Financials

AOYAMA TRADING Co. Ltd.: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥189bnYoY −3.0%

FYE Mar 2026 · Operating profit¥11bnYoY −15.8%

FYE Mar 2026 · Net profit¥6.9bnYoY −26.4%

FYE Mar 2026 · Equity ratio57.9%YoY +2.0pp

FYE Mar 2026 · Group employees6,666YoY +105

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	That year
FYE Mar 2017Consolidated	¥253bn	n/a	¥20bn	n/a	8.0%	¥12bn	—
FYE Mar 2018Consolidated	¥255bn	+0.8%	¥21bn	+1.9%	8.1%	¥11bn	—
FYE Mar 2019Consolidated	¥250bn	−1.8%	¥15bn	−29.0%	5.8%	¥5.7bn	Record sales of ¥254.8bn
FYE Mar 2020Consolidated	¥218bn	−13.0%	¥0.8bn	−94.4%	0.4%	-¥17bn	—
FYE Mar 2021Consolidated	¥161bn	−25.9%	-¥14bn	−1860.9%	-8.9%	-¥39bn	First voluntary redundancy in company history; 159 stores consolidated
FYE Mar 2022Consolidated	¥166bn	+2.8%	¥2.2bn	n/a	1.3%	¥1.4bn	—
FYE Mar 2023Consolidated	¥186bn	+11.8%	¥7.5bn	+242.6%	4.0%	¥4.3bn	—
FYE Mar 2024Consolidated	¥194bn	+4.4%	¥12bn	+59.5%	6.2%	¥10bn	—
FYE Mar 2025Consolidated	¥195bn	+0.6%	¥13bn	+5.5%	6.5%	¥9.4bn	—
FYE Mar 2026Consolidated	¥189bn	−3.0%	¥11bn	−15.8%	5.6%	¥6.9bn	Endo Taizo — first president from outside the founding family

How it compares

Fast Retailing (Uniqlo)¥3.40tnFY2025Operating margin 16.6%Shimamura¥700bnFY2025Operating margin 8.8%

Aokihorudingusu¥193bnFY2024Operating margin 8.1%

AOYAMA TRADING Co. Ltd.¥189bnFY2025Operating margin 5.6%

Workman¥161bnFY2025Operating margin 18.4%

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 ¥189bn

CAGR · 10 yrs −3.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	253	n/a	Cons. · Japanese GAAP
FYE Mar 2018	255	+0.8%	Cons. · Japanese GAAP
FYE Mar 2019	250	−1.8%	Cons. · Japanese GAAP
FYE Mar 2020	218	−13.0%	Cons. · Japanese GAAP
FYE Mar 2021	161	−25.9%	Cons. · Japanese GAAP
FYE Mar 2022	166	+2.8%	Cons. · Japanese GAAP
FYE Mar 2023	186	+11.8%	Cons. · Japanese GAAP
FYE Mar 2024	194	+4.4%	Cons. · Japanese GAAP
FYE Mar 2025	195	+0.6%	Cons. · Japanese GAAP
FYE Mar 2026	189	−3.0%	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 ¥91bn

CAGR · 10 yrs −2.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	112	n/a	Cons. · Japanese GAAP
FYE Mar 2018	113	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	114	+0.8%	Cons. · Japanese GAAP
FYE Mar 2020	102	−10.2%	Cons. · Japanese GAAP
FYE Mar 2021	81.4	−20.5%	Cons. · Japanese GAAP
FYE Mar 2022	82.3	+1.1%	Cons. · Japanese GAAP
FYE Mar 2023	91.4	+11.2%	Cons. · Japanese GAAP
FYE Mar 2024	93.8	+2.6%	Cons. · Japanese GAAP
FYE Mar 2025	94.6	+0.9%	Cons. · Japanese GAAP
FYE Mar 2026	90.8	−4.0%	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 ¥98bn

