Financials

T&D Holdings: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥3.48tnYoY −6.7%

FYE Mar 2026 · Operating profit¥257bnYoY +29.5%

FYE Mar 2026 · Net profit¥139bnYoY +9.9%

FYE Mar 2026 · Equity ratio9.3%YoY +1.5pp

FYE Mar 2026 · Group employees21,268YoY +372

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.98tn	n/a	¥157bn	n/a	8.0%	¥75bn	Kida Tetsuhiro	—
FYE Mar 2018Consolidated	¥1.93tn	−2.4%	¥156bn	−0.5%	8.1%	¥78bn	Kida Tetsuhiro	—
FYE Mar 2019Consolidated	¥2.14tn	+11.0%	¥147bn	−6.1%	6.9%	¥73bn	Kida Tetsuhiro	—
FYE Mar 2020Consolidated	¥2.20tn	+2.7%	¥125bn	−14.6%	5.7%	¥67bn	Uehara Hirohisa	—
FYE Mar 2021Consolidated	¥2.36tn	+7.4%	¥175bn	+39.2%	7.4%	¥109bn	Uehara Hirohisa	Invests in the US closed-book insurer Fortitude
FYE Mar 2022Consolidated	¥2.61tn	+10.8%	¥57bn	−67.3%	2.2%	¥14bn	Uehara Hirohisa	Record net profit of <span class="en-history_money" data-yen="162300000000" data-year="2021">$1.5B (¥162bn)</span>
FYE Mar 2023Consolidated	¥3.21tn	+22.9%	-¥74bn	−230.0%	-2.3%	-¥132bn	Uehara Hirohisa	—
FYE Mar 2024Consolidated	¥3.21tn	−0.2%	¥160bn	n/a	5.0%	¥99bn	Uehara Hirohisa	Consolidated net loss of <span class="en-history_money" data-yen="132100000000" data-year="2023">$940.1M (¥132bn)</span>
FYE Mar 2025Consolidated	¥3.73tn	+16.3%	¥199bn	+24.3%	5.3%	¥126bn	Uehara Hirohisa	—
FYE Mar 2026Consolidated	¥3.48tn	−6.7%	¥257bn	+29.5%	7.4%	¥139bn	Moriyama Masahiko	Profits recover; ordinary revenue ¥3.73 trillion

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 ¥3.48tn

CAGR · 10 yrs +6.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,976	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,928	−2.4%	Cons. · Japanese GAAP
FYE Mar 2019	2,140	+11.0%	Cons. · Japanese GAAP
FYE Mar 2020	2,198	+2.7%	Cons. · Japanese GAAP
FYE Mar 2021	2,360	+7.4%	Cons. · Japanese GAAP
FYE Mar 2022	2,614	+10.8%	Cons. · Japanese GAAP
FYE Mar 2023	3,214	+22.9%	Cons. · Japanese GAAP
FYE Mar 2024	3,208	−0.2%	Cons. · Japanese GAAP
FYE Mar 2025	3,730	+16.3%	Cons. · Japanese GAAP
FYE Mar 2026	3,482	−6.7%	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 ¥3.23tn

CAGR · 10 yrs +6.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,819	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,772	−2.6%	Cons. · Japanese GAAP
FYE Mar 2019	1,993	+12.5%	Cons. · Japanese GAAP
FYE Mar 2020	2,073	+4.0%	Cons. · Japanese GAAP
FYE Mar 2021	2,186	+5.5%	Cons. · Japanese GAAP
FYE Mar 2022	2,557	+17.0%	Cons. · Japanese GAAP
FYE Mar 2023	3,288	+28.6%	Cons. · Japanese GAAP
FYE Mar 2024	3,048	−7.3%	Cons. · Japanese GAAP
FYE Mar 2025	3,532	+15.9%	Cons. · Japanese GAAP
FYE Mar 2026	3,225	−8.7%	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 ¥257bn

CAGR · 10 yrs +5.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	157	n/a	Cons. · Japanese GAAP
FYE Mar 2018	156	−0.5%	Cons. · Japanese GAAP
FYE Mar 2019	147	−6.1%	Cons. · Japanese GAAP
FYE Mar 2020	125	−14.6%	Cons. · Japanese GAAP
FYE Mar 2021	175	+39.2%	Cons. · Japanese GAAP
FYE Mar 2022	57.0	−67.3%	Cons. · Japanese GAAP
FYE Mar 2023	-74.1	−230.0%	Cons. · Japanese GAAP
FYE Mar 2024	160	n/a	Cons. · Japanese GAAP
FYE Mar 2025	199	+24.3%	Cons. · Japanese GAAP
FYE Mar 2026	257	+29.5%	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 · 9 yrs ¥0.2m

