Financials

Sumitomo Mitsui Trust Group: FYE Mar 2026 and ten years of results (43 metrics)

FYE Mar 2026 · Revenue¥2.98tnYoY +2.1%

FYE Mar 2026 · Operating profit¥401bnYoY +9.2%

FYE Mar 2026 · Net profit¥318bnYoY +23.3%

FYE Mar 2026 · Equity ratio4.3%YoY +0.4pp

FYE Mar 2026 · Group employees22,526YoY −599

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.26tn	n/a	¥196bn	n/a	15.6%	¥121bn	Kitamura Kunitaro	—
FYE Mar 2018Consolidated	¥1.35tn	+7.1%	¥233bn	+18.5%	17.2%	¥154bn	Kitamura Kunitaro	—
FYE Mar 2019Consolidated	¥1.47tn	+8.7%	¥256bn	+10.2%	17.5%	¥174bn	Okubo Tetsuo	—
FYE Mar 2020Consolidated	¥1.54tn	+4.6%	¥258bn	+0.5%	16.8%	¥163bn	Okubo Tetsuo	—
FYE Mar 2021Consolidated	¥1.38tn	−10.1%	¥183bn	−28.9%	13.3%	¥142bn	Okubo Tetsuo	Proxy votes recounted for 975 companies
FYE Mar 2022Consolidated	¥1.40tn	+1.5%	¥230bn	+25.4%	16.4%	¥169bn	Okubo Tetsuo	—
FYE Mar 2023Consolidated	¥1.82tn	+29.8%	¥286bn	+24.4%	15.7%	¥191bn	Takakura Toru	—
FYE Mar 2024Consolidated	¥2.48tn	+36.1%	¥101bn	−64.6%	4.1%	¥79bn	Takakura Toru	—
FYE Mar 2025Consolidated	¥2.92tn	+18.1%	¥368bn	+262.9%	12.6%	¥258bn	Takakura Toru	Sale of Sumitomo Mitsui Trust Loan & Finance
FYE Mar 2026Consolidated	¥2.98tn	+2.1%	¥401bn	+9.2%	13.5%	¥318bn	Takakura Toru	Exit from North American railcar leasing

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales Operating profit

Margins

Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥2.98tn

CAGR · 10 yrs +10.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,261	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,351	+7.1%	Cons. · Japanese GAAP
FYE Mar 2019	1,468	+8.7%	Cons. · Japanese GAAP
FYE Mar 2020	1,535	+4.6%	Cons. · Japanese GAAP
FYE Mar 2021	1,380	−10.1%	Cons. · Japanese GAAP
FYE Mar 2022	1,401	+1.5%	Cons. · Japanese GAAP
FYE Mar 2023	1,819	+29.8%	Cons. · Japanese GAAP
FYE Mar 2024	2,475	+36.1%	Cons. · Japanese GAAP
FYE Mar 2025	2,922	+18.1%	Cons. · Japanese GAAP
FYE Mar 2026	2,984	+2.1%	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 ¥2.58tn

CAGR · 10 yrs +10.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,065	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,118	+5.0%	Cons. · Japanese GAAP
FYE Mar 2019	1,212	+8.3%	Cons. · Japanese GAAP
FYE Mar 2020	1,278	+5.5%	Cons. · Japanese GAAP
FYE Mar 2021	1,197	−6.3%	Cons. · Japanese GAAP
FYE Mar 2022	1,171	−2.2%	Cons. · Japanese GAAP
FYE Mar 2023	1,533	+30.9%	Cons. · Japanese GAAP
FYE Mar 2024	2,374	+54.8%	Cons. · Japanese GAAP
FYE Mar 2025	2,555	+7.6%	Cons. · Japanese GAAP
FYE Mar 2026	2,582	+1.1%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥401bn

