Financials

SBI Holdings: FYE Mar 2026 and ten years of results (42 metrics)

FYE Mar 2026 · Revenue¥1.90tnYoY +31.4%

FYE Mar 2026 · Operating profit¥517bnYoY +83.0%

FYE Mar 2026 · Net profit¥428bnYoY +163.7%

FYE Mar 2026 · Equity ratio3.1%YoY +0.7pp

FYE Mar 2026 · Group employees18,669YoY −487

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥262bn	n/a	n/a	n/a	n/a	¥32bn	Kitao Yoshitaka	Memorandum with Ripple opens the crypto-asset business
FYE Mar 2018Consolidated	¥337bn	+28.7%	¥72bn	n/a	21.3%	¥47bn	Kitao Yoshitaka	—
FYE Mar 2019Consolidated	¥351bn	+4.3%	¥83bn	+15.6%	23.6%	¥53bn	Kitao Yoshitaka	SBI Insurance Group lists on TSE Mothers
FYE Mar 2020Consolidated	¥368bn	+4.7%	¥66bn	−20.7%	17.9%	¥37bn	Kitao Yoshitaka	Capital and business alliance with Shimane Bank
FYE Mar 2021Consolidated	¥541bn	+47.0%	¥140bn	+113.3%	25.9%	¥81bn	Kitao Yoshitaka	Chikuho, Shimizu and Towa banks join in turn
FYE Mar 2022Consolidated	¥764bn	+41.1%	¥413bn	+194.0%	54.0%	¥367bn	Kitao Yoshitaka	Tender offer for Shinsei Bank shares succeeds
FYE Mar 2023Consolidated	¥957bn	+25.3%	¥102bn	−75.3%	10.7%	¥35bn	Kitao Yoshitaka	ARUHI, a mortgage brokerage, becomes a subsidiary
FYE Mar 2024Consolidated	¥1.21tn	+26.5%	¥142bn	+38.6%	11.7%	¥87bn	Kitao Yoshitaka	SBI Sumishin Net Bank lists on the TSE Standard market
FYE Mar 2025Consolidated	¥1.44tn	+19.3%	¥282bn	+99.4%	19.6%	¥162bn	Kitao Yoshitaka	—
FYE Mar 2026Consolidated	¥1.90tn	+31.4%	¥517bn	+83.0%	27.2%	¥428bn	Kitao Yoshitaka	—

How it compares

Nomura Holdings¥4.76tnFY2025Operating margin 11.3%

SBI Holdings¥1.90tnFY2025Operating margin 27.2%

Daiwa Securities Group¥1.47tnFY2025Operating margin 14.1%

Nikko Cordial CorporationDelisted 2008

Yamaichi SecuritiesDelisted 1997 OKASAN SECURITIES GROUP INC.¥96bnFY2025Operating margin 19.6%Monex Group, Inc.¥93bnFY2025Operating margin 17.0%

Sanyo SecuritiesDelisted 1997

Matsui Securities Co., Ltd.¥53bnFY2025Operating margin 44.6%

JAFCO Group¥22bnFY2025Operating margin 25.9%

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.90tn

CAGR · 10 yrs +24.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	262	n/a	Cons. · IFRS
FYE Mar 2018	337	+28.7%	Cons. · IFRS
FYE Mar 2019	351	+4.3%	Cons. · IFRS
FYE Mar 2020	368	+4.7%	Cons. · IFRS
FYE Mar 2021	541	+47.0%	Cons. · IFRS
FYE Mar 2022	764	+41.1%	Cons. · IFRS
FYE Mar 2023	957	+25.3%	Cons. · IFRS
FYE Mar 2024	1,211	+26.5%	Cons. · IFRS
FYE Mar 2025	1,444	+19.3%	Cons. · IFRS
FYE Mar 2026	1,897	+31.4%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥366bn

CAGR · 9 yrs +15.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	114	n/a	Cons. · IFRS
FYE Mar 2019	99.8	−12.1%	Cons. · IFRS
FYE Mar 2020	111	+10.9%	Cons. · IFRS
FYE Mar 2021	143	+28.7%	Cons. · IFRS
FYE Mar 2022	222	+55.6%	Cons. · IFRS
FYE Mar 2023	185	−16.5%	Cons. · IFRS
FYE Mar 2024	266	+43.5%	Cons. · IFRS
FYE Mar 2025	281	+5.5%	Cons. · IFRS
FYE Mar 2026	366	+30.4%	Cons. · IFRS

