Financials

Zojirushi: FYE Nov 2025 and ten years of results (50 metrics)

FYE Nov 2025 · Revenue¥91bnYoY +4.5%

FYE Nov 2025 · Operating profit¥7.4bnYoY +24.9%

FYE Nov 2025 · Net profit¥6.0bnYoY −7.5%

FYE Nov 2025 · Equity ratio75.0%YoY −0.4pp

FYE Nov 2025 · Group employees1,515YoY +193

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Nov 2016Consolidated	¥89bn	n/a	¥12bn	n/a	13.6%	¥7.3bn	Ichikawa Norio	Peak of the inbound tourist boom — operating profit ¥12.1bn
FYE Nov 2017Consolidated	¥85bn	−4.3%	¥7.8bn	−35.4%	9.2%	¥5.3bn	Ichikawa Norio	—
FYE Nov 2018Consolidated	¥85bn	−0.9%	¥6.3bn	−20.1%	7.4%	¥4.4bn	Ichikawa Norio	Centenary; Enbudaki premium rice cooker and the Zojirushi Shokudo restaurant
FYE Nov 2019Consolidated	¥79bn	−6.5%	¥5.4bn	−12.9%	6.9%	¥4.1bn	Ichikawa Norio	—
FYE Nov 2020Consolidated	¥75bn	−5.3%	¥5.4bn	−0.1%	7.3%	¥3.9bn	Ichikawa Norio	—
FYE Nov 2021Consolidated	¥78bn	+3.6%	¥6.4bn	+17.6%	8.2%	¥4.5bn	Ichikawa Norio	—
FYE Nov 2022Consolidated	¥83bn	+6.3%	¥4.7bn	−27.1%	5.7%	¥3.7bn	Ichikawa Norio	—
FYE Nov 2023Consolidated	¥83bn	+1.2%	¥5.0bn	+7.2%	6.0%	¥4.4bn	Ichikawa Norio	—
FYE Nov 2024Consolidated	¥87bn	+4.5%	¥6.0bn	+19.1%	6.8%	¥6.5bn	Ichikawa Norio	Takeover defence discontinued; buybacks and a higher dividend
FYE Nov 2025Consolidated	¥91bn	+4.5%	¥7.4bn	+24.9%	8.2%	¥6.0bn	Ichikawa Norio	—

How it compares

Daikin¥5.02tnFY2025Operating margin 8.3%Hoshizaki¥486bnFY2025Operating margin 10.7%Rinnai¥470bnFY2025Operating margin 10.7%Miura¥269bnFY2025Operating margin 11.5%

Noritsu¥202bnFY2025Operating margin 2.1%

Zojirushi¥91bnFY2025Operating margin 8.2%

Shinkoukougyou¥57bnFY2024Operating margin 17.5%

Choufuseisakusho¥47bnFY2025Operating margin 3.7%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Nov 2025 ¥91bn

CAGR · 10 yrs +0.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Nov 2016	89.2	n/a	Cons. · Japanese GAAP
FYE Nov 2017	85.4	−4.3%	Cons. · Japanese GAAP
FYE Nov 2018	84.6	−0.9%	Cons. · Japanese GAAP
FYE Nov 2019	79.1	−6.5%	Cons. · Japanese GAAP
FYE Nov 2020	74.9	−5.3%	Cons. · Japanese GAAP
FYE Nov 2021	77.7	+3.6%	Cons. · Japanese GAAP
FYE Nov 2022	82.5	+6.3%	Cons. · Japanese GAAP
FYE Nov 2023	83.5	+1.2%	Cons. · Japanese GAAP
FYE Nov 2024	87.2	+4.5%	Cons. · Japanese GAAP
FYE Nov 2025	91.2	+4.5%	Cons. · Japanese GAAP

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

Cost of sales

FYE Nov 2025 ¥61bn

CAGR · 10 yrs +0.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Nov 2016	56.2	n/a	Cons. · Japanese GAAP
FYE Nov 2017	56.0	−0.3%	Cons. · Japanese GAAP
FYE Nov 2018	56.4	+0.6%	Cons. · Japanese GAAP
FYE Nov 2019	53.0	−6.0%	Cons. · Japanese GAAP
FYE Nov 2020	49.6	−6.3%	Cons. · Japanese GAAP
FYE Nov 2021	51.0	+2.8%	Cons. · Japanese GAAP
FYE Nov 2022	57.5	+12.8%	Cons. · Japanese GAAP
FYE Nov 2023	57.4	−0.3%	Cons. · Japanese GAAP
FYE Nov 2024	58.9	+2.7%	Cons. · Japanese GAAP
FYE Nov 2025	60.7	+3.1%	Cons. · Japanese GAAP

