Financials

Nippon Gas (Nichigas): FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥208bnYoY +4.2%

FYE Mar 2026 · Operating profit¥21bnYoY +14.7%

FYE Mar 2026 · Net profit¥15bnYoY +28.3%

FYE Mar 2026 · Equity ratio40.9%YoY −2.3pp

FYE Mar 2026 · Group employees1,764YoY +68

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥110bn	n/a	¥12bn	n/a	11.1%	¥6.9bn	Wada Shinji	—
FYE Mar 2018Consolidated	¥115bn	+4.7%	¥11bn	−12.4%	9.3%	¥7.8bn	Wada Shinji	Full city-gas liberalisation; Tokyo Energy Alliance with TEPCO EP
FYE Mar 2019Consolidated	¥123bn	+6.8%	¥8.9bn	−16.5%	7.3%	¥4.3bn	Wada Shinji	—
FYE Mar 2020Consolidated	¥132bn	+8.1%	¥12bn	+29.0%	8.7%	¥7.7bn	Wada Shinji	One million city-gas contracts; <em>Space Hotaru</em> smart meter
FYE Mar 2021Consolidated	¥143bn	+8.3%	¥14bn	+18.3%	9.5%	¥9.4bn	Wada Shinji	—
FYE Mar 2022Consolidated	¥163bn	+13.3%	¥13bn	−6.2%	7.9%	¥10.0bn	Wada Shinji	<em>Yume-no-Kizuna Kawasaki</em> LP gas hub terminal opens
FYE Mar 2023Consolidated	¥208bn	+27.9%	¥15bn	+18.3%	7.3%	¥11bn	Wada Shinji	<a class="en-history_person" href="/tse/8174/executives/ceo/kashiwaya-kunihiko/" hreflang="ja">Kashiwaya Kunihiko</a> becomes president; NICIGAS 3.0
FYE Mar 2024Consolidated	¥194bn	−6.5%	¥17bn	+15.3%	9.0%	¥11bn	Kashiwaya Kunihiko	—
FYE Mar 2025Consolidated	¥200bn	+2.9%	¥19bn	+6.3%	9.3%	¥12bn	Kashiwaya Kunihiko	Three subsidiaries’ retail arms folded into the parent
FYE Mar 2026Consolidated	¥208bn	+4.2%	¥21bn	+14.7%	10.2%	¥15bn	Kashiwaya Kunihiko	—

How it compares

Tokyo Gas¥2.83tnFY2025Operating margin 7.0%Osaka Gas¥2.03tnFY2025Operating margin 8.6%

Touhougasu¥651bnFY2025Operating margin 4.9%

Nippon Gas (Nichigas)¥208bnFY2025Operating margin 10.2%

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 ¥208bn

CAGR · 10 yrs +7.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	110	n/a	Cons. · Japanese GAAP
FYE Mar 2018	115	+4.7%	Cons. · Japanese GAAP
FYE Mar 2019	123	+6.8%	Cons. · Japanese GAAP
FYE Mar 2020	132	+8.1%	Cons. · Japanese GAAP
FYE Mar 2021	143	+8.3%	Cons. · Japanese GAAP
FYE Mar 2022	163	+13.3%	Cons. · Japanese GAAP
FYE Mar 2023	208	+27.9%	Cons. · Japanese GAAP
FYE Mar 2024	194	−6.5%	Cons. · Japanese GAAP
FYE Mar 2025	200	+2.9%	Cons. · Japanese GAAP
FYE Mar 2026	208	+4.2%	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 ¥132bn