Fiscal year	SG&A ¥ m	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	0.0	n/a	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 ¥257bn

CAGR · 10 yrs +5.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	157	n/a	Cons. · Japanese GAAP
FYE Mar 2018	156	−0.5%	Cons. · Japanese GAAP
FYE Mar 2019	147	−6.1%	Cons. · Japanese GAAP
FYE Mar 2020	125	−14.6%	Cons. · Japanese GAAP
FYE Mar 2021	175	+39.2%	Cons. · Japanese GAAP
FYE Mar 2022	57.0	−67.3%	Cons. · Japanese GAAP
FYE Mar 2023	-74.1	−230.0%	Cons. · Japanese GAAP
FYE Mar 2024	160	n/a	Cons. · Japanese GAAP
FYE Mar 2025	199	+24.3%	Cons. · Japanese GAAP
FYE Mar 2026	257	+29.5%	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 ¥257bn

CAGR · 10 yrs +5.6%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	157	n/a	Cons. · Japanese GAAP
FYE Mar 2018	156	−0.5%	Cons. · Japanese GAAP
FYE Mar 2019	147	−6.1%	Cons. · Japanese GAAP
FYE Mar 2020	125	−14.6%	Cons. · Japanese GAAP
FYE Mar 2021	175	+39.2%	Cons. · Japanese GAAP
FYE Mar 2022	57.0	−67.3%	Cons. · Japanese GAAP
FYE Mar 2023	-74.1	−230.0%	Cons. · Japanese GAAP
FYE Mar 2024	160	n/a	Cons. · Japanese GAAP
FYE Mar 2025	199	+24.3%	Cons. · Japanese GAAP
FYE Mar 2026	257	+29.5%	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 ¥6.4bn

CAGR · 10 yrs +40.4%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	−90.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	+2396.4%	Cons. · Japanese GAAP
FYE Mar 2020	4.0	+477.7%	Cons. · Japanese GAAP
FYE Mar 2021	1.7	−57.7%	Cons. · Japanese GAAP
FYE Mar 2022	0.5	−72.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.4	+205.1%	Cons. · Japanese GAAP
FYE Mar 2024	10.6	+645.5%	Cons. · Japanese GAAP
FYE Mar 2025	8.2	−22.5%	Cons. · Japanese GAAP
FYE Mar 2026	6.4	−22.5%	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 ¥139bn

CAGR · 10 yrs +7.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	75.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	77.6	+3.2%	Cons. · Japanese GAAP
FYE Mar 2019	72.8	−6.1%	Cons. · Japanese GAAP
FYE Mar 2020	67.1	−7.9%	Cons. · Japanese GAAP
FYE Mar 2021	109	+61.7%	Cons. · Japanese GAAP
FYE Mar 2022	14.2	−86.9%	Cons. · Japanese GAAP
FYE Mar 2023	-132	−1031.9%	Cons. · Japanese GAAP
FYE Mar 2024	98.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	126	+28.0%	Cons. · Japanese GAAP
FYE Mar 2026	139	+9.9%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 7.4%

Average · 10 yrs 5.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	5.7	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	7.4	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	2.2	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2023	-2.3	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2024	5.0	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	7.4	+2.1pp	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 7.4%

Average · 10 yrs 5.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	5.7	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	7.4	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	2.2	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2023	-2.3	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2024	5.0	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	7.4	+2.1pp	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 7.4%

Average · 10 yrs 5.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	5.7	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	7.4	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	2.2	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2023	-2.3	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2024	5.0	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	7.4	+2.1pp	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 4.0%

Average · 10 yrs 2.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	3.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	3.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	4.6	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2022	0.5	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2023	-4.1	−4.7pp	Cons. · Japanese GAAP
FYE Mar 2024	3.1	+7.2pp	Cons. · Japanese GAAP
FYE Mar 2025	3.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	4.0	+0.6pp	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 92.6%

Average · 10 yrs 94.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	92.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	91.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	93.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	94.3	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	92.6	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	97.8	+5.2pp	Cons. · Japanese GAAP
FYE Mar 2023	102.3	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2024	95.0	−7.3pp	Cons. · Japanese GAAP
FYE Mar 2025	94.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	92.6	−2.1pp	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 · 9 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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	n/a	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 ¥17.3tn

