Financials

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

FYE Mar 2026 · Revenue¥2.61tnYoY +3.2%

FYE Mar 2026 · Operating profit¥91bnYoY +42.1%

FYE Mar 2026 · Net profit¥56bnYoY +21.8%

FYE Mar 2026 · Equity ratio44.3%YoY +1.6pp

FYE Mar 2026 · Group employees75,635YoY −3,030

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥2.03tn	n/a	¥34bn	n/a	1.7%	¥3.5bn	Miura Zenji	—
FYE Mar 2018Consolidated	¥2.06tn	+1.7%	-¥116bn	−441.4%	-5.6%	-¥135bn	Miura Zenji	<a class="en-history_person" href="/tse/7752/executives/ceo/yamashita-yoshinori/" hreflang="ja">Yamashita Yoshinori</a> becomes president and launches the <q>Ricoh reboot</q>
FYE Mar 2019Consolidated	¥2.01tn	−2.4%	¥87bn	n/a	4.3%	¥50bn	Yamashita Yoshinori	Impairment losses of ¥175.9bn on IKON and others taken in one charge
FYE Mar 2020Consolidated	¥2.01tn	−0.2%	¥79bn	−9.0%	3.9%	¥40bn	Yamashita Yoshinori	Operating profit recovers to ¥86.8bn
FYE Mar 2021Consolidated	¥1.68tn	−16.3%	-¥45bn	−157.5%	-2.7%	-¥33bn	Yamashita Yoshinori	—
FYE Mar 2022Consolidated	¥1.76tn	+4.5%	¥40bn	n/a	2.3%	¥30bn	Yamashita Yoshinori	A buyback of up to ¥100bn, some 20 per cent of shares, under a 50 per cent total-return policy
FYE Mar 2023Consolidated	¥2.13tn	+21.4%	¥79bn	+96.6%	3.7%	¥54bn	Yamashita Yoshinori	PFU acquired from Fujitsu for ¥84bn
FYE Mar 2024Consolidated	¥2.35tn	+10.1%	¥62bn	−21.2%	2.6%	¥44bn	Yamashita Yoshinori	<a class="en-history_person" href="/tse/7752/executives/ceo/oyama-akira/" hreflang="ja">Oyama Akira</a> succeeds Yamashita as president
FYE Mar 2025Consolidated	¥2.53tn	+7.6%	¥64bn	+2.9%	2.5%	¥46bn	Oyama Akira	Etria, the joint venture with Toshiba Tec, is established
FYE Mar 2026Consolidated	¥2.61tn	+3.2%	¥91bn	+42.1%	3.5%	¥56bn	Oyama Akira	—

How it compares

Canon¥4.62tnFY2025Operating margin 10.6%

Ricoh¥2.61tnFY2025Operating margin 3.5%

Glory¥340bnFY2025Operating margin 8.8%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥2.61tn

CAGR · 10 yrs +2.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	2,029	n/a	Cons. · IFRS
FYE Mar 2018	2,063	+1.7%	Cons. · IFRS
FYE Mar 2019	2,013	−2.4%	Cons. · IFRS
FYE Mar 2020	2,009	−0.2%	Cons. · IFRS
FYE Mar 2021	1,682	−16.3%	Cons. · IFRS
FYE Mar 2022	1,759	+4.5%	Cons. · IFRS
FYE Mar 2023	2,134	+21.4%	Cons. · IFRS
FYE Mar 2024	2,349	+10.1%	Cons. · IFRS
FYE Mar 2025	2,528	+7.6%	Cons. · IFRS
FYE Mar 2026	2,608	+3.2%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥1.72tn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,240	n/a	Cons. · IFRS
FYE Mar 2018	1,272	+2.6%	Cons. · IFRS
FYE Mar 2019	1,246	−2.0%	Cons. · IFRS
FYE Mar 2020	1,287	+3.3%	Cons. · IFRS
FYE Mar 2021	1,110	−13.8%	Cons. · IFRS
FYE Mar 2022	1,136	+2.4%	Cons. · IFRS
FYE Mar 2023	1,389	+22.3%	Cons. · IFRS
FYE Mar 2024	1,529	+10.1%	Cons. · IFRS
FYE Mar 2025	1,659	+8.5%	Cons. · IFRS
FYE Mar 2026	1,719	+3.6%	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 ¥889bn

