Financials

Unicharm: FYE Dec 2025 and ten years of results (47 metrics)

FYE Dec 2025 · Revenue¥945bnYoY −4.4%

FYE Dec 2025 · Operating profit¥105bnYoY −21.7%

FYE Dec 2025 · Net profit¥65bnYoY −20.3%

FYE Dec 2025 · Equity ratio57.1%YoY +2.8pp

FYE Dec 2025 · Group employees16,542YoY +78

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥711bn	n/a	¥78bn	n/a	11.0%	¥44bn	Takahara Takahisa	—
FYE Dec 2017Consolidated	¥642bn	−9.7%	¥87bn	+10.9%	13.5%	¥53bn	Takahara Takahisa	—
FYE Dec 2018Consolidated	¥688bn	+7.3%	¥92bn	+5.4%	13.3%	¥61bn	Takahara Takahisa	—
FYE Dec 2019Consolidated	¥714bn	+3.8%	¥70bn	−24.1%	9.7%	¥46bn	Takahara Takahisa	—
FYE Dec 2020Consolidated	¥727bn	+1.9%	¥96bn	+37.8%	13.2%	¥52bn	Takahara Takahisa	—
FYE Dec 2021Consolidated	¥783bn	+7.6%	¥122bn	+27.3%	15.6%	¥73bn	Takahara Takahisa	—
FYE Dec 2022Consolidated	¥898bn	+14.7%	¥116bn	−5.1%	12.9%	¥68bn	Takahara Takahisa	—
FYE Dec 2023Consolidated	¥942bn	+4.9%	¥132bn	+14.3%	14.0%	¥86bn	Takahara Takahisa	—
FYE Dec 2024Consolidated	¥989bn	+5.0%	¥135bn	+1.7%	13.6%	¥82bn	Takahara Takahisa	22nd straight year of dividend increases; nearing <span class="en-history_money" data-yen="1000000000000" data-year="2024">$6.6B (¥1tn)</span> in sales
FYE Dec 2025Consolidated	¥945bn	−4.4%	¥105bn	−21.7%	11.1%	¥65bn	Takahara Takahisa	China feminine-care reputational shock; the “dispersion and diversity” pivot

How it compares

Unicharm¥945bnFY2025Operating margin 11.1%

Lion¥422bnFY2025Operating margin 8.6%

PIGEON CORPORATION¥109bnFY2025Operating margin 12.1%

S.T. Corporation¥48bnFY2025Operating margin 4.1%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥945bn

CAGR · 10 yrs +3.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	711	n/a	Cons. · Japanese GAAP
FYE Dec 2017	642	moved to IFRS	Cons. · IFRS
FYE Dec 2018	688	+7.3%	Cons. · IFRS
FYE Dec 2019	714	+3.8%	Cons. · IFRS
FYE Dec 2020	727	+1.9%	Cons. · IFRS
FYE Dec 2021	783	+7.6%	Cons. · IFRS
FYE Dec 2022	898	+14.7%	Cons. · IFRS
FYE Dec 2023	942	+4.9%	Cons. · IFRS
FYE Dec 2024	989	+5.0%	Cons. · IFRS
FYE Dec 2025	945	−4.4%	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 Dec 2025 ¥576bn

CAGR · 10 yrs +4.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	377	n/a	Cons. · Japanese GAAP
FYE Dec 2017	393	moved to IFRS	Cons. · IFRS
FYE Dec 2018	423	+7.6%	Cons. · IFRS
FYE Dec 2019	447	+5.8%	Cons. · IFRS
FYE Dec 2020	435	−2.8%	Cons. · IFRS
FYE Dec 2021	469	+7.9%	Cons. · IFRS
FYE Dec 2022	569	+21.4%	Cons. · IFRS
FYE Dec 2023	590	+3.7%	Cons. · IFRS
FYE Dec 2024	599	+1.5%	Cons. · IFRS
FYE Dec 2025	576	−3.9%	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 Dec 2025 ¥370bn

