Financials

Daiwa Securities Group: FYE Mar 2026 and ten years of results (52 metrics)

FYE Mar 2026 · Revenue¥1.47tnYoY +7.0%

FYE Mar 2026 · Operating profit¥207bnYoY +24.3%

FYE Mar 2026 · Net profit¥175bnYoY +13.5%

FYE Mar 2026 · Equity ratio4.6%YoY +0.1pp

FYE Mar 2026 · Group employees14,984YoY +201

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥616bn	n/a	¥119bn	n/a	19.3%	¥104bn	Hibino Takashi	—
FYE Mar 2018Consolidated	¥713bn	+15.6%	¥135bn	+13.4%	19.0%	¥111bn	Hibino Takashi	<a class="en-history_person" href="/tse/8601/executives/ceo/nakata-seiji/" hreflang="ja">Nakata Seiji</a> becomes president
FYE Mar 2019Consolidated	¥721bn	+1.1%	¥67bn	−50.2%	9.3%	¥64bn	Nakata Seiji	—
FYE Mar 2020Consolidated	¥672bn	−6.7%	¥54bn	−19.4%	8.1%	¥60bn	Nakata Seiji	—
FYE Mar 2021Consolidated	¥576bn	−14.3%	¥93bn	+71.0%	16.1%	¥108bn	Nakata Seiji	—
FYE Mar 2022Consolidated	¥619bn	+7.5%	¥116bn	+24.4%	18.7%	¥95bn	Nakata Seiji	—
FYE Mar 2023Consolidated	¥866bn	+39.8%	¥66bn	−42.6%	7.7%	¥64bn	Nakata Seiji	—
FYE Mar 2024Consolidated	¥1.28tn	+47.5%	¥154bn	+131.9%	12.0%	¥122bn	Nakata Seiji	—
FYE Mar 2025Consolidated	¥1.37tn	+7.4%	¥167bn	+8.5%	12.2%	¥154bn	Nakata Seiji	<a class="en-history_person" href="/tse/8601/executives/ceo/ogino-akihiko/" hreflang="ja">Ogino Akihiko</a> becomes president
FYE Mar 2026Consolidated	¥1.47tn	+7.0%	¥207bn	+24.3%	14.1%	¥175bn	Ogino Akihiko	Daiwa Airborne launched as a joint venture with Airborne Capital Limited

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%

Toukaitoukyoufinansharuhorudingusu¥86bnFY2024Operating margin 13.6%

Sanyo SecuritiesDelisted 1997

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

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 ¥1.47tn

CAGR · 10 yrs +10.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	616	n/a	Cons. · Japanese GAAP
FYE Mar 2018	713	+15.6%	Cons. · Japanese GAAP
FYE Mar 2019	721	+1.1%	Cons. · Japanese GAAP
FYE Mar 2020	672	−6.7%	Cons. · Japanese GAAP
FYE Mar 2021	576	−14.3%	Cons. · Japanese GAAP
FYE Mar 2022	619	+7.5%	Cons. · Japanese GAAP
FYE Mar 2023	866	+39.8%	Cons. · Japanese GAAP
FYE Mar 2024	1,277	+47.5%	Cons. · Japanese GAAP
FYE Mar 2025	1,372	+7.4%	Cons. · Japanese GAAP
FYE Mar 2026	1,468	+7.0%	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 ¥598bn

CAGR · 10 yrs +22.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	98.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	148	+50.3%	Cons. · Japanese GAAP
FYE Mar 2019	242	+63.4%	Cons. · Japanese GAAP
FYE Mar 2020	210	−13.4%	Cons. · Japanese GAAP
FYE Mar 2021	54.5	−74.0%	Cons. · Japanese GAAP
FYE Mar 2022	44.7	−17.9%	Cons. · Japanese GAAP
FYE Mar 2023	268	+500.5%	Cons. · Japanese GAAP
FYE Mar 2024	526	+95.8%	Cons. · Japanese GAAP
FYE Mar 2025	604	+14.8%	Cons. · Japanese GAAP
FYE Mar 2026	598	−1.0%	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 ¥870bn