CAGR · 10 yrs +8.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	196	n/a	Cons. · Japanese GAAP
FYE Mar 2018	233	+18.5%	Cons. · Japanese GAAP
FYE Mar 2019	256	+10.2%	Cons. · Japanese GAAP
FYE Mar 2020	258	+0.5%	Cons. · Japanese GAAP
FYE Mar 2021	183	−28.9%	Cons. · Japanese GAAP
FYE Mar 2022	230	+25.4%	Cons. · Japanese GAAP
FYE Mar 2023	286	+24.4%	Cons. · Japanese GAAP
FYE Mar 2024	101	−64.6%	Cons. · Japanese GAAP
FYE Mar 2025	368	+262.9%	Cons. · Japanese GAAP
FYE Mar 2026	401	+9.2%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥401bn

CAGR · 10 yrs +8.3%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	196	n/a	Cons. · Japanese GAAP
FYE Mar 2018	233	+18.5%	Cons. · Japanese GAAP
FYE Mar 2019	256	+10.2%	Cons. · Japanese GAAP
FYE Mar 2020	258	+0.5%	Cons. · Japanese GAAP
FYE Mar 2021	183	−28.9%	Cons. · Japanese GAAP
FYE Mar 2022	230	+25.4%	Cons. · Japanese GAAP
FYE Mar 2023	286	+24.4%	Cons. · Japanese GAAP
FYE Mar 2024	101	−64.6%	Cons. · Japanese GAAP
FYE Mar 2025	368	+262.9%	Cons. · Japanese GAAP
FYE Mar 2026	401	+9.2%	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 ¥42bn

CAGR · 10 yrs +43.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.6	+863.4%	Cons. · Japanese GAAP
FYE Mar 2019	1.5	−90.2%	Cons. · Japanese GAAP
FYE Mar 2020	3.2	+107.8%	Cons. · Japanese GAAP
FYE Mar 2021	37.7	+1096.3%	Cons. · Japanese GAAP
FYE Mar 2022	0.5	−98.6%	Cons. · Japanese GAAP
FYE Mar 2023	5.0	+813.8%	Cons. · Japanese GAAP
FYE Mar 2024	4.8	−4.4%	Cons. · Japanese GAAP
FYE Mar 2025	1.1	−77.8%	Cons. · Japanese GAAP
FYE Mar 2026	42.0	+3862.4%	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 ¥318bn

CAGR · 10 yrs +11.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	121	n/a	Cons. · Japanese GAAP
FYE Mar 2018	154	+26.8%	Cons. · Japanese GAAP
FYE Mar 2019	174	+12.9%	Cons. · Japanese GAAP
FYE Mar 2020	163	−6.2%	Cons. · Japanese GAAP
FYE Mar 2021	142	−12.8%	Cons. · Japanese GAAP
FYE Mar 2022	169	+18.9%	Cons. · Japanese GAAP
FYE Mar 2023	191	+13.0%	Cons. · Japanese GAAP
FYE Mar 2024	79.2	−58.5%	Cons. · Japanese GAAP
FYE Mar 2025	258	+225.3%	Cons. · Japanese GAAP
FYE Mar 2026	318	+23.3%	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 13.5%

Average · 10 yrs 14.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	15.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.2	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	17.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	16.8	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	13.3	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2022	16.4	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2023	15.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	4.1	−11.6pp	Cons. · Japanese GAAP
FYE Mar 2025	12.6	+8.5pp	Cons. · Japanese GAAP
FYE Mar 2026	13.5	+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 13.5%

Average · 10 yrs 14.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	15.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.2	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	17.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	16.8	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	13.3	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2022	16.4	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2023	15.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	4.1	−11.6pp	Cons. · Japanese GAAP
FYE Mar 2025	12.6	+8.5pp	Cons. · Japanese GAAP
FYE Mar 2026	13.5	+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 10.6%

Average · 10 yrs 9.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	9.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.4	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	11.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	10.6	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	10.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	12.1	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2023	10.5	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2024	3.2	−7.3pp	Cons. · Japanese GAAP
FYE Mar 2025	8.8	+5.6pp	Cons. · Japanese GAAP
FYE Mar 2026	10.6	+1.8pp	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 86.5%