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

Gross profit

FYE Nov 2025 ¥30bn

CAGR · 10 yrs −0.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Nov 2016	33.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	29.3	−11.2%	Cons. · Japanese GAAP
FYE Nov 2018	28.3	−3.6%	Cons. · Japanese GAAP
FYE Nov 2019	26.1	−7.6%	Cons. · Japanese GAAP
FYE Nov 2020	25.3	−3.1%	Cons. · Japanese GAAP
FYE Nov 2021	26.6	+5.2%	Cons. · Japanese GAAP
FYE Nov 2022	25.0	−6.2%	Cons. · Japanese GAAP
FYE Nov 2023	26.1	+4.6%	Cons. · Japanese GAAP
FYE Nov 2024	28.3	+8.3%	Cons. · Japanese GAAP
FYE Nov 2025	30.4	+7.4%	Cons. · Japanese GAAP

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Nov 2025 ¥23bn

CAGR · 10 yrs +1.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Nov 2016	20.9	n/a	Cons. · Japanese GAAP
FYE Nov 2017	21.5	+2.9%	Cons. · Japanese GAAP
FYE Nov 2018	22.0	+2.4%	Cons. · Japanese GAAP
FYE Nov 2019	20.7	−6.0%	Cons. · Japanese GAAP
FYE Nov 2020	19.9	−3.9%	Cons. · Japanese GAAP
FYE Nov 2021	20.3	+1.8%	Cons. · Japanese GAAP
FYE Nov 2022	20.3	+0.3%	Cons. · Japanese GAAP
FYE Nov 2023	21.1	+4.0%	Cons. · Japanese GAAP
FYE Nov 2024	22.3	+5.8%	Cons. · Japanese GAAP
FYE Nov 2025	23.0	+2.8%	Cons. · Japanese GAAP

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

Operating profit

FYE Nov 2025 ¥7.4bn

CAGR · 10 yrs −5.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Nov 2016	12.1	n/a	Cons. · Japanese GAAP
FYE Nov 2017	7.8	−35.4%	Cons. · Japanese GAAP
FYE Nov 2018	6.3	−20.1%	Cons. · Japanese GAAP
FYE Nov 2019	5.4	−12.9%	Cons. · Japanese GAAP
FYE Nov 2020	5.4	−0.1%	Cons. · Japanese GAAP
FYE Nov 2021	6.4	+17.6%	Cons. · Japanese GAAP
FYE Nov 2022	4.7	−27.1%	Cons. · Japanese GAAP
FYE Nov 2023	5.0	+7.2%	Cons. · Japanese GAAP
FYE Nov 2024	6.0	+19.1%	Cons. · Japanese GAAP
FYE Nov 2025	7.4	+24.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Nov 2025 ¥1.1bn

CAGR · 10 yrs +3.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Nov 2016	0.9	n/a	Cons. · Japanese GAAP
FYE Nov 2017	1.2	+37.0%	Cons. · Japanese GAAP
FYE Nov 2018	0.9	−24.2%	Cons. · Japanese GAAP
FYE Nov 2019	0.9	+5.3%	Cons. · Japanese GAAP
FYE Nov 2020	0.8	−16.2%	Cons. · Japanese GAAP
FYE Nov 2021	1.0	+30.1%	Cons. · Japanese GAAP
FYE Nov 2022	1.3	+23.2%	Cons. · Japanese GAAP
FYE Nov 2023	1.6	+29.7%	Cons. · Japanese GAAP
FYE Nov 2024	1.6	−4.1%	Cons. · Japanese GAAP
FYE Nov 2025	1.1	−27.3%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Nov 2025 ¥0.3bn

CAGR · 10 yrs −14.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Nov 2016	1.1	n/a	Cons. · Japanese GAAP
FYE Nov 2017	0.5	−56.5%	Cons. · Japanese GAAP
FYE Nov 2018	0.5	+7.3%	Cons. · Japanese GAAP
FYE Nov 2019	0.5	−6.4%	Cons. · Japanese GAAP
FYE Nov 2020	0.5	−0.2%	Cons. · Japanese GAAP
FYE Nov 2021	0.6	+25.4%	Cons. · Japanese GAAP
FYE Nov 2022	0.1	−83.9%	Cons. · Japanese GAAP
FYE Nov 2023	0.1	+28.0%	Cons. · Japanese GAAP
FYE Nov 2024	0.1	−15.6%	Cons. · Japanese GAAP
FYE Nov 2025	0.3	+148.1%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Nov 2025 ¥8.3bn

CAGR · 10 yrs −3.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Nov 2016	11.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	8.5	−28.2%	Cons. · Japanese GAAP
FYE Nov 2018	6.6	−22.2%	Cons. · Japanese GAAP
FYE Nov 2019	5.9	−11.0%	Cons. · Japanese GAAP
FYE Nov 2020	5.7	−2.6%	Cons. · Japanese GAAP
FYE Nov 2021	6.8	+18.6%	Cons. · Japanese GAAP
FYE Nov 2022	5.8	−14.4%	Cons. · Japanese GAAP
FYE Nov 2023	6.5	+11.7%	Cons. · Japanese GAAP
FYE Nov 2024	7.4	+14.0%	Cons. · Japanese GAAP
FYE Nov 2025	8.3	+12.1%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Nov 2025 ¥0.3bn

