Financials

Daiichi Life Group: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥11.3tnYoY +14.5%
FYE Mar 2026 · Operating profit¥754bnYoY +4.8%
FYE Mar 2026 · Net profit¥437bnYoY +1.6%
FYE Mar 2026 · Equity ratio5.7%YoY +0.8pp
FYE Mar 2026 · Group employees60,138YoY −676
Fiscal yearRevenueYoYOperating profitYoYMarginNet profitChief executiveThat year
FYE Mar 2017Consolidated¥6.46tnn/a¥425bnn/a6.6%¥231bnWatanabe KoichiroRenamed Dai-ichi Life Holdings; shifts to a holding company
FYE Mar 2018Consolidated¥7.04tn+9.0%¥472bn+11.0%6.7%¥364bnWatanabe Koichiro
FYE Mar 2019Consolidated¥7.18tn+2.1%¥433bn−8.3%6.0%¥225bnInagaki Seiji
FYE Mar 2020Consolidated¥7.11tn−1.0%¥218bn−49.6%3.1%¥32bnInagaki Seiji
FYE Mar 2021Consolidated¥7.83tn+10.0%¥553bn+153.2%7.1%¥364bnInagaki Seiji
FYE Mar 2022Consolidated¥8.21tn+4.9%¥591bn+6.9%7.2%¥409bnInagaki Seiji
FYE Mar 2023Consolidated¥9.51tn+15.8%¥388bn−34.4%4.1%¥174bnInagaki SeijiTetsuya Kikuta becomes president and group CEO
FYE Mar 2024Consolidated¥11.0tn+16.0%¥539bn+39.1%4.9%¥321bnInagaki SeijiEnters pet insurance via a tender offer for ipet
FYE Mar 2025Consolidated¥9.87tn−10.5%¥719bn+33.4%7.3%¥430bnKikuta TetsuyaAcquires Benefit One via tender offer
FYE Mar 2026Consolidated¥11.3tn+14.5%¥754bn+4.8%6.7%¥437bnKikuta TetsuyaLifts its ROE target and raises the payout ratio

How it compares

Daiichi Life Group¥11.3tnFY2025Operating margin 6.7%
JAPAN POST INSURANCE¥5.63tnFY2025Operating margin 4.8%
T&D Holdings¥3.48tnFY2025Operating margin 7.4%
Sony Financial Group¥2.87tnFY2025Operating margin 2.9%
LIFENET INSURANCE COMPANY¥34bnFY2025Operating margin 33.8%

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

Where the revenue goes

¥ bn
Cost of sales SG&A Operating profit

Margins

%
Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥11.3tn
CAGR · 10 yrs +6.4%
Fiscal year Revenue ¥ bn YoY Basis
FYE Mar 2017 6,457 n/a Cons. · Japanese GAAP
FYE Mar 2018 7,038 +9.0% Cons. · Japanese GAAP
FYE Mar 2019 7,184 +2.1% Cons. · Japanese GAAP
FYE Mar 2020 7,114 −1.0% Cons. · Japanese GAAP
FYE Mar 2021 7,828 +10.0% Cons. · Japanese GAAP
FYE Mar 2022 8,210 +4.9% Cons. · Japanese GAAP
FYE Mar 2023 9,509 +15.8% Cons. · Japanese GAAP
FYE Mar 2024 11,028 +16.0% Cons. · Japanese GAAP
FYE Mar 2025 9,873 −10.5% Cons. · Japanese GAAP
FYE Mar 2026 11,308 +14.5% Cons. · Japanese GAAP
Definition
Everything the company took in from its own business
Formula
Revenue line of the income statement
Source
Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥10.6tn
CAGR · 10 yrs +6.4%
Fiscal year Cost of sales ¥ bn YoY Basis
FYE Mar 2017 6,031 n/a Cons. · Japanese GAAP
FYE Mar 2018 6,566 +8.9% Cons. · Japanese GAAP
FYE Mar 2019 6,751 +2.8% Cons. · Japanese GAAP
FYE Mar 2020 6,896 +2.1% Cons. · Japanese GAAP
FYE Mar 2021 7,275 +5.5% Cons. · Japanese GAAP
FYE Mar 2022 7,619 +4.7% Cons. · Japanese GAAP
FYE Mar 2023 9,121 +19.7% Cons. · Japanese GAAP
FYE Mar 2024 10,489 +15.0% Cons. · Japanese GAAP
FYE Mar 2025 9,154 −12.7% Cons. · Japanese GAAP
FYE Mar 2026 10,555 +15.3% Cons. · Japanese GAAP
Definition
The cost of what was sold
Formula
Cost of sales line of the income statement
Source
Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥754bn
CAGR · 10 yrs +6.6%
Fiscal year Gross profit ¥ bn YoY Basis
FYE Mar 2017 425 n/a Cons. · Japanese GAAP
FYE Mar 2018 472 +11.0% Cons. · Japanese GAAP
FYE Mar 2019 433 −8.3% Cons. · Japanese GAAP
FYE Mar 2020 218 −49.6% Cons. · Japanese GAAP
FYE Mar 2021 553 +153.2% Cons. · Japanese GAAP
FYE Mar 2022 591 +6.9% Cons. · Japanese GAAP
FYE Mar 2023 388 −34.4% Cons. · Japanese GAAP
FYE Mar 2024 539 +39.1% Cons. · Japanese GAAP
FYE Mar 2025 719 +33.4% Cons. · Japanese GAAP
FYE Mar 2026 754 +4.8% Cons. · Japanese GAAP
Definition
What the product or service itself earns
Formula
Revenue − cost of sales
Source
Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥0.0m
Average · 10 yrs ¥0.2m
Fiscal year SG&A ¥ m YoY Basis
FYE Mar 2017 0.0 n/a Cons. · Japanese GAAP
FYE Mar 2018 0.0 n/a Cons. · Japanese GAAP
FYE Mar 2019 0.0 n/a Cons. · Japanese GAAP
FYE Mar 2020 1.0 n/a Cons. · Japanese GAAP
FYE Mar 2021 0.0 −100.0% Cons. · Japanese GAAP
FYE Mar 2022 0.0 n/a Cons. · Japanese GAAP
FYE Mar 2023 0.0 n/a Cons. · Japanese GAAP
FYE Mar 2024 0.0 n/a Cons. · Japanese GAAP
FYE Mar 2025 1.0 n/a Cons. · Japanese GAAP
FYE Mar 2026 0.0 −100.0% Cons. · Japanese GAAP
Definition
The cost of selling and of running the company
Formula
SG&A line of the income statement
Source
Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥754bn
CAGR · 10 yrs +6.6%
Fiscal year Operating profit ¥ bn YoY Basis
FYE Mar 2017 425 n/a Cons. · Japanese GAAP
FYE Mar 2018 472 +11.0% Cons. · Japanese GAAP
FYE Mar 2019 433 −8.3% Cons. · Japanese GAAP
FYE Mar 2020 218 −49.6% Cons. · Japanese GAAP
FYE Mar 2021 553 +153.2% Cons. · Japanese GAAP
FYE Mar 2022 591 +6.9% Cons. · Japanese GAAP
FYE Mar 2023 388 −34.4% Cons. · Japanese GAAP
FYE Mar 2024 539 +39.1% Cons. · Japanese GAAP
FYE Mar 2025 719 +33.4% Cons. · Japanese GAAP
FYE Mar 2026 754 +4.8% Cons. · Japanese GAAP
Definition
What the core business earns
Formula
Gross profit − SG&A
Source
Securities report (XBRL)

