Financials

Mitsui & Co.: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥14.0tnYoY −4.6%

FYE Mar 2026 · Operating profit¥1.09tnYoY −4.2%

FYE Mar 2026 · Net profit¥834bnYoY −7.4%

FYE Mar 2026 · Equity ratio40.9%YoY −2.7pp

FYE Mar 2026 · Group employees55,463YoY −937

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥4.36tn	n/a	n/a	n/a	n/a	¥306bn	Yasunaga Tatsuo	Net loss of <span class="en-history_money" data-yen="83400000000" data-year="2016">$766.3M (¥83bn)</span> — the first full-year loss since 1947
FYE Mar 2018Consolidated	¥4.89tn	+12.1%	¥544bn	n/a	11.1%	¥418bn	Yasunaga Tatsuo	—
FYE Mar 2019Consolidated	¥8.96tn	+83.1%	¥584bn	+7.3%	6.5%	¥414bn	Yasunaga Tatsuo	—
FYE Mar 2020Consolidated	¥8.48tn	−5.3%	¥534bn	−8.6%	6.3%	¥392bn	Yasunaga Tatsuo	Becomes the largest shareholder of IHH Healthcare
FYE Mar 2021Consolidated	¥8.01tn	−5.6%	¥450bn	−15.7%	5.6%	¥335bn	Yasunaga Tatsuo	—
FYE Mar 2022Consolidated	¥11.8tn	+46.8%	¥1.16tn	+158.7%	9.9%	¥915bn	Yasunaga Tatsuo	<a class="en-history_person" href="/tse/8031/executives/ceo/hori-kenichi/" hreflang="ja">Hori Kenichi</a> becomes president
FYE Mar 2023Consolidated	¥14.3tn	+21.7%	¥1.40tn	+19.8%	9.8%	¥1.13tn	Hori Kenichi	—
FYE Mar 2024Consolidated	¥13.3tn	−6.9%	¥1.30tn	−6.7%	9.8%	¥1.06tn	Hori Kenichi	Net profit passes ¥1 trillion for the first time
FYE Mar 2025Consolidated	¥14.7tn	+10.0%	¥1.14tn	−12.8%	7.7%	¥900bn	Hori Kenichi	—
FYE Mar 2026Consolidated	¥14.0tn	−4.6%	¥1.09tn	−4.2%	7.8%	¥834bn	Hori Kenichi	Decides to join the Rhodes Ridge iron ore project in Australia

How it compares

Mitsubishi Corporation¥18.9tnFY2025Operating margin 5.8%Itochu¥14.8tnFY2025Operating margin 8.1%

Mitsui & Co.¥14.0tnFY2025Operating margin 7.8%

Marubeni¥8.27tnFY2025Operating margin 8.0%Sumitomo Corporation¥7.34tnFY2025Operating margin 9.6%

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥14.0tn

CAGR · 10 yrs +13.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	4,364	n/a	Cons. · IFRS
FYE Mar 2018	4,892	+12.1%	Cons. · IFRS
FYE Mar 2019	8,959	+83.1%	Cons. · IFRS
FYE Mar 2020	8,484	−5.3%	Cons. · IFRS
FYE Mar 2021	8,010	−5.6%	Cons. · IFRS
FYE Mar 2022	11,758	+46.8%	Cons. · IFRS
FYE Mar 2023	14,306	+21.7%	Cons. · IFRS
FYE Mar 2024	13,325	−6.9%	Cons. · IFRS
FYE Mar 2025	14,663	+10.0%	Cons. · IFRS
FYE Mar 2026	13,995	−4.6%	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 ¥12.7tn

CAGR · 9 yrs +15.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	4,101	n/a	Cons. · IFRS
FYE Mar 2019	6,119	+49.2%	Cons. · IFRS
FYE Mar 2020	7,645	+24.9%	Cons. · IFRS
FYE Mar 2021	7,199	−5.8%	Cons. · IFRS
FYE Mar 2022	10,616	+47.5%	Cons. · IFRS
FYE Mar 2023	12,910	+21.6%	Cons. · IFRS
FYE Mar 2024	12,005	−7.0%	Cons. · IFRS
FYE Mar 2025	13,374	+11.4%	Cons. · IFRS
FYE Mar 2026	12,667	−5.3%	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 ¥1.33tn

