Financials

MS&AD Insurance Group: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥6.44tnYoY +21.8%

FYE Mar 2026 · Operating profit¥525bnYoY −43.4%

FYE Mar 2026 · Net profit¥787bnYoY +13.8%

FYE Mar 2026 · Equity ratio16.6%YoY +1.4pp

FYE Mar 2026 · Group employees46,856YoY +8,609

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥4.66tn	n/a	¥353bn	n/a	7.6%	¥210bn	Karasawa Yasuyoshi	Amlin plc acquired for about <span class="en-history_money" data-yen="642000000000" data-year="2016">$5.9B (¥642bn)</span>
FYE Mar 2018Consolidated	¥4.50tn	−3.5%	¥212bn	−40.0%	4.7%	¥154bn	Karasawa Yasuyoshi	—
FYE Mar 2019Consolidated	¥4.78tn	+6.3%	¥291bn	+37.5%	6.1%	¥193bn	Karasawa Yasuyoshi	—
FYE Mar 2020Consolidated	¥4.52tn	−5.6%	¥158bn	−45.8%	3.5%	¥143bn	Karasawa Yasuyoshi	—
FYE Mar 2021Consolidated	¥3.30tn	−27.0%	¥307bn	+94.4%	9.3%	¥144bn	Karasawa Yasuyoshi	Amlin plc sold; Lloyd’s business rebuilt as MS Amlin
FYE Mar 2022Consolidated	¥4.13tn	+25.2%	¥390bn	+27.4%	9.5%	¥263bn	Hara Noriyuki	—
FYE Mar 2023Consolidated	¥4.39tn	+6.4%	¥292bn	−25.2%	6.7%	¥211bn	Hara Noriyuki	—
FYE Mar 2024Consolidated	¥5.00tn	+13.8%	¥416bn	+42.5%	8.3%	¥369bn	Hara Noriyuki	—
FYE Mar 2025Consolidated	¥5.28tn	+5.7%	¥929bn	+123.1%	17.6%	¥692bn	Hara Noriyuki	Premium-fixing surcharge; policy shareholdings to be run to zero by 2030
FYE Mar 2026Consolidated	¥6.44tn	+21.8%	¥525bn	−43.4%	8.2%	¥787bn	Funabiki Shinichiro	W. R. Berkley investment; MS and AD to merge in April 2027

How it compares

Tokio Marine Holdings¥7.69tnFY2025Operating margin 9.8%

MS&AD Insurance Group¥6.44tnFY2025Operating margin 8.2%

Sompo Holdings¥5.37tnFY2025Operating margin 10.9%

Sompo Japan Insurance Inc.Delisted 2010

Aioi Insurance Company, LimitedDelisted 2010

NIPPONKOA Insurance Company, LimitedDelisted 2010

NISSAY DOWA General Insurance Co., Ltd.Delisted 2010

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

Where the revenue goes

¥ bn

Cost of sales Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥6.44tn

CAGR · 10 yrs +3.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	4,661	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4,499	−3.5%	Cons. · Japanese GAAP
FYE Mar 2019	4,784	+6.3%	Cons. · Japanese GAAP
FYE Mar 2020	4,517	−5.6%	Cons. · Japanese GAAP
FYE Mar 2021	3,299	−27.0%	Cons. · Japanese GAAP
FYE Mar 2022	4,129	+25.2%	Cons. · Japanese GAAP
FYE Mar 2023	4,392	+6.4%	Cons. · Japanese GAAP
FYE Mar 2024	4,997	+13.8%	Cons. · Japanese GAAP
FYE Mar 2025	5,283	+5.7%	Cons. · Japanese GAAP
FYE Mar 2026	6,436	moved to IFRS	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 ¥5.42tn

CAGR · 10 yrs +0.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	4,983	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5,006	+0.5%	Cons. · Japanese GAAP
FYE Mar 2019	5,210	+4.1%	Cons. · Japanese GAAP
FYE Mar 2020	5,011	−3.8%	Cons. · Japanese GAAP
FYE Mar 2021	4,586	−8.5%	Cons. · Japanese GAAP
FYE Mar 2022	4,742	+3.4%	Cons. · Japanese GAAP
FYE Mar 2023	4,959	+4.6%	Cons. · Japanese GAAP
FYE Mar 2024	6,156	+24.2%	Cons. · Japanese GAAP
FYE Mar 2025	5,732	−6.9%	Cons. · Japanese GAAP
FYE Mar 2026	5,423	moved to IFRS	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 n/a

