Financials

Monex Group, Inc.: FYE Mar 2026 and ten years of results (43 metrics)

FYE Mar 2026 · Revenue¥93bnYoY +16.6%

FYE Mar 2026 · Operating profit¥16bn

FYE Mar 2026 · Net profit¥11bn

FYE Mar 2026 · Equity ratio16.9%YoY −0.5pp

FYE Mar 2026 · Group employees1,122YoY +44

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥46bn	n/a	n/a	n/a	n/a	¥0.3bn	Matsumoto Oki	—
FYE Mar 2018Consolidated	¥54bn	+17.0%	¥8.6bn	n/a	16.1%	¥6.7bn	Matsumoto Oki	Profit falls to ¥298m; Matsumoto returns as broker president
FYE Mar 2019Consolidated	¥52bn	−2.7%	¥1.8bn	−79.3%	3.4%	¥1.2bn	Matsumoto Oki	Buys Coincheck for <span class="en-history_money" data-yen="3600000000" data-year="2018">$32.6M (¥4bn)</span> weeks after the NEM hack
FYE Mar 2020Consolidated	¥53bn	+2.0%	¥4.1bn	+130.8%	7.8%	¥3.0bn	Matsumoto Oki	—
FYE Mar 2021Consolidated	¥78bn	+46.4%	¥21bn	+415.5%	27.3%	¥14bn	Matsumoto Oki	Launches an asset manager as commissions head to zero
FYE Mar 2022Consolidated	¥89bn	+14.0%	¥21bn	−2.3%	23.4%	¥13bn	Matsumoto Oki	Crypto boom lifts net income to ¥14.4bn
FYE Mar 2023Consolidated	¥56bn	−37.1%	¥1.0bn	−95.4%	1.7%	¥3.4bn	Matsumoto Oki	—
FYE Mar 2024Consolidated	¥66bn	+17.7%	¥25bn	+2521.5%	38.5%	¥31bn	Matsumoto Oki	—
FYE Mar 2025Consolidated	¥80bn	+21.1%	-¥4.6bn	−118.3%	-5.8%	-¥5.1bn	Seimei Yuko	Monex Securities passes to Docomo’s control; ¥18.2bn gain
FYE Mar 2026Consolidated	¥93bn	+16.6%	¥16bn	n/a	17.0%	¥11bn	Seimei Yuko	Coincheck’s parent lists on Nasdaq; group posts a net loss

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥93bn

CAGR · 10 yrs +8.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	45.8	n/a	Cons. · IFRS
FYE Mar 2018	53.6	+17.0%	Cons. · IFRS
FYE Mar 2019	52.2	−2.7%	Cons. · IFRS
FYE Mar 2020	53.2	+2.0%	Cons. · IFRS
FYE Mar 2021	77.9	+46.4%	Cons. · IFRS
FYE Mar 2022	88.8	+14.0%	Cons. · IFRS
FYE Mar 2023	55.8	−37.1%	Cons. · IFRS
FYE Mar 2024	65.7	+17.7%	Cons. · IFRS
FYE Mar 2025	79.6	+21.1%	Cons. · IFRS
FYE Mar 2026	92.8	+16.6%	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 ¥1.8bn

CAGR · 5 yrs +143.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	0.1	n/a	Cons. · IFRS
FYE Mar 2023	0.2	+311.8%	Cons. · IFRS
FYE Mar 2024	0.1	−39.5%	Cons. · IFRS
FYE Mar 2025	0.0	−81.1%	Cons. · IFRS
FYE Mar 2026	1.8	+7416.7%	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 ¥91bn

CAGR · 5 yrs +0.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	88.7	n/a	Cons. · IFRS
FYE Mar 2023	55.6	−37.3%	Cons. · IFRS
FYE Mar 2024	65.6	+17.9%	Cons. · IFRS
FYE Mar 2025	79.5	+21.3%	Cons. · IFRS
FYE Mar 2026	91.0	+14.4%	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 ¥65bn