Ordinary profit keijo rieki

FYE Mar 2026 ¥754bn
CAGR · 10 yrs +6.6%
Fiscal year Ordinary profit ¥ bn YoY Basis
FYE Mar 2017 425 n/a Cons. · Japanese GAAP
FYE Mar 2018 472 +11.0% Cons. · Japanese GAAP
FYE Mar 2019 433 −8.3% Cons. · Japanese GAAP
FYE Mar 2020 218 −49.6% Cons. · Japanese GAAP
FYE Mar 2021 553 +153.2% Cons. · Japanese GAAP
FYE Mar 2022 591 +6.9% Cons. · Japanese GAAP
FYE Mar 2023 388 −34.4% Cons. · Japanese GAAP
FYE Mar 2024 539 +39.1% Cons. · Japanese GAAP
FYE Mar 2025 719 +33.4% Cons. · Japanese GAAP
FYE Mar 2026 754 +4.8% Cons. · Japanese GAAP
Definition
A level of profit that exists only under Japanese GAAP
Formula
Operating profit + non-operating income − non-operating expenses
Source
Securities report (XBRL)

Extraordinary income

FYE Mar 2026 ¥23bn
CAGR · 10 yrs +2.8%
Fiscal year Extraordinary income ¥ bn YoY Basis
FYE Mar 2017 17.5 n/a Cons. · Japanese GAAP
FYE Mar 2018 34.2 +95.4% Cons. · Japanese GAAP
FYE Mar 2019 2.5 −92.7% Cons. · Japanese GAAP
FYE Mar 2020 4.9 +96.7% Cons. · Japanese GAAP
FYE Mar 2021 40.5 +719.3% Cons. · Japanese GAAP
FYE Mar 2022 10.8 −73.4% Cons. · Japanese GAAP
FYE Mar 2023 4.6 −57.4% Cons. · Japanese GAAP
FYE Mar 2024 6.6 +45.0% Cons. · Japanese GAAP
FYE Mar 2025 19.0 +186.2% Cons. · Japanese GAAP
FYE Mar 2026 22.5 +18.3% Cons. · Japanese GAAP
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 ¥437bn
CAGR · 10 yrs +7.3%
Fiscal year Net profit ¥ bn YoY Basis
FYE Mar 2017 231 n/a Cons. · Japanese GAAP
FYE Mar 2018 364 +57.3% Cons. · Japanese GAAP
FYE Mar 2019 225 −38.2% Cons. · Japanese GAAP
FYE Mar 2020 32.4 −85.6% Cons. · Japanese GAAP
FYE Mar 2021 364 +1021.6% Cons. · Japanese GAAP
FYE Mar 2022 409 +12.5% Cons. · Japanese GAAP
FYE Mar 2023 174 −57.6% Cons. · Japanese GAAP
FYE Mar 2024 321 +84.6% Cons. · Japanese GAAP
FYE Mar 2025 430 +33.9% Cons. · Japanese GAAP
FYE Mar 2026 437 +1.6% Cons. · Japanese GAAP
Definition
What is left after tax
Formula
Pre-tax profit − income taxes
Source
Securities report (XBRL)

Gross margin

FYE Mar 2026 6.7%
Average · 10 yrs 6.0%
Fiscal year Gross margin % YoY Basis
FYE Mar 2017 6.6 n/a Cons. · Japanese GAAP
FYE Mar 2018 6.7 +0.1pp Cons. · Japanese GAAP
FYE Mar 2019 6.0 −0.7pp Cons. · Japanese GAAP
FYE Mar 2020 3.1 −3.0pp Cons. · Japanese GAAP
FYE Mar 2021 7.1 +4.0pp Cons. · Japanese GAAP
FYE Mar 2022 7.2 +0.1pp Cons. · Japanese GAAP
FYE Mar 2023 4.1 −3.1pp Cons. · Japanese GAAP
FYE Mar 2024 4.9 +0.8pp Cons. · Japanese GAAP
FYE Mar 2025 7.3 +2.4pp Cons. · Japanese GAAP
FYE Mar 2026 6.7 −0.6pp Cons. · Japanese GAAP
Definition
The share of revenue left after the cost of sales
Formula
Gross profit ÷ revenue
Source
Securities report (XBRL)