CAGR · 10 yrs +1.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	14,891	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15,262	+2.5%	Cons. · Japanese GAAP
FYE Mar 2019	15,795	+3.5%	Cons. · Japanese GAAP
FYE Mar 2020	16,520	+4.6%	Cons. · Japanese GAAP
FYE Mar 2021	17,826	+7.9%	Cons. · Japanese GAAP
FYE Mar 2022	17,813	−0.1%	Cons. · Japanese GAAP
FYE Mar 2023	16,774	−5.8%	Cons. · Japanese GAAP
FYE Mar 2024	17,207	+2.6%	Cons. · Japanese GAAP
FYE Mar 2025	16,619	−3.4%	Cons. · Japanese GAAP
FYE Mar 2026	17,318	+4.2%	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 ¥1.61tn

CAGR · 10 yrs +4.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,094	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,149	+5.0%	Cons. · Japanese GAAP
FYE Mar 2019	1,154	+0.5%	Cons. · Japanese GAAP
FYE Mar 2020	1,117	−3.2%	Cons. · Japanese GAAP
FYE Mar 2021	1,494	+33.8%	Cons. · Japanese GAAP
FYE Mar 2022	1,382	−7.5%	Cons. · Japanese GAAP
FYE Mar 2023	987	−28.6%	Cons. · Japanese GAAP
FYE Mar 2024	1,404	+42.2%	Cons. · Japanese GAAP
FYE Mar 2025	1,301	−7.3%	Cons. · Japanese GAAP
FYE Mar 2026	1,612	+23.9%	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 ¥224bn

CAGR · 10 yrs +18.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	50.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.1	+73.8%	Cons. · Japanese GAAP
FYE Mar 2019	117	+34.4%	Cons. · Japanese GAAP
FYE Mar 2020	187	+59.8%	Cons. · Japanese GAAP
FYE Mar 2021	157	−16.0%	Cons. · Japanese GAAP
FYE Mar 2022	157	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	120	−23.6%	Cons. · Japanese GAAP
FYE Mar 2024	120	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	120	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	224	+86.7%	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 ¥224bn

CAGR · 10 yrs +18.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	50.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.1	+73.8%	Cons. · Japanese GAAP
FYE Mar 2019	117	+34.4%	Cons. · Japanese GAAP
FYE Mar 2020	187	+59.8%	Cons. · Japanese GAAP
FYE Mar 2021	157	−16.0%	Cons. · Japanese GAAP
FYE Mar 2022	157	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	120	−23.6%	Cons. · Japanese GAAP
FYE Mar 2024	120	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	120	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	224	+86.7%	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 ¥66bn

CAGR · 10 yrs +12.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	23.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.9	+15.8%	Cons. · Japanese GAAP
FYE Mar 2019	28.5	+6.0%	Cons. · Japanese GAAP
FYE Mar 2020	30.8	+8.2%	Cons. · Japanese GAAP
FYE Mar 2021	33.0	+7.1%	Cons. · Japanese GAAP
FYE Mar 2022	35.1	+6.6%	Cons. · Japanese GAAP
FYE Mar 2023	34.4	−2.1%	Cons. · Japanese GAAP
FYE Mar 2024	43.4	+26.2%	Cons. · Japanese GAAP
FYE Mar 2025	55.1	+26.9%	Cons. · Japanese GAAP
FYE Mar 2026	66.2	+20.3%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 9.3%

Average · 10 yrs 7.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	7.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	7.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	6.8	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	8.4	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2022	7.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	5.9	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2024	8.2	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	7.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	9.3	+1.5pp	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 13.9%

Average · 10 yrs 10.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.6	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2019	10.1	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2020	16.7	+6.6pp	Cons. · Japanese GAAP
FYE Mar 2021	10.5	−6.2pp	Cons. · Japanese GAAP
FYE Mar 2022	11.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	12.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	8.5	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2025	9.2	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	13.9	+4.7pp	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 8.6%

Average · 10 yrs 4.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	6.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	6.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	7.3	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	1.0	−6.2pp	Cons. · Japanese GAAP
FYE Mar 2023	-13.4	−14.4pp	Cons. · Japanese GAAP
FYE Mar 2024	7.0	+20.4pp	Cons. · Japanese GAAP
FYE Mar 2025	9.7	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	8.6	−1.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 0.8%