Average · 10 yrs 85.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	84.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	82.8	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	82.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	83.2	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	86.7	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2022	83.6	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2023	84.3	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	95.9	+11.6pp	Cons. · Japanese GAAP
FYE Mar 2025	87.4	−8.5pp	Cons. · Japanese GAAP
FYE Mar 2026	86.5	−0.9pp	Cons. · Japanese GAAP

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

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 ¥82.2tn

CAGR · 10 yrs +2.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	65,454	n/a	Cons. · Japanese GAAP
FYE Mar 2018	68,357	+4.4%	Cons. · Japanese GAAP
FYE Mar 2019	57,029	−16.6%	Cons. · Japanese GAAP
FYE Mar 2020	56,501	−0.9%	Cons. · Japanese GAAP
FYE Mar 2021	63,369	+12.2%	Cons. · Japanese GAAP
FYE Mar 2022	64,633	+2.0%	Cons. · Japanese GAAP
FYE Mar 2023	69,023	+6.8%	Cons. · Japanese GAAP
FYE Mar 2024	75,877	+9.9%	Cons. · Japanese GAAP
FYE Mar 2025	78,247	+3.1%	Cons. · Japanese GAAP
FYE Mar 2026	82,174	+5.0%	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 ¥3.56tn

CAGR · 10 yrs +4.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,463	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,625	+6.6%	Cons. · Japanese GAAP
FYE Mar 2019	2,655	+1.1%	Cons. · Japanese GAAP
FYE Mar 2020	2,556	−3.7%	Cons. · Japanese GAAP
FYE Mar 2021	2,695	+5.4%	Cons. · Japanese GAAP
FYE Mar 2022	2,717	+0.8%	Cons. · Japanese GAAP
FYE Mar 2023	2,793	+2.8%	Cons. · Japanese GAAP
FYE Mar 2024	3,107	+11.2%	Cons. · Japanese GAAP
FYE Mar 2025	3,097	−0.3%	Cons. · Japanese GAAP
FYE Mar 2026	3,558	+14.9%	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 ¥3.93tn

CAGR · 10 yrs +12.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1,385	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,471	+6.2%	Cons. · Japanese GAAP
FYE Mar 2019	1,378	−6.3%	Cons. · Japanese GAAP
FYE Mar 2020	1,126	−18.3%	Cons. · Japanese GAAP
FYE Mar 2021	1,546	+37.3%	Cons. · Japanese GAAP
FYE Mar 2022	2,077	+34.4%	Cons. · Japanese GAAP
FYE Mar 2023	2,502	+20.5%	Cons. · Japanese GAAP
FYE Mar 2024	2,787	+11.4%	Cons. · Japanese GAAP
FYE Mar 2025	3,543	+27.1%	Cons. · Japanese GAAP
FYE Mar 2026	3,928	+10.8%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Mar 2026 ¥3.93tn

CAGR · 10 yrs +12.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,385	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,471	+6.2%	Cons. · Japanese GAAP
FYE Mar 2019	1,378	−6.3%	Cons. · Japanese GAAP
FYE Mar 2020	1,126	−18.3%	Cons. · Japanese GAAP
FYE Mar 2021	1,546	+37.3%	Cons. · Japanese GAAP
FYE Mar 2022	2,077	+34.4%	Cons. · Japanese GAAP
FYE Mar 2023	2,502	+20.5%	Cons. · Japanese GAAP
FYE Mar 2024	2,787	+11.4%	Cons. · Japanese GAAP
FYE Mar 2025	3,543	+27.1%	Cons. · Japanese GAAP
FYE Mar 2026	3,928	+10.8%	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 ¥188bn

