Financials

Kaga Electronics: FYE Mar 2026 and ten years of results (49 metrics)

FYE Mar 2026 · Revenue¥659bnYoY +20.3%

FYE Mar 2026 · Operating profit¥28bnYoY +17.9%

FYE Mar 2026 · Net profit¥31bnYoY +82.0%

FYE Mar 2026 · Equity ratio45.5%YoY −8.9pp

FYE Mar 2026 · Group employees9,374YoY +814

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥227bn	n/a	¥6.9bn	n/a	3.0%	¥7.0bn	Kado Ryoichi	—
FYE Mar 2018Consolidated	¥236bn	+3.8%	¥8.1bn	+18.0%	3.4%	¥6.5bn	Kado Ryoichi	TAXAN MEXICO — the North American EMS foothold
FYE Mar 2019Consolidated	¥293bn	+24.1%	¥7.6bn	−6.8%	2.6%	¥8.0bn	Kado Ryoichi	—
FYE Mar 2020Consolidated	¥444bn	+51.5%	¥10bn	+32.3%	2.3%	¥5.9bn	Kado Ryoichi	Fujitsu Electronics acquired for about <span class="en-history_money" data-yen="20500000000" data-year="2018">$185.7M (¥21bn)</span>; debt up 3.8×
FYE Mar 2021Consolidated	¥422bn	−4.8%	¥11bn	+14.5%	2.7%	¥11bn	Kado Ryoichi	Excel and Kyokuto Denki added to the group
FYE Mar 2022Consolidated	¥496bn	+17.4%	¥21bn	+82.4%	4.2%	¥15bn	Kado Ryoichi	—
FYE Mar 2023Consolidated	¥608bn	+22.6%	¥32bn	+54.2%	5.3%	¥23bn	Kado Ryoichi	—
FYE Mar 2024Consolidated	¥543bn	−10.8%	¥26bn	−19.9%	4.8%	¥20bn	Kado Ryoichi	Record sales of ¥608.1 billion (year to March 2023)
FYE Mar 2025Consolidated	¥548bn	+0.9%	¥24bn	−8.7%	4.3%	¥17bn	Kado Ryoichi	—
FYE Mar 2026Consolidated	¥659bn	+20.3%	¥28bn	+17.9%	4.2%	¥31bn	Kado Ryoichi	Mid-term Plan 2027: ¥100 billion more into contract manufacturing

How it compares

Macnica Holdings¥1.21tnFY2025Operating margin 3.5%

Kaga Electronics¥659bnFY2025Operating margin 4.2%

Resuta¥561bnFY2024Operating margin 2.5%

INABA DENKI SANGYO CO., LTD.¥417bnFY2025Operating margin 7.1%

Ryosanryouyouhorudingusu¥360bnFY2024Operating margin 2.4%

Shikusu¥289bnFY2025Operating margin 3.1%

Tachibanaeretekku¥220bnFY2024Operating margin 3.7%

RYODEN¥216bnFY2024Operating margin 2.5%

Tokyo Electron Device¥204bnFY2025Operating margin 5.0%

Hakutou¥183bnFY2024Operating margin 4.3%

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 ¥659bn

CAGR · 10 yrs +12.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	227	n/a	Cons. · Japanese GAAP
FYE Mar 2018	236	+3.8%	Cons. · Japanese GAAP
FYE Mar 2019	293	+24.1%	Cons. · Japanese GAAP
FYE Mar 2020	444	+51.5%	Cons. · Japanese GAAP
FYE Mar 2021	422	−4.8%	Cons. · Japanese GAAP
FYE Mar 2022	496	+17.4%	Cons. · Japanese GAAP
FYE Mar 2023	608	+22.6%	Cons. · Japanese GAAP
FYE Mar 2024	543	−10.8%	Cons. · Japanese GAAP
FYE Mar 2025	548	+0.9%	Cons. · Japanese GAAP
FYE Mar 2026	659	+20.3%	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 ¥574bn