CAGR · 10 yrs +1.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	789	n/a	Cons. · IFRS
FYE Mar 2018	791	+0.3%	Cons. · IFRS
FYE Mar 2019	767	−3.0%	Cons. · IFRS
FYE Mar 2020	722	−5.9%	Cons. · IFRS
FYE Mar 2021	572	−20.7%	Cons. · IFRS
FYE Mar 2022	623	+8.8%	Cons. · IFRS
FYE Mar 2023	745	+19.7%	Cons. · IFRS
FYE Mar 2024	820	+10.0%	Cons. · IFRS
FYE Mar 2025	869	+5.9%	Cons. · IFRS
FYE Mar 2026	889	+2.4%	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 Mar 2026 ¥815bn

CAGR · 10 yrs +0.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	755	n/a	Cons. · IFRS
FYE Mar 2018	778	+3.0%	Cons. · IFRS
FYE Mar 2019	703	−9.6%	Cons. · IFRS
FYE Mar 2020	658	−6.3%	Cons. · IFRS
FYE Mar 2021	620	−5.9%	Cons. · IFRS
FYE Mar 2022	600	−3.1%	Cons. · IFRS
FYE Mar 2023	688	+14.6%	Cons. · IFRS
FYE Mar 2024	770	+11.9%	Cons. · IFRS
FYE Mar 2025	819	+6.4%	Cons. · IFRS
FYE Mar 2026	815	−0.5%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥91bn

CAGR · 10 yrs +11.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	33.9	n/a	Cons. · IFRS
FYE Mar 2018	-116	−441.4%	Cons. · IFRS
FYE Mar 2019	86.8	n/a	Cons. · IFRS
FYE Mar 2020	79.0	−9.0%	Cons. · IFRS
FYE Mar 2021	-45.4	−157.5%	Cons. · IFRS
FYE Mar 2022	40.1	n/a	Cons. · IFRS
FYE Mar 2023	78.7	+96.6%	Cons. · IFRS
FYE Mar 2024	62.0	−21.2%	Cons. · IFRS
FYE Mar 2025	63.8	+2.9%	Cons. · IFRS
FYE Mar 2026	90.7	+42.1%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥7.5bn

CAGR · 10 yrs +5.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · IFRS
FYE Mar 2018	4.1	−11.0%	Cons. · IFRS
FYE Mar 2019	4.6	+11.5%	Cons. · IFRS
FYE Mar 2020	4.9	+7.1%	Cons. · IFRS
FYE Mar 2021	4.4	−11.2%	Cons. · IFRS
FYE Mar 2022	2.5	−42.1%	Cons. · IFRS
FYE Mar 2023	4.5	+78.6%	Cons. · IFRS
FYE Mar 2024	9.5	+109.5%	Cons. · IFRS
FYE Mar 2025	11.0	+16.5%	Cons. · IFRS
FYE Mar 2026	7.5	−31.9%	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 ¥11bn

CAGR · 10 yrs +2.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons. · IFRS
FYE Mar 2018	12.8	+50.0%	Cons. · IFRS
FYE Mar 2019	8.0	−37.9%	Cons. · IFRS
FYE Mar 2020	8.3	+4.4%	Cons. · IFRS
FYE Mar 2021	3.6	−56.5%	Cons. · IFRS
FYE Mar 2022	3.8	+5.1%	Cons. · IFRS
FYE Mar 2023	8.1	+113.3%	Cons. · IFRS
FYE Mar 2024	8.9	+9.8%	Cons. · IFRS
FYE Mar 2025	10.5	+18.3%	Cons. · IFRS
FYE Mar 2026	10.9	+3.7%	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 ¥56bn

CAGR · 10 yrs +36.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons. · IFRS
FYE Mar 2018	-135	−3980.0%	Cons. · IFRS
FYE Mar 2019	49.5	n/a	Cons. · IFRS
FYE Mar 2020	39.5	−20.2%	Cons. · IFRS
FYE Mar 2021	-32.7	−182.8%	Cons. · IFRS
FYE Mar 2022	30.4	n/a	Cons. · IFRS
FYE Mar 2023	54.4	+79.0%	Cons. · IFRS
FYE Mar 2024	44.2	−18.7%	Cons. · IFRS
FYE Mar 2025	45.7	+3.5%	Cons. · IFRS
FYE Mar 2026	55.7	+21.8%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 34.1%