Average · 10 yrs 0.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	0.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	0.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	0.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	0.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	-0.8	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2024	0.6	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2025	0.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	0.8	−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 0.20×

CAGR · 10 yrs +4.7%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.13	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.13	−4.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.14	+7.2%	Cons. · Japanese GAAP
FYE Mar 2020	0.13	−1.8%	Cons. · Japanese GAAP
FYE Mar 2021	0.13	−0.5%	Cons. · Japanese GAAP
FYE Mar 2022	0.15	+10.8%	Cons. · Japanese GAAP
FYE Mar 2023	0.19	+30.6%	Cons. · Japanese GAAP
FYE Mar 2024	0.19	−2.7%	Cons. · Japanese GAAP
FYE Mar 2025	0.22	+20.4%	Cons. · Japanese GAAP
FYE Mar 2026	0.20	−10.4%	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 ¥150bn

CAGR · 10 yrs −8.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	344	n/a	Cons. · Japanese GAAP
FYE Mar 2018	370	+7.7%	Cons. · Japanese GAAP
FYE Mar 2019	577	+55.9%	Cons. · Japanese GAAP
FYE Mar 2020	591	+2.5%	Cons. · Japanese GAAP
FYE Mar 2021	500	−15.3%	Cons. · Japanese GAAP
FYE Mar 2022	-397	−179.3%	Cons. · Japanese GAAP
FYE Mar 2023	-308	n/a	Cons. · Japanese GAAP
FYE Mar 2024	263	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-360	−237.0%	Cons. · Japanese GAAP
FYE Mar 2026	150	n/a	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 -¥262bn

Average · 10 yrs -¥170bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-535	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-467	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-479	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-560	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-261	n/a	Cons. · Japanese GAAP
FYE Mar 2022	283	n/a	Cons. · Japanese GAAP
FYE Mar 2023	666	+135.2%	Cons. · Japanese GAAP
FYE Mar 2024	-180	−127.1%	Cons. · Japanese GAAP
FYE Mar 2025	94.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-262	−377.4%	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 -¥15bn

Average · 10 yrs -¥46bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-48.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-41.8	−429.8%	Cons. · Japanese GAAP
FYE Mar 2020	33.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-72.1	−312.8%	Cons. · Japanese GAAP
FYE Mar 2022	-57.7	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-107	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-79.2	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-87.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-14.7	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 ¥696bn

CAGR · 10 yrs −2.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	885	n/a	Cons. · Japanese GAAP
FYE Mar 2018	799	−9.8%	Cons. · Japanese GAAP
FYE Mar 2019	854	+7.0%	Cons. · Japanese GAAP
FYE Mar 2020	918	+7.5%	Cons. · Japanese GAAP
FYE Mar 2021	1,086	+18.3%	Cons. · Japanese GAAP
FYE Mar 2022	915	−15.7%	Cons. · Japanese GAAP
FYE Mar 2023	1,166	+27.3%	Cons. · Japanese GAAP
FYE Mar 2024	1,172	+0.6%	Cons. · Japanese GAAP
FYE Mar 2025	823	−29.8%	Cons. · Japanese GAAP
FYE Mar 2026	696	−15.4%	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 -¥111bn

Average · 10 yrs ¥3.1bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-191	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-97.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	98.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	31.0	−68.5%	Cons. · Japanese GAAP
FYE Mar 2021	239	+672.0%	Cons. · Japanese GAAP
FYE Mar 2022	-114	−147.6%	Cons. · Japanese GAAP
FYE Mar 2023	358	n/a	Cons. · Japanese GAAP
FYE Mar 2024	82.5	−77.0%	Cons. · Japanese GAAP
FYE Mar 2025	-266	−421.9%	Cons. · Japanese GAAP
FYE Mar 2026	-111	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 4.3%

Average · 10 yrs 9.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	17.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.2	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	27.0	+7.8pp	Cons. · Japanese GAAP
FYE Mar 2020	26.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	21.2	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2022	-15.2	−36.4pp	Cons. · Japanese GAAP
FYE Mar 2023	-9.6	+5.6pp	Cons. · Japanese GAAP
FYE Mar 2024	8.2	+17.8pp	Cons. · Japanese GAAP
FYE Mar 2025	-9.6	−17.8pp	Cons. · Japanese GAAP
FYE Mar 2026	4.3	+14.0pp	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 ¥472bn

