Financials

Keisei Electric Railway: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥332bnYoY +4.1%

FYE Mar 2026 · Operating profit¥34bnYoY −5.6%

FYE Mar 2026 · Net profit¥48bnYoY −31.4%

FYE Mar 2026 · Equity ratio47.2%YoY +0.7pp

FYE Mar 2026 · Group employees13,231YoY +413

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥246bn	n/a	¥30bn	n/a	12.2%	¥36bn	Saigusa Norio	—
FYE Mar 2018Consolidated	¥255bn	+3.7%	¥30bn	+0.1%	11.8%	¥35bn	Saigusa Norio	<a class="en-history_person" href="/tse/9009/executives/ceo/kobayashi-toshiya/" hreflang="ja">Kobayashi Toshiya</a> becomes president and representative director
FYE Mar 2019Consolidated	¥262bn	+2.6%	¥32bn	+5.1%	12.1%	¥39bn	Kobayashi Toshiya	—
FYE Mar 2020Consolidated	¥275bn	+5.1%	¥28bn	−10.4%	10.3%	¥30bn	Kobayashi Toshiya	Kanto Railway (<span class="en-history_ja">関東鉄道</span>) becomes a subsidiary
FYE Mar 2021Consolidated	¥208bn	−24.4%	-¥18bn	−163.8%	-8.7%	-¥30bn	Kobayashi Toshiya	Transport revenue reaches about <span class="en-history_money" data-yen="160400000000" data-year="2020">$1.5B (¥160bn)</span> before the pandemic
FYE Mar 2022Consolidated	¥214bn	+3.1%	-¥5.2bn	n/a	-2.4%	-¥4.4bn	Kobayashi Toshiya	—
FYE Mar 2023Consolidated	¥252bn	+17.8%	¥10bn	n/a	4.1%	¥27bn	Kobayashi Toshiya	—
FYE Mar 2024Consolidated	¥297bn	+17.5%	¥25bn	+146.8%	8.5%	¥88bn	Kobayashi Toshiya	—
FYE Mar 2025Consolidated	¥319bn	+7.7%	¥36bn	+42.7%	11.3%	¥70bn	Kobayashi Toshiya	—
FYE Mar 2026Consolidated	¥332bn	+4.1%	¥34bn	−5.6%	10.2%	¥48bn	Kobayashi Toshiya	—

How it compares

Kintetsu Group Holdings¥1.75tnFY2025Operating margin 5.1%Hankyu Hanshin Holdings¥1.20tnFY2025Operating margin 10.6%Tokyu¥1.09tnFY2025Operating margin 9.5%Nagoya Railroad¥692bnFY2025Operating margin 5.2%Tobu Railway¥655bnFY2025Operating margin 11.0%Seibu Holdings¥513bnFY2025Operating margin 8.9%Keio¥497bnFY2025Operating margin 10.5%

Nishinihontetsudou¥474bnFY2025Operating margin 6.4%

Seibu Railway Co., Ltd.Delisted 2004

Tokyo Metro¥422bnFY2025Operating margin 21.2%

Keisei Electric Railway¥332bnFY2025Operating margin 10.2%

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 ¥332bn

CAGR · 10 yrs +3.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	246	n/a	Cons. · Japanese GAAP
FYE Mar 2018	255	+3.7%	Cons. · Japanese GAAP
FYE Mar 2019	262	+2.6%	Cons. · Japanese GAAP
FYE Mar 2020	275	+5.1%	Cons. · Japanese GAAP
FYE Mar 2021	208	−24.4%	Cons. · Japanese GAAP
FYE Mar 2022	214	+3.1%	Cons. · Japanese GAAP
FYE Mar 2023	252	+17.8%	Cons. · Japanese GAAP
FYE Mar 2024	297	+17.5%	Cons. · Japanese GAAP
FYE Mar 2025	319	+7.7%	Cons. · Japanese GAAP
FYE Mar 2026	332	+4.1%	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 ¥244bn