CAGR · 10 yrs +1.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	334	n/a	Cons. · Japanese GAAP
FYE Dec 2017	249	moved to IFRS	Cons. · IFRS
FYE Dec 2018	265	+6.7%	Cons. · IFRS
FYE Dec 2019	267	+0.5%	Cons. · IFRS
FYE Dec 2020	293	+9.7%	Cons. · IFRS
FYE Dec 2021	314	+7.2%	Cons. · IFRS
FYE Dec 2022	329	+4.8%	Cons. · IFRS
FYE Dec 2023	352	+7.0%	Cons. · IFRS
FYE Dec 2024	390	+10.9%	Cons. · IFRS
FYE Dec 2025	370	−5.2%	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 Dec 2025 ¥261bn

CAGR · 10 yrs +0.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	256	n/a	Cons. · Japanese GAAP
FYE Dec 2017	162	moved to IFRS	Cons. · IFRS
FYE Dec 2018	170	+5.2%	Cons. · IFRS
FYE Dec 2019	177	+4.0%	Cons. · IFRS
FYE Dec 2020	178	+0.5%	Cons. · IFRS
FYE Dec 2021	191	+7.5%	Cons. · IFRS
FYE Dec 2022	209	+9.3%	Cons. · IFRS
FYE Dec 2023	224	+6.9%	Cons. · IFRS
FYE Dec 2024	251	+12.5%	Cons. · IFRS
FYE Dec 2025	261	+3.7%	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 Dec 2025 ¥105bn

CAGR · 10 yrs +3.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	78.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	86.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	91.6	+5.4%	Cons. · IFRS
FYE Dec 2019	69.5	−24.1%	Cons. · IFRS
FYE Dec 2020	95.8	+37.8%	Cons. · IFRS
FYE Dec 2021	122	+27.3%	Cons. · IFRS
FYE Dec 2022	116	−5.1%	Cons. · IFRS
FYE Dec 2023	132	+14.3%	Cons. · IFRS
FYE Dec 2024	135	+1.7%	Cons. · IFRS
FYE Dec 2025	105	−21.7%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥7.3bn

CAGR · 9 yrs +2.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	6.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	3.3	n/a	Cons. · IFRS
FYE Dec 2019	3.4	+2.3%	Cons. · IFRS
FYE Dec 2020	4.2	+22.7%	Cons. · IFRS
FYE Dec 2021	5.2	+25.5%	Cons. · IFRS
FYE Dec 2022	4.6	−11.2%	Cons. · IFRS
FYE Dec 2023	6.6	+42.7%	Cons. · IFRS
FYE Dec 2024	9.7	+47.1%	Cons. · IFRS
FYE Dec 2025	7.3	−24.5%	Cons. · IFRS

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

Non-operating expenses

FYE Dec 2025 ¥3.9bn

CAGR · 9 yrs −13.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	12.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	4.3	n/a	Cons. · IFRS
FYE Dec 2019	3.6	−16.0%	Cons. · IFRS
FYE Dec 2020	3.9	+8.3%	Cons. · IFRS
FYE Dec 2021	1.5	−61.3%	Cons. · IFRS
FYE Dec 2022	4.1	+174.9%	Cons. · IFRS
FYE Dec 2023	5.0	+20.8%	Cons. · IFRS
FYE Dec 2024	9.9	+98.7%	Cons. · IFRS
FYE Dec 2025	3.9	−60.5%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥65bn

CAGR · 10 yrs +4.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	44.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	52.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	61.4	+16.3%	Cons. · IFRS
FYE Dec 2019	46.1	−24.8%	Cons. · IFRS
FYE Dec 2020	52.3	+13.5%	Cons. · IFRS
FYE Dec 2021	72.7	+39.0%	Cons. · IFRS
FYE Dec 2022	67.6	−7.1%	Cons. · IFRS
FYE Dec 2023	86.1	+27.3%	Cons. · IFRS
FYE Dec 2024	81.8	−4.9%	Cons. · IFRS
FYE Dec 2025	65.2	−20.3%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 39.1%