CAGR · 10 yrs +5.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	518	n/a	Cons. · Japanese GAAP
FYE Mar 2018	564	+9.0%	Cons. · Japanese GAAP
FYE Mar 2019	478	−15.3%	Cons. · Japanese GAAP
FYE Mar 2020	462	−3.3%	Cons. · Japanese GAAP
FYE Mar 2021	522	+12.8%	Cons. · Japanese GAAP
FYE Mar 2022	575	+10.2%	Cons. · Japanese GAAP
FYE Mar 2023	598	+4.0%	Cons. · Japanese GAAP
FYE Mar 2024	752	+25.8%	Cons. · Japanese GAAP
FYE Mar 2025	768	+2.2%	Cons. · Japanese GAAP
FYE Mar 2026	870	+13.3%	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 ¥513bn

CAGR · 10 yrs +4.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	354	n/a	Cons. · Japanese GAAP
FYE Mar 2018	370	+4.7%	Cons. · Japanese GAAP
FYE Mar 2019	374	+1.0%	Cons. · Japanese GAAP
FYE Mar 2020	372	−0.5%	Cons. · Japanese GAAP
FYE Mar 2021	374	+0.5%	Cons. · Japanese GAAP
FYE Mar 2022	387	+3.4%	Cons. · Japanese GAAP
FYE Mar 2023	398	+2.9%	Cons. · Japanese GAAP
FYE Mar 2024	437	+9.9%	Cons. · Japanese GAAP
FYE Mar 2025	479	+9.6%	Cons. · Japanese GAAP
FYE Mar 2026	513	+7.1%	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 ¥207bn

CAGR · 10 yrs +6.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	119	n/a	Cons. · Japanese GAAP
FYE Mar 2018	135	+13.4%	Cons. · Japanese GAAP
FYE Mar 2019	67.3	−50.2%	Cons. · Japanese GAAP
FYE Mar 2020	54.3	−19.4%	Cons. · Japanese GAAP
FYE Mar 2021	92.9	+71.0%	Cons. · Japanese GAAP
FYE Mar 2022	116	+24.4%	Cons. · Japanese GAAP
FYE Mar 2023	66.3	−42.6%	Cons. · Japanese GAAP
FYE Mar 2024	154	+131.9%	Cons. · Japanese GAAP
FYE Mar 2025	167	+8.5%	Cons. · Japanese GAAP
FYE Mar 2026	207	+24.3%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥38bn

CAGR · 10 yrs +8.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	17.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.9	+23.3%	Cons. · Japanese GAAP
FYE Mar 2019	16.6	−24.5%	Cons. · Japanese GAAP
FYE Mar 2020	17.5	+5.5%	Cons. · Japanese GAAP
FYE Mar 2021	25.5	+46.0%	Cons. · Japanese GAAP
FYE Mar 2022	23.2	−8.8%	Cons. · Japanese GAAP
FYE Mar 2023	24.7	+6.2%	Cons. · Japanese GAAP
FYE Mar 2024	24.8	+0.4%	Cons. · Japanese GAAP
FYE Mar 2025	63.0	+154.3%	Cons. · Japanese GAAP
FYE Mar 2026	37.7	−40.2%	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 ¥11bn

CAGR · 10 yrs +27.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	+6.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	−44.2%	Cons. · Japanese GAAP
FYE Mar 2020	1.5	+101.6%	Cons. · Japanese GAAP
FYE Mar 2021	3.2	+116.6%	Cons. · Japanese GAAP
FYE Mar 2022	3.0	−7.0%	Cons. · Japanese GAAP
FYE Mar 2023	4.0	+35.9%	Cons. · Japanese GAAP
FYE Mar 2024	3.9	−3.0%	Cons. · Japanese GAAP
FYE Mar 2025	5.0	+29.3%	Cons. · Japanese GAAP
FYE Mar 2026	10.5	+108.9%	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 ¥235bn

CAGR · 10 yrs +6.3%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	136	n/a	Cons. · Japanese GAAP
FYE Mar 2018	156	+14.8%	Cons. · Japanese GAAP
FYE Mar 2019	83.2	−46.6%	Cons. · Japanese GAAP
FYE Mar 2020	70.3	−15.5%	Cons. · Japanese GAAP
FYE Mar 2021	115	+63.9%	Cons. · Japanese GAAP
FYE Mar 2022	136	+17.9%	Cons. · Japanese GAAP
FYE Mar 2023	86.9	−36.0%	Cons. · Japanese GAAP
FYE Mar 2024	175	+100.8%	Cons. · Japanese GAAP
FYE Mar 2025	225	+28.7%	Cons. · Japanese GAAP
FYE Mar 2026	235	+4.4%	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 ¥35bn