CAGR · 10 yrs +3.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	181	n/a	Cons. · Japanese GAAP
FYE Mar 2018	190	+4.8%	Cons. · Japanese GAAP
FYE Mar 2019	193	+1.9%	Cons. · Japanese GAAP
FYE Mar 2020	207	+7.2%	Cons. · Japanese GAAP
FYE Mar 2021	189	−8.7%	Cons. · Japanese GAAP
FYE Mar 2022	181	−4.3%	Cons. · Japanese GAAP
FYE Mar 2023	198	+9.5%	Cons. · Japanese GAAP
FYE Mar 2024	222	+11.9%	Cons. · Japanese GAAP
FYE Mar 2025	231	+4.0%	Cons. · Japanese GAAP
FYE Mar 2026	244	+5.7%	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 ¥89bn

CAGR · 10 yrs +3.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	64.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.3	+0.8%	Cons. · Japanese GAAP
FYE Mar 2019	68.2	+4.5%	Cons. · Japanese GAAP
FYE Mar 2020	67.6	−0.9%	Cons. · Japanese GAAP
FYE Mar 2021	18.7	−72.4%	Cons. · Japanese GAAP
FYE Mar 2022	33.1	+77.5%	Cons. · Japanese GAAP
FYE Mar 2023	54.2	+63.5%	Cons. · Japanese GAAP
FYE Mar 2024	74.7	+38.0%	Cons. · Japanese GAAP
FYE Mar 2025	88.7	+18.7%	Cons. · Japanese GAAP
FYE Mar 2026	88.7	−0.0%	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 ¥55bn

CAGR · 10 yrs +5.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	34.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.2	+1.4%	Cons. · Japanese GAAP
FYE Mar 2019	36.6	+4.1%	Cons. · Japanese GAAP
FYE Mar 2020	39.3	+7.4%	Cons. · Japanese GAAP
FYE Mar 2021	36.7	−6.6%	Cons. · Japanese GAAP
FYE Mar 2022	38.3	+4.4%	Cons. · Japanese GAAP
FYE Mar 2023	43.9	+14.6%	Cons. · Japanese GAAP
FYE Mar 2024	49.5	+12.6%	Cons. · Japanese GAAP
FYE Mar 2025	52.7	+6.5%	Cons. · Japanese GAAP
FYE Mar 2026	54.7	+3.8%	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 ¥34bn

CAGR · 10 yrs +1.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	30.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.1	+0.1%	Cons. · Japanese GAAP
FYE Mar 2019	31.6	+5.1%	Cons. · Japanese GAAP
FYE Mar 2020	28.3	−10.4%	Cons. · Japanese GAAP
FYE Mar 2021	-18.1	−163.8%	Cons. · Japanese GAAP
FYE Mar 2022	-5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	10.2	n/a	Cons. · Japanese GAAP
FYE Mar 2024	25.2	+146.8%	Cons. · Japanese GAAP
FYE Mar 2025	36.0	+42.7%	Cons. · Japanese GAAP
FYE Mar 2026	34.0	−5.6%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥29bn

CAGR · 10 yrs +3.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	21.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.2	−4.1%	Cons. · Japanese GAAP
FYE Mar 2019	22.2	+9.6%	Cons. · Japanese GAAP
FYE Mar 2020	16.6	−25.4%	Cons. · Japanese GAAP
FYE Mar 2021	6.1	−63.1%	Cons. · Japanese GAAP
FYE Mar 2022	5.0	−17.8%	Cons. · Japanese GAAP
FYE Mar 2023	20.9	+316.6%	Cons. · Japanese GAAP
FYE Mar 2024	29.7	+41.9%	Cons. · Japanese GAAP
FYE Mar 2025	29.2	−1.8%	Cons. · Japanese GAAP
FYE Mar 2026	29.1	−0.4%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Mar 2026 ¥4.4bn