CAGR · 10 yrs −3.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	140	n/a	Cons. · Japanese GAAP
FYE Mar 2018	142	+0.9%	Cons. · Japanese GAAP
FYE Mar 2019	136	−3.8%	Cons. · Japanese GAAP
FYE Mar 2020	115	−15.4%	Cons. · Japanese GAAP
FYE Mar 2021	80.0	−30.6%	Cons. · Japanese GAAP
FYE Mar 2022	83.7	+4.6%	Cons. · Japanese GAAP
FYE Mar 2023	94.1	+12.5%	Cons. · Japanese GAAP
FYE Mar 2024	99.9	+6.1%	Cons. · Japanese GAAP
FYE Mar 2025	100	+0.3%	Cons. · Japanese GAAP
FYE Mar 2026	98.2	−2.0%	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 ¥88bn

CAGR · 10 yrs −3.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	120	n/a	Cons. · Japanese GAAP
FYE Mar 2018	121	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	122	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	114	−5.9%	Cons. · Japanese GAAP
FYE Mar 2021	94.4	−17.5%	Cons. · Japanese GAAP
FYE Mar 2022	81.5	−13.7%	Cons. · Japanese GAAP
FYE Mar 2023	86.7	+6.3%	Cons. · Japanese GAAP
FYE Mar 2024	87.9	+1.5%	Cons. · Japanese GAAP
FYE Mar 2025	87.6	−0.4%	Cons. · Japanese GAAP
FYE Mar 2026	87.6	−0.0%	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 ¥11bn

CAGR · 10 yrs −6.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	20.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.6	+1.9%	Cons. · Japanese GAAP
FYE Mar 2019	14.6	−29.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.8	−94.4%	Cons. · Japanese GAAP
FYE Mar 2021	-14.4	−1860.9%	Cons. · Japanese GAAP
FYE Mar 2022	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	7.5	+242.6%	Cons. · Japanese GAAP
FYE Mar 2024	11.9	+59.5%	Cons. · Japanese GAAP
FYE Mar 2025	12.6	+5.5%	Cons. · Japanese GAAP
FYE Mar 2026	10.6	−15.8%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥1.3bn

CAGR · 10 yrs −5.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.0	−11.6%	Cons. · Japanese GAAP
FYE Mar 2019	2.3	+14.0%	Cons. · Japanese GAAP
FYE Mar 2020	2.3	+1.0%	Cons. · Japanese GAAP
FYE Mar 2021	4.9	+116.3%	Cons. · Japanese GAAP
FYE Mar 2022	5.3	+6.6%	Cons. · Japanese GAAP
FYE Mar 2023	1.9	−64.0%	Cons. · Japanese GAAP
FYE Mar 2024	1.2	−35.9%	Cons. · Japanese GAAP
FYE Mar 2025	0.8	−34.8%	Cons. · Japanese GAAP
FYE Mar 2026	1.3	+67.2%	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 ¥1.0bn

CAGR · 10 yrs −3.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	−7.7%	Cons. · Japanese GAAP
FYE Mar 2019	1.3	+1.2%	Cons. · Japanese GAAP
FYE Mar 2020	1.6	+22.8%	Cons. · Japanese GAAP
FYE Mar 2021	2.0	+25.4%	Cons. · Japanese GAAP
FYE Mar 2022	2.3	+16.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.6	−72.5%	Cons. · Japanese GAAP
FYE Mar 2024	0.6	−0.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.7	+17.3%	Cons. · Japanese GAAP
FYE Mar 2026	1.0	+34.9%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥11bn

CAGR · 10 yrs −7.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	21.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.3	+1.1%	Cons. · Japanese GAAP
FYE Mar 2019	15.6	−26.7%	Cons. · Japanese GAAP
FYE Mar 2020	1.5	−90.2%	Cons. · Japanese GAAP
FYE Mar 2021	-11.4	−847.5%	Cons. · Japanese GAAP
FYE Mar 2022	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	8.7	+69.6%	Cons. · Japanese GAAP
FYE Mar 2024	12.5	+43.2%	Cons. · Japanese GAAP
FYE Mar 2025	12.6	+1.0%	Cons. · Japanese GAAP
FYE Mar 2026	10.9	−13.5%	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 ¥0.0bn

CAGR · 9 yrs −26.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.0	−98.1%	Cons. · Japanese GAAP
FYE Mar 2021	0.1	+6600.0%	Cons. · Japanese GAAP
FYE Mar 2022	1.5	+2074.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.1	−95.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.2	+194.2%	Cons. · Japanese GAAP
FYE Mar 2025	1.4	+574.9%	Cons. · Japanese GAAP
FYE Mar 2026	0.0	−99.1%	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 ¥6.9bn