CAGR · 10 yrs +10.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	52.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.9	+8.1%	Cons. · Japanese GAAP
FYE Mar 2019	64.5	+13.4%	Cons. · Japanese GAAP
FYE Mar 2020	69.1	+7.1%	Cons. · Japanese GAAP
FYE Mar 2021	75.7	+9.5%	Cons. · Japanese GAAP
FYE Mar 2022	96.0	+26.8%	Cons. · Japanese GAAP
FYE Mar 2023	138	+44.0%	Cons. · Japanese GAAP
FYE Mar 2024	121	−12.6%	Cons. · Japanese GAAP
FYE Mar 2025	126	+3.9%	Cons. · Japanese GAAP
FYE Mar 2026	132	+5.0%	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 ¥77bn

CAGR · 10 yrs +3.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	56.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	57.8	+1.7%	Cons. · Japanese GAAP
FYE Mar 2019	58.0	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	63.4	+9.2%	Cons. · Japanese GAAP
FYE Mar 2021	67.8	+7.0%	Cons. · Japanese GAAP
FYE Mar 2022	66.6	−1.8%	Cons. · Japanese GAAP
FYE Mar 2023	69.7	+4.7%	Cons. · Japanese GAAP
FYE Mar 2024	73.6	+5.6%	Cons. · Japanese GAAP
FYE Mar 2025	74.6	+1.3%	Cons. · Japanese GAAP
FYE Mar 2026	76.7	+2.9%	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 ¥55bn

CAGR · 10 yrs +2.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	44.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.1	+5.5%	Cons. · Japanese GAAP
FYE Mar 2019	49.1	+4.2%	Cons. · Japanese GAAP
FYE Mar 2020	51.8	+5.6%	Cons. · Japanese GAAP
FYE Mar 2021	54.2	+4.5%	Cons. · Japanese GAAP
FYE Mar 2022	53.8	−0.7%	Cons. · Japanese GAAP
FYE Mar 2023	54.6	+1.5%	Cons. · Japanese GAAP
FYE Mar 2024	56.2	+2.9%	Cons. · Japanese GAAP
FYE Mar 2025	56.0	−0.3%	Cons. · Japanese GAAP
FYE Mar 2026	55.5	−1.0%	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 ¥21bn

CAGR · 10 yrs +6.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	12.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.7	−12.4%	Cons. · Japanese GAAP
FYE Mar 2019	8.9	−16.5%	Cons. · Japanese GAAP
FYE Mar 2020	11.5	+29.0%	Cons. · Japanese GAAP
FYE Mar 2021	13.6	+18.3%	Cons. · Japanese GAAP
FYE Mar 2022	12.8	−6.2%	Cons. · Japanese GAAP
FYE Mar 2023	15.1	+18.3%	Cons. · Japanese GAAP
FYE Mar 2024	17.4	+15.3%	Cons. · Japanese GAAP
FYE Mar 2025	18.5	+6.3%	Cons. · Japanese GAAP
FYE Mar 2026	21.3	+14.7%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥364m

CAGR · 10 yrs −5.5%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	605	n/a	Cons. · Japanese GAAP
FYE Mar 2018	990	+63.6%	Cons. · Japanese GAAP
FYE Mar 2019	910	−8.1%	Cons. · Japanese GAAP
FYE Mar 2020	970	+6.6%	Cons. · Japanese GAAP
FYE Mar 2021	623	−35.8%	Cons. · Japanese GAAP
FYE Mar 2022	331	−46.9%	Cons. · Japanese GAAP
FYE Mar 2023	363	+9.7%	Cons. · Japanese GAAP
FYE Mar 2024	390	+7.4%	Cons. · Japanese GAAP
FYE Mar 2025	324	−16.9%	Cons. · Japanese GAAP
FYE Mar 2026	364	+12.3%	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 ¥0.4bn

CAGR · 10 yrs −4.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−7.0%	Cons. · Japanese GAAP
FYE Mar 2019	2.5	+320.3%	Cons. · Japanese GAAP
FYE Mar 2020	1.8	−26.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−89.6%	Cons. · Japanese GAAP
FYE Mar 2022	0.2	−0.5%	Cons. · Japanese GAAP
FYE Mar 2023	0.2	−5.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.2	+28.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.3	+26.8%	Cons. · Japanese GAAP
FYE Mar 2026	0.4	+46.7%	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 ¥21bn

