Financials

Nagoya Railroad: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥692bnYoY +0.1%

FYE Mar 2026 · Operating profit¥36bnYoY −14.0%

FYE Mar 2026 · Net profit¥23bnYoY −39.2%

FYE Mar 2026 · Equity ratio30.6%YoY −1.3pp

FYE Mar 2026 · Group employees30,637YoY −376

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥600bn	n/a	¥44bn	n/a	7.4%	¥23bn	Ando Takashi	—
FYE Mar 2018Consolidated	¥605bn	+0.9%	¥47bn	+6.3%	7.8%	¥29bn	Ando Takashi	—
FYE Mar 2019Consolidated	¥623bn	+2.9%	¥49bn	+5.3%	7.9%	¥30bn	Ando Takashi	Helm turned towards growth investment; Nagoya station district set as the axis
FYE Mar 2020Consolidated	¥623bn	+0.1%	¥47bn	−4.2%	7.6%	¥29bn	Ando Takashi	—
FYE Mar 2021Consolidated	¥482bn	−22.7%	-¥16bn	−134.5%	-3.4%	-¥29bn	Ando Takashi	—
FYE Mar 2022Consolidated	¥491bn	+1.9%	¥2.9bn	n/a	0.6%	¥9.4bn	Ando Takashi	Net loss of ¥28.8bn for the year to March 2021 as the pandemic hits transport
FYE Mar 2023Consolidated	¥552bn	+12.3%	¥23bn	+675.3%	4.1%	¥19bn	Takasaki Hiroki	Moves to the Premier Market of the Nagoya Stock Exchange
FYE Mar 2024Consolidated	¥601bn	+9.0%	¥35bn	+52.9%	5.8%	¥24bn	Takasaki Hiroki	—
FYE Mar 2025Consolidated	¥691bn	+14.9%	¥42bn	+21.1%	6.1%	¥38bn	Takasaki Hiroki	130th anniversary; “Vision for 2040” and the 2024–26 medium-term plan drawn up
FYE Mar 2026Consolidated	¥692bn	+0.1%	¥36bn	−14.0%	5.2%	¥23bn	Takasaki Hiroki	Nagoya station district redevelopment approved for implementation in May

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%

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 ¥692bn

CAGR · 10 yrs +1.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	600	n/a	Cons. · Japanese GAAP
FYE Mar 2018	605	+0.9%	Cons. · Japanese GAAP
FYE Mar 2019	623	+2.9%	Cons. · Japanese GAAP
FYE Mar 2020	623	+0.1%	Cons. · Japanese GAAP
FYE Mar 2021	482	−22.7%	Cons. · Japanese GAAP
FYE Mar 2022	491	+1.9%	Cons. · Japanese GAAP
FYE Mar 2023	552	+12.3%	Cons. · Japanese GAAP
FYE Mar 2024	601	+9.0%	Cons. · Japanese GAAP
FYE Mar 2025	691	+14.9%	Cons. · Japanese GAAP
FYE Mar 2026	692	+0.1%	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 ¥594bn

CAGR · 10 yrs +1.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	503	n/a	Cons. · Japanese GAAP
FYE Mar 2018	506	+0.5%	Cons. · Japanese GAAP
FYE Mar 2019	519	+2.7%	Cons. · Japanese GAAP
FYE Mar 2020	521	+0.3%	Cons. · Japanese GAAP
FYE Mar 2021	451	−13.3%	Cons. · Japanese GAAP
FYE Mar 2022	442	−2.0%	Cons. · Japanese GAAP
FYE Mar 2023	478	+8.2%	Cons. · Japanese GAAP
FYE Mar 2024	512	+7.1%	Cons. · Japanese GAAP
FYE Mar 2025	586	+14.5%	Cons. · Japanese GAAP
FYE Mar 2026	594	+1.2%	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 ¥98bn