CAGR · 10 yrs −6.1%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	835	n/a	Cons. · Japanese GAAP
FYE Mar 2018	711	−14.8%	Cons. · Japanese GAAP
FYE Mar 2019	737	+3.6%	Cons. · Japanese GAAP
FYE Mar 2020	731	−0.8%	Cons. · Japanese GAAP
FYE Mar 2021	929	+27.0%	Cons. · Japanese GAAP
FYE Mar 2022	758	−18.3%	Cons. · Japanese GAAP
FYE Mar 2023	1,046	+37.9%	Cons. · Japanese GAAP
FYE Mar 2024	1,052	+0.6%	Cons. · Japanese GAAP
FYE Mar 2025	703	−33.2%	Cons. · Japanese GAAP
FYE Mar 2026	472	−32.8%	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 ¥1.92tn

Change · 9 yrs +¥823bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,102	n/a
FYE Mar 2018	1,106	n/a
FYE Mar 2019	761	n/a
FYE Mar 2020	557	n/a
FYE Mar 2021	908	n/a
FYE Mar 2022	984	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	1,415	n/a
FYE Mar 2025	1,722	n/a
FYE Mar 2026	1,924	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 3,943¥

Change · 9 yrs +2,327¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,616	n/a
FYE Mar 2018	1,688	n/a
FYE Mar 2019	1,161	n/a
FYE Mar 2020	879	n/a
FYE Mar 2021	1,434	n/a
FYE Mar 2022	1,671	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	2,600	n/a
FYE Mar 2025	3,166	n/a
FYE Mar 2026	3,943	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 488,000,000shares

Change · 10 yrs −193,480,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	681,480,000	Parent
FYE Mar 2018	655,000,000	Parent
FYE Mar 2019	655,000,000	Parent
FYE Mar 2020	633,000,000	Parent
FYE Mar 2021	633,000,000	Parent
FYE Mar 2022	589,000,000	Parent
FYE Mar 2023	589,000,000	Parent
FYE Mar 2024	544,000,000	Parent
FYE Mar 2025	544,000,000	Parent
FYE Mar 2026	488,000,000	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 279.64¥

Change · 10 yrs +161.83¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	117.81	Cons.
FYE Mar 2018	124.23	Cons.
FYE Mar 2019	118.50	Cons.
FYE Mar 2020	111.31	Cons.
FYE Mar 2021	181.54	Cons.
FYE Mar 2022	24.39	Cons.
FYE Mar 2023	-237.31	Cons.
FYE Mar 2024	183.13	Cons.
FYE Mar 2025	241.67	Cons.
FYE Mar 2026	279.64	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 3,303.54¥

Change · 10 yrs +1,698.16¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,605.38	Cons. · Japanese GAAP
FYE Mar 2018	1,753.65	Cons. · Japanese GAAP
FYE Mar 2019	1,762.13	Cons. · Japanese GAAP
FYE Mar 2020	1,764.32	Cons. · Japanese GAAP
FYE Mar 2021	2,360.74	Cons. · Japanese GAAP
FYE Mar 2022	2,346.20	Cons. · Japanese GAAP
FYE Mar 2023	1,676.01	Cons. · Japanese GAAP
FYE Mar 2024	2,580.71	Cons. · Japanese GAAP
FYE Mar 2025	2,391.74	Cons. · Japanese GAAP
FYE Mar 2026	3,303.54	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 14.10×

Average · 9 yrs 18.09×

Fiscal year	PER ×	Basis
FYE Mar 2017	13.72	Cons.
FYE Mar 2018	13.59	Cons.
FYE Mar 2019	9.80	Cons.
FYE Mar 2020	7.90	Cons.
FYE Mar 2021	7.90	Cons.
FYE Mar 2022	68.50	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	14.20	Cons.
FYE Mar 2025	13.10	Cons.
FYE Mar 2026	14.10	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 1.17×

Average · 9 yrs 0.83×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.94	Cons.
FYE Mar 2018	0.92	Cons.
FYE Mar 2019	0.62	Cons.
FYE Mar 2020	0.47	Cons.
FYE Mar 2021	0.57	Cons.
FYE Mar 2022	0.68	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	0.98	Cons.
FYE Mar 2025	1.16	Cons.
FYE Mar 2026	1.17	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 21,268people