Average · 9 yrs -¥647bn

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	-322	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-507	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-425	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-493	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-1,287	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-612	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-567	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-1,159	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-449	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	moved to IFRS	Cons. · IFRS

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

Operating profit

FYE Mar 2026 ¥525bn

CAGR · 10 yrs +4.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	353	n/a	Cons. · Japanese GAAP
FYE Mar 2018	212	−40.0%	Cons. · Japanese GAAP
FYE Mar 2019	291	+37.5%	Cons. · Japanese GAAP
FYE Mar 2020	158	−45.8%	Cons. · Japanese GAAP
FYE Mar 2021	307	+94.4%	Cons. · Japanese GAAP
FYE Mar 2022	390	+27.4%	Cons. · Japanese GAAP
FYE Mar 2023	292	−25.2%	Cons. · Japanese GAAP
FYE Mar 2024	416	+42.5%	Cons. · Japanese GAAP
FYE Mar 2025	929	+123.1%	Cons. · Japanese GAAP
FYE Mar 2026	525	moved to IFRS	Cons. · IFRS

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

Ordinary profit keijo rieki

FYE Mar 2026 n/a

CAGR · 9 yrs +12.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	353	n/a	Cons. · Japanese GAAP
FYE Mar 2018	212	−40.0%	Cons. · Japanese GAAP
FYE Mar 2019	291	+37.5%	Cons. · Japanese GAAP
FYE Mar 2020	158	−45.8%	Cons. · Japanese GAAP
FYE Mar 2021	307	+94.4%	Cons. · Japanese GAAP
FYE Mar 2022	390	+27.4%	Cons. · Japanese GAAP
FYE Mar 2023	292	−25.2%	Cons. · Japanese GAAP
FYE Mar 2024	416	+42.5%	Cons. · Japanese GAAP
FYE Mar 2025	929	+123.1%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	moved to IFRS	Cons. · IFRS

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 n/a

CAGR · 9 yrs +18.5%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.3	+1348.1%	Cons. · Japanese GAAP
FYE Mar 2019	17.1	−66.8%	Cons. · Japanese GAAP
FYE Mar 2020	51.4	+201.3%	Cons. · Japanese GAAP
FYE Mar 2021	15.9	−69.0%	Cons. · Japanese GAAP
FYE Mar 2022	15.0	−5.8%	Cons. · Japanese GAAP
FYE Mar 2023	34.6	+130.9%	Cons. · Japanese GAAP
FYE Mar 2024	63.6	+83.7%	Cons. · Japanese GAAP
FYE Mar 2025	13.8	−78.3%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	moved to IFRS	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥787bn

CAGR · 10 yrs +15.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	210	n/a	Cons. · Japanese GAAP
FYE Mar 2018	154	−26.8%	Cons. · Japanese GAAP
FYE Mar 2019	193	+25.1%	Cons. · Japanese GAAP
FYE Mar 2020	143	−25.8%	Cons. · Japanese GAAP
FYE Mar 2021	144	+1.0%	Cons. · Japanese GAAP
FYE Mar 2022	263	+82.0%	Cons. · Japanese GAAP
FYE Mar 2023	211	−19.7%	Cons. · Japanese GAAP
FYE Mar 2024	369	+75.0%	Cons. · Japanese GAAP
FYE Mar 2025	692	+87.3%	Cons. · Japanese GAAP
FYE Mar 2026	787	moved to IFRS	Cons. · IFRS

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

Gross margin

FYE Mar 2026 n/a

Average · 9 yrs -15.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	-6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-11.3	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2019	-8.9	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2020	-10.9	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	-39.0	−28.1pp	Cons. · Japanese GAAP
FYE Mar 2022	-14.8	+24.2pp	Cons. · Japanese GAAP
FYE Mar 2023	-12.9	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2024	-23.2	−10.3pp	Cons. · Japanese GAAP
FYE Mar 2025	-8.5	+14.7pp	Cons. · Japanese GAAP
FYE Mar 2026	n/a	moved to IFRS	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 8.2%