Average · 10 yrs 39.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	47.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	38.7	moved to IFRS	Cons. · IFRS
FYE Dec 2018	38.5	−0.2pp	Cons. · IFRS
FYE Dec 2019	37.3	−1.2pp	Cons. · IFRS
FYE Dec 2020	40.2	+2.9pp	Cons. · IFRS
FYE Dec 2021	40.1	−0.2pp	Cons. · IFRS
FYE Dec 2022	36.6	−3.5pp	Cons. · IFRS
FYE Dec 2023	37.3	+0.7pp	Cons. · IFRS
FYE Dec 2024	39.4	+2.1pp	Cons. · IFRS
FYE Dec 2025	39.1	−0.3pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 11.1%

Average · 10 yrs 12.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	11.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	13.3	−0.2pp	Cons. · IFRS
FYE Dec 2019	9.7	−3.6pp	Cons. · IFRS
FYE Dec 2020	13.2	+3.4pp	Cons. · IFRS
FYE Dec 2021	15.6	+2.4pp	Cons. · IFRS
FYE Dec 2022	12.9	−2.7pp	Cons. · IFRS
FYE Dec 2023	14.0	+1.2pp	Cons. · IFRS
FYE Dec 2024	13.6	−0.4pp	Cons. · IFRS
FYE Dec 2025	11.1	−2.5pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 6.9%

Average · 10 yrs 7.8%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	6.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.2	moved to IFRS	Cons. · IFRS
FYE Dec 2018	8.9	+0.7pp	Cons. · IFRS
FYE Dec 2019	6.5	−2.5pp	Cons. · IFRS
FYE Dec 2020	7.2	+0.7pp	Cons. · IFRS
FYE Dec 2021	9.3	+2.1pp	Cons. · IFRS
FYE Dec 2022	7.5	−1.8pp	Cons. · IFRS
FYE Dec 2023	9.1	+1.6pp	Cons. · IFRS
FYE Dec 2024	8.3	−0.9pp	Cons. · IFRS
FYE Dec 2025	6.9	−1.4pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 60.9%

Average · 10 yrs 60.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	53.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	61.3	moved to IFRS	Cons. · IFRS
FYE Dec 2018	61.5	+0.2pp	Cons. · IFRS
FYE Dec 2019	62.7	+1.2pp	Cons. · IFRS
FYE Dec 2020	59.8	−2.9pp	Cons. · IFRS
FYE Dec 2021	59.9	+0.2pp	Cons. · IFRS
FYE Dec 2022	63.4	+3.5pp	Cons. · IFRS
FYE Dec 2023	62.7	−0.7pp	Cons. · IFRS
FYE Dec 2024	60.6	−2.1pp	Cons. · IFRS
FYE Dec 2025	60.9	+0.3pp	Cons. · IFRS

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

SG&A ratio

FYE Dec 2025 27.6%

Average · 10 yrs 26.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	36.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.2	moved to IFRS	Cons. · IFRS
FYE Dec 2018	24.7	−0.5pp	Cons. · IFRS
FYE Dec 2019	24.8	+0.1pp	Cons. · IFRS
FYE Dec 2020	24.4	−0.3pp	Cons. · IFRS
FYE Dec 2021	24.4	−0.0pp	Cons. · IFRS
FYE Dec 2022	23.3	−1.1pp	Cons. · IFRS
FYE Dec 2023	23.7	+0.5pp	Cons. · IFRS
FYE Dec 2024	25.4	+1.7pp	Cons. · IFRS
FYE Dec 2025	27.6	+2.2pp	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 Dec 2025 ¥1.22tn

CAGR · 10 yrs +6.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	712	n/a	Cons. · Japanese GAAP
FYE Dec 2017	773	moved to IFRS	Cons. · IFRS
FYE Dec 2018	795	+3.0%	Cons. · IFRS
FYE Dec 2019	864	+8.6%	Cons. · IFRS
FYE Dec 2020	893	+3.4%	Cons. · IFRS
FYE Dec 2021	988	+10.5%	Cons. · IFRS
FYE Dec 2022	1,049	+6.2%	Cons. · IFRS
FYE Dec 2023	1,134	+8.0%	Cons. · IFRS
FYE Dec 2024	1,240	+9.4%	Cons. · IFRS
FYE Dec 2025	1,223	−1.4%	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 Dec 2025 ¥698bn