CAGR · 9 yrs +6.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	39.9	n/a	Cons. · IFRS
FYE Mar 2019	44.7	+12.1%	Cons. · IFRS
FYE Mar 2020	42.8	−4.2%	Cons. · IFRS
FYE Mar 2021	49.9	+16.4%	Cons. · IFRS
FYE Mar 2022	68.6	+37.6%	Cons. · IFRS
FYE Mar 2023	47.2	−31.2%	Cons. · IFRS
FYE Mar 2024	49.3	+4.4%	Cons. · IFRS
FYE Mar 2025	61.3	+24.5%	Cons. · IFRS
FYE Mar 2026	64.6	+5.4%	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 ¥16bn

CAGR · 9 yrs +7.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	8.6	n/a	Cons. · IFRS
FYE Mar 2019	1.8	−79.3%	Cons. · IFRS
FYE Mar 2020	4.1	+130.8%	Cons. · IFRS
FYE Mar 2021	21.3	+415.5%	Cons. · IFRS
FYE Mar 2022	20.8	−2.3%	Cons. · IFRS
FYE Mar 2023	1.0	−95.4%	Cons. · IFRS
FYE Mar 2024	25.3	+2521.5%	Cons. · IFRS
FYE Mar 2025	-4.6	−118.3%	Cons. · IFRS
FYE Mar 2026	15.8	n/a	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 ¥11bn

CAGR · 10 yrs +49.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · IFRS
FYE Mar 2018	6.7	+2158.4%	Cons. · IFRS
FYE Mar 2019	1.2	−82.5%	Cons. · IFRS
FYE Mar 2020	3.0	+155.0%	Cons. · IFRS
FYE Mar 2021	14.4	+376.7%	Cons. · IFRS
FYE Mar 2022	13.0	−9.3%	Cons. · IFRS
FYE Mar 2023	3.4	−73.9%	Cons. · IFRS
FYE Mar 2024	31.3	+822.6%	Cons. · IFRS
FYE Mar 2025	-5.1	−116.2%	Cons. · IFRS
FYE Mar 2026	10.9	n/a	Cons. · IFRS

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

Gross margin

FYE Mar 2026 98.1%

Average · 5 yrs 99.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	99.9	n/a	Cons. · IFRS
FYE Mar 2023	99.6	−0.3pp	Cons. · IFRS
FYE Mar 2024	99.8	+0.2pp	Cons. · IFRS
FYE Mar 2025	100.0	+0.2pp	Cons. · IFRS
FYE Mar 2026	98.1	−1.9pp	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 17.0%

Average · 9 yrs 14.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	16.1	n/a	Cons. · IFRS
FYE Mar 2019	3.4	−12.7pp	Cons. · IFRS
FYE Mar 2020	7.8	+4.3pp	Cons. · IFRS
FYE Mar 2021	27.3	+19.6pp	Cons. · IFRS
FYE Mar 2022	23.4	−3.9pp	Cons. · IFRS
FYE Mar 2023	1.7	−21.7pp	Cons. · IFRS
FYE Mar 2024	38.5	+36.8pp	Cons. · IFRS
FYE Mar 2025	-5.8	−44.3pp	Cons. · IFRS
FYE Mar 2026	17.0	+22.8pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 11.8%

Average · 10 yrs 11.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · IFRS
FYE Mar 2018	12.5	+11.9pp	Cons. · IFRS
FYE Mar 2019	2.3	−10.3pp	Cons. · IFRS
FYE Mar 2020	5.7	+3.4pp	Cons. · IFRS
FYE Mar 2021	18.4	+12.8pp	Cons. · IFRS
FYE Mar 2022	14.7	−3.8pp	Cons. · IFRS
FYE Mar 2023	6.1	−8.6pp	Cons. · IFRS
FYE Mar 2024	47.6	+41.5pp	Cons. · IFRS
FYE Mar 2025	-6.4	−54.0pp	Cons. · IFRS
FYE Mar 2026	11.8	+18.1pp	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 1.9%

Average · 5 yrs 0.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	0.1	n/a	Cons. · IFRS
FYE Mar 2023	0.4	+0.3pp	Cons. · IFRS
FYE Mar 2024	0.2	−0.2pp	Cons. · IFRS
FYE Mar 2025	0.0	−0.2pp	Cons. · IFRS
FYE Mar 2026	1.9	+1.9pp	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 69.7%