CAGR · 10 yrs +0.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	−22.4%	Cons. · Japanese GAAP
FYE Mar 2019	3.1	−3.1%	Cons. · Japanese GAAP
FYE Mar 2020	3.2	+2.9%	Cons. · Japanese GAAP
FYE Mar 2021	20.2	+537.4%	Cons. · Japanese GAAP
FYE Mar 2022	3.0	−85.1%	Cons. · Japanese GAAP
FYE Mar 2023	4.4	+46.1%	Cons. · Japanese GAAP
FYE Mar 2024	3.4	−23.5%	Cons. · Japanese GAAP
FYE Mar 2025	3.4	+1.6%	Cons. · Japanese GAAP
FYE Mar 2026	4.4	+29.5%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥59bn

CAGR · 10 yrs +2.5%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	47.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.1	+0.2%	Cons. · Japanese GAAP
FYE Mar 2019	50.7	+7.6%	Cons. · Japanese GAAP
FYE Mar 2020	41.7	−17.8%	Cons. · Japanese GAAP
FYE Mar 2021	-32.2	−177.1%	Cons. · Japanese GAAP
FYE Mar 2022	-3.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	26.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	51.6	+92.8%	Cons. · Japanese GAAP
FYE Mar 2025	61.8	+19.7%	Cons. · Japanese GAAP
FYE Mar 2026	58.6	−5.1%	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 ¥4.7bn

CAGR · 10 yrs −6.0%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.0	−63.8%	Cons. · Japanese GAAP
FYE Mar 2019	1.6	−45.5%	Cons. · Japanese GAAP
FYE Mar 2020	2.4	+48.9%	Cons. · Japanese GAAP
FYE Mar 2021	1.9	−22.5%	Cons. · Japanese GAAP
FYE Mar 2022	3.1	+68.4%	Cons. · Japanese GAAP
FYE Mar 2023	11.0	+249.5%	Cons. · Japanese GAAP
FYE Mar 2024	73.0	+565.8%	Cons. · Japanese GAAP
FYE Mar 2025	58.8	−19.4%	Cons. · Japanese GAAP
FYE Mar 2026	4.7	−92.0%	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 ¥48bn

CAGR · 10 yrs +3.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	35.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.8	−2.5%	Cons. · Japanese GAAP
FYE Mar 2019	38.6	+11.0%	Cons. · Japanese GAAP
FYE Mar 2020	30.1	−22.1%	Cons. · Japanese GAAP
FYE Mar 2021	-30.3	−200.6%	Cons. · Japanese GAAP
FYE Mar 2022	-4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	26.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	87.7	+225.5%	Cons. · Japanese GAAP
FYE Mar 2025	70.0	−20.2%	Cons. · Japanese GAAP
FYE Mar 2026	48.0	−31.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 26.7%

Average · 10 yrs 22.8%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	26.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.6	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	26.1	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	24.6	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	9.0	−15.6pp	Cons. · Japanese GAAP
FYE Mar 2022	15.5	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2023	21.5	+6.0pp	Cons. · Japanese GAAP
FYE Mar 2024	25.2	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2025	27.8	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	26.7	−1.1pp	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 10.2%

Average · 10 yrs 6.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	12.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	12.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	10.3	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	-8.7	−19.0pp	Cons. · Japanese GAAP
FYE Mar 2022	-2.4	+6.3pp	Cons. · Japanese GAAP
FYE Mar 2023	4.1	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2024	8.5	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2025	11.3	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2026	10.2	−1.1pp	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 17.6%

Average · 10 yrs 12.0%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	19.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.5	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	19.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	15.2	−4.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-15.5	−30.7pp	Cons. · Japanese GAAP
FYE Mar 2022	-1.5	+14.0pp	Cons. · Japanese GAAP
FYE Mar 2023	10.6	+12.1pp	Cons. · Japanese GAAP
FYE Mar 2024	17.4	+6.8pp	Cons. · Japanese GAAP
FYE Mar 2025	19.3	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	17.6	−1.7pp	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 14.4%