Average · 10 yrs 35.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	38.9	n/a	Cons. · IFRS
FYE Mar 2018	38.3	−0.5pp	Cons. · IFRS
FYE Mar 2019	38.1	−0.2pp	Cons. · IFRS
FYE Mar 2020	35.9	−2.2pp	Cons. · IFRS
FYE Mar 2021	34.0	−1.9pp	Cons. · IFRS
FYE Mar 2022	35.4	+1.4pp	Cons. · IFRS
FYE Mar 2023	34.9	−0.5pp	Cons. · IFRS
FYE Mar 2024	34.9	−0.0pp	Cons. · IFRS
FYE Mar 2025	34.4	−0.6pp	Cons. · IFRS
FYE Mar 2026	34.1	−0.3pp	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 3.5%

Average · 10 yrs 1.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · IFRS
FYE Mar 2018	-5.6	−7.3pp	Cons. · IFRS
FYE Mar 2019	4.3	+9.9pp	Cons. · IFRS
FYE Mar 2020	3.9	−0.4pp	Cons. · IFRS
FYE Mar 2021	-2.7	−6.6pp	Cons. · IFRS
FYE Mar 2022	2.3	+5.0pp	Cons. · IFRS
FYE Mar 2023	3.7	+1.4pp	Cons. · IFRS
FYE Mar 2024	2.6	−1.0pp	Cons. · IFRS
FYE Mar 2025	2.5	−0.1pp	Cons. · IFRS
FYE Mar 2026	3.5	+1.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 2.1%

Average · 10 yrs 0.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · IFRS
FYE Mar 2018	-6.6	−6.7pp	Cons. · IFRS
FYE Mar 2019	2.5	+9.0pp	Cons. · IFRS
FYE Mar 2020	2.0	−0.5pp	Cons. · IFRS
FYE Mar 2021	-1.9	−3.9pp	Cons. · IFRS
FYE Mar 2022	1.7	+3.7pp	Cons. · IFRS
FYE Mar 2023	2.5	+0.8pp	Cons. · IFRS
FYE Mar 2024	1.9	−0.7pp	Cons. · IFRS
FYE Mar 2025	1.8	−0.1pp	Cons. · IFRS
FYE Mar 2026	2.1	+0.3pp	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 65.9%

Average · 10 yrs 64.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	61.1	n/a	Cons. · IFRS
FYE Mar 2018	61.7	+0.5pp	Cons. · IFRS
FYE Mar 2019	61.9	+0.2pp	Cons. · IFRS
FYE Mar 2020	64.1	+2.2pp	Cons. · IFRS
FYE Mar 2021	66.0	+1.9pp	Cons. · IFRS
FYE Mar 2022	64.6	−1.4pp	Cons. · IFRS
FYE Mar 2023	65.1	+0.5pp	Cons. · IFRS
FYE Mar 2024	65.1	−0.0pp	Cons. · IFRS
FYE Mar 2025	65.6	+0.6pp	Cons. · IFRS
FYE Mar 2026	65.9	+0.3pp	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 31.3%

Average · 10 yrs 34.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	37.2	n/a	Cons. · IFRS
FYE Mar 2018	37.7	+0.5pp	Cons. · IFRS
FYE Mar 2019	34.9	−2.8pp	Cons. · IFRS
FYE Mar 2020	32.8	−2.1pp	Cons. · IFRS
FYE Mar 2021	36.8	+4.1pp	Cons. · IFRS
FYE Mar 2022	34.1	−2.7pp	Cons. · IFRS
FYE Mar 2023	32.2	−1.9pp	Cons. · IFRS
FYE Mar 2024	32.8	+0.5pp	Cons. · IFRS
FYE Mar 2025	32.4	−0.4pp	Cons. · IFRS
FYE Mar 2026	31.3	−1.1pp	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 ¥2.54tn