Average · 9 yrs 76.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	74.3	n/a	Cons. · IFRS
FYE Mar 2019	85.7	+11.3pp	Cons. · IFRS
FYE Mar 2020	80.5	−5.2pp	Cons. · IFRS
FYE Mar 2021	64.0	−16.5pp	Cons. · IFRS
FYE Mar 2022	77.3	+13.3pp	Cons. · IFRS
FYE Mar 2023	84.5	+7.3pp	Cons. · IFRS
FYE Mar 2024	74.9	−9.6pp	Cons. · IFRS
FYE Mar 2025	77.1	+2.1pp	Cons. · IFRS
FYE Mar 2026	69.7	−7.4pp	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 ¥747bn

CAGR · 10 yrs −2.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	937	n/a	Cons. · IFRS
FYE Mar 2018	974	+3.9%	Cons. · IFRS
FYE Mar 2019	1,028	+5.6%	Cons. · IFRS
FYE Mar 2020	1,023	−0.5%	Cons. · IFRS
FYE Mar 2021	1,401	+37.0%	Cons. · IFRS
FYE Mar 2022	1,608	+14.7%	Cons. · IFRS
FYE Mar 2023	1,504	−6.4%	Cons. · IFRS
FYE Mar 2024	762	−49.4%	Cons. · IFRS
FYE Mar 2025	710	−6.8%	Cons. · IFRS
FYE Mar 2026	747	+5.2%	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 ¥126bn

CAGR · 10 yrs +5.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	81.4	n/a	Cons. · IFRS
FYE Mar 2018	80.3	−1.3%	Cons. · IFRS
FYE Mar 2019	79.0	−1.7%	Cons. · IFRS
FYE Mar 2020	76.2	−3.5%	Cons. · IFRS
FYE Mar 2021	89.6	+17.5%	Cons. · IFRS
FYE Mar 2022	104	+16.4%	Cons. · IFRS
FYE Mar 2023	99.6	−4.5%	Cons. · IFRS
FYE Mar 2024	132	+32.2%	Cons. · IFRS
FYE Mar 2025	124	−5.9%	Cons. · IFRS
FYE Mar 2026	126	+1.9%	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 ¥58bn

CAGR · 9 yrs −13.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	191	n/a	Cons. · IFRS
FYE Mar 2019	191	−0.2%	Cons. · IFRS
FYE Mar 2020	148	−22.4%	Cons. · IFRS
FYE Mar 2021	246	+66.4%	Cons. · IFRS
FYE Mar 2022	263	+6.7%	Cons. · IFRS
FYE Mar 2023	241	−8.2%	Cons. · IFRS
FYE Mar 2024	55.9	−76.8%	Cons. · IFRS
FYE Mar 2025	43.8	−21.7%	Cons. · IFRS
FYE Mar 2026	57.7	+31.7%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥42bn

CAGR · 9 yrs −2.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	49.9	n/a	Cons. · IFRS
FYE Mar 2019	47.7	−4.3%	Cons. · IFRS
FYE Mar 2020	46.0	−3.5%	Cons. · IFRS
FYE Mar 2021	44.9	−2.5%	Cons. · IFRS
FYE Mar 2022	45.4	+1.1%	Cons. · IFRS
FYE Mar 2023	46.9	+3.5%	Cons. · IFRS
FYE Mar 2024	30.2	−35.5%	Cons. · IFRS
FYE Mar 2025	35.2	+16.5%	Cons. · IFRS
FYE Mar 2026	42.0	+19.0%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥23bn

CAGR · 9 yrs +4.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	16.6	n/a	Cons. · IFRS
FYE Mar 2019	17.0	+2.3%	Cons. · IFRS
FYE Mar 2020	17.0	−0.2%	Cons. · IFRS
FYE Mar 2021	17.2	+1.6%	Cons. · IFRS
FYE Mar 2022	18.6	+7.9%	Cons. · IFRS
FYE Mar 2023	19.8	+6.4%	Cons. · IFRS
FYE Mar 2024	13.6	−31.4%	Cons. · IFRS
FYE Mar 2025	20.0	+47.4%	Cons. · IFRS
FYE Mar 2026	22.7	+13.3%	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 16.9%