Change · 10 yrs +1,452 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	19,816	n/a	Cons.
FYE Mar 2018	19,757	−0.3%	Cons.
FYE Mar 2019	19,489	−1.4%	Cons.
FYE Mar 2020	19,058	−2.2%	Cons.
FYE Mar 2021	19,615	+2.9%	Cons.
FYE Mar 2022	19,645	+0.2%	Cons.
FYE Mar 2023	20,016	+1.9%	Cons.
FYE Mar 2024	20,408	+2.0%	Cons.
FYE Mar 2025	20,896	+2.4%	Cons.
FYE Mar 2026	21,268	+1.8%	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 114people

Change · 10 yrs +19 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	95	n/a	Parent
FYE Mar 2018	98	+3.2%	Parent
FYE Mar 2019	107	+9.2%	Parent
FYE Mar 2020	114	+6.5%	Parent
FYE Mar 2021	118	+3.5%	Parent
FYE Mar 2022	117	−0.8%	Parent
FYE Mar 2023	123	+5.1%	Parent
FYE Mar 2024	129	+4.9%	Parent
FYE Mar 2025	160	+24.0%	Parent
FYE Mar 2026	114	−28.7%	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 n/a

Change · 9 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	9.8	n/a	Parent
FYE Mar 2018	10.2	+3.6%	Parent
FYE Mar 2019	10.4	+1.9%	Parent
FYE Mar 2020	10.6	+2.0%	Parent
FYE Mar 2021	10.5	−1.1%	Parent
FYE Mar 2022	10.6	+1.1%	Parent
FYE Mar 2023	10.8	+2.4%	Parent
FYE Mar 2024	10.9	+0.7%	Parent
FYE Mar 2025	11.1	+1.5%	Parent
FYE Mar 2026	n/a	n/a	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 n/a

Change · 7 yrs +0.2 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	46.8	n/a	Parent
FYE Mar 2020	46.7	−0.2%	Parent
FYE Mar 2021	46.1	−1.3%	Parent
FYE Mar 2022	45.8	−0.7%	Parent
FYE Mar 2023	46.4	+1.3%	Parent
FYE Mar 2024	46.1	−0.6%	Parent
FYE Mar 2025	47.0	+2.0%	Parent
FYE Mar 2026	n/a	n/a	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 n/a

Change · 9 yrs +0.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	20.9	n/a	Parent
FYE Mar 2018	22.1	+5.7%	Parent
FYE Mar 2019	23.1	+4.5%	Parent
FYE Mar 2020	22.8	−1.3%	Parent
FYE Mar 2021	21.8	−4.4%	Parent
FYE Mar 2022	21.3	−2.3%	Parent
FYE Mar 2023	21.1	−0.9%	Parent
FYE Mar 2024	21.3	+0.9%	Parent
FYE Mar 2025	21.8	+2.3%	Parent
FYE Mar 2026	n/a	n/a	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 892people

Change · 10 yrs −401 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,293	n/a	n/a
FYE Mar 2018	1,203	−7.0%	n/a
FYE Mar 2019	1,087	−9.6%	n/a
FYE Mar 2020	1,048	−3.6%	n/a
FYE Mar 2021	995	−5.1%	n/a
FYE Mar 2022	960	−3.5%	n/a
FYE Mar 2023	987	+2.8%	n/a
FYE Mar 2024	945	−4.3%	n/a
FYE Mar 2025	884	−6.5%	n/a
FYE Mar 2026	892	+0.9%	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 ¥164m

Change · 10 yrs +¥64.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	99.7	n/a	Cons.
FYE Mar 2018	97.6	−2.1%	Cons.
FYE Mar 2019	110	+12.5%	Cons.
FYE Mar 2020	115	+5.0%	Cons.
FYE Mar 2021	120	+4.3%	Cons.
FYE Mar 2022	133	+10.6%	Cons.
FYE Mar 2023	161	+20.7%	Cons.
FYE Mar 2024	157	−2.1%	Cons.
FYE Mar 2025	179	+13.6%	Cons.
FYE Mar 2026	164	−8.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥12.1m

Change · 10 yrs +¥4.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	7.9	n/a	Cons.
FYE Mar 2018	7.9	−0.2%	Cons.
FYE Mar 2019	7.5	−4.8%	Cons.
FYE Mar 2020	6.6	−12.7%	Cons.
FYE Mar 2021	8.9	+35.3%	Cons.
FYE Mar 2022	2.9	−67.4%	Cons.
FYE Mar 2023	-3.7	−227.6%	Cons.
FYE Mar 2024	7.8	n/a	Cons.
FYE Mar 2025	9.5	+21.4%	Cons.
FYE Mar 2026	12.1	+27.2%	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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