Financials

Japan Pulp & Paper: FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥607bnYoY +9.4%

FYE Mar 2026 · Operating profit¥11bnYoY −28.0%

FYE Mar 2026 · Net profit¥4.7bnYoY −37.6%

FYE Mar 2026 · Equity ratio32.7%YoY −1.5pp

FYE Mar 2026 · Group employees4,705YoY −126

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥491bn	n/a	¥8.3bn	n/a	1.7%	¥5.4bn	Noguchi Kenzo	—
FYE Mar 2018Consolidated	¥522bn	+6.3%	¥10bn	+22.3%	1.9%	¥6.2bn	Noguchi Kenzo	Ball & Doggett (Australasia) acquired; OVOL brand adopted
FYE Mar 2019Consolidated	¥535bn	+2.7%	¥11bn	+6.7%	2.0%	¥3.9bn	Watanabe Akihiko	—
FYE Mar 2020Consolidated	¥535bn	−0.1%	¥11bn	+1.1%	2.0%	¥5.1bn	Watanabe Akihiko	Major UK paper wholesaler acquired
FYE Mar 2021Consolidated	¥463bn	−13.4%	¥8.9bn	−18.6%	1.9%	¥3.6bn	Watanabe Akihiko	—
FYE Mar 2022Consolidated	¥445bn	−3.9%	¥14bn	+58.1%	3.2%	¥11bn	Watanabe Akihiko	Long-term vision 2030, <em>Paper, and beyond</em>
FYE Mar 2023Consolidated	¥545bn	+22.6%	¥20bn	+44.1%	3.7%	¥25bn	Watanabe Akihiko	Moves to the TSE Prime market
FYE Mar 2024Consolidated	¥534bn	−2.0%	¥17bn	−14.1%	3.3%	¥10bn	Watanabe Akihiko	—
FYE Mar 2025Consolidated	¥555bn	+3.8%	¥15bn	−13.4%	2.7%	¥7.6bn	Watanabe Akihiko	Enters Germany and France via the Inapa businesses
FYE Mar 2026Consolidated	¥607bn	+9.4%	¥11bn	−28.0%	1.8%	¥4.7bn	Watanabe Akihiko	—

How it compares

Hanwa¥2.66tnFY2025Operating margin 2.2%

Nagase¥973bnFY2025Operating margin 4.6%

Iwatani¥909bnFY2025Operating margin 4.2%Itochu Enex¥851bnFY2025Operating margin 2.8%Inabata¥833bnFY2025Operating margin 3.1%

Sanaioburi¥654bnFY2024Operating margin 1.8%

Japan Pulp & Paper¥607bnFY2025Operating margin 1.8%

Kamei¥574bnFY2024Operating margin 2.8%

Yuasashouji¥528bnFY2024Operating margin 3.0%

Yamazen¥516bnFY2024Operating margin 1.8%

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 Mar 2026 ¥607bn

CAGR · 10 yrs +2.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	491	n/a	Cons. · Japanese GAAP
FYE Mar 2018	522	+6.3%	Cons. · Japanese GAAP
FYE Mar 2019	535	+2.7%	Cons. · Japanese GAAP
FYE Mar 2020	535	−0.1%	Cons. · Japanese GAAP
FYE Mar 2021	463	−13.4%	Cons. · Japanese GAAP
FYE Mar 2022	445	−3.9%	Cons. · Japanese GAAP
FYE Mar 2023	545	+22.6%	Cons. · Japanese GAAP
FYE Mar 2024	534	−2.0%	Cons. · Japanese GAAP
FYE Mar 2025	555	+3.8%	Cons. · Japanese GAAP
FYE Mar 2026	607	+9.4%	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 Mar 2026 ¥501bn