CAGR · 10 yrs +6.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	388	n/a	Cons. · Japanese GAAP
FYE Dec 2017	487	moved to IFRS	Cons. · IFRS
FYE Dec 2018	379	−22.1%	Cons. · IFRS
FYE Dec 2019	403	+6.3%	Cons. · IFRS
FYE Dec 2020	423	+5.0%	Cons. · IFRS
FYE Dec 2021	480	+13.3%	Cons. · IFRS
FYE Dec 2022	529	+10.3%	Cons. · IFRS
FYE Dec 2023	603	+14.0%	Cons. · IFRS
FYE Dec 2024	672	+11.5%	Cons. · IFRS
FYE Dec 2025	698	+3.8%	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 Dec 2025 ¥11bn

CAGR · 9 yrs −6.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	18.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	40.3	n/a	Cons. · IFRS
FYE Dec 2019	37.9	−6.0%	Cons. · IFRS
FYE Dec 2020	33.2	−12.4%	Cons. · IFRS
FYE Dec 2021	38.3	+15.5%	Cons. · IFRS
FYE Dec 2022	27.0	−29.5%	Cons. · IFRS
FYE Dec 2023	28.6	+5.7%	Cons. · IFRS
FYE Dec 2024	26.9	−6.0%	Cons. · IFRS
FYE Dec 2025	11.1	−58.8%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥3.5bn

CAGR · 9 yrs −7.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	6.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	18.8	n/a	Cons. · IFRS
FYE Dec 2019	10.3	−45.5%	Cons. · IFRS
FYE Dec 2020	9.0	−12.6%	Cons. · IFRS
FYE Dec 2021	33.9	+277.5%	Cons. · IFRS
FYE Dec 2022	10.8	−68.2%	Cons. · IFRS
FYE Dec 2023	15.0	+38.8%	Cons. · IFRS
FYE Dec 2024	21.0	+40.2%	Cons. · IFRS
FYE Dec 2025	3.5	−83.4%	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 Dec 2025 ¥7.6bn

CAGR · 9 yrs −5.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	12.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	21.4	n/a	Cons. · IFRS
FYE Dec 2019	27.6	+28.8%	Cons. · IFRS
FYE Dec 2020	24.2	−12.3%	Cons. · IFRS
FYE Dec 2021	4.4	−81.7%	Cons. · IFRS
FYE Dec 2022	16.2	+266.3%	Cons. · IFRS
FYE Dec 2023	13.6	−16.3%	Cons. · IFRS
FYE Dec 2024	5.9	−56.9%	Cons. · IFRS
FYE Dec 2025	7.6	+29.2%	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 Dec 2025 ¥97bn

CAGR · 9 yrs +2.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	83.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	100	n/a	Cons. · IFRS
FYE Dec 2019	94.2	−6.0%	Cons. · IFRS
FYE Dec 2020	90.0	−4.4%	Cons. · IFRS
FYE Dec 2021	85.4	−5.1%	Cons. · IFRS
FYE Dec 2022	90.5	+6.0%	Cons. · IFRS
FYE Dec 2023	95.7	+5.7%	Cons. · IFRS
FYE Dec 2024	101	+5.6%	Cons. · IFRS
FYE Dec 2025	97.1	−4.0%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥50bn

CAGR · 9 yrs −2.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	62.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	47.9	n/a	Cons. · IFRS
FYE Dec 2019	47.6	−0.8%	Cons. · IFRS
FYE Dec 2020	45.5	−4.2%	Cons. · IFRS
FYE Dec 2021	42.4	−6.8%	Cons. · IFRS
FYE Dec 2022	45.0	+6.0%	Cons. · IFRS
FYE Dec 2023	45.3	+0.8%	Cons. · IFRS
FYE Dec 2024	50.1	+10.6%	Cons. · IFRS
FYE Dec 2025	50.5	+0.8%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Dec 2025 57.1%