Average · 10 yrs 8.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2019	6.1	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	3.5	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	9.3	+5.8pp	Cons. · Japanese GAAP
FYE Mar 2022	9.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	6.7	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2024	8.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	17.6	+9.3pp	Cons. · Japanese GAAP
FYE Mar 2026	8.2	moved to IFRS	Cons. · IFRS

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

Ordinary margin

FYE Mar 2026 n/a

Average · 9 yrs 8.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	7.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2019	6.1	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	3.5	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	9.3	+5.8pp	Cons. · Japanese GAAP
FYE Mar 2022	9.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	6.7	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2024	8.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	17.6	+9.3pp	Cons. · Japanese GAAP
FYE Mar 2026	n/a	moved to IFRS	Cons. · IFRS

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

Net margin

FYE Mar 2026 12.2%

Average · 10 yrs 6.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	3.2	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	4.4	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	6.4	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2023	4.8	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2024	7.4	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	13.1	+5.7pp	Cons. · Japanese GAAP
FYE Mar 2026	12.2	moved to IFRS	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 84.3%

Average · 10 yrs 112.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	106.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	111.3	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2019	108.9	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2020	110.9	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	139.0	+28.1pp	Cons. · Japanese GAAP
FYE Mar 2022	114.8	−24.2pp	Cons. · Japanese GAAP
FYE Mar 2023	112.9	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2024	123.2	+10.3pp	Cons. · Japanese GAAP
FYE Mar 2025	108.5	−14.7pp	Cons. · Japanese GAAP
FYE Mar 2026	84.3	moved to IFRS	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ 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 ¥28.6tn

CAGR · 10 yrs +3.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	21,234	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22,473	+5.8%	Cons. · Japanese GAAP
FYE Mar 2019	23,133	+2.9%	Cons. · Japanese GAAP
FYE Mar 2020	23,196	+0.3%	Cons. · Japanese GAAP
FYE Mar 2021	24,143	+4.1%	Cons. · Japanese GAAP
FYE Mar 2022	25,034	+3.7%	Cons. · Japanese GAAP
FYE Mar 2023	24,350	−2.7%	Cons. · Japanese GAAP
FYE Mar 2024	26,960	+10.7%	Cons. · Japanese GAAP
FYE Mar 2025	26,241	−2.7%	Cons. · Japanese GAAP
FYE Mar 2026	28,641	moved to IFRS	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 ¥4.76tn

CAGR · 10 yrs +6.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,709	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,942	+8.6%	Cons. · Japanese GAAP
FYE Mar 2019	2,751	−6.5%	Cons. · Japanese GAAP
FYE Mar 2020	2,453	−10.8%	Cons. · Japanese GAAP
FYE Mar 2021	3,085	+25.8%	Cons. · Japanese GAAP
FYE Mar 2022	3,260	+5.6%	Cons. · Japanese GAAP
FYE Mar 2023	3,092	−5.1%	Cons. · Japanese GAAP
FYE Mar 2024	4,467	+44.5%	Cons. · Japanese GAAP
FYE Mar 2025	4,001	−10.4%	Cons. · Japanese GAAP
FYE Mar 2026	4,764	moved to IFRS	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 ¥1.04tn

CAGR · 10 yrs +9.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	456	n/a	Cons. · Japanese GAAP
FYE Mar 2018	558	+22.4%	Cons. · Japanese GAAP
FYE Mar 2019	659	+18.1%	Cons. · Japanese GAAP
FYE Mar 2020	809	+22.8%	Cons. · Japanese GAAP
FYE Mar 2021	809	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	783	−3.2%	Cons. · Japanese GAAP
FYE Mar 2023	715	−8.7%	Cons. · Japanese GAAP
FYE Mar 2024	715	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	591	−17.4%	Cons. · Japanese GAAP
FYE Mar 2026	1,039	moved to IFRS	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 n/a