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

Gross profit

FYE Mar 2026 ¥1.53tn

CAGR · 9 yrs +27.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	223	n/a	Cons. · IFRS
FYE Mar 2019	252	+12.6%	Cons. · IFRS
FYE Mar 2020	257	+2.3%	Cons. · IFRS
FYE Mar 2021	399	+54.9%	Cons. · IFRS
FYE Mar 2022	542	+35.9%	Cons. · IFRS
FYE Mar 2023	772	+42.4%	Cons. · IFRS
FYE Mar 2024	945	+22.4%	Cons. · IFRS
FYE Mar 2025	1,163	+23.1%	Cons. · IFRS
FYE Mar 2026	1,531	+31.6%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥518bn

CAGR · 9 yrs +22.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	100	n/a	Cons. · IFRS
FYE Mar 2019	111	+10.7%	Cons. · IFRS
FYE Mar 2020	132	+19.0%	Cons. · IFRS
FYE Mar 2021	163	+23.5%	Cons. · IFRS
FYE Mar 2022	230	+40.7%	Cons. · IFRS
FYE Mar 2023	363	+58.1%	Cons. · IFRS
FYE Mar 2024	406	+11.7%	Cons. · IFRS
FYE Mar 2025	442	+8.8%	Cons. · IFRS
FYE Mar 2026	518	+17.4%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥517bn

CAGR · 9 yrs +28.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	71.8	n/a	Cons. · IFRS
FYE Mar 2019	83.0	+15.6%	Cons. · IFRS
FYE Mar 2020	65.8	−20.7%	Cons. · IFRS
FYE Mar 2021	140	+113.3%	Cons. · IFRS
FYE Mar 2022	413	+194.0%	Cons. · IFRS
FYE Mar 2023	102	−75.3%	Cons. · IFRS
FYE Mar 2024	142	+38.6%	Cons. · IFRS
FYE Mar 2025	282	+99.4%	Cons. · IFRS
FYE Mar 2026	517	+83.0%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥428bn

CAGR · 10 yrs +33.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	32.5	n/a	Cons. · IFRS
FYE Mar 2018	46.7	+43.8%	Cons. · IFRS
FYE Mar 2019	52.5	+12.6%	Cons. · IFRS
FYE Mar 2020	37.5	−28.7%	Cons. · IFRS
FYE Mar 2021	81.1	+116.3%	Cons. · IFRS
FYE Mar 2022	367	+352.4%	Cons. · IFRS
FYE Mar 2023	35.4	−90.3%	Cons. · IFRS
FYE Mar 2024	87.2	+146.1%	Cons. · IFRS
FYE Mar 2025	162	+85.8%	Cons. · IFRS
FYE Mar 2026	428	+163.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 80.7%

Average · 9 yrs 74.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	66.3	n/a	Cons. · IFRS
FYE Mar 2019	71.6	+5.3pp	Cons. · IFRS
FYE Mar 2020	69.9	−1.7pp	Cons. · IFRS
FYE Mar 2021	73.7	+3.7pp	Cons. · IFRS
FYE Mar 2022	71.0	−2.7pp	Cons. · IFRS
FYE Mar 2023	80.6	+9.7pp	Cons. · IFRS
FYE Mar 2024	78.0	−2.6pp	Cons. · IFRS
FYE Mar 2025	80.6	+2.5pp	Cons. · IFRS
FYE Mar 2026	80.7	+0.1pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 27.2%

Average · 9 yrs 23.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	21.3	n/a	Cons. · IFRS
FYE Mar 2019	23.6	+2.3pp	Cons. · IFRS
FYE Mar 2020	17.9	−5.7pp	Cons. · IFRS
FYE Mar 2021	25.9	+8.1pp	Cons. · IFRS
FYE Mar 2022	54.0	+28.1pp	Cons. · IFRS
FYE Mar 2023	10.7	−43.4pp	Cons. · IFRS
FYE Mar 2024	11.7	+1.0pp	Cons. · IFRS
FYE Mar 2025	19.6	+7.9pp	Cons. · IFRS
FYE Mar 2026	27.2	+7.7pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 22.5%