CAGR · 10 yrs +65.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Nov 2016	0.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	0.0	−66.7%	Cons. · Japanese GAAP
FYE Nov 2018	0.0	−100.0%	Cons. · Japanese GAAP
FYE Nov 2019	0.1	n/a	Cons. · Japanese GAAP
FYE Nov 2020	0.0	−94.6%	Cons. · Japanese GAAP
FYE Nov 2021	0.1	+1375.0%	Cons. · Japanese GAAP
FYE Nov 2022	0.0	−94.9%	Cons. · Japanese GAAP
FYE Nov 2023	0.0	−0.0%	Cons. · Japanese GAAP
FYE Nov 2024	2.0	+65166.7%	Cons. · Japanese GAAP
FYE Nov 2025	0.3	−85.6%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Nov 2025 ¥15.0m

CAGR · 10 yrs −21.6%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Nov 2016	134	n/a	Cons. · Japanese GAAP
FYE Nov 2017	164	+22.4%	Cons. · Japanese GAAP
FYE Nov 2018	82.0	−50.0%	Cons. · Japanese GAAP
FYE Nov 2019	72.0	−12.2%	Cons. · Japanese GAAP
FYE Nov 2020	100	+38.9%	Cons. · Japanese GAAP
FYE Nov 2021	23.0	−77.0%	Cons. · Japanese GAAP
FYE Nov 2022	107	+365.2%	Cons. · Japanese GAAP
FYE Nov 2023	57.0	−46.7%	Cons. · Japanese GAAP
FYE Nov 2024	39.0	−31.6%	Cons. · Japanese GAAP
FYE Nov 2025	15.0	−61.5%	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Nov 2025 ¥6.0bn

CAGR · 10 yrs −2.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Nov 2016	7.3	n/a	Cons. · Japanese GAAP
FYE Nov 2017	5.3	−26.9%	Cons. · Japanese GAAP
FYE Nov 2018	4.4	−16.9%	Cons. · Japanese GAAP
FYE Nov 2019	4.1	−7.9%	Cons. · Japanese GAAP
FYE Nov 2020	3.9	−3.4%	Cons. · Japanese GAAP
FYE Nov 2021	4.5	+14.4%	Cons. · Japanese GAAP
FYE Nov 2022	3.7	−18.9%	Cons. · Japanese GAAP
FYE Nov 2023	4.4	+21.4%	Cons. · Japanese GAAP
FYE Nov 2024	6.5	+45.5%	Cons. · Japanese GAAP
FYE Nov 2025	6.0	−7.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Nov 2025 33.4%

Average · 10 yrs 33.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Nov 2016	37.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	34.3	−2.6pp	Cons. · Japanese GAAP
FYE Nov 2018	33.4	−0.9pp	Cons. · Japanese GAAP
FYE Nov 2019	33.0	−0.4pp	Cons. · Japanese GAAP
FYE Nov 2020	33.8	+0.8pp	Cons. · Japanese GAAP
FYE Nov 2021	34.3	+0.5pp	Cons. · Japanese GAAP
FYE Nov 2022	30.3	−4.0pp	Cons. · Japanese GAAP
FYE Nov 2023	31.3	+1.0pp	Cons. · Japanese GAAP
FYE Nov 2024	32.4	+1.2pp	Cons. · Japanese GAAP
FYE Nov 2025	33.4	+0.9pp	Cons. · Japanese GAAP

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

Operating margin

FYE Nov 2025 8.2%

Average · 10 yrs 7.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Nov 2016	13.6	n/a	Cons. · Japanese GAAP
FYE Nov 2017	9.2	−4.4pp	Cons. · Japanese GAAP
FYE Nov 2018	7.4	−1.8pp	Cons. · Japanese GAAP
FYE Nov 2019	6.9	−0.5pp	Cons. · Japanese GAAP
FYE Nov 2020	7.3	+0.4pp	Cons. · Japanese GAAP
FYE Nov 2021	8.2	+1.0pp	Cons. · Japanese GAAP
FYE Nov 2022	5.7	−2.6pp	Cons. · Japanese GAAP
FYE Nov 2023	6.0	+0.3pp	Cons. · Japanese GAAP
FYE Nov 2024	6.8	+0.8pp	Cons. · Japanese GAAP
FYE Nov 2025	8.2	+1.3pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Nov 2025 9.1%

Average · 10 yrs 8.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Nov 2016	13.2	n/a	Cons. · Japanese GAAP
FYE Nov 2017	9.9	−3.3pp	Cons. · Japanese GAAP
FYE Nov 2018	7.8	−2.1pp	Cons. · Japanese GAAP
FYE Nov 2019	7.4	−0.4pp	Cons. · Japanese GAAP
FYE Nov 2020	7.6	+0.2pp	Cons. · Japanese GAAP
FYE Nov 2021	8.7	+1.1pp	Cons. · Japanese GAAP
FYE Nov 2022	7.0	−1.7pp	Cons. · Japanese GAAP
FYE Nov 2023	7.8	+0.7pp	Cons. · Japanese GAAP
FYE Nov 2024	8.5	+0.7pp	Cons. · Japanese GAAP
FYE Nov 2025	9.1	+0.6pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Nov 2025 6.6%