Operating margin

FYE Mar 2026 6.7%
Average · 10 yrs 6.0%
Fiscal year Operating margin % YoY Basis
FYE Mar 2017 6.6 n/a Cons. · Japanese GAAP
FYE Mar 2018 6.7 +0.1pp Cons. · Japanese GAAP
FYE Mar 2019 6.0 −0.7pp Cons. · Japanese GAAP
FYE Mar 2020 3.1 −3.0pp Cons. · Japanese GAAP
FYE Mar 2021 7.1 +4.0pp Cons. · Japanese GAAP
FYE Mar 2022 7.2 +0.1pp Cons. · Japanese GAAP
FYE Mar 2023 4.1 −3.1pp Cons. · Japanese GAAP
FYE Mar 2024 4.9 +0.8pp Cons. · Japanese GAAP
FYE Mar 2025 7.3 +2.4pp Cons. · Japanese GAAP
FYE Mar 2026 6.7 −0.6pp Cons. · Japanese GAAP
Definition
The share of revenue the core business keeps
Formula
Operating profit ÷ revenue
Source
Securities report (XBRL)

Ordinary margin

FYE Mar 2026 6.7%
Average · 10 yrs 6.0%
Fiscal year Ordinary margin % YoY Basis
FYE Mar 2017 6.6 n/a Cons. · Japanese GAAP
FYE Mar 2018 6.7 +0.1pp Cons. · Japanese GAAP
FYE Mar 2019 6.0 −0.7pp Cons. · Japanese GAAP
FYE Mar 2020 3.1 −3.0pp Cons. · Japanese GAAP
FYE Mar 2021 7.1 +4.0pp Cons. · Japanese GAAP
FYE Mar 2022 7.2 +0.1pp Cons. · Japanese GAAP
FYE Mar 2023 4.1 −3.1pp Cons. · Japanese GAAP
FYE Mar 2024 4.9 +0.8pp Cons. · Japanese GAAP
FYE Mar 2025 7.3 +2.4pp Cons. · Japanese GAAP
FYE Mar 2026 6.7 −0.6pp Cons. · Japanese GAAP
Definition
The share of revenue left at the ordinary-profit line
Formula
Ordinary profit ÷ revenue
Source
Securities report (XBRL)

Net margin

FYE Mar 2026 3.9%
Average · 10 yrs 3.5%
Fiscal year Net margin % YoY Basis
FYE Mar 2017 3.6 n/a Cons. · Japanese GAAP
FYE Mar 2018 5.2 +1.6pp Cons. · Japanese GAAP
FYE Mar 2019 3.1 −2.0pp Cons. · Japanese GAAP
FYE Mar 2020 0.5 −2.7pp Cons. · Japanese GAAP
FYE Mar 2021 4.6 +4.2pp Cons. · Japanese GAAP
FYE Mar 2022 5.0 +0.3pp Cons. · Japanese GAAP
FYE Mar 2023 1.8 −3.2pp Cons. · Japanese GAAP
FYE Mar 2024 2.9 +1.1pp Cons. · Japanese GAAP
FYE Mar 2025 4.4 +1.4pp Cons. · Japanese GAAP
FYE Mar 2026 3.9 −0.5pp Cons. · Japanese GAAP
Definition
The share of revenue left after everything
Formula
Net profit ÷ revenue
Source
Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2026 93.3%
Average · 10 yrs 94.0%
Fiscal year Cost-of-sales ratio % YoY Basis
FYE Mar 2017 93.4 n/a Cons. · Japanese GAAP
FYE Mar 2018 93.3 −0.1pp Cons. · Japanese GAAP
FYE Mar 2019 94.0 +0.7pp Cons. · Japanese GAAP
FYE Mar 2020 96.9 +3.0pp Cons. · Japanese GAAP
FYE Mar 2021 92.9 −4.0pp Cons. · Japanese GAAP
FYE Mar 2022 92.8 −0.1pp Cons. · Japanese GAAP
FYE Mar 2023 95.9 +3.1pp Cons. · Japanese GAAP
FYE Mar 2024 95.1 −0.8pp Cons. · Japanese GAAP
FYE Mar 2025 92.7 −2.4pp Cons. · Japanese GAAP
FYE Mar 2026 93.3 +0.6pp Cons. · Japanese GAAP
Definition
The share of revenue taken by the cost of sales
Formula
Cost of sales ÷ revenue
Source
Securities report (XBRL)

SG&A ratio

FYE Mar 2026 0.0%
Average · 10 yrs 0.0%
Fiscal year SG&A ratio % YoY Basis
FYE Mar 2017 0.0 n/a Cons. · Japanese GAAP
FYE Mar 2018 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2019 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2020 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2021 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2022 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2023 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2024 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2025 0.0 −0.0pp Cons. · Japanese GAAP
FYE Mar 2026 0.0 −0.0pp Cons. · Japanese GAAP
Definition
The share of revenue taken by selling and administrative costs
Formula
SG&A ÷ revenue
Source
Securities report (XBRL)