CAGR · 10 yrs +6.4%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	12.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.1	−8.9%	Cons. · Japanese GAAP
FYE Mar 2019	7.4	−33.5%	Cons. · Japanese GAAP
FYE Mar 2020	10.7	+44.8%	Cons. · Japanese GAAP
FYE Mar 2021	14.1	+31.6%	Cons. · Japanese GAAP
FYE Mar 2022	12.9	−8.1%	Cons. · Japanese GAAP
FYE Mar 2023	15.3	+18.4%	Cons. · Japanese GAAP
FYE Mar 2024	17.6	+15.0%	Cons. · Japanese GAAP
FYE Mar 2025	18.6	+5.5%	Cons. · Japanese GAAP
FYE Mar 2026	21.2	+14.2%	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 ¥0.2bn

CAGR · 10 yrs −6.5%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	+224.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.4	−59.4%	Cons. · Japanese GAAP
FYE Mar 2020	7.9	+2002.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.4	−95.3%	Cons. · Japanese GAAP
FYE Mar 2022	1.7	+361.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.2	−88.1%	Cons. · Japanese GAAP
FYE Mar 2024	0.3	+45.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.1	−51.7%	Cons. · Japanese GAAP
FYE Mar 2026	0.2	+9.8%	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 ¥0.3bn

CAGR · 7 yrs −30.2%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.8	−66.3%	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	0.4	+105.5%	Cons. · Japanese GAAP
FYE Mar 2024	2.8	+640.6%	Cons. · Japanese GAAP
FYE Mar 2025	1.9	−30.8%	Cons. · Japanese GAAP
FYE Mar 2026	0.3	−85.5%	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 ¥15bn

CAGR · 10 yrs +8.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+12.8%	Cons. · Japanese GAAP
FYE Mar 2019	4.3	−44.5%	Cons. · Japanese GAAP
FYE Mar 2020	7.7	+78.9%	Cons. · Japanese GAAP
FYE Mar 2021	9.4	+21.1%	Cons. · Japanese GAAP
FYE Mar 2022	10.0	+6.4%	Cons. · Japanese GAAP
FYE Mar 2023	10.6	+6.0%	Cons. · Japanese GAAP
FYE Mar 2024	10.8	+2.4%	Cons. · Japanese GAAP
FYE Mar 2025	11.5	+6.7%	Cons. · Japanese GAAP
FYE Mar 2026	14.8	+28.3%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 36.8%

Average · 10 yrs 43.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	51.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.4	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	47.3	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2020	47.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	47.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	41.0	−6.3pp	Cons. · Japanese GAAP
FYE Mar 2023	33.5	−7.4pp	Cons. · Japanese GAAP
FYE Mar 2024	37.9	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2025	37.3	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	36.8	−0.5pp	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 10.2%

Average · 10 yrs 9.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.3	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	7.3	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2020	8.7	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	9.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	7.9	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2023	7.3	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	9.0	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	9.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	10.2	+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 10.2%

Average · 10 yrs 8.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	6.0	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2020	8.1	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	9.8	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	8.0	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2023	7.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	9.1	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	9.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	10.2	+0.9pp	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 7.1%

Average · 10 yrs 5.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.5	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2020	5.8	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	6.5	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	6.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	5.1	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	5.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	5.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	7.1	+1.3pp	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 63.2%

Average · 10 yrs 56.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	48.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.6	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	52.6	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2020	52.2	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	52.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	59.0	+6.3pp	Cons. · Japanese GAAP
FYE Mar 2023	66.5	+7.4pp	Cons. · Japanese GAAP
FYE Mar 2024	62.1	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2025	62.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	63.2	+0.5pp	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 26.6%

