Financials

Nomura Holdings: FYE Mar 2026 and ten years of results (36 metrics)

FYE Mar 2026 · Revenue¥4.76tnYoY +0.5%

FYE Mar 2026 · Operating profit¥540bnYoY +14.4%

FYE Mar 2026 · Net profit¥362bnYoY +6.3%

FYE Mar 2025 · Equity ratio6.3%YoY +0.1pp

FYE Mar 2026 · Group employees28,677YoY +1,435

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.72tn	n/a	¥323bn	n/a	18.8%	¥240bn	Nagai Koji	—
FYE Mar 2018Consolidated	¥1.97tn	+15.0%	¥328bn	+1.7%	16.6%	¥219bn	Nagai Koji	—
FYE Mar 2019Consolidated	¥1.84tn	−6.9%	-¥38bn	−111.5%	-2.1%	-¥100bn	Nagai Koji	—
FYE Mar 2020Consolidated	¥1.95tn	+6.4%	¥248bn	n/a	12.7%	¥217bn	Nagai Koji	A second annual loss since the takeover; 30-odd branches closed and <span class="en-history_money" data-yen="140000000000" data-year="2019">$1.3B (¥140bn)</span> of cost cuts announced
FYE Mar 2021Consolidated	¥1.62tn	−17.2%	¥231bn	−7.1%	14.3%	¥153bn	Nagai Koji	<a class="en-history_person" href="/tse/8604/executives/ceo/okuda-kentaro/" hreflang="ja">Okuda Kentaro</a> becomes group CEO in April
FYE Mar 2022Consolidated	¥1.59tn	−1.4%	¥227bn	−1.8%	14.2%	¥143bn	Okuda Kentaro	—
FYE Mar 2023Consolidated	¥2.49tn	+56.0%	¥149bn	−34.0%	6.0%	¥93bn	Okuda Kentaro	—
FYE Mar 2024Consolidated	¥4.16tn	+67.2%	¥274bn	+83.2%	6.6%	¥166bn	Okuda Kentaro	—
FYE Mar 2025Consolidated	¥4.74tn	+13.9%	¥472bn	+72.3%	10.0%	¥341bn	Okuda Kentaro	—
FYE Mar 2026Consolidated	¥4.76tn	+0.5%	¥540bn	+14.4%	11.3%	¥362bn	Okuda Kentaro	A Banking Division is created and the acquisition of Macquarie’s asset management business announced

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

Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥4.76tn

CAGR · 10 yrs +12.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,716	n/a	Cons. · US GAAP
FYE Mar 2018	1,972	+15.0%	Cons. · US GAAP
FYE Mar 2019	1,835	−6.9%	Cons. · US GAAP
FYE Mar 2020	1,952	+6.4%	Cons. · US GAAP
FYE Mar 2021	1,617	−17.2%	Cons. · US GAAP
FYE Mar 2022	1,594	−1.4%	Cons. · US GAAP
FYE Mar 2023	2,487	+56.0%	Cons. · US GAAP
FYE Mar 2024	4,157	+67.2%	Cons. · US GAAP
FYE Mar 2025	4,737	+13.9%	Cons. · US GAAP
FYE Mar 2026	4,758	+0.5%	Cons. · US 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 ¥2.59tn

CAGR · 10 yrs +26.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	312	n/a	Cons. · US GAAP
FYE Mar 2018	475	+52.1%	Cons. · US GAAP
FYE Mar 2019	718	+51.2%	Cons. · US GAAP
FYE Mar 2020	665	−7.5%	Cons. · US GAAP
FYE Mar 2021	215	−67.6%	Cons. · US GAAP
FYE Mar 2022	230	+6.8%	Cons. · US GAAP
FYE Mar 2023	1,151	+400.3%	Cons. · US GAAP
FYE Mar 2024	2,595	+125.5%	Cons. · US GAAP
FYE Mar 2025	2,844	+9.6%	Cons. · US GAAP
FYE Mar 2026	2,591	−8.9%	Cons. · US GAAP