Average · 10 yrs 11.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	14.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	14.8	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	11.0	−3.8pp	Cons. · Japanese GAAP
FYE Mar 2021	-14.6	−25.5pp	Cons. · Japanese GAAP
FYE Mar 2022	-2.1	+12.5pp	Cons. · Japanese GAAP
FYE Mar 2023	10.7	+12.7pp	Cons. · Japanese GAAP
FYE Mar 2024	29.6	+18.9pp	Cons. · Japanese GAAP
FYE Mar 2025	21.9	−7.7pp	Cons. · Japanese GAAP
FYE Mar 2026	14.4	−7.5pp	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 73.3%

Average · 10 yrs 77.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	73.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.4	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	73.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	75.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	91.0	+15.6pp	Cons. · Japanese GAAP
FYE Mar 2022	84.5	−6.5pp	Cons. · Japanese GAAP
FYE Mar 2023	78.5	−6.0pp	Cons. · Japanese GAAP
FYE Mar 2024	74.8	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2025	72.2	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	73.3	+1.1pp	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 16.4%

Average · 10 yrs 15.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	14.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	14.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	17.7	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	17.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	17.4	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	16.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	16.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	16.4	−0.1pp	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 ¥1.18tn

CAGR · 10 yrs +4.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	795	n/a	Cons. · Japanese GAAP
FYE Mar 2018	795	−0.1%	Cons. · Japanese GAAP
FYE Mar 2019	853	+7.3%	Cons. · Japanese GAAP
FYE Mar 2020	906	+6.2%	Cons. · Japanese GAAP
FYE Mar 2021	901	−0.6%	Cons. · Japanese GAAP
FYE Mar 2022	900	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	966	+7.2%	Cons. · Japanese GAAP
FYE Mar 2024	1,064	+10.2%	Cons. · Japanese GAAP
FYE Mar 2025	1,094	+2.8%	Cons. · Japanese GAAP
FYE Mar 2026	1,182	+8.0%	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 ¥558bn

CAGR · 10 yrs +6.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	322	n/a	Cons. · Japanese GAAP
FYE Mar 2018	355	+10.1%	Cons. · Japanese GAAP
FYE Mar 2019	389	+9.8%	Cons. · Japanese GAAP
FYE Mar 2020	411	+5.5%	Cons. · Japanese GAAP
FYE Mar 2021	379	−7.9%	Cons. · Japanese GAAP
FYE Mar 2022	370	−2.3%	Cons. · Japanese GAAP
FYE Mar 2023	395	+6.8%	Cons. · Japanese GAAP
FYE Mar 2024	452	+14.4%	Cons. · Japanese GAAP
FYE Mar 2025	509	+12.7%	Cons. · Japanese GAAP
FYE Mar 2026	558	+9.6%	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 ¥187bn

CAGR · 10 yrs +0.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	184	n/a	Cons. · Japanese GAAP
FYE Mar 2018	184	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	172	−6.4%	Cons. · Japanese GAAP
FYE Mar 2020	184	+7.2%	Cons. · Japanese GAAP
FYE Mar 2021	202	+9.5%	Cons. · Japanese GAAP
FYE Mar 2022	196	−2.8%	Cons. · Japanese GAAP
FYE Mar 2023	204	+4.4%	Cons. · Japanese GAAP
FYE Mar 2024	209	+2.5%	Cons. · Japanese GAAP
FYE Mar 2025	183	−12.8%	Cons. · Japanese GAAP
FYE Mar 2026	187	+2.7%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥72bn

CAGR · 10 yrs +3.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	55.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	60.8	+9.5%	Cons. · Japanese GAAP
FYE Mar 2019	63.5	+4.3%	Cons. · Japanese GAAP
FYE Mar 2020	71.8	+13.2%	Cons. · Japanese GAAP
FYE Mar 2021	52.5	−27.0%	Cons. · Japanese GAAP
FYE Mar 2022	59.7	+13.7%	Cons. · Japanese GAAP
FYE Mar 2023	56.0	−6.2%	Cons. · Japanese GAAP
FYE Mar 2024	69.2	+23.6%	Cons. · Japanese GAAP
FYE Mar 2025	68.3	−1.4%	Cons. · Japanese GAAP
FYE Mar 2026	72.3	+5.9%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥115bn