Average · 10 yrs 15.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	12.4	n/a	Cons. · IFRS
FYE Mar 2018	13.9	+1.5pp	Cons. · IFRS
FYE Mar 2019	15.0	+1.1pp	Cons. · IFRS
FYE Mar 2020	10.2	−4.8pp	Cons. · IFRS
FYE Mar 2021	15.0	+4.8pp	Cons. · IFRS
FYE Mar 2022	48.0	+33.1pp	Cons. · IFRS
FYE Mar 2023	3.7	−44.3pp	Cons. · IFRS
FYE Mar 2024	7.2	+3.5pp	Cons. · IFRS
FYE Mar 2025	11.2	+4.0pp	Cons. · IFRS
FYE Mar 2026	22.5	+11.3pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 19.3%

Average · 9 yrs 25.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	33.7	n/a	Cons. · IFRS
FYE Mar 2019	28.4	−5.3pp	Cons. · IFRS
FYE Mar 2020	30.1	+1.7pp	Cons. · IFRS
FYE Mar 2021	26.3	−3.7pp	Cons. · IFRS
FYE Mar 2022	29.0	+2.7pp	Cons. · IFRS
FYE Mar 2023	19.4	−9.7pp	Cons. · IFRS
FYE Mar 2024	22.0	+2.6pp	Cons. · IFRS
FYE Mar 2025	19.4	−2.5pp	Cons. · IFRS
FYE Mar 2026	19.3	−0.1pp	Cons. · IFRS

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

SG&A ratio

FYE Mar 2026 27.3%

Average · 9 yrs 31.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	29.8	n/a	Cons. · IFRS
FYE Mar 2019	31.6	+1.8pp	Cons. · IFRS
FYE Mar 2020	35.9	+4.3pp	Cons. · IFRS
FYE Mar 2021	30.2	−5.7pp	Cons. · IFRS
FYE Mar 2022	30.1	−0.1pp	Cons. · IFRS
FYE Mar 2023	38.0	+7.9pp	Cons. · IFRS
FYE Mar 2024	33.5	−4.4pp	Cons. · IFRS
FYE Mar 2025	30.6	−2.9pp	Cons. · IFRS
FYE Mar 2026	27.3	−3.3pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥38.3tn

CAGR · 10 yrs +29.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	3,850	n/a	Cons. · IFRS
FYE Mar 2018	4,536	+17.8%	Cons. · IFRS
FYE Mar 2019	5,034	+11.0%	Cons. · IFRS
FYE Mar 2020	5,513	+9.5%	Cons. · IFRS
FYE Mar 2021	7,209	+30.8%	Cons. · IFRS
FYE Mar 2022	17,838	+147.5%	Cons. · IFRS
FYE Mar 2023	22,302	+25.0%	Cons. · IFRS
FYE Mar 2024	27,139	+21.7%	Cons. · IFRS
FYE Mar 2025	32,113	+18.3%	Cons. · IFRS
FYE Mar 2026	38,291	+19.2%	Cons. · IFRS

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

Equity net assets, shareholders' equity

FYE Mar 2026 ¥1.18tn

CAGR · 10 yrs +13.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	378	n/a	Cons. · IFRS
FYE Mar 2018	362	−4.3%	Cons. · IFRS
FYE Mar 2019	351	−3.0%	Cons. · IFRS
FYE Mar 2020	309	−11.8%	Cons. · IFRS
FYE Mar 2021	407	+31.7%	Cons. · IFRS
FYE Mar 2022	266	−34.7%	Cons. · IFRS
FYE Mar 2023	280	+5.4%	Cons. · IFRS
FYE Mar 2024	617	+120.2%	Cons. · IFRS
FYE Mar 2025	759	+23.0%	Cons. · IFRS
FYE Mar 2026	1,177	+55.0%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥7.01tn

CAGR · 9 yrs +36.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	571	n/a	Cons. · IFRS
FYE Mar 2019	963	+68.6%	Cons. · IFRS
FYE Mar 2020	1,149	+19.3%	Cons. · IFRS
FYE Mar 2021	1,394	+21.3%	Cons. · IFRS
FYE Mar 2022	3,365	+141.4%	Cons. · IFRS
FYE Mar 2023	3,680	+9.4%	Cons. · IFRS
FYE Mar 2024	4,477	+21.6%	Cons. · IFRS
FYE Mar 2025	5,721	+27.8%	Cons. · IFRS
FYE Mar 2026	7,010	+22.5%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥332bn

