYE Mar 2018	8	−0.0%	Parent
FYE Mar 2019	15	+87.5%	Parent
FYE Mar 2020	19	+26.7%	Parent
FYE Dec 2020	19	−0.0%	Parent
FYE Dec 2021	19	−0.0%	Parent
FYE Dec 2022	17	−10.5%	Parent
FYE Dec 2023	17	−0.0%	Parent
FYE Dec 2024	20	+17.6%	Parent
FYE Dec 2025	18	−10.0%	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 Dec 2025 987万円

Change · 8 yrs +107万円

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	880	n/a	Parent
FYE Mar 2020	896	+1.9%	Parent
FYE Dec 2020	881	−1.8%	Parent
FYE Dec 2021	840	−4.6%	Parent
FYE Dec 2022	762	−9.3%	Parent
FYE Dec 2023	1,047	+37.5%	Parent
FYE Dec 2024	916	−12.5%	Parent
FYE Dec 2025	987	+7.7%	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 41.2years

Change · 8 yrs +2.1 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	39.1	n/a	Parent
FYE Mar 2020	41.0	+4.9%	Parent
FYE Dec 2020	39.4	−3.9%	Parent
FYE Dec 2021	39.6	+0.5%	Parent
FYE Dec 2022	40.2	+1.5%	Parent
FYE Dec 2023	42.3	+5.2%	Parent
FYE Dec 2024	41.6	−1.7%	Parent
FYE Dec 2025	41.2	−1.0%	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 3.4years

Change · 8 yrs +1.9 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	1.5	n/a	Parent
FYE Mar 2020	1.5	−0.0%	Parent
FYE Dec 2020	1.7	+13.3%	Parent
FYE Dec 2021	2.3	+35.3%	Parent
FYE Dec 2022	2.6	+13.0%	Parent
FYE Dec 2023	2.8	+7.7%	Parent
FYE Dec 2024	3.0	+7.1%	Parent
FYE Dec 2025	3.4	+13.3%	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 Dec 2025 308people

Change · 10 yrs −510 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	818	n/a	n/a
FYE Mar 2018	848	+3.7%	n/a
FYE Mar 2019	926	+9.2%	n/a
FYE Mar 2020	935	+1.0%	n/a
FYE Dec 2020	244	−73.9%	n/a
FYE Dec 2021	381	+56.1%	n/a
FYE Dec 2022	249	−34.6%	n/a
FYE Dec 2023	263	+5.6%	n/a
FYE Dec 2024	278	+5.7%	n/a
FYE Dec 2025	308	+10.8%	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 Dec 2025 ¥88.7m

Change · 10 yrs +¥51.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	36.8	n/a	Cons.
FYE Mar 2018	38.4	+4.4%	Cons.
FYE Mar 2019	39.0	+1.5%	Cons.
FYE Mar 2020	16.1	−58.8%	Cons.
FYE Dec 2020	23.2	+44.3%	Cons.
FYE Dec 2021	26.2	+13.3%	Cons.
FYE Dec 2022	62.1	+136.6%	Cons.
FYE Dec 2023	72.3	+16.4%	Cons.
FYE Dec 2024	86.0	+19.0%	Cons.
FYE Dec 2025	88.7	+3.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥15.5m

Change · 10 yrs +¥12.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons.
FYE Mar 2018	4.1	+20.4%	Cons.
FYE Mar 2019	3.7	−9.0%	Cons.
FYE Mar 2020	2.5	−31.7%	Cons.
FYE Dec 2020	3.3	+29.0%	Cons.
FYE Dec 2021	2.9	−10.7%	Cons.
FYE Dec 2022	1.1	−63.5%	Cons.
FYE Dec 2023	11.5	+983.4%	Cons.
FYE Dec 2024	16.1	+39.6%	Cons.
FYE Dec 2025	15.5	−3.9%	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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