CAGR · 10 yrs +1.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	441	n/a	Cons. · Japanese GAAP
FYE Mar 2018	462	+4.8%	Cons. · Japanese GAAP
FYE Mar 2019	471	+2.0%	Cons. · Japanese GAAP
FYE Mar 2020	465	−1.4%	Cons. · Japanese GAAP
FYE Mar 2021	399	−14.0%	Cons. · Japanese GAAP
FYE Mar 2022	372	−6.8%	Cons. · Japanese GAAP
FYE Mar 2023	459	+23.3%	Cons. · Japanese GAAP
FYE Mar 2024	447	−2.6%	Cons. · Japanese GAAP
FYE Mar 2025	463	+3.6%	Cons. · Japanese GAAP
FYE Mar 2026	501	+8.3%	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 Mar 2026 ¥105bn

CAGR · 10 yrs +8.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	49.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	59.5	+19.7%	Cons. · Japanese GAAP
FYE Mar 2019	64.1	+7.7%	Cons. · Japanese GAAP
FYE Mar 2020	70.2	+9.5%	Cons. · Japanese GAAP
FYE Mar 2021	63.5	−9.5%	Cons. · Japanese GAAP
FYE Mar 2022	72.5	+14.1%	Cons. · Japanese GAAP
FYE Mar 2023	86.3	+19.1%	Cons. · Japanese GAAP
FYE Mar 2024	87.4	+1.3%	Cons. · Japanese GAAP
FYE Mar 2025	91.5	+4.6%	Cons. · Japanese GAAP
FYE Mar 2026	105	+15.3%	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 Mar 2026 ¥95bn

CAGR · 10 yrs +9.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	41.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.4	+19.1%	Cons. · Japanese GAAP
FYE Mar 2019	53.3	+7.9%	Cons. · Japanese GAAP
FYE Mar 2020	59.2	+11.2%	Cons. · Japanese GAAP
FYE Mar 2021	54.6	−7.9%	Cons. · Japanese GAAP
FYE Mar 2022	58.4	+7.0%	Cons. · Japanese GAAP
FYE Mar 2023	66.1	+13.1%	Cons. · Japanese GAAP
FYE Mar 2024	70.0	+6.0%	Cons. · Japanese GAAP
FYE Mar 2025	76.4	+9.1%	Cons. · Japanese GAAP
FYE Mar 2026	94.6	+23.8%	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 Mar 2026 ¥11bn

CAGR · 10 yrs +3.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	8.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.1	+22.3%	Cons. · Japanese GAAP
FYE Mar 2019	10.8	+6.7%	Cons. · Japanese GAAP
FYE Mar 2020	10.9	+1.1%	Cons. · Japanese GAAP
FYE Mar 2021	8.9	−18.6%	Cons. · Japanese GAAP
FYE Mar 2022	14.1	+58.1%	Cons. · Japanese GAAP
FYE Mar 2023	20.3	+44.1%	Cons. · Japanese GAAP
FYE Mar 2024	17.4	−14.1%	Cons. · Japanese GAAP
FYE Mar 2025	15.1	−13.4%	Cons. · Japanese GAAP
FYE Mar 2026	10.8	−28.0%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥3.7bn

CAGR · 10 yrs +10.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.7	+9.0%	Cons. · Japanese GAAP
FYE Mar 2019	2.0	+15.7%	Cons. · Japanese GAAP
FYE Mar 2020	2.0	+1.6%	Cons. · Japanese GAAP
FYE Mar 2021	2.2	+10.5%	Cons. · Japanese GAAP
FYE Mar 2022	2.6	+16.7%	Cons. · Japanese GAAP
FYE Mar 2023	3.2	+23.1%	Cons. · Japanese GAAP
FYE Mar 2024	2.9	−8.9%	Cons. · Japanese GAAP
FYE Mar 2025	3.8	+31.6%	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−1.8%	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 Mar 2026 ¥3.7bn