CAGR · 9 yrs +7.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	182	n/a	Cons. · IFRS
FYE Mar 2019	185	+1.7%	Cons. · IFRS
FYE Mar 2020	190	+3.0%	Cons. · IFRS
FYE Mar 2021	226	+18.6%	Cons. · IFRS
FYE Mar 2022	293	+29.9%	Cons. · IFRS
FYE Mar 2023	366	+24.9%	Cons. · IFRS
FYE Mar 2024	416	+13.6%	Cons. · IFRS
FYE Mar 2025	430	+3.4%	Cons. · IFRS
FYE Mar 2026	332	−22.8%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥139bn

CAGR · 9 yrs −1.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	156	n/a	Cons. · IFRS
FYE Mar 2019	157	+0.5%	Cons. · IFRS
FYE Mar 2020	157	−0.4%	Cons. · IFRS
FYE Mar 2021	182	+16.3%	Cons. · IFRS
FYE Mar 2022	188	+3.3%	Cons. · IFRS
FYE Mar 2023	238	+26.6%	Cons. · IFRS
FYE Mar 2024	255	+7.2%	Cons. · IFRS
FYE Mar 2025	244	−4.6%	Cons. · IFRS
FYE Mar 2026	139	−42.8%	Cons. · IFRS

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

Equity ratio

FYE Mar 2026 3.1%

Average · 10 yrs 4.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	9.8	n/a	Cons. · IFRS
FYE Mar 2018	8.0	−1.8pp	Cons. · IFRS
FYE Mar 2019	7.0	−1.0pp	Cons. · IFRS
FYE Mar 2020	5.6	−1.4pp	Cons. · IFRS
FYE Mar 2021	5.6	−0.0pp	Cons. · IFRS
FYE Mar 2022	1.5	−4.2pp	Cons. · IFRS
FYE Mar 2023	1.3	−0.2pp	Cons. · IFRS
FYE Mar 2024	2.3	+1.0pp	Cons. · IFRS
FYE Mar 2025	2.4	+0.1pp	Cons. · IFRS
FYE Mar 2026	3.1	+0.7pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 595.8%

Average · 9 yrs 644.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	157.9	n/a	Cons. · IFRS
FYE Mar 2019	274.5	+116.6pp	Cons. · IFRS
FYE Mar 2020	371.6	+97.0pp	Cons. · IFRS
FYE Mar 2021	342.4	−29.1pp	Cons. · IFRS
FYE Mar 2022	1,265.2	+922.8pp	Cons. · IFRS
FYE Mar 2023	1,313.3	+48.0pp	Cons. · IFRS
FYE Mar 2024	725.5	−587.7pp	Cons. · IFRS
FYE Mar 2025	753.8	+28.2pp	Cons. · IFRS
FYE Mar 2026	595.8	−157.9pp	Cons. · IFRS

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

ROE return on equity

FYE Mar 2026 36.3%

Average · 10 yrs 29.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons. · IFRS
FYE Mar 2018	12.9	+4.3pp	Cons. · IFRS
FYE Mar 2019	15.0	+2.1pp	Cons. · IFRS
FYE Mar 2020	12.1	−2.9pp	Cons. · IFRS
FYE Mar 2021	19.9	+7.8pp	Cons. · IFRS
FYE Mar 2022	137.9	+118.0pp	Cons. · IFRS
FYE Mar 2023	12.6	−125.3pp	Cons. · IFRS
FYE Mar 2024	14.1	+1.5pp	Cons. · IFRS
FYE Mar 2025	21.4	+7.2pp	Cons. · IFRS
FYE Mar 2026	36.3	+15.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 1.1%

Average · 10 yrs 0.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · IFRS
FYE Mar 2018	1.0	+0.2pp	Cons. · IFRS
FYE Mar 2019	1.0	−0.0pp	Cons. · IFRS
FYE Mar 2020	0.7	−0.4pp	Cons. · IFRS
FYE Mar 2021	1.1	+0.4pp	Cons. · IFRS
FYE Mar 2022	2.1	+0.9pp	Cons. · IFRS
FYE Mar 2023	0.2	−1.9pp	Cons. · IFRS
FYE Mar 2024	0.3	+0.2pp	Cons. · IFRS
FYE Mar 2025	0.5	+0.2pp	Cons. · IFRS
FYE Mar 2026	1.1	+0.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.05×