Average · 10 yrs 34.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	40.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	40.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	39.1	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	37.7	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2022	33.1	−4.6pp	Cons. · Japanese GAAP
FYE Mar 2023	26.3	−6.8pp	Cons. · Japanese GAAP
FYE Mar 2024	28.9	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	28.0	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2026	26.6	−1.4pp	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 ¥164bn

CAGR · 10 yrs +1.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	139	n/a	Cons. · Japanese GAAP
FYE Mar 2018	138	−0.9%	Cons. · Japanese GAAP
FYE Mar 2019	141	+2.4%	Cons. · Japanese GAAP
FYE Mar 2020	133	−6.2%	Cons. · Japanese GAAP
FYE Mar 2021	140	+5.7%	Cons. · Japanese GAAP
FYE Mar 2022	154	+9.8%	Cons. · Japanese GAAP
FYE Mar 2023	155	+0.7%	Cons. · Japanese GAAP
FYE Mar 2024	159	+2.8%	Cons. · Japanese GAAP
FYE Mar 2025	156	−2.0%	Cons. · Japanese GAAP
FYE Mar 2026	164	+4.9%	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 ¥67bn

CAGR · 10 yrs +0.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	66.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	72.1	+8.2%	Cons. · Japanese GAAP
FYE Mar 2019	69.1	−4.2%	Cons. · Japanese GAAP
FYE Mar 2020	68.4	−1.0%	Cons. · Japanese GAAP
FYE Mar 2021	69.3	+1.4%	Cons. · Japanese GAAP
FYE Mar 2022	71.9	+3.7%	Cons. · Japanese GAAP
FYE Mar 2023	74.3	+3.4%	Cons. · Japanese GAAP
FYE Mar 2024	72.7	−2.1%	Cons. · Japanese GAAP
FYE Mar 2025	67.4	−7.3%	Cons. · Japanese GAAP
FYE Mar 2026	67.0	−0.7%	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 ¥34bn

CAGR · 10 yrs −3.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	45.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.9	−13.5%	Cons. · Japanese GAAP
FYE Mar 2019	45.1	+15.9%	Cons. · Japanese GAAP
FYE Mar 2020	32.0	−29.1%	Cons. · Japanese GAAP
FYE Mar 2021	25.3	−20.8%	Cons. · Japanese GAAP
FYE Mar 2022	39.2	+54.9%	Cons. · Japanese GAAP
FYE Mar 2023	22.7	−42.1%	Cons. · Japanese GAAP
FYE Mar 2024	29.2	+28.5%	Cons. · Japanese GAAP
FYE Mar 2025	29.7	+1.7%	Cons. · Japanese GAAP
FYE Mar 2026	34.1	+14.7%	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 ¥6.0bn

CAGR · 10 yrs −10.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	16.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.0	−31.1%	Cons. · Japanese GAAP
FYE Mar 2019	21.7	+96.9%	Cons. · Japanese GAAP
FYE Mar 2020	11.3	−47.8%	Cons. · Japanese GAAP
FYE Mar 2021	2.0	−82.3%	Cons. · Japanese GAAP
FYE Mar 2022	14.8	+638.2%	Cons. · Japanese GAAP
FYE Mar 2023	0.5	−96.6%	Cons. · Japanese GAAP
FYE Mar 2024	4.0	+700.0%	Cons. · Japanese GAAP
FYE Mar 2025	4.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	6.0	+50.0%	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 ¥28bn

CAGR · 10 yrs −0.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	29.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.9	−3.8%	Cons. · Japanese GAAP
FYE Mar 2019	23.4	−16.1%	Cons. · Japanese GAAP
FYE Mar 2020	20.7	−11.7%	Cons. · Japanese GAAP
FYE Mar 2021	23.3	+12.8%	Cons. · Japanese GAAP
FYE Mar 2022	24.5	+4.9%	Cons. · Japanese GAAP
FYE Mar 2023	22.2	−9.2%	Cons. · Japanese GAAP
FYE Mar 2024	25.2	+13.4%	Cons. · Japanese GAAP
FYE Mar 2025	25.7	+2.0%	Cons. · Japanese GAAP
FYE Mar 2026	28.1	+9.2%	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 ¥6.3bn