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

What the balance sheet is made of

¥ bn
Equity Liabilities and non-controlling interests

Financial strength

%
Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥74.2tn
CAGR · 10 yrs +4.0%
Fiscal year Total assets ¥ bn YoY Basis
FYE Mar 2017 51,986 n/a Cons. · Japanese GAAP
FYE Mar 2018 53,603 +3.1% Cons. · Japanese GAAP
FYE Mar 2019 55,941 +4.4% Cons. · Japanese GAAP
FYE Mar 2020 60,012 +7.3% Cons. · Japanese GAAP
FYE Mar 2021 63,594 +6.0% Cons. · Japanese GAAP
FYE Mar 2022 65,896 +3.6% Cons. · Japanese GAAP
FYE Mar 2023 61,654 −6.4% Cons. · Japanese GAAP
FYE Mar 2024 67,540 +9.5% Cons. · Japanese GAAP
FYE Mar 2025 69,593 +3.0% Cons. · Japanese GAAP
FYE Mar 2026 74,159 +6.6% Cons. · Japanese GAAP
Definition
Everything the company holds
Formula
Total assets line of the balance sheet
Source
Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥4.25tn
CAGR · 10 yrs +3.4%
Fiscal year Equity ¥ bn YoY Basis
FYE Mar 2017 3,137 n/a Cons. · Japanese GAAP
FYE Mar 2018 3,749 +19.5% Cons. · Japanese GAAP
FYE Mar 2019 3,714 −1.0% Cons. · Japanese GAAP
FYE Mar 2020 3,777 +1.7% Cons. · Japanese GAAP
FYE Mar 2021 4,807 +27.3% Cons. · Japanese GAAP
FYE Mar 2022 4,210 −12.4% Cons. · Japanese GAAP
FYE Mar 2023 2,662 −36.8% Cons. · Japanese GAAP
FYE Mar 2024 3,882 +45.8% Cons. · Japanese GAAP
FYE Mar 2025 3,470 −10.6% Cons. · Japanese GAAP
FYE Mar 2026 4,254 +22.6% Cons. · Japanese GAAP
Definition
The part of the funding that never has to be repaid
Formula
Net assets line of the balance sheet
Source
Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥1.34tn
CAGR · 10 yrs +3.4%
Fiscal year Interest-bearing debt ¥ bn YoY Basis
FYE Mar 2017 990 n/a Cons. · Japanese GAAP
FYE Mar 2018 969 −2.1% Cons. · Japanese GAAP
FYE Mar 2019 1,062 +9.6% Cons. · Japanese GAAP
FYE Mar 2020 1,135 +6.9% Cons. · Japanese GAAP
FYE Mar 2021 900 −20.7% Cons. · Japanese GAAP
FYE Mar 2022 870 −3.3% Cons. · Japanese GAAP
FYE Mar 2023 907 +4.2% Cons. · Japanese GAAP
FYE Mar 2024 922 +1.7% Cons. · Japanese GAAP
FYE Mar 2025 1,153 +25.0% Cons. · Japanese GAAP
FYE Mar 2026 1,337 +16.0% Cons. · Japanese GAAP
Definition
Borrowings the company pays interest on
Formula
Loans + bonds + lease obligations
Source
Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥1.34tn
CAGR · 10 yrs +3.4%
Fiscal year Long-term borrowings ¥ bn YoY Basis
FYE Mar 2017 990 n/a Cons. · Japanese GAAP
FYE Mar 2018 969 −2.1% Cons. · Japanese GAAP
FYE Mar 2019 1,062 +9.6% Cons. · Japanese GAAP
FYE Mar 2020 1,135 +6.9% Cons. · Japanese GAAP
FYE Mar 2021 900 −20.7% Cons. · Japanese GAAP
FYE Mar 2022 870 −3.3% Cons. · Japanese GAAP
FYE Mar 2023 907 +4.2% Cons. · Japanese GAAP
FYE Mar 2024 922 +1.7% Cons. · Japanese GAAP
FYE Mar 2025 1,153 +25.0% Cons. · Japanese GAAP
FYE Mar 2026 1,337 +16.0% Cons. · Japanese GAAP
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 ¥963bn
CAGR · 10 yrs +9.3%
Fiscal year Intangible assets ¥ bn YoY Basis
FYE Mar 2017 433 n/a Cons. · Japanese GAAP
FYE Mar 2018 415 −4.2% Cons. · Japanese GAAP
FYE Mar 2019 445 +7.2% Cons. · Japanese GAAP
FYE Mar 2020 473 +6.3% Cons. · Japanese GAAP
FYE Mar 2021 445 −5.9% Cons. · Japanese GAAP
FYE Mar 2022 503 +12.9% Cons. · Japanese GAAP
FYE Mar 2023 737 +46.5% Cons. · Japanese GAAP
FYE Mar 2024 708 −3.8% Cons. · Japanese GAAP
FYE Mar 2025 1,107 +56.3% Cons. · Japanese GAAP
FYE Mar 2026 963 −13.0% Cons. · Japanese GAAP
Definition
Assets with no physical form
Formula
Intangible assets line of the balance sheet
Source
Securities report (XBRL)

Goodwill

FYE Mar 2026 ¥302bn
CAGR · 10 yrs +20.1%
Fiscal year Goodwill ¥ bn YoY Basis
FYE Mar 2017 57.9 n/a Cons. · Japanese GAAP
FYE Mar 2018 51.5 −11.1% Cons. · Japanese GAAP
FYE Mar 2019 48.9 −5.0% Cons. · Japanese GAAP
FYE Mar 2020 39.5 −19.3% Cons. · Japanese GAAP
FYE Mar 2021 42.7 +8.1% Cons. · Japanese GAAP
FYE Mar 2022 56.2 +31.7% Cons. · Japanese GAAP
FYE Mar 2023 117 +108.4% Cons. · Japanese GAAP
FYE Mar 2024 115 −1.7% Cons. · Japanese GAAP
FYE Mar 2025 328 +185.1% Cons. · Japanese GAAP
FYE Mar 2026 302 −8.0% Cons. · Japanese GAAP
Definition
What an acquisition cost above the net assets it brought
Formula
Goodwill line of the balance sheet
Source
Securities report (XBRL)