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥1.63tn

CAGR · 10 yrs +4.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	1,080	n/a	Cons. · US GAAP
FYE Mar 2018	1,169	+8.2%	Cons. · US GAAP
FYE Mar 2019	1,154	−1.2%	Cons. · US GAAP
FYE Mar 2020	1,040	−10.0%	Cons. · US GAAP
FYE Mar 2021	1,171	+12.7%	Cons. · US GAAP
FYE Mar 2022	1,137	−2.9%	Cons. · US GAAP
FYE Mar 2023	1,186	+4.3%	Cons. · US GAAP
FYE Mar 2024	1,288	+8.6%	Cons. · US GAAP
FYE Mar 2025	1,421	+10.3%	Cons. · US GAAP
FYE Mar 2026	1,628	+14.6%	Cons. · US 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 ¥540bn

CAGR · 10 yrs +5.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	323	n/a	Cons. · US GAAP
FYE Mar 2018	328	+1.7%	Cons. · US GAAP
FYE Mar 2019	-37.7	−111.5%	Cons. · US GAAP
FYE Mar 2020	248	n/a	Cons. · US GAAP
FYE Mar 2021	231	−7.1%	Cons. · US GAAP
FYE Mar 2022	227	−1.8%	Cons. · US GAAP
FYE Mar 2023	149	−34.0%	Cons. · US GAAP
FYE Mar 2024	274	+83.2%	Cons. · US GAAP
FYE Mar 2025	472	+72.3%	Cons. · US GAAP
FYE Mar 2026	540	+14.4%	Cons. · US GAAP

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 ¥362bn

CAGR · 10 yrs +4.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	240	n/a	Cons. · US GAAP
FYE Mar 2018	219	−8.5%	Cons. · US GAAP
FYE Mar 2019	-100	−145.8%	Cons. · US GAAP
FYE Mar 2020	217	n/a	Cons. · US GAAP
FYE Mar 2021	153	−29.4%	Cons. · US GAAP
FYE Mar 2022	143	−6.6%	Cons. · US GAAP
FYE Mar 2023	92.8	−35.1%	Cons. · US GAAP
FYE Mar 2024	166	+78.8%	Cons. · US GAAP
FYE Mar 2025	341	+105.4%	Cons. · US GAAP
FYE Mar 2026	362	+6.3%	Cons. · US GAAP

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

Operating margin

FYE Mar 2026 11.3%

Average · 10 yrs 10.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	18.8	n/a	Cons. · US GAAP
FYE Mar 2018	16.6	−2.2pp	Cons. · US GAAP
FYE Mar 2019	-2.1	−18.7pp	Cons. · US GAAP
FYE Mar 2020	12.7	+14.8pp	Cons. · US GAAP
FYE Mar 2021	14.3	+1.5pp	Cons. · US GAAP
FYE Mar 2022	14.2	−0.0pp	Cons. · US GAAP
FYE Mar 2023	6.0	−8.2pp	Cons. · US GAAP
FYE Mar 2024	6.6	+0.6pp	Cons. · US GAAP
FYE Mar 2025	10.0	+3.4pp	Cons. · US GAAP
FYE Mar 2026	11.3	+1.4pp	Cons. · US GAAP

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

Net margin

FYE Mar 2026 7.6%

Average · 10 yrs 7.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	14.0	n/a	Cons. · US GAAP
FYE Mar 2018	11.1	−2.8pp	Cons. · US GAAP
FYE Mar 2019	-5.5	−16.6pp	Cons. · US GAAP
FYE Mar 2020	11.1	+16.6pp	Cons. · US GAAP
FYE Mar 2021	9.5	−1.6pp	Cons. · US GAAP
FYE Mar 2022	9.0	−0.5pp	Cons. · US GAAP
FYE Mar 2023	3.7	−5.2pp	Cons. · US GAAP
FYE Mar 2024	4.0	+0.3pp	Cons. · US GAAP
FYE Mar 2025	7.2	+3.2pp	Cons. · US GAAP
FYE Mar 2026	7.6	+0.4pp	Cons. · US GAAP

