Financials

Japan Exchange Group: FYE Mar 2026 and ten years of results (40 metrics)

FYE Mar 2026 · Revenue¥199bnYoY +21.2%

FYE Mar 2026 · Operating profit¥116bnYoY +29.0%

FYE Mar 2026 · Net profit¥79bnYoY +29.5%

FYE Mar 2026 · Equity ratio0.5%YoY +0.1pp

FYE Mar 2026 · Group employees1,268YoY +5

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥108bn	n/a	n/a	n/a	n/a	¥42bn	Kiyota Akira	—
FYE Mar 2018Consolidated	¥121bn	+11.9%	¥72bn	n/a	59.5%	¥50bn	Kiyota Akira	—
FYE Mar 2019Consolidated	¥121bn	+0.4%	¥70bn	−3.1%	57.4%	¥49bn	Kiyota Akira	—
FYE Mar 2020Consolidated	¥124bn	+2.1%	¥69bn	−1.4%	55.4%	¥48bn	Kiyota Akira	Tokyo Commodity Exchange acquired (97.15%)
FYE Mar 2021Consolidated	¥133bn	+7.8%	¥75bn	+8.8%	55.9%	¥51bn	Kiyota Akira	—
FYE Mar 2022Consolidated	¥135bn	+1.6%	¥73bn	−1.5%	54.3%	¥50bn	Kiyota Akira	—
FYE Mar 2023Consolidated	¥134bn	−1.1%	¥68bn	−7.1%	50.9%	¥46bn	Kiyota Akira	Prime / Standard / Growth replace the 1961 section structure
FYE Mar 2024Consolidated	¥153bn	+14.1%	¥87bn	+28.1%	57.2%	¥61bn	Kiyota Akira	<a class="en-history_person" href="/tse/8697/executives/ceo/yamaji-hiromi/" hreflang="ja">Yamaji Hiromi</a> becomes group CEO; SCRIPTS Asia acquired
FYE Mar 2025Consolidated	¥164bn	+7.4%	¥90bn	+3.1%	54.9%	¥61bn	Yamaji Hiromi	—
FYE Mar 2026Consolidated	¥199bn	+21.2%	¥116bn	+29.0%	58.4%	¥79bn	Yamaji Hiromi	Medium-Term Plan 2027 sets ROE ≥18% as the sole financial target

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

Where the revenue goes

¥ bn

Other operating costs Operating profit

Margins

Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥199bn

CAGR · 10 yrs +7.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	108	n/a	Cons. · IFRS
FYE Mar 2018	121	+11.9%	Cons. · IFRS
FYE Mar 2019	121	+0.4%	Cons. · IFRS
FYE Mar 2020	124	+2.1%	Cons. · IFRS
FYE Mar 2021	133	+7.8%	Cons. · IFRS
FYE Mar 2022	135	+1.6%	Cons. · IFRS
FYE Mar 2023	134	−1.1%	Cons. · IFRS
FYE Mar 2024	153	+14.1%	Cons. · IFRS
FYE Mar 2025	164	+7.4%	Cons. · IFRS
FYE Mar 2026	199	+21.2%	Cons. · IFRS

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

Operating profit

FYE Mar 2026 ¥116bn

CAGR · 9 yrs +6.2%

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	69.5	−3.1%	Cons. · IFRS
FYE Mar 2020	68.5	−1.4%	Cons. · IFRS
FYE Mar 2021	74.6	+8.8%	Cons. · IFRS
FYE Mar 2022	73.5	−1.5%	Cons. · IFRS
FYE Mar 2023	68.3	−7.1%	Cons. · IFRS
FYE Mar 2024	87.4	+28.1%	Cons. · IFRS
FYE Mar 2025	90.1	+3.1%	Cons. · IFRS
FYE Mar 2026	116	+29.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥0.9bn