Equity ratio

FYE Mar 2026 5.7%
Average · 10 yrs 6.1%
Fiscal year Equity ratio % YoY Basis
FYE Mar 2017 6.0 n/a Cons. · Japanese GAAP
FYE Mar 2018 7.0 +1.0pp Cons. · Japanese GAAP
FYE Mar 2019 6.6 −0.4pp Cons. · Japanese GAAP
FYE Mar 2020 6.3 −0.3pp Cons. · Japanese GAAP
FYE Mar 2021 7.6 +1.3pp Cons. · Japanese GAAP
FYE Mar 2022 6.4 −1.2pp Cons. · Japanese GAAP
FYE Mar 2023 4.3 −2.1pp Cons. · Japanese GAAP
FYE Mar 2024 5.7 +1.4pp Cons. · Japanese GAAP
FYE Mar 2025 5.0 −0.8pp Cons. · Japanese GAAP
FYE Mar 2026 5.7 +0.8pp Cons. · Japanese GAAP
Definition
How much of the balance sheet is funded without debt
Formula
Equity ÷ total assets
Source
Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 31.4%
Average · 10 yrs 27.8%
Fiscal year Debt-to-equity ratio % YoY Basis
FYE Mar 2017 31.5 n/a Cons. · Japanese GAAP
FYE Mar 2018 25.8 −5.7pp Cons. · Japanese GAAP
FYE Mar 2019 28.6 +2.8pp Cons. · Japanese GAAP
FYE Mar 2020 30.1 +1.5pp Cons. · Japanese GAAP
FYE Mar 2021 18.7 −11.3pp Cons. · Japanese GAAP
FYE Mar 2022 20.7 +2.0pp Cons. · Japanese GAAP
FYE Mar 2023 34.1 +13.4pp Cons. · Japanese GAAP
FYE Mar 2024 23.8 −10.3pp Cons. · Japanese GAAP
FYE Mar 2025 33.2 +9.5pp Cons. · Japanese GAAP
FYE Mar 2026 31.4 −1.8pp Cons. · Japanese GAAP
Definition
Borrowings measured against the company's own capital
Formula
Interest-bearing debt ÷ equity
Source
Securities report (XBRL)

ROE return on equity

FYE Mar 2026 10.3%
Average · 10 yrs 7.9%
Fiscal year ROE % YoY Basis
FYE Mar 2017 7.4 n/a Cons. · Japanese GAAP
FYE Mar 2018 9.7 +2.3pp Cons. · Japanese GAAP
FYE Mar 2019 6.1 −3.6pp Cons. · Japanese GAAP
FYE Mar 2020 0.9 −5.2pp Cons. · Japanese GAAP
FYE Mar 2021 7.6 +6.7pp Cons. · Japanese GAAP
FYE Mar 2022 9.7 +2.2pp Cons. · Japanese GAAP
FYE Mar 2023 6.5 −3.2pp Cons. · Japanese GAAP
FYE Mar 2024 8.3 +1.7pp Cons. · Japanese GAAP
FYE Mar 2025 12.4 +4.1pp Cons. · Japanese GAAP
FYE Mar 2026 10.3 −2.1pp Cons. · Japanese GAAP
Definition
What the shareholders' capital earns
Formula
Net profit ÷ equity
Source
Securities report (XBRL)

ROA return on assets

FYE Mar 2026 0.6%
Average · 10 yrs 0.5%
Fiscal year ROA % YoY Basis
FYE Mar 2017 0.4 n/a Cons. · Japanese GAAP
FYE Mar 2018 0.7 +0.2pp Cons. · Japanese GAAP
FYE Mar 2019 0.4 −0.3pp Cons. · Japanese GAAP
FYE Mar 2020 0.1 −0.3pp Cons. · Japanese GAAP
FYE Mar 2021 0.6 +0.5pp Cons. · Japanese GAAP
FYE Mar 2022 0.6 −0.0pp Cons. · Japanese GAAP
FYE Mar 2023 0.3 −0.3pp Cons. · Japanese GAAP
FYE Mar 2024 0.5 +0.2pp Cons. · Japanese GAAP
FYE Mar 2025 0.6 +0.1pp Cons. · Japanese GAAP
FYE Mar 2026 0.6 −0.0pp Cons. · Japanese GAAP
Definition
What the whole balance sheet earns
Formula
Net profit ÷ total assets
Source
Securities report (XBRL)

Asset turnover

FYE Mar 2026 0.15×
CAGR · 10 yrs +2.3%
Fiscal year Asset turnover × YoY Basis
FYE Mar 2017 0.12 n/a Cons. · Japanese GAAP
FYE Mar 2018 0.13 +5.7% Cons. · Japanese GAAP
FYE Mar 2019 0.13 −2.2% Cons. · Japanese GAAP
FYE Mar 2020 0.12 −7.7% Cons. · Japanese GAAP
FYE Mar 2021 0.12 +3.8% Cons. · Japanese GAAP
FYE Mar 2022 0.12 +1.2% Cons. · Japanese GAAP
FYE Mar 2023 0.15 +23.8% Cons. · Japanese GAAP
FYE Mar 2024 0.16 +5.9% Cons. · Japanese GAAP
FYE Mar 2025 0.14 −13.1% Cons. · Japanese GAAP
FYE Mar 2026 0.15 +7.5% Cons. · Japanese GAAP
Definition
How much revenue each yen of assets produces
Formula
Revenue ÷ total assets
Source
Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn
Operating CF Investing CF Financing CF