Average · 10 yrs 52.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	54.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	63.0	moved to IFRS	Cons. · IFRS
FYE Dec 2018	47.7	−15.4pp	Cons. · IFRS
FYE Dec 2019	46.7	−1.0pp	Cons. · IFRS
FYE Dec 2020	47.4	+0.7pp	Cons. · IFRS
FYE Dec 2021	48.6	+1.2pp	Cons. · IFRS
FYE Dec 2022	50.4	+1.8pp	Cons. · IFRS
FYE Dec 2023	53.2	+2.8pp	Cons. · IFRS
FYE Dec 2024	54.2	+1.0pp	Cons. · IFRS
FYE Dec 2025	57.1	+2.8pp	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 Dec 2025 1.6%

Average · 9 yrs 6.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	4.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	10.6	n/a	Cons. · IFRS
FYE Dec 2019	9.4	−1.2pp	Cons. · IFRS
FYE Dec 2020	7.8	−1.6pp	Cons. · IFRS
FYE Dec 2021	8.0	+0.1pp	Cons. · IFRS
FYE Dec 2022	5.1	−2.9pp	Cons. · IFRS
FYE Dec 2023	4.7	−0.4pp	Cons. · IFRS
FYE Dec 2024	4.0	−0.7pp	Cons. · IFRS
FYE Dec 2025	1.6	−2.4pp	Cons. · IFRS

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

ROE return on equity

FYE Dec 2025 9.3%

Average · 10 yrs 12.6%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	11.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	16.2	+5.3pp	Cons. · IFRS
FYE Dec 2019	11.4	−4.7pp	Cons. · IFRS
FYE Dec 2020	12.4	+0.9pp	Cons. · IFRS
FYE Dec 2021	15.2	+2.8pp	Cons. · IFRS
FYE Dec 2022	12.8	−2.4pp	Cons. · IFRS
FYE Dec 2023	14.3	+1.5pp	Cons. · IFRS
FYE Dec 2024	12.2	−2.1pp	Cons. · IFRS
FYE Dec 2025	9.3	−2.8pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 5.3%

Average · 10 yrs 6.5%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	6.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	7.7	+0.9pp	Cons. · IFRS
FYE Dec 2019	5.3	−2.4pp	Cons. · IFRS
FYE Dec 2020	5.9	+0.5pp	Cons. · IFRS
FYE Dec 2021	7.4	+1.5pp	Cons. · IFRS
FYE Dec 2022	6.4	−0.9pp	Cons. · IFRS
FYE Dec 2023	7.6	+1.1pp	Cons. · IFRS
FYE Dec 2024	6.6	−1.0pp	Cons. · IFRS
FYE Dec 2025	5.3	−1.3pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.77×

CAGR · 10 yrs −2.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.00	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.83	moved to IFRS	Cons. · IFRS
FYE Dec 2018	0.87	+4.2%	Cons. · IFRS
FYE Dec 2019	0.83	−4.5%	Cons. · IFRS
FYE Dec 2020	0.81	−1.5%	Cons. · IFRS
FYE Dec 2021	0.79	−2.7%	Cons. · IFRS
FYE Dec 2022	0.86	+8.0%	Cons. · IFRS
FYE Dec 2023	0.83	−2.9%	Cons. · IFRS
FYE Dec 2024	0.80	−4.0%	Cons. · IFRS
FYE Dec 2025	0.77	−3.1%	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 Dec 2025 ¥131bn

CAGR · 10 yrs +2.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	104	n/a	Cons. · Japanese GAAP
FYE Dec 2017	98.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	111	+13.0%	Cons. · IFRS
FYE Dec 2019	84.9	−23.4%	Cons. · IFRS
FYE Dec 2020	150	+76.9%	Cons. · IFRS
FYE Dec 2021	105	−29.9%	Cons. · IFRS
FYE Dec 2022	92.2	−12.4%	Cons. · IFRS
FYE Dec 2023	162	+76.1%	Cons. · IFRS
FYE Dec 2024	137	−15.6%	Cons. · IFRS
FYE Dec 2025	131	−4.1%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥59bn