CAGR · 10 yrs +9.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.8	+11.0%	Cons. · Japanese GAAP
FYE Mar 2019	2.0	+10.5%	Cons. · Japanese GAAP
FYE Mar 2020	3.1	+54.8%	Cons. · Japanese GAAP
FYE Mar 2021	2.2	−31.0%	Cons. · Japanese GAAP
FYE Mar 2022	1.6	−26.4%	Cons. · Japanese GAAP
FYE Mar 2023	2.2	+38.7%	Cons. · Japanese GAAP
FYE Mar 2024	3.5	+61.0%	Cons. · Japanese GAAP
FYE Mar 2025	3.0	−13.9%	Cons. · Japanese GAAP
FYE Mar 2026	3.7	+21.2%	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 Mar 2026 ¥11bn

CAGR · 10 yrs +3.2%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	+22.1%	Cons. · Japanese GAAP
FYE Mar 2019	10.8	+7.6%	Cons. · Japanese GAAP
FYE Mar 2020	9.8	−8.9%	Cons. · Japanese GAAP
FYE Mar 2021	8.9	−8.7%	Cons. · Japanese GAAP
FYE Mar 2022	15.1	+68.2%	Cons. · Japanese GAAP
FYE Mar 2023	21.2	+41.1%	Cons. · Japanese GAAP
FYE Mar 2024	16.8	−21.1%	Cons. · Japanese GAAP
FYE Mar 2025	15.8	−5.6%	Cons. · Japanese GAAP
FYE Mar 2026	10.9	−31.2%	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 Mar 2026 ¥5.5bn

CAGR · 10 yrs +11.0%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.5	−30.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.9	−40.3%	Cons. · Japanese GAAP
FYE Mar 2020	1.9	+110.7%	Cons. · Japanese GAAP
FYE Mar 2021	0.8	−54.6%	Cons. · Japanese GAAP
FYE Mar 2022	6.9	+716.4%	Cons. · Japanese GAAP
FYE Mar 2023	19.5	+183.9%	Cons. · Japanese GAAP
FYE Mar 2024	1.3	−93.2%	Cons. · Japanese GAAP
FYE Mar 2025	2.4	+81.9%	Cons. · Japanese GAAP
FYE Mar 2026	5.5	+127.7%	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 Mar 2026 n/a

CAGR · 3 yrs +47.9%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	3.3	+357.8%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	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 Mar 2026 ¥4.7bn

CAGR · 10 yrs −1.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	+15.8%	Cons. · Japanese GAAP
FYE Mar 2019	3.9	−37.6%	Cons. · Japanese GAAP
FYE Mar 2020	5.1	+30.5%	Cons. · Japanese GAAP
FYE Mar 2021	3.6	−27.8%	Cons. · Japanese GAAP
FYE Mar 2022	11.5	+215.1%	Cons. · Japanese GAAP
FYE Mar 2023	25.4	+120.8%	Cons. · Japanese GAAP
FYE Mar 2024	10.4	−59.2%	Cons. · Japanese GAAP
FYE Mar 2025	7.6	−26.9%	Cons. · Japanese GAAP
FYE Mar 2026	4.7	−37.6%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 17.4%

Average · 10 yrs 14.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	10.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.4	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	12.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	13.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	13.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	16.3	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	15.8	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	16.4	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	16.5	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	17.4	+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 Mar 2026 1.8%

Average · 10 yrs 2.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.9	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	2.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	2.0	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	1.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.2	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2023	3.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	3.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	2.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	1.8	−0.9pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 1.8%

Average · 10 yrs 2.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	2.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	1.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	1.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	3.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	3.1	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	2.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	1.8	−1.1pp	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 Mar 2026 0.8%

Average · 10 yrs 1.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	0.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	0.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	0.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	2.6	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2023	4.7	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2024	1.9	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2025	1.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	0.8	−0.6pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 82.6%

Average · 10 yrs 85.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	89.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	88.6	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	88.0	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	86.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	86.3	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	83.7	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	84.2	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	83.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	83.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	82.6	−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 Mar 2026 15.6%

Average · 10 yrs 11.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.5	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	9.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	11.1	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	11.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	13.1	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	12.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	13.1	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	13.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	15.6	+1.8pp	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 Mar 2026 ¥395bn