CAGR · 9 yrs +6.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	791	n/a	Cons. · IFRS
FYE Mar 2019	838	+6.0%	Cons. · IFRS
FYE Mar 2020	839	+0.1%	Cons. · IFRS
FYE Mar 2021	811	−3.3%	Cons. · IFRS
FYE Mar 2022	1,141	+40.7%	Cons. · IFRS
FYE Mar 2023	1,396	+22.3%	Cons. · IFRS
FYE Mar 2024	1,320	−5.5%	Cons. · IFRS
FYE Mar 2025	1,288	−2.4%	Cons. · IFRS
FYE Mar 2026	1,328	+3.1%	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 ¥902bn

CAGR · 9 yrs +5.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	572	n/a	Cons. · IFRS
FYE Mar 2019	566	−0.9%	Cons. · IFRS
FYE Mar 2020	585	+3.3%	Cons. · IFRS
FYE Mar 2021	606	+3.7%	Cons. · IFRS
FYE Mar 2022	596	−1.7%	Cons. · IFRS
FYE Mar 2023	703	+17.9%	Cons. · IFRS
FYE Mar 2024	794	+13.0%	Cons. · IFRS
FYE Mar 2025	888	+11.8%	Cons. · IFRS
FYE Mar 2026	902	+1.6%	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 ¥1.09tn

CAGR · 9 yrs +9.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	544	n/a	Cons. · IFRS
FYE Mar 2019	584	+7.3%	Cons. · IFRS
FYE Mar 2020	534	−8.6%	Cons. · IFRS
FYE Mar 2021	450	−15.7%	Cons. · IFRS
FYE Mar 2022	1,164	+158.7%	Cons. · IFRS
FYE Mar 2023	1,395	+19.8%	Cons. · IFRS
FYE Mar 2024	1,302	−6.7%	Cons. · IFRS
FYE Mar 2025	1,135	−12.8%	Cons. · IFRS
FYE Mar 2026	1,087	−4.2%	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 ¥834bn

CAGR · 10 yrs +11.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	306	n/a	Cons. · IFRS
FYE Mar 2018	418	+36.7%	Cons. · IFRS
FYE Mar 2019	414	−1.0%	Cons. · IFRS
FYE Mar 2020	392	−5.5%	Cons. · IFRS
FYE Mar 2021	335	−14.3%	Cons. · IFRS
FYE Mar 2022	915	+172.7%	Cons. · IFRS
FYE Mar 2023	1,131	+23.6%	Cons. · IFRS
FYE Mar 2024	1,064	−5.9%	Cons. · IFRS
FYE Mar 2025	900	−15.4%	Cons. · IFRS
FYE Mar 2026	834	−7.4%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 9.5%

Average · 9 yrs 10.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	16.2	n/a	Cons. · IFRS
FYE Mar 2019	9.4	−6.8pp	Cons. · IFRS
FYE Mar 2020	9.9	+0.5pp	Cons. · IFRS
FYE Mar 2021	10.1	+0.2pp	Cons. · IFRS
FYE Mar 2022	9.7	−0.4pp	Cons. · IFRS
FYE Mar 2023	9.8	+0.1pp	Cons. · IFRS
FYE Mar 2024	9.9	+0.1pp	Cons. · IFRS
FYE Mar 2025	8.8	−1.1pp	Cons. · IFRS
FYE Mar 2026	9.5	+0.7pp	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 7.8%

Average · 9 yrs 8.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	11.1	n/a	Cons. · IFRS
FYE Mar 2019	6.5	−4.6pp	Cons. · IFRS
FYE Mar 2020	6.3	−0.2pp	Cons. · IFRS
FYE Mar 2021	5.6	−0.7pp	Cons. · IFRS
FYE Mar 2022	9.9	+4.3pp	Cons. · IFRS
FYE Mar 2023	9.8	−0.2pp	Cons. · IFRS
FYE Mar 2024	9.8	−0.0pp	Cons. · IFRS
FYE Mar 2025	7.7	−2.0pp	Cons. · IFRS
FYE Mar 2026	7.8	−0.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 6.0%