Average · 10 yrs -¥59bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-42.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-38.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-113	n/a	Cons. · IFRS
FYE Dec 2019	-69.2	n/a	Cons. · IFRS
FYE Dec 2020	-41.7	n/a	Cons. · IFRS
FYE Dec 2021	-79.8	n/a	Cons. · IFRS
FYE Dec 2022	-7.1	n/a	Cons. · IFRS
FYE Dec 2023	-67.5	n/a	Cons. · IFRS
FYE Dec 2024	-73.8	n/a	Cons. · IFRS
FYE Dec 2025	-58.7	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 Dec 2025 -¥84bn

Average · 10 yrs -¥46bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-21.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-30.6	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-27.7	n/a	Cons. · IFRS
FYE Dec 2019	-23.1	n/a	Cons. · IFRS
FYE Dec 2020	-35.2	n/a	Cons. · IFRS
FYE Dec 2021	-45.2	n/a	Cons. · IFRS
FYE Dec 2022	-61.7	n/a	Cons. · IFRS
FYE Dec 2023	-67.0	n/a	Cons. · IFRS
FYE Dec 2024	-66.8	n/a	Cons. · IFRS
FYE Dec 2025	-83.9	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 Dec 2025 ¥253bn

CAGR · 10 yrs +7.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	138	n/a	Cons. · Japanese GAAP
FYE Dec 2017	170	moved to IFRS	Cons. · IFRS
FYE Dec 2018	135	−20.5%	Cons. · IFRS
FYE Dec 2019	129	−4.6%	Cons. · IFRS
FYE Dec 2020	200	+54.9%	Cons. · IFRS
FYE Dec 2021	188	−6.0%	Cons. · IFRS
FYE Dec 2022	217	+15.8%	Cons. · IFRS
FYE Dec 2023	254	+16.9%	Cons. · IFRS
FYE Dec 2024	261	+2.9%	Cons. · IFRS
FYE Dec 2025	253	−3.0%	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 Dec 2025 ¥73bn

CAGR · 10 yrs +2.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	61.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	59.3	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-2.5	−104.3%	Cons. · IFRS
FYE Dec 2019	15.7	n/a	Cons. · IFRS
FYE Dec 2020	109	+591.4%	Cons. · IFRS
FYE Dec 2021	25.4	−76.6%	Cons. · IFRS
FYE Dec 2022	85.1	+234.7%	Cons. · IFRS
FYE Dec 2023	94.9	+11.5%	Cons. · IFRS
FYE Dec 2024	63.3	−33.3%	Cons. · IFRS
FYE Dec 2025	72.8	+15.0%	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 Dec 2025 13.9%

Average · 10 yrs 14.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	14.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	15.3	moved to IFRS	Cons. · IFRS
FYE Dec 2018	16.1	+0.8pp	Cons. · IFRS
FYE Dec 2019	11.9	−4.2pp	Cons. · IFRS
FYE Dec 2020	20.7	+8.8pp	Cons. · IFRS
FYE Dec 2021	13.4	−7.2pp	Cons. · IFRS
FYE Dec 2022	10.3	−3.2pp	Cons. · IFRS
FYE Dec 2023	17.2	+7.0pp	Cons. · IFRS
FYE Dec 2024	13.9	−3.4pp	Cons. · IFRS
FYE Dec 2025	13.9	−0.0pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 ¥242bn

CAGR · 9 yrs +9.3%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	119	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	94.8	n/a	Cons. · IFRS
FYE Dec 2019	90.9	−4.1%	Cons. · IFRS
FYE Dec 2020	166	+83.0%	Cons. · IFRS
FYE Dec 2021	149	−10.3%	Cons. · IFRS
FYE Dec 2022	190	+27.4%	Cons. · IFRS
FYE Dec 2023	225	+18.4%	Cons. · IFRS
FYE Dec 2024	234	+4.0%	Cons. · IFRS
FYE Dec 2025	242	+3.3%	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 Dec 2025 ¥1.67tn

Change · 10 yrs +¥82bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,585	n/a
FYE Dec 2017	1,818	n/a
FYE Dec 2018	2,209	n/a
FYE Dec 2019	2,296	n/a
FYE Dec 2020	3,035	n/a
FYE Dec 2021	3,100	n/a
FYE Dec 2022	3,146	n/a
FYE Dec 2023	3,169	n/a
FYE Dec 2024	2,429	n/a
FYE Dec 2025	1,667	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 Dec 2025 895¥