CAGR · 10 yrs −5.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	11.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.5	−0.9%	Cons. · Japanese GAAP
FYE Mar 2019	5.7	−50.1%	Cons. · Japanese GAAP
FYE Mar 2020	-16.9	−395.3%	Cons. · Japanese GAAP
FYE Mar 2021	-38.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	4.3	+216.9%	Cons. · Japanese GAAP
FYE Mar 2024	10.1	+135.8%	Cons. · Japanese GAAP
FYE Mar 2025	9.4	−6.9%	Cons. · Japanese GAAP
FYE Mar 2026	6.9	−26.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 51.9%

Average · 10 yrs 52.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	55.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	55.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	54.4	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	53.0	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	49.6	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	50.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	50.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	51.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	51.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	51.9	+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 5.6%

Average · 10 yrs 3.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	5.8	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	0.4	−5.5pp	Cons. · Japanese GAAP
FYE Mar 2021	-8.9	−9.3pp	Cons. · Japanese GAAP
FYE Mar 2022	1.3	+10.2pp	Cons. · Japanese GAAP
FYE Mar 2023	4.0	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2024	6.2	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2025	6.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	5.6	−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 5.8%

Average · 10 yrs 4.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	8.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.4	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	6.2	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2020	0.7	−5.5pp	Cons. · Japanese GAAP
FYE Mar 2021	-7.1	−7.8pp	Cons. · Japanese GAAP
FYE Mar 2022	3.1	+10.2pp	Cons. · Japanese GAAP
FYE Mar 2023	4.7	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2024	6.5	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	6.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	5.8	−0.7pp	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 3.7%

Average · 10 yrs -0.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	2.3	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	-7.8	−10.0pp	Cons. · Japanese GAAP
FYE Mar 2021	-24.1	−16.3pp	Cons. · Japanese GAAP
FYE Mar 2022	0.8	+24.9pp	Cons. · Japanese GAAP
FYE Mar 2023	2.3	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	5.2	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2025	4.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−1.2pp	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 48.1%

Average · 10 yrs 47.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	44.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	44.4	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	45.6	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	47.0	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	50.4	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	49.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	49.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	48.4	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	48.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	48.1	−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 46.3%

Average · 10 yrs 48.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	47.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	48.6	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	52.6	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2021	58.5	+5.9pp	Cons. · Japanese GAAP
FYE Mar 2022	49.1	−9.4pp	Cons. · Japanese GAAP
FYE Mar 2023	46.7	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	45.4	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2025	45.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	46.3	+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 ¥306bn

CAGR · 10 yrs −2.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	391	n/a	Cons. · Japanese GAAP
FYE Mar 2018	397	+1.5%	Cons. · Japanese GAAP
FYE Mar 2019	390	−1.8%	Cons. · Japanese GAAP
FYE Mar 2020	375	−3.8%	Cons. · Japanese GAAP
FYE Mar 2021	329	−12.2%	Cons. · Japanese GAAP
FYE Mar 2022	323	−2.0%	Cons. · Japanese GAAP
FYE Mar 2023	336	+4.2%	Cons. · Japanese GAAP
FYE Mar 2024	336	−0.2%	Cons. · Japanese GAAP
FYE Mar 2025	318	−5.1%	Cons. · Japanese GAAP
FYE Mar 2026	306	−3.9%	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 ¥177bn

CAGR · 10 yrs −2.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	231	n/a	Cons. · Japanese GAAP
FYE Mar 2018	227	−1.5%	Cons. · Japanese GAAP
FYE Mar 2019	221	−2.9%	Cons. · Japanese GAAP
FYE Mar 2020	196	−11.4%	Cons. · Japanese GAAP
FYE Mar 2021	161	−17.8%	Cons. · Japanese GAAP
FYE Mar 2022	161	+0.2%	Cons. · Japanese GAAP
FYE Mar 2023	166	+3.3%	Cons. · Japanese GAAP
FYE Mar 2024	177	+6.4%	Cons. · Japanese GAAP
FYE Mar 2025	178	+0.4%	Cons. · Japanese GAAP
FYE Mar 2026	177	−0.4%	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 ¥66bn