CAGR · 10 yrs +12.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	196	n/a	Cons. · Japanese GAAP
FYE Mar 2018	203	+3.8%	Cons. · Japanese GAAP
FYE Mar 2019	257	+26.5%	Cons. · Japanese GAAP
FYE Mar 2020	397	+54.2%	Cons. · Japanese GAAP
FYE Mar 2021	374	−5.6%	Cons. · Japanese GAAP
FYE Mar 2022	435	+16.3%	Cons. · Japanese GAAP
FYE Mar 2023	530	+21.7%	Cons. · Japanese GAAP
FYE Mar 2024	472	−10.8%	Cons. · Japanese GAAP
FYE Mar 2025	476	+0.8%	Cons. · Japanese GAAP
FYE Mar 2026	574	+20.5%	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 ¥85bn

CAGR · 10 yrs +11.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	31.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.5	+4.1%	Cons. · Japanese GAAP
FYE Mar 2019	35.5	+9.4%	Cons. · Japanese GAAP
FYE Mar 2020	47.0	+32.3%	Cons. · Japanese GAAP
FYE Mar 2021	47.9	+2.0%	Cons. · Japanese GAAP
FYE Mar 2022	60.5	+26.3%	Cons. · Japanese GAAP
FYE Mar 2023	78.5	+29.7%	Cons. · Japanese GAAP
FYE Mar 2024	70.5	−10.3%	Cons. · Japanese GAAP
FYE Mar 2025	71.7	+1.7%	Cons. · Japanese GAAP
FYE Mar 2026	85.4	+19.1%	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 ¥58bn

CAGR · 10 yrs +10.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	24.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.4	+0.1%	Cons. · Japanese GAAP
FYE Mar 2019	28.0	+14.8%	Cons. · Japanese GAAP
FYE Mar 2020	37.0	+32.3%	Cons. · Japanese GAAP
FYE Mar 2021	36.5	−1.4%	Cons. · Japanese GAAP
FYE Mar 2022	39.6	+8.7%	Cons. · Japanese GAAP
FYE Mar 2023	46.3	+16.7%	Cons. · Japanese GAAP
FYE Mar 2024	44.6	−3.6%	Cons. · Japanese GAAP
FYE Mar 2025	48.1	+7.7%	Cons. · Japanese GAAP
FYE Mar 2026	57.5	+19.7%	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 ¥28bn

CAGR · 10 yrs +16.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	+18.0%	Cons. · Japanese GAAP
FYE Mar 2019	7.6	−6.8%	Cons. · Japanese GAAP
FYE Mar 2020	10.0	+32.3%	Cons. · Japanese GAAP
FYE Mar 2021	11.5	+14.5%	Cons. · Japanese GAAP
FYE Mar 2022	20.9	+82.4%	Cons. · Japanese GAAP
FYE Mar 2023	32.2	+54.2%	Cons. · Japanese GAAP
FYE Mar 2024	25.8	−19.9%	Cons. · Japanese GAAP
FYE Mar 2025	23.6	−8.7%	Cons. · Japanese GAAP
FYE Mar 2026	27.8	+17.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥3.4bn

CAGR · 10 yrs +18.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	+20.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.0	+13.3%	Cons. · Japanese GAAP
FYE Mar 2020	1.5	+46.3%	Cons. · Japanese GAAP
FYE Mar 2021	1.2	−22.0%	Cons. · Japanese GAAP
FYE Mar 2022	1.4	+24.6%	Cons. · Japanese GAAP
FYE Mar 2023	1.5	+1.2%	Cons. · Japanese GAAP
FYE Mar 2024	2.4	+64.9%	Cons. · Japanese GAAP
FYE Mar 2025	2.6	+6.6%	Cons. · Japanese GAAP
FYE Mar 2026	3.4	+31.7%	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 ¥1.3bn

CAGR · 10 yrs +18.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	−1.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	+164.0%	Cons. · Japanese GAAP
FYE Mar 2020	1.4	+87.6%	Cons. · Japanese GAAP
FYE Mar 2021	1.4	+1.6%	Cons. · Japanese GAAP
FYE Mar 2022	0.9	−34.8%	Cons. · Japanese GAAP
FYE Mar 2023	1.0	+7.6%	Cons. · Japanese GAAP
FYE Mar 2024	2.3	+134.6%	Cons. · Japanese GAAP
FYE Mar 2025	3.6	+57.0%	Cons. · Japanese GAAP
FYE Mar 2026	1.3	−64.3%	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 ¥30bn