CAGR · 10 yrs +3.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	288	n/a	Cons. · Japanese GAAP
FYE Mar 2018	337	+17.2%	Cons. · Japanese GAAP
FYE Mar 2019	350	+3.7%	Cons. · Japanese GAAP
FYE Mar 2020	342	−2.2%	Cons. · Japanese GAAP
FYE Mar 2021	322	−5.8%	Cons. · Japanese GAAP
FYE Mar 2022	339	+5.3%	Cons. · Japanese GAAP
FYE Mar 2023	385	+13.6%	Cons. · Japanese GAAP
FYE Mar 2024	373	−3.2%	Cons. · Japanese GAAP
FYE Mar 2025	392	+5.3%	Cons. · Japanese GAAP
FYE Mar 2026	395	+0.6%	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 Mar 2026 ¥129bn

CAGR · 10 yrs +6.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	76.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.2	+14.2%	Cons. · Japanese GAAP
FYE Mar 2019	86.8	−0.4%	Cons. · Japanese GAAP
FYE Mar 2020	80.5	−7.3%	Cons. · Japanese GAAP
FYE Mar 2021	83.6	+3.9%	Cons. · Japanese GAAP
FYE Mar 2022	92.9	+11.2%	Cons. · Japanese GAAP
FYE Mar 2023	118	+27.5%	Cons. · Japanese GAAP
FYE Mar 2024	128	+7.7%	Cons. · Japanese GAAP
FYE Mar 2025	134	+5.1%	Cons. · Japanese GAAP
FYE Mar 2026	129	−3.8%	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 Mar 2026 ¥54bn

CAGR · 10 yrs −2.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	65.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.0	−0.9%	Cons. · Japanese GAAP
FYE Mar 2019	81.1	+24.7%	Cons. · Japanese GAAP
FYE Mar 2020	74.8	−7.7%	Cons. · Japanese GAAP
FYE Mar 2021	69.7	−6.8%	Cons. · Japanese GAAP
FYE Mar 2022	67.6	−3.1%	Cons. · Japanese GAAP
FYE Mar 2023	66.4	−1.7%	Cons. · Japanese GAAP
FYE Mar 2024	50.8	−23.6%	Cons. · Japanese GAAP
FYE Mar 2025	59.6	+17.3%	Cons. · Japanese GAAP
FYE Mar 2026	53.9	−9.4%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥45bn

CAGR · 10 yrs +1.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	40.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	43.7	+7.0%	Cons. · Japanese GAAP
FYE Mar 2019	45.2	+3.6%	Cons. · Japanese GAAP
FYE Mar 2020	39.4	−12.9%	Cons. · Japanese GAAP
FYE Mar 2021	36.3	−7.9%	Cons. · Japanese GAAP
FYE Mar 2022	39.0	+7.4%	Cons. · Japanese GAAP
FYE Mar 2023	48.4	+24.0%	Cons. · Japanese GAAP
FYE Mar 2024	36.4	−24.8%	Cons. · Japanese GAAP
FYE Mar 2025	47.6	+30.7%	Cons. · Japanese GAAP
FYE Mar 2026	45.0	−5.4%	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 Mar 2026 ¥9.0bn

CAGR · 10 yrs −10.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	24.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.3	−14.0%	Cons. · Japanese GAAP
FYE Mar 2019	35.8	+67.9%	Cons. · Japanese GAAP
FYE Mar 2020	35.4	−1.2%	Cons. · Japanese GAAP
FYE Mar 2021	33.4	−5.7%	Cons. · Japanese GAAP
FYE Mar 2022	28.6	−14.5%	Cons. · Japanese GAAP
FYE Mar 2023	18.0	−36.9%	Cons. · Japanese GAAP
FYE Mar 2024	14.4	−20.3%	Cons. · Japanese GAAP
FYE Mar 2025	12.0	−16.6%	Cons. · Japanese GAAP
FYE Mar 2026	9.0	−25.2%	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 Mar 2026 ¥11bn