CAGR · 10 yrs −0.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	2,759	n/a	Cons. · IFRS
FYE Mar 2018	2,641	−4.3%	Cons. · IFRS
FYE Mar 2019	2,725	+3.2%	Cons. · IFRS
FYE Mar 2020	2,868	+5.2%	Cons. · IFRS
FYE Mar 2021	1,888	−34.2%	Cons. · IFRS
FYE Mar 2022	1,853	−1.8%	Cons. · IFRS
FYE Mar 2023	2,150	+16.0%	Cons. · IFRS
FYE Mar 2024	2,286	+6.3%	Cons. · IFRS
FYE Mar 2025	2,357	+3.1%	Cons. · IFRS
FYE Mar 2026	2,540	+7.8%	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 Mar 2026 ¥1.12tn

CAGR · 10 yrs +0.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,042	n/a	Cons. · IFRS
FYE Mar 2018	830	−20.3%	Cons. · IFRS
FYE Mar 2019	846	+1.9%	Cons. · IFRS
FYE Mar 2020	832	−1.6%	Cons. · IFRS
FYE Mar 2021	917	+10.1%	Cons. · IFRS
FYE Mar 2022	898	−2.0%	Cons. · IFRS
FYE Mar 2023	905	+0.8%	Cons. · IFRS
FYE Mar 2024	1,012	+11.9%	Cons. · IFRS
FYE Mar 2025	1,005	−0.7%	Cons. · IFRS
FYE Mar 2026	1,125	+11.9%	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 ¥432bn

CAGR · 10 yrs −7.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	860	n/a	Cons. · IFRS
FYE Mar 2018	882	+2.6%	Cons. · IFRS
FYE Mar 2019	933	+5.8%	Cons. · IFRS
FYE Mar 2020	180	−80.8%	Cons. · IFRS
FYE Mar 2021	222	+23.8%	Cons. · IFRS
FYE Mar 2022	235	+5.9%	Cons. · IFRS
FYE Mar 2023	363	+54.2%	Cons. · IFRS
FYE Mar 2024	350	−3.7%	Cons. · IFRS
FYE Mar 2025	441	+26.1%	Cons. · IFRS
FYE Mar 2026	432	−1.9%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥134bn

CAGR · 10 yrs −5.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	230	n/a	Cons. · IFRS
FYE Mar 2018	223	−2.9%	Cons. · IFRS
FYE Mar 2019	267	+19.6%	Cons. · IFRS
FYE Mar 2020	51.5	−80.7%	Cons. · IFRS
FYE Mar 2021	82.7	+60.7%	Cons. · IFRS
FYE Mar 2022	114	+38.3%	Cons. · IFRS
FYE Mar 2023	158	+38.0%	Cons. · IFRS
FYE Mar 2024	153	−3.3%	Cons. · IFRS
FYE Mar 2025	146	−4.5%	Cons. · IFRS
FYE Mar 2026	134	−8.0%	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 ¥298bn

CAGR · 10 yrs −8.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	630	n/a	Cons. · IFRS
FYE Mar 2018	659	+4.6%	Cons. · IFRS
FYE Mar 2019	666	+1.2%	Cons. · IFRS
FYE Mar 2020	128	−80.8%	Cons. · IFRS
FYE Mar 2021	140	+9.0%	Cons. · IFRS
FYE Mar 2022	121	−13.3%	Cons. · IFRS
FYE Mar 2023	205	+69.5%	Cons. · IFRS
FYE Mar 2024	197	−4.0%	Cons. · IFRS
FYE Mar 2025	295	+49.7%	Cons. · IFRS
FYE Mar 2026	298	+1.1%	Cons. · IFRS

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

Bonds

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥191bn

CAGR · 10 yrs −7.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	388	n/a	Cons. · IFRS
FYE Mar 2018	217	−44.1%	Cons. · IFRS
FYE Mar 2019	220	+1.2%	Cons. · IFRS
FYE Mar 2020	232	+5.5%	Cons. · IFRS
FYE Mar 2021	226	−2.8%	Cons. · IFRS
FYE Mar 2022	259	+15.1%	Cons. · IFRS
FYE Mar 2023	366	+41.2%	Cons. · IFRS
FYE Mar 2024	412	+12.6%	Cons. · IFRS
FYE Mar 2025	433	+4.9%	Cons. · IFRS
FYE Mar 2026	191	−55.9%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥260bn