CAGR · 10 yrs +16.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	7.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.7	+19.0%	Cons. · Japanese GAAP
FYE Mar 2019	7.9	−10.1%	Cons. · Japanese GAAP
FYE Mar 2020	10.1	+29.0%	Cons. · Japanese GAAP
FYE Mar 2021	11.2	+10.9%	Cons. · Japanese GAAP
FYE Mar 2022	21.5	+90.9%	Cons. · Japanese GAAP
FYE Mar 2023	32.7	+52.6%	Cons. · Japanese GAAP
FYE Mar 2024	26.0	−20.7%	Cons. · Japanese GAAP
FYE Mar 2025	22.6	−13.0%	Cons. · Japanese GAAP
FYE Mar 2026	29.9	+32.5%	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 ¥11bn

CAGR · 10 yrs +37.4%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.1	+76.4%	Cons. · Japanese GAAP
FYE Mar 2019	2.4	+118.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.7	−70.5%	Cons. · Japanese GAAP
FYE Mar 2021	8.1	+1045.6%	Cons. · Japanese GAAP
FYE Mar 2022	0.6	−92.7%	Cons. · Japanese GAAP
FYE Mar 2023	0.8	+29.9%	Cons. · Japanese GAAP
FYE Mar 2024	2.4	+211.1%	Cons. · Japanese GAAP
FYE Mar 2025	1.4	−40.2%	Cons. · Japanese GAAP
FYE Mar 2026	10.9	+658.7%	Cons. · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥31bn

CAGR · 10 yrs +18.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.5	−7.0%	Cons. · Japanese GAAP
FYE Mar 2019	8.0	+23.5%	Cons. · Japanese GAAP
FYE Mar 2020	5.9	−27.0%	Cons. · Japanese GAAP
FYE Mar 2021	11.4	+94.8%	Cons. · Japanese GAAP
FYE Mar 2022	15.4	+35.1%	Cons. · Japanese GAAP
FYE Mar 2023	23.1	+49.8%	Cons. · Japanese GAAP
FYE Mar 2024	20.3	−11.8%	Cons. · Japanese GAAP
FYE Mar 2025	17.1	−16.0%	Cons. · Japanese GAAP
FYE Mar 2026	31.1	+82.0%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 13.0%

Average · 10 yrs 12.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	12.1	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2020	10.6	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	11.3	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	12.2	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	12.9	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	13.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	13.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	13.0	−0.1pp	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 4.2%

Average · 10 yrs 3.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	2.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	2.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	2.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	4.2	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	5.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	4.8	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	4.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	4.2	−0.1pp	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 4.5%

Average · 10 yrs 3.8%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	2.7	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	2.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	2.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	4.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	5.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	4.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	4.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	4.5	+0.4pp	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 4.7%

Average · 10 yrs 3.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	2.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	1.3	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	2.7	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2022	3.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	3.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	3.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	3.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	4.7	+1.6pp	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 87.0%

Average · 10 yrs 87.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	86.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	86.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	87.9	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2020	89.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	88.7	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	87.8	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	87.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	87.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	86.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	87.0	+0.1pp	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 8.7%

Average · 10 yrs 8.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	9.6	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	8.3	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	8.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	8.0	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	7.6	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	8.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	8.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	8.7	−0.0pp	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 ¥404bn

CAGR · 10 yrs +13.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	126	n/a	Cons. · Japanese GAAP
FYE Mar 2018	129	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	214	+66.0%	Cons. · Japanese GAAP
FYE Mar 2020	208	−2.9%	Cons. · Japanese GAAP
FYE Mar 2021	237	+14.1%	Cons. · Japanese GAAP
FYE Mar 2022	272	+14.8%	Cons. · Japanese GAAP
FYE Mar 2023	286	+5.2%	Cons. · Japanese GAAP
FYE Mar 2024	287	+0.2%	Cons. · Japanese GAAP
FYE Mar 2025	306	+6.6%	Cons. · Japanese GAAP
FYE Mar 2026	404	+32.1%	Cons. · Japanese GAAP

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

Equity net assets, shareholders' equity

FYE Mar 2026 ¥184bn

CAGR · 10 yrs +12.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	65.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.6	+7.1%	Cons. · Japanese GAAP
FYE Mar 2019	76.6	+8.6%	Cons. · Japanese GAAP
FYE Mar 2020	78.3	+2.2%	Cons. · Japanese GAAP
FYE Mar 2021	91.0	+16.2%	Cons. · Japanese GAAP
FYE Mar 2022	106	+16.2%	Cons. · Japanese GAAP
FYE Mar 2023	130	+22.6%	Cons. · Japanese GAAP
FYE Mar 2024	151	+16.4%	Cons. · Japanese GAAP
FYE Mar 2025	166	+10.2%	Cons. · Japanese GAAP
FYE Mar 2026	184	+10.4%	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 ¥75bn