CAGR · 10 yrs −1.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	215	n/a	Cons. · Japanese GAAP
FYE Mar 2018	197	−8.2%	Cons. · Japanese GAAP
FYE Mar 2019	151	−23.2%	Cons. · Japanese GAAP
FYE Mar 2020	129	−14.5%	Cons. · Japanese GAAP
FYE Mar 2021	112	−13.2%	Cons. · Japanese GAAP
FYE Mar 2022	126	+11.9%	Cons. · Japanese GAAP
FYE Mar 2023	131	+4.2%	Cons. · Japanese GAAP
FYE Mar 2024	149	+13.9%	Cons. · Japanese GAAP
FYE Mar 2025	175	+17.1%	Cons. · Japanese GAAP
FYE Mar 2026	188	+7.5%	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 −32.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	90.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.0	−10.4%	Cons. · Japanese GAAP
FYE Mar 2019	60.1	−25.8%	Cons. · Japanese GAAP
FYE Mar 2020	45.1	−25.0%	Cons. · Japanese GAAP
FYE Mar 2021	37.3	−17.3%	Cons. · Japanese GAAP
FYE Mar 2022	29.5	−20.9%	Cons. · Japanese GAAP
FYE Mar 2023	21.7	−26.4%	Cons. · Japanese GAAP
FYE Mar 2024	14.8	−31.8%	Cons. · Japanese GAAP
FYE Mar 2025	8.1	−45.5%	Cons. · Japanese GAAP
FYE Mar 2026	2.8	−65.5%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 4.3%

Average · 10 yrs 4.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	4.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	4.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	4.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	4.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	4.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	4.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	4.3	+0.4pp	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 110.4%

Average · 10 yrs 74.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	56.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	51.9	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2020	44.0	−7.9pp	Cons. · Japanese GAAP
FYE Mar 2021	57.4	+13.3pp	Cons. · Japanese GAAP
FYE Mar 2022	76.4	+19.1pp	Cons. · Japanese GAAP
FYE Mar 2023	89.6	+13.1pp	Cons. · Japanese GAAP
FYE Mar 2024	89.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	114.4	+24.7pp	Cons. · Japanese GAAP
FYE Mar 2026	110.4	−4.0pp	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 8.9%

Average · 10 yrs 6.2%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	6.6	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	6.4	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	5.3	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	6.2	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	6.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	2.5	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2025	8.3	+5.8pp	Cons. · Japanese GAAP
FYE Mar 2026	8.9	+0.6pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 0.4%

Average · 10 yrs 0.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	0.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	0.1	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	0.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	0.4	+0.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.04×

CAGR · 10 yrs +7.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.02	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.02	+2.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.03	+30.2%	Cons. · Japanese GAAP
FYE Mar 2020	0.03	+5.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.02	−19.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.02	−0.5%	Cons. · Japanese GAAP
FYE Mar 2023	0.03	+21.6%	Cons. · Japanese GAAP
FYE Mar 2024	0.03	+23.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.04	+14.5%	Cons. · Japanese GAAP
FYE Mar 2026	0.04	−2.8%	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 ¥1.22tn

CAGR · 10 yrs −18.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	7,533	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,840	−62.3%	Cons. · Japanese GAAP
FYE Mar 2019	374	−86.8%	Cons. · Japanese GAAP
FYE Mar 2020	-2,395	−739.9%	Cons. · Japanese GAAP
FYE Mar 2021	6,553	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-120	−101.8%	Cons. · Japanese GAAP
FYE Mar 2023	2,616	n/a	Cons. · Japanese GAAP
FYE Mar 2024	4,295	+64.2%	Cons. · Japanese GAAP
FYE Mar 2025	3,977	−7.4%	Cons. · Japanese GAAP
FYE Mar 2026	1,220	−69.3%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥1.55tn

Average · 10 yrs -¥823bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-339	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-746	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-225	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-631	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-475	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-879	n/a	Cons. · Japanese GAAP
FYE Mar 2023	960	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-2,584	−369.1%	Cons. · Japanese GAAP
FYE Mar 2025	-1,764	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-1,549	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 -¥197bn