CAGR · 10 yrs +8.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	17.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.2	−41.2%	Cons. · Japanese GAAP
FYE Mar 2019	14.3	+40.3%	Cons. · Japanese GAAP
FYE Mar 2020	37.5	+161.7%	Cons. · Japanese GAAP
FYE Mar 2021	51.7	+37.8%	Cons. · Japanese GAAP
FYE Mar 2022	9.0	−82.6%	Cons. · Japanese GAAP
FYE Mar 2023	18.2	+101.8%	Cons. · Japanese GAAP
FYE Mar 2024	18.4	+1.4%	Cons. · Japanese GAAP
FYE Mar 2025	4.1	−77.7%	Cons. · Japanese GAAP
FYE Mar 2026	35.5	+761.4%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Mar 2026 n/a

CAGR · 3 yrs −16.7%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	2.4	−80.1%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥175bn

CAGR · 10 yrs +6.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	104	n/a	Cons. · Japanese GAAP
FYE Mar 2018	111	+6.3%	Cons. · Japanese GAAP
FYE Mar 2019	63.8	−42.3%	Cons. · Japanese GAAP
FYE Mar 2020	60.3	−5.4%	Cons. · Japanese GAAP
FYE Mar 2021	108	+79.6%	Cons. · Japanese GAAP
FYE Mar 2022	94.9	−12.5%	Cons. · Japanese GAAP
FYE Mar 2023	63.9	−32.7%	Cons. · Japanese GAAP
FYE Mar 2024	122	+90.3%	Cons. · Japanese GAAP
FYE Mar 2025	154	+27.0%	Cons. · Japanese GAAP
FYE Mar 2026	175	+13.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 59.3%

Average · 10 yrs 72.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	84.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	79.2	−4.8pp	Cons. · Japanese GAAP
FYE Mar 2019	66.4	−12.8pp	Cons. · Japanese GAAP
FYE Mar 2020	68.8	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2021	90.5	+21.8pp	Cons. · Japanese GAAP
FYE Mar 2022	92.8	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	69.0	−23.8pp	Cons. · Japanese GAAP
FYE Mar 2024	58.8	−10.2pp	Cons. · Japanese GAAP
FYE Mar 2025	56.0	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2026	59.3	+3.3pp	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 14.1%

Average · 10 yrs 13.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	19.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	9.3	−9.6pp	Cons. · Japanese GAAP
FYE Mar 2020	8.1	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2021	16.1	+8.0pp	Cons. · Japanese GAAP
FYE Mar 2022	18.7	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	7.7	−11.0pp	Cons. · Japanese GAAP
FYE Mar 2024	12.0	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2025	12.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	14.1	+2.0pp	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 16.0%

Average · 10 yrs 16.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	11.5	−10.3pp	Cons. · Japanese GAAP
FYE Mar 2020	10.5	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	20.0	+9.5pp	Cons. · Japanese GAAP
FYE Mar 2022	21.9	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2023	10.0	−11.9pp	Cons. · Japanese GAAP
FYE Mar 2024	13.7	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2025	16.4	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	16.0	−0.4pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 11.9%

Average · 10 yrs 12.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	16.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.5	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	8.9	−6.7pp	Cons. · Japanese GAAP
FYE Mar 2020	9.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	18.8	+9.8pp	Cons. · Japanese GAAP
FYE Mar 2022	15.3	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2023	7.4	−7.9pp	Cons. · Japanese GAAP
FYE Mar 2024	9.5	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2025	11.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	11.9	+0.7pp	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 40.7%

Average · 10 yrs 27.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	16.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.8	+4.8pp	Cons. · Japanese GAAP
FYE Mar 2019	33.6	+12.8pp	Cons. · Japanese GAAP
FYE Mar 2020	31.2	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2021	9.5	−21.8pp	Cons. · Japanese GAAP
FYE Mar 2022	7.2	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	31.0	+23.8pp	Cons. · Japanese GAAP
FYE Mar 2024	41.2	+10.2pp	Cons. · Japanese GAAP
FYE Mar 2025	44.0	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2026	40.7	−3.3pp	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 35.0%