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

Cost-of-sales ratio

FYE Mar 2026 54.4%

Average · 10 yrs 36.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	18.2	n/a	Cons. · US GAAP
FYE Mar 2018	24.1	+5.9pp	Cons. · US GAAP
FYE Mar 2019	39.1	+15.0pp	Cons. · US GAAP
FYE Mar 2020	34.0	−5.1pp	Cons. · US GAAP
FYE Mar 2021	13.3	−20.7pp	Cons. · US GAAP
FYE Mar 2022	14.4	+1.1pp	Cons. · US GAAP
FYE Mar 2023	46.3	+31.9pp	Cons. · US GAAP
FYE Mar 2024	62.4	+16.1pp	Cons. · US GAAP
FYE Mar 2025	60.0	−2.4pp	Cons. · US GAAP
FYE Mar 2026	54.4	−5.6pp	Cons. · US 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 34.2%

Average · 10 yrs 52.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	63.0	n/a	Cons. · US GAAP
FYE Mar 2018	59.3	−3.7pp	Cons. · US GAAP
FYE Mar 2019	62.9	+3.6pp	Cons. · US GAAP
FYE Mar 2020	53.2	−9.7pp	Cons. · US GAAP
FYE Mar 2021	72.4	+19.2pp	Cons. · US GAAP
FYE Mar 2022	71.3	−1.1pp	Cons. · US GAAP
FYE Mar 2023	47.7	−23.6pp	Cons. · US GAAP
FYE Mar 2024	31.0	−16.7pp	Cons. · US GAAP
FYE Mar 2025	30.0	−1.0pp	Cons. · US GAAP
FYE Mar 2026	34.2	+4.2pp	Cons. · US 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

Total assets

FYE Mar 2026 ¥62.6tn

CAGR · 10 yrs +4.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	42,532	n/a	Cons. · US GAAP
FYE Mar 2018	40,344	−5.1%	Cons. · US GAAP
FYE Mar 2019	40,969	+1.6%	Cons. · US GAAP
FYE Mar 2020	44,000	+7.4%	Cons. · US GAAP
FYE Mar 2021	42,516	−3.4%	Cons. · US GAAP
FYE Mar 2022	43,412	+2.1%	Cons. · US GAAP
FYE Mar 2023	47,772	+10.0%	Cons. · US GAAP
FYE Mar 2024	55,147	+15.4%	Cons. · US GAAP
FYE Mar 2025	56,802	+3.0%	Cons. · US GAAP
FYE Mar 2026	62,646	+10.3%	Cons. · US 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 n/a

CAGR · 9 yrs +2.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,844	n/a	Cons. · US GAAP
FYE Mar 2018	2,800	−1.5%	Cons. · US GAAP
FYE Mar 2019	2,681	−4.3%	Cons. · US GAAP
FYE Mar 2020	2,731	+1.9%	Cons. · US GAAP
FYE Mar 2021	2,756	+0.9%	Cons. · US GAAP
FYE Mar 2022	2,973	+7.8%	Cons. · US GAAP
FYE Mar 2023	3,224	+8.5%	Cons. · US GAAP
FYE Mar 2024	3,449	+7.0%	Cons. · US GAAP
FYE Mar 2025	3,581	+3.8%	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US 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)

Equity ratio

FYE Mar 2026 n/a

Average · 9 yrs 6.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	6.7	n/a	Cons. · US GAAP
FYE Mar 2018	6.9	+0.3pp	Cons. · US GAAP
FYE Mar 2019	6.5	−0.4pp	Cons. · US GAAP
FYE Mar 2020	6.2	−0.3pp	Cons. · US GAAP
FYE Mar 2021	6.5	+0.3pp	Cons. · US GAAP
FYE Mar 2022	6.8	+0.4pp	Cons. · US GAAP
FYE Mar 2023	6.7	−0.1pp	Cons. · US GAAP
FYE Mar 2024	6.3	−0.5pp	Cons. · US GAAP
FYE Mar 2025	6.3	+0.1pp	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US GAAP