CAGR · 9 yrs −4.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.3	n/a	Cons. · IFRS
FYE Mar 2019	1.3	+4.0%	Cons. · IFRS
FYE Mar 2020	0.7	−50.1%	Cons. · IFRS
FYE Mar 2021	0.3	−60.0%	Cons. · IFRS
FYE Mar 2022	0.1	−78.2%	Cons. · IFRS
FYE Mar 2023	0.0	−15.5%	Cons. · IFRS
FYE Mar 2024	0.1	+40.8%	Cons. · IFRS
FYE Mar 2025	0.3	+375.4%	Cons. · IFRS
FYE Mar 2026	0.9	+181.7%	Cons. · IFRS

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 ¥295m

CAGR · 9 yrs +17.2%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	83.0	n/a	Cons. · IFRS
FYE Mar 2019	82.0	−1.2%	Cons. · IFRS
FYE Mar 2020	103	+25.6%	Cons. · IFRS
FYE Mar 2021	99.0	−3.9%	Cons. · IFRS
FYE Mar 2022	103	+4.0%	Cons. · IFRS
FYE Mar 2023	96.0	−6.8%	Cons. · IFRS
FYE Mar 2024	108	+12.5%	Cons. · IFRS
FYE Mar 2025	173	+60.2%	Cons. · IFRS
FYE Mar 2026	295	+70.5%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥79bn

CAGR · 10 yrs +7.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	42.1	n/a	Cons. · IFRS
FYE Mar 2018	50.5	+19.8%	Cons. · IFRS
FYE Mar 2019	49.1	−2.8%	Cons. · IFRS
FYE Mar 2020	47.6	−3.0%	Cons. · IFRS
FYE Mar 2021	51.4	+7.9%	Cons. · IFRS
FYE Mar 2022	50.0	−2.8%	Cons. · IFRS
FYE Mar 2023	46.3	−7.2%	Cons. · IFRS
FYE Mar 2024	60.8	+31.2%	Cons. · IFRS
FYE Mar 2025	61.1	+0.4%	Cons. · IFRS
FYE Mar 2026	79.1	+29.5%	Cons. · IFRS

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

Operating margin

FYE Mar 2026 58.4%

Average · 9 yrs 56.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	59.5	n/a	Cons. · IFRS
FYE Mar 2019	57.4	−2.1pp	Cons. · IFRS
FYE Mar 2020	55.4	−2.0pp	Cons. · IFRS
FYE Mar 2021	55.9	+0.5pp	Cons. · IFRS
FYE Mar 2022	54.3	−1.7pp	Cons. · IFRS
FYE Mar 2023	50.9	−3.3pp	Cons. · IFRS
FYE Mar 2024	57.2	+6.3pp	Cons. · IFRS
FYE Mar 2025	54.9	−2.3pp	Cons. · IFRS
FYE Mar 2026	58.4	+3.5pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 39.8%

Average · 10 yrs 38.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	39.0	n/a	Cons. · IFRS
FYE Mar 2018	41.8	+2.8pp	Cons. · IFRS
FYE Mar 2019	40.5	−1.3pp	Cons. · IFRS
FYE Mar 2020	38.5	−2.0pp	Cons. · IFRS
FYE Mar 2021	38.5	−0.0pp	Cons. · IFRS
FYE Mar 2022	36.9	−1.7pp	Cons. · IFRS
FYE Mar 2023	34.6	−2.3pp	Cons. · IFRS
FYE Mar 2024	39.8	+5.2pp	Cons. · IFRS
FYE Mar 2025	37.2	−2.6pp	Cons. · IFRS
FYE Mar 2026	39.8	+2.5pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ 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 ¥71.6tn

CAGR · 10 yrs +6.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	41,289	n/a	Cons. · IFRS
FYE Mar 2018	41,316	+0.1%	Cons. · IFRS
FYE Mar 2019	54,069	+30.9%	Cons. · IFRS
FYE Mar 2020	67,286	+24.4%	Cons. · IFRS
FYE Mar 2021	60,076	−10.7%	Cons. · IFRS
FYE Mar 2022	71,463	+19.0%	Cons. · IFRS
FYE Mar 2023	82,187	+15.0%	Cons. · IFRS
FYE Mar 2024	80,683	−1.8%	Cons. · IFRS
FYE Mar 2025	85,397	+5.8%	Cons. · IFRS
FYE Mar 2026	71,600	−16.2%	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 ¥332bn