Average · 10 yrs 6.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	7.0	n/a	Cons. · IFRS
FYE Mar 2018	8.6	+1.5pp	Cons. · IFRS
FYE Mar 2019	4.6	−3.9pp	Cons. · IFRS
FYE Mar 2020	4.6	−0.0pp	Cons. · IFRS
FYE Mar 2021	4.2	−0.4pp	Cons. · IFRS
FYE Mar 2022	7.8	+3.6pp	Cons. · IFRS
FYE Mar 2023	7.9	+0.1pp	Cons. · IFRS
FYE Mar 2024	8.0	+0.1pp	Cons. · IFRS
FYE Mar 2025	6.1	−1.8pp	Cons. · IFRS
FYE Mar 2026	6.0	−0.2pp	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 90.5%

Average · 9 yrs 87.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	83.8	n/a	Cons. · IFRS
FYE Mar 2019	68.3	−15.5pp	Cons. · IFRS
FYE Mar 2020	90.1	+21.8pp	Cons. · IFRS
FYE Mar 2021	89.9	−0.2pp	Cons. · IFRS
FYE Mar 2022	90.3	+0.4pp	Cons. · IFRS
FYE Mar 2023	90.2	−0.1pp	Cons. · IFRS
FYE Mar 2024	90.1	−0.1pp	Cons. · IFRS
FYE Mar 2025	91.2	+1.1pp	Cons. · IFRS
FYE Mar 2026	90.5	−0.7pp	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 6.4%

Average · 9 yrs 6.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	11.7	n/a	Cons. · IFRS
FYE Mar 2019	6.3	−5.4pp	Cons. · IFRS
FYE Mar 2020	6.9	+0.6pp	Cons. · IFRS
FYE Mar 2021	7.6	+0.7pp	Cons. · IFRS
FYE Mar 2022	5.1	−2.5pp	Cons. · IFRS
FYE Mar 2023	4.9	−0.2pp	Cons. · IFRS
FYE Mar 2024	6.0	+1.0pp	Cons. · IFRS
FYE Mar 2025	6.1	+0.1pp	Cons. · IFRS
FYE Mar 2026	6.4	+0.4pp	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 ¥20.8tn

CAGR · 10 yrs +6.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	11,501	n/a	Cons. · IFRS
FYE Mar 2018	11,307	−1.7%	Cons. · IFRS
FYE Mar 2019	11,946	+5.7%	Cons. · IFRS
FYE Mar 2020	11,806	−1.2%	Cons. · IFRS
FYE Mar 2021	12,516	+6.0%	Cons. · IFRS
FYE Mar 2022	14,923	+19.2%	Cons. · IFRS
FYE Mar 2023	15,381	+3.1%	Cons. · IFRS
FYE Mar 2024	16,900	+9.9%	Cons. · IFRS
FYE Mar 2025	16,812	−0.5%	Cons. · IFRS
FYE Mar 2026	20,822	+23.9%	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 ¥8.52tn

CAGR · 10 yrs +9.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	3,732	n/a	Cons. · IFRS
FYE Mar 2018	3,731	−0.0%	Cons. · IFRS
FYE Mar 2019	3,996	+7.1%	Cons. · IFRS
FYE Mar 2020	3,574	−10.6%	Cons. · IFRS
FYE Mar 2021	4,318	+20.8%	Cons. · IFRS
FYE Mar 2022	5,415	+25.4%	Cons. · IFRS
FYE Mar 2023	6,170	+13.9%	Cons. · IFRS
FYE Mar 2024	7,314	+18.5%	Cons. · IFRS
FYE Mar 2025	7,331	+0.2%	Cons. · IFRS
FYE Mar 2026	8,518	+16.2%	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 ¥5.20tn