CAGR · 10 yrs +19.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.8	+166.2%	Cons. · Japanese GAAP
FYE Mar 2019	5.9	+1.3%	Cons. · Japanese GAAP
FYE Mar 2020	8.8	+50.4%	Cons. · Japanese GAAP
FYE Mar 2021	7.0	−20.8%	Cons. · Japanese GAAP
FYE Mar 2022	3.6	−48.0%	Cons. · Japanese GAAP
FYE Mar 2023	5.6	+53.9%	Cons. · Japanese GAAP
FYE Mar 2024	6.6	+18.1%	Cons. · Japanese GAAP
FYE Mar 2025	11.4	+72.2%	Cons. · Japanese GAAP
FYE Mar 2026	10.9	−4.0%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥6.2bn

CAGR · 10 yrs +40.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	+1237.3%	Cons. · Japanese GAAP
FYE Mar 2019	3.6	−4.0%	Cons. · Japanese GAAP
FYE Mar 2020	6.7	+83.8%	Cons. · Japanese GAAP
FYE Mar 2021	4.9	−27.4%	Cons. · Japanese GAAP
FYE Mar 2022	1.6	−67.4%	Cons. · Japanese GAAP
FYE Mar 2023	2.9	+83.9%	Cons. · Japanese GAAP
FYE Mar 2024	3.8	+29.7%	Cons. · Japanese GAAP
FYE Mar 2025	6.6	+75.5%	Cons. · Japanese GAAP
FYE Mar 2026	6.2	−6.5%	Cons. · Japanese GAAP

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 32.7%

Average · 10 yrs 28.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	26.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.8	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	24.8	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	23.5	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2021	26.0	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2022	27.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	30.8	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2024	34.2	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2025	34.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	32.7	−1.5pp	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 Mar 2026 41.8%

Average · 10 yrs 68.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	86.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.6	−11.4pp	Cons. · Japanese GAAP
FYE Mar 2019	93.4	+18.8pp	Cons. · Japanese GAAP
FYE Mar 2020	93.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	83.4	−9.6pp	Cons. · Japanese GAAP
FYE Mar 2022	72.7	−10.7pp	Cons. · Japanese GAAP
FYE Mar 2023	56.1	−16.7pp	Cons. · Japanese GAAP
FYE Mar 2024	39.8	−16.3pp	Cons. · Japanese GAAP
FYE Mar 2025	44.4	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2026	41.8	−2.6pp	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 Mar 2026 3.7%

Average · 10 yrs 8.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.5	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2020	6.3	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	4.4	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2022	12.4	+8.0pp	Cons. · Japanese GAAP
FYE Mar 2023	21.4	+9.1pp	Cons. · Japanese GAAP
FYE Mar 2024	8.1	−13.3pp	Cons. · Japanese GAAP
FYE Mar 2025	5.6	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−2.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 1.2%

Average · 10 yrs 2.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	1.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	1.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	1.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	3.4	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2023	6.6	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2024	2.8	−3.8pp	Cons. · Japanese GAAP
FYE Mar 2025	1.9	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	1.2	−0.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.54×

CAGR · 10 yrs −1.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.70	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.55	−9.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.53	−0.9%	Cons. · Japanese GAAP
FYE Mar 2020	1.56	+2.1%	Cons. · Japanese GAAP
FYE Mar 2021	1.44	−8.1%	Cons. · Japanese GAAP
FYE Mar 2022	1.31	−8.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.42	+7.9%	Cons. · Japanese GAAP
FYE Mar 2024	1.43	+1.3%	Cons. · Japanese GAAP
FYE Mar 2025	1.41	−1.4%	Cons. · Japanese GAAP
FYE Mar 2026	1.54	+8.7%	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 Mar 2026 ¥25bn