CAGR · 10 yrs −1.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	128	n/a	Cons. · Japanese GAAP
FYE Mar 2018	123	−4.1%	Cons. · Japanese GAAP
FYE Mar 2019	108	−11.8%	Cons. · Japanese GAAP
FYE Mar 2020	128	+18.5%	Cons. · Japanese GAAP
FYE Mar 2021	149	+16.2%	Cons. · Japanese GAAP
FYE Mar 2022	140	−6.0%	Cons. · Japanese GAAP
FYE Mar 2023	148	+5.9%	Cons. · Japanese GAAP
FYE Mar 2024	140	−5.5%	Cons. · Japanese GAAP
FYE Mar 2025	114	−18.5%	Cons. · Japanese GAAP
FYE Mar 2026	115	+0.8%	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Bonds

FYE Mar 2026 n/a

CAGR · 9 yrs +11.6%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	50.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.1	−19.8%	Cons. · Japanese GAAP
FYE Mar 2019	70.0	+74.5%	Cons. · Japanese GAAP
FYE Mar 2020	60.5	−13.6%	Cons. · Japanese GAAP
FYE Mar 2021	90.5	+49.6%	Cons. · Japanese GAAP
FYE Mar 2022	110	+22.1%	Cons. · Japanese GAAP
FYE Mar 2023	130	+18.1%	Cons. · Japanese GAAP
FYE Mar 2024	130	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	120	−7.8%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥12bn

CAGR · 10 yrs +1.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.8	−2.8%	Cons. · Japanese GAAP
FYE Mar 2019	10.8	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	11.9	+10.1%	Cons. · Japanese GAAP
FYE Mar 2021	13.4	+12.9%	Cons. · Japanese GAAP
FYE Mar 2022	12.5	−7.1%	Cons. · Japanese GAAP
FYE Mar 2023	13.1	+4.9%	Cons. · Japanese GAAP
FYE Mar 2024	12.3	−6.0%	Cons. · Japanese GAAP
FYE Mar 2025	12.1	−1.8%	Cons. · Japanese GAAP
FYE Mar 2026	12.2	+1.2%	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 47.2%

Average · 10 yrs 43.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	40.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	44.6	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2019	45.7	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	45.4	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	42.0	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	41.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	40.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	42.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2025	46.5	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2026	47.2	+0.7pp	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 33.6%

Average · 10 yrs 47.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	57.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.8	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2019	44.1	−7.7pp	Cons. · Japanese GAAP
FYE Mar 2020	44.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	53.2	+8.4pp	Cons. · Japanese GAAP
FYE Mar 2022	53.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	51.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2024	46.4	−5.4pp	Cons. · Japanese GAAP
FYE Mar 2025	35.9	−10.5pp	Cons. · Japanese GAAP
FYE Mar 2026	33.6	−2.3pp	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 7.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.8	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	9.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	7.3	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	-8.0	−15.3pp	Cons. · Japanese GAAP
FYE Mar 2022	-1.2	+6.8pp	Cons. · Japanese GAAP
FYE Mar 2023	6.8	+8.0pp	Cons. · Japanese GAAP
FYE Mar 2024	19.4	+12.6pp	Cons. · Japanese GAAP
FYE Mar 2025	13.7	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2026	8.6	−5.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 4.1%

Average · 10 yrs 3.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.5	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	3.3	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-3.4	−6.7pp	Cons. · Japanese GAAP
FYE Mar 2022	-0.5	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2023	2.8	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2024	8.2	+5.4pp	Cons. · Japanese GAAP
FYE Mar 2025	6.4	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	4.1	−2.3pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.28×