Average · 10 yrs 10.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · IFRS
FYE Mar 2018	8.3	−0.4pp	Cons. · IFRS
FYE Mar 2019	7.7	−0.6pp	Cons. · IFRS
FYE Mar 2020	7.5	−0.2pp	Cons. · IFRS
FYE Mar 2021	6.4	−1.1pp	Cons. · IFRS
FYE Mar 2022	6.5	+0.1pp	Cons. · IFRS
FYE Mar 2023	6.6	+0.1pp	Cons. · IFRS
FYE Mar 2024	17.3	+10.7pp	Cons. · IFRS
FYE Mar 2025	17.5	+0.2pp	Cons. · IFRS
FYE Mar 2026	16.9	−0.5pp	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 45.7%

Average · 9 yrs 173.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	237.8	n/a	Cons. · IFRS
FYE Mar 2019	241.3	+3.6pp	Cons. · IFRS
FYE Mar 2020	194.1	−47.2pp	Cons. · IFRS
FYE Mar 2021	274.9	+80.8pp	Cons. · IFRS
FYE Mar 2022	251.8	−23.0pp	Cons. · IFRS
FYE Mar 2023	241.9	−9.9pp	Cons. · IFRS
FYE Mar 2024	42.5	−199.5pp	Cons. · IFRS
FYE Mar 2025	35.3	−7.1pp	Cons. · IFRS
FYE Mar 2026	45.7	+10.3pp	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 8.6%

Average · 10 yrs 7.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · IFRS
FYE Mar 2018	8.4	+8.0pp	Cons. · IFRS
FYE Mar 2019	1.5	−6.9pp	Cons. · IFRS
FYE Mar 2020	4.0	+2.5pp	Cons. · IFRS
FYE Mar 2021	16.0	+12.1pp	Cons. · IFRS
FYE Mar 2022	12.5	−3.5pp	Cons. · IFRS
FYE Mar 2023	3.4	−9.1pp	Cons. · IFRS
FYE Mar 2024	23.8	+20.4pp	Cons. · IFRS
FYE Mar 2025	-4.1	−27.8pp	Cons. · IFRS
FYE Mar 2026	8.6	+12.7pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 1.5%

Average · 10 yrs 0.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.7	+0.7pp	Cons. · IFRS
FYE Mar 2019	0.1	−0.6pp	Cons. · IFRS
FYE Mar 2020	0.3	+0.2pp	Cons. · IFRS
FYE Mar 2021	1.0	+0.7pp	Cons. · IFRS
FYE Mar 2022	0.8	−0.2pp	Cons. · IFRS
FYE Mar 2023	0.2	−0.6pp	Cons. · IFRS
FYE Mar 2024	4.1	+3.9pp	Cons. · IFRS
FYE Mar 2025	-0.7	−4.8pp	Cons. · IFRS
FYE Mar 2026	1.5	+2.2pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.12×

CAGR · 10 yrs +10.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.05	n/a	Cons. · IFRS
FYE Mar 2018	0.06	+12.6%	Cons. · IFRS
FYE Mar 2019	0.05	−7.9%	Cons. · IFRS
FYE Mar 2020	0.05	+2.5%	Cons. · IFRS
FYE Mar 2021	0.06	+6.9%	Cons. · IFRS
FYE Mar 2022	0.06	−0.7%	Cons. · IFRS
FYE Mar 2023	0.04	−32.8%	Cons. · IFRS
FYE Mar 2024	0.09	+132.4%	Cons. · IFRS
FYE Mar 2025	0.11	+29.9%	Cons. · IFRS
FYE Mar 2026	0.12	+10.8%	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 ¥18bn