Average · 10 yrs 49.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	57.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.0	−5.4pp	Cons. · Japanese GAAP
FYE Mar 2019	51.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	55.3	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2021	64.9	+9.5pp	Cons. · Japanese GAAP
FYE Mar 2022	62.4	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	45.9	−16.5pp	Cons. · Japanese GAAP
FYE Mar 2024	34.2	−11.7pp	Cons. · Japanese GAAP
FYE Mar 2025	34.9	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	35.0	−0.0pp	Cons. · Japanese GAAP

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥38.1tn

CAGR · 10 yrs +7.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	19,827	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21,135	+6.6%	Cons. · Japanese GAAP
FYE Mar 2019	21,127	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	23,822	+12.8%	Cons. · Japanese GAAP
FYE Mar 2021	26,099	+9.6%	Cons. · Japanese GAAP
FYE Mar 2022	27,531	+5.5%	Cons. · Japanese GAAP
FYE Mar 2023	26,413	−4.1%	Cons. · Japanese GAAP
FYE Mar 2024	32,027	+21.3%	Cons. · Japanese GAAP
FYE Mar 2025	36,024	+12.5%	Cons. · Japanese GAAP
FYE Mar 2026	38,078	+5.7%	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 ¥1.77tn

CAGR · 10 yrs +3.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,260	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,282	+1.8%	Cons. · Japanese GAAP
FYE Mar 2019	1,253	−2.2%	Cons. · Japanese GAAP
FYE Mar 2020	1,219	−2.7%	Cons. · Japanese GAAP
FYE Mar 2021	1,343	+10.2%	Cons. · Japanese GAAP
FYE Mar 2022	1,382	+3.0%	Cons. · Japanese GAAP
FYE Mar 2023	1,417	+2.5%	Cons. · Japanese GAAP
FYE Mar 2024	1,529	+7.9%	Cons. · Japanese GAAP
FYE Mar 2025	1,646	+7.6%	Cons. · Japanese GAAP
FYE Mar 2026	1,769	+7.5%	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 ¥3.88tn

CAGR · 10 yrs +7.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	2,098	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,420	+15.3%	Cons. · Japanese GAAP
FYE Mar 2019	2,678	+10.7%	Cons. · Japanese GAAP
FYE Mar 2020	2,460	−8.1%	Cons. · Japanese GAAP
FYE Mar 2021	2,995	+21.7%	Cons. · Japanese GAAP
FYE Mar 2022	3,393	+13.3%	Cons. · Japanese GAAP
FYE Mar 2023	3,000	−11.6%	Cons. · Japanese GAAP
FYE Mar 2024	3,294	+9.8%	Cons. · Japanese GAAP
FYE Mar 2025	3,452	+4.8%	Cons. · Japanese GAAP
FYE Mar 2026	3,885	+12.5%	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 ¥2.03tn

CAGR · 10 yrs +9.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	919	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,092	+18.8%	Cons. · Japanese GAAP
FYE Mar 2019	1,441	+32.0%	Cons. · Japanese GAAP
FYE Mar 2020	1,277	−11.4%	Cons. · Japanese GAAP
FYE Mar 2021	1,673	+31.0%	Cons. · Japanese GAAP
FYE Mar 2022	2,156	+28.8%	Cons. · Japanese GAAP
FYE Mar 2023	1,554	−27.9%	Cons. · Japanese GAAP
FYE Mar 2024	1,273	−18.1%	Cons. · Japanese GAAP
FYE Mar 2025	1,738	+36.5%	Cons. · Japanese GAAP
FYE Mar 2026	2,034	+17.0%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥1.85tn

CAGR · 10 yrs +5.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,179	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,328	+12.6%	Cons. · Japanese GAAP
FYE Mar 2019	1,337	+0.7%	Cons. · Japanese GAAP
FYE Mar 2020	1,183	−11.5%	Cons. · Japanese GAAP
FYE Mar 2021	1,587	+34.1%	Cons. · Japanese GAAP
FYE Mar 2022	1,237	−22.0%	Cons. · Japanese GAAP
FYE Mar 2023	1,707	+38.0%	Cons. · Japanese GAAP
FYE Mar 2024	2,021	+18.4%	Cons. · Japanese GAAP
FYE Mar 2025	2,037	+0.8%	Cons. · Japanese GAAP
FYE Mar 2026	1,851	−9.1%	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Bonds