CAGR · 9 yrs +3.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	456	n/a	Cons. · Japanese GAAP
FYE Mar 2018	558	+22.4%	Cons. · Japanese GAAP
FYE Mar 2019	659	+18.1%	Cons. · Japanese GAAP
FYE Mar 2020	809	+22.8%	Cons. · Japanese GAAP
FYE Mar 2021	809	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	783	−3.2%	Cons. · Japanese GAAP
FYE Mar 2023	715	−8.7%	Cons. · Japanese GAAP
FYE Mar 2024	715	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	591	−17.4%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	moved to IFRS	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 ¥334bn

CAGR · 10 yrs −2.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	417	n/a	Cons. · Japanese GAAP
FYE Mar 2018	550	+31.7%	Cons. · Japanese GAAP
FYE Mar 2019	545	−0.7%	Cons. · Japanese GAAP
FYE Mar 2020	443	−18.8%	Cons. · Japanese GAAP
FYE Mar 2021	432	−2.4%	Cons. · Japanese GAAP
FYE Mar 2022	443	+2.6%	Cons. · Japanese GAAP
FYE Mar 2023	496	+12.0%	Cons. · Japanese GAAP
FYE Mar 2024	491	−1.1%	Cons. · Japanese GAAP
FYE Mar 2025	478	−2.5%	Cons. · Japanese GAAP
FYE Mar 2026	334	moved to IFRS	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥41bn

CAGR · 10 yrs −14.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	163	n/a	Cons. · Japanese GAAP
FYE Mar 2018	229	+40.3%	Cons. · Japanese GAAP
FYE Mar 2019	203	−11.3%	Cons. · Japanese GAAP
FYE Mar 2020	139	−31.9%	Cons. · Japanese GAAP
FYE Mar 2021	123	−11.5%	Cons. · Japanese GAAP
FYE Mar 2022	125	+1.9%	Cons. · Japanese GAAP
FYE Mar 2023	143	+14.6%	Cons. · Japanese GAAP
FYE Mar 2024	141	−1.3%	Cons. · Japanese GAAP
FYE Mar 2025	133	−5.9%	Cons. · Japanese GAAP
FYE Mar 2026	41.1	moved to IFRS	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 16.6%

Average · 10 yrs 13.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	12.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	11.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	10.6	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2021	12.8	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	13.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	12.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	16.6	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2025	15.2	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2026	16.6	moved to IFRS	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 21.8%

Average · 10 yrs 21.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	16.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.0	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	24.0	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2020	33.0	+9.0pp	Cons. · Japanese GAAP
FYE Mar 2021	26.2	−6.8pp	Cons. · Japanese GAAP
FYE Mar 2022	24.0	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	23.1	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2024	16.0	−7.1pp	Cons. · Japanese GAAP
FYE Mar 2025	14.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	21.8	moved to IFRS	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 16.5%

Average · 10 yrs 8.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.2	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	7.0	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2020	5.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	4.7	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	8.1	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2023	6.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2024	8.3	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2025	17.3	+9.0pp	Cons. · Japanese GAAP
FYE Mar 2026	16.5	moved to IFRS	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 2.7%

Average · 10 yrs 1.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	0.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	0.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	0.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	1.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	0.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	1.4	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	2.6	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2026	2.7	moved to IFRS	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.22×

CAGR · 10 yrs +0.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.22	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.20	−8.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.21	+3.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.19	−5.8%	Cons. · Japanese GAAP
FYE Mar 2021	0.14	−29.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.16	+20.7%	Cons. · Japanese GAAP
FYE Mar 2023	0.18	+9.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.19	+2.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.20	+8.6%	Cons. · Japanese GAAP
FYE Mar 2026	0.22	moved to IFRS	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 ¥763bn

CAGR · 10 yrs −3.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1,087	n/a	Cons. · Japanese GAAP
FYE Mar 2018	823	−24.3%	Cons. · Japanese GAAP
FYE Mar 2019	777	−5.6%	Cons. · Japanese GAAP
FYE Mar 2020	668	−14.0%	Cons. · Japanese GAAP
FYE Mar 2021	-324	−148.5%	Cons. · Japanese GAAP
FYE Mar 2022	237	n/a	Cons. · Japanese GAAP
FYE Mar 2023	194	−18.0%	Cons. · Japanese GAAP
FYE Mar 2024	549	+183.0%	Cons. · Japanese GAAP
FYE Mar 2025	660	+20.2%	Cons. · Japanese GAAP
FYE Mar 2026	763	moved to IFRS	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥697bn