CAGR · 10 yrs −1.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	−15.3%	Cons. · Japanese GAAP
FYE Mar 2019	6.1	−3.0%	Cons. · Japanese GAAP
FYE Mar 2020	7.2	+18.4%	Cons. · Japanese GAAP
FYE Mar 2021	8.4	+15.7%	Cons. · Japanese GAAP
FYE Mar 2022	7.8	−6.6%	Cons. · Japanese GAAP
FYE Mar 2023	8.1	+4.1%	Cons. · Japanese GAAP
FYE Mar 2024	8.2	+1.4%	Cons. · Japanese GAAP
FYE Mar 2025	6.7	−19.1%	Cons. · Japanese GAAP
FYE Mar 2026	6.3	−4.8%	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 ¥1.5bn

CAGR · 10 yrs −9.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.1	−19.6%	Cons. · Japanese GAAP
FYE Mar 2019	2.3	−24.0%	Cons. · Japanese GAAP
FYE Mar 2020	3.0	+29.2%	Cons. · Japanese GAAP
FYE Mar 2021	4.1	+37.0%	Cons. · Japanese GAAP
FYE Mar 2022	3.0	−27.9%	Cons. · Japanese GAAP
FYE Mar 2023	2.2	−27.0%	Cons. · Japanese GAAP
FYE Mar 2024	1.7	−22.0%	Cons. · Japanese GAAP
FYE Mar 2025	1.1	−32.5%	Cons. · Japanese GAAP
FYE Mar 2026	1.5	+33.1%	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 40.9%

Average · 10 yrs 47.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	47.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.2	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2019	48.9	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2020	51.6	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2021	49.5	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2022	46.7	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2023	48.0	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2024	45.7	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	43.2	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2026	40.9	−2.3pp	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 50.9%

Average · 10 yrs 49.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	67.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.0	−13.5pp	Cons. · Japanese GAAP
FYE Mar 2019	65.3	+11.3pp	Cons. · Japanese GAAP
FYE Mar 2020	46.8	−18.5pp	Cons. · Japanese GAAP
FYE Mar 2021	36.5	−10.3pp	Cons. · Japanese GAAP
FYE Mar 2022	54.6	+18.1pp	Cons. · Japanese GAAP
FYE Mar 2023	30.6	−24.0pp	Cons. · Japanese GAAP
FYE Mar 2024	40.2	+9.6pp	Cons. · Japanese GAAP
FYE Mar 2025	44.0	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2026	50.9	+6.8pp	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 22.1%

Average · 10 yrs 13.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	6.3	−4.6pp	Cons. · Japanese GAAP
FYE Mar 2020	11.3	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2021	13.5	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	13.9	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	14.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	14.9	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	17.1	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	22.1	+5.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 9.1%

Average · 10 yrs 6.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.7	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	3.1	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2020	5.8	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2021	6.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	6.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	6.8	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	6.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	7.4	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	9.1	+1.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.27×

CAGR · 10 yrs +5.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.79	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.83	+5.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.87	+4.3%	Cons. · Japanese GAAP
FYE Mar 2020	1.00	+15.2%	Cons. · Japanese GAAP
FYE Mar 2021	1.02	+2.4%	Cons. · Japanese GAAP
FYE Mar 2022	1.06	+3.2%	Cons. · Japanese GAAP
FYE Mar 2023	1.34	+27.0%	Cons. · Japanese GAAP
FYE Mar 2024	1.22	−9.1%	Cons. · Japanese GAAP
FYE Mar 2025	1.28	+5.0%	Cons. · Japanese GAAP
FYE Mar 2026	1.27	−0.6%	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 ¥28bn