CAGR · 9 yrs +4.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3,744	n/a	Cons. · IFRS
FYE Mar 2019	4,146	+10.7%	Cons. · IFRS
FYE Mar 2020	4,527	+9.2%	Cons. · IFRS
FYE Mar 2021	4,296	−5.1%	Cons. · IFRS
FYE Mar 2022	4,467	+4.0%	Cons. · IFRS
FYE Mar 2023	4,230	−5.3%	Cons. · IFRS
FYE Mar 2024	4,053	−4.2%	Cons. · IFRS
FYE Mar 2025	4,212	+3.9%	Cons. · IFRS
FYE Mar 2026	5,198	+23.4%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥166bn

CAGR · 9 yrs −2.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	202	n/a	Cons. · IFRS
FYE Mar 2019	337	+67.2%	Cons. · IFRS
FYE Mar 2020	297	−11.7%	Cons. · IFRS
FYE Mar 2021	300	+1.0%	Cons. · IFRS
FYE Mar 2022	282	−6.2%	Cons. · IFRS
FYE Mar 2023	432	+53.4%	Cons. · IFRS
FYE Mar 2024	244	−43.6%	Cons. · IFRS
FYE Mar 2025	164	−32.8%	Cons. · IFRS
FYE Mar 2026	166	+1.4%	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 ¥5.03tn

CAGR · 9 yrs +4.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3,543	n/a	Cons. · IFRS
FYE Mar 2019	3,809	+7.5%	Cons. · IFRS
FYE Mar 2020	4,229	+11.0%	Cons. · IFRS
FYE Mar 2021	3,995	−5.5%	Cons. · IFRS
FYE Mar 2022	4,185	+4.8%	Cons. · IFRS
FYE Mar 2023	3,797	−9.3%	Cons. · IFRS
FYE Mar 2024	3,809	+0.3%	Cons. · IFRS
FYE Mar 2025	4,048	+6.3%	Cons. · IFRS
FYE Mar 2026	5,032	+24.3%	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 ¥578bn

CAGR · 9 yrs +16.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	173	n/a	Cons. · IFRS
FYE Mar 2019	174	+0.5%	Cons. · IFRS
FYE Mar 2020	195	+12.2%	Cons. · IFRS
FYE Mar 2021	189	−3.4%	Cons. · IFRS
FYE Mar 2022	253	+34.2%	Cons. · IFRS
FYE Mar 2023	277	+9.6%	Cons. · IFRS
FYE Mar 2024	458	+65.2%	Cons. · IFRS
FYE Mar 2025	505	+10.3%	Cons. · IFRS
FYE Mar 2026	578	+14.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥265bn

CAGR · 9 yrs +17.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	75.8	n/a	Cons. · IFRS
FYE Mar 2019	78.6	+3.7%	Cons. · IFRS
FYE Mar 2020	52.7	−33.0%	Cons. · IFRS
FYE Mar 2021	50.0	−5.1%	Cons. · IFRS
FYE Mar 2022	71.9	+43.8%	Cons. · IFRS
FYE Mar 2023	87.5	+21.7%	Cons. · IFRS
FYE Mar 2024	189	+115.7%	Cons. · IFRS
FYE Mar 2025	227	+20.1%	Cons. · IFRS
FYE Mar 2026	265	+17.0%	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 40.9%

Average · 10 yrs 36.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	32.5	n/a	Cons. · IFRS
FYE Mar 2018	33.0	+0.6pp	Cons. · IFRS
FYE Mar 2019	33.5	+0.5pp	Cons. · IFRS
FYE Mar 2020	30.3	−3.2pp	Cons. · IFRS
FYE Mar 2021	34.5	+4.2pp	Cons. · IFRS
FYE Mar 2022	36.3	+1.8pp	Cons. · IFRS
FYE Mar 2023	40.1	+3.8pp	Cons. · IFRS
FYE Mar 2024	43.3	+3.2pp	Cons. · IFRS
FYE Mar 2025	43.6	+0.3pp	Cons. · IFRS
FYE Mar 2026	40.9	−2.7pp	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Mar 2026 61.0%