CAGR · 10 yrs −4.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	388	n/a	Cons. · IFRS
FYE Mar 2018	121	−68.8%	Cons. · IFRS
FYE Mar 2019	125	+3.2%	Cons. · IFRS
FYE Mar 2020	135	+8.0%	Cons. · IFRS
FYE Mar 2021	146	+8.1%	Cons. · IFRS
FYE Mar 2022	166	+13.8%	Cons. · IFRS
FYE Mar 2023	201	+21.0%	Cons. · IFRS
FYE Mar 2024	229	+14.0%	Cons. · IFRS
FYE Mar 2025	239	+4.5%	Cons. · IFRS
FYE Mar 2026	260	+8.8%	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 44.3%

Average · 10 yrs 40.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	37.8	n/a	Cons. · IFRS
FYE Mar 2018	31.4	−6.3pp	Cons. · IFRS
FYE Mar 2019	31.1	−0.4pp	Cons. · IFRS
FYE Mar 2020	29.0	−2.0pp	Cons. · IFRS
FYE Mar 2021	48.6	+19.5pp	Cons. · IFRS
FYE Mar 2022	48.5	−0.1pp	Cons. · IFRS
FYE Mar 2023	42.1	−6.4pp	Cons. · IFRS
FYE Mar 2024	44.3	+2.2pp	Cons. · IFRS
FYE Mar 2025	42.7	−1.6pp	Cons. · IFRS
FYE Mar 2026	44.3	+1.6pp	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 38.4%

Average · 10 yrs 52.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	82.5	n/a	Cons. · IFRS
FYE Mar 2018	106.2	+23.7pp	Cons. · IFRS
FYE Mar 2019	110.3	+4.1pp	Cons. · IFRS
FYE Mar 2020	21.6	−88.7pp	Cons. · IFRS
FYE Mar 2021	24.3	+2.7pp	Cons. · IFRS
FYE Mar 2022	26.2	+1.9pp	Cons. · IFRS
FYE Mar 2023	40.1	+13.9pp	Cons. · IFRS
FYE Mar 2024	34.5	−5.6pp	Cons. · IFRS
FYE Mar 2025	43.8	+9.3pp	Cons. · IFRS
FYE Mar 2026	38.4	−5.4pp	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 Mar 2026 4.9%

Average · 10 yrs 1.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · IFRS
FYE Mar 2018	-16.3	−16.6pp	Cons. · IFRS
FYE Mar 2019	5.9	+22.2pp	Cons. · IFRS
FYE Mar 2020	4.8	−1.1pp	Cons. · IFRS
FYE Mar 2021	-3.6	−8.3pp	Cons. · IFRS
FYE Mar 2022	3.4	+7.0pp	Cons. · IFRS
FYE Mar 2023	6.0	+2.6pp	Cons. · IFRS
FYE Mar 2024	4.4	−1.6pp	Cons. · IFRS
FYE Mar 2025	4.5	+0.2pp	Cons. · IFRS
FYE Mar 2026	4.9	+0.4pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 2.2%

Average · 10 yrs 0.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · IFRS
FYE Mar 2018	-5.1	−5.3pp	Cons. · IFRS
FYE Mar 2019	1.8	+6.9pp	Cons. · IFRS
FYE Mar 2020	1.4	−0.4pp	Cons. · IFRS
FYE Mar 2021	-1.7	−3.1pp	Cons. · IFRS
FYE Mar 2022	1.6	+3.4pp	Cons. · IFRS
FYE Mar 2023	2.5	+0.9pp	Cons. · IFRS
FYE Mar 2024	1.9	−0.6pp	Cons. · IFRS
FYE Mar 2025	1.9	−0.0pp	Cons. · IFRS
FYE Mar 2026	2.2	+0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.03×

CAGR · 10 yrs +3.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.74	n/a	Cons. · IFRS
FYE Mar 2018	0.78	+6.3%	Cons. · IFRS
FYE Mar 2019	0.74	−5.4%	Cons. · IFRS
FYE Mar 2020	0.70	−5.2%	Cons. · IFRS
FYE Mar 2021	0.89	+27.2%	Cons. · IFRS
FYE Mar 2022	0.95	+6.5%	Cons. · IFRS
FYE Mar 2023	0.99	+4.6%	Cons. · IFRS
FYE Mar 2024	1.03	+3.5%	Cons. · IFRS
FYE Mar 2025	1.07	+4.4%	Cons. · IFRS
FYE Mar 2026	1.03	−4.3%	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 ¥158bn