CAGR · 10 yrs −3.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.07	n/a	Cons. · IFRS
FYE Mar 2018	0.07	+9.2%	Cons. · IFRS
FYE Mar 2019	0.07	−6.0%	Cons. · IFRS
FYE Mar 2020	0.07	−4.4%	Cons. · IFRS
FYE Mar 2021	0.08	+12.4%	Cons. · IFRS
FYE Mar 2022	0.04	−43.0%	Cons. · IFRS
FYE Mar 2023	0.04	+0.2%	Cons. · IFRS
FYE Mar 2024	0.04	+3.9%	Cons. · IFRS
FYE Mar 2025	0.04	+0.8%	Cons. · IFRS
FYE Mar 2026	0.05	+10.2%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥1.69tn

Average · 10 yrs ¥492bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-18.0	n/a	Cons. · IFRS
FYE Mar 2018	-33.2	n/a	Cons. · IFRS
FYE Mar 2019	-71.7	n/a	Cons. · IFRS
FYE Mar 2020	26.8	n/a	Cons. · IFRS
FYE Mar 2021	-178	−764.5%	Cons. · IFRS
FYE Mar 2022	-314	n/a	Cons. · IFRS
FYE Mar 2023	961	n/a	Cons. · IFRS
FYE Mar 2024	1,346	+40.1%	Cons. · IFRS
FYE Mar 2025	1,509	+12.1%	Cons. · IFRS
FYE Mar 2026	1,695	+12.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥1.14tn

Average · 10 yrs -¥170bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · IFRS
FYE Mar 2018	7.9	+223.4%	Cons. · IFRS
FYE Mar 2019	-54.7	−794.5%	Cons. · IFRS
FYE Mar 2020	-70.9	n/a	Cons. · IFRS
FYE Mar 2021	-82.1	n/a	Cons. · IFRS
FYE Mar 2022	1,839	n/a	Cons. · IFRS
FYE Mar 2023	-1,075	−158.5%	Cons. · IFRS
FYE Mar 2024	-65.1	n/a	Cons. · IFRS
FYE Mar 2025	-1,060	n/a	Cons. · IFRS
FYE Mar 2026	-1,136	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 ¥443bn

CAGR · 10 yrs +12.0%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	159	n/a	Cons. · IFRS
FYE Mar 2018	74.6	−53.2%	Cons. · IFRS
FYE Mar 2019	408	+446.8%	Cons. · IFRS
FYE Mar 2020	182	−55.5%	Cons. · IFRS
FYE Mar 2021	211	+16.1%	Cons. · IFRS
FYE Mar 2022	163	−22.5%	Cons. · IFRS
FYE Mar 2023	810	+396.3%	Cons. · IFRS
FYE Mar 2024	29.2	−96.4%	Cons. · IFRS
FYE Mar 2025	446	+1428.5%	Cons. · IFRS
FYE Mar 2026	443	−0.7%	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥6.40tn

CAGR · 10 yrs +36.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	392	n/a	Cons. · IFRS
FYE Mar 2018	437	+11.6%	Cons. · IFRS
FYE Mar 2019	714	+63.3%	Cons. · IFRS
FYE Mar 2020	844	+18.2%	Cons. · IFRS
FYE Mar 2021	803	−4.9%	Cons. · IFRS
FYE Mar 2022	2,499	+211.4%	Cons. · IFRS
FYE Mar 2023	3,201	+28.1%	Cons. · IFRS
FYE Mar 2024	4,580	+43.1%	Cons. · IFRS
FYE Mar 2025	5,501	+20.1%	Cons. · IFRS
FYE Mar 2026	6,401	+16.4%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥559bn

Average · 10 yrs ¥323bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-15.5	n/a	Cons. · IFRS
FYE Mar 2018	-25.4	n/a	Cons. · IFRS
FYE Mar 2019	-126	n/a	Cons. · IFRS
FYE Mar 2020	-44.0	n/a	Cons. · IFRS
FYE Mar 2021	-260	n/a	Cons. · IFRS
FYE Mar 2022	1,524	n/a	Cons. · IFRS
FYE Mar 2023	-114	−107.5%	Cons. · IFRS
FYE Mar 2024	1,281	n/a	Cons. · IFRS
FYE Mar 2025	448	−65.0%	Cons. · IFRS
FYE Mar 2026	559	+24.7%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 89.4%