Average · 10 yrs -¥324bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-615	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-963	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-252	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-330	n/a	Cons. · Japanese GAAP
FYE Mar 2021	43.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-72.0	−263.9%	Cons. · Japanese GAAP
FYE Mar 2023	481	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-277	−157.6%	Cons. · Japanese GAAP
FYE Mar 2025	-559	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-697	moved to IFRS	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 -¥129bn

Average · 10 yrs -¥122bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-100	n/a	Cons. · Japanese GAAP
FYE Mar 2018	42.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-33.3	−178.8%	Cons. · Japanese GAAP
FYE Mar 2020	65.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	79.3	+21.4%	Cons. · Japanese GAAP
FYE Mar 2022	58.5	−26.2%	Cons. · Japanese GAAP
FYE Mar 2023	-315	−637.2%	Cons. · Japanese GAAP
FYE Mar 2024	-232	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-660	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-129	moved to IFRS	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 ¥2.22tn

CAGR · 10 yrs +5.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	1,416	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,324	−6.5%	Cons. · Japanese GAAP
FYE Mar 2019	1,799	+35.9%	Cons. · Japanese GAAP
FYE Mar 2020	2,199	+22.2%	Cons. · Japanese GAAP
FYE Mar 2021	1,994	−9.3%	Cons. · Japanese GAAP
FYE Mar 2022	2,256	+13.1%	Cons. · Japanese GAAP
FYE Mar 2023	2,646	+17.3%	Cons. · Japanese GAAP
FYE Mar 2024	2,734	+3.3%	Cons. · Japanese GAAP
FYE Mar 2025	2,239	−18.1%	Cons. · Japanese GAAP
FYE Mar 2026	2,223	moved to IFRS	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 ¥66bn

CAGR · 10 yrs −19.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	472	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-140	−129.8%	Cons. · Japanese GAAP
FYE Mar 2019	524	n/a	Cons. · Japanese GAAP
FYE Mar 2020	338	−35.6%	Cons. · Japanese GAAP
FYE Mar 2021	-280	−183.0%	Cons. · Japanese GAAP
FYE Mar 2022	165	n/a	Cons. · Japanese GAAP
FYE Mar 2023	675	+309.8%	Cons. · Japanese GAAP
FYE Mar 2024	273	−59.6%	Cons. · Japanese GAAP
FYE Mar 2025	101	−62.8%	Cons. · Japanese GAAP
FYE Mar 2026	65.6	moved to IFRS	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 11.8%

Average · 10 yrs 10.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	23.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.3	−5.0pp	Cons. · Japanese GAAP
FYE Mar 2019	16.2	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2020	14.8	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	-9.8	−24.6pp	Cons. · Japanese GAAP
FYE Mar 2022	5.7	+15.6pp	Cons. · Japanese GAAP
FYE Mar 2023	4.4	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2024	11.0	+6.6pp	Cons. · Japanese GAAP
FYE Mar 2025	12.5	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	11.8	moved to IFRS	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 ¥1.18tn

CAGR · 10 yrs +2.4%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	960	n/a	Cons. · Japanese GAAP
FYE Mar 2018	765	−20.3%	Cons. · Japanese GAAP
FYE Mar 2019	1,139	+48.9%	Cons. · Japanese GAAP
FYE Mar 2020	1,390	+22.0%	Cons. · Japanese GAAP
FYE Mar 2021	1,185	−14.7%	Cons. · Japanese GAAP
FYE Mar 2022	1,473	+24.3%	Cons. · Japanese GAAP
FYE Mar 2023	1,932	+31.1%	Cons. · Japanese GAAP
FYE Mar 2024	2,019	+4.5%	Cons. · Japanese GAAP
FYE Mar 2025	1,649	−18.3%	Cons. · Japanese GAAP
FYE Mar 2026	1,184	moved to IFRS	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 ¥6.02tn