CAGR · 10 yrs +6.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	88.3	n/a	Cons. · IFRS
FYE Mar 2018	110	+24.9%	Cons. · IFRS
FYE Mar 2019	81.9	−25.7%	Cons. · IFRS
FYE Mar 2020	117	+42.4%	Cons. · IFRS
FYE Mar 2021	127	+8.8%	Cons. · IFRS
FYE Mar 2022	82.5	−35.0%	Cons. · IFRS
FYE Mar 2023	66.7	−19.1%	Cons. · IFRS
FYE Mar 2024	126	+88.3%	Cons. · IFRS
FYE Mar 2025	137	+9.0%	Cons. · IFRS
FYE Mar 2026	158	+15.5%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥73bn

Average · 10 yrs -¥90bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-107	n/a	Cons. · IFRS
FYE Mar 2018	-81.1	n/a	Cons. · IFRS
FYE Mar 2019	-45.9	n/a	Cons. · IFRS
FYE Mar 2020	-165	n/a	Cons. · IFRS
FYE Mar 2021	-63.6	n/a	Cons. · IFRS
FYE Mar 2022	-59.4	n/a	Cons. · IFRS
FYE Mar 2023	-134	n/a	Cons. · IFRS
FYE Mar 2024	-97.8	n/a	Cons. · IFRS
FYE Mar 2025	-79.4	n/a	Cons. · IFRS
FYE Mar 2026	-72.5	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 -¥83bn

Average · 10 yrs -¥21bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-19.9	n/a	Cons. · IFRS
FYE Mar 2018	6.4	n/a	Cons. · IFRS
FYE Mar 2019	42.4	+562.2%	Cons. · IFRS
FYE Mar 2020	75.8	+78.6%	Cons. · IFRS
FYE Mar 2021	-4.1	−105.4%	Cons. · IFRS
FYE Mar 2022	-132	n/a	Cons. · IFRS
FYE Mar 2023	35.5	n/a	Cons. · IFRS
FYE Mar 2024	-82.9	−333.9%	Cons. · IFRS
FYE Mar 2025	-45.6	n/a	Cons. · IFRS
FYE Mar 2026	-83.1	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 ¥193bn

CAGR · 10 yrs +4.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	126	n/a	Cons. · IFRS
FYE Mar 2018	161	+27.0%	Cons. · IFRS
FYE Mar 2019	240	+49.5%	Cons. · IFRS
FYE Mar 2020	264	+9.8%	Cons. · IFRS
FYE Mar 2021	330	+25.3%	Cons. · IFRS
FYE Mar 2022	234	−29.2%	Cons. · IFRS
FYE Mar 2023	211	−9.9%	Cons. · IFRS
FYE Mar 2024	170	−19.6%	Cons. · IFRS
FYE Mar 2025	182	+7.2%	Cons. · IFRS
FYE Mar 2026	193	+6.4%	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 ¥86bn

Average · 10 yrs ¥19bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-18.4	n/a	Cons. · IFRS
FYE Mar 2018	29.2	n/a	Cons. · IFRS
FYE Mar 2019	36.0	+23.3%	Cons. · IFRS
FYE Mar 2020	-47.9	−233.0%	Cons. · IFRS
FYE Mar 2021	63.4	n/a	Cons. · IFRS
FYE Mar 2022	23.1	−63.6%	Cons. · IFRS
FYE Mar 2023	-67.2	−391.0%	Cons. · IFRS
FYE Mar 2024	27.8	n/a	Cons. · IFRS
FYE Mar 2025	57.5	+106.9%	Cons. · IFRS
FYE Mar 2026	85.6	+48.8%	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 6.1%

Average · 10 yrs 5.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · IFRS
FYE Mar 2018	5.3	+1.0pp	Cons. · IFRS
FYE Mar 2019	4.1	−1.3pp	Cons. · IFRS
FYE Mar 2020	5.8	+1.7pp	Cons. · IFRS
FYE Mar 2021	7.5	+1.7pp	Cons. · IFRS
FYE Mar 2022	4.7	−2.9pp	Cons. · IFRS
FYE Mar 2023	3.1	−1.6pp	Cons. · IFRS
FYE Mar 2024	5.3	+2.2pp	Cons. · IFRS
FYE Mar 2025	5.4	+0.1pp	Cons. · IFRS
FYE Mar 2026	6.1	+0.6pp	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 -¥239bn