Average · 9 yrs 83.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	100.4	n/a	Cons. · IFRS
FYE Mar 2019	103.8	+3.4pp	Cons. · IFRS
FYE Mar 2020	126.6	+22.9pp	Cons. · IFRS
FYE Mar 2021	99.5	−27.2pp	Cons. · IFRS
FYE Mar 2022	82.5	−17.0pp	Cons. · IFRS
FYE Mar 2023	68.5	−14.0pp	Cons. · IFRS
FYE Mar 2024	55.4	−13.1pp	Cons. · IFRS
FYE Mar 2025	57.5	+2.0pp	Cons. · IFRS
FYE Mar 2026	61.0	+3.6pp	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 9.8%

Average · 10 yrs 12.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.2	n/a	Cons. · IFRS
FYE Mar 2018	11.2	+3.0pp	Cons. · IFRS
FYE Mar 2019	10.4	−0.8pp	Cons. · IFRS
FYE Mar 2020	11.0	+0.6pp	Cons. · IFRS
FYE Mar 2021	7.8	−3.2pp	Cons. · IFRS
FYE Mar 2022	16.9	+9.1pp	Cons. · IFRS
FYE Mar 2023	18.3	+1.4pp	Cons. · IFRS
FYE Mar 2024	14.5	−3.8pp	Cons. · IFRS
FYE Mar 2025	12.3	−2.3pp	Cons. · IFRS
FYE Mar 2026	9.8	−2.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.0%

Average · 10 yrs 4.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.7	n/a	Cons. · IFRS
FYE Mar 2018	3.7	+1.0pp	Cons. · IFRS
FYE Mar 2019	3.5	−0.2pp	Cons. · IFRS
FYE Mar 2020	3.3	−0.2pp	Cons. · IFRS
FYE Mar 2021	2.7	−0.6pp	Cons. · IFRS
FYE Mar 2022	6.1	+3.4pp	Cons. · IFRS
FYE Mar 2023	7.4	+1.2pp	Cons. · IFRS
FYE Mar 2024	6.3	−1.1pp	Cons. · IFRS
FYE Mar 2025	5.4	−0.9pp	Cons. · IFRS
FYE Mar 2026	4.0	−1.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.67×

CAGR · 10 yrs +6.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.38	n/a	Cons. · IFRS
FYE Mar 2018	0.43	+14.0%	Cons. · IFRS
FYE Mar 2019	0.75	+73.3%	Cons. · IFRS
FYE Mar 2020	0.72	−4.2%	Cons. · IFRS
FYE Mar 2021	0.64	−10.9%	Cons. · IFRS
FYE Mar 2022	0.79	+23.1%	Cons. · IFRS
FYE Mar 2023	0.93	+18.1%	Cons. · IFRS
FYE Mar 2024	0.79	−15.2%	Cons. · IFRS
FYE Mar 2025	0.87	+10.6%	Cons. · IFRS
FYE Mar 2026	0.67	−22.9%	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 ¥953bn

CAGR · 10 yrs +10.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	404	n/a	Cons. · IFRS
FYE Mar 2018	554	+37.0%	Cons. · IFRS
FYE Mar 2019	411	−25.8%	Cons. · IFRS
FYE Mar 2020	526	+28.2%	Cons. · IFRS
FYE Mar 2021	773	+46.8%	Cons. · IFRS
FYE Mar 2022	807	+4.4%	Cons. · IFRS
FYE Mar 2023	1,048	+29.8%	Cons. · IFRS
FYE Mar 2024	864	−17.5%	Cons. · IFRS
FYE Mar 2025	1,018	+17.7%	Cons. · IFRS
FYE Mar 2026	953	−6.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥1.03tn

Average · 10 yrs -¥381bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-353	n/a	Cons. · IFRS
FYE Mar 2018	-248	n/a	Cons. · IFRS
FYE Mar 2019	-719	n/a	Cons. · IFRS
FYE Mar 2020	-185	n/a	Cons. · IFRS
FYE Mar 2021	-322	n/a	Cons. · IFRS
FYE Mar 2022	-181	n/a	Cons. · IFRS
FYE Mar 2023	-178	n/a	Cons. · IFRS
FYE Mar 2024	-428	n/a	Cons. · IFRS
FYE Mar 2025	-162	n/a	Cons. · IFRS
FYE Mar 2026	-1,034	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 ¥27bn