CAGR · 10 yrs +6.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.6	−6.2%	Cons. · Japanese GAAP
FYE Mar 2019	15.2	−2.9%	Cons. · Japanese GAAP
FYE Mar 2020	16.0	+5.4%	Cons. · Japanese GAAP
FYE Mar 2021	16.1	+0.6%	Cons. · Japanese GAAP
FYE Mar 2022	20.7	+28.8%	Cons. · Japanese GAAP
FYE Mar 2023	19.6	−5.3%	Cons. · Japanese GAAP
FYE Mar 2024	23.4	+19.6%	Cons. · Japanese GAAP
FYE Mar 2025	27.9	+19.1%	Cons. · Japanese GAAP
FYE Mar 2026	28.2	+0.9%	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 -¥7.2bn

Average · 10 yrs -¥9.6bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-26.8	n/a	Cons. · Japanese GAAP
FYE Mar 2020	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-14.5	−410.2%	Cons. · Japanese GAAP
FYE Mar 2022	-8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-7.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-7.2	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 -¥11bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-8.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-16.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-18.4	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-16.7	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 ¥24bn

CAGR · 10 yrs −3.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	31.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.4	+0.1%	Cons. · Japanese GAAP
FYE Mar 2019	18.2	−42.1%	Cons. · Japanese GAAP
FYE Mar 2020	16.5	−9.2%	Cons. · Japanese GAAP
FYE Mar 2021	12.4	−24.9%	Cons. · Japanese GAAP
FYE Mar 2022	16.9	+36.3%	Cons. · Japanese GAAP
FYE Mar 2023	12.9	−23.9%	Cons. · Japanese GAAP
FYE Mar 2024	18.7	+45.5%	Cons. · Japanese GAAP
FYE Mar 2025	19.4	+3.8%	Cons. · Japanese GAAP
FYE Mar 2026	23.8	+22.4%	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 ¥21bn

CAGR · 10 yrs +15.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.5	+45.0%	Cons. · Japanese GAAP
FYE Mar 2019	-11.7	−237.0%	Cons. · Japanese GAAP
FYE Mar 2020	20.7	n/a	Cons. · Japanese GAAP
FYE Mar 2021	1.6	−92.5%	Cons. · Japanese GAAP
FYE Mar 2022	11.9	+665.4%	Cons. · Japanese GAAP
FYE Mar 2023	12.0	+0.9%	Cons. · Japanese GAAP
FYE Mar 2024	14.3	+18.6%	Cons. · Japanese GAAP
FYE Mar 2025	19.1	+34.1%	Cons. · Japanese GAAP
FYE Mar 2026	21.0	+10.0%	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 13.5%

Average · 10 yrs 12.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.6	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2019	12.4	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	12.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	11.2	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	12.7	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	9.4	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2024	12.1	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	14.0	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	13.5	−0.4pp	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 -¥10bn

Average · 10 yrs -¥14bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-13.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-26.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-15.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-12.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-9.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-10.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-10.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-10.3	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 ¥332bn

Change · 10 yrs +¥174bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	157	n/a
FYE Mar 2018	241	n/a
FYE Mar 2019	132	n/a
FYE Mar 2020	149	n/a
FYE Mar 2021	232	n/a
FYE Mar 2022	177	n/a
FYE Mar 2023	225	n/a
FYE Mar 2024	297	n/a
FYE Mar 2025	252	n/a
FYE Mar 2026	332	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 2,939¥

Change · 10 yrs −300¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,239	n/a
FYE Mar 2018	4,967	n/a
FYE Mar 2019	3,061	n/a
FYE Mar 2020	3,572	n/a
FYE Mar 2021	5,778	n/a
FYE Mar 2022	1,492	n/a
FYE Mar 2023	1,926	n/a
FYE Mar 2024	2,573	n/a
FYE Mar 2025	2,235	n/a
FYE Mar 2026	2,939	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 112,827,000shares