CAGR · 10 yrs −9.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	43.7	n/a	Cons. · IFRS
FYE Mar 2018	-38.7	−188.5%	Cons. · IFRS
FYE Mar 2019	53.8	n/a	Cons. · IFRS
FYE Mar 2020	34.5	−36.0%	Cons. · IFRS
FYE Mar 2021	-63.8	−285.2%	Cons. · IFRS
FYE Mar 2022	51.7	n/a	Cons. · IFRS
FYE Mar 2023	-31.0	−159.9%	Cons. · IFRS
FYE Mar 2024	8.1	n/a	Cons. · IFRS
FYE Mar 2025	13.3	+65.1%	Cons. · IFRS
FYE Mar 2026	17.8	+33.9%	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 -¥17bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-8.3	n/a	Cons. · IFRS
FYE Mar 2018	-5.9	n/a	Cons. · IFRS
FYE Mar 2019	22.8	n/a	Cons. · IFRS
FYE Mar 2020	-7.1	−131.1%	Cons. · IFRS
FYE Mar 2021	-7.2	n/a	Cons. · IFRS
FYE Mar 2022	-6.0	n/a	Cons. · IFRS
FYE Mar 2023	-21.9	n/a	Cons. · IFRS
FYE Mar 2024	-86.4	n/a	Cons. · IFRS
FYE Mar 2025	-32.2	n/a	Cons. · IFRS
FYE Mar 2026	-14.6	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 -¥5.0bn

Average · 10 yrs ¥1.7bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-18.5	n/a	Cons. · IFRS
FYE Mar 2018	49.9	n/a	Cons. · IFRS
FYE Mar 2019	-5.9	−111.8%	Cons. · IFRS
FYE Mar 2020	-48.4	n/a	Cons. · IFRS
FYE Mar 2021	95.5	n/a	Cons. · IFRS
FYE Mar 2022	13.8	−85.6%	Cons. · IFRS
FYE Mar 2023	-34.2	−348.2%	Cons. · IFRS
FYE Mar 2024	-5.1	n/a	Cons. · IFRS
FYE Mar 2025	-25.2	n/a	Cons. · IFRS
FYE Mar 2026	-5.0	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 ¥53bn

CAGR · 10 yrs −4.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	76.6	n/a	Cons. · IFRS
FYE Mar 2018	81.5	+6.4%	Cons. · IFRS
FYE Mar 2019	151	+85.3%	Cons. · IFRS
FYE Mar 2020	128	−15.3%	Cons. · IFRS
FYE Mar 2021	187	+46.0%	Cons. · IFRS
FYE Mar 2022	253	+35.8%	Cons. · IFRS
FYE Mar 2023	175	−30.9%	Cons. · IFRS
FYE Mar 2024	97.9	−44.1%	Cons. · IFRS
FYE Mar 2025	53.5	−45.4%	Cons. · IFRS
FYE Mar 2026	52.8	−1.3%	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 ¥3.2bn

CAGR · 10 yrs −23.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	35.4	n/a	Cons. · IFRS
FYE Mar 2018	-44.6	−225.9%	Cons. · IFRS
FYE Mar 2019	76.6	n/a	Cons. · IFRS
FYE Mar 2020	27.4	−64.2%	Cons. · IFRS
FYE Mar 2021	-71.0	−359.2%	Cons. · IFRS
FYE Mar 2022	45.7	n/a	Cons. · IFRS
FYE Mar 2023	-52.9	−215.7%	Cons. · IFRS
FYE Mar 2024	-78.3	n/a	Cons. · IFRS
FYE Mar 2025	-18.9	n/a	Cons. · IFRS
FYE Mar 2026	3.2	n/a	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 19.2%

Average · 10 yrs 16.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	95.4	n/a	Cons. · IFRS
FYE Mar 2018	-72.2	−167.5pp	Cons. · IFRS
FYE Mar 2019	103.2	+175.3pp	Cons. · IFRS
FYE Mar 2020	64.7	−38.4pp	Cons. · IFRS
FYE Mar 2021	-81.9	−146.6pp	Cons. · IFRS
FYE Mar 2022	58.2	+140.2pp	Cons. · IFRS
FYE Mar 2023	-55.5	−113.7pp	Cons. · IFRS
FYE Mar 2024	12.3	+67.7pp	Cons. · IFRS
FYE Mar 2025	16.7	+4.5pp	Cons. · IFRS
FYE Mar 2026	19.2	+2.5pp	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 -¥4.9bn