Cash against debt

¥ bn
Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥792bn
CAGR · 10 yrs −6.0%
Fiscal year Operating cash flow ¥ bn YoY Basis
FYE Mar 2017 1,377 n/a Cons. · Japanese GAAP
FYE Mar 2018 1,169 −15.1% Cons. · Japanese GAAP
FYE Mar 2019 1,697 +45.1% Cons. · Japanese GAAP
FYE Mar 2020 590 −65.2% Cons. · Japanese GAAP
FYE Mar 2021 -79.9 −113.5% Cons. · Japanese GAAP
FYE Mar 2022 -462 n/a Cons. · Japanese GAAP
FYE Mar 2023 -132 n/a Cons. · Japanese GAAP
FYE Mar 2024 997 n/a Cons. · Japanese GAAP
FYE Mar 2025 593 −40.6% Cons. · Japanese GAAP
FYE Mar 2026 792 +33.7% Cons. · Japanese GAAP
Definition
Cash the business itself generated
Formula
Cash flow from operating activities
Source
Securities report (XBRL)

Investing cash flow

FYE Mar 2026 -¥926bn
Average · 10 yrs -¥620bn
Fiscal year Investing cash flow ¥ bn YoY Basis
FYE Mar 2017 -2,260 n/a Cons. · Japanese GAAP
FYE Mar 2018 -1,015 n/a Cons. · Japanese GAAP
FYE Mar 2019 -1,347 n/a Cons. · Japanese GAAP
FYE Mar 2020 -896 n/a Cons. · Japanese GAAP
FYE Mar 2021 551 n/a Cons. · Japanese GAAP
FYE Mar 2022 963 +74.7% Cons. · Japanese GAAP
FYE Mar 2023 310 −67.8% Cons. · Japanese GAAP
FYE Mar 2024 -602 −293.8% Cons. · Japanese GAAP
FYE Mar 2025 -980 n/a Cons. · Japanese GAAP
FYE Mar 2026 -926 n/a Cons. · Japanese GAAP
Definition
Cash spent on, or released by, investment
Formula
Cash flow from investing activities
Source
Securities report (XBRL)

Financing cash flow

FYE Mar 2026 -¥127bn
Average · 10 yrs ¥68bn
Fiscal year Financing cash flow ¥ bn YoY Basis
FYE Mar 2017 910 n/a Cons. · Japanese GAAP
FYE Mar 2018 -85.4 −109.4% Cons. · Japanese GAAP
FYE Mar 2019 -143 n/a Cons. · Japanese GAAP
FYE Mar 2020 785 n/a Cons. · Japanese GAAP
FYE Mar 2021 65.6 −91.6% Cons. · Japanese GAAP
FYE Mar 2022 -181 −375.5% Cons. · Japanese GAAP
FYE Mar 2023 -325 n/a Cons. · Japanese GAAP
FYE Mar 2024 -146 n/a Cons. · Japanese GAAP
FYE Mar 2025 -73.6 n/a Cons. · Japanese GAAP
FYE Mar 2026 -127 n/a Cons. · Japanese GAAP
Definition
Cash raised from, or returned to, lenders and shareholders
Formula
Cash flow from financing activities
Source
Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥2.09tn
CAGR · 10 yrs +8.8%
Fiscal year Cash and equivalents ¥ bn YoY Basis
FYE Mar 2017 980 n/a Cons. · Japanese GAAP
FYE Mar 2018 1,033 +5.4% Cons. · Japanese GAAP
FYE Mar 2019 1,237 +19.8% Cons. · Japanese GAAP
FYE Mar 2020 1,698 +37.2% Cons. · Japanese GAAP
FYE Mar 2021 2,263 +33.3% Cons. · Japanese GAAP
FYE Mar 2022 2,617 +15.6% Cons. · Japanese GAAP
FYE Mar 2023 2,517 −3.8% Cons. · Japanese GAAP
FYE Mar 2024 2,772 +10.1% Cons. · Japanese GAAP
FYE Mar 2025 2,314 −16.6% Cons. · Japanese GAAP
FYE Mar 2026 2,088 −9.8% Cons. · Japanese GAAP
Definition
Cash on hand at the year end
Formula
Closing balance in the cash flow statement
Source
Securities report (XBRL)

Free cash flow

FYE Mar 2026 -¥134bn
Average · 10 yrs ¥34bn
Fiscal year FCF ¥ bn YoY Basis
FYE Mar 2017 -883 n/a Cons. · Japanese GAAP
FYE Mar 2018 154 n/a Cons. · Japanese GAAP
FYE Mar 2019 350 +127.6% Cons. · Japanese GAAP
FYE Mar 2020 -306 −187.6% Cons. · Japanese GAAP
FYE Mar 2021 471 n/a Cons. · Japanese GAAP
FYE Mar 2022 501 +6.3% Cons. · Japanese GAAP
FYE Mar 2023 178 −64.5% Cons. · Japanese GAAP
FYE Mar 2024 396 +122.4% Cons. · Japanese GAAP
FYE Mar 2025 -388 −198.0% Cons. · Japanese GAAP
FYE Mar 2026 -134 n/a Cons. · Japanese GAAP
Definition
What is left once the business has paid for its own investment
Formula
Operating cash flow + investing cash flow
Source
Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 7.0%
Average · 10 yrs 8.4%
Fiscal year OCF margin % YoY Basis
FYE Mar 2017 21.3 n/a Cons. · Japanese GAAP
FYE Mar 2018 16.6 −4.7pp Cons. · Japanese GAAP
FYE Mar 2019 23.6 +7.0pp Cons. · Japanese GAAP
FYE Mar 2020 8.3 −15.3pp Cons. · Japanese GAAP
FYE Mar 2021 -1.0 −9.3pp Cons. · Japanese GAAP
FYE Mar 2022 -5.6 −4.6pp Cons. · Japanese GAAP
FYE Mar 2023 -1.4 +4.2pp Cons. · Japanese GAAP
FYE Mar 2024 9.0 +10.4pp Cons. · Japanese GAAP
FYE Mar 2025 6.0 −3.0pp Cons. · Japanese GAAP
FYE Mar 2026 7.0 +1.0pp Cons. · Japanese GAAP
Definition
How much of the revenue turned into cash
Formula
Operating cash flow ÷ revenue
Source
Securities report (XBRL)