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

ROE return on equity

FYE Mar 2026 n/a

Average · 9 yrs 5.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · US GAAP
FYE Mar 2018	7.8	−0.6pp	Cons. · US GAAP
FYE Mar 2019	-3.7	−11.6pp	Cons. · US GAAP
FYE Mar 2020	7.9	+11.7pp	Cons. · US GAAP
FYE Mar 2021	5.6	−2.4pp	Cons. · US GAAP
FYE Mar 2022	4.8	−0.7pp	Cons. · US GAAP
FYE Mar 2023	2.9	−1.9pp	Cons. · US GAAP
FYE Mar 2024	4.8	+1.9pp	Cons. · US GAAP
FYE Mar 2025	9.5	+4.7pp	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US GAAP

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

ROA return on assets

FYE Mar 2026 0.6%

Average · 10 yrs 0.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · US GAAP
FYE Mar 2018	0.5	−0.0pp	Cons. · US GAAP
FYE Mar 2019	-0.2	−0.8pp	Cons. · US GAAP
FYE Mar 2020	0.5	+0.7pp	Cons. · US GAAP
FYE Mar 2021	0.4	−0.1pp	Cons. · US GAAP
FYE Mar 2022	0.3	−0.0pp	Cons. · US GAAP
FYE Mar 2023	0.2	−0.1pp	Cons. · US GAAP
FYE Mar 2024	0.3	+0.1pp	Cons. · US GAAP
FYE Mar 2025	0.6	+0.3pp	Cons. · US GAAP
FYE Mar 2026	0.6	−0.0pp	Cons. · US GAAP

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

Asset turnover

FYE Mar 2026 0.08×

CAGR · 10 yrs +7.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.04	n/a	Cons. · US GAAP
FYE Mar 2018	0.05	+21.2%	Cons. · US GAAP
FYE Mar 2019	0.04	−8.4%	Cons. · US GAAP
FYE Mar 2020	0.04	−0.9%	Cons. · US GAAP
FYE Mar 2021	0.04	−14.3%	Cons. · US GAAP
FYE Mar 2022	0.04	−3.5%	Cons. · US GAAP
FYE Mar 2023	0.05	+41.8%	Cons. · US GAAP
FYE Mar 2024	0.08	+44.8%	Cons. · US GAAP
FYE Mar 2025	0.08	+10.6%	Cons. · US GAAP
FYE Mar 2026	0.08	−8.9%	Cons. · US 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

Operating cash flow

FYE Mar 2026 -¥843bn

Average · 10 yrs -¥188bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1,305	n/a	Cons. · US GAAP
FYE Mar 2018	-446	−134.2%	Cons. · US GAAP
FYE Mar 2019	-361	n/a	Cons. · US GAAP
FYE Mar 2020	-94.7	n/a	Cons. · US GAAP
FYE Mar 2021	668	n/a	Cons. · US GAAP
FYE Mar 2022	-863	−229.2%	Cons. · US GAAP
FYE Mar 2023	-695	n/a	Cons. · US GAAP
FYE Mar 2024	133	n/a	Cons. · US GAAP
FYE Mar 2025	-679	−611.6%	Cons. · US GAAP
FYE Mar 2026	-843	n/a	Cons. · US GAAP

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

Investing cash flow

FYE Mar 2026 -¥1.50tn

Average · 10 yrs -¥427bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-118	n/a	Cons. · US GAAP
FYE Mar 2018	-56.2	n/a	Cons. · US GAAP
FYE Mar 2019	-113	n/a	Cons. · US GAAP
FYE Mar 2020	-181	n/a	Cons. · US GAAP
FYE Mar 2021	258	n/a	Cons. · US GAAP
FYE Mar 2022	-593	−330.0%	Cons. · US GAAP
FYE Mar 2023	-233	n/a	Cons. · US GAAP
FYE Mar 2024	-888	n/a	Cons. · US GAAP
FYE Mar 2025	-849	n/a	Cons. · US GAAP
FYE Mar 2026	-1,499	n/a	Cons. · US 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 ¥2.10tn