Average · 9 yrs -¥29bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-110	n/a	Cons. · IFRS
FYE Mar 2019	-39.7	n/a	Cons. · IFRS
FYE Mar 2020	-20.1	n/a	Cons. · IFRS
FYE Mar 2021	-59.5	n/a	Cons. · IFRS
FYE Mar 2022	-9.2	n/a	Cons. · IFRS
FYE Mar 2023	-65.9	n/a	Cons. · IFRS
FYE Mar 2024	42.0	n/a	Cons. · IFRS
FYE Mar 2025	9.6	−77.0%	Cons. · IFRS
FYE Mar 2026	-4.9	−151.2%	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 ¥168bn

Change · 9 yrs +¥93bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	75.0	n/a
FYE Mar 2018	93.2	n/a
FYE Mar 2019	102	n/a
FYE Mar 2020	44.4	n/a
FYE Mar 2021	241	n/a
FYE Mar 2022	175	n/a
FYE Mar 2023	123	n/a
FYE Mar 2024	229	n/a
FYE Mar 2025	n/a	n/a
FYE Mar 2026	168	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 669¥

Change · 9 yrs +401¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	267	n/a
FYE Mar 2018	345	n/a
FYE Mar 2019	383	n/a
FYE Mar 2020	172	n/a
FYE Mar 2021	932	n/a
FYE Mar 2022	655	n/a
FYE Mar 2023	477	n/a
FYE Mar 2024	888	n/a
FYE Mar 2025	n/a	n/a
FYE Mar 2026	669	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 251,647,100shares

Change · 10 yrs −28,944,600 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	280,591,700	Parent
FYE Mar 2018	269,706,000	Parent
FYE Mar 2019	266,322,300	Parent
FYE Mar 2020	258,998,600	Parent
FYE Mar 2021	258,998,600	Parent
FYE Mar 2022	267,447,100	Parent
FYE Mar 2023	257,947,100	Parent
FYE Mar 2024	257,947,100	Parent
FYE Mar 2025	253,647,100	Parent
FYE Mar 2026	251,647,100	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 43.41¥

Change · 10 yrs +42.35¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	1.06	Cons.
FYE Mar 2018	24.33	Cons.
FYE Mar 2019	4.42	Cons.
FYE Mar 2020	11.59	Cons.
FYE Mar 2021	55.82	Cons.
FYE Mar 2022	50.00	Cons.
FYE Mar 2023	12.85	Cons.
FYE Mar 2024	121.67	Cons.
FYE Mar 2025	-19.79	Cons.
FYE Mar 2026	43.41	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 502.28¥

Change · 10 yrs +212.28¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	290.00	Cons. · IFRS
FYE Mar 2018	297.84	Cons. · IFRS
FYE Mar 2019	296.61	Cons. · IFRS
FYE Mar 2020	294.25	Cons. · IFRS
FYE Mar 2021	345.84	Cons. · IFRS
FYE Mar 2022	389.93	Cons. · IFRS
FYE Mar 2023	386.28	Cons. · IFRS
FYE Mar 2024	510.62	Cons. · IFRS
FYE Mar 2025	488.81	Cons. · IFRS
FYE Mar 2026	502.28	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 15.40×

Average · 9 yrs 50.83×

Fiscal year	PER ×	Basis
FYE Mar 2017	252.30	Cons.
FYE Mar 2018	14.20	Cons.
FYE Mar 2019	86.60	Cons.
FYE Mar 2020	14.80	Cons.
FYE Mar 2021	16.70	Cons.
FYE Mar 2022	13.10	Cons.
FYE Mar 2023	37.10	Cons.
FYE Mar 2024	7.30	Cons.
FYE Mar 2025	n/a	Cons.
FYE Mar 2026	15.40	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 1.33×

Average · 9 yrs 1.40×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.92	Cons.
FYE Mar 2018	1.16	Cons.
FYE Mar 2019	1.29	Cons.
FYE Mar 2020	0.58	Cons.
FYE Mar 2021	2.68	Cons.
FYE Mar 2022	1.67	Cons.
FYE Mar 2023	1.23	Cons.
FYE Mar 2024	1.74	Cons.
FYE Mar 2025	n/a	Cons.
FYE Mar 2026	1.33	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 1,122people