Change · 10 yrs +¥3.78tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,242	n/a
FYE Mar 2018	1,990	n/a
FYE Mar 2019	1,999	n/a
FYE Mar 2020	1,795	n/a
FYE Mar 2021	1,928	n/a
FYE Mar 2022	2,361	n/a
FYE Mar 2023	2,200	n/a
FYE Mar 2024	4,358	n/a
FYE Mar 2025	5,187	n/a
FYE Mar 2026	6,020	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 4,033¥

Change · 10 yrs +492¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,541	n/a
FYE Mar 2018	3,355	n/a
FYE Mar 2019	3,369	n/a
FYE Mar 2020	3,025	n/a
FYE Mar 2021	3,248	n/a
FYE Mar 2022	3,976	n/a
FYE Mar 2023	4,104	n/a
FYE Mar 2024	8,130	n/a
FYE Mar 2025	3,225	n/a
FYE Mar 2026	4,033	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 1,492,551,000shares

Change · 10 yrs +859,260,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	633,291,000	Parent
FYE Mar 2018	593,291,000	Parent
FYE Mar 2019	593,291,000	Parent
FYE Mar 2020	593,291,000	Parent
FYE Mar 2021	593,473,000	Parent
FYE Mar 2022	593,632,000	Parent
FYE Mar 2023	535,967,000	Parent
FYE Mar 2024	536,071,000	Parent
FYE Mar 2025	1,608,398,000	Parent
FYE Mar 2026	1,492,551,000	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 342.98¥

Change · 10 yrs −7.96¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	350.94	Cons.
FYE Mar 2018	260.04	Cons.
FYE Mar 2019	328.72	Cons.
FYE Mar 2020	82.78	Cons.
FYE Mar 2021	85.26	Cons.
FYE Mar 2022	158.17	Cons.
FYE Mar 2023	130.54	Cons.
FYE Mar 2024	231.83	Cons.
FYE Mar 2025	193.36	Cons.
FYE Mar 2026	342.98	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 3,191.67¥

Change · 10 yrs −1,086.43¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	4,278.10	Cons. · Japanese GAAP
FYE Mar 2018	4,958.24	Cons. · Japanese GAAP
FYE Mar 2019	4,637.36	Cons. · Japanese GAAP
FYE Mar 2020	4,134.36	Cons. · Japanese GAAP
FYE Mar 2021	5,198.84	Cons. · Japanese GAAP
FYE Mar 2022	5,491.03	Cons. · Japanese GAAP
FYE Mar 2023	5,769.24	Cons. · Japanese GAAP
FYE Mar 2024	8,333.19	Cons. · Japanese GAAP
FYE Mar 2025	2,487.33	Cons. · Japanese GAAP
FYE Mar 2026	3,191.67	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 11.76×

Average · 10 yrs 11.71×

Fiscal year	PER ×	Basis
FYE Mar 2017	10.09	Cons.
FYE Mar 2018	12.90	Cons.
FYE Mar 2019	10.25	Cons.
FYE Mar 2020	12.18	Cons.
FYE Mar 2021	12.70	Cons.
FYE Mar 2022	8.38	Cons.
FYE Mar 2023	10.48	Cons.
FYE Mar 2024	11.69	Cons.
FYE Mar 2025	16.68	Cons.
FYE Mar 2026	11.76	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 0.91×

Average · 10 yrs 0.74×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.77	Cons.
FYE Mar 2018	0.68	Cons.
FYE Mar 2019	0.72	Cons.
FYE Mar 2020	0.70	Cons.
FYE Mar 2021	0.59	Cons.
FYE Mar 2022	0.67	Cons.
FYE Mar 2023	0.71	Cons.
FYE Mar 2024	0.73	Cons.
FYE Mar 2025	0.91	Cons.
FYE Mar 2026	0.91	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 46,856people

Change · 10 yrs +6,215 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	40,641	n/a	Cons.
FYE Mar 2018	41,295	+1.6%	Cons.
FYE Mar 2019	41,467	+0.4%	Cons.
FYE Mar 2020	41,582	+0.3%	Cons.
FYE Mar 2021	41,501	−0.2%	Cons.
FYE Mar 2022	39,962	−3.7%	Cons.
FYE Mar 2023	38,584	−3.4%	Cons.
FYE Mar 2024	38,391	−0.5%	Cons.
FYE Mar 2025	38,247	−0.4%	Cons.
FYE Mar 2026	46,856	+22.5%	Cons.