Average · 10 yrs ¥633bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2,131	n/a	Cons. · US GAAP
FYE Mar 2018	373	n/a	Cons. · US GAAP
FYE Mar 2019	761	+104.0%	Cons. · US GAAP
FYE Mar 2020	808	+6.1%	Cons. · US GAAP
FYE Mar 2021	-669	−182.8%	Cons. · US GAAP
FYE Mar 2022	1,113	n/a	Cons. · US GAAP
FYE Mar 2023	1,284	+15.4%	Cons. · US GAAP
FYE Mar 2024	1,013	−21.1%	Cons. · US GAAP
FYE Mar 2025	1,680	+65.8%	Cons. · US GAAP
FYE Mar 2026	2,096	+24.8%	Cons. · US 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 ¥4.32tn

CAGR · 10 yrs +6.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	2,537	n/a	Cons. · US GAAP
FYE Mar 2018	2,355	−7.2%	Cons. · US GAAP
FYE Mar 2019	2,687	+14.1%	Cons. · US GAAP
FYE Mar 2020	3,192	+18.8%	Cons. · US GAAP
FYE Mar 2021	3,510	+10.0%	Cons. · US GAAP
FYE Mar 2022	3,316	−5.5%	Cons. · US GAAP
FYE Mar 2023	3,821	+15.2%	Cons. · US GAAP
FYE Mar 2024	4,299	+12.5%	Cons. · US GAAP
FYE Mar 2025	4,425	+2.9%	Cons. · US GAAP
FYE Mar 2026	4,319	−2.4%	Cons. · US 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 -¥2.34tn

Average · 10 yrs -¥615bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	1,187	n/a	Cons. · US GAAP
FYE Mar 2018	-502	−142.3%	Cons. · US GAAP
FYE Mar 2019	-474	n/a	Cons. · US GAAP
FYE Mar 2020	-275	n/a	Cons. · US GAAP
FYE Mar 2021	926	n/a	Cons. · US GAAP
FYE Mar 2022	-1,456	−257.3%	Cons. · US GAAP
FYE Mar 2023	-928	n/a	Cons. · US GAAP
FYE Mar 2024	-755	n/a	Cons. · US GAAP
FYE Mar 2025	-1,527	n/a	Cons. · US GAAP
FYE Mar 2026	-2,342	n/a	Cons. · US 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 -17.7%

Average · 10 yrs -4.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	76.1	n/a	Cons. · US GAAP
FYE Mar 2018	-22.6	−98.7pp	Cons. · US GAAP
FYE Mar 2019	-19.7	+2.9pp	Cons. · US GAAP
FYE Mar 2020	-4.9	+14.8pp	Cons. · US GAAP
FYE Mar 2021	41.3	+46.1pp	Cons. · US GAAP
FYE Mar 2022	-54.1	−95.4pp	Cons. · US GAAP
FYE Mar 2023	-27.9	+26.2pp	Cons. · US GAAP
FYE Mar 2024	3.2	+31.1pp	Cons. · US GAAP
FYE Mar 2025	-14.3	−17.5pp	Cons. · US GAAP
FYE Mar 2026	-17.7	−3.4pp	Cons. · US GAAP

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

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

Market capitalisation

FYE Mar 2026 ¥3.72tn

Change · 9 yrs +¥1.07tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,644	n/a
FYE Mar 2018	2,243	n/a
FYE Mar 2019	n/a	n/a
FYE Mar 2020	1,600	n/a
FYE Mar 2021	1,880	n/a
FYE Mar 2022	1,666	n/a
FYE Mar 2023	1,648	n/a
FYE Mar 2024	3,092	n/a
FYE Mar 2025	2,874	n/a
FYE Mar 2026	3,718	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 1,204¥

