Financials

West Japan Railway (JR West): FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥1.85tnYoY +8.1%

FYE Mar 2026 · Operating profit¥198bnYoY +9.9%

FYE Mar 2026 · Net profit¥127bnYoY +11.9%

FYE Mar 2026 · Equity ratio30.3%YoY −0.5pp

FYE Mar 2026 · Group employees47,225YoY +1,775

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.44tn	n/a	¥176bn	n/a	12.2%	¥91bn	Manabe Seishi	—
FYE Mar 2018Consolidated	¥1.50tn	+4.1%	¥191bn	+8.5%	12.8%	¥110bn	Kijima Tatsuo	Acquires Ryoju Properties
FYE Mar 2019Consolidated	¥1.53tn	+1.9%	¥197bn	+2.9%	12.9%	¥103bn	Kijima Tatsuo	—
FYE Mar 2020Consolidated	¥1.51tn	−1.4%	¥161bn	−18.4%	10.7%	¥89bn	Kijima Tatsuo	Record ordinary profit before the pandemic
FYE Mar 2021Consolidated	¥920bn	−39.0%	-¥246bn	−252.8%	-26.7%	-¥233bn	Hasegawa Kazuaki	—
FYE Mar 2022Consolidated	¥1.03tn	+12.1%	-¥119bn	n/a	-11.5%	-¥113bn	Hasegawa Kazuaki	First annual net loss in its history; the JR group’s first public share offering
FYE Mar 2023Consolidated	¥1.40tn	+35.3%	¥84bn	n/a	6.0%	¥89bn	Hasegawa Kazuaki	Discloses the losses on 30 unprofitable local-line sections
FYE Mar 2024Consolidated	¥1.64tn	+17.2%	¥180bn	+114.1%	11.0%	¥99bn	Hasegawa Kazuaki	Returns to profit
FYE Mar 2025Consolidated	¥1.71tn	+4.5%	¥180bn	+0.2%	10.5%	¥114bn	Hasegawa Kazuaki	Hokuriku Shinkansen reaches Tsuruga; two-for-one stock split
FYE Mar 2026Consolidated	¥1.85tn	+8.1%	¥198bn	+9.9%	10.7%	¥127bn	Hasegawa Kazuaki	A fourth straight year of higher revenue and profit; a share buyback begins

How it compares

South Manchuria RailwayDissolved 1945

Japanese National RailwaysDissolved 1987

East Japan Railway (JR East)¥3.08tnFY2025Operating margin 13.4%Central Japan Railway (JR Central)¥2.01tnFY2025Operating margin 41.4%

West Japan Railway (JR West)¥1.85tnFY2025Operating margin 10.7%

Kyushu Railway (JR Kyushu)¥500bnFY2025Operating margin 14.8%

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 ¥1.85tn

CAGR · 10 yrs +2.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,441	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,500	+4.1%	Cons. · Japanese GAAP
FYE Mar 2019	1,529	+1.9%	Cons. · Japanese GAAP
FYE Mar 2020	1,508	−1.4%	Cons. · Japanese GAAP
FYE Mar 2021	920	−39.0%	Cons. · Japanese GAAP
FYE Mar 2022	1,031	+12.1%	Cons. · Japanese GAAP
FYE Mar 2023	1,396	+35.3%	Cons. · Japanese GAAP
FYE Mar 2024	1,635	+17.2%	Cons. · Japanese GAAP
FYE Mar 2025	1,708	+4.5%	Cons. · Japanese GAAP
FYE Mar 2026	1,846	+8.1%	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 ¥1.38tn

CAGR · 10 yrs +2.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,073	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,113	+3.8%	Cons. · Japanese GAAP
FYE Mar 2019	1,128	+1.3%	Cons. · Japanese GAAP
FYE Mar 2020	1,130	+0.2%	Cons. · Japanese GAAP
FYE Mar 2021	998	−11.7%	Cons. · Japanese GAAP
FYE Mar 2022	988	−1.0%	Cons. · Japanese GAAP
FYE Mar 2023	1,127	+14.1%	Cons. · Japanese GAAP
FYE Mar 2024	1,240	+10.0%	Cons. · Japanese GAAP
FYE Mar 2025	1,290	+4.0%	Cons. · Japanese GAAP
FYE Mar 2026	1,384	+7.3%	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 ¥462bn