FYE Mar 2026 n/a

CAGR · 9 yrs +1.0%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	1,498	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,315	−12.2%	Cons. · Japanese GAAP
FYE Mar 2019	1,553	+18.1%	Cons. · Japanese GAAP
FYE Mar 2020	1,379	−11.2%	Cons. · Japanese GAAP
FYE Mar 2021	1,761	+27.7%	Cons. · Japanese GAAP
FYE Mar 2022	1,564	−11.2%	Cons. · Japanese GAAP
FYE Mar 2023	1,790	+14.5%	Cons. · Japanese GAAP
FYE Mar 2024	1,276	−28.7%	Cons. · Japanese GAAP
FYE Mar 2025	1,618	+26.8%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥155bn

CAGR · 10 yrs +6.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	90.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	106	+16.8%	Cons. · Japanese GAAP
FYE Mar 2019	116	+9.6%	Cons. · Japanese GAAP
FYE Mar 2020	124	+7.1%	Cons. · Japanese GAAP
FYE Mar 2021	129	+3.8%	Cons. · Japanese GAAP
FYE Mar 2022	121	−5.7%	Cons. · Japanese GAAP
FYE Mar 2023	126	+3.4%	Cons. · Japanese GAAP
FYE Mar 2024	128	+1.6%	Cons. · Japanese GAAP
FYE Mar 2025	137	+7.7%	Cons. · Japanese GAAP
FYE Mar 2026	155	+12.6%	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 ¥16bn

CAGR · 10 yrs +11.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.2	+83.0%	Cons. · Japanese GAAP
FYE Mar 2019	10.6	−5.1%	Cons. · Japanese GAAP
FYE Mar 2020	13.6	+28.5%	Cons. · Japanese GAAP
FYE Mar 2021	21.2	+55.8%	Cons. · Japanese GAAP
FYE Mar 2022	19.7	−7.4%	Cons. · Japanese GAAP
FYE Mar 2023	18.5	−5.8%	Cons. · Japanese GAAP
FYE Mar 2024	17.1	−7.5%	Cons. · Japanese GAAP
FYE Mar 2025	15.6	−8.9%	Cons. · Japanese GAAP
FYE Mar 2026	16.1	+3.1%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 4.6%

Average · 10 yrs 5.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	5.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	5.1	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	5.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	5.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2023	5.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	4.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	4.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	4.6	+0.1pp	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 219.5%

Average · 10 yrs 209.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	166.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	188.7	+22.2pp	Cons. · Japanese GAAP
FYE Mar 2019	213.7	+25.0pp	Cons. · Japanese GAAP
FYE Mar 2020	201.8	−11.9pp	Cons. · Japanese GAAP
FYE Mar 2021	223.1	+21.2pp	Cons. · Japanese GAAP
FYE Mar 2022	245.4	+22.4pp	Cons. · Japanese GAAP
FYE Mar 2023	211.8	−33.7pp	Cons. · Japanese GAAP
FYE Mar 2024	215.4	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2025	209.7	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2026	219.5	+9.8pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Mar 2026 9.9%

Average · 10 yrs 7.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.6	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	5.1	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2020	5.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	8.1	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2022	6.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2023	4.5	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	7.9	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2025	9.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	9.9	+0.5pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 0.5%

Average · 10 yrs 0.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	0.4	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	0.3	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2023	0.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	0.4	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	0.4	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	0.5	−0.0pp	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 +2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.03	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.03	+8.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.03	+1.2%	Cons. · Japanese GAAP
FYE Mar 2020	0.03	−17.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.02	−21.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.02	+1.9%	Cons. · Japanese GAAP
FYE Mar 2023	0.03	+45.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.04	+21.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.04	−4.5%	Cons. · Japanese GAAP
FYE Mar 2026	0.04	+1.2%	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 ¥439bn

CAGR · 10 yrs +28.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	44.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1,319	−3061.7%	Cons. · Japanese GAAP
FYE Mar 2019	305	n/a	Cons. · Japanese GAAP
FYE Mar 2020	167	−45.2%	Cons. · Japanese GAAP
FYE Mar 2021	391	+133.9%	Cons. · Japanese GAAP
FYE Mar 2022	-353	−190.4%	Cons. · Japanese GAAP
FYE Mar 2023	-184	n/a	Cons. · Japanese GAAP
FYE Mar 2024	705	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-454	−164.4%	Cons. · Japanese GAAP
FYE Mar 2026	439	n/a	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 -¥584bn