CAGR · 10 yrs +25.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	9.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.5	−9.9%	Cons. · Japanese GAAP
FYE Mar 2019	32.5	+280.7%	Cons. · Japanese GAAP
FYE Mar 2020	27.4	−15.9%	Cons. · Japanese GAAP
FYE Mar 2021	36.0	+31.4%	Cons. · Japanese GAAP
FYE Mar 2022	49.0	+36.2%	Cons. · Japanese GAAP
FYE Mar 2023	30.2	−38.4%	Cons. · Japanese GAAP
FYE Mar 2024	21.1	−30.1%	Cons. · Japanese GAAP
FYE Mar 2025	20.4	−3.4%	Cons. · Japanese GAAP
FYE Mar 2026	75.0	+267.7%	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 ¥68bn

CAGR · 10 yrs +34.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.4	+10.3%	Cons. · Japanese GAAP
FYE Mar 2019	30.7	+469.3%	Cons. · Japanese GAAP
FYE Mar 2020	6.5	−78.7%	Cons. · Japanese GAAP
FYE Mar 2021	10.8	+65.1%	Cons. · Japanese GAAP
FYE Mar 2022	23.9	+120.9%	Cons. · Japanese GAAP
FYE Mar 2023	19.6	−17.9%	Cons. · Japanese GAAP
FYE Mar 2024	10.6	−45.9%	Cons. · Japanese GAAP
FYE Mar 2025	14.9	+40.4%	Cons. · Japanese GAAP
FYE Mar 2026	68.4	+359.4%	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 ¥6.6bn

CAGR · 10 yrs +4.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	−31.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.9	−40.5%	Cons. · Japanese GAAP
FYE Mar 2020	20.8	+1007.0%	Cons. · Japanese GAAP
FYE Mar 2021	25.2	+20.8%	Cons. · Japanese GAAP
FYE Mar 2022	25.1	−0.1%	Cons. · Japanese GAAP
FYE Mar 2023	10.6	−57.8%	Cons. · Japanese GAAP
FYE Mar 2024	10.5	−0.9%	Cons. · Japanese GAAP
FYE Mar 2025	5.5	−47.6%	Cons. · Japanese GAAP
FYE Mar 2026	6.6	+19.5%	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 ¥1.9bn

CAGR · 10 yrs +9.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	+4.4%	Cons. · Japanese GAAP
FYE Mar 2019	2.2	+151.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.3	+2.3%	Cons. · Japanese GAAP
FYE Mar 2021	2.6	+15.6%	Cons. · Japanese GAAP
FYE Mar 2022	3.2	+21.2%	Cons. · Japanese GAAP
FYE Mar 2023	2.7	−14.6%	Cons. · Japanese GAAP
FYE Mar 2024	2.1	−22.6%	Cons. · Japanese GAAP
FYE Mar 2025	1.7	−16.9%	Cons. · Japanese GAAP
FYE Mar 2026	1.9	+10.0%	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 n/a

CAGR · 8 yrs −37.0%

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Mar 2017	406	n/a	Cons. · Japanese GAAP
FYE Mar 2018	317	−21.9%	Cons. · Japanese GAAP
FYE Mar 2019	259	−18.3%	Cons. · Japanese GAAP
FYE Mar 2020	322	+24.3%	Cons. · Japanese GAAP
FYE Mar 2021	209	−35.1%	Cons. · Japanese GAAP
FYE Mar 2022	98.0	−53.1%	Cons. · Japanese GAAP
FYE Mar 2023	48.0	−51.0%	Cons. · Japanese GAAP
FYE Mar 2024	16.0	−66.7%	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	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 45.5%

Average · 10 yrs 45.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	52.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.8	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	35.8	−19.0pp	Cons. · Japanese GAAP
FYE Mar 2020	37.7	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2021	38.4	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	38.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	45.3	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2024	52.6	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2025	54.4	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	45.5	−8.9pp	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 40.9%