Net cash

FYE Mar 2026 ¥750bn
Average · 10 yrs ¥927bn
Fiscal year Net cash ¥ bn YoY Basis
FYE Mar 2017 -9.3 n/a Cons. · Japanese GAAP
FYE Mar 2018 64.1 n/a Cons. · Japanese GAAP
FYE Mar 2019 175 +172.8% Cons. · Japanese GAAP
FYE Mar 2020 562 +221.6% Cons. · Japanese GAAP
FYE Mar 2021 1,363 +142.4% Cons. · Japanese GAAP
FYE Mar 2022 1,746 +28.1% Cons. · Japanese GAAP
FYE Mar 2023 1,611 −7.8% Cons. · Japanese GAAP
FYE Mar 2024 1,850 +14.9% Cons. · Japanese GAAP
FYE Mar 2025 1,160 −37.3% Cons. · Japanese GAAP
FYE Mar 2026 750 −35.3% Cons. · Japanese GAAP
Definition
Cash on hand once the borrowings are paid off
Formula
Cash and equivalents − interest-bearing debt
Source
Securities report (XBRL)

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

Market capitalisation

FYE Mar 2026 ¥5.16tn
Change · 10 yrs +¥2.76tn
Fiscal year Market capitalisation ¥ bn Basis
FYE Mar 2017 2,403 n/a
FYE Mar 2018 2,345 n/a
FYE Mar 2019 1,840 n/a
FYE Mar 2020 1,552 n/a
FYE Mar 2021 2,264 n/a
FYE Mar 2022 3,211 n/a
FYE Mar 2023 3,005 n/a
FYE Mar 2024 4,593 n/a
FYE Mar 2025 4,212 n/a
FYE Mar 2026 5,165 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 1,426¥
Change · 10 yrs −580¥
Fiscal year Share price ¥ Basis
FYE Mar 2017 2,006 n/a
FYE Mar 2018 1,957 n/a
FYE Mar 2019 1,536 n/a
FYE Mar 2020 1,295 n/a
FYE Mar 2021 1,888 n/a
FYE Mar 2022 3,113 n/a
FYE Mar 2023 3,035 n/a
FYE Mar 2024 4,822 n/a
FYE Mar 2025 4,553 n/a
FYE Mar 2026 1,426 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 3,621,895,219shares
Change · 10 yrs +2,423,872,219 shares
Fiscal year Shares outstanding shares Basis
FYE Mar 2017 1,198,023,000 Parent
FYE Mar 2018 1,198,023,000 Parent
FYE Mar 2019 1,198,208,200 Parent
FYE Mar 2020 1,198,443,000 Parent
FYE Mar 2021 1,198,755,800 Parent
FYE Mar 2022 1,031,348,700 Parent
FYE Mar 2023 989,888,900 Parent
FYE Mar 2024 952,672,300 Parent
FYE Mar 2025 925,099,600 Parent
FYE Mar 2026 3,621,895,219 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 119.83¥
Change · 10 yrs −76.79¥
Fiscal year EPS ¥ Basis
FYE Mar 2017 196.62 Cons.
FYE Mar 2018 310.69 Cons.
FYE Mar 2019 194.43 Cons.
FYE Mar 2020 28.53 Cons.
FYE Mar 2021 81.40 Cons.
FYE Mar 2022 95.79 Cons.
FYE Mar 2023 42.75 Cons.
FYE Mar 2024 82.42 Cons.
FYE Mar 2025 123.72 Cons.
FYE Mar 2026 119.83 Cons.
Definition
Net profit for each share
Formula
Net profit ÷ average shares outstanding
Source
Securities report (XBRL)

BPS book value per share

FYE Mar 2026 1,174.58¥
Change · 10 yrs −1,444.12¥
Fiscal year BPS ¥ Basis
FYE Mar 2017 2,618.70 Cons. · Japanese GAAP
FYE Mar 2018 3,129.55 Cons. · Japanese GAAP
FYE Mar 2019 3,099.29 Cons. · Japanese GAAP
FYE Mar 2020 3,151.52 Cons. · Japanese GAAP
FYE Mar 2021 4,010.10 Cons. · Japanese GAAP
FYE Mar 2022 4,082.36 Cons. · Japanese GAAP
FYE Mar 2023 2,688.95 Cons. · Japanese GAAP
FYE Mar 2024 4,075.02 Cons. · Japanese GAAP
FYE Mar 2025 3,750.63 Cons. · Japanese GAAP
FYE Mar 2026 1,174.58 Cons. · Japanese GAAP
Definition
Equity behind each share
Formula
Equity ÷ shares outstanding
Source
Securities report (XBRL)