Change · 10 yrs +292 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	830	n/a	Cons.
FYE Mar 2018	853	+2.8%	Cons.
FYE Mar 2019	1,093	+28.1%	Cons.
FYE Mar 2020	1,108	+1.4%	Cons.
FYE Mar 2021	1,129	+1.9%	Cons.
FYE Mar 2022	1,475	+30.6%	Cons.
FYE Mar 2023	1,491	+1.1%	Cons.
FYE Mar 2024	1,052	−29.4%	Cons.
FYE Mar 2025	1,078	+2.5%	Cons.
FYE Mar 2026	1,122	+4.1%	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 57people

Change · 10 yrs +22 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	35	n/a	Parent
FYE Mar 2018	40	+14.3%	Parent
FYE Mar 2019	51	+27.5%	Parent
FYE Mar 2020	47	−7.8%	Parent
FYE Mar 2021	46	−2.1%	Parent
FYE Mar 2022	44	−4.3%	Parent
FYE Mar 2023	42	−4.5%	Parent
FYE Mar 2024	53	+26.2%	Parent
FYE Mar 2025	57	+7.5%	Parent
FYE Mar 2026	57	−0.0%	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 943万円

Change · 8 yrs +134万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	809	n/a	Parent
FYE Mar 2020	783	−3.2%	Parent
FYE Mar 2021	829	+5.8%	Parent
FYE Mar 2022	876	+5.7%	Parent
FYE Mar 2023	829	−5.3%	Parent
FYE Mar 2024	865	+4.4%	Parent
FYE Mar 2025	935	+8.0%	Parent
FYE Mar 2026	943	+0.8%	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 43.5years

Change · 8 yrs +3.3 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	40.2	n/a	Parent
FYE Mar 2020	39.8	−1.0%	Parent
FYE Mar 2021	41.6	+4.5%	Parent
FYE Mar 2022	41.5	−0.2%	Parent
FYE Mar 2023	42.2	+1.7%	Parent
FYE Mar 2024	43.0	+1.9%	Parent
FYE Mar 2025	42.3	−1.6%	Parent
FYE Mar 2026	43.5	+2.8%	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 4.7years

Change · 8 yrs +1.9 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	2.8	n/a	Parent
FYE Mar 2020	3.4	+21.4%	Parent
FYE Mar 2021	4.7	+38.2%	Parent
FYE Mar 2022	6.1	+29.8%	Parent
FYE Mar 2023	4.9	−19.7%	Parent
FYE Mar 2024	4.3	−12.2%	Parent
FYE Mar 2025	4.2	−2.3%	Parent
FYE Mar 2026	4.7	+11.9%	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 179people

Change · 10 yrs +105 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	74	n/a	n/a
FYE Mar 2018	96	+29.7%	n/a
FYE Mar 2019	183	+90.6%	n/a
FYE Mar 2020	94	−48.6%	n/a
FYE Mar 2021	207	+120.2%	n/a
FYE Mar 2022	201	−2.9%	n/a
FYE Mar 2023	174	−13.4%	n/a
FYE Mar 2024	31	−82.2%	n/a
FYE Mar 2025	51	+64.5%	n/a
FYE Mar 2026	179	+251.0%	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 ¥82.7m

Change · 10 yrs +¥27.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	55.2	n/a	Cons.
FYE Mar 2018	62.9	+13.9%	Cons.
FYE Mar 2019	47.7	−24.1%	Cons.
FYE Mar 2020	48.0	+0.6%	Cons.
FYE Mar 2021	69.0	+43.6%	Cons.
FYE Mar 2022	60.2	−12.8%	Cons.
FYE Mar 2023	37.5	−37.8%	Cons.
FYE Mar 2024	62.5	+66.8%	Cons.
FYE Mar 2025	73.8	+18.1%	Cons.
FYE Mar 2026	82.7	+12.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥14.0m

Change · 9 yrs +¥3.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	10.1	n/a	Cons.
FYE Mar 2019	1.6	−83.8%	Cons.
FYE Mar 2020	3.7	+127.7%	Cons.
FYE Mar 2021	18.9	+405.9%	Cons.
FYE Mar 2022	14.1	−25.2%	Cons.
FYE Mar 2023	0.6	−95.4%	Cons.
FYE Mar 2024	24.1	+3615.5%	Cons.
FYE Mar 2025	-4.3	−117.8%	Cons.
FYE Mar 2026	14.0	n/a	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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