Average · 10 yrs -¥117bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	26.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-76.9	−395.4%	Cons. · Japanese GAAP
FYE Mar 2019	-137	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-85.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-220	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-125	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-218	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-85.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-47.6	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-197	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 ¥22.6tn

CAGR · 10 yrs −0.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	24,531	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26,540	+8.2%	Cons. · Japanese GAAP
FYE Mar 2019	14,080	−46.9%	Cons. · Japanese GAAP
FYE Mar 2020	10,960	−22.2%	Cons. · Japanese GAAP
FYE Mar 2021	16,799	+53.3%	Cons. · Japanese GAAP
FYE Mar 2022	15,734	−6.3%	Cons. · Japanese GAAP
FYE Mar 2023	19,173	+21.9%	Cons. · Japanese GAAP
FYE Mar 2024	20,838	+8.7%	Cons. · Japanese GAAP
FYE Mar 2025	23,062	+10.7%	Cons. · Japanese GAAP
FYE Mar 2026	22,551	−2.2%	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 -¥328bn

Average · 10 yrs ¥1.87tn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	7,194	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,095	−70.9%	Cons. · Japanese GAAP
FYE Mar 2019	149	−92.9%	Cons. · Japanese GAAP
FYE Mar 2020	-3,027	−2132.5%	Cons. · Japanese GAAP
FYE Mar 2021	6,078	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-999	−116.4%	Cons. · Japanese GAAP
FYE Mar 2023	3,576	n/a	Cons. · Japanese GAAP
FYE Mar 2024	1,710	−52.2%	Cons. · Japanese GAAP
FYE Mar 2025	2,213	+29.4%	Cons. · Japanese GAAP
FYE Mar 2026	-328	−114.8%	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 40.9%

Average · 10 yrs 163.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	597.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	210.3	−387.0pp	Cons. · Japanese GAAP
FYE Mar 2019	25.5	−184.8pp	Cons. · Japanese GAAP
FYE Mar 2020	-156.0	−181.5pp	Cons. · Japanese GAAP
FYE Mar 2021	474.7	+630.7pp	Cons. · Japanese GAAP
FYE Mar 2022	-8.6	−483.3pp	Cons. · Japanese GAAP
FYE Mar 2023	143.8	+152.4pp	Cons. · Japanese GAAP
FYE Mar 2024	173.5	+29.7pp	Cons. · Japanese GAAP
FYE Mar 2025	136.1	−37.4pp	Cons. · Japanese GAAP
FYE Mar 2026	40.9	−95.2pp	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 ¥18.6tn

CAGR · 10 yrs −2.4%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	23,146	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25,070	+8.3%	Cons. · Japanese GAAP
FYE Mar 2019	12,701	−49.3%	Cons. · Japanese GAAP
FYE Mar 2020	9,834	−22.6%	Cons. · Japanese GAAP
FYE Mar 2021	15,254	+55.1%	Cons. · Japanese GAAP
FYE Mar 2022	13,657	−10.5%	Cons. · Japanese GAAP
FYE Mar 2023	16,671	+22.1%	Cons. · Japanese GAAP
FYE Mar 2024	18,050	+8.3%	Cons. · Japanese GAAP
FYE Mar 2025	19,519	+8.1%	Cons. · Japanese GAAP
FYE Mar 2026	18,624	−4.6%	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 ¥3.42tn

Change · 10 yrs +¥1.92tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,506	n/a
FYE Mar 2018	1,681	n/a
FYE Mar 2019	1,551	n/a
FYE Mar 2020	1,172	n/a
FYE Mar 2021	1,448	n/a
FYE Mar 2022	1,501	n/a
FYE Mar 2023	1,672	n/a
FYE Mar 2024	2,408	n/a
FYE Mar 2025	2,682	n/a
FYE Mar 2026	3,422	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 4,898¥