Average · 10 yrs 6.0%

Fiscal year	Net margin %	YoY	Basis
FYE Nov 2016	8.2	n/a	Cons. · Japanese GAAP
FYE Nov 2017	6.3	−1.9pp	Cons. · Japanese GAAP
FYE Nov 2018	5.2	−1.0pp	Cons. · Japanese GAAP
FYE Nov 2019	5.2	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2020	5.3	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2021	5.8	+0.5pp	Cons. · Japanese GAAP
FYE Nov 2022	4.4	−1.4pp	Cons. · Japanese GAAP
FYE Nov 2023	5.3	+0.9pp	Cons. · Japanese GAAP
FYE Nov 2024	7.4	+2.1pp	Cons. · Japanese GAAP
FYE Nov 2025	6.6	−0.8pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Nov 2025 66.6%

Average · 10 yrs 66.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Nov 2016	63.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	65.7	+2.6pp	Cons. · Japanese GAAP
FYE Nov 2018	66.6	+0.9pp	Cons. · Japanese GAAP
FYE Nov 2019	67.0	+0.4pp	Cons. · Japanese GAAP
FYE Nov 2020	66.2	−0.8pp	Cons. · Japanese GAAP
FYE Nov 2021	65.7	−0.5pp	Cons. · Japanese GAAP
FYE Nov 2022	69.7	+4.0pp	Cons. · Japanese GAAP
FYE Nov 2023	68.7	−1.0pp	Cons. · Japanese GAAP
FYE Nov 2024	67.6	−1.2pp	Cons. · Japanese GAAP
FYE Nov 2025	66.6	−0.9pp	Cons. · Japanese GAAP

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

SG&A ratio

FYE Nov 2025 25.2%

Average · 10 yrs 25.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Nov 2016	23.4	n/a	Cons. · Japanese GAAP
FYE Nov 2017	25.2	+1.8pp	Cons. · Japanese GAAP
FYE Nov 2018	26.0	+0.8pp	Cons. · Japanese GAAP
FYE Nov 2019	26.1	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2020	26.5	+0.4pp	Cons. · Japanese GAAP
FYE Nov 2021	26.1	−0.5pp	Cons. · Japanese GAAP
FYE Nov 2022	24.6	−1.5pp	Cons. · Japanese GAAP
FYE Nov 2023	25.3	+0.7pp	Cons. · Japanese GAAP
FYE Nov 2024	25.6	+0.3pp	Cons. · Japanese GAAP
FYE Nov 2025	25.2	−0.4pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Nov 2025 ¥118bn

CAGR · 10 yrs +3.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Nov 2016	88.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	92.9	+5.6%	Cons. · Japanese GAAP
FYE Nov 2018	91.6	−1.4%	Cons. · Japanese GAAP
FYE Nov 2019	91.5	−0.2%	Cons. · Japanese GAAP
FYE Nov 2020	97.0	+6.0%	Cons. · Japanese GAAP
FYE Nov 2021	102	+5.0%	Cons. · Japanese GAAP
FYE Nov 2022	111	+9.1%	Cons. · Japanese GAAP
FYE Nov 2023	112	+1.1%	Cons. · Japanese GAAP
FYE Nov 2024	115	+2.1%	Cons. · Japanese GAAP
FYE Nov 2025	118	+3.1%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Nov 2025 ¥89bn

CAGR · 10 yrs +4.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Nov 2016	60.4	n/a	Cons. · Japanese GAAP
FYE Nov 2017	66.8	+10.6%	Cons. · Japanese GAAP
FYE Nov 2018	69.1	+3.4%	Cons. · Japanese GAAP
FYE Nov 2019	70.4	+1.8%	Cons. · Japanese GAAP
FYE Nov 2020	72.3	+2.8%	Cons. · Japanese GAAP
FYE Nov 2021	76.2	+5.4%	Cons. · Japanese GAAP
FYE Nov 2022	80.5	+5.6%	Cons. · Japanese GAAP
FYE Nov 2023	84.5	+5.0%	Cons. · Japanese GAAP
FYE Nov 2024	86.5	+2.3%	Cons. · Japanese GAAP
FYE Nov 2025	88.7	+2.6%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Nov 2025 ¥0.0bn

Average · 10 yrs ¥1.5bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Nov 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	3.0	+79.2%	Cons. · Japanese GAAP
FYE Nov 2018	1.5	−50.0%	Cons. · Japanese GAAP
FYE Nov 2019	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2020	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2021	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2022	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2023	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2024	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2025	0.0	−100.0%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Nov 2025 n/a