CAGR · 10 yrs +0.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	96.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	99.0	+3.0%	Cons. · Japanese GAAP
FYE Mar 2019	103	+4.4%	Cons. · Japanese GAAP
FYE Mar 2020	102	−1.0%	Cons. · Japanese GAAP
FYE Mar 2021	30.4	−70.3%	Cons. · Japanese GAAP
FYE Mar 2022	48.8	+60.6%	Cons. · Japanese GAAP
FYE Mar 2023	73.2	+50.1%	Cons. · Japanese GAAP
FYE Mar 2024	88.9	+21.3%	Cons. · Japanese GAAP
FYE Mar 2025	104	+17.5%	Cons. · Japanese GAAP
FYE Mar 2026	98.1	−6.1%	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 ¥62bn

CAGR · 10 yrs +2.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	52.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.1	+0.2%	Cons. · Japanese GAAP
FYE Mar 2019	53.9	+3.6%	Cons. · Japanese GAAP
FYE Mar 2020	55.0	+2.0%	Cons. · Japanese GAAP
FYE Mar 2021	46.7	−15.0%	Cons. · Japanese GAAP
FYE Mar 2022	45.9	−1.9%	Cons. · Japanese GAAP
FYE Mar 2023	50.5	+10.2%	Cons. · Japanese GAAP
FYE Mar 2024	54.1	+7.1%	Cons. · Japanese GAAP
FYE Mar 2025	62.4	+15.2%	Cons. · Japanese GAAP
FYE Mar 2026	61.9	−0.8%	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 ¥36bn

CAGR · 10 yrs −2.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	44.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.0	+6.3%	Cons. · Japanese GAAP
FYE Mar 2019	49.5	+5.3%	Cons. · Japanese GAAP
FYE Mar 2020	47.4	−4.2%	Cons. · Japanese GAAP
FYE Mar 2021	-16.4	−134.5%	Cons. · Japanese GAAP
FYE Mar 2022	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	22.7	+675.3%	Cons. · Japanese GAAP
FYE Mar 2024	34.8	+52.9%	Cons. · Japanese GAAP
FYE Mar 2025	42.1	+21.1%	Cons. · Japanese GAAP
FYE Mar 2026	36.2	−14.0%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥8.0bn

CAGR · 10 yrs +1.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	−8.4%	Cons. · Japanese GAAP
FYE Mar 2019	6.4	+1.1%	Cons. · Japanese GAAP
FYE Mar 2020	6.4	+0.3%	Cons. · Japanese GAAP
FYE Mar 2021	12.6	+97.8%	Cons. · Japanese GAAP
FYE Mar 2022	13.6	+8.1%	Cons. · Japanese GAAP
FYE Mar 2023	7.2	−47.3%	Cons. · Japanese GAAP
FYE Mar 2024	6.7	−6.4%	Cons. · Japanese GAAP
FYE Mar 2025	9.9	+46.4%	Cons. · Japanese GAAP
FYE Mar 2026	8.0	−19.1%	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 ¥5.8bn

CAGR · 10 yrs +1.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	−4.1%	Cons. · Japanese GAAP
FYE Mar 2019	4.2	−10.2%	Cons. · Japanese GAAP
FYE Mar 2020	4.5	+5.7%	Cons. · Japanese GAAP
FYE Mar 2021	4.4	−0.9%	Cons. · Japanese GAAP
FYE Mar 2022	3.4	−22.0%	Cons. · Japanese GAAP
FYE Mar 2023	3.6	+3.4%	Cons. · Japanese GAAP
FYE Mar 2024	3.9	+10.7%	Cons. · Japanese GAAP
FYE Mar 2025	4.3	+8.2%	Cons. · Japanese GAAP
FYE Mar 2026	5.8	+35.8%	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 ¥38bn

CAGR · 10 yrs −2.0%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	46.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.6	+5.3%	Cons. · Japanese GAAP
FYE Mar 2019	51.6	+6.2%	Cons. · Japanese GAAP
FYE Mar 2020	49.3	−4.5%	Cons. · Japanese GAAP
FYE Mar 2021	-8.1	−116.5%	Cons. · Japanese GAAP
FYE Mar 2022	13.1	n/a	Cons. · Japanese GAAP
FYE Mar 2023	26.4	+100.7%	Cons. · Japanese GAAP
FYE Mar 2024	37.5	+42.4%	Cons. · Japanese GAAP
FYE Mar 2025	47.7	+27.0%	Cons. · Japanese GAAP
FYE Mar 2026	38.4	−19.5%	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 ¥14bn