Average · 10 yrs -¥425bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-50.3	n/a	Cons. · IFRS
FYE Mar 2018	-652	n/a	Cons. · IFRS
FYE Mar 2019	127	n/a	Cons. · IFRS
FYE Mar 2020	-205	−260.6%	Cons. · IFRS
FYE Mar 2021	-487	n/a	Cons. · IFRS
FYE Mar 2022	-614	n/a	Cons. · IFRS
FYE Mar 2023	-635	n/a	Cons. · IFRS
FYE Mar 2024	-1,013	n/a	Cons. · IFRS
FYE Mar 2025	-750	n/a	Cons. · IFRS
FYE Mar 2026	26.9	n/a	Cons. · IFRS

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

Cash and equivalents

FYE Mar 2026 ¥983bn

CAGR · 10 yrs −4.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	1,504	n/a	Cons. · IFRS
FYE Mar 2018	1,131	−24.8%	Cons. · IFRS
FYE Mar 2019	956	−15.5%	Cons. · IFRS
FYE Mar 2020	1,059	+10.7%	Cons. · IFRS
FYE Mar 2021	1,063	+0.4%	Cons. · IFRS
FYE Mar 2022	1,128	+6.1%	Cons. · IFRS
FYE Mar 2023	1,390	+23.3%	Cons. · IFRS
FYE Mar 2024	898	−35.4%	Cons. · IFRS
FYE Mar 2025	977	+8.8%	Cons. · IFRS
FYE Mar 2026	983	+0.5%	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 -¥81bn

Average · 10 yrs ¥355bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	50.9	n/a	Cons. · IFRS
FYE Mar 2018	305	+500.4%	Cons. · IFRS
FYE Mar 2019	-308	−201.0%	Cons. · IFRS
FYE Mar 2020	341	n/a	Cons. · IFRS
FYE Mar 2021	450	+32.0%	Cons. · IFRS
FYE Mar 2022	626	+39.0%	Cons. · IFRS
FYE Mar 2023	869	+38.9%	Cons. · IFRS
FYE Mar 2024	437	−49.7%	Cons. · IFRS
FYE Mar 2025	856	+95.8%	Cons. · IFRS
FYE Mar 2026	-80.6	−109.4%	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 6.8%

Average · 10 yrs 7.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · IFRS
FYE Mar 2018	11.3	+2.1pp	Cons. · IFRS
FYE Mar 2019	4.6	−6.7pp	Cons. · IFRS
FYE Mar 2020	6.2	+1.6pp	Cons. · IFRS
FYE Mar 2021	9.6	+3.4pp	Cons. · IFRS
FYE Mar 2022	6.9	−2.8pp	Cons. · IFRS
FYE Mar 2023	7.3	+0.5pp	Cons. · IFRS
FYE Mar 2024	6.5	−0.8pp	Cons. · IFRS
FYE Mar 2025	6.9	+0.5pp	Cons. · IFRS
FYE Mar 2026	6.8	−0.1pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥4.22tn

Average · 9 yrs -¥3.25tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-2,613	n/a	Cons. · IFRS
FYE Mar 2019	-3,190	n/a	Cons. · IFRS
FYE Mar 2020	-3,468	n/a	Cons. · IFRS
FYE Mar 2021	-3,233	n/a	Cons. · IFRS
FYE Mar 2022	-3,339	n/a	Cons. · IFRS
FYE Mar 2023	-2,839	n/a	Cons. · IFRS
FYE Mar 2024	-3,155	n/a	Cons. · IFRS
FYE Mar 2025	-3,234	n/a	Cons. · IFRS
FYE Mar 2026	-4,216	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 ¥17.1tn

Change · 10 yrs +¥14.2tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,897	n/a
FYE Mar 2018	3,275	n/a
FYE Mar 2019	2,994	n/a
FYE Mar 2020	2,621	n/a
FYE Mar 2021	3,952	n/a
FYE Mar 2022	5,470	n/a
FYE Mar 2023	6,355	n/a
FYE Mar 2024	10,755	n/a
FYE Mar 2025	8,136	n/a
FYE Mar 2026	17,071	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 5,959¥