Average · 10 yrs -¥49bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	308	n/a	Cons. · Japanese GAAP
FYE Mar 2018	778	+152.8%	Cons. · Japanese GAAP
FYE Mar 2019	108	−86.1%	Cons. · Japanese GAAP
FYE Mar 2020	-215	−299.0%	Cons. · Japanese GAAP
FYE Mar 2021	-91.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-219	n/a	Cons. · Japanese GAAP
FYE Mar 2023	7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-224	−3103.7%	Cons. · Japanese GAAP
FYE Mar 2025	-353	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-584	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 ¥199bn

CAGR · 10 yrs +3.7%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	143	n/a	Cons. · Japanese GAAP
FYE Mar 2018	433	+202.2%	Cons. · Japanese GAAP
FYE Mar 2019	55.7	−87.1%	Cons. · Japanese GAAP
FYE Mar 2020	-136	−343.6%	Cons. · Japanese GAAP
FYE Mar 2021	438	n/a	Cons. · Japanese GAAP
FYE Mar 2022	377	−13.9%	Cons. · Japanese GAAP
FYE Mar 2023	-566	−250.1%	Cons. · Japanese GAAP
FYE Mar 2024	-2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	199	n/a	Cons. · Japanese GAAP
FYE Mar 2026	199	+0.2%	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 ¥3.77tn

CAGR · 10 yrs +0.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	3,766	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,653	−3.0%	Cons. · Japanese GAAP
FYE Mar 2019	4,122	+12.8%	Cons. · Japanese GAAP
FYE Mar 2020	3,933	−4.6%	Cons. · Japanese GAAP
FYE Mar 2021	4,724	+20.1%	Cons. · Japanese GAAP
FYE Mar 2022	4,554	−3.6%	Cons. · Japanese GAAP
FYE Mar 2023	3,836	−15.8%	Cons. · Japanese GAAP
FYE Mar 2024	4,352	+13.5%	Cons. · Japanese GAAP
FYE Mar 2025	3,740	−14.1%	Cons. · Japanese GAAP
FYE Mar 2026	3,773	+0.9%	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 -¥145bn

Average · 10 yrs -¥74bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	352	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-541	−253.7%	Cons. · Japanese GAAP
FYE Mar 2019	413	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-48.2	−111.7%	Cons. · Japanese GAAP
FYE Mar 2021	299	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-572	−291.1%	Cons. · Japanese GAAP
FYE Mar 2023	-176	n/a	Cons. · Japanese GAAP
FYE Mar 2024	481	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-808	−267.8%	Cons. · Japanese GAAP
FYE Mar 2026	-145	n/a	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 29.9%

Average · 10 yrs -6.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-185.1	−192.4pp	Cons. · Japanese GAAP
FYE Mar 2019	42.3	+227.4pp	Cons. · Japanese GAAP
FYE Mar 2020	24.9	−17.4pp	Cons. · Japanese GAAP
FYE Mar 2021	67.9	+43.0pp	Cons. · Japanese GAAP
FYE Mar 2022	-57.1	−124.9pp	Cons. · Japanese GAAP
FYE Mar 2023	-21.2	+35.8pp	Cons. · Japanese GAAP
FYE Mar 2024	55.2	+76.4pp	Cons. · Japanese GAAP
FYE Mar 2025	-33.1	−88.3pp	Cons. · Japanese GAAP
FYE Mar 2026	29.9	+63.0pp	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 -¥112bn

Average · 10 yrs ¥1.08tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	1,668	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,234	−26.0%	Cons. · Japanese GAAP
FYE Mar 2019	1,444	+17.0%	Cons. · Japanese GAAP
FYE Mar 2020	1,473	+2.0%	Cons. · Japanese GAAP
FYE Mar 2021	1,728	+17.3%	Cons. · Japanese GAAP
FYE Mar 2022	1,162	−32.8%	Cons. · Japanese GAAP
FYE Mar 2023	836	−28.1%	Cons. · Japanese GAAP
FYE Mar 2024	1,058	+26.6%	Cons. · Japanese GAAP
FYE Mar 2025	288	−72.8%	Cons. · Japanese GAAP
FYE Mar 2026	-112	−138.9%	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 ¥2.29tn

Change · 10 yrs +¥1.14tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,150	n/a
FYE Mar 2018	1,148	n/a
FYE Mar 2019	917	n/a
FYE Mar 2020	711	n/a
FYE Mar 2021	968	n/a
FYE Mar 2022	1,179	n/a
FYE Mar 2023	977	n/a
FYE Mar 2024	1,813	n/a
FYE Mar 2025	1,564	n/a
FYE Mar 2026	2,295	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 1,462¥