CAGR · 10 yrs +2.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	258	n/a	Cons. · IFRS
FYE Mar 2018	268	+3.8%	Cons. · IFRS
FYE Mar 2019	279	+4.0%	Cons. · IFRS
FYE Mar 2020	291	+4.5%	Cons. · IFRS
FYE Mar 2021	314	+7.9%	Cons. · IFRS
FYE Mar 2022	307	−2.1%	Cons. · IFRS
FYE Mar 2023	304	−1.2%	Cons. · IFRS
FYE Mar 2024	318	+4.8%	Cons. · IFRS
FYE Mar 2025	330	+3.9%	Cons. · IFRS
FYE Mar 2026	332	+0.6%	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 ¥52bn

CAGR · 10 yrs +0.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	52.4	n/a	Cons. · IFRS
FYE Mar 2018	52.4	−0.0%	Cons. · IFRS
FYE Mar 2019	52.4	−0.0%	Cons. · IFRS
FYE Mar 2020	52.5	−0.0%	Cons. · IFRS
FYE Mar 2021	52.5	−0.0%	Cons. · IFRS
FYE Mar 2022	52.5	−0.0%	Cons. · IFRS
FYE Mar 2023	53.0	+1.0%	Cons. · IFRS
FYE Mar 2024	52.5	−0.9%	Cons. · IFRS
FYE Mar 2025	52.5	−0.0%	Cons. · IFRS
FYE Mar 2026	52.5	−0.0%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥52bn

CAGR · 10 yrs +9.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	22.5	n/a	Cons. · IFRS
FYE Mar 2018	32.5	+44.4%	Cons. · IFRS
FYE Mar 2019	32.5	−0.0%	Cons. · IFRS
FYE Mar 2020	32.5	−0.0%	Cons. · IFRS
FYE Mar 2021	32.5	−0.0%	Cons. · IFRS
FYE Mar 2022	32.5	−0.0%	Cons. · IFRS
FYE Mar 2023	33.0	+1.5%	Cons. · IFRS
FYE Mar 2024	32.5	−1.5%	Cons. · IFRS
FYE Mar 2025	32.5	−0.0%	Cons. · IFRS
FYE Mar 2026	52.5	+61.5%	Cons. · IFRS

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 n/a

CAGR · 9 yrs −4.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	29.9	n/a	Cons. · IFRS
FYE Mar 2018	19.9	−33.4%	Cons. · IFRS
FYE Mar 2019	19.9	−0.0%	Cons. · IFRS
FYE Mar 2020	20.0	−0.0%	Cons. · IFRS
FYE Mar 2021	20.0	−0.0%	Cons. · IFRS
FYE Mar 2022	20.0	−0.0%	Cons. · IFRS
FYE Mar 2023	20.0	−0.0%	Cons. · IFRS
FYE Mar 2024	20.0	−0.0%	Cons. · IFRS
FYE Mar 2025	20.0	−0.0%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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 ¥30bn

CAGR · 9 yrs −1.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	34.2	n/a	Cons. · IFRS
FYE Mar 2019	33.4	−2.3%	Cons. · IFRS
FYE Mar 2020	35.0	+4.8%	Cons. · IFRS
FYE Mar 2021	36.0	+2.7%	Cons. · IFRS
FYE Mar 2022	37.7	+4.9%	Cons. · IFRS
FYE Mar 2023	36.1	−4.3%	Cons. · IFRS
FYE Mar 2024	32.8	−9.3%	Cons. · IFRS
FYE Mar 2025	35.0	+6.9%	Cons. · IFRS
FYE Mar 2026	30.3	−13.6%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥69bn

CAGR · 10 yrs +0.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	67.4	n/a	Cons. · IFRS
FYE Mar 2018	67.4	−0.0%	Cons. · IFRS
FYE Mar 2019	67.4	−0.0%	Cons. · IFRS
FYE Mar 2020	67.4	−0.0%	Cons. · IFRS
FYE Mar 2021	67.4	−0.0%	Cons. · IFRS
FYE Mar 2022	67.4	−0.0%	Cons. · IFRS
FYE Mar 2023	72.0	+6.9%	Cons. · IFRS
FYE Mar 2024	71.2	−1.2%	Cons. · IFRS
FYE Mar 2025	69.4	−2.6%	Cons. · IFRS
FYE Mar 2026	69.4	−0.0%	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 0.5%