Change · 10 yrs +4,347¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,613	n/a
FYE Mar 2018	1,823	n/a
FYE Mar 2019	1,718	n/a
FYE Mar 2020	1,504	n/a
FYE Mar 2021	2,302	n/a
FYE Mar 2022	3,330	n/a
FYE Mar 2023	4,114	n/a
FYE Mar 2024	7,105	n/a
FYE Mar 2025	2,800	n/a
FYE Mar 2026	5,959	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 2,864,667,000shares

Change · 10 yrs +1,068,153,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,796,514,000	Parent
FYE Mar 2018	1,796,514,000	Parent
FYE Mar 2019	1,742,345,000	Parent
FYE Mar 2020	1,742,684,000	Parent
FYE Mar 2021	1,717,104,000	Parent
FYE Mar 2022	1,642,355,000	Parent
FYE Mar 2023	1,544,660,000	Parent
FYE Mar 2024	1,513,589,000	Parent
FYE Mar 2025	2,905,248,000	Parent
FYE Mar 2026	2,864,667,000	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 291.12¥

Change · 10 yrs +119.92¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	171.20	Cons.
FYE Mar 2018	237.67	Cons.
FYE Mar 2019	238.33	Cons.
FYE Mar 2020	226.13	Cons.
FYE Mar 2021	99.64	Cons.
FYE Mar 2022	280.81	Cons.
FYE Mar 2023	360.91	Cons.
FYE Mar 2024	352.80	Cons.
FYE Mar 2025	306.73	Cons.
FYE Mar 2026	291.12	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 2,973.32¥

Change · 10 yrs +895.86¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,077.46	Cons. · IFRS
FYE Mar 2018	2,076.97	Cons. · IFRS
FYE Mar 2019	2,293.47	Cons. · IFRS
FYE Mar 2020	2,051.10	Cons. · IFRS
FYE Mar 2021	2,514.67	Cons. · IFRS
FYE Mar 2022	3,297.09	Cons. · IFRS
FYE Mar 2023	3,994.63	Cons. · IFRS
FYE Mar 2024	4,832.06	Cons. · IFRS
FYE Mar 2025	2,523.23	Cons. · IFRS
FYE Mar 2026	2,973.32	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 20.47×

Average · 10 yrs 9.38×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.42	Cons.
FYE Mar 2018	7.67	Cons.
FYE Mar 2019	7.21	Cons.
FYE Mar 2020	6.65	Cons.
FYE Mar 2021	11.55	Cons.
FYE Mar 2022	5.93	Cons.
FYE Mar 2023	5.70	Cons.
FYE Mar 2024	10.07	Cons.
FYE Mar 2025	9.13	Cons.
FYE Mar 2026	20.47	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 1.93×

Average · 10 yrs 1.01×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.76	Cons.
FYE Mar 2018	0.80	Cons.
FYE Mar 2019	0.70	Cons.
FYE Mar 2020	0.67	Cons.
FYE Mar 2021	0.84	Cons.
FYE Mar 2022	0.95	Cons.
FYE Mar 2023	0.98	Cons.
FYE Mar 2024	1.41	Cons.
FYE Mar 2025	1.07	Cons.
FYE Mar 2026	1.93	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 55,463people

Change · 10 yrs +13,147 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	42,316	n/a	Cons.
FYE Mar 2018	42,304	−0.0%	Cons.
FYE Mar 2019	43,993	+4.0%	Cons.
FYE Mar 2020	45,624	+3.7%	Cons.
FYE Mar 2021	44,509	−2.4%	Cons.
FYE Mar 2022	44,336	−0.4%	Cons.
FYE Mar 2023	46,811	+5.6%	Cons.
FYE Mar 2024	53,602	+14.5%	Cons.
FYE Mar 2025	56,400	+5.2%	Cons.
FYE Mar 2026	55,463	−1.7%	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 5,333people