Change · 9 yrs +512¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	692	n/a
FYE Mar 2018	616	n/a
FYE Mar 2019	n/a	n/a
FYE Mar 2020	458	n/a
FYE Mar 2021	581	n/a
FYE Mar 2022	515	n/a
FYE Mar 2023	510	n/a
FYE Mar 2024	977	n/a
FYE Mar 2025	909	n/a
FYE Mar 2026	1,204	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 3,088,563,000shares

Change · 10 yrs −734,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	3,822,563,000	Parent
FYE Mar 2018	3,643,563,000	Parent
FYE Mar 2019	3,493,563,000	Parent
FYE Mar 2020	3,493,563,000	Parent
FYE Mar 2021	3,233,563,000	Parent
FYE Mar 2022	3,233,563,000	Parent
FYE Mar 2023	3,233,563,000	Parent
FYE Mar 2024	3,163,563,000	Parent
FYE Mar 2025	3,163,563,000	Parent
FYE Mar 2026	3,088,563,000	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 123.08¥

Change · 10 yrs +55.79¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	67.29	Cons.
FYE Mar 2018	63.13	Cons.
FYE Mar 2019	-29.90	Cons.
FYE Mar 2020	67.76	Cons.
FYE Mar 2021	50.11	Cons.
FYE Mar 2022	46.68	Cons.
FYE Mar 2023	30.86	Cons.
FYE Mar 2024	54.97	Cons.
FYE Mar 2025	115.30	Cons.
FYE Mar 2026	123.08	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 n/a

Change · 9 yrs +388.00¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	743.95	Cons. · US GAAP
FYE Mar 2018	768.43	Cons. · US GAAP
FYE Mar 2019	767.35	Cons. · US GAAP
FYE Mar 2020	781.80	Cons. · US GAAP
FYE Mar 2021	852.45	Cons. · US GAAP
FYE Mar 2022	919.36	Cons. · US GAAP
FYE Mar 2023	997.09	Cons. · US GAAP
FYE Mar 2024	1,090.07	Cons. · US GAAP
FYE Mar 2025	1,131.95	Cons. · US GAAP
FYE Mar 2026	n/a	Cons. · US GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 9.78×

Average · 9 yrs 11.27×

Fiscal year	PER ×	Basis
FYE Mar 2017	10.28	Cons.
FYE Mar 2018	9.75	Cons.
FYE Mar 2019	n/a	Cons.
FYE Mar 2020	6.76	Cons.
FYE Mar 2021	11.60	Cons.
FYE Mar 2022	11.04	Cons.
FYE Mar 2023	16.52	Cons.
FYE Mar 2024	17.78	Cons.
FYE Mar 2025	7.88	Cons.
FYE Mar 2026	9.78	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 0.94×

Average · 9 yrs 0.71×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.87	Cons.
FYE Mar 2018	0.76	Cons.
FYE Mar 2019	n/a	Cons.
FYE Mar 2020	0.52	Cons.
FYE Mar 2021	0.66	Cons.
FYE Mar 2022	0.53	Cons.
FYE Mar 2023	0.49	Cons.
FYE Mar 2024	0.87	Cons.
FYE Mar 2025	0.77	Cons.
FYE Mar 2026	0.94	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 28,677people

Change · 10 yrs +491 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	28,186	n/a	Cons.
FYE Mar 2018	28,048	−0.5%	Cons.
FYE Mar 2019	27,864	−0.7%	Cons.
FYE Mar 2020	26,629	−4.4%	Cons.
FYE Mar 2021	26,402	−0.9%	Cons.
FYE Mar 2022	26,585	+0.7%	Cons.
FYE Mar 2023	26,775	+0.7%	Cons.
FYE Mar 2024	26,850	+0.3%	Cons.
FYE Mar 2025	27,242	+1.5%	Cons.
FYE Mar 2026	28,677	+5.3%	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 204people