Average · 10 yrs -¥279bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-733	n/a	Cons. · IFRS
FYE Mar 2018	-721	n/a	Cons. · IFRS
FYE Mar 2019	-693	n/a	Cons. · IFRS
FYE Mar 2020	84.0	n/a	Cons. · IFRS
FYE Mar 2021	108	+28.5%	Cons. · IFRS
FYE Mar 2022	-1.4	−101.3%	Cons. · IFRS
FYE Mar 2023	-152	n/a	Cons. · IFRS
FYE Mar 2024	-180	n/a	Cons. · IFRS
FYE Mar 2025	-259	n/a	Cons. · IFRS
FYE Mar 2026	-239	n/a	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 ¥748bn

Change · 8 yrs +¥66bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	682	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	862	n/a
FYE Mar 2020	592	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	677	n/a
FYE Mar 2023	604	n/a
FYE Mar 2024	824	n/a
FYE Mar 2025	898	n/a
FYE Mar 2026	748	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 1,313¥

Change · 8 yrs +397¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	916	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	1,157	n/a
FYE Mar 2020	794	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,062	n/a
FYE Mar 2023	991	n/a
FYE Mar 2024	1,351	n/a
FYE Mar 2025	1,577	n/a
FYE Mar 2026	1,313	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 569,733,100shares

Change · 10 yrs −175,178,900 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	744,912,000	Parent
FYE Mar 2018	744,912,000	Parent
FYE Mar 2019	744,912,000	Parent
FYE Mar 2020	744,912,000	Parent
FYE Mar 2021	744,912,000	Parent
FYE Mar 2022	637,468,100	Parent
FYE Mar 2023	609,521,900	Parent
FYE Mar 2024	609,521,900	Parent
FYE Mar 2025	569,733,100	Parent
FYE Mar 2026	569,733,100	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 97.80¥

Change · 10 yrs +92.99¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	4.81	Cons.
FYE Mar 2018	-186.75	Cons.
FYE Mar 2019	68.32	Cons.
FYE Mar 2020	54.58	Cons.
FYE Mar 2021	-45.20	Cons.
FYE Mar 2022	45.35	Cons.
FYE Mar 2023	88.13	Cons.
FYE Mar 2024	72.58	Cons.
FYE Mar 2025	78.11	Cons.
FYE Mar 2026	97.80	Cons.

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

BPS book value per share

FYE Mar 2026 1,974.29¥

Change · 10 yrs +575.33¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,398.97	Cons. · IFRS
FYE Mar 2018	1,114.73	Cons. · IFRS
FYE Mar 2019	1,135.93	Cons. · IFRS
FYE Mar 2020	1,117.20	Cons. · IFRS
FYE Mar 2021	1,230.53	Cons. · IFRS
FYE Mar 2022	1,409.10	Cons. · IFRS
FYE Mar 2023	1,484.82	Cons. · IFRS
FYE Mar 2024	1,660.84	Cons. · IFRS
FYE Mar 2025	1,764.80	Cons. · IFRS
FYE Mar 2026	1,974.29	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 13.43×

Average · 8 yrs 38.60×

Fiscal year	PER ×	Basis
FYE Mar 2017	190.44	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	16.93	Cons.
FYE Mar 2020	14.55	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	23.42	Cons.
FYE Mar 2023	11.24	Cons.
FYE Mar 2024	18.62	Cons.
FYE Mar 2025	20.19	Cons.
FYE Mar 2026	13.43	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 0.65×

Average · 8 yrs 0.73×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.64	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	0.90	Cons.
FYE Mar 2020	0.63	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.75	Cons.
FYE Mar 2023	0.65	Cons.
FYE Mar 2024	0.78	Cons.
FYE Mar 2025	0.87	Cons.
FYE Mar 2026	0.65	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 Mar 2026 75,635people