Change · 10 yrs −638 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,971	n/a	Parent
FYE Mar 2018	5,859	−1.9%	Parent
FYE Mar 2019	5,772	−1.5%	Parent
FYE Mar 2020	5,676	−1.7%	Parent
FYE Mar 2021	5,587	−1.6%	Parent
FYE Mar 2022	5,494	−1.7%	Parent
FYE Mar 2023	5,449	−0.8%	Parent
FYE Mar 2024	5,419	−0.6%	Parent
FYE Mar 2025	5,388	−0.6%	Parent
FYE Mar 2026	5,333	−1.0%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥20.6m

Change · 10 yrs +¥8.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	12.1	n/a	Parent
FYE Mar 2018	14.2	+17.0%	Parent
FYE Mar 2019	14.3	+0.7%	Parent
FYE Mar 2020	13.9	−2.6%	Parent
FYE Mar 2021	14.8	+6.4%	Parent
FYE Mar 2022	15.5	+4.5%	Parent
FYE Mar 2023	17.8	+15.1%	Parent
FYE Mar 2024	19.0	+6.5%	Parent
FYE Mar 2025	20.0	+5.1%	Parent
FYE Mar 2026	20.6	+3.1%	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 42.0years

Change · 8 yrs −0.2 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.2	n/a	Parent
FYE Mar 2020	42.1	−0.2%	Parent
FYE Mar 2021	42.1	−0.0%	Parent
FYE Mar 2022	42.1	−0.0%	Parent
FYE Mar 2023	42.3	+0.5%	Parent
FYE Mar 2024	42.3	−0.0%	Parent
FYE Mar 2025	42.2	−0.2%	Parent
FYE Mar 2026	42.0	−0.5%	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 17.4years

Change · 10 yrs −1.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.9	n/a	Parent
FYE Mar 2018	18.5	−2.1%	Parent
FYE Mar 2019	18.0	−2.7%	Parent
FYE Mar 2020	18.0	−0.0%	Parent
FYE Mar 2021	18.0	−0.0%	Parent
FYE Mar 2022	18.0	−0.0%	Parent
FYE Mar 2023	18.1	+0.6%	Parent
FYE Mar 2024	17.9	−1.1%	Parent
FYE Mar 2025	17.7	−1.1%	Parent
FYE Mar 2026	17.4	−1.7%	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 44,207people

Change · 10 yrs +34,219 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	9,988	n/a	n/a
FYE Mar 2018	11,984	+20.0%	n/a
FYE Mar 2019	10,354	−13.6%	n/a
FYE Mar 2020	10,760	+3.9%	n/a
FYE Mar 2021	9,721	−9.7%	n/a
FYE Mar 2022	8,869	−8.8%	n/a
FYE Mar 2023	9,063	+2.2%	n/a
FYE Mar 2024	27,659	+205.2%	n/a
FYE Mar 2025	44,740	+61.8%	n/a
FYE Mar 2026	44,207	−1.2%	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 ¥252m

Change · 10 yrs +¥149m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	103	n/a	Cons.
FYE Mar 2018	116	+12.1%	Cons.
FYE Mar 2019	204	+76.1%	Cons.
FYE Mar 2020	186	−8.7%	Cons.
FYE Mar 2021	180	−3.2%	Cons.
FYE Mar 2022	265	+47.4%	Cons.
FYE Mar 2023	306	+15.2%	Cons.
FYE Mar 2024	249	−18.7%	Cons.
FYE Mar 2025	260	+4.6%	Cons.
FYE Mar 2026	252	−2.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥19.6m

Change · 9 yrs +¥6.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	12.9	n/a	Cons.
FYE Mar 2019	13.3	+3.2%	Cons.
FYE Mar 2020	11.7	−11.8%	Cons.
FYE Mar 2021	10.1	−13.6%	Cons.
FYE Mar 2022	26.3	+159.7%	Cons.
FYE Mar 2023	29.8	+13.5%	Cons.
FYE Mar 2024	24.3	−18.5%	Cons.
FYE Mar 2025	20.1	−17.2%	Cons.
FYE Mar 2026	19.6	−2.6%	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.

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