Average · 10 yrs 0.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · IFRS
FYE Mar 2018	0.6	−0.0pp	Cons. · IFRS
FYE Mar 2019	0.5	−0.1pp	Cons. · IFRS
FYE Mar 2020	0.4	−0.1pp	Cons. · IFRS
FYE Mar 2021	0.5	+0.1pp	Cons. · IFRS
FYE Mar 2022	0.4	−0.1pp	Cons. · IFRS
FYE Mar 2023	0.4	−0.1pp	Cons. · IFRS
FYE Mar 2024	0.4	−0.0pp	Cons. · IFRS
FYE Mar 2025	0.4	−0.0pp	Cons. · IFRS
FYE Mar 2026	0.5	+0.1pp	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 15.8%

Average · 10 yrs 17.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	20.3	n/a	Cons. · IFRS
FYE Mar 2018	19.6	−0.7pp	Cons. · IFRS
FYE Mar 2019	18.8	−0.8pp	Cons. · IFRS
FYE Mar 2020	18.0	−0.8pp	Cons. · IFRS
FYE Mar 2021	16.7	−1.3pp	Cons. · IFRS
FYE Mar 2022	17.1	+0.4pp	Cons. · IFRS
FYE Mar 2023	17.4	+0.4pp	Cons. · IFRS
FYE Mar 2024	16.5	−0.9pp	Cons. · IFRS
FYE Mar 2025	15.9	−0.6pp	Cons. · IFRS
FYE Mar 2026	15.8	−0.1pp	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 23.8%

Average · 10 yrs 17.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	16.3	n/a	Cons. · IFRS
FYE Mar 2018	18.9	+2.5pp	Cons. · IFRS
FYE Mar 2019	17.6	−1.2pp	Cons. · IFRS
FYE Mar 2020	16.4	−1.3pp	Cons. · IFRS
FYE Mar 2021	16.4	−0.0pp	Cons. · IFRS
FYE Mar 2022	16.2	−0.1pp	Cons. · IFRS
FYE Mar 2023	15.3	−1.0pp	Cons. · IFRS
FYE Mar 2024	19.1	+3.9pp	Cons. · IFRS
FYE Mar 2025	18.5	−0.6pp	Cons. · IFRS
FYE Mar 2026	23.8	+5.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 0.1%

Average · 10 yrs 0.1%

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

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

Asset turnover

FYE Mar 2026 0.00×

CAGR · 10 yrs +0.7%

Fiscal year	YoY	Basis
FYE Mar 2017	n/a	Cons. · IFRS
FYE Mar 2018	+11.8%	Cons. · IFRS
FYE Mar 2019	−23.3%	Cons. · IFRS
FYE Mar 2020	−17.9%	Cons. · IFRS
FYE Mar 2021	+20.7%	Cons. · IFRS
FYE Mar 2022	−14.6%	Cons. · IFRS
FYE Mar 2023	−14.0%	Cons. · IFRS
FYE Mar 2024	+16.2%	Cons. · IFRS
FYE Mar 2025	+1.5%	Cons. · IFRS
FYE Mar 2026	+44.6%	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 ¥108bn

CAGR · 10 yrs +9.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	47.5	n/a	Cons. · IFRS
FYE Mar 2018	66.0	+39.1%	Cons. · IFRS
FYE Mar 2019	52.8	−20.1%	Cons. · IFRS
FYE Mar 2020	56.9	+7.8%	Cons. · IFRS
FYE Mar 2021	71.8	+26.1%	Cons. · IFRS
FYE Mar 2022	58.2	−18.9%	Cons. · IFRS
FYE Mar 2023	66.9	+14.9%	Cons. · IFRS
FYE Mar 2024	79.6	+19.0%	Cons. · IFRS
FYE Mar 2025	86.1	+8.3%	Cons. · IFRS
FYE Mar 2026	108	+25.1%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥15bn