Change · 10 yrs +64,266,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	48,561,000	Parent
FYE Mar 2018	48,561,000	Parent
FYE Mar 2019	42,973,000	Parent
FYE Mar 2020	41,773,000	Parent
FYE Mar 2021	40,197,000	Parent
FYE Mar 2022	118,603,000	Parent
FYE Mar 2023	116,603,000	Parent
FYE Mar 2024	115,317,000	Parent
FYE Mar 2025	112,827,000	Parent
FYE Mar 2026	112,827,000	Parent

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

EPS earnings per share

FYE Mar 2026 136.69¥

Change · 10 yrs +82.71¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	53.98	Cons.
FYE Mar 2018	60.87	Cons.
FYE Mar 2019	33.90	Cons.
FYE Mar 2020	63.33	Cons.
FYE Mar 2021	78.94	Cons.
FYE Mar 2022	86.24	Cons.
FYE Mar 2023	92.60	Cons.
FYE Mar 2024	95.64	Cons.
FYE Mar 2025	104.46	Cons.
FYE Mar 2026	136.69	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 593.62¥

Change · 10 yrs −778.57¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,372.19	Cons. · Japanese GAAP
FYE Mar 2018	1,484.11	Cons. · Japanese GAAP
FYE Mar 2019	1,607.03	Cons. · Japanese GAAP
FYE Mar 2020	1,636.25	Cons. · Japanese GAAP
FYE Mar 2021	1,724.95	Cons. · Japanese GAAP
FYE Mar 2022	606.11	Cons. · Japanese GAAP
FYE Mar 2023	637.20	Cons. · Japanese GAAP
FYE Mar 2024	630.64	Cons. · Japanese GAAP
FYE Mar 2025	597.78	Cons. · Japanese GAAP
FYE Mar 2026	593.62	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 21.50×

Average · 10 yrs 22.84×

Fiscal year	PER ×	Basis
FYE Mar 2017	20.00	Cons.
FYE Mar 2018	27.20	Cons.
FYE Mar 2019	30.10	Cons.
FYE Mar 2020	18.80	Cons.
FYE Mar 2021	24.40	Cons.
FYE Mar 2022	17.30	Cons.
FYE Mar 2023	20.80	Cons.
FYE Mar 2024	26.90	Cons.
FYE Mar 2025	21.40	Cons.
FYE Mar 2026	21.50	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 4.67×

Average · 10 yrs 2.98×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.08	Cons.
FYE Mar 2018	2.94	Cons.
FYE Mar 2019	1.84	Cons.
FYE Mar 2020	2.09	Cons.
FYE Mar 2021	3.25	Cons.
FYE Mar 2022	2.39	Cons.
FYE Mar 2023	2.95	Cons.
FYE Mar 2024	3.95	Cons.
FYE Mar 2025	3.61	Cons.
FYE Mar 2026	4.67	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 1,764people

Change · 10 yrs +214 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,550	n/a	Cons.
FYE Mar 2018	1,649	+6.4%	Cons.
FYE Mar 2019	1,729	+4.9%	Cons.
FYE Mar 2020	1,724	−0.3%	Cons.
FYE Mar 2021	1,752	+1.6%	Cons.
FYE Mar 2022	1,740	−0.7%	Cons.
FYE Mar 2023	1,703	−2.1%	Cons.
FYE Mar 2024	1,716	+0.8%	Cons.
FYE Mar 2025	1,696	−1.2%	Cons.
FYE Mar 2026	1,764	+4.0%	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 1,165people

Change · 10 yrs +376 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	789	n/a	Parent
FYE Mar 2018	920	+16.6%	Parent
FYE Mar 2019	1,056	+14.8%	Parent
FYE Mar 2020	1,091	+3.3%	Parent
FYE Mar 2021	1,104	+1.2%	Parent
FYE Mar 2022	1,097	−0.6%	Parent
FYE Mar 2023	1,052	−4.1%	Parent
FYE Mar 2024	1,158	+10.1%	Parent
FYE Mar 2025	1,135	−2.0%	Parent
FYE Mar 2026	1,165	+2.6%	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 ¥7.0m