CAGR · 4 yrs +105.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	0.2	n/a	Cons. · Japanese GAAP
FYE Nov 2017	1.5	+762.1%	Cons. · Japanese GAAP
FYE Nov 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2021	1.5	n/a	Cons. · Japanese GAAP
FYE Nov 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2024	1.5	n/a	Cons. · Japanese GAAP
FYE Nov 2025	n/a	n/a	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Nov 2025 n/a

CAGR · 7 yrs −0.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	1.5	n/a	Cons. · Japanese GAAP
FYE Nov 2017	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2018	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2019	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2020	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2022	1.5	n/a	Cons. · Japanese GAAP
FYE Nov 2023	1.5	−0.0%	Cons. · Japanese GAAP
FYE Nov 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2025	n/a	n/a	Cons. · Japanese GAAP

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

Intangible assets

FYE Nov 2025 ¥0.7bn

CAGR · 10 yrs −14.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Nov 2016	2.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	2.3	−16.2%	Cons. · Japanese GAAP
FYE Nov 2018	1.9	−18.3%	Cons. · Japanese GAAP
FYE Nov 2019	1.4	−26.6%	Cons. · Japanese GAAP
FYE Nov 2020	0.9	−34.2%	Cons. · Japanese GAAP
FYE Nov 2021	0.6	−31.2%	Cons. · Japanese GAAP
FYE Nov 2022	0.6	+2.1%	Cons. · Japanese GAAP
FYE Nov 2023	0.7	+14.0%	Cons. · Japanese GAAP
FYE Nov 2024	0.7	−4.6%	Cons. · Japanese GAAP
FYE Nov 2025	0.7	−0.7%	Cons. · Japanese GAAP

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

Equity ratio

FYE Nov 2025 75.0%

Average · 10 yrs 74.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Nov 2016	68.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	71.9	+3.3pp	Cons. · Japanese GAAP
FYE Nov 2018	75.4	+3.5pp	Cons. · Japanese GAAP
FYE Nov 2019	76.9	+1.5pp	Cons. · Japanese GAAP
FYE Nov 2020	74.5	−2.3pp	Cons. · Japanese GAAP
FYE Nov 2021	74.8	+0.3pp	Cons. · Japanese GAAP
FYE Nov 2022	72.4	−2.4pp	Cons. · Japanese GAAP
FYE Nov 2023	75.1	+2.8pp	Cons. · Japanese GAAP
FYE Nov 2024	75.3	+0.2pp	Cons. · Japanese GAAP
FYE Nov 2025	75.0	−0.4pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Nov 2025 0.0%

Average · 10 yrs 2.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Nov 2016	2.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	4.5	+1.7pp	Cons. · Japanese GAAP
FYE Nov 2018	2.2	−2.3pp	Cons. · Japanese GAAP
FYE Nov 2019	2.1	−0.0pp	Cons. · Japanese GAAP
FYE Nov 2020	2.1	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2021	2.0	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2022	1.9	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2023	1.8	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2024	1.7	−0.0pp	Cons. · Japanese GAAP
FYE Nov 2025	0.0	−1.7pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Nov 2025 6.7%

Average · 10 yrs 6.8%

Fiscal year	ROE %	YoY	Basis
FYE Nov 2016	12.1	n/a	Cons. · Japanese GAAP
FYE Nov 2017	8.0	−4.1pp	Cons. · Japanese GAAP
FYE Nov 2018	6.4	−1.6pp	Cons. · Japanese GAAP
FYE Nov 2019	5.8	−0.6pp	Cons. · Japanese GAAP
FYE Nov 2020	5.5	−0.4pp	Cons. · Japanese GAAP
FYE Nov 2021	5.9	+0.5pp	Cons. · Japanese GAAP
FYE Nov 2022	4.5	−1.4pp	Cons. · Japanese GAAP
FYE Nov 2023	5.3	+0.7pp	Cons. · Japanese GAAP
FYE Nov 2024	7.5	+2.2pp	Cons. · Japanese GAAP
FYE Nov 2025	6.7	−0.7pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Nov 2025 5.1%

Average · 10 yrs 5.0%

Fiscal year	ROA %	YoY	Basis
FYE Nov 2016	8.3	n/a	Cons. · Japanese GAAP
FYE Nov 2017	5.7	−2.5pp	Cons. · Japanese GAAP
FYE Nov 2018	4.8	−0.9pp	Cons. · Japanese GAAP
FYE Nov 2019	4.5	−0.4pp	Cons. · Japanese GAAP
FYE Nov 2020	4.1	−0.4pp	Cons. · Japanese GAAP
FYE Nov 2021	4.4	+0.4pp	Cons. · Japanese GAAP
FYE Nov 2022	3.3	−1.1pp	Cons. · Japanese GAAP
FYE Nov 2023	4.0	+0.7pp	Cons. · Japanese GAAP
FYE Nov 2024	5.6	+1.7pp	Cons. · Japanese GAAP
FYE Nov 2025	5.1	−0.6pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Nov 2025 0.77×