Change · 10 yrs +1,040¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,858	n/a
FYE Mar 2018	4,306	n/a
FYE Mar 2019	3,974	n/a
FYE Mar 2020	3,123	n/a
FYE Mar 2021	3,857	n/a
FYE Mar 2022	3,999	n/a
FYE Mar 2023	4,540	n/a
FYE Mar 2024	3,308	n/a
FYE Mar 2025	3,718	n/a
FYE Mar 2026	4,898	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 698,812,000shares

Change · 10 yrs +308,464,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	390,348,000	Parent
FYE Mar 2018	390,348,000	Parent
FYE Mar 2019	390,348,000	Parent
FYE Mar 2020	375,291,000	Parent
FYE Mar 2021	375,291,000	Parent
FYE Mar 2022	375,291,000	Parent
FYE Mar 2023	368,172,000	Parent
FYE Mar 2024	728,051,000	Parent
FYE Mar 2025	721,355,000	Parent
FYE Mar 2026	698,812,000	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 451.80¥

Change · 10 yrs +134.56¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	317.24	Cons.
FYE Mar 2018	403.91	Cons.
FYE Mar 2019	458.91	Cons.
FYE Mar 2020	434.31	Cons.
FYE Mar 2021	379.65	Cons.
FYE Mar 2022	451.40	Cons.
FYE Mar 2023	258.57	Cons.
FYE Mar 2024	109.16	Cons.
FYE Mar 2025	359.56	Cons.
FYE Mar 2026	451.80	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 5,091.79¥

Change · 10 yrs −1,218.46¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	6,310.25	Cons. · Japanese GAAP
FYE Mar 2018	6,725.97	Cons. · Japanese GAAP
FYE Mar 2019	6,800.40	Cons. · Japanese GAAP
FYE Mar 2020	6,811.58	Cons. · Japanese GAAP
FYE Mar 2021	7,180.52	Cons. · Japanese GAAP
FYE Mar 2022	7,238.55	Cons. · Japanese GAAP
FYE Mar 2023	7,586.21	Cons. · Japanese GAAP
FYE Mar 2024	4,267.81	Cons. · Japanese GAAP
FYE Mar 2025	4,293.21	Cons. · Japanese GAAP
FYE Mar 2026	5,091.79	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 10.84×

Average · 10 yrs 11.80×

Fiscal year	PER ×	Basis
FYE Mar 2017	12.16	Cons.
FYE Mar 2018	10.66	Cons.
FYE Mar 2019	8.66	Cons.
FYE Mar 2020	7.19	Cons.
FYE Mar 2021	10.16	Cons.
FYE Mar 2022	8.86	Cons.
FYE Mar 2023	8.78	Cons.
FYE Mar 2024	30.30	Cons.
FYE Mar 2025	10.34	Cons.
FYE Mar 2026	10.84	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 0.65×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.60	Cons.
FYE Mar 2018	0.62	Cons.
FYE Mar 2019	0.57	Cons.
FYE Mar 2020	0.46	Cons.
FYE Mar 2021	0.54	Cons.
FYE Mar 2022	0.55	Cons.
FYE Mar 2023	0.59	Cons.
FYE Mar 2024	0.77	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 22,526people

Change · 10 yrs +383 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	22,143	n/a	Cons.
FYE Mar 2018	22,351	+0.9%	Cons.
FYE Mar 2019	21,498	−3.8%	Cons.
FYE Mar 2020	21,658	+0.7%	Cons.
FYE Mar 2021	22,139	+2.2%	Cons.
FYE Mar 2022	22,024	−0.5%	Cons.
FYE Mar 2023	22,465	+2.0%	Cons.
FYE Mar 2024	22,911	+2.0%	Cons.
FYE Mar 2025	23,125	+0.9%	Cons.
FYE Mar 2026	22,526	−2.6%	Cons.