Average · 10 yrs 28.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	14.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.1	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2019	42.5	+30.4pp	Cons. · Japanese GAAP
FYE Mar 2020	35.0	−7.5pp	Cons. · Japanese GAAP
FYE Mar 2021	39.5	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2022	46.4	+6.8pp	Cons. · Japanese GAAP
FYE Mar 2023	23.3	−23.1pp	Cons. · Japanese GAAP
FYE Mar 2024	14.0	−9.3pp	Cons. · Japanese GAAP
FYE Mar 2025	12.3	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	40.9	+28.6pp	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 16.9%

Average · 10 yrs 12.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	10.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.2	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	10.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	7.5	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2021	12.5	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2022	14.6	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2023	17.8	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2024	13.5	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2025	10.3	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2026	16.9	+6.7pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 7.7%

Average · 10 yrs 5.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.7	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	2.8	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	4.8	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2022	5.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	8.1	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	7.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	5.6	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	7.7	+2.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.63×

CAGR · 10 yrs −1.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.81	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.83	+1.4%	Cons. · Japanese GAAP
FYE Mar 2019	1.37	−25.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.14	+56.0%	Cons. · Japanese GAAP
FYE Mar 2021	1.78	−16.6%	Cons. · Japanese GAAP
FYE Mar 2022	1.82	+2.2%	Cons. · Japanese GAAP
FYE Mar 2023	2.12	+16.6%	Cons. · Japanese GAAP
FYE Mar 2024	1.89	−10.9%	Cons. · Japanese GAAP
FYE Mar 2025	1.79	−5.3%	Cons. · Japanese GAAP
FYE Mar 2026	1.63	−8.9%	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 -¥2.5bn

Average · 10 yrs ¥13bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.1	−6.2%	Cons. · Japanese GAAP
FYE Mar 2019	-1.5	−115.4%	Cons. · Japanese GAAP
FYE Mar 2020	22.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	10.0	−55.4%	Cons. · Japanese GAAP
FYE Mar 2022	-1.6	−115.5%	Cons. · Japanese GAAP
FYE Mar 2023	30.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	29.4	−3.9%	Cons. · Japanese GAAP
FYE Mar 2025	25.0	−14.8%	Cons. · Japanese GAAP
FYE Mar 2026	-2.5	−109.9%	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 -¥3.5bn

Average · 10 yrs -¥4.5bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-3.5	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 ¥20bn

Average · 10 yrs -¥3.0bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	11.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-7.5	−164.6%	Cons. · Japanese GAAP
FYE Mar 2021	-6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-15.5	−1446.2%	Cons. · Japanese GAAP
FYE Mar 2024	-17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-7.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	20.3	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 ¥88bn

CAGR · 10 yrs +14.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	26.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.9	+11.0%	Cons. · Japanese GAAP
FYE Mar 2019	32.2	+11.6%	Cons. · Japanese GAAP
FYE Mar 2020	42.7	+32.5%	Cons. · Japanese GAAP
FYE Mar 2021	44.3	+3.8%	Cons. · Japanese GAAP
FYE Mar 2022	39.2	−11.5%	Cons. · Japanese GAAP
FYE Mar 2023	50.3	+28.2%	Cons. · Japanese GAAP
FYE Mar 2024	62.4	+24.1%	Cons. · Japanese GAAP
FYE Mar 2025	72.7	+16.4%	Cons. · Japanese GAAP
FYE Mar 2026	88.3	+21.5%	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 -¥5.9bn

Average · 10 yrs ¥8.7bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	10.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.9	−43.7%	Cons. · Japanese GAAP
FYE Mar 2019	-8.4	−242.4%	Cons. · Japanese GAAP
FYE Mar 2020	18.8	n/a	Cons. · Japanese GAAP
FYE Mar 2021	7.5	−59.8%	Cons. · Japanese GAAP
FYE Mar 2022	-8.3	−210.3%	Cons. · Japanese GAAP
FYE Mar 2023	25.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	26.4	+2.5%	Cons. · Japanese GAAP
FYE Mar 2025	15.1	−42.9%	Cons. · Japanese GAAP
FYE Mar 2026	-5.9	−139.4%	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 -0.4%