CAGR · 10 yrs −3.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Nov 2016	1.01	n/a	Cons. · Japanese GAAP
FYE Nov 2017	0.92	−9.4%	Cons. · Japanese GAAP
FYE Nov 2018	0.92	+0.5%	Cons. · Japanese GAAP
FYE Nov 2019	0.86	−6.4%	Cons. · Japanese GAAP
FYE Nov 2020	0.77	−10.6%	Cons. · Japanese GAAP
FYE Nov 2021	0.76	−1.3%	Cons. · Japanese GAAP
FYE Nov 2022	0.74	−2.6%	Cons. · Japanese GAAP
FYE Nov 2023	0.74	+0.1%	Cons. · Japanese GAAP
FYE Nov 2024	0.76	+2.3%	Cons. · Japanese GAAP
FYE Nov 2025	0.77	+1.4%	Cons. · Japanese GAAP

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Nov 2025 ¥9.9bn

CAGR · 10 yrs +2.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Nov 2016	8.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	6.6	−17.2%	Cons. · Japanese GAAP
FYE Nov 2018	4.7	−29.4%	Cons. · Japanese GAAP
FYE Nov 2019	6.7	+43.9%	Cons. · Japanese GAAP
FYE Nov 2020	7.4	+9.3%	Cons. · Japanese GAAP
FYE Nov 2021	5.2	−30.1%	Cons. · Japanese GAAP
FYE Nov 2022	-0.3	−105.4%	Cons. · Japanese GAAP
FYE Nov 2023	4.9	n/a	Cons. · Japanese GAAP
FYE Nov 2024	5.5	+11.6%	Cons. · Japanese GAAP
FYE Nov 2025	9.9	+80.2%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Nov 2025 -¥2.1bn

Average · 10 yrs -¥1.7bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-3.4	n/a	Cons. · Japanese GAAP
FYE Nov 2017	-0.9	n/a	Cons. · Japanese GAAP
FYE Nov 2018	-2.5	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-1.3	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-1.6	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-2.6	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-2.1	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-0.0	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-2.1	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE Nov 2025 -¥9.1bn

Average · 10 yrs -¥3.5bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-1.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	-1.9	n/a	Cons. · Japanese GAAP
FYE Nov 2018	-3.6	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-1.9	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-2.2	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-2.4	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-2.9	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-3.0	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-6.4	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-9.1	n/a	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Nov 2025 ¥30bn

CAGR · 10 yrs +3.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Nov 2016	22.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	27.3	+20.3%	Cons. · Japanese GAAP
FYE Nov 2018	25.9	−5.1%	Cons. · Japanese GAAP
FYE Nov 2019	29.0	+12.0%	Cons. · Japanese GAAP
FYE Nov 2020	32.6	+12.3%	Cons. · Japanese GAAP
FYE Nov 2021	35.2	+8.1%	Cons. · Japanese GAAP
FYE Nov 2022	31.1	−11.7%	Cons. · Japanese GAAP
FYE Nov 2023	31.2	+0.4%	Cons. · Japanese GAAP
FYE Nov 2024	30.6	−1.9%	Cons. · Japanese GAAP
FYE Nov 2025	29.6	−3.4%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Nov 2025 ¥7.8bn

CAGR · 10 yrs +6.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Nov 2016	4.6	n/a	Cons. · Japanese GAAP
FYE Nov 2017	5.7	+24.2%	Cons. · Japanese GAAP
FYE Nov 2018	2.2	−61.7%	Cons. · Japanese GAAP
FYE Nov 2019	5.5	+151.0%	Cons. · Japanese GAAP
FYE Nov 2020	5.8	+5.2%	Cons. · Japanese GAAP
FYE Nov 2021	4.4	−24.4%	Cons. · Japanese GAAP
FYE Nov 2022	-2.9	−165.8%	Cons. · Japanese GAAP
FYE Nov 2023	2.9	n/a	Cons. · Japanese GAAP
FYE Nov 2024	5.5	+91.5%	Cons. · Japanese GAAP
FYE Nov 2025	7.8	+42.2%	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Nov 2025 10.9%

Average · 10 yrs 7.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Nov 2016	9.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	7.8	−1.2pp	Cons. · Japanese GAAP
FYE Nov 2018	5.5	−2.2pp	Cons. · Japanese GAAP
FYE Nov 2019	8.5	+3.0pp	Cons. · Japanese GAAP
FYE Nov 2020	9.8	+1.3pp	Cons. · Japanese GAAP
FYE Nov 2021	6.6	−3.2pp	Cons. · Japanese GAAP
FYE Nov 2022	-0.3	−7.0pp	Cons. · Japanese GAAP
FYE Nov 2023	5.9	+6.3pp	Cons. · Japanese GAAP
FYE Nov 2024	6.3	+0.4pp	Cons. · Japanese GAAP
FYE Nov 2025	10.9	+4.6pp	Cons. · Japanese GAAP