CAGR · 10 yrs +1.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	60.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.1	+7.4%	Cons. · Japanese GAAP
FYE Mar 2019	65.1	+0.1%	Cons. · Japanese GAAP
FYE Mar 2020	82.1	+26.2%	Cons. · Japanese GAAP
FYE Mar 2021	76.7	−6.7%	Cons. · Japanese GAAP
FYE Mar 2022	78.9	+2.9%	Cons. · Japanese GAAP
FYE Mar 2023	78.7	−0.2%	Cons. · Japanese GAAP
FYE Mar 2024	66.4	−15.6%	Cons. · Japanese GAAP
FYE Mar 2025	71.2	+7.3%	Cons. · Japanese GAAP
FYE Mar 2026	66.2	−7.1%	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 ¥15bn

CAGR · 10 yrs +25.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.6	+756.1%	Cons. · Japanese GAAP
FYE Mar 2019	3.1	−82.3%	Cons. · Japanese GAAP
FYE Mar 2020	43.4	+1300.8%	Cons. · Japanese GAAP
FYE Mar 2021	38.1	−12.3%	Cons. · Japanese GAAP
FYE Mar 2022	30.5	−20.0%	Cons. · Japanese GAAP
FYE Mar 2023	36.2	+18.8%	Cons. · Japanese GAAP
FYE Mar 2024	36.3	+0.3%	Cons. · Japanese GAAP
FYE Mar 2025	25.7	−29.3%	Cons. · Japanese GAAP
FYE Mar 2026	15.5	−39.7%	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 ¥51bn

CAGR · 10 yrs −1.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	58.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.5	−18.8%	Cons. · Japanese GAAP
FYE Mar 2019	62.0	+30.5%	Cons. · Japanese GAAP
FYE Mar 2020	38.7	−37.6%	Cons. · Japanese GAAP
FYE Mar 2021	38.6	−0.3%	Cons. · Japanese GAAP
FYE Mar 2022	48.4	+25.4%	Cons. · Japanese GAAP
FYE Mar 2023	42.5	−12.2%	Cons. · Japanese GAAP
FYE Mar 2024	30.1	−29.2%	Cons. · Japanese GAAP
FYE Mar 2025	45.6	+51.5%	Cons. · Japanese GAAP
FYE Mar 2026	50.7	+11.3%	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 ¥8.7bn

CAGR · 10 yrs −9.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	21.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.4	−8.1%	Cons. · Japanese GAAP
FYE Mar 2019	16.5	−15.3%	Cons. · Japanese GAAP
FYE Mar 2020	11.0	−33.1%	Cons. · Japanese GAAP
FYE Mar 2021	11.9	+7.7%	Cons. · Japanese GAAP
FYE Mar 2022	11.0	−7.6%	Cons. · Japanese GAAP
FYE Mar 2023	9.4	−14.6%	Cons. · Japanese GAAP
FYE Mar 2024	8.5	−8.9%	Cons. · Japanese GAAP
FYE Mar 2025	8.5	−0.7%	Cons. · Japanese GAAP
FYE Mar 2026	8.7	+2.3%	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 ¥2.8bn

CAGR · 10 yrs −15.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	12.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.4	−10.5%	Cons. · Japanese GAAP
FYE Mar 2019	9.3	−18.7%	Cons. · Japanese GAAP
FYE Mar 2020	5.8	−37.8%	Cons. · Japanese GAAP
FYE Mar 2021	5.9	+2.3%	Cons. · Japanese GAAP
FYE Mar 2022	5.4	−9.0%	Cons. · Japanese GAAP
FYE Mar 2023	4.4	−18.4%	Cons. · Japanese GAAP
FYE Mar 2024	3.6	−18.3%	Cons. · Japanese GAAP
FYE Mar 2025	2.9	−18.9%	Cons. · Japanese GAAP
FYE Mar 2026	2.8	−3.8%	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 57.9%

Average · 10 yrs 54.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	59.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	57.2	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	56.6	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	52.1	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2021	48.8	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	49.9	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	49.5	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	52.8	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2025	55.8	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2026	57.9	+2.0pp	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 37.4%