Change · 10 yrs −29,978 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	105,613	n/a	Cons.
FYE Mar 2018	97,878	−7.3%	Cons.
FYE Mar 2019	92,663	−5.3%	Cons.
FYE Mar 2020	90,141	−2.7%	Cons.
FYE Mar 2021	81,184	−9.9%	Cons.
FYE Mar 2022	78,360	−3.5%	Cons.
FYE Mar 2023	81,017	+3.4%	Cons.
FYE Mar 2024	79,544	−1.8%	Cons.
FYE Mar 2025	78,665	−1.1%	Cons.
FYE Mar 2026	75,635	−3.9%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 4,596people

Change · 10 yrs −3,447 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	8,043	n/a	Parent
FYE Mar 2018	7,740	−3.8%	Parent
FYE Mar 2019	7,925	+2.4%	Parent
FYE Mar 2020	8,216	+3.7%	Parent
FYE Mar 2021	8,022	−2.4%	Parent
FYE Mar 2022	7,613	−5.1%	Parent
FYE Mar 2023	7,470	−1.9%	Parent
FYE Mar 2024	7,282	−2.5%	Parent
FYE Mar 2025	5,041	−30.8%	Parent
FYE Mar 2026	4,596	−8.8%	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 Mar 2026 ¥9.1m

Change · 10 yrs +¥1.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.1	n/a	Parent
FYE Mar 2018	8.1	−0.2%	Parent
FYE Mar 2019	8.2	+1.5%	Parent
FYE Mar 2020	8.3	+1.2%	Parent
FYE Mar 2021	7.8	−5.5%	Parent
FYE Mar 2022	8.0	+2.7%	Parent
FYE Mar 2023	8.4	+4.3%	Parent
FYE Mar 2024	8.6	+2.5%	Parent
FYE Mar 2025	8.6	−0.0%	Parent
FYE Mar 2026	9.1	+5.3%	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 45.4years

Change · 8 yrs +0.8 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	44.6	n/a	Parent
FYE Mar 2020	44.9	+0.7%	Parent
FYE Mar 2021	45.2	+0.7%	Parent
FYE Mar 2022	45.3	+0.2%	Parent
FYE Mar 2023	45.6	+0.7%	Parent
FYE Mar 2024	45.7	+0.2%	Parent
FYE Mar 2025	45.4	−0.7%	Parent
FYE Mar 2026	45.4	−0.0%	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 Mar 2026 20.0years

Change · 10 yrs +1.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.4	n/a	Parent
FYE Mar 2018	19.5	+6.0%	Parent
FYE Mar 2019	20.0	+2.6%	Parent
FYE Mar 2020	20.2	+1.0%	Parent
FYE Mar 2021	20.0	−1.0%	Parent
FYE Mar 2022	20.5	+2.5%	Parent
FYE Mar 2023	20.7	+1.0%	Parent
FYE Mar 2024	20.5	−1.0%	Parent
FYE Mar 2025	20.0	−2.4%	Parent
FYE Mar 2026	20.0	−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)

Revenue per employee

FYE Mar 2026 ¥34.5m

Change · 10 yrs +¥15.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	19.2	n/a	Cons.
FYE Mar 2018	21.1	+9.7%	Cons.
FYE Mar 2019	21.7	+3.1%	Cons.
FYE Mar 2020	22.3	+2.6%	Cons.
FYE Mar 2021	20.7	−7.0%	Cons.
FYE Mar 2022	22.4	+8.3%	Cons.
FYE Mar 2023	26.3	+17.4%	Cons.
FYE Mar 2024	29.5	+12.1%	Cons.
FYE Mar 2025	32.1	+8.8%	Cons.
FYE Mar 2026	34.5	+7.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.2m

Change · 10 yrs +¥0.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons.
FYE Mar 2018	-1.2	−468.4%	Cons.
FYE Mar 2019	0.9	n/a	Cons.
FYE Mar 2020	0.9	−6.4%	Cons.
FYE Mar 2021	-0.6	−163.8%	Cons.
FYE Mar 2022	0.5	n/a	Cons.
FYE Mar 2023	1.0	+90.1%	Cons.
FYE Mar 2024	0.8	−19.8%	Cons.
FYE Mar 2025	0.8	+4.1%	Cons.
FYE Mar 2026	1.2	+47.8%	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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