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

Net cash

FYE Nov 2025 ¥30bn

CAGR · 10 yrs +3.9%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Nov 2016	21.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	24.3	+15.6%	Cons. · Japanese GAAP
FYE Nov 2018	24.4	+0.4%	Cons. · Japanese GAAP
FYE Nov 2019	27.5	+12.8%	Cons. · Japanese GAAP
FYE Nov 2020	31.1	+13.0%	Cons. · Japanese GAAP
FYE Nov 2021	33.7	+8.5%	Cons. · Japanese GAAP
FYE Nov 2022	29.6	−12.3%	Cons. · Japanese GAAP
FYE Nov 2023	29.7	+0.5%	Cons. · Japanese GAAP
FYE Nov 2024	29.1	−2.0%	Cons. · Japanese GAAP
FYE Nov 2025	29.6	+1.6%	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Nov 2025 ¥117bn

Change · 10 yrs +¥19bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Nov 2016	97.3	n/a
FYE Nov 2017	71.7	n/a
FYE Nov 2018	84.3	n/a
FYE Nov 2019	126	n/a
FYE Nov 2020	141	n/a
FYE Nov 2021	120	n/a
FYE Nov 2022	115	n/a
FYE Nov 2023	111	n/a
FYE Nov 2024	119	n/a
FYE Nov 2025	117	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 Nov 2025 1,606¥

Change · 10 yrs +266¥

Fiscal year	Share price ¥	Basis
FYE Nov 2016	1,340	n/a
FYE Nov 2017	988	n/a
FYE Nov 2018	1,161	n/a
FYE Nov 2019	1,739	n/a
FYE Nov 2020	1,949	n/a
FYE Nov 2021	1,647	n/a
FYE Nov 2022	1,590	n/a
FYE Nov 2023	1,523	n/a
FYE Nov 2024	1,633	n/a
FYE Nov 2025	1,606	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 Nov 2025 72,600,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Nov 2016	72,600,000	Parent
FYE Nov 2017	72,600,000	Parent
FYE Nov 2018	72,600,000	Parent
FYE Nov 2019	72,600,000	Parent
FYE Nov 2020	72,600,000	Parent
FYE Nov 2021	72,600,000	Parent
FYE Nov 2022	72,600,000	Parent
FYE Nov 2023	72,600,000	Parent
FYE Nov 2024	72,600,000	Parent
FYE Nov 2025	72,600,000	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 Nov 2025 92.30¥

Change · 10 yrs −15.73¥

Fiscal year	EPS ¥	Basis
FYE Nov 2016	108.03	Cons.
FYE Nov 2017	79.00	Cons.
FYE Nov 2018	65.62	Cons.
FYE Nov 2019	60.39	Cons.
FYE Nov 2020	58.34	Cons.
FYE Nov 2021	66.69	Cons.
FYE Nov 2022	54.09	Cons.
FYE Nov 2023	65.64	Cons.
FYE Nov 2024	96.63	Cons.
FYE Nov 2025	92.30	Cons.

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

BPS book value per share

FYE Nov 2025 1,221.94¥

Change · 10 yrs +389.45¥

Fiscal year	BPS ¥	Basis
FYE Nov 2016	832.49	Cons. · Japanese GAAP
FYE Nov 2017	920.56	Cons. · Japanese GAAP
FYE Nov 2018	951.76	Cons. · Japanese GAAP
FYE Nov 2019	969.01	Cons. · Japanese GAAP
FYE Nov 2020	996.12	Cons. · Japanese GAAP
FYE Nov 2021	1,049.93	Cons. · Japanese GAAP
FYE Nov 2022	1,108.26	Cons. · Japanese GAAP
FYE Nov 2023	1,163.65	Cons. · Japanese GAAP
FYE Nov 2024	1,190.99	Cons. · Japanese GAAP
FYE Nov 2025	1,221.94	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Nov 2025 17.40×

Average · 10 yrs 21.64×

Fiscal year	PER ×	Basis
FYE Nov 2016	12.40	Cons.
FYE Nov 2017	12.50	Cons.
FYE Nov 2018	17.70	Cons.
FYE Nov 2019	28.80	Cons.
FYE Nov 2020	33.40	Cons.
FYE Nov 2021	24.70	Cons.
FYE Nov 2022	29.40	Cons.
FYE Nov 2023	23.20	Cons.
FYE Nov 2024	16.90	Cons.
FYE Nov 2025	17.40	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 Nov 2025 1.15×

Average · 10 yrs 1.35×

Fiscal year	PBR ×	Basis
FYE Nov 2016	1.50	Cons.
FYE Nov 2017	1.00	Cons.
FYE Nov 2018	1.14	Cons.
FYE Nov 2019	1.67	Cons.
FYE Nov 2020	1.82	Cons.
FYE Nov 2021	1.46	Cons.
FYE Nov 2022	1.34	Cons.
FYE Nov 2023	1.22	Cons.
FYE Nov 2024	1.24	Cons.
FYE Nov 2025	1.15	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 Nov 2025 1,515people