CAGR · 10 yrs +4.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.7	−46.6%	Cons. · Japanese GAAP
FYE Mar 2019	13.7	+57.0%	Cons. · Japanese GAAP
FYE Mar 2020	22.5	+64.6%	Cons. · Japanese GAAP
FYE Mar 2021	28.4	+26.2%	Cons. · Japanese GAAP
FYE Mar 2022	14.0	−50.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.3	−97.8%	Cons. · Japanese GAAP
FYE Mar 2024	20.9	+6772.0%	Cons. · Japanese GAAP
FYE Mar 2025	21.0	+0.6%	Cons. · Japanese GAAP
FYE Mar 2026	24.6	+16.9%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥1.2bn

Average · 10 yrs -¥4.1bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-13.3	−3719.3%	Cons. · Japanese GAAP
FYE Mar 2019	-14.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2023	23.7	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-2.9	−112.3%	Cons. · Japanese GAAP
FYE Mar 2025	-11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-1.2	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 Mar 2026 -¥17bn

Average · 10 yrs -¥12bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-15.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	1.7	−60.2%	Cons. · Japanese GAAP
FYE Mar 2020	-9.7	−659.8%	Cons. · Japanese GAAP
FYE Mar 2021	-19.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-9.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-10.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-31.7	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-16.8	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 Mar 2026 ¥25bn

CAGR · 10 yrs +17.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.8	+11.0%	Cons. · Japanese GAAP
FYE Mar 2019	7.8	+13.9%	Cons. · Japanese GAAP
FYE Mar 2020	7.6	−2.6%	Cons. · Japanese GAAP
FYE Mar 2021	11.6	+52.7%	Cons. · Japanese GAAP
FYE Mar 2022	12.7	+9.9%	Cons. · Japanese GAAP
FYE Mar 2023	30.6	+140.0%	Cons. · Japanese GAAP
FYE Mar 2024	17.4	−43.1%	Cons. · Japanese GAAP
FYE Mar 2025	19.0	+9.4%	Cons. · Japanese GAAP
FYE Mar 2026	25.3	+32.9%	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 Mar 2026 ¥23bn

CAGR · 10 yrs +3.8%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	16.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-4.6	−127.5%	Cons. · Japanese GAAP
FYE Mar 2019	-0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	23.9	+158.9%	Cons. · Japanese GAAP
FYE Mar 2022	9.9	−58.5%	Cons. · Japanese GAAP
FYE Mar 2023	24.0	+141.5%	Cons. · Japanese GAAP
FYE Mar 2024	18.0	−25.0%	Cons. · Japanese GAAP
FYE Mar 2025	9.8	−45.5%	Cons. · Japanese GAAP
FYE Mar 2026	23.4	+138.7%	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 Mar 2026 4.0%

Average · 10 yrs 3.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.7	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	2.6	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	4.2	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	6.1	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2022	3.1	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2023	0.1	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2024	3.9	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2025	3.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	4.0	+0.3pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥29bn

Average · 10 yrs -¥51bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-59.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-58.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-73.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-67.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-58.1	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-54.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-35.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-33.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-40.5	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-28.7	n/a	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 Mar 2026 ¥124bn

Change · 10 yrs +¥69bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	55.4	n/a
FYE Mar 2018	64.5	n/a
FYE Mar 2019	62.3	n/a
FYE Mar 2020	56.5	n/a
FYE Mar 2021	54.9	n/a
FYE Mar 2022	58.0	n/a
FYE Mar 2023	77.9	n/a
FYE Mar 2024	70.4	n/a
FYE Mar 2025	90.4	n/a
FYE Mar 2026	124	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 1,035¥

Change · 10 yrs +666¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	369	n/a
FYE Mar 2018	4,292	n/a
FYE Mar 2019	4,148	n/a
FYE Mar 2020	3,760	n/a
FYE Mar 2021	3,657	n/a
FYE Mar 2022	3,862	n/a
FYE Mar 2023	5,183	n/a
FYE Mar 2024	4,684	n/a
FYE Mar 2025	602	n/a
FYE Mar 2026	1,035	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 120,215,510shares