Average · 10 yrs 30.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	-6.9	n/a	Cons. · IFRS
FYE Mar 2018	-9.9	−3.0pp	Cons. · IFRS
FYE Mar 2019	-20.4	−10.5pp	Cons. · IFRS
FYE Mar 2020	7.3	+27.7pp	Cons. · IFRS
FYE Mar 2021	-33.0	−40.3pp	Cons. · IFRS
FYE Mar 2022	-41.1	−8.2pp	Cons. · IFRS
FYE Mar 2023	100.4	+141.5pp	Cons. · IFRS
FYE Mar 2024	111.2	+10.8pp	Cons. · IFRS
FYE Mar 2025	104.5	−6.7pp	Cons. · IFRS
FYE Mar 2026	89.4	−15.1pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥610bn

Average · 9 yrs -¥372bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-134	n/a	Cons. · IFRS
FYE Mar 2019	-249	n/a	Cons. · IFRS
FYE Mar 2020	-305	n/a	Cons. · IFRS
FYE Mar 2021	-591	n/a	Cons. · IFRS
FYE Mar 2022	-865	n/a	Cons. · IFRS
FYE Mar 2023	-479	n/a	Cons. · IFRS
FYE Mar 2024	103	n/a	Cons. · IFRS
FYE Mar 2025	-221	−313.9%	Cons. · IFRS
FYE Mar 2026	-610	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥1.88tn

Change · 10 yrs +¥1.53tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	349	n/a
FYE Mar 2018	546	n/a
FYE Mar 2019	584	n/a
FYE Mar 2020	373	n/a
FYE Mar 2021	734	n/a
FYE Mar 2022	761	n/a
FYE Mar 2023	715	n/a
FYE Mar 2024	1,193	n/a
FYE Mar 2025	1,207	n/a
FYE Mar 2026	1,882	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 2,847¥

Change · 10 yrs +1,295¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,552	n/a
FYE Mar 2018	2,433	n/a
FYE Mar 2019	2,467	n/a
FYE Mar 2020	1,578	n/a
FYE Mar 2021	3,000	n/a
FYE Mar 2022	3,102	n/a
FYE Mar 2023	2,624	n/a
FYE Mar 2024	3,952	n/a
FYE Mar 2025	3,983	n/a
FYE Mar 2026	2,847	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 661,122,614shares

Change · 10 yrs +436,560,853 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	224,561,761	Parent
FYE Mar 2018	224,561,761	Parent
FYE Mar 2019	236,556,393	Parent
FYE Mar 2020	236,556,393	Parent
FYE Mar 2021	244,639,390	Parent
FYE Mar 2022	245,220,890	Parent
FYE Mar 2023	272,358,290	Parent
FYE Mar 2024	301,889,807	Parent
FYE Mar 2025	303,056,907	Parent
FYE Mar 2026	661,122,614	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 666.82¥

Change · 10 yrs +507.44¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	159.38	Cons.
FYE Mar 2018	220.54	Cons.
FYE Mar 2019	231.43	Cons.
FYE Mar 2020	163.18	Cons.
FYE Mar 2021	339.78	Cons.
FYE Mar 2022	1,498.55	Cons.
FYE Mar 2023	133.87	Cons.
FYE Mar 2024	316.43	Cons.
FYE Mar 2025	268.04	Cons.
FYE Mar 2026	666.82	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 1,779.58¥

Change · 10 yrs +96.34¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,683.24	Cons. · IFRS
FYE Mar 2018	1,611.16	Cons. · IFRS
FYE Mar 2019	1,482.91	Cons. · IFRS
FYE Mar 2020	1,307.31	Cons. · IFRS
FYE Mar 2021	1,664.23	Cons. · IFRS
FYE Mar 2022	1,084.52	Cons. · IFRS
FYE Mar 2023	1,028.95	Cons. · IFRS
FYE Mar 2024	2,044.03	Cons. · IFRS
FYE Mar 2025	2,504.56	Cons. · IFRS
FYE Mar 2026	1,779.58	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 4.27×

Average · 10 yrs 9.58×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.74	Cons.
FYE Mar 2018	11.03	Cons.
FYE Mar 2019	10.66	Cons.
FYE Mar 2020	9.67	Cons.
FYE Mar 2021	8.83	Cons.
FYE Mar 2022	2.07	Cons.
FYE Mar 2023	19.60	Cons.
FYE Mar 2024	12.49	Cons.
FYE Mar 2025	7.43	Cons.
FYE Mar 2026	4.27	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 1.03×