CAGR · 10 yrs +2.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	369	n/a	Cons. · Japanese GAAP
FYE Mar 2018	387	+5.1%	Cons. · Japanese GAAP
FYE Mar 2019	401	+3.6%	Cons. · Japanese GAAP
FYE Mar 2020	378	−5.8%	Cons. · Japanese GAAP
FYE Mar 2021	-78.0	−120.6%	Cons. · Japanese GAAP
FYE Mar 2022	43.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	269	+521.3%	Cons. · Japanese GAAP
FYE Mar 2024	395	+47.2%	Cons. · Japanese GAAP
FYE Mar 2025	418	+5.7%	Cons. · Japanese GAAP
FYE Mar 2026	462	+10.6%	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 ¥264bn

CAGR · 10 yrs +3.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	192	n/a	Cons. · Japanese GAAP
FYE Mar 2018	196	+2.0%	Cons. · Japanese GAAP
FYE Mar 2019	204	+4.2%	Cons. · Japanese GAAP
FYE Mar 2020	217	+6.4%	Cons. · Japanese GAAP
FYE Mar 2021	168	−23.0%	Cons. · Japanese GAAP
FYE Mar 2022	162	−3.1%	Cons. · Japanese GAAP
FYE Mar 2023	185	+13.8%	Cons. · Japanese GAAP
FYE Mar 2024	216	+16.8%	Cons. · Japanese GAAP
FYE Mar 2025	238	+10.3%	Cons. · Japanese GAAP
FYE Mar 2026	264	+11.0%	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 ¥198bn

CAGR · 10 yrs +1.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	176	n/a	Cons. · Japanese GAAP
FYE Mar 2018	191	+8.5%	Cons. · Japanese GAAP
FYE Mar 2019	197	+2.9%	Cons. · Japanese GAAP
FYE Mar 2020	161	−18.4%	Cons. · Japanese GAAP
FYE Mar 2021	-246	−252.8%	Cons. · Japanese GAAP
FYE Mar 2022	-119	n/a	Cons. · Japanese GAAP
FYE Mar 2023	84.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	180	+114.1%	Cons. · Japanese GAAP
FYE Mar 2025	180	+0.2%	Cons. · Japanese GAAP
FYE Mar 2026	198	+9.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥9.5bn

CAGR · 10 yrs +1.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	8.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.1	+12.4%	Cons. · Japanese GAAP
FYE Mar 2019	9.4	+3.6%	Cons. · Japanese GAAP
FYE Mar 2020	8.9	−6.0%	Cons. · Japanese GAAP
FYE Mar 2021	13.1	+47.4%	Cons. · Japanese GAAP
FYE Mar 2022	23.6	+80.8%	Cons. · Japanese GAAP
FYE Mar 2023	13.2	−44.2%	Cons. · Japanese GAAP
FYE Mar 2024	10.0	−24.3%	Cons. · Japanese GAAP
FYE Mar 2025	10.3	+3.7%	Cons. · Japanese GAAP
FYE Mar 2026	9.5	−7.8%	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 ¥24bn

CAGR · 10 yrs +0.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	23.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.7	−4.3%	Cons. · Japanese GAAP
FYE Mar 2019	23.0	+1.6%	Cons. · Japanese GAAP
FYE Mar 2020	21.1	−8.3%	Cons. · Japanese GAAP
FYE Mar 2021	24.9	+17.7%	Cons. · Japanese GAAP
FYE Mar 2022	25.6	+2.8%	Cons. · Japanese GAAP
FYE Mar 2023	23.5	−8.0%	Cons. · Japanese GAAP
FYE Mar 2024	22.3	−5.0%	Cons. · Japanese GAAP
FYE Mar 2025	24.8	+11.2%	Cons. · Japanese GAAP
FYE Mar 2026	23.9	−3.6%	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 ¥184bn