Change · 10 yrs +785¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	677	n/a
FYE Mar 2018	675	n/a
FYE Mar 2019	539	n/a
FYE Mar 2020	418	n/a
FYE Mar 2021	570	n/a
FYE Mar 2022	694	n/a
FYE Mar 2023	622	n/a
FYE Mar 2024	1,155	n/a
FYE Mar 2025	997	n/a
FYE Mar 2026	1,462	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 1,569,378,000shares

Change · 10 yrs −130,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,699,378,000	Parent
FYE Mar 2018	1,699,378,000	Parent
FYE Mar 2019	1,699,378,000	Parent
FYE Mar 2020	1,699,378,000	Parent
FYE Mar 2021	1,699,378,000	Parent
FYE Mar 2022	1,699,378,000	Parent
FYE Mar 2023	1,569,378,000	Parent
FYE Mar 2024	1,569,378,000	Parent
FYE Mar 2025	1,569,378,000	Parent
FYE Mar 2026	1,569,378,000	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 126.04¥

Change · 10 yrs +64.51¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	61.53	Cons.
FYE Mar 2018	66.88	Cons.
FYE Mar 2019	39.95	Cons.
FYE Mar 2020	39.11	Cons.
FYE Mar 2021	71.20	Cons.
FYE Mar 2022	63.06	Cons.
FYE Mar 2023	43.53	Cons.
FYE Mar 2024	84.94	Cons.
FYE Mar 2025	109.53	Cons.
FYE Mar 2026	126.04	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 1,127.45¥

Change · 10 yrs +386.22¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	741.22	Cons. · Japanese GAAP
FYE Mar 2018	754.35	Cons. · Japanese GAAP
FYE Mar 2019	737.46	Cons. · Japanese GAAP
FYE Mar 2020	717.27	Cons. · Japanese GAAP
FYE Mar 2021	790.11	Cons. · Japanese GAAP
FYE Mar 2022	813.47	Cons. · Japanese GAAP
FYE Mar 2023	902.67	Cons. · Japanese GAAP
FYE Mar 2024	974.36	Cons. · Japanese GAAP
FYE Mar 2025	1,048.88	Cons. · Japanese GAAP
FYE Mar 2026	1,127.45	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 11.60×

Average · 10 yrs 11.29×

Fiscal year	PER ×	Basis
FYE Mar 2017	11.00	Cons.
FYE Mar 2018	10.10	Cons.
FYE Mar 2019	13.50	Cons.
FYE Mar 2020	10.70	Cons.
FYE Mar 2021	8.00	Cons.
FYE Mar 2022	11.00	Cons.
FYE Mar 2023	14.30	Cons.
FYE Mar 2024	13.60	Cons.
FYE Mar 2025	9.10	Cons.
FYE Mar 2026	11.60	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 1.15×

Average · 10 yrs 0.81×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.91	Cons.
FYE Mar 2018	0.86	Cons.
FYE Mar 2019	0.68	Cons.
FYE Mar 2020	0.53	Cons.
FYE Mar 2021	0.65	Cons.
FYE Mar 2022	0.75	Cons.
FYE Mar 2023	0.64	Cons.
FYE Mar 2024	1.06	Cons.
FYE Mar 2025	0.86	Cons.
FYE Mar 2026	1.15	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 14,984people

Change · 10 yrs +1,148 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	13,836	n/a	Cons.
FYE Mar 2018	14,791	+6.9%	Cons.
FYE Mar 2019	15,196	+2.7%	Cons.
FYE Mar 2020	15,320	+0.8%	Cons.
FYE Mar 2021	15,096	−1.5%	Cons.
FYE Mar 2022	14,889	−1.4%	Cons.
FYE Mar 2023	14,731	−1.1%	Cons.
FYE Mar 2024	14,600	−0.9%	Cons.
FYE Mar 2025	14,783	+1.3%	Cons.
FYE Mar 2026	14,984	+1.4%	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 624people