CAGR · 10 yrs −1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.31	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.32	+3.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.31	−4.5%	Cons. · Japanese GAAP
FYE Mar 2020	0.30	−1.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.23	−24.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.24	+3.1%	Cons. · Japanese GAAP
FYE Mar 2023	0.26	+9.9%	Cons. · Japanese GAAP
FYE Mar 2024	0.28	+6.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.29	+4.7%	Cons. · Japanese GAAP
FYE Mar 2026	0.28	−3.6%	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 ¥41bn

CAGR · 10 yrs −0.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	45.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.0	+6.2%	Cons. · Japanese GAAP
FYE Mar 2019	45.9	−4.4%	Cons. · Japanese GAAP
FYE Mar 2020	51.5	+12.3%	Cons. · Japanese GAAP
FYE Mar 2021	9.3	−82.0%	Cons. · Japanese GAAP
FYE Mar 2022	28.8	+210.6%	Cons. · Japanese GAAP
FYE Mar 2023	47.2	+63.8%	Cons. · Japanese GAAP
FYE Mar 2024	60.0	+27.1%	Cons. · Japanese GAAP
FYE Mar 2025	41.1	−31.5%	Cons. · Japanese GAAP
FYE Mar 2026	41.5	+0.7%	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 -¥76bn

Average · 10 yrs -¥30bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-21.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-27.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-53.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-48.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-28.7	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-33.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-29.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	28.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-9.2	−132.9%	Cons. · Japanese GAAP
FYE Mar 2026	-75.5	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 ¥17bn

Average · 10 yrs -¥13bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-31.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-19.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-4.4	−160.9%	Cons. · Japanese GAAP
FYE Mar 2021	21.5	n/a	Cons. · Japanese GAAP
FYE Mar 2022	1.2	−94.3%	Cons. · Japanese GAAP
FYE Mar 2023	-20.9	−1792.2%	Cons. · Japanese GAAP
FYE Mar 2024	-40.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-62.9	n/a	Cons. · Japanese GAAP
FYE Mar 2026	16.9	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 ¥34bn

CAGR · 10 yrs +4.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	23.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.4	+4.8%	Cons. · Japanese GAAP
FYE Mar 2019	25.0	+2.5%	Cons. · Japanese GAAP
FYE Mar 2020	26.7	+6.6%	Cons. · Japanese GAAP
FYE Mar 2021	28.9	+8.3%	Cons. · Japanese GAAP
FYE Mar 2022	25.3	−12.5%	Cons. · Japanese GAAP
FYE Mar 2023	34.4	+36.1%	Cons. · Japanese GAAP
FYE Mar 2024	82.3	+139.3%	Cons. · Japanese GAAP
FYE Mar 2025	51.4	−37.6%	Cons. · Japanese GAAP
FYE Mar 2026	34.2	−33.4%	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 -¥34bn

Average · 10 yrs ¥12bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	23.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.9	−11.3%	Cons. · Japanese GAAP
FYE Mar 2019	-7.6	−136.2%	Cons. · Japanese GAAP
FYE Mar 2020	3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-19.4	−668.6%	Cons. · Japanese GAAP
FYE Mar 2022	-4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	17.7	n/a	Cons. · Japanese GAAP
FYE Mar 2024	88.2	+397.3%	Cons. · Japanese GAAP
FYE Mar 2025	31.9	−63.8%	Cons. · Japanese GAAP
FYE Mar 2026	-34.1	−206.8%	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 12.5%

Average · 10 yrs 15.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	18.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	17.5	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	18.7	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	4.5	−14.3pp	Cons. · Japanese GAAP
FYE Mar 2022	13.5	+9.0pp	Cons. · Japanese GAAP
FYE Mar 2023	18.7	+5.3pp	Cons. · Japanese GAAP
FYE Mar 2024	20.3	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2025	12.9	−7.4pp	Cons. · Japanese GAAP
FYE Mar 2026	12.5	−0.4pp	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 -¥153bn

Average · 10 yrs -¥155bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-160	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-159	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-147	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-157	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-173	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-171	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-170	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-127	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-131	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-153	n/a	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 ¥608bn