Change · 10 yrs −1,658¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	2,554	n/a
FYE Dec 2017	2,929	n/a
FYE Dec 2018	3,558	n/a
FYE Dec 2019	3,698	n/a
FYE Dec 2020	4,888	n/a
FYE Dec 2021	4,993	n/a
FYE Dec 2022	5,067	n/a
FYE Dec 2023	5,104	n/a
FYE Dec 2024	3,912	n/a
FYE Dec 2025	895	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 Dec 2025 1,862,502,957shares

Change · 10 yrs +1,241,668,638 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	620,834,319	Parent
FYE Dec 2017	620,834,319	Parent
FYE Dec 2018	620,834,319	Parent
FYE Dec 2019	620,834,319	Parent
FYE Dec 2020	620,834,319	Parent
FYE Dec 2021	620,834,319	Parent
FYE Dec 2022	620,834,319	Parent
FYE Dec 2023	620,834,319	Parent
FYE Dec 2024	620,834,319	Parent
FYE Dec 2025	1,862,502,957	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 Dec 2025 37.30¥

Change · 10 yrs −41.76¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	79.06	Cons.
FYE Dec 2017	89.85	Cons.
FYE Dec 2018	103.73	Cons.
FYE Dec 2019	77.53	Cons.
FYE Dec 2020	29.20	Cons.
FYE Dec 2021	40.59	Cons.
FYE Dec 2022	37.87	Cons.
FYE Dec 2023	48.47	Cons.
FYE Dec 2024	46.41	Cons.
FYE Dec 2025	37.30	Cons.

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

BPS book value per share

FYE Dec 2025 374.85¥

Change · 10 yrs −249.55¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	624.40	Cons. · Japanese GAAP
FYE Dec 2017	784.45	Cons. · IFRS
FYE Dec 2018	610.86	Cons. · IFRS
FYE Dec 2019	649.52	Cons. · IFRS
FYE Dec 2020	681.91	Cons. · IFRS
FYE Dec 2021	772.90	Cons. · IFRS
FYE Dec 2022	852.33	Cons. · IFRS
FYE Dec 2023	971.58	Cons. · IFRS
FYE Dec 2024	1,083.08	Cons. · IFRS
FYE Dec 2025	374.85	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 24.00×

Average · 10 yrs 37.55×

Fiscal year	PER ×	Basis
FYE Dec 2016	32.30	Cons.
FYE Dec 2017	32.60	Cons.
FYE Dec 2018	34.30	Cons.
FYE Dec 2019	47.70	Cons.
FYE Dec 2020	55.80	Cons.
FYE Dec 2021	41.00	Cons.
FYE Dec 2022	44.60	Cons.
FYE Dec 2023	35.10	Cons.
FYE Dec 2024	28.10	Cons.
FYE Dec 2025	24.00	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 Dec 2025 1.96×

Average · 10 yrs 4.38×

Fiscal year	PBR ×	Basis
FYE Dec 2016	4.35	Cons.
FYE Dec 2017	4.49	Cons.
FYE Dec 2018	4.83	Cons.
FYE Dec 2019	4.67	Cons.
FYE Dec 2020	5.95	Cons.
FYE Dec 2021	5.34	Cons.
FYE Dec 2022	4.86	Cons.
FYE Dec 2023	4.33	Cons.
FYE Dec 2024	2.97	Cons.
FYE Dec 2025	1.96	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 Dec 2025 16,542people

Change · 10 yrs +699 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	15,843	n/a	Cons.
FYE Dec 2017	15,757	−0.5%	Cons.
FYE Dec 2018	16,207	+2.9%	Cons.
FYE Dec 2019	16,304	+0.6%	Cons.
FYE Dec 2020	16,665	+2.2%	Cons.
FYE Dec 2021	16,308	−2.1%	Cons.
FYE Dec 2022	16,206	−0.6%	Cons.
FYE Dec 2023	16,223	+0.1%	Cons.
FYE Dec 2024	16,464	+1.5%	Cons.
FYE Dec 2025	16,542	+0.5%	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 Dec 2025 1,429people