Change · 10 yrs +620 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4	n/a	Parent
FYE Mar 2018	3	−25.0%	Parent
FYE Mar 2019	621	+20600.0%	Parent
FYE Mar 2020	601	−3.2%	Parent
FYE Mar 2021	575	−4.3%	Parent
FYE Mar 2022	569	−1.0%	Parent
FYE Mar 2023	606	+6.5%	Parent
FYE Mar 2024	588	−3.0%	Parent
FYE Mar 2025	616	+4.8%	Parent
FYE Mar 2026	624	+1.3%	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 1,793万円

Change · 10 yrs +721万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	1,072	n/a	Parent
FYE Mar 2018	1,045	−2.5%	Parent
FYE Mar 2019	1,057	+1.1%	Parent
FYE Mar 2020	1,015	−4.0%	Parent
FYE Mar 2021	1,007	−0.8%	Parent
FYE Mar 2022	1,220	+21.1%	Parent
FYE Mar 2023	1,223	+0.3%	Parent
FYE Mar 2024	1,300	+6.3%	Parent
FYE Mar 2025	1,626	+25.1%	Parent
FYE Mar 2026	1,793	+10.3%	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 41.6years

Change · 8 yrs −0.3 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	41.9	n/a	Parent
FYE Mar 2020	42.3	+1.0%	Parent
FYE Mar 2021	42.1	−0.5%	Parent
FYE Mar 2022	40.3	−4.3%	Parent
FYE Mar 2023	40.4	+0.2%	Parent
FYE Mar 2024	40.8	+1.0%	Parent
FYE Mar 2025	40.9	+0.2%	Parent
FYE Mar 2026	41.6	+1.7%	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 15.2years

Change · 10 yrs −0.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	15.3	n/a	Parent
FYE Mar 2018	15.0	−2.0%	Parent
FYE Mar 2019	15.1	+0.7%	Parent
FYE Mar 2020	15.4	+2.0%	Parent
FYE Mar 2021	14.8	−3.9%	Parent
FYE Mar 2022	15.2	+2.7%	Parent
FYE Mar 2023	14.7	−3.3%	Parent
FYE Mar 2024	14.3	−2.7%	Parent
FYE Mar 2025	13.7	−4.2%	Parent
FYE Mar 2026	15.2	+10.9%	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 n/a

Change · 7 yrs −704 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	945	n/a	n/a
FYE Mar 2018	946	+0.1%	n/a
FYE Mar 2019	915	−3.3%	n/a
FYE Mar 2020	635	−30.6%	n/a
FYE Mar 2021	390	−38.6%	n/a
FYE Mar 2022	262	−32.8%	n/a
FYE Mar 2023	241	−8.0%	n/a
FYE Mar 2024	n/a	n/a	n/a
FYE Mar 2025	n/a	n/a	n/a
FYE Mar 2026	n/a	n/a	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 ¥98.0m

Change · 10 yrs +¥53.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	44.6	n/a	Cons.
FYE Mar 2018	48.2	+8.1%	Cons.
FYE Mar 2019	47.4	−1.6%	Cons.
FYE Mar 2020	43.9	−7.5%	Cons.
FYE Mar 2021	38.2	−13.0%	Cons.
FYE Mar 2022	41.6	+9.0%	Cons.
FYE Mar 2023	58.8	+41.3%	Cons.
FYE Mar 2024	87.5	+48.8%	Cons.
FYE Mar 2025	92.8	+6.1%	Cons.
FYE Mar 2026	98.0	+5.6%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥13.8m

Change · 10 yrs +¥5.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons.
FYE Mar 2018	9.1	+6.1%	Cons.
FYE Mar 2019	4.4	−51.5%	Cons.
FYE Mar 2020	3.5	−20.0%	Cons.
FYE Mar 2021	6.2	+73.6%	Cons.
FYE Mar 2022	7.8	+26.1%	Cons.
FYE Mar 2023	4.5	−42.0%	Cons.
FYE Mar 2024	10.5	+134.0%	Cons.
FYE Mar 2025	11.3	+7.1%	Cons.
FYE Mar 2026	13.8	+22.7%	Cons.

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

Disclaimer

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

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Data API

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/api/8601/company.json ·/api/8601/history.json ·/api/8601/ceo.json ·/api/8601/financials.json ·/api/8601/financials/segment.json ·/api/8601/financials/pl.json ·/api/8601/financials/cf.json ·/api/8601/financials/bs.json ·/api/8601/financials/employee.json ·/api/8601/financials/stock.json ·/api/8601/financials.csv ·/api/8601/financials_history.csv

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