Average · 10 yrs -¥19bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-19.3	n/a	Cons. · IFRS
FYE Mar 2018	-26.2	n/a	Cons. · IFRS
FYE Mar 2019	-30.1	n/a	Cons. · IFRS
FYE Mar 2020	-9.4	n/a	Cons. · IFRS
FYE Mar 2021	-1.5	n/a	Cons. · IFRS
FYE Mar 2022	-13.3	n/a	Cons. · IFRS
FYE Mar 2023	-8.5	n/a	Cons. · IFRS
FYE Mar 2024	-7.2	n/a	Cons. · IFRS
FYE Mar 2025	-61.2	n/a	Cons. · IFRS
FYE Mar 2026	-15.2	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 -¥80bn

Average · 10 yrs -¥46bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-21.1	n/a	Cons. · IFRS
FYE Mar 2018	-34.4	n/a	Cons. · IFRS
FYE Mar 2019	-37.8	n/a	Cons. · IFRS
FYE Mar 2020	-39.4	n/a	Cons. · IFRS
FYE Mar 2021	-33.9	n/a	Cons. · IFRS
FYE Mar 2022	-59.7	n/a	Cons. · IFRS
FYE Mar 2023	-52.9	n/a	Cons. · IFRS
FYE Mar 2024	-43.2	n/a	Cons. · IFRS
FYE Mar 2025	-54.5	n/a	Cons. · IFRS
FYE Mar 2026	-80.5	n/a	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 ¥110bn

CAGR · 10 yrs +4.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	73.6	n/a	Cons. · IFRS
FYE Mar 2018	79.0	+7.4%	Cons. · IFRS
FYE Mar 2019	63.9	−19.1%	Cons. · IFRS
FYE Mar 2020	71.9	+12.5%	Cons. · IFRS
FYE Mar 2021	108	+50.5%	Cons. · IFRS
FYE Mar 2022	93.4	−13.7%	Cons. · IFRS
FYE Mar 2023	98.8	+5.8%	Cons. · IFRS
FYE Mar 2024	128	+29.6%	Cons. · IFRS
FYE Mar 2025	98.4	−23.1%	Cons. · IFRS
FYE Mar 2026	110	+12.2%	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 ¥93bn

CAGR · 10 yrs +14.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	28.1	n/a	Cons. · IFRS
FYE Mar 2018	39.9	+41.7%	Cons. · IFRS
FYE Mar 2019	22.7	−43.0%	Cons. · IFRS
FYE Mar 2020	47.4	+108.9%	Cons. · IFRS
FYE Mar 2021	70.2	+48.0%	Cons. · IFRS
FYE Mar 2022	44.9	−36.1%	Cons. · IFRS
FYE Mar 2023	58.4	+30.0%	Cons. · IFRS
FYE Mar 2024	72.4	+24.1%	Cons. · IFRS
FYE Mar 2025	24.9	−65.6%	Cons. · IFRS
FYE Mar 2026	92.5	+271.3%	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 54.1%

Average · 10 yrs 49.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	44.0	n/a	Cons. · IFRS
FYE Mar 2018	54.7	+10.7pp	Cons. · IFRS
FYE Mar 2019	43.6	−11.1pp	Cons. · IFRS
FYE Mar 2020	46.0	+2.4pp	Cons. · IFRS
FYE Mar 2021	53.8	+7.8pp	Cons. · IFRS
FYE Mar 2022	43.0	−10.8pp	Cons. · IFRS
FYE Mar 2023	49.9	+6.9pp	Cons. · IFRS
FYE Mar 2024	52.0	+2.1pp	Cons. · IFRS
FYE Mar 2025	52.5	+0.4pp	Cons. · IFRS
FYE Mar 2026	54.1	+1.7pp	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 ¥58bn