PER price-to-earnings ratio

FYE Mar 2026 11.90×
Average · 10 yrs 12.91×
Fiscal year PER × Basis
FYE Mar 2017 10.20 Cons.
FYE Mar 2018 6.30 Cons.
FYE Mar 2019 7.90 Cons.
FYE Mar 2020 45.40 Cons.
FYE Mar 2021 5.80 Cons.
FYE Mar 2022 6.50 Cons.
FYE Mar 2023 14.20 Cons.
FYE Mar 2024 11.70 Cons.
FYE Mar 2025 9.20 Cons.
FYE Mar 2026 11.90 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 1.21×
Average · 10 yrs 0.75×
Fiscal year PBR × Basis
FYE Mar 2017 0.75 Cons.
FYE Mar 2018 0.61 Cons.
FYE Mar 2019 0.47 Cons.
FYE Mar 2020 0.39 Cons.
FYE Mar 2021 0.44 Cons.
FYE Mar 2022 0.61 Cons.
FYE Mar 2023 0.90 Cons.
FYE Mar 2024 0.92 Cons.
FYE Mar 2025 1.15 Cons.
FYE Mar 2026 1.21 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 60,138people
Change · 10 yrs −2,468 people
Fiscal year Group employees people YoY Basis
FYE Mar 2017 62,606 n/a Cons.
FYE Mar 2018 62,943 +0.5% Cons.
FYE Mar 2019 62,938 −0.0% Cons.
FYE Mar 2020 63,719 +1.2% Cons.
FYE Mar 2021 64,823 +1.7% Cons.
FYE Mar 2022 62,260 −4.0% Cons.
FYE Mar 2023 60,997 −2.0% Cons.
FYE Mar 2024 59,495 −2.5% Cons.
FYE Mar 2025 60,814 +2.2% Cons.
FYE Mar 2026 60,138 −1.1% 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 702people
Change · 8 yrs +68 people
Fiscal year Parent-company employees people YoY Basis
FYE Mar 2017 n/a n/a Parent
FYE Mar 2018 n/a n/a Parent
FYE Mar 2019 634 n/a Parent
FYE Mar 2020 685 +8.0% Parent
FYE Mar 2021 726 +6.0% Parent
FYE Mar 2022 801 +10.3% Parent
FYE Mar 2023 801 −0.0% Parent
FYE Mar 2024 895 +11.7% Parent
FYE Mar 2025 490 −45.3% Parent
FYE Mar 2026 702 +43.3% 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 ¥11.4m
Change · 8 yrs +¥1.9m
Fiscal year Average annual pay ¥ m YoY Basis
FYE Mar 2017 n/a n/a Parent
FYE Mar 2018 n/a n/a Parent
FYE Mar 2019 9.5 n/a Parent
FYE Mar 2020 9.4 −1.6% Parent
FYE Mar 2021 9.5 +1.4% Parent
FYE Mar 2022 9.8 +3.2% Parent
FYE Mar 2023 9.7 −0.7% Parent
FYE Mar 2024 9.5 −2.3% Parent
FYE Mar 2025 10.4 +9.9% Parent
FYE Mar 2026 11.4 +9.4% 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 39.0years
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 41.0 n/a Parent
FYE Mar 2020 41.0 −0.0% Parent
FYE Mar 2021 41.0 −0.0% Parent
FYE Mar 2022 41.0 −0.0% Parent
FYE Mar 2023 42.0 +2.4% Parent
FYE Mar 2024 41.0 −2.4% Parent
FYE Mar 2025 39.0 −4.9% Parent
FYE Mar 2026 39.0 −0.0% 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 10.0years
Change · 8 yrs −5.0 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 15.0 n/a Parent
FYE Mar 2020 15.0 −0.0% Parent
FYE Mar 2021 14.0 −6.7% Parent
FYE Mar 2022 14.0 −0.0% Parent
FYE Mar 2023 15.0 +7.1% Parent
FYE Mar 2024 14.0 −6.7% Parent
FYE Mar 2025 11.0 −21.4% Parent
FYE Mar 2026 10.0 −9.1% 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 ¥188m
Change · 10 yrs +¥84.9m
Fiscal year Revenue per employee ¥ m YoY Basis
FYE Mar 2017 103 n/a Cons.
FYE Mar 2018 112 +8.4% Cons.
FYE Mar 2019 114 +2.1% Cons.
FYE Mar 2020 112 −2.2% Cons.
FYE Mar 2021 121 +8.2% Cons.
FYE Mar 2022 132 +9.2% Cons.
FYE Mar 2023 156 +18.2% Cons.
FYE Mar 2024 185 +18.9% Cons.
FYE Mar 2025 162 −12.4% Cons.
FYE Mar 2026 188 +15.8% Cons.
Definition
What each employee accounts for in revenue
Formula
Revenue ÷ group employees
Source
Securities report (XBRL)

Operating profit per employee

FYE Mar 2026 ¥12.5m
Change · 10 yrs +¥5.7m
Fiscal year OP per employee ¥ m YoY Basis
FYE Mar 2017 6.8 n/a Cons.
FYE Mar 2018 7.5 +10.4% Cons.
FYE Mar 2019 6.9 −8.3% Cons.
FYE Mar 2020 3.4 −50.2% Cons.
FYE Mar 2021 8.5 +148.9% Cons.
FYE Mar 2022 9.5 +11.3% Cons.
FYE Mar 2023 6.4 −33.1% Cons.
FYE Mar 2024 9.1 +42.6% Cons.
FYE Mar 2025 11.8 +30.5% Cons.
FYE Mar 2026 12.5 +6.0% Cons.
Definition
What each employee accounts for in operating profit
Formula
Operating profit ÷ group employees
Source
Securities report (XBRL)

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