Change · 8 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	5.8	n/a	Parent
FYE Mar 2020	5.5	−5.6%	Parent
FYE Mar 2021	5.6	+2.0%	Parent
FYE Mar 2022	5.6	−0.2%	Parent
FYE Mar 2023	5.9	+4.2%	Parent
FYE Mar 2024	6.5	+10.4%	Parent
FYE Mar 2025	6.7	+3.9%	Parent
FYE Mar 2026	7.0	+4.6%	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 39.8years

Change · 8 yrs +4.1 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	35.7	n/a	Parent
FYE Mar 2020	35.7	−0.0%	Parent
FYE Mar 2021	36.0	+0.8%	Parent
FYE Mar 2022	37.1	+3.1%	Parent
FYE Mar 2023	38.1	+2.7%	Parent
FYE Mar 2024	39.2	+2.9%	Parent
FYE Mar 2025	39.7	+1.3%	Parent
FYE Mar 2026	39.8	+0.3%	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 13.3years

Change · 8 yrs +5.1 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	8.2	n/a	Parent
FYE Mar 2020	8.5	+3.7%	Parent
FYE Mar 2021	8.5	−0.0%	Parent
FYE Mar 2022	9.8	+15.3%	Parent
FYE Mar 2023	10.3	+5.1%	Parent
FYE Mar 2024	12.7	+23.3%	Parent
FYE Mar 2025	13.3	+4.7%	Parent
FYE Mar 2026	13.3	−0.0%	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 235people

Change · 10 yrs −128 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	363	n/a	n/a
FYE Mar 2018	291	−19.8%	n/a
FYE Mar 2019	312	+7.2%	n/a
FYE Mar 2020	307	−1.6%	n/a
FYE Mar 2021	304	−1.0%	n/a
FYE Mar 2022	263	−13.5%	n/a
FYE Mar 2023	328	+24.7%	n/a
FYE Mar 2024	269	−18.0%	n/a
FYE Mar 2025	258	−4.1%	n/a
FYE Mar 2026	235	−8.9%	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 ¥118m

Change · 10 yrs +¥47.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	70.7	n/a	Cons.
FYE Mar 2018	69.6	−1.6%	Cons.
FYE Mar 2019	70.9	+1.9%	Cons.
FYE Mar 2020	76.9	+8.4%	Cons.
FYE Mar 2021	81.9	+6.6%	Cons.
FYE Mar 2022	93.4	+14.1%	Cons.
FYE Mar 2023	122	+30.7%	Cons.
FYE Mar 2024	113	−7.2%	Cons.
FYE Mar 2025	118	+4.1%	Cons.
FYE Mar 2026	118	+0.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥12.1m

Change · 10 yrs +¥4.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	7.9	n/a	Cons.
FYE Mar 2018	6.5	−17.7%	Cons.
FYE Mar 2019	5.2	−20.3%	Cons.
FYE Mar 2020	6.7	+29.4%	Cons.
FYE Mar 2021	7.8	+16.4%	Cons.
FYE Mar 2022	7.3	−5.5%	Cons.
FYE Mar 2023	8.9	+20.9%	Cons.
FYE Mar 2024	10.2	+14.4%	Cons.
FYE Mar 2025	10.9	+7.6%	Cons.
FYE Mar 2026	12.1	+10.3%	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

Nippon Gas (Nichigas)’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/8174/company.json ·/api/8174/history.json ·/api/8174/ceo.json ·/api/8174/financials.json ·/api/8174/financials/segment.json ·/api/8174/financials/pl.json ·/api/8174/financials/cf.json ·/api/8174/financials/bs.json ·/api/8174/financials/employee.json ·/api/8174/financials/stock.json ·/api/8174/financials.csv ·/api/8174/financials_history.csv

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