CAGR · 10 yrs +11.9%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	21.1	n/a	Cons. · IFRS
FYE Mar 2018	26.6	+25.8%	Cons. · IFRS
FYE Mar 2019	11.4	−56.9%	Cons. · IFRS
FYE Mar 2020	19.4	+69.8%	Cons. · IFRS
FYE Mar 2021	55.7	+186.9%	Cons. · IFRS
FYE Mar 2022	40.9	−26.7%	Cons. · IFRS
FYE Mar 2023	45.8	+12.1%	Cons. · IFRS
FYE Mar 2024	75.5	+64.8%	Cons. · IFRS
FYE Mar 2025	45.9	−39.2%	Cons. · IFRS
FYE Mar 2026	58.0	+26.2%	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 ¥1.86tn

Change · 10 yrs +¥991bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	871	n/a
FYE Mar 2018	1,056	n/a
FYE Mar 2019	1,056	n/a
FYE Mar 2020	1,021	n/a
FYE Mar 2021	1,390	n/a
FYE Mar 2022	1,207	n/a
FYE Mar 2023	1,066	n/a
FYE Mar 2024	2,149	n/a
FYE Mar 2025	1,595	n/a
FYE Mar 2026	1,862	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 1,805¥

Change · 10 yrs +219¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,586	n/a
FYE Mar 2018	1,968	n/a
FYE Mar 2019	1,969	n/a
FYE Mar 2020	1,903	n/a
FYE Mar 2021	2,592	n/a
FYE Mar 2022	2,283	n/a
FYE Mar 2023	2,016	n/a
FYE Mar 2024	4,115	n/a
FYE Mar 2025	1,527	n/a
FYE Mar 2026	1,805	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 1,031,785,336shares

Change · 10 yrs +482,716,236 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	549,069,100	Parent
FYE Mar 2018	536,351,448	Parent
FYE Mar 2019	536,351,448	Parent
FYE Mar 2020	536,351,448	Parent
FYE Mar 2021	536,351,448	Parent
FYE Mar 2022	528,578,441	Parent
FYE Mar 2023	528,578,441	Parent
FYE Mar 2024	522,289,183	Parent
FYE Mar 2025	1,044,578,366	Parent
FYE Mar 2026	1,031,785,336	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 76.81¥

Change · 10 yrs −0.19¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	77.00	Cons.
FYE Mar 2018	94.17	Cons.
FYE Mar 2019	91.58	Cons.
FYE Mar 2020	88.91	Cons.
FYE Mar 2021	48.00	Cons.
FYE Mar 2022	47.17	Cons.
FYE Mar 2023	44.02	Cons.
FYE Mar 2024	58.45	Cons.
FYE Mar 2025	58.72	Cons.
FYE Mar 2026	76.81	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 322.18¥

Change · 10 yrs −147.62¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	469.80	Cons. · IFRS
FYE Mar 2018	499.31	Cons. · IFRS
FYE Mar 2019	519.38	Cons. · IFRS
FYE Mar 2020	542.71	Cons. · IFRS
FYE Mar 2021	585.46	Cons. · IFRS
FYE Mar 2022	581.66	Cons. · IFRS
FYE Mar 2023	574.48	Cons. · IFRS
FYE Mar 2024	609.15	Cons. · IFRS
FYE Mar 2025	316.39	Cons. · IFRS
FYE Mar 2026	322.18	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 23.50×

Average · 10 yrs 24.32×

Fiscal year	PER ×	Basis
FYE Mar 2017	20.60	Cons.
FYE Mar 2018	20.90	Cons.
FYE Mar 2019	21.50	Cons.
FYE Mar 2020	21.40	Cons.
FYE Mar 2021	27.00	Cons.
FYE Mar 2022	24.20	Cons.
FYE Mar 2023	22.90	Cons.
FYE Mar 2024	35.20	Cons.
FYE Mar 2025	26.00	Cons.
FYE Mar 2026	23.50	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 5.38×

Average · 10 yrs 4.24×

Fiscal year	PBR ×	Basis
FYE Mar 2017	3.32	Cons.
FYE Mar 2018	3.85	Cons.
FYE Mar 2019	3.70	Cons.
FYE Mar 2020	3.42	Cons.
FYE Mar 2021	4.32	Cons.
FYE Mar 2022	3.82	Cons.
FYE Mar 2023	3.36	Cons.
FYE Mar 2024	6.52	Cons.
FYE Mar 2025	4.66	Cons.
FYE Mar 2026	5.38	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 1,268people