Average · 10 yrs 0.99×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.84	Cons.
FYE Mar 2018	1.26	Cons.
FYE Mar 2019	1.23	Cons.
FYE Mar 2020	0.81	Cons.
FYE Mar 2021	1.31	Cons.
FYE Mar 2022	0.82	Cons.
FYE Mar 2023	0.70	Cons.
FYE Mar 2024	0.95	Cons.
FYE Mar 2025	0.96	Cons.
FYE Mar 2026	1.03	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 18,669people

Change · 10 yrs +14,214 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	4,455	n/a	Cons.
FYE Mar 2018	5,391	+21.0%	Cons.
FYE Mar 2019	6,439	+19.4%	Cons.
FYE Mar 2020	8,003	+24.3%	Cons.
FYE Mar 2021	9,209	+15.1%	Cons.
FYE Mar 2022	17,496	+90.0%	Cons.
FYE Mar 2023	18,756	+7.2%	Cons.
FYE Mar 2024	19,097	+1.8%	Cons.
FYE Mar 2025	19,156	+0.3%	Cons.
FYE Mar 2026	18,669	−2.5%	Cons.

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

Parent-company employees

FYE Mar 2026 389people

Change · 10 yrs +202 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	187	n/a	Parent
FYE Mar 2018	197	+5.3%	Parent
FYE Mar 2019	224	+13.7%	Parent
FYE Mar 2020	227	+1.3%	Parent
FYE Mar 2021	212	−6.6%	Parent
FYE Mar 2022	203	−4.2%	Parent
FYE Mar 2023	254	+25.1%	Parent
FYE Mar 2024	330	+29.9%	Parent
FYE Mar 2025	351	+6.4%	Parent
FYE Mar 2026	389	+10.8%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥10.1m

Change · 8 yrs +¥1.9m

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	8.1	n/a	Parent
FYE Mar 2020	8.4	+3.4%	Parent
FYE Mar 2021	8.0	−4.2%	Parent
FYE Mar 2022	8.7	+7.9%	Parent
FYE Mar 2023	8.8	+1.8%	Parent
FYE Mar 2024	9.0	+1.5%	Parent
FYE Mar 2025	9.8	+8.8%	Parent
FYE Mar 2026	10.1	+3.0%	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 41.3years

Change · 8 yrs +3.2 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	38.1	n/a	Parent
FYE Mar 2020	38.1	−0.0%	Parent
FYE Mar 2021	39.2	+2.9%	Parent
FYE Mar 2022	39.7	+1.3%	Parent
FYE Mar 2023	40.2	+1.3%	Parent
FYE Mar 2024	39.8	−1.0%	Parent
FYE Mar 2025	40.4	+1.5%	Parent
FYE Mar 2026	41.3	+2.2%	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 5.7years

Change · 8 yrs +0.2 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	5.5	n/a	Parent
FYE Mar 2020	5.9	+7.3%	Parent
FYE Mar 2021	6.1	+3.4%	Parent
FYE Mar 2022	6.7	+9.8%	Parent
FYE Mar 2023	6.0	−10.4%	Parent
FYE Mar 2024	5.5	−8.3%	Parent
FYE Mar 2025	5.7	+3.6%	Parent
FYE Mar 2026	5.7	−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)

Revenue per employee

FYE Mar 2026 ¥102m

Change · 10 yrs +¥42.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	58.8	n/a	Cons.
FYE Mar 2018	62.5	+6.3%	Cons.
FYE Mar 2019	54.6	−12.7%	Cons.
FYE Mar 2020	46.0	−15.7%	Cons.
FYE Mar 2021	58.8	+27.8%	Cons.
FYE Mar 2022	43.6	−25.7%	Cons.
FYE Mar 2023	51.0	+16.9%	Cons.
FYE Mar 2024	63.4	+24.2%	Cons.
FYE Mar 2025	75.4	+18.9%	Cons.
FYE Mar 2026	102	+34.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥27.7m

Change · 9 yrs +¥14.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	13.3	n/a	Cons.
FYE Mar 2019	12.9	−3.2%	Cons.
FYE Mar 2020	8.2	−36.2%	Cons.
FYE Mar 2021	15.2	+85.4%	Cons.
FYE Mar 2022	23.6	+54.7%	Cons.
FYE Mar 2023	5.4	−76.9%	Cons.
FYE Mar 2024	7.4	+36.1%	Cons.
FYE Mar 2025	14.7	+98.8%	Cons.
FYE Mar 2026	27.7	+87.8%	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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