Change · 8 yrs +¥163bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	445	n/a
FYE Mar 2018	564	n/a
FYE Mar 2019	693	n/a
FYE Mar 2020	538	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	703	n/a
FYE Mar 2024	1,062	n/a
FYE Mar 2025	697	n/a
FYE Mar 2026	608	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 1,175¥

Change · 8 yrs −1,407¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,582	n/a
FYE Mar 2018	3,270	n/a
FYE Mar 2019	4,020	n/a
FYE Mar 2020	3,120	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	4,076	n/a
FYE Mar 2024	6,159	n/a
FYE Mar 2025	1,347	n/a
FYE Mar 2026	1,175	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 517,233,000shares

Change · 10 yrs +344,822,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	172,411,000	Parent
FYE Mar 2018	172,411,000	Parent
FYE Mar 2019	172,411,000	Parent
FYE Mar 2020	172,411,000	Parent
FYE Mar 2021	172,411,000	Parent
FYE Mar 2022	172,411,000	Parent
FYE Mar 2023	172,411,000	Parent
FYE Mar 2024	172,411,000	Parent
FYE Mar 2025	517,233,000	Parent
FYE Mar 2026	517,233,000	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 99.59¥

Change · 10 yrs −111.37¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	210.96	Cons.
FYE Mar 2018	205.66	Cons.
FYE Mar 2019	228.29	Cons.
FYE Mar 2020	178.07	Cons.
FYE Mar 2021	-59.88	Cons.
FYE Mar 2022	-8.78	Cons.
FYE Mar 2023	53.91	Cons.
FYE Mar 2024	174.86	Cons.
FYE Mar 2025	143.46	Cons.
FYE Mar 2026	99.59	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 1,078.49¥

Change · 10 yrs −789.53¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,868.02	Cons. · Japanese GAAP
FYE Mar 2018	2,056.45	Cons. · Japanese GAAP
FYE Mar 2019	2,258.93	Cons. · Japanese GAAP
FYE Mar 2020	2,384.01	Cons. · Japanese GAAP
FYE Mar 2021	2,196.14	Cons. · Japanese GAAP
FYE Mar 2022	2,144.67	Cons. · Japanese GAAP
FYE Mar 2023	2,290.53	Cons. · Japanese GAAP
FYE Mar 2024	2,619.45	Cons. · Japanese GAAP
FYE Mar 2025	984.05	Cons. · Japanese GAAP
FYE Mar 2026	1,078.49	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 11.80×

Average · 8 yrs 15.17×

Fiscal year	PER ×	Basis
FYE Mar 2017	12.24	Cons.
FYE Mar 2018	15.90	Cons.
FYE Mar 2019	17.61	Cons.
FYE Mar 2020	17.52	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	25.20	Cons.
FYE Mar 2024	11.74	Cons.
FYE Mar 2025	9.39	Cons.
FYE Mar 2026	11.80	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 1.02×

Average · 8 yrs 1.53×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.36	Cons.
FYE Mar 2018	1.56	Cons.
FYE Mar 2019	1.75	Cons.
FYE Mar 2020	1.28	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	1.73	Cons.
FYE Mar 2024	2.22	Cons.
FYE Mar 2025	1.28	Cons.
FYE Mar 2026	1.02	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 13,231people

Change · 10 yrs +4,391 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	8,840	n/a	Cons.
FYE Mar 2018	8,903	+0.7%	Cons.
FYE Mar 2019	9,240	+3.8%	Cons.
FYE Mar 2020	10,851	+17.4%	Cons.
FYE Mar 2021	11,150	+2.8%	Cons.
FYE Mar 2022	10,855	−2.6%	Cons.
FYE Mar 2023	12,013	+10.7%	Cons.
FYE Mar 2024	12,283	+2.2%	Cons.
FYE Mar 2025	12,818	+4.4%	Cons.
FYE Mar 2026	13,231	+3.2%	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 2,474people