Change · 10 yrs +183 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,085	n/a	Cons.
FYE Mar 2018	1,093	+0.7%	Cons.
FYE Mar 2019	1,110	+1.6%	Cons.
FYE Mar 2020	1,208	+8.8%	Cons.
FYE Mar 2021	1,197	−0.9%	Cons.
FYE Mar 2022	1,193	−0.3%	Cons.
FYE Mar 2023	1,238	+3.8%	Cons.
FYE Mar 2024	1,249	+0.9%	Cons.
FYE Mar 2025	1,263	+1.1%	Cons.
FYE Mar 2026	1,268	+0.4%	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 223people

Change · 10 yrs +26 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	197	n/a	Parent
FYE Mar 2018	193	−2.0%	Parent
FYE Mar 2019	189	−2.1%	Parent
FYE Mar 2020	223	+18.0%	Parent
FYE Mar 2021	206	−7.6%	Parent
FYE Mar 2022	208	+1.0%	Parent
FYE Mar 2023	204	−1.9%	Parent
FYE Mar 2024	214	+4.9%	Parent
FYE Mar 2025	220	+2.8%	Parent
FYE Mar 2026	223	+1.4%	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 ¥11.1m

Change · 10 yrs +¥1.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	10.1	n/a	Parent
FYE Mar 2018	10.1	+0.2%	Parent
FYE Mar 2019	10.2	+0.9%	Parent
FYE Mar 2020	10.2	−0.6%	Parent
FYE Mar 2021	10.3	+1.1%	Parent
FYE Mar 2022	10.3	+0.6%	Parent
FYE Mar 2023	10.6	+2.1%	Parent
FYE Mar 2024	10.7	+1.0%	Parent
FYE Mar 2025	11.1	+4.1%	Parent
FYE Mar 2026	11.1	+0.3%	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 46.8years

Change · 8 yrs +4.0 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	42.8	n/a	Parent
FYE Mar 2020	43.4	+1.4%	Parent
FYE Mar 2021	45.3	+4.4%	Parent
FYE Mar 2022	46.0	+1.5%	Parent
FYE Mar 2023	47.0	+2.2%	Parent
FYE Mar 2024	47.2	+0.4%	Parent
FYE Mar 2025	47.3	+0.2%	Parent
FYE Mar 2026	46.8	−1.1%	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 19.8years

Change · 10 yrs +1.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.0	n/a	Parent
FYE Mar 2018	17.9	−0.6%	Parent
FYE Mar 2019	17.3	−3.4%	Parent
FYE Mar 2020	17.1	−1.2%	Parent
FYE Mar 2021	19.1	+11.7%	Parent
FYE Mar 2022	19.9	+4.2%	Parent
FYE Mar 2023	20.4	+2.5%	Parent
FYE Mar 2024	19.8	−2.9%	Parent
FYE Mar 2025	20.1	+1.5%	Parent
FYE Mar 2026	19.8	−1.5%	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 ¥157m

Change · 10 yrs +¥57.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	99.4	n/a	Cons.
FYE Mar 2018	110	+11.1%	Cons.
FYE Mar 2019	109	−1.2%	Cons.
FYE Mar 2020	102	−6.2%	Cons.
FYE Mar 2021	111	+8.8%	Cons.
FYE Mar 2022	114	+1.9%	Cons.
FYE Mar 2023	108	−4.7%	Cons.
FYE Mar 2024	122	+13.1%	Cons.
FYE Mar 2025	130	+6.2%	Cons.
FYE Mar 2026	157	+20.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥91.7m

Change · 9 yrs +¥26.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	65.7	n/a	Cons.
FYE Mar 2019	62.6	−4.6%	Cons.
FYE Mar 2020	56.7	−9.4%	Cons.
FYE Mar 2021	62.3	+9.8%	Cons.
FYE Mar 2022	61.6	−1.1%	Cons.
FYE Mar 2023	55.1	−10.5%	Cons.
FYE Mar 2024	70.0	+27.0%	Cons.
FYE Mar 2025	71.4	+1.9%	Cons.
FYE Mar 2026	91.7	+28.5%	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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