Average · 10 yrs 38.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	26.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.6	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	29.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	42.0	+12.5pp	Cons. · Japanese GAAP
FYE Mar 2021	47.7	+5.7pp	Cons. · Japanese GAAP
FYE Mar 2022	48.9	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	47.3	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	37.5	−9.8pp	Cons. · Japanese GAAP
FYE Mar 2025	40.1	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	37.4	−2.7pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Mar 2026 3.9%

Average · 10 yrs -0.2%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.0	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	2.6	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2020	-8.6	−11.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-24.2	−15.5pp	Cons. · Japanese GAAP
FYE Mar 2022	0.8	+25.0pp	Cons. · Japanese GAAP
FYE Mar 2023	2.6	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	5.7	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	3.9	−1.4pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 2.3%

Average · 10 yrs 0.1%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	1.5	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	-4.5	−6.0pp	Cons. · Japanese GAAP
FYE Mar 2021	-11.8	−7.3pp	Cons. · Japanese GAAP
FYE Mar 2022	0.4	+12.2pp	Cons. · Japanese GAAP
FYE Mar 2023	1.3	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2024	3.0	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	3.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	2.3	−0.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.62×

CAGR · 10 yrs −0.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.65	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.64	−0.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.64	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.58	−9.5%	Cons. · Japanese GAAP
FYE Mar 2021	0.49	−15.5%	Cons. · Japanese GAAP
FYE Mar 2022	0.51	+5.0%	Cons. · Japanese GAAP
FYE Mar 2023	0.55	+7.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.58	+4.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.61	+6.0%	Cons. · Japanese GAAP
FYE Mar 2026	0.62	+0.9%	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 ¥10.0bn

CAGR · 10 yrs −5.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	17.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.0	+63.7%	Cons. · Japanese GAAP
FYE Mar 2019	14.9	−46.7%	Cons. · Japanese GAAP
FYE Mar 2020	-8.2	−154.7%	Cons. · Japanese GAAP
FYE Mar 2021	-6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2022	16.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	23.1	+39.6%	Cons. · Japanese GAAP
FYE Mar 2024	13.0	−43.8%	Cons. · Japanese GAAP
FYE Mar 2025	13.8	+6.4%	Cons. · Japanese GAAP
FYE Mar 2026	10.0	−27.5%	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 -¥8.8bn

Average · 10 yrs -¥2.1bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-7.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	3.8	−71.5%	Cons. · Japanese GAAP
FYE Mar 2023	-3.3	−186.4%	Cons. · Japanese GAAP
FYE Mar 2024	-2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-8.8	−253.1%	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 -¥19bn

Average · 10 yrs -¥10bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-16.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-10.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-11.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	8.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-9.8	−209.5%	Cons. · Japanese GAAP
FYE Mar 2022	-0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-18.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-21.1	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-19.0	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 ¥49bn

CAGR · 10 yrs +2.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	38.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.8	+27.8%	Cons. · Japanese GAAP
FYE Mar 2019	50.1	+2.6%	Cons. · Japanese GAAP
FYE Mar 2020	42.7	−14.7%	Cons. · Japanese GAAP
FYE Mar 2021	40.3	−5.8%	Cons. · Japanese GAAP
FYE Mar 2022	60.3	+49.8%	Cons. · Japanese GAAP
FYE Mar 2023	75.7	+25.5%	Cons. · Japanese GAAP
FYE Mar 2024	67.7	−10.6%	Cons. · Japanese GAAP
FYE Mar 2025	66.1	−2.3%	Cons. · Japanese GAAP
FYE Mar 2026	48.5	−26.6%	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 ¥1.2bn

CAGR · 10 yrs −16.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.0	+261.8%	Cons. · Japanese GAAP
FYE Mar 2019	12.3	−41.3%	Cons. · Japanese GAAP
FYE Mar 2020	-16.1	−230.5%	Cons. · Japanese GAAP
FYE Mar 2021	7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2022	20.3	+186.2%	Cons. · Japanese GAAP
FYE Mar 2023	19.8	−2.4%	Cons. · Japanese GAAP
FYE Mar 2024	10.5	−47.2%	Cons. · Japanese GAAP
FYE Mar 2025	19.5	+86.5%	Cons. · Japanese GAAP
FYE Mar 2026	1.2	−93.9%	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 5.3%