Change · 10 yrs +100 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	1,329	n/a	Parent
FYE Dec 2017	1,398	+5.2%	Parent
FYE Dec 2018	1,443	+3.2%	Parent
FYE Dec 2019	1,443	−0.0%	Parent
FYE Dec 2020	1,466	+1.6%	Parent
FYE Dec 2021	1,465	−0.1%	Parent
FYE Dec 2022	1,433	−2.2%	Parent
FYE Dec 2023	1,457	+1.7%	Parent
FYE Dec 2024	1,404	−3.6%	Parent
FYE Dec 2025	1,429	+1.8%	Parent

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

Average annual pay parent company

FYE Dec 2025 ¥8.8m

Change · 7 yrs +¥0.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	8.4	n/a	Parent
FYE Dec 2020	8.4	−0.3%	Parent
FYE Dec 2021	8.4	+0.4%	Parent
FYE Dec 2022	8.4	−0.0%	Parent
FYE Dec 2023	8.4	−0.0%	Parent
FYE Dec 2024	8.6	+2.3%	Parent
FYE Dec 2025	8.8	+1.5%	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 Dec 2025 40.7years

Change · 7 yrs −0.7 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	41.4	n/a	Parent
FYE Dec 2020	41.4	−0.0%	Parent
FYE Dec 2021	41.4	−0.0%	Parent
FYE Dec 2022	41.5	+0.2%	Parent
FYE Dec 2023	41.3	−0.5%	Parent
FYE Dec 2024	40.9	−1.0%	Parent
FYE Dec 2025	40.7	−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 Dec 2025 14.7years

Change · 7 yrs −1.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	16.1	n/a	Parent
FYE Dec 2020	16.1	−0.0%	Parent
FYE Dec 2021	16.1	−0.0%	Parent
FYE Dec 2022	16.2	+0.6%	Parent
FYE Dec 2023	15.9	−1.9%	Parent
FYE Dec 2024	14.9	−6.3%	Parent
FYE Dec 2025	14.7	−1.3%	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 Dec 2025 1,541people

Change · 10 yrs −255 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	1,796	n/a	n/a
FYE Dec 2017	1,802	+0.3%	n/a
FYE Dec 2018	1,794	−0.4%	n/a
FYE Dec 2019	1,781	−0.7%	n/a
FYE Dec 2020	1,776	−0.3%	n/a
FYE Dec 2021	1,786	+0.6%	n/a
FYE Dec 2022	1,775	−0.6%	n/a
FYE Dec 2023	1,724	−2.9%	n/a
FYE Dec 2024	1,617	−6.2%	n/a
FYE Dec 2025	1,541	−4.7%	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 Dec 2025 ¥57.1m

Change · 10 yrs +¥12.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	44.9	n/a	Cons.
FYE Dec 2017	40.7	n/a	Cons.
FYE Dec 2018	42.5	+4.3%	Cons.
FYE Dec 2019	43.8	+3.2%	Cons.
FYE Dec 2020	43.7	−0.4%	Cons.
FYE Dec 2021	48.0	+9.9%	Cons.
FYE Dec 2022	55.4	+15.5%	Cons.
FYE Dec 2023	58.1	+4.8%	Cons.
FYE Dec 2024	60.1	+3.5%	Cons.
FYE Dec 2025	57.1	−4.9%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥6.4m

Change · 10 yrs +¥1.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	4.9	n/a	Cons.
FYE Dec 2017	5.5	n/a	Cons.
FYE Dec 2018	5.6	+2.5%	Cons.
FYE Dec 2019	4.3	−24.5%	Cons.
FYE Dec 2020	5.8	+34.9%	Cons.
FYE Dec 2021	7.5	+30.0%	Cons.
FYE Dec 2022	7.1	−4.5%	Cons.
FYE Dec 2023	8.2	+14.2%	Cons.
FYE Dec 2024	8.2	+0.2%	Cons.
FYE Dec 2025	6.4	−22.0%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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