Change · 10 yrs +816 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,658	n/a	Parent
FYE Mar 2018	1,641	−1.0%	Parent
FYE Mar 2019	1,665	+1.5%	Parent
FYE Mar 2020	1,706	+2.5%	Parent
FYE Mar 2021	1,828	+7.2%	Parent
FYE Mar 2022	1,819	−0.5%	Parent
FYE Mar 2023	1,831	+0.7%	Parent
FYE Mar 2024	1,851	+1.1%	Parent
FYE Mar 2025	1,926	+4.1%	Parent
FYE Mar 2026	2,474	+28.5%	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 799万円

Change · 10 yrs +57万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	742	n/a	Parent
FYE Mar 2018	744	+0.3%	Parent
FYE Mar 2019	744	+0.1%	Parent
FYE Mar 2020	748	+0.5%	Parent
FYE Mar 2021	715	−4.4%	Parent
FYE Mar 2022	700	−2.1%	Parent
FYE Mar 2023	721	+3.0%	Parent
FYE Mar 2024	735	+1.9%	Parent
FYE Mar 2025	752	+2.3%	Parent
FYE Mar 2026	799	+6.3%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 40.9years

Change · 8 yrs −1.5 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.4	n/a	Parent
FYE Mar 2020	41.8	−1.4%	Parent
FYE Mar 2021	40.8	−2.4%	Parent
FYE Mar 2022	41.0	+0.5%	Parent
FYE Mar 2023	41.4	+1.0%	Parent
FYE Mar 2024	41.4	−0.0%	Parent
FYE Mar 2025	41.6	+0.5%	Parent
FYE Mar 2026	40.9	−1.7%	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 17.4years

Change · 10 yrs −1.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.2	n/a	Parent
FYE Mar 2018	19.2	−0.0%	Parent
FYE Mar 2019	19.3	+0.5%	Parent
FYE Mar 2020	18.3	−5.2%	Parent
FYE Mar 2021	17.7	−3.3%	Parent
FYE Mar 2022	17.3	−2.3%	Parent
FYE Mar 2023	17.7	+2.3%	Parent
FYE Mar 2024	17.6	−0.6%	Parent
FYE Mar 2025	17.4	−1.1%	Parent
FYE Mar 2026	17.4	−0.0%	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 4,272people

Change · 10 yrs +944 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,328	n/a	n/a
FYE Mar 2018	3,351	+0.7%	n/a
FYE Mar 2019	3,304	−1.4%	n/a
FYE Mar 2020	4,170	+26.2%	n/a
FYE Mar 2021	4,139	−0.7%	n/a
FYE Mar 2022	4,035	−2.5%	n/a
FYE Mar 2023	4,204	+4.2%	n/a
FYE Mar 2024	4,271	+1.6%	n/a
FYE Mar 2025	4,253	−0.4%	n/a
FYE Mar 2026	4,272	+0.4%	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 ¥25.1m

Change · 10 yrs −¥2.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	27.8	n/a	Cons.
FYE Mar 2018	28.6	+3.0%	Cons.
FYE Mar 2019	28.3	−1.2%	Cons.
FYE Mar 2020	25.3	−10.5%	Cons.
FYE Mar 2021	18.6	−26.4%	Cons.
FYE Mar 2022	19.7	+5.9%	Cons.
FYE Mar 2023	21.0	+6.5%	Cons.
FYE Mar 2024	24.1	+14.9%	Cons.
FYE Mar 2025	24.9	+3.2%	Cons.
FYE Mar 2026	25.1	+0.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥2.6m

Change · 10 yrs −¥0.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons.
FYE Mar 2018	3.4	−0.6%	Cons.
FYE Mar 2019	3.4	+1.2%	Cons.
FYE Mar 2020	2.6	−23.7%	Cons.
FYE Mar 2021	-1.6	−162.0%	Cons.
FYE Mar 2022	-0.5	n/a	Cons.
FYE Mar 2023	0.9	n/a	Cons.
FYE Mar 2024	2.1	+141.4%	Cons.
FYE Mar 2025	2.8	+36.7%	Cons.
FYE Mar 2026	2.6	−8.6%	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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