Change · 10 yrs +207 people

Fiscal year	Group employees people	YoY	Basis
FYE Nov 2016	1,308	n/a	Cons.
FYE Nov 2017	1,325	+1.3%	Cons.
FYE Nov 2018	1,376	+3.8%	Cons.
FYE Nov 2019	1,357	−1.4%	Cons.
FYE Nov 2020	1,322	−2.6%	Cons.
FYE Nov 2021	1,304	−1.4%	Cons.
FYE Nov 2022	1,308	+0.3%	Cons.
FYE Nov 2023	1,314	+0.5%	Cons.
FYE Nov 2024	1,322	+0.6%	Cons.
FYE Nov 2025	1,515	+14.6%	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 Nov 2025 527people

Change · 10 yrs +24 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Nov 2016	503	n/a	Parent
FYE Nov 2017	501	−0.4%	Parent
FYE Nov 2018	504	+0.6%	Parent
FYE Nov 2019	505	+0.2%	Parent
FYE Nov 2020	509	+0.8%	Parent
FYE Nov 2021	508	−0.2%	Parent
FYE Nov 2022	512	+0.8%	Parent
FYE Nov 2023	516	+0.8%	Parent
FYE Nov 2024	520	+0.8%	Parent
FYE Nov 2025	527	+1.3%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Nov 2025 835万円

Change · 7 yrs +40万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	795	n/a	Parent
FYE Nov 2020	785	−1.2%	Parent
FYE Nov 2021	803	+2.3%	Parent
FYE Nov 2022	821	+2.2%	Parent
FYE Nov 2023	840	+2.3%	Parent
FYE Nov 2024	798	−5.1%	Parent
FYE Nov 2025	835	+4.7%	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 Nov 2025 39.8years

Change · 7 yrs −2.4 years

Fiscal year	Average age years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	42.2	n/a	Parent
FYE Nov 2020	42.3	+0.2%	Parent
FYE Nov 2021	42.3	−0.0%	Parent
FYE Nov 2022	41.9	−0.9%	Parent
FYE Nov 2023	41.1	−1.9%	Parent
FYE Nov 2024	40.3	−1.9%	Parent
FYE Nov 2025	39.8	−1.2%	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 Nov 2025 14.2years

Change · 7 yrs −1.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	15.6	n/a	Parent
FYE Nov 2020	16.0	+2.6%	Parent
FYE Nov 2021	16.1	+0.6%	Parent
FYE Nov 2022	15.9	−1.2%	Parent
FYE Nov 2023	15.0	−5.7%	Parent
FYE Nov 2024	14.4	−4.0%	Parent
FYE Nov 2025	14.2	−1.4%	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 Nov 2025 1,230people

Change · 10 yrs −238 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Nov 2016	1,468	n/a	n/a
FYE Nov 2017	1,422	−3.1%	n/a
FYE Nov 2018	1,305	−8.2%	n/a
FYE Nov 2019	1,331	+2.0%	n/a
FYE Nov 2020	1,276	−4.1%	n/a
FYE Nov 2021	1,255	−1.6%	n/a
FYE Nov 2022	1,353	+7.8%	n/a
FYE Nov 2023	1,199	−11.4%	n/a
FYE Nov 2024	1,141	−4.8%	n/a
FYE Nov 2025	1,230	+7.8%	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 Nov 2025 ¥60.2m

Change · 10 yrs −¥8.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Nov 2016	68.2	n/a	Cons.
FYE Nov 2017	64.4	−5.6%	Cons.
FYE Nov 2018	61.5	−4.5%	Cons.
FYE Nov 2019	58.3	−5.2%	Cons.
FYE Nov 2020	56.7	−2.8%	Cons.
FYE Nov 2021	59.6	+5.1%	Cons.
FYE Nov 2022	63.1	+5.9%	Cons.
FYE Nov 2023	63.5	+0.7%	Cons.
FYE Nov 2024	66.0	+3.8%	Cons.
FYE Nov 2025	60.2	−8.8%	Cons.

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

Operating profit per employee

FYE Nov 2025 ¥4.9m

Change · 10 yrs −¥4.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Nov 2016	9.3	n/a	Cons.
FYE Nov 2017	5.9	−36.2%	Cons.
FYE Nov 2018	4.5	−23.0%	Cons.
FYE Nov 2019	4.0	−11.7%	Cons.
FYE Nov 2020	4.1	+2.6%	Cons.
FYE Nov 2021	4.9	+19.3%	Cons.
FYE Nov 2022	3.6	−27.3%	Cons.
FYE Nov 2023	3.8	+6.7%	Cons.
FYE Nov 2024	4.5	+18.4%	Cons.
FYE Nov 2025	4.9	+9.0%	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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