CAGR · 10 yrs +15.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.5	−6.6%	Cons. · Japanese GAAP
FYE Mar 2019	5.0	+45.1%	Cons. · Japanese GAAP
FYE Mar 2020	9.3	+85.3%	Cons. · Japanese GAAP
FYE Mar 2021	7.9	−14.8%	Cons. · Japanese GAAP
FYE Mar 2022	28.5	+259.9%	Cons. · Japanese GAAP
FYE Mar 2023	9.1	−67.9%	Cons. · Japanese GAAP
FYE Mar 2024	5.4	−41.0%	Cons. · Japanese GAAP
FYE Mar 2025	15.7	+190.6%	Cons. · Japanese GAAP
FYE Mar 2026	13.7	−12.8%	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 ¥23bn

CAGR · 10 yrs −0.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	23.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.7	+22.4%	Cons. · Japanese GAAP
FYE Mar 2019	30.5	+6.2%	Cons. · Japanese GAAP
FYE Mar 2020	28.9	−5.2%	Cons. · Japanese GAAP
FYE Mar 2021	-28.8	−199.6%	Cons. · Japanese GAAP
FYE Mar 2022	9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	18.9	+101.2%	Cons. · Japanese GAAP
FYE Mar 2024	24.4	+29.4%	Cons. · Japanese GAAP
FYE Mar 2025	37.7	+54.6%	Cons. · Japanese GAAP
FYE Mar 2026	23.0	−39.2%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 14.2%

Average · 10 yrs 13.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	16.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	16.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	16.4	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	6.3	−10.1pp	Cons. · Japanese GAAP
FYE Mar 2022	9.9	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2023	13.3	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2024	14.8	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2025	15.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	14.2	−0.9pp	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 5.2%

Average · 10 yrs 4.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	7.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	7.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	-3.4	−11.0pp	Cons. · Japanese GAAP
FYE Mar 2022	0.6	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2023	4.1	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2024	5.8	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	6.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	5.2	−0.9pp	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 5.5%

Average · 10 yrs 5.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	7.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	8.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	7.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	-1.7	−9.6pp	Cons. · Japanese GAAP
FYE Mar 2022	2.7	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2023	4.8	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2024	6.2	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2025	6.9	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	5.5	−1.4pp	Cons. · Japanese GAAP

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

Net margin

FYE Mar 2026 3.3%

Average · 10 yrs 3.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	4.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	4.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	-6.0	−10.6pp	Cons. · Japanese GAAP
FYE Mar 2022	1.9	+7.9pp	Cons. · Japanese GAAP
FYE Mar 2023	3.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	4.1	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	5.5	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	3.3	−2.1pp	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 85.8%

Average · 10 yrs 86.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	84.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	83.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	83.4	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	83.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	93.7	+10.1pp	Cons. · Japanese GAAP
FYE Mar 2022	90.1	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2023	86.7	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2024	85.2	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2025	84.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	85.8	+0.9pp	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 8.9%

Average · 10 yrs 9.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	8.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	8.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	9.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	9.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	9.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	9.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	9.0	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	8.9	−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 ¥1.58tn

CAGR · 10 yrs +4.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,094	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,121	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	1,141	+1.9%	Cons. · Japanese GAAP
FYE Mar 2020	1,165	+2.1%	Cons. · Japanese GAAP
FYE Mar 2021	1,191	+2.2%	Cons. · Japanese GAAP
FYE Mar 2022	1,187	−0.4%	Cons. · Japanese GAAP
FYE Mar 2023	1,231	+3.7%	Cons. · Japanese GAAP
FYE Mar 2024	1,303	+5.8%	Cons. · Japanese GAAP
FYE Mar 2025	1,449	+11.2%	Cons. · Japanese GAAP
FYE Mar 2026	1,585	+9.4%	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 ¥485bn