Change · 10 yrs −30,000,002 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	150,215,512	Parent
FYE Mar 2018	15,021,551	Parent
FYE Mar 2019	15,021,551	Parent
FYE Mar 2020	15,021,551	Parent
FYE Mar 2021	15,021,551	Parent
FYE Mar 2022	15,021,551	Parent
FYE Mar 2023	15,021,551	Parent
FYE Mar 2024	15,021,551	Parent
FYE Mar 2025	150,215,510	Parent
FYE Mar 2026	120,215,510	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 39.50¥

Change · 10 yrs −353.17¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	392.67	Cons.
FYE Mar 2018	429.20	Cons.
FYE Mar 2019	274.69	Cons.
FYE Mar 2020	365.01	Cons.
FYE Mar 2021	266.92	Cons.
FYE Mar 2022	839.50	Cons.
FYE Mar 2023	1,851.04	Cons.
FYE Mar 2024	78.86	Cons.
FYE Mar 2025	61.44	Cons.
FYE Mar 2026	39.50	Cons.

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

BPS book value per share

FYE Mar 2026 1,072.48¥

Change · 10 yrs +564.16¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	508.32	Cons. · Japanese GAAP
FYE Mar 2018	5,803.93	Cons. · Japanese GAAP
FYE Mar 2019	5,777.90	Cons. · Japanese GAAP
FYE Mar 2020	5,355.90	Cons. · Japanese GAAP
FYE Mar 2021	5,563.21	Cons. · Japanese GAAP
FYE Mar 2022	6,184.78	Cons. · Japanese GAAP
FYE Mar 2023	7,884.07	Cons. · Japanese GAAP
FYE Mar 2024	8,494.53	Cons. · Japanese GAAP
FYE Mar 2025	892.52	Cons. · Japanese GAAP
FYE Mar 2026	1,072.48	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 26.20×

Average · 10 yrs 10.85×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.40	Cons.
FYE Mar 2018	10.00	Cons.
FYE Mar 2019	15.10	Cons.
FYE Mar 2020	10.30	Cons.
FYE Mar 2021	13.70	Cons.
FYE Mar 2022	4.60	Cons.
FYE Mar 2023	2.80	Cons.
FYE Mar 2024	6.60	Cons.
FYE Mar 2025	9.80	Cons.
FYE Mar 2026	26.20	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 0.90×

Average · 10 yrs 0.64×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.66	Cons.
FYE Mar 2018	0.70	Cons.
FYE Mar 2019	0.68	Cons.
FYE Mar 2020	0.64	Cons.
FYE Mar 2021	0.60	Cons.
FYE Mar 2022	0.57	Cons.
FYE Mar 2023	0.60	Cons.
FYE Mar 2024	0.50	Cons.
FYE Mar 2025	0.55	Cons.
FYE Mar 2026	0.90	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 4,705people

Change · 10 yrs +1,606 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	3,099	n/a	Cons.
FYE Mar 2018	3,692	+19.1%	Cons.
FYE Mar 2019	3,893	+5.4%	Cons.
FYE Mar 2020	4,298	+10.4%	Cons.
FYE Mar 2021	4,042	−6.0%	Cons.
FYE Mar 2022	4,097	+1.4%	Cons.
FYE Mar 2023	4,338	+5.9%	Cons.
FYE Mar 2024	4,157	−4.2%	Cons.
FYE Mar 2025	4,831	+16.2%	Cons.
FYE Mar 2026	4,705	−2.6%	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 Mar 2026 753people

Change · 10 yrs +38 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	715	n/a	Parent
FYE Mar 2018	709	−0.8%	Parent
FYE Mar 2019	714	+0.7%	Parent
FYE Mar 2020	709	−0.7%	Parent
FYE Mar 2021	705	−0.6%	Parent
FYE Mar 2022	697	−1.1%	Parent
FYE Mar 2023	701	+0.6%	Parent
FYE Mar 2024	713	+1.7%	Parent
FYE Mar 2025	728	+2.1%	Parent
FYE Mar 2026	753	+3.4%	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 890万円