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

Parent-company employees

FYE Mar 2026 478people

Change · 10 yrs +149 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	329	n/a	Parent
FYE Mar 2018	390	+18.5%	Parent
FYE Mar 2019	399	+2.3%	Parent
FYE Mar 2020	409	+2.5%	Parent
FYE Mar 2021	423	+3.4%	Parent
FYE Mar 2022	401	−5.2%	Parent
FYE Mar 2023	418	+4.2%	Parent
FYE Mar 2024	450	+7.7%	Parent
FYE Mar 2025	453	+0.7%	Parent
FYE Mar 2026	478	+5.5%	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 ¥12.4m

Change · 10 yrs +¥1.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	11.4	n/a	Parent
FYE Mar 2018	11.0	−3.3%	Parent
FYE Mar 2019	10.5	−4.3%	Parent
FYE Mar 2020	10.7	+1.2%	Parent
FYE Mar 2021	10.7	+0.8%	Parent
FYE Mar 2022	11.0	+2.2%	Parent
FYE Mar 2023	11.0	+0.3%	Parent
FYE Mar 2024	11.0	−0.0%	Parent
FYE Mar 2025	11.4	+3.8%	Parent
FYE Mar 2026	12.4	+8.2%	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 47.2years

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	47.5	n/a	Parent
FYE Mar 2020	47.5	−0.0%	Parent
FYE Mar 2021	47.8	+0.6%	Parent
FYE Mar 2022	48.6	+1.7%	Parent
FYE Mar 2023	48.5	−0.2%	Parent
FYE Mar 2024	48.3	−0.4%	Parent
FYE Mar 2025	47.9	−0.8%	Parent
FYE Mar 2026	47.2	−1.5%	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 21.7years

Change · 10 yrs −0.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	22.3	n/a	Parent
FYE Mar 2018	22.4	+0.4%	Parent
FYE Mar 2019	22.6	+0.9%	Parent
FYE Mar 2020	22.7	+0.4%	Parent
FYE Mar 2021	22.9	+0.9%	Parent
FYE Mar 2022	23.7	+3.5%	Parent
FYE Mar 2023	23.6	−0.4%	Parent
FYE Mar 2024	23.2	−1.7%	Parent
FYE Mar 2025	22.9	−1.3%	Parent
FYE Mar 2026	21.7	−5.2%	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 8,805people

Change · 10 yrs −1,345 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	10,150	n/a	n/a
FYE Mar 2018	9,745	−4.0%	n/a
FYE Mar 2019	9,142	−6.2%	n/a
FYE Mar 2020	9,051	−1.0%	n/a
FYE Mar 2021	8,615	−4.8%	n/a
FYE Mar 2022	8,103	−5.9%	n/a
FYE Mar 2023	7,177	−11.4%	n/a
FYE Mar 2024	6,448	−10.2%	n/a
FYE Mar 2025	5,753	−10.8%	n/a
FYE Mar 2026	8,805	+53.1%	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 ¥137m

Change · 10 yrs +¥22.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	115	n/a	Cons.
FYE Mar 2018	109	−5.0%	Cons.
FYE Mar 2019	115	+5.9%	Cons.
FYE Mar 2020	109	−5.8%	Cons.
FYE Mar 2021	79.5	−26.8%	Cons.
FYE Mar 2022	103	+30.0%	Cons.
FYE Mar 2023	114	+10.2%	Cons.
FYE Mar 2024	130	+14.4%	Cons.
FYE Mar 2025	138	+6.1%	Cons.
FYE Mar 2026	137	n/a	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥11.2m

Change · 10 yrs +¥2.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons.
FYE Mar 2018	5.1	−41.0%	Cons.
FYE Mar 2019	7.0	+36.9%	Cons.
FYE Mar 2020	3.8	−45.9%	Cons.
FYE Mar 2021	7.4	+94.7%	Cons.
FYE Mar 2022	9.8	+32.3%	Cons.
FYE Mar 2023	7.6	−22.5%	Cons.
FYE Mar 2024	10.8	+43.2%	Cons.
FYE Mar 2025	24.3	+123.9%	Cons.
FYE Mar 2026	11.2	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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