Average · 10 yrs 3.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	-0.5	−4.8pp	Cons. · Japanese GAAP
FYE Mar 2020	5.1	+5.6pp	Cons. · Japanese GAAP
FYE Mar 2021	2.4	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2022	-0.3	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2023	5.0	+5.3pp	Cons. · Japanese GAAP
FYE Mar 2024	5.4	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	4.6	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	-0.4	−4.9pp	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 ¥13bn

CAGR · 10 yrs −2.4%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	16.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.3	+23.0%	Cons. · Japanese GAAP
FYE Mar 2019	-0.3	−101.5%	Cons. · Japanese GAAP
FYE Mar 2020	15.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	8.4	−45.4%	Cons. · Japanese GAAP
FYE Mar 2022	-9.8	−216.6%	Cons. · Japanese GAAP
FYE Mar 2023	20.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	41.3	+105.3%	Cons. · Japanese GAAP
FYE Mar 2025	52.3	+26.6%	Cons. · Japanese GAAP
FYE Mar 2026	13.3	−74.5%	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 ¥194bn

Change · 10 yrs +¥137bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	56.7	n/a
FYE Mar 2018	79.2	n/a
FYE Mar 2019	58.3	n/a
FYE Mar 2020	48.8	n/a
FYE Mar 2021	71.1	n/a
FYE Mar 2022	93.5	n/a
FYE Mar 2023	144	n/a
FYE Mar 2024	183	n/a
FYE Mar 2025	155	n/a
FYE Mar 2026	194	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 3,691¥

Change · 10 yrs +1,715¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,975	n/a
FYE Mar 2018	2,759	n/a
FYE Mar 2019	2,033	n/a
FYE Mar 2020	1,701	n/a
FYE Mar 2021	2,478	n/a
FYE Mar 2022	3,257	n/a
FYE Mar 2023	5,008	n/a
FYE Mar 2024	6,383	n/a
FYE Mar 2025	2,698	n/a
FYE Mar 2026	3,691	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 52,486,836shares

Change · 10 yrs +23,784,718 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	28,702,118	Parent
FYE Mar 2018	28,702,118	Parent
FYE Mar 2019	28,702,118	Parent
FYE Mar 2020	28,702,118	Parent
FYE Mar 2021	28,702,118	Parent
FYE Mar 2022	28,702,118	Parent
FYE Mar 2023	28,702,118	Parent
FYE Mar 2024	28,702,118	Parent
FYE Mar 2025	57,404,236	Parent
FYE Mar 2026	52,486,836	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 627.71¥

Change · 10 yrs +378.28¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	249.43	Cons.
FYE Mar 2018	236.58	Cons.
FYE Mar 2019	292.07	Cons.
FYE Mar 2020	213.21	Cons.
FYE Mar 2021	207.53	Cons.
FYE Mar 2022	288.23	Cons.
FYE Mar 2023	439.32	Cons.
FYE Mar 2024	387.30	Cons.
FYE Mar 2025	325.08	Cons.
FYE Mar 2026	627.71	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 3,496.19¥

Change · 10 yrs +1,201.13¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,295.06	Cons. · Japanese GAAP
FYE Mar 2018	2,458.22	Cons. · Japanese GAAP
FYE Mar 2019	2,668.97	Cons. · Japanese GAAP
FYE Mar 2020	2,727.50	Cons. · Japanese GAAP
FYE Mar 2021	3,169.35	Cons. · Japanese GAAP
FYE Mar 2022	3,681.96	Cons. · Japanese GAAP
FYE Mar 2023	4,515.62	Cons. · Japanese GAAP
FYE Mar 2024	5,255.19	Cons. · Japanese GAAP
FYE Mar 2025	2,895.59	Cons. · Japanese GAAP
FYE Mar 2026	3,496.19	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 5.88×

Average · 10 yrs 7.43×

Fiscal year	PER ×	Basis
FYE Mar 2017	7.92	Cons.
FYE Mar 2018	11.66	Cons.
FYE Mar 2019	6.96	Cons.
FYE Mar 2020	7.98	Cons.
FYE Mar 2021	5.97	Cons.
FYE Mar 2022	5.65	Cons.
FYE Mar 2023	5.70	Cons.
FYE Mar 2024	8.24	Cons.
FYE Mar 2025	8.30	Cons.
FYE Mar 2026	5.88	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 0.96×