Change · 8 yrs +138万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	752	n/a	Parent
FYE Mar 2020	779	+3.7%	Parent
FYE Mar 2021	782	+0.3%	Parent
FYE Mar 2022	810	+3.6%	Parent
FYE Mar 2023	806	−0.5%	Parent
FYE Mar 2024	869	+7.9%	Parent
FYE Mar 2025	890	+2.4%	Parent
FYE Mar 2026	890	−0.1%	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 44.7years

Change · 8 yrs +3.3 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	41.4	n/a	Parent
FYE Mar 2020	42.1	+1.7%	Parent
FYE Mar 2021	42.5	+1.0%	Parent
FYE Mar 2022	43.1	+1.4%	Parent
FYE Mar 2023	43.6	+1.2%	Parent
FYE Mar 2024	44.0	+0.9%	Parent
FYE Mar 2025	44.4	+0.9%	Parent
FYE Mar 2026	44.7	+0.7%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 20.5years

Change · 8 yrs +2.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	17.8	n/a	Parent
FYE Mar 2020	18.4	+3.4%	Parent
FYE Mar 2021	18.8	+2.2%	Parent
FYE Mar 2022	19.3	+2.7%	Parent
FYE Mar 2023	19.7	+2.1%	Parent
FYE Mar 2024	20.0	+1.5%	Parent
FYE Mar 2025	20.4	+2.0%	Parent
FYE Mar 2026	20.5	+0.5%	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 466people

Change · 10 yrs +160 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	306	n/a	n/a
FYE Mar 2018	433	+41.5%	n/a
FYE Mar 2019	498	+15.0%	n/a
FYE Mar 2020	498	−0.0%	n/a
FYE Mar 2021	402	−19.3%	n/a
FYE Mar 2022	420	+4.5%	n/a
FYE Mar 2023	431	+2.6%	n/a
FYE Mar 2024	459	+6.5%	n/a
FYE Mar 2025	480	+4.6%	n/a
FYE Mar 2026	466	−2.9%	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 ¥129m

Change · 10 yrs −¥29.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	158	n/a	Cons.
FYE Mar 2018	141	−10.8%	Cons.
FYE Mar 2019	138	−2.6%	Cons.
FYE Mar 2020	124	−9.5%	Cons.
FYE Mar 2021	115	−8.0%	Cons.
FYE Mar 2022	109	−5.2%	Cons.
FYE Mar 2023	126	+15.8%	Cons.
FYE Mar 2024	129	+2.2%	Cons.
FYE Mar 2025	115	−10.7%	Cons.
FYE Mar 2026	129	+12.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥2.3m

Change · 10 yrs −¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.7	n/a	Cons.
FYE Mar 2018	2.7	+2.7%	Cons.
FYE Mar 2019	2.8	+1.2%	Cons.
FYE Mar 2020	2.5	−8.4%	Cons.
FYE Mar 2021	2.2	−13.4%	Cons.
FYE Mar 2022	3.4	+56.0%	Cons.
FYE Mar 2023	4.7	+36.1%	Cons.
FYE Mar 2024	4.2	−10.4%	Cons.
FYE Mar 2025	3.1	−25.5%	Cons.
FYE Mar 2026	2.3	−26.1%	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 →

Data API

Japan Pulp & Paper’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/8032/company.json ·/api/8032/history.json ·/api/8032/ceo.json ·/api/8032/financials.json ·/api/8032/financials/segment.json ·/api/8032/financials/pl.json ·/api/8032/financials/cf.json ·/api/8032/financials/bs.json ·/api/8032/financials/employee.json ·/api/8032/financials/stock.json ·/api/8032/financials.csv ·/api/8032/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json