Average · 10 yrs 5.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.0	+4.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.0	−5.0pp	Cons. · Japanese GAAP
FYE Mar 2020	-3.7	−9.7pp	Cons. · Japanese GAAP
FYE Mar 2021	-3.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	10.0	+13.8pp	Cons. · Japanese GAAP
FYE Mar 2023	12.4	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2024	6.7	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2025	7.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	5.3	−1.8pp	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 -¥18bn

Average · 10 yrs -¥17bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-16.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-15.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-39.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-36.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-18.6	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-5.1	−492.6%	Cons. · Japanese GAAP
FYE Mar 2026	-17.6	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 ¥122bn

Change · 8 yrs −¥90bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	212	n/a
FYE Mar 2018	232	n/a
FYE Mar 2019	127	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	34.0	n/a
FYE Mar 2023	47.2	n/a
FYE Mar 2024	88.7	n/a
FYE Mar 2025	103	n/a
FYE Mar 2026	122	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 2,417¥

Change · 8 yrs −1,412¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,829	n/a
FYE Mar 2018	4,181	n/a
FYE Mar 2019	2,515	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	675	n/a
FYE Mar 2023	936	n/a
FYE Mar 2024	1,761	n/a
FYE Mar 2025	2,036	n/a
FYE Mar 2026	2,417	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 50,394,000shares

Change · 10 yrs −5,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	55,394,000	Parent
FYE Mar 2018	55,394,000	Parent
FYE Mar 2019	50,394,000	Parent
FYE Mar 2020	50,394,000	Parent
FYE Mar 2021	50,394,000	Parent
FYE Mar 2022	50,394,000	Parent
FYE Mar 2023	50,394,000	Parent
FYE Mar 2024	50,394,000	Parent
FYE Mar 2025	50,394,000	Parent
FYE Mar 2026	50,394,000	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 47.95¥

Change · 10 yrs −172.11¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	220.06	Cons.
FYE Mar 2018	224.81	Cons.
FYE Mar 2019	114.32	Cons.
FYE Mar 2020	-338.39	Cons.
FYE Mar 2021	-781.33	Cons.
FYE Mar 2022	9.04	Cons.
FYE Mar 2023	28.62	Cons.
FYE Mar 2024	67.46	Cons.
FYE Mar 2025	63.44	Cons.
FYE Mar 2026	47.95	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 3,514.19¥

Change · 10 yrs −653.79¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	4,167.98	Cons. · Japanese GAAP
FYE Mar 2018	4,105.73	Cons. · Japanese GAAP
FYE Mar 2019	4,382.21	Cons. · Japanese GAAP
FYE Mar 2020	3,883.86	Cons. · Japanese GAAP
FYE Mar 2021	3,191.71	Cons. · Japanese GAAP
FYE Mar 2022	3,197.70	Cons. · Japanese GAAP
FYE Mar 2023	3,302.79	Cons. · Japanese GAAP
FYE Mar 2024	3,514.84	Cons. · Japanese GAAP
FYE Mar 2025	3,527.78	Cons. · Japanese GAAP
FYE Mar 2026	3,514.19	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 16.80×

Average · 8 yrs 16.25×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.40	Cons.
FYE Mar 2018	18.60	Cons.
FYE Mar 2019	22.00	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	24.90	Cons.
FYE Mar 2023	10.90	Cons.
FYE Mar 2024	8.70	Cons.
FYE Mar 2025	10.70	Cons.
FYE Mar 2026	16.80	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 0.65×

Average · 8 yrs 0.57×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.86	Cons.
FYE Mar 2018	0.93	Cons.
FYE Mar 2019	0.57	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.21	Cons.
FYE Mar 2023	0.28	Cons.
FYE Mar 2024	0.50	Cons.
FYE Mar 2025	0.56	Cons.
FYE Mar 2026	0.65	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 6,666people

Change · 10 yrs −861 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	7,527	n/a	Cons.
FYE Mar 2018	7,908	+5.1%	Cons.
FYE Mar 2019	8,101	+2.4%	Cons.
FYE Mar 2020	7,828	−3.4%	Cons.
FYE Mar 2021	7,538	−3.7%	Cons.
FYE Mar 2022	6,523	−13.5%	Cons.
FYE Mar 2023	6,638	+1.8%	Cons.
FYE Mar 2024	6,636	−0.0%	Cons.
FYE Mar 2025	6,561	−1.1%	Cons.
FYE Mar 2026	6,666	+1.6%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 2,856people