CAGR · 10 yrs +1.5%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	161	n/a	Cons. · Japanese GAAP
FYE Mar 2018	178	+10.6%	Cons. · Japanese GAAP
FYE Mar 2019	183	+3.1%	Cons. · Japanese GAAP
FYE Mar 2020	148	−19.1%	Cons. · Japanese GAAP
FYE Mar 2021	-257	−273.5%	Cons. · Japanese GAAP
FYE Mar 2022	-121	n/a	Cons. · Japanese GAAP
FYE Mar 2023	73.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	167	+127.4%	Cons. · Japanese GAAP
FYE Mar 2025	166	−1.0%	Cons. · Japanese GAAP
FYE Mar 2026	184	+10.9%	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 ¥30bn

CAGR · 10 yrs +4.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	19.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.9	+67.5%	Cons. · Japanese GAAP
FYE Mar 2019	29.1	−11.6%	Cons. · Japanese GAAP
FYE Mar 2020	23.1	−20.6%	Cons. · Japanese GAAP
FYE Mar 2021	31.9	+38.3%	Cons. · Japanese GAAP
FYE Mar 2022	58.8	+84.2%	Cons. · Japanese GAAP
FYE Mar 2023	76.4	+30.0%	Cons. · Japanese GAAP
FYE Mar 2024	30.9	−59.6%	Cons. · Japanese GAAP
FYE Mar 2025	24.7	−20.0%	Cons. · Japanese GAAP
FYE Mar 2026	29.9	+21.0%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Mar 2026 n/a

CAGR · 5 yrs +8.7%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	55.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	30.8	−44.3%	Cons. · Japanese GAAP
FYE Mar 2021	49.3	+60.2%	Cons. · Japanese GAAP
FYE Mar 2022	43.3	−12.1%	Cons. · Japanese GAAP
FYE Mar 2023	77.2	+78.1%	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥127bn

CAGR · 10 yrs +3.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	91.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	110	+21.0%	Cons. · Japanese GAAP
FYE Mar 2019	103	−7.0%	Cons. · Japanese GAAP
FYE Mar 2020	89.4	−13.0%	Cons. · Japanese GAAP
FYE Mar 2021	-233	−360.9%	Cons. · Japanese GAAP
FYE Mar 2022	-113	n/a	Cons. · Japanese GAAP
FYE Mar 2023	88.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	98.8	+11.6%	Cons. · Japanese GAAP
FYE Mar 2025	114	+15.4%	Cons. · Japanese GAAP
FYE Mar 2026	127	+11.9%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 25.0%

Average · 10 yrs 19.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	25.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	26.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	25.1	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-8.5	−33.5pp	Cons. · Japanese GAAP
FYE Mar 2022	4.2	+12.7pp	Cons. · Japanese GAAP
FYE Mar 2023	19.3	+15.1pp	Cons. · Japanese GAAP
FYE Mar 2024	24.2	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2025	24.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	25.0	+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 10.7%

Average · 10 yrs 4.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	12.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	12.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	10.7	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-26.7	−37.3pp	Cons. · Japanese GAAP
FYE Mar 2022	-11.5	+15.1pp	Cons. · Japanese GAAP
FYE Mar 2023	6.0	+17.6pp	Cons. · Japanese GAAP
FYE Mar 2024	11.0	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2025	10.5	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	10.7	+0.2pp	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 10.0%

Average · 10 yrs 4.0%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	12.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	9.8	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-28.0	−37.8pp	Cons. · Japanese GAAP
FYE Mar 2022	-11.7	+16.2pp	Cons. · Japanese GAAP
FYE Mar 2023	5.3	+17.0pp	Cons. · Japanese GAAP
FYE Mar 2024	10.2	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2025	9.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	10.0	+0.3pp	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 6.9%