Change · 10 yrs +77 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	127	n/a	Parent
FYE Mar 2018	132	+3.9%	Parent
FYE Mar 2019	165	+25.0%	Parent
FYE Mar 2020	173	+4.8%	Parent
FYE Mar 2021	154	−11.0%	Parent
FYE Mar 2022	187	+21.4%	Parent
FYE Mar 2023	167	−10.7%	Parent
FYE Mar 2024	185	+10.8%	Parent
FYE Mar 2025	177	−4.3%	Parent
FYE Mar 2026	204	+15.3%	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 ¥14.2m

Change · 10 yrs −¥0.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	14.5	n/a	Parent
FYE Mar 2018	14.6	+0.3%	Parent
FYE Mar 2019	13.8	−4.9%	Parent
FYE Mar 2020	13.1	−5.1%	Parent
FYE Mar 2021	14.1	+7.7%	Parent
FYE Mar 2022	14.4	+1.8%	Parent
FYE Mar 2023	14.4	−0.2%	Parent
FYE Mar 2024	14.1	−2.0%	Parent
FYE Mar 2025	13.8	−2.3%	Parent
FYE Mar 2026	14.2	+3.2%	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 45.0years

Change · 8 yrs +2.0 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	43.0	n/a	Parent
FYE Mar 2020	43.0	−0.0%	Parent
FYE Mar 2021	43.0	−0.0%	Parent
FYE Mar 2022	43.0	−0.0%	Parent
FYE Mar 2023	44.0	+2.3%	Parent
FYE Mar 2024	45.0	+2.3%	Parent
FYE Mar 2025	43.0	−4.4%	Parent
FYE Mar 2026	45.0	+4.7%	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 4.0years

Change · 10 yrs −0.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	4.0	n/a	Parent
FYE Mar 2018	4.0	−0.0%	Parent
FYE Mar 2019	3.0	−25.0%	Parent
FYE Mar 2020	3.0	−0.0%	Parent
FYE Mar 2021	4.0	+33.3%	Parent
FYE Mar 2022	4.0	−0.0%	Parent
FYE Mar 2023	4.0	−0.0%	Parent
FYE Mar 2024	4.0	−0.0%	Parent
FYE Mar 2025	4.0	−0.0%	Parent
FYE Mar 2026	4.0	−0.0%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Mar 2026 4,105people

Change · 10 yrs −644 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	4,749	n/a	n/a
FYE Mar 2018	4,671	−1.6%	n/a
FYE Mar 2019	4,492	−3.8%	n/a
FYE Mar 2020	4,313	−4.0%	n/a
FYE Mar 2021	4,224	−2.1%	n/a
FYE Mar 2022	4,339	+2.7%	n/a
FYE Mar 2023	4,420	+1.9%	n/a
FYE Mar 2024	4,234	−4.2%	n/a
FYE Mar 2025	4,268	+0.8%	n/a
FYE Mar 2026	4,105	−3.8%	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 ¥166m

Change · 10 yrs +¥105m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	60.9	n/a	Cons.
FYE Mar 2018	70.3	+15.5%	Cons.
FYE Mar 2019	65.9	−6.3%	Cons.
FYE Mar 2020	73.3	+11.3%	Cons.
FYE Mar 2021	61.3	−16.5%	Cons.
FYE Mar 2022	60.0	−2.1%	Cons.
FYE Mar 2023	92.9	+54.9%	Cons.
FYE Mar 2024	155	+66.7%	Cons.
FYE Mar 2025	174	+12.3%	Cons.
FYE Mar 2026	166	−4.6%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥18.8m

Change · 10 yrs +¥7.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	11.5	n/a	Cons.
FYE Mar 2018	11.7	+2.2%	Cons.
FYE Mar 2019	-1.4	−111.6%	Cons.
FYE Mar 2020	9.3	n/a	Cons.
FYE Mar 2021	8.7	−6.3%	Cons.
FYE Mar 2022	8.5	−2.4%	Cons.
FYE Mar 2023	5.6	−34.5%	Cons.
FYE Mar 2024	10.2	+82.7%	Cons.
FYE Mar 2025	17.3	+69.9%	Cons.
FYE Mar 2026	18.8	+8.7%	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.

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

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