Average · 10 yrs 0.87×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.82	Cons.
FYE Mar 2018	1.07	Cons.
FYE Mar 2019	0.73	Cons.
FYE Mar 2020	0.60	Cons.
FYE Mar 2021	0.75	Cons.
FYE Mar 2022	0.81	Cons.
FYE Mar 2023	1.01	Cons.
FYE Mar 2024	1.11	Cons.
FYE Mar 2025	0.85	Cons.
FYE Mar 2026	0.96	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 Mar 2026 9,374people

Change · 10 yrs +4,158 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,216	n/a	Cons.
FYE Mar 2018	5,427	+4.0%	Cons.
FYE Mar 2019	6,627	+22.1%	Cons.
FYE Mar 2020	6,731	+1.6%	Cons.
FYE Mar 2021	7,826	+16.3%	Cons.
FYE Mar 2022	7,959	+1.7%	Cons.
FYE Mar 2023	8,092	+1.7%	Cons.
FYE Mar 2024	8,021	−0.9%	Cons.
FYE Mar 2025	8,560	+6.7%	Cons.
FYE Mar 2026	9,374	+9.5%	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 Mar 2026 583people

Change · 10 yrs −20 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	603	n/a	Parent
FYE Mar 2018	588	−2.5%	Parent
FYE Mar 2019	573	−2.6%	Parent
FYE Mar 2020	567	−1.0%	Parent
FYE Mar 2021	556	−1.9%	Parent
FYE Mar 2022	555	−0.2%	Parent
FYE Mar 2023	546	−1.6%	Parent
FYE Mar 2024	549	+0.5%	Parent
FYE Mar 2025	560	+2.0%	Parent
FYE Mar 2026	583	+4.1%	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 820万円

Change · 8 yrs +55万円

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	765	n/a	Parent
FYE Mar 2020	750	−1.9%	Parent
FYE Mar 2021	782	+4.1%	Parent
FYE Mar 2022	780	−0.1%	Parent
FYE Mar 2023	899	+15.2%	Parent
FYE Mar 2024	890	−1.0%	Parent
FYE Mar 2025	852	−4.2%	Parent
FYE Mar 2026	820	−3.8%	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 42.6years

Change · 8 yrs +0.8 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	41.8	n/a	Parent
FYE Mar 2020	42.1	+0.7%	Parent
FYE Mar 2021	42.8	+1.7%	Parent
FYE Mar 2022	42.9	+0.2%	Parent
FYE Mar 2023	43.3	+0.9%	Parent
FYE Mar 2024	43.3	−0.0%	Parent
FYE Mar 2025	42.6	−1.6%	Parent
FYE Mar 2026	42.6	−0.0%	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 13.9years

Change · 8 yrs −0.8 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	14.7	n/a	Parent
FYE Mar 2020	14.7	−0.0%	Parent
FYE Mar 2021	15.4	+4.8%	Parent
FYE Mar 2022	14.8	−3.9%	Parent
FYE Mar 2023	14.5	−2.0%	Parent
FYE Mar 2024	14.5	−0.0%	Parent
FYE Mar 2025	14.0	−3.4%	Parent
FYE Mar 2026	13.9	−0.7%	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)

Revenue per employee

FYE Mar 2026 ¥70.3m

Change · 10 yrs +¥26.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	43.6	n/a	Cons.
FYE Mar 2018	43.5	−0.2%	Cons.
FYE Mar 2019	44.2	+1.6%	Cons.
FYE Mar 2020	65.9	+49.2%	Cons.
FYE Mar 2021	54.0	−18.1%	Cons.
FYE Mar 2022	62.3	+15.4%	Cons.
FYE Mar 2023	75.1	+20.6%	Cons.
FYE Mar 2024	67.7	−10.0%	Cons.
FYE Mar 2025	64.0	−5.4%	Cons.
FYE Mar 2026	70.3	+9.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.0m

Change · 10 yrs +¥1.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons.
FYE Mar 2018	1.5	+13.4%	Cons.
FYE Mar 2019	1.1	−23.6%	Cons.
FYE Mar 2020	1.5	+30.2%	Cons.
FYE Mar 2021	1.5	−1.5%	Cons.
FYE Mar 2022	2.6	+79.3%	Cons.
FYE Mar 2023	4.0	+51.7%	Cons.
FYE Mar 2024	3.2	−19.1%	Cons.
FYE Mar 2025	2.8	−14.4%	Cons.
FYE Mar 2026	3.0	+7.7%	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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