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

Parent-company employees

FYE Mar 2026 194people

Change · 10 yrs +155 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	39	n/a	Parent
FYE Mar 2018	91	+133.3%	Parent
FYE Mar 2019	146	+60.4%	Parent
FYE Mar 2020	169	+15.8%	Parent
FYE Mar 2021	184	+8.9%	Parent
FYE Mar 2022	233	+26.6%	Parent
FYE Mar 2023	285	+22.3%	Parent
FYE Mar 2024	283	−0.7%	Parent
FYE Mar 2025	273	−3.5%	Parent
FYE Mar 2026	194	−28.9%	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 ¥13.9m

Change · 10 yrs +¥1.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	12.7	n/a	Parent
FYE Mar 2018	13.8	+8.9%	Parent
FYE Mar 2019	13.0	−5.4%	Parent
FYE Mar 2020	12.0	−7.9%	Parent
FYE Mar 2021	12.6	+5.0%	Parent
FYE Mar 2022	12.7	+0.5%	Parent
FYE Mar 2023	12.7	+0.5%	Parent
FYE Mar 2024	13.0	+2.3%	Parent
FYE Mar 2025	13.5	+3.6%	Parent
FYE Mar 2026	13.9	+3.1%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 46.5years

Change · 8 yrs −3.6 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	50.1	n/a	Parent
FYE Mar 2020	51.3	+2.4%	Parent
FYE Mar 2021	51.5	+0.4%	Parent
FYE Mar 2022	49.8	−3.3%	Parent
FYE Mar 2023	49.9	+0.2%	Parent
FYE Mar 2024	50.0	+0.2%	Parent
FYE Mar 2025	48.9	−2.2%	Parent
FYE Mar 2026	46.5	−4.9%	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 19.9years

Change · 10 yrs −2.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	22.0	n/a	Parent
FYE Mar 2018	24.6	+11.8%	Parent
FYE Mar 2019	23.2	−5.7%	Parent
FYE Mar 2020	23.1	−0.4%	Parent
FYE Mar 2021	23.8	+3.0%	Parent
FYE Mar 2022	21.1	−11.3%	Parent
FYE Mar 2023	20.9	−0.9%	Parent
FYE Mar 2024	21.7	+3.8%	Parent
FYE Mar 2025	21.5	−0.9%	Parent
FYE Mar 2026	19.9	−7.4%	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 2,235people

Change · 10 yrs −438 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	2,673	n/a	n/a
FYE Mar 2018	2,547	−4.7%	n/a
FYE Mar 2019	2,141	−15.9%	n/a
FYE Mar 2020	2,149	+0.4%	n/a
FYE Mar 2021	2,193	+2.0%	n/a
FYE Mar 2022	2,200	+0.3%	n/a
FYE Mar 2023	2,271	+3.2%	n/a
FYE Mar 2024	2,400	+5.7%	n/a
FYE Mar 2025	2,464	+2.7%	n/a
FYE Mar 2026	2,235	−9.3%	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 ¥132m

Change · 10 yrs +¥75.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	57.0	n/a	Cons.
FYE Mar 2018	60.4	+6.1%	Cons.
FYE Mar 2019	68.3	+13.0%	Cons.
FYE Mar 2020	70.9	+3.8%	Cons.
FYE Mar 2021	62.4	−12.0%	Cons.
FYE Mar 2022	63.6	+2.0%	Cons.
FYE Mar 2023	81.0	+27.3%	Cons.
FYE Mar 2024	108	+33.4%	Cons.
FYE Mar 2025	126	+17.0%	Cons.
FYE Mar 2026	132	+4.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥17.8m

Change · 10 yrs +¥9.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	8.9	n/a	Cons.
FYE Mar 2018	10.4	+17.4%	Cons.
FYE Mar 2019	11.9	+14.6%	Cons.
FYE Mar 2020	11.9	−0.3%	Cons.
FYE Mar 2021	8.3	−30.5%	Cons.
FYE Mar 2022	10.4	+26.1%	Cons.
FYE Mar 2023	12.7	+22.0%	Cons.
FYE Mar 2024	4.4	−65.2%	Cons.
FYE Mar 2025	15.9	+259.5%	Cons.
FYE Mar 2026	17.8	+12.1%	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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