Average · 10 yrs 1.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.4	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	6.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	5.9	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	-25.3	−31.3pp	Cons. · Japanese GAAP
FYE Mar 2022	-11.0	+14.4pp	Cons. · Japanese GAAP
FYE Mar 2023	6.3	+17.3pp	Cons. · Japanese GAAP
FYE Mar 2024	6.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	6.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	6.9	+0.2pp	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 75.0%

Average · 10 yrs 80.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	74.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	73.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	74.9	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	108.5	+33.5pp	Cons. · Japanese GAAP
FYE Mar 2022	95.8	−12.7pp	Cons. · Japanese GAAP
FYE Mar 2023	80.7	−15.1pp	Cons. · Japanese GAAP
FYE Mar 2024	75.8	−4.9pp	Cons. · Japanese GAAP
FYE Mar 2025	75.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	75.0	−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 14.3%

Average · 10 yrs 14.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	13.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	13.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	14.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	18.2	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2022	15.7	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	13.2	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2024	13.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	13.9	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	14.3	+0.4pp	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 ¥3.99tn

CAGR · 10 yrs +3.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	3,008	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3,072	+2.1%	Cons. · Japanese GAAP
FYE Mar 2019	3,238	+5.4%	Cons. · Japanese GAAP
FYE Mar 2020	3,275	+1.2%	Cons. · Japanese GAAP
FYE Mar 2021	3,477	+6.2%	Cons. · Japanese GAAP
FYE Mar 2022	3,702	+6.5%	Cons. · Japanese GAAP
FYE Mar 2023	3,736	+0.9%	Cons. · Japanese GAAP
FYE Mar 2024	3,780	+1.2%	Cons. · Japanese GAAP
FYE Mar 2025	3,752	−0.7%	Cons. · Japanese GAAP
FYE Mar 2026	3,987	+6.2%	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 ¥1.21tn

CAGR · 10 yrs +2.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	940	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,021	+8.6%	Cons. · Japanese GAAP
FYE Mar 2019	1,080	+5.7%	Cons. · Japanese GAAP
FYE Mar 2020	1,118	+3.6%	Cons. · Japanese GAAP
FYE Mar 2021	853	−23.7%	Cons. · Japanese GAAP
FYE Mar 2022	969	+13.6%	Cons. · Japanese GAAP
FYE Mar 2023	1,034	+6.8%	Cons. · Japanese GAAP
FYE Mar 2024	1,108	+7.1%	Cons. · Japanese GAAP
FYE Mar 2025	1,157	+4.4%	Cons. · Japanese GAAP
FYE Mar 2026	1,208	+4.4%	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 ¥613bn

CAGR · 10 yrs +5.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	380	n/a	Cons. · Japanese GAAP
FYE Mar 2018	384	+1.3%	Cons. · Japanese GAAP
FYE Mar 2019	372	−3.3%	Cons. · Japanese GAAP
FYE Mar 2020	360	−3.2%	Cons. · Japanese GAAP
FYE Mar 2021	601	+67.1%	Cons. · Japanese GAAP
FYE Mar 2022	593	−1.4%	Cons. · Japanese GAAP
FYE Mar 2023	575	−3.0%	Cons. · Japanese GAAP
FYE Mar 2024	539	−6.2%	Cons. · Japanese GAAP
FYE Mar 2025	516	−4.3%	Cons. · Japanese GAAP
FYE Mar 2026	613	+18.9%	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 ¥19bn

CAGR · 10 yrs +2.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.3	+8.4%	Cons. · Japanese GAAP
FYE Mar 2019	20.7	+20.1%	Cons. · Japanese GAAP
FYE Mar 2020	84.7	+309.0%	Cons. · Japanese GAAP
FYE Mar 2021	19.5	−77.0%	Cons. · Japanese GAAP
FYE Mar 2022	14.2	−26.9%	Cons. · Japanese GAAP
FYE Mar 2023	17.5	+22.9%	Cons. · Japanese GAAP
FYE Mar 2024	19.3	+10.4%	Cons. · Japanese GAAP
FYE Mar 2025	17.5	−9.1%	Cons. · Japanese GAAP
FYE Mar 2026	19.2	+9.6%	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 ¥594bn

CAGR · 10 yrs +5.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	364	n/a	Cons. · Japanese GAAP
FYE Mar 2018	401	+10.3%	Cons. · Japanese GAAP
FYE Mar 2019	351	−12.6%	Cons. · Japanese GAAP
FYE Mar 2020	371	+5.8%	Cons. · Japanese GAAP
FYE Mar 2021	581	+56.6%	Cons. · Japanese GAAP
FYE Mar 2022	650	+11.8%	Cons. · Japanese GAAP
FYE Mar 2023	557	−14.2%	Cons. · Japanese GAAP
FYE Mar 2024	597	+7.1%	Cons. · Japanese GAAP
FYE Mar 2025	580	−2.8%	Cons. · Japanese GAAP
FYE Mar 2026	594	+2.4%	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 +5.9%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	535	n/a	Cons. · Japanese GAAP
FYE Mar 2018	525	−1.9%	Cons. · Japanese GAAP
FYE Mar 2019	570	+8.6%	Cons. · Japanese GAAP
FYE Mar 2020	545	−4.4%	Cons. · Japanese GAAP
FYE Mar 2021	840	+54.1%	Cons. · Japanese GAAP
FYE Mar 2022	975	+16.1%	Cons. · Japanese GAAP
FYE Mar 2023	960	−1.5%	Cons. · Japanese GAAP
FYE Mar 2024	860	−10.4%	Cons. · Japanese GAAP
FYE Mar 2025	845	−1.7%	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 ¥49bn

CAGR · 10 yrs +2.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	40.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.9	−10.3%	Cons. · Japanese GAAP
FYE Mar 2019	39.4	+9.7%	Cons. · Japanese GAAP
FYE Mar 2020	34.2	−13.0%	Cons. · Japanese GAAP
FYE Mar 2021	34.1	−0.5%	Cons. · Japanese GAAP
FYE Mar 2022	31.3	−8.2%	Cons. · Japanese GAAP
FYE Mar 2023	49.3	+57.5%	Cons. · Japanese GAAP
FYE Mar 2024	46.5	−5.6%	Cons. · Japanese GAAP
FYE Mar 2025	50.6	+8.9%	Cons. · Japanese GAAP
FYE Mar 2026	48.5	−4.2%	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 30.3%

Average · 10 yrs 30.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	31.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.2	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	33.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	34.1	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	24.5	−9.6pp	Cons. · Japanese GAAP
FYE Mar 2022	26.2	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2023	27.7	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	29.3	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	30.8	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	30.3	−0.5pp	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 50.8%

Average · 10 yrs 47.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	40.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	37.7	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2019	34.4	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2020	32.2	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	70.4	+38.3pp	Cons. · Japanese GAAP
FYE Mar 2022	61.2	−9.3pp	Cons. · Japanese GAAP
FYE Mar 2023	55.6	−5.6pp	Cons. · Japanese GAAP
FYE Mar 2024	48.7	−6.9pp	Cons. · Japanese GAAP
FYE Mar 2025	44.6	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2026	50.8	+6.2pp	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 10.6%

Average · 10 yrs 3.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.8	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	9.5	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	8.0	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	-27.3	−35.3pp	Cons. · Japanese GAAP
FYE Mar 2022	-11.7	+15.7pp	Cons. · Japanese GAAP
FYE Mar 2023	8.6	+20.2pp	Cons. · Japanese GAAP
FYE Mar 2024	8.9	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	9.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2026	10.6	+0.7pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 3.2%

Average · 10 yrs 1.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	3.2	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	2.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	-6.7	−9.4pp	Cons. · Japanese GAAP
FYE Mar 2022	-3.1	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2023	2.4	+5.4pp	Cons. · Japanese GAAP
FYE Mar 2024	2.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	3.0	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	3.2	+0.2pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.46×

CAGR · 10 yrs −0.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.48	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.49	+1.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.47	−3.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.46	−2.5%	Cons. · Japanese GAAP
FYE Mar 2021	0.26	−42.5%	Cons. · Japanese GAAP
FYE Mar 2022	0.28	+5.3%	Cons. · Japanese GAAP
FYE Mar 2023	0.37	+34.1%	Cons. · Japanese GAAP
FYE Mar 2024	0.43	+15.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.46	+5.2%	Cons. · Japanese GAAP
FYE Mar 2026	0.46	+1.7%	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 ¥362bn

CAGR · 10 yrs +4.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	234	n/a	Cons. · Japanese GAAP
FYE Mar 2018	275	+17.5%	Cons. · Japanese GAAP
FYE Mar 2019	290	+5.3%	Cons. · Japanese GAAP
FYE Mar 2020	240	−17.1%	Cons. · Japanese GAAP
FYE Mar 2021	-103	−143.0%	Cons. · Japanese GAAP
FYE Mar 2022	-86.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	274	n/a	Cons. · Japanese GAAP
FYE Mar 2024	318	+16.2%	Cons. · Japanese GAAP
FYE Mar 2025	281	−11.6%	Cons. · Japanese GAAP
FYE Mar 2026	362	+28.5%	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 -¥254bn

Average · 10 yrs -¥235bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-296	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-166	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-247	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-269	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-212	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-189	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-215	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-244	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-263	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-254	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 ¥0.1bn

CAGR · 10 yrs −50.8%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	44.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-71.4	−261.2%	Cons. · Japanese GAAP
FYE Mar 2019	-7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-29.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	447	n/a	Cons. · Japanese GAAP
FYE Mar 2022	385	−13.9%	Cons. · Japanese GAAP
FYE Mar 2023	-88.8	−123.1%	Cons. · Japanese GAAP
FYE Mar 2024	-132	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-126	n/a	Cons. · Japanese GAAP
FYE Mar 2026	0.1	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 ¥235bn

CAGR · 10 yrs +15.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	63.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	101	+60.2%	Cons. · Japanese GAAP
FYE Mar 2019	137	+34.6%	Cons. · Japanese GAAP
FYE Mar 2020	78.3	−42.7%	Cons. · Japanese GAAP
FYE Mar 2021	210	+168.3%	Cons. · Japanese GAAP
FYE Mar 2022	320	+52.2%	Cons. · Japanese GAAP
FYE Mar 2023	290	−9.3%	Cons. · Japanese GAAP
FYE Mar 2024	233	−19.6%	Cons. · Japanese GAAP
FYE Mar 2025	125	−46.2%	Cons. · Japanese GAAP
FYE Mar 2026	235	+87.3%	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 ¥108bn

Average · 10 yrs -¥27bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-61.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	109	n/a	Cons. · Japanese GAAP
FYE Mar 2019	42.3	−61.1%	Cons. · Japanese GAAP
FYE Mar 2020	-28.5	−167.4%	Cons. · Japanese GAAP
FYE Mar 2021	-315	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-275	n/a	Cons. · Japanese GAAP
FYE Mar 2023	59.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	74.7	+26.4%	Cons. · Japanese GAAP
FYE Mar 2025	18.3	−75.5%	Cons. · Japanese GAAP
FYE Mar 2026	108	+489.2%	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 19.6%

Average · 10 yrs 12.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	16.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.3	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	18.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	15.9	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2021	-11.2	−27.2pp	Cons. · Japanese GAAP
FYE Mar 2022	-8.4	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2023	19.6	+28.0pp	Cons. · Japanese GAAP
FYE Mar 2024	19.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	16.5	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2026	19.6	+3.1pp	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 -¥379bn

Average · 10 yrs -¥314bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-316	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-283	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-235	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-281	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-391	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-273	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-285	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-306	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-391	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-379	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 ¥1.43tn

Change · 8 yrs +¥23bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,407	n/a
FYE Mar 2018	1,437	n/a
FYE Mar 2019	1,601	n/a
FYE Mar 2020	1,411	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	1,330	n/a
FYE Mar 2024	1,533	n/a
FYE Mar 2025	1,368	n/a
FYE Mar 2026	1,430	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 3,138¥

Change · 8 yrs −4,123¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	7,261	n/a
FYE Mar 2018	7,419	n/a
FYE Mar 2019	8,320	n/a
FYE Mar 2020	7,377	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	5,449	n/a
FYE Mar 2024	6,282	n/a
FYE Mar 2025	2,905	n/a
FYE Mar 2026	3,138	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 455,561,300shares

Change · 10 yrs +261,826,300 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	193,735,000	Parent
FYE Mar 2018	193,735,000	Parent
FYE Mar 2019	192,481,400	Parent
FYE Mar 2020	191,334,500	Parent
FYE Mar 2021	191,334,500	Parent
FYE Mar 2022	244,001,600	Parent
FYE Mar 2023	244,001,600	Parent
FYE Mar 2024	244,001,600	Parent
FYE Mar 2025	471,009,800	Parent
FYE Mar 2026	455,561,300	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 277.73¥

Change · 10 yrs −193.79¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	471.52	Cons.
FYE Mar 2018	570.72	Cons.
FYE Mar 2019	533.31	Cons.
FYE Mar 2020	233.44	Cons.
FYE Mar 2021	-609.73	Cons.
FYE Mar 2022	-258.03	Cons.
FYE Mar 2023	181.63	Cons.
FYE Mar 2024	202.63	Cons.
FYE Mar 2025	240.08	Cons.
FYE Mar 2026	277.73	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 2,651.03¥

Change · 10 yrs −2,203.22¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	4,854.24	Cons. · Japanese GAAP
FYE Mar 2018	5,269.88	Cons. · Japanese GAAP
FYE Mar 2019	5,608.85	Cons. · Japanese GAAP
FYE Mar 2020	5,843.31	Cons. · Japanese GAAP
FYE Mar 2021	4,458.44	Cons. · Japanese GAAP
FYE Mar 2022	3,971.04	Cons. · Japanese GAAP
FYE Mar 2023	4,239.63	Cons. · Japanese GAAP
FYE Mar 2024	4,541.15	Cons. · Japanese GAAP
FYE Mar 2025	2,455.69	Cons. · Japanese GAAP
FYE Mar 2026	2,651.03	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 11.30×

Average · 8 yrs 14.21×

Fiscal year	PER ×	Basis
FYE Mar 2017	15.40	Cons.
FYE Mar 2018	13.00	Cons.
FYE Mar 2019	15.60	Cons.
FYE Mar 2020	15.80	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	15.00	Cons.
FYE Mar 2024	15.50	Cons.
FYE Mar 2025	12.10	Cons.
FYE Mar 2026	11.30	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 1.18×

Average · 8 yrs 1.33×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.49	Cons.
FYE Mar 2018	1.41	Cons.
FYE Mar 2019	1.48	Cons.
FYE Mar 2020	1.26	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	1.28	Cons.
FYE Mar 2024	1.38	Cons.
FYE Mar 2025	1.18	Cons.
FYE Mar 2026	1.18	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 47,225people

Change · 10 yrs −157 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	47,382	n/a	Cons.
FYE Mar 2018	47,869	+1.0%	Cons.
FYE Mar 2019	47,842	−0.1%	Cons.
FYE Mar 2020	48,323	+1.0%	Cons.
FYE Mar 2021	47,984	−0.7%	Cons.
FYE Mar 2022	46,779	−2.5%	Cons.
FYE Mar 2023	44,897	−4.0%	Cons.
FYE Mar 2024	44,366	−1.2%	Cons.
FYE Mar 2025	45,450	+2.4%	Cons.
FYE Mar 2026	47,225	+3.9%	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 22,524people

Change · 10 yrs −3,297 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	25,821	n/a	Parent
FYE Mar 2018	25,291	−2.1%	Parent
FYE Mar 2019	24,866	−1.7%	Parent
FYE Mar 2020	24,439	−1.7%	Parent
FYE Mar 2021	23,900	−2.2%	Parent
FYE Mar 2022	22,715	−5.0%	Parent
FYE Mar 2023	21,727	−4.3%	Parent
FYE Mar 2024	21,314	−1.9%	Parent
FYE Mar 2025	21,665	+1.6%	Parent
FYE Mar 2026	22,524	+4.0%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 ¥7.3m

Change · 10 yrs +¥0.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	6.7	n/a	Parent
FYE Mar 2018	6.8	+0.3%	Parent
FYE Mar 2019	6.7	−0.9%	Parent
FYE Mar 2020	6.6	−1.1%	Parent
FYE Mar 2021	6.1	−7.6%	Parent
FYE Mar 2022	5.7	−7.4%	Parent
FYE Mar 2023	6.0	+5.3%	Parent
FYE Mar 2024	6.7	+11.5%	Parent
FYE Mar 2025	6.8	+2.9%	Parent
FYE Mar 2026	7.3	+6.4%	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 37.4years

Change · 8 yrs −2.1 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	39.5	n/a	Parent
FYE Mar 2020	39.0	−1.3%	Parent
FYE Mar 2021	38.4	−1.5%	Parent
FYE Mar 2022	38.1	−0.8%	Parent
FYE Mar 2023	38.1	−0.0%	Parent
FYE Mar 2024	37.7	−1.0%	Parent
FYE Mar 2025	37.3	−1.1%	Parent
FYE Mar 2026	37.4	+0.3%	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 13.7years

Change · 10 yrs −3.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	16.9	n/a	Parent
FYE Mar 2018	15.9	−5.9%	Parent
FYE Mar 2019	15.7	−1.3%	Parent
FYE Mar 2020	15.4	−1.9%	Parent
FYE Mar 2021	15.0	−2.6%	Parent
FYE Mar 2022	14.9	−0.7%	Parent
FYE Mar 2023	14.9	−0.0%	Parent
FYE Mar 2024	14.3	−4.0%	Parent
FYE Mar 2025	13.5	−5.6%	Parent
FYE Mar 2026	13.7	+1.5%	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 10,025people

Change · 10 yrs −2,454 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	12,479	n/a	n/a
FYE Mar 2018	11,964	−4.1%	n/a
FYE Mar 2019	12,278	+2.6%	n/a
FYE Mar 2020	12,617	+2.8%	n/a
FYE Mar 2021	12,130	−3.9%	n/a
FYE Mar 2022	10,509	−13.4%	n/a
FYE Mar 2023	10,278	−2.2%	n/a
FYE Mar 2024	10,459	+1.8%	n/a
FYE Mar 2025	10,238	−2.1%	n/a
FYE Mar 2026	10,025	−2.1%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥39.1m

Change · 10 yrs +¥8.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	30.4	n/a	Cons.
FYE Mar 2018	31.3	+3.0%	Cons.
FYE Mar 2019	32.0	+2.0%	Cons.
FYE Mar 2020	31.2	−2.4%	Cons.
FYE Mar 2021	19.2	−38.6%	Cons.
FYE Mar 2022	22.0	+15.0%	Cons.
FYE Mar 2023	31.1	+41.0%	Cons.
FYE Mar 2024	36.9	+18.6%	Cons.
FYE Mar 2025	37.6	+2.0%	Cons.
FYE Mar 2026	39.1	+4.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.2m

Change · 10 yrs +¥0.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons.
FYE Mar 2018	4.0	+7.4%	Cons.
FYE Mar 2019	4.1	+3.0%	Cons.
FYE Mar 2020	3.3	−19.3%	Cons.
FYE Mar 2021	-5.1	−253.9%	Cons.
FYE Mar 2022	-2.5	n/a	Cons.
FYE Mar 2023	1.9	n/a	Cons.
FYE Mar 2024	4.1	+116.6%	Cons.
FYE Mar 2025	4.0	−2.2%	Cons.
FYE Mar 2026	4.2	+5.8%	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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