CAGR · 10 yrs +4.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	316	n/a	Cons. · Japanese GAAP
FYE Mar 2018	360	+13.9%	Cons. · Japanese GAAP
FYE Mar 2019	393	+9.1%	Cons. · Japanese GAAP
FYE Mar 2020	404	+2.7%	Cons. · Japanese GAAP
FYE Mar 2021	372	−7.9%	Cons. · Japanese GAAP
FYE Mar 2022	383	+3.0%	Cons. · Japanese GAAP
FYE Mar 2023	404	+5.5%	Cons. · Japanese GAAP
FYE Mar 2024	438	+8.4%	Cons. · Japanese GAAP
FYE Mar 2025	462	+5.3%	Cons. · Japanese GAAP
FYE Mar 2026	485	+5.1%	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 ¥346bn

CAGR · 10 yrs +4.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	227	n/a	Cons. · Japanese GAAP
FYE Mar 2018	227	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	211	−6.9%	Cons. · Japanese GAAP
FYE Mar 2020	208	−1.7%	Cons. · Japanese GAAP
FYE Mar 2021	210	+1.3%	Cons. · Japanese GAAP
FYE Mar 2022	194	−8.0%	Cons. · Japanese GAAP
FYE Mar 2023	209	+7.9%	Cons. · Japanese GAAP
FYE Mar 2024	223	+6.9%	Cons. · Japanese GAAP
FYE Mar 2025	270	+21.0%	Cons. · Japanese GAAP
FYE Mar 2026	346	+28.2%	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 ¥83bn

CAGR · 10 yrs +3.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	63.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	55.8	−11.7%	Cons. · Japanese GAAP
FYE Mar 2019	52.8	−5.4%	Cons. · Japanese GAAP
FYE Mar 2020	46.0	−12.8%	Cons. · Japanese GAAP
FYE Mar 2021	53.9	+17.2%	Cons. · Japanese GAAP
FYE Mar 2022	38.3	−29.0%	Cons. · Japanese GAAP
FYE Mar 2023	52.9	+38.2%	Cons. · Japanese GAAP
FYE Mar 2024	43.6	−17.6%	Cons. · Japanese GAAP
FYE Mar 2025	75.5	+73.2%	Cons. · Japanese GAAP
FYE Mar 2026	83.4	+10.5%	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 ¥263bn

CAGR · 10 yrs +5.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	164	n/a	Cons. · Japanese GAAP
FYE Mar 2018	171	+4.5%	Cons. · Japanese GAAP
FYE Mar 2019	158	−7.3%	Cons. · Japanese GAAP
FYE Mar 2020	162	+2.0%	Cons. · Japanese GAAP
FYE Mar 2021	156	−3.2%	Cons. · Japanese GAAP
FYE Mar 2022	155	−0.7%	Cons. · Japanese GAAP
FYE Mar 2023	156	+0.4%	Cons. · Japanese GAAP
FYE Mar 2024	180	+15.2%	Cons. · Japanese GAAP
FYE Mar 2025	195	+8.3%	Cons. · Japanese GAAP
FYE Mar 2026	263	+35.0%	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥18bn

CAGR · 10 yrs +7.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.8	−3.9%	Cons. · Japanese GAAP
FYE Mar 2019	10.8	+22.4%	Cons. · Japanese GAAP
FYE Mar 2020	10.0	−7.2%	Cons. · Japanese GAAP
FYE Mar 2021	9.2	−7.8%	Cons. · Japanese GAAP
FYE Mar 2022	11.1	+20.4%	Cons. · Japanese GAAP
FYE Mar 2023	11.9	+6.8%	Cons. · Japanese GAAP
FYE Mar 2024	14.0	+17.8%	Cons. · Japanese GAAP
FYE Mar 2025	15.0	+7.1%	Cons. · Japanese GAAP
FYE Mar 2026	17.7	+18.4%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥3.1bn

CAGR · 10 yrs +14.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.5	+57.7%	Cons. · Japanese GAAP
FYE Mar 2019	1.