Change · 10 yrs −953 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,809	n/a	Parent
FYE Mar 2018	3,943	+3.5%	Parent
FYE Mar 2019	4,010	+1.7%	Parent
FYE Mar 2020	4,073	+1.6%	Parent
FYE Mar 2021	4,015	−1.4%	Parent
FYE Mar 2022	3,023	−24.7%	Parent
FYE Mar 2023	2,746	−9.2%	Parent
FYE Mar 2024	2,703	−1.6%	Parent
FYE Mar 2025	2,792	+3.3%	Parent
FYE Mar 2026	2,856	+2.3%	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 509万円

Change · 8 yrs +19万円

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	490	n/a	Parent
FYE Mar 2020	467	−4.7%	Parent
FYE Mar 2021	439	−6.0%	Parent
FYE Mar 2022	413	−6.0%	Parent
FYE Mar 2023	459	+11.1%	Parent
FYE Mar 2024	496	+8.1%	Parent
FYE Mar 2025	507	+2.2%	Parent
FYE Mar 2026	509	+0.5%	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 Mar 2026 37.7years

Change · 8 yrs +2.7 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	35.0	n/a	Parent
FYE Mar 2020	36.1	+3.1%	Parent
FYE Mar 2021	36.5	+1.1%	Parent
FYE Mar 2022	35.4	−3.0%	Parent
FYE Mar 2023	36.8	+4.0%	Parent
FYE Mar 2024	37.7	+2.4%	Parent
FYE Mar 2025	37.6	−0.3%	Parent
FYE Mar 2026	37.7	+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 14.2years

Change · 8 yrs +2.0 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	12.2	n/a	Parent
FYE Mar 2020	11.8	−3.3%	Parent
FYE Mar 2021	13.0	+10.2%	Parent
FYE Mar 2022	12.2	−6.2%	Parent
FYE Mar 2023	13.5	+10.7%	Parent
FYE Mar 2024	14.1	+4.4%	Parent
FYE Mar 2025	14.1	−0.0%	Parent
FYE Mar 2026	14.2	+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)

Temporary employees

FYE Mar 2026 3,566people

Change · 10 yrs −174 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,740	n/a	n/a
FYE Mar 2018	3,719	−0.6%	n/a
FYE Mar 2019	4,539	+22.0%	n/a
FYE Mar 2020	4,181	−7.9%	n/a
FYE Mar 2021	3,752	−10.3%	n/a
FYE Mar 2022	3,785	+0.9%	n/a
FYE Mar 2023	4,158	+9.9%	n/a
FYE Mar 2024	4,253	+2.3%	n/a
FYE Mar 2025	3,713	−12.7%	n/a
FYE Mar 2026	3,566	−4.0%	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 ¥28.4m

Change · 10 yrs −¥5.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	33.6	n/a	Cons.
FYE Mar 2018	32.2	−4.0%	Cons.
FYE Mar 2019	30.9	−4.1%	Cons.
FYE Mar 2020	27.8	−10.0%	Cons.
FYE Mar 2021	21.4	−23.0%	Cons.
FYE Mar 2022	25.4	+18.8%	Cons.
FYE Mar 2023	28.0	+9.9%	Cons.
FYE Mar 2024	29.2	+4.4%	Cons.
FYE Mar 2025	29.7	+1.7%	Cons.
FYE Mar 2026	28.4	−4.5%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.6m

Change · 10 yrs −¥1.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.7	n/a	Cons.
FYE Mar 2018	2.6	−3.0%	Cons.
FYE Mar 2019	1.8	−30.6%	Cons.
FYE Mar 2020	0.1	−94.2%	Cons.
FYE Mar 2021	-1.9	−1928.6%	Cons.
FYE Mar 2022	0.3	n/a	Cons.
FYE Mar 2023	1.1	+236.7%	Cons.
FYE Mar 2024	1.8	+59.5%	Cons.
FYE Mar 2025	1.9	+6.7%	Cons.
FYE Mar 2026	1.6	−17.1%	Cons.

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

Disclaimer

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

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

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