Financials

Toyota Tsusho: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥11.6tnYoY +12.1%

FYE Mar 2026 · Operating profit¥545bnYoY +9.7%

FYE Mar 2026 · Net profit¥371bnYoY +2.2%

FYE Mar 2026 · Equity ratio35.4%YoY −0.1pp

FYE Mar 2026 · Group employees74,927YoY +5,816

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥7.92tn	n/a	¥134bn	n/a	1.7%	¥103bn	Karube Jun	Commodity crash brings a net loss; <a class="en-history_person" href="/tse/8015/executives/ceo/kasuya-ichiro/" hreflang="ja">Kasuya Ichiro</a> becomes president
FYE Mar 2018Consolidated	¥6.49tn	−18.0%	¥183bn	+36.7%	2.8%	¥130bn	Karube Jun	First IFRS year; profit rebounds to <span class="en-history_money" data-yen="107900000000" data-year="2017">$962M (¥108bn)</span>
FYE Mar 2019Consolidated	¥6.76tn	+4.2%	¥215bn	+17.8%	3.2%	¥133bn	Karube Jun	Invests in Orocobre — a move upstream into lithium
FYE Mar 2020Consolidated	¥6.69tn	−1.0%	¥210bn	−2.2%	3.1%	¥136bn	Kasuya Ichiro	—
FYE Mar 2021Consolidated	¥6.31tn	−5.7%	¥213bn	+1.3%	3.4%	¥135bn	Kasuya Ichiro	—
FYE Mar 2022Consolidated	¥8.03tn	+27.2%	¥294bn	+38.1%	3.7%	¥222bn	Kasuya Ichiro	—
FYE Mar 2023Consolidated	¥9.85tn	+22.7%	¥389bn	+32.2%	3.9%	¥284bn	Kasuya Ichiro	Revenue passes <span class="en-history_money" data-yen="8028000000000" data-year="2022">$61.1B (¥8.03tn)</span>; Eurus Energy made wholly owned
FYE Mar 2024Consolidated	¥10.2tn	+3.5%	¥442bn	+13.6%	4.3%	¥331bn	Kasuya Ichiro	—
FYE Mar 2025Consolidated	¥10.3tn	+1.2%	¥497bn	+12.6%	4.8%	¥363bn	Kasuya Ichiro	Revenue tops <span class="en-history_money" data-yen="10188900000000" data-year="2024">$67.3B (¥10.19tn)</span>
FYE Mar 2026Consolidated	¥11.6tn	+12.1%	¥545bn	+9.7%	4.7%	¥371bn	Kasuya Ichiro	<a class="en-history_person" href="/tse/8015/executives/ceo/imai-toshimitsu/" hreflang="ja">Imai Toshimitsu</a> becomes president; new plan targets <span class="en-history_money" data-yen="450000000000" data-year="2028">¥450bn</span> profit and 15% ROE

How it compares

Toyota Tsusho¥11.6tnFY2025Operating margin 4.7%

Nissho Iwai CorporationDelisted 2003

Nichimen CorporationDelisted 2003

Sojitz¥2.76tnFY2025Operating margin 4.2%

TOMEN CorporationDelisted 2006

Ataka & Co.Delisted 1977

Kanematsu¥1.07tnFY2025Operating margin 4.6%

Itoman & Co., Ltd.Delisted 1993

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 ¥11.6tn

CAGR · 10 yrs +4.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	7,920	n/a	Cons. · IFRS
FYE Mar 2018	6,491	−18.0%	Cons. · IFRS
FYE Mar 2019	6,763	+4.2%	Cons. · IFRS
FYE Mar 2020	6,694	−1.0%	Cons. · IFRS
FYE Mar 2021	6,309	−5.7%	Cons. · IFRS
FYE Mar 2022	8,028	+27.2%	Cons. · IFRS
FYE Mar 2023	9,849	+22.7%	Cons. · IFRS
FYE Mar 2024	10,189	+3.5%	Cons. · IFRS
FYE Mar 2025	10,310	+1.2%	Cons. · IFRS
FYE Mar 2026	11,562	+12.1%	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 ¥10.3tn

CAGR · 10 yrs +7.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	5,226	n/a	Cons. · IFRS
FYE Mar 2018	5,885	+12.6%	Cons. · IFRS
FYE Mar 2019	6,124	+4.1%	Cons. · IFRS
FYE Mar 2020	6,054	−1.1%	Cons. · IFRS
FYE Mar 2021	5,702	−5.8%	Cons. · IFRS
FYE Mar 2022	7,269	+27.5%	Cons. · IFRS
FYE Mar 2023	8,880	+22.2%	Cons. · IFRS
FYE Mar 2024	9,137	+2.9%	Cons. · IFRS
FYE Mar 2025	9,188	+0.6%	Cons. · IFRS
FYE Mar 2026	10,298	+12.1%	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 ¥1.26tn

CAGR · 10 yrs +9.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	571	n/a	Cons. · IFRS
FYE Mar 2018	606	+6.2%	Cons. · IFRS
FYE Mar 2019	638	+5.3%	Cons. · IFRS
FYE Mar 2020	640	+0.2%	Cons. · IFRS
FYE Mar 2021	608	−5.0%	Cons. · IFRS
FYE Mar 2022	759	+25.0%	Cons. · IFRS
FYE Mar 2023	969	+27.6%	Cons. · IFRS
FYE Mar 2024	1,052	+8.6%	Cons. · IFRS
FYE Mar 2025	1,121	+6.5%	Cons. · IFRS
FYE Mar 2026	1,264	+12.8%	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 ¥712bn

CAGR · 10 yrs +6.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	411	n/a	Cons. · IFRS
FYE Mar 2018	414	+0.7%	Cons. · IFRS
FYE Mar 2019	421	+1.6%	Cons. · IFRS
FYE Mar 2020	430	+2.3%	Cons. · IFRS
FYE Mar 2021	400	−7.0%	Cons. · IFRS
FYE Mar 2022	450	+12.5%	Cons. · IFRS
FYE Mar 2023	533	+18.3%	Cons. · IFRS
FYE Mar 2024	584	+9.6%	Cons. · IFRS
FYE Mar 2025	617	+5.7%	Cons. · IFRS
FYE Mar 2026	712	+15.5%	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 ¥545bn

CAGR · 10 yrs +16.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	134	n/a	Cons. · IFRS
FYE Mar 2018	183	+36.7%	Cons. · IFRS
FYE Mar 2019	215	+17.8%	Cons. · IFRS
FYE Mar 2020	210	−2.2%	Cons. · IFRS
FYE Mar 2021	213	+1.3%	Cons. · IFRS
FYE Mar 2022	294	+38.1%	Cons. · IFRS
FYE Mar 2023	389	+32.2%	Cons. · IFRS
FYE Mar 2024	442	+13.6%	Cons. · IFRS
FYE Mar 2025	497	+12.6%	Cons. · IFRS
FYE Mar 2026	545	+9.7%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥371bn

CAGR · 10 yrs +15.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	103	n/a	Cons. · IFRS
FYE Mar 2018	130	+26.9%	Cons. · IFRS
FYE Mar 2019	133	+1.8%	Cons. · IFRS
FYE Mar 2020	136	+2.2%	Cons. · IFRS
FYE Mar 2021	135	−0.7%	Cons. · IFRS
FYE Mar 2022	222	+65.1%	Cons. · IFRS
FYE Mar 2023	284	+27.9%	Cons. · IFRS
FYE Mar 2024	331	+16.6%	Cons. · IFRS
FYE Mar 2025	363	+9.4%	Cons. · IFRS
FYE Mar 2026	371	+2.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 10.9%

Average · 10 yrs 9.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · IFRS
FYE Mar 2018	9.3	+2.1pp	Cons. · IFRS
FYE Mar 2019	9.4	+0.1pp	Cons. · IFRS
FYE Mar 2020	9.6	+0.1pp	Cons. · IFRS
FYE Mar 2021	9.6	+0.1pp	Cons. · IFRS
FYE Mar 2022	9.5	−0.2pp	Cons. · IFRS
FYE Mar 2023	9.8	+0.4pp	Cons. · IFRS
FYE Mar 2024	10.3	+0.5pp	Cons. · IFRS
FYE Mar 2025	10.9	+0.5pp	Cons. · IFRS
FYE Mar 2026	10.9	+0.1pp	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 4.7%

Average · 10 yrs 3.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · IFRS
FYE Mar 2018	2.8	+1.1pp	Cons. · IFRS
FYE Mar 2019	3.2	+0.4pp	Cons. · IFRS
FYE Mar 2020	3.1	−0.0pp	Cons. · IFRS
FYE Mar 2021	3.4	+0.2pp	Cons. · IFRS
FYE Mar 2022	3.7	+0.3pp	Cons. · IFRS
FYE Mar 2023	3.9	+0.3pp	Cons. · IFRS
FYE Mar 2024	4.3	+0.4pp	Cons. · IFRS
FYE Mar 2025	4.8	+0.5pp	Cons. · IFRS
FYE Mar 2026	4.7	−0.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 3.2%

Average · 10 yrs 2.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons. · IFRS
FYE Mar 2018	2.0	+0.7pp	Cons. · IFRS
FYE Mar 2019	2.0	−0.0pp	Cons. · IFRS
FYE Mar 2020	2.0	+0.1pp	Cons. · IFRS
FYE Mar 2021	2.1	+0.1pp	Cons. · IFRS
FYE Mar 2022	2.8	+0.6pp	Cons. · IFRS
FYE Mar 2023	2.9	+0.1pp	Cons. · IFRS
FYE Mar 2024	3.3	+0.4pp	Cons. · IFRS
FYE Mar 2025	3.5	+0.3pp	Cons. · IFRS
FYE Mar 2026	3.2	−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 89.1%

Average · 10 yrs 87.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	66.0	n/a	Cons. · IFRS
FYE Mar 2018	90.7	+24.7pp	Cons. · IFRS
FYE Mar 2019	90.6	−0.1pp	Cons. · IFRS
FYE Mar 2020	90.4	−0.1pp	Cons. · IFRS
FYE Mar 2021	90.4	−0.1pp	Cons. · IFRS
FYE Mar 2022	90.5	+0.2pp	Cons. · IFRS
FYE Mar 2023	90.2	−0.4pp	Cons. · IFRS
FYE Mar 2024	89.7	−0.5pp	Cons. · IFRS
FYE Mar 2025	89.1	−0.5pp	Cons. · IFRS
FYE Mar 2026	89.1	−0.1pp	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 6.2%

Average · 10 yrs 5.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · IFRS
FYE Mar 2018	6.4	+1.2pp	Cons. · IFRS
FYE Mar 2019	6.2	−0.2pp	Cons. · IFRS
FYE Mar 2020	6.4	+0.2pp	Cons. · IFRS
FYE Mar 2021	6.3	−0.1pp	Cons. · IFRS
FYE Mar 2022	5.6	−0.7pp	Cons. · IFRS
FYE Mar 2023	5.4	−0.2pp	Cons. · IFRS
FYE Mar 2024	5.7	+0.3pp	Cons. · IFRS
FYE Mar 2025	6.0	+0.3pp	Cons. · IFRS
FYE Mar 2026	6.2	+0.2pp	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 ¥8.52tn

CAGR · 10 yrs +8.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	4,097	n/a	Cons. · IFRS
FYE Mar 2018	4,310	+5.2%	Cons. · IFRS
FYE Mar 2019	4,441	+3.0%	Cons. · IFRS
FYE Mar 2020	4,545	+2.3%	Cons. · IFRS
FYE Mar 2021	5,228	+15.0%	Cons. · IFRS
FYE Mar 2022	6,143	+17.5%	Cons. · IFRS
FYE Mar 2023	6,377	+3.8%	Cons. · IFRS
FYE Mar 2024	7,060	+10.7%	Cons. · IFRS
FYE Mar 2025	7,057	−0.0%	Cons. · IFRS
FYE Mar 2026	8,524	+20.8%	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 ¥3.01tn

CAGR · 10 yrs +11.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,152	n/a	Cons. · IFRS
FYE Mar 2018	987	−14.3%	Cons. · IFRS
FYE Mar 2019	1,002	+1.5%	Cons. · IFRS
FYE Mar 2020	1,021	+1.9%	Cons. · IFRS
FYE Mar 2021	1,281	+25.5%	Cons. · IFRS
FYE Mar 2022	1,527	+19.2%	Cons. · IFRS
FYE Mar 2023	1,760	+15.3%	Cons. · IFRS
FYE Mar 2024	2,314	+31.5%	Cons. · IFRS
FYE Mar 2025	2,503	+8.1%	Cons. · IFRS
FYE Mar 2026	3,014	+20.4%	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 ¥2.17tn

CAGR · 10 yrs +3.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1,568	n/a	Cons. · IFRS
FYE Mar 2018	1,471	−6.2%	Cons. · IFRS
FYE Mar 2019	1,503	+2.2%	Cons. · IFRS
FYE Mar 2020	1,523	+1.3%	Cons. · IFRS
FYE Mar 2021	1,643	+7.9%	Cons. · IFRS
FYE Mar 2022	1,857	+13.0%	Cons. · IFRS
FYE Mar 2023	2,022	+8.9%	Cons. · IFRS
FYE Mar 2024	1,988	−1.7%	Cons. · IFRS
FYE Mar 2025	1,854	−6.8%	Cons. · IFRS
FYE Mar 2026	2,169	+17.0%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥846bn

CAGR · 10 yrs +5.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	536	n/a	Cons. · IFRS
FYE Mar 2018	543	+1.4%	Cons. · IFRS
FYE Mar 2019	510	−6.2%	Cons. · IFRS
FYE Mar 2020	503	−1.4%	Cons. · IFRS
FYE Mar 2021	572	+13.6%	Cons. · IFRS
FYE Mar 2022	741	+29.6%	Cons. · IFRS
FYE Mar 2023	747	+0.8%	Cons. · IFRS
FYE Mar 2024	627	−16.1%	Cons. · IFRS
FYE Mar 2025	565	−9.8%	Cons. · IFRS
FYE Mar 2026	846	+49.6%	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 ¥1.32tn

CAGR · 10 yrs +2.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,032	n/a	Cons. · IFRS
FYE Mar 2018	927	−10.1%	Cons. · IFRS
FYE Mar 2019	993	+7.1%	Cons. · IFRS
FYE Mar 2020	1,020	+2.7%	Cons. · IFRS
FYE Mar 2021	1,072	+5.1%	Cons. · IFRS
FYE Mar 2022	1,116	+4.1%	Cons. · IFRS
FYE Mar 2023	1,275	+14.3%	Cons. · IFRS
FYE Mar 2024	1,362	+6.8%	Cons. · IFRS
FYE Mar 2025	1,289	−5.4%	Cons. · IFRS
FYE Mar 2026	1,323	+2.7%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥356bn

CAGR · 9 yrs +9.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	167	n/a	Cons. · IFRS
FYE Mar 2019	157	−5.6%	Cons. · IFRS
FYE Mar 2020	161	+2.4%	Cons. · IFRS
FYE Mar 2021	163	+0.9%	Cons. · IFRS
FYE Mar 2022	182	+12.1%	Cons. · IFRS
FYE Mar 2023	184	+1.0%	Cons. · IFRS
FYE Mar 2024	275	+49.5%	Cons. · IFRS
FYE Mar 2025	276	+0.3%	Cons. · IFRS
FYE Mar 2026	356	+28.9%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥225bn

CAGR · 9 yrs +15.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	70.8	n/a	Cons. · IFRS
FYE Mar 2019	69.2	−2.2%	Cons. · IFRS
FYE Mar 2020	73.6	+6.2%	Cons. · IFRS
FYE Mar 2021	77.0	+4.6%	Cons. · IFRS
FYE Mar 2022	82.0	+6.6%	Cons. · IFRS
FYE Mar 2023	83.4	+1.6%	Cons. · IFRS
FYE Mar 2024	157	+88.6%	Cons. · IFRS
FYE Mar 2025	169	+7.3%	Cons. · IFRS
FYE Mar 2026	225	+33.3%	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 35.4%

Average · 10 yrs 27.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	28.1	n/a	Cons. · IFRS
FYE Mar 2018	22.9	−5.2pp	Cons. · IFRS
FYE Mar 2019	22.6	−0.3pp	Cons. · IFRS
FYE Mar 2020	22.5	−0.1pp	Cons. · IFRS
FYE Mar 2021	24.5	+2.1pp	Cons. · IFRS
FYE Mar 2022	24.9	+0.4pp	Cons. · IFRS
FYE Mar 2023	27.6	+2.7pp	Cons. · IFRS
FYE Mar 2024	32.8	+5.2pp	Cons. · IFRS
FYE Mar 2025	35.5	+2.7pp	Cons. · IFRS
FYE Mar 2026	35.4	−0.1pp	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 72.0%

Average · 10 yrs 118.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	136.1	n/a	Cons. · IFRS
FYE Mar 2018	149.0	+12.8pp	Cons. · IFRS
FYE Mar 2019	150.0	+1.0pp	Cons. · IFRS
FYE Mar 2020	149.2	−0.8pp	Cons. · IFRS
FYE Mar 2021	128.3	−21.0pp	Cons. · IFRS
FYE Mar 2022	121.6	−6.7pp	Cons. · IFRS
FYE Mar 2023	114.9	−6.7pp	Cons. · IFRS
FYE Mar 2024	85.9	−29.0pp	Cons. · IFRS
FYE Mar 2025	74.1	−11.8pp	Cons. · IFRS
FYE Mar 2026	72.0	−2.1pp	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 12.3%

Average · 10 yrs 13.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.9	n/a	Cons. · IFRS
FYE Mar 2018	13.2	+4.3pp	Cons. · IFRS
FYE Mar 2019	13.2	−0.0pp	Cons. · IFRS
FYE Mar 2020	13.3	−0.0pp	Cons. · IFRS
FYE Mar 2021	10.5	−2.8pp	Cons. · IFRS
FYE Mar 2022	14.6	+4.0pp	Cons. · IFRS
FYE Mar 2023	16.1	+1.6pp	Cons. · IFRS
FYE Mar 2024	14.3	−1.8pp	Cons. · IFRS
FYE Mar 2025	14.5	+0.2pp	Cons. · IFRS
FYE Mar 2026	12.3	−2.2pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.3%

Average · 10 yrs 3.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · IFRS
FYE Mar 2018	3.0	+0.5pp	Cons. · IFRS
FYE Mar 2019	3.0	−0.0pp	Cons. · IFRS
FYE Mar 2020	3.0	−0.0pp	Cons. · IFRS
FYE Mar 2021	2.6	−0.4pp	Cons. · IFRS
FYE Mar 2022	3.6	+1.0pp	Cons. · IFRS
FYE Mar 2023	4.5	+0.8pp	Cons. · IFRS
FYE Mar 2024	4.7	+0.2pp	Cons. · IFRS
FYE Mar 2025	5.1	+0.4pp	Cons. · IFRS
FYE Mar 2026	4.3	−0.8pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.36×

CAGR · 10 yrs −3.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.93	n/a	Cons. · IFRS
FYE Mar 2018	1.51	−22.1%	Cons. · IFRS
FYE Mar 2019	1.52	+1.1%	Cons. · IFRS
FYE Mar 2020	1.47	−3.3%	Cons. · IFRS
FYE Mar 2021	1.21	−18.1%	Cons. · IFRS
FYE Mar 2022	1.31	+8.3%	Cons. · IFRS
FYE Mar 2023	1.54	+18.2%	Cons. · IFRS
FYE Mar 2024	1.44	−6.6%	Cons. · IFRS
FYE Mar 2025	1.46	+1.2%	Cons. · IFRS
FYE Mar 2026	1.36	−7.1%	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 ¥461bn

CAGR · 10 yrs +10.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	194	n/a	Cons. · IFRS
FYE Mar 2018	215	+11.0%	Cons. · IFRS
FYE Mar 2019	211	−2.0%	Cons. · IFRS
FYE Mar 2020	268	+27.0%	Cons. · IFRS
FYE Mar 2021	245	−8.5%	Cons. · IFRS
FYE Mar 2022	50.1	−79.5%	Cons. · IFRS
FYE Mar 2023	444	+786.2%	Cons. · IFRS
FYE Mar 2024	542	+22.0%	Cons. · IFRS
FYE Mar 2025	512	−5.6%	Cons. · IFRS
FYE Mar 2026	461	−9.9%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥28bn

Average · 10 yrs -¥131bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-130	n/a	Cons. · IFRS
FYE Mar 2018	-92.5	n/a	Cons. · IFRS
FYE Mar 2019	-138	n/a	Cons. · IFRS
FYE Mar 2020	-174	n/a	Cons. · IFRS
FYE Mar 2021	-102	n/a	Cons. · IFRS
FYE Mar 2022	-157	n/a	Cons. · IFRS
FYE Mar 2023	-140	n/a	Cons. · IFRS
FYE Mar 2024	-220	n/a	Cons. · IFRS
FYE Mar 2025	-124	n/a	Cons. · IFRS
FYE Mar 2026	-28.1	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 -¥33bn

Average · 10 yrs -¥98bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-28.3	n/a	Cons. · IFRS
FYE Mar 2018	-129	n/a	Cons. · IFRS
FYE Mar 2019	-24.9	n/a	Cons. · IFRS
FYE Mar 2020	-53.7	n/a	Cons. · IFRS
FYE Mar 2021	24.1	n/a	Cons. · IFRS
FYE Mar 2022	44.9	+86.5%	Cons. · IFRS
FYE Mar 2023	-207	−560.3%	Cons. · IFRS
FYE Mar 2024	-263	n/a	Cons. · IFRS
FYE Mar 2025	-309	n/a	Cons. · IFRS
FYE Mar 2026	-33.3	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 ¥1.40tn

CAGR · 10 yrs +14.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	431	n/a	Cons. · IFRS
FYE Mar 2018	423	−1.6%	Cons. · IFRS
FYE Mar 2019	466	+10.0%	Cons. · IFRS
FYE Mar 2020	496	+6.5%	Cons. · IFRS
FYE Mar 2021	677	+36.5%	Cons. · IFRS
FYE Mar 2022	653	−3.6%	Cons. · IFRS
FYE Mar 2023	772	+18.2%	Cons. · IFRS
FYE Mar 2024	879	+13.9%	Cons. · IFRS
FYE Mar 2025	952	+8.3%	Cons. · IFRS
FYE Mar 2026	1,404	+47.5%	Cons. · IFRS

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

Free cash flow

FYE Mar 2026 ¥433bn

CAGR · 10 yrs +23.8%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	63.3	n/a	Cons. · IFRS
FYE Mar 2018	123	+93.6%	Cons. · IFRS
FYE Mar 2019	73.3	−40.3%	Cons. · IFRS
FYE Mar 2020	93.9	+28.2%	Cons. · IFRS
FYE Mar 2021	143	+52.2%	Cons. · IFRS
FYE Mar 2022	-107	−175.0%	Cons. · IFRS
FYE Mar 2023	304	n/a	Cons. · IFRS
FYE Mar 2024	323	+6.0%	Cons. · IFRS
FYE Mar 2025	388	+20.3%	Cons. · IFRS
FYE Mar 2026	433	+11.6%	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 4.0%

Average · 10 yrs 3.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · IFRS
FYE Mar 2018	3.3	+0.9pp	Cons. · IFRS
FYE Mar 2019	3.1	−0.2pp	Cons. · IFRS
FYE Mar 2020	4.0	+0.9pp	Cons. · IFRS
FYE Mar 2021	3.9	−0.1pp	Cons. · IFRS
FYE Mar 2022	0.6	−3.3pp	Cons. · IFRS
FYE Mar 2023	4.5	+3.9pp	Cons. · IFRS
FYE Mar 2024	5.3	+0.8pp	Cons. · IFRS
FYE Mar 2025	5.0	−0.4pp	Cons. · IFRS
FYE Mar 2026	4.0	−1.0pp	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 -¥765bn

Average · 10 yrs -¥1.04tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-1,138	n/a	Cons. · IFRS
FYE Mar 2018	-1,047	n/a	Cons. · IFRS
FYE Mar 2019	-1,037	n/a	Cons. · IFRS
FYE Mar 2020	-1,027	n/a	Cons. · IFRS
FYE Mar 2021	-966	n/a	Cons. · IFRS
FYE Mar 2022	-1,204	n/a	Cons. · IFRS
FYE Mar 2023	-1,250	n/a	Cons. · IFRS
FYE Mar 2024	-1,109	n/a	Cons. · IFRS
FYE Mar 2025	-902	n/a	Cons. · IFRS
FYE Mar 2026	-765	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 ¥6.32tn

Change · 10 yrs +¥5.13tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,193	n/a
FYE Mar 2018	1,276	n/a
FYE Mar 2019	1,277	n/a
FYE Mar 2020	902	n/a
FYE Mar 2021	1,644	n/a
FYE Mar 2022	1,791	n/a
FYE Mar 2023	1,990	n/a
FYE Mar 2024	3,635	n/a
FYE Mar 2025	2,648	n/a
FYE Mar 2026	6,318	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 5,949¥

Change · 10 yrs +2,579¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,370	n/a
FYE Mar 2018	3,605	n/a
FYE Mar 2019	3,607	n/a
FYE Mar 2020	2,547	n/a
FYE Mar 2021	4,644	n/a
FYE Mar 2022	5,059	n/a
FYE Mar 2023	5,621	n/a
FYE Mar 2024	10,267	n/a
FYE Mar 2025	2,493	n/a
FYE Mar 2026	5,949	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Mar 2026 1,062,169,000shares

Change · 10 yrs +708,113,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	354,056,000	Parent
FYE Mar 2018	354,056,000	Parent
FYE Mar 2019	354,056,000	Parent
FYE Mar 2020	354,056,000	Parent
FYE Mar 2021	354,056,000	Parent
FYE Mar 2022	354,056,000	Parent
FYE Mar 2023	354,056,000	Parent
FYE Mar 2024	354,056,000	Parent
FYE Mar 2025	1,062,169,000	Parent
FYE Mar 2026	1,062,169,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Mar 2026 350.95¥

Change · 10 yrs +44.31¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	306.64	Cons.
FYE Mar 2018	370.08	Cons.
FYE Mar 2019	376.89	Cons.
FYE Mar 2020	385.25	Cons.
FYE Mar 2021	127.52	Cons.
FYE Mar 2022	210.54	Cons.
FYE Mar 2023	269.19	Cons.
FYE Mar 2024	313.98	Cons.
FYE Mar 2025	343.40	Cons.
FYE Mar 2026	350.95	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 2,837.49¥

Change · 10 yrs −416.14¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,253.64	Cons. · IFRS
FYE Mar 2018	2,788.40	Cons. · IFRS
FYE Mar 2019	2,830.17	Cons. · IFRS
FYE Mar 2020	2,883.10	Cons. · IFRS
FYE Mar 2021	3,618.92	Cons. · IFRS
FYE Mar 2022	4,313.34	Cons. · IFRS
FYE Mar 2023	4,971.32	Cons. · IFRS
FYE Mar 2024	6,536.12	Cons. · IFRS
FYE Mar 2025	2,356.21	Cons. · IFRS
FYE Mar 2026	2,837.49	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 16.95×

Average · 10 yrs 9.91×

Fiscal year	PER ×	Basis
FYE Mar 2017	10.99	Cons.
FYE Mar 2018	9.74	Cons.
FYE Mar 2019	9.57	Cons.
FYE Mar 2020	6.61	Cons.
FYE Mar 2021	12.14	Cons.
FYE Mar 2022	8.01	Cons.
FYE Mar 2023	6.96	Cons.
FYE Mar 2024	10.90	Cons.
FYE Mar 2025	7.26	Cons.
FYE Mar 2026	16.95	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 1.99×

Average · 10 yrs 1.16×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.13	Cons.
FYE Mar 2018	1.08	Cons.
FYE Mar 2019	1.06	Cons.
FYE Mar 2020	0.75	Cons.
FYE Mar 2021	1.11	Cons.
FYE Mar 2022	1.03	Cons.
FYE Mar 2023	1.03	Cons.
FYE Mar 2024	1.46	Cons.
FYE Mar 2025	1.00	Cons.
FYE Mar 2026	1.99	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 74,927people

Change · 10 yrs +16,939 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	57,988	n/a	Cons.
FYE Mar 2018	56,827	−2.0%	Cons.
FYE Mar 2019	58,565	+3.1%	Cons.
FYE Mar 2020	66,067	+12.8%	Cons.
FYE Mar 2021	64,402	−2.5%	Cons.
FYE Mar 2022	65,218	+1.3%	Cons.
FYE Mar 2023	66,944	+2.6%	Cons.
FYE Mar 2024	69,517	+3.8%	Cons.
FYE Mar 2025	69,111	−0.6%	Cons.
FYE Mar 2026	74,927	+8.4%	Cons.

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

Parent-company employees

FYE Mar 2026 2,466people

Change · 10 yrs −223 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,689	n/a	Parent
FYE Mar 2018	2,721	+1.2%	Parent
FYE Mar 2019	2,744	+0.8%	Parent
FYE Mar 2020	2,751	+0.3%	Parent
FYE Mar 2021	2,692	−2.1%	Parent
FYE Mar 2022	2,648	−1.6%	Parent
FYE Mar 2023	2,626	−0.8%	Parent
FYE Mar 2024	2,607	−0.7%	Parent
FYE Mar 2025	2,467	−5.4%	Parent
FYE Mar 2026	2,466	−0.0%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥14.2m

Change · 10 yrs +¥4.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	10.0	n/a	Parent
FYE Mar 2018	10.5	+5.4%	Parent
FYE Mar 2019	11.0	+4.3%	Parent
FYE Mar 2020	11.0	+0.3%	Parent
FYE Mar 2021	11.0	−0.0%	Parent
FYE Mar 2022	11.1	+1.3%	Parent
FYE Mar 2023	11.8	+6.0%	Parent
FYE Mar 2024	12.6	+7.0%	Parent
FYE Mar 2025	13.2	+4.6%	Parent
FYE Mar 2026	14.2	+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 Mar 2026 43.0years

Change · 8 yrs +1.1 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	41.9	n/a	Parent
FYE Mar 2020	42.1	+0.5%	Parent
FYE Mar 2021	42.4	+0.7%	Parent
FYE Mar 2022	42.8	+0.9%	Parent
FYE Mar 2023	43.1	+0.7%	Parent
FYE Mar 2024	43.2	+0.2%	Parent
FYE Mar 2025	43.1	−0.2%	Parent
FYE Mar 2026	43.0	−0.2%	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 Mar 2026 16.7years

Change · 10 yrs +0.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	15.8	n/a	Parent
FYE Mar 2018	16.0	+1.3%	Parent
FYE Mar 2019	16.3	+1.9%	Parent
FYE Mar 2020	16.5	+1.2%	Parent
FYE Mar 2021	16.7	+1.2%	Parent
FYE Mar 2022	17.1	+2.4%	Parent
FYE Mar 2023	17.2	+0.6%	Parent
FYE Mar 2024	17.1	−0.6%	Parent
FYE Mar 2025	17.0	−0.6%	Parent
FYE Mar 2026	16.7	−1.8%	Parent

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

Temporary employees

FYE Mar 2026 5,430people

Change · 10 yrs +1,946 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,484	n/a	n/a
FYE Mar 2018	5,442	+56.2%	n/a
FYE Mar 2019	5,163	−5.1%	n/a
FYE Mar 2020	4,966	−3.8%	n/a
FYE Mar 2021	4,475	−9.9%	n/a
FYE Mar 2022	4,412	−1.4%	n/a
FYE Mar 2023	5,514	+25.0%	n/a
FYE Mar 2024	5,718	+3.7%	n/a
FYE Mar 2025	5,606	−2.0%	n/a
FYE Mar 2026	5,430	−3.1%	n/a

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

Revenue per employee

FYE Mar 2026 ¥154m

Change · 10 yrs +¥17.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	137	n/a	Cons.
FYE Mar 2018	114	−16.4%	Cons.
FYE Mar 2019	115	+1.1%	Cons.
FYE Mar 2020	101	−12.3%	Cons.
FYE Mar 2021	98.0	−3.3%	Cons.
FYE Mar 2022	123	+25.6%	Cons.
FYE Mar 2023	147	+19.5%	Cons.
FYE Mar 2024	147	−0.4%	Cons.
FYE Mar 2025	149	+1.8%	Cons.
FYE Mar 2026	154	+3.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥7.3m

Change · 10 yrs +¥5.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons.
FYE Mar 2018	3.2	+39.5%	Cons.
FYE Mar 2019	3.7	+14.3%	Cons.
FYE Mar 2020	3.2	−13.3%	Cons.
FYE Mar 2021	3.3	+3.9%	Cons.
FYE Mar 2022	4.5	+36.3%	Cons.
FYE Mar 2023	5.8	+28.8%	Cons.
FYE Mar 2024	6.4	+9.4%	Cons.
FYE Mar 2025	7.2	+13.2%	Cons.
FYE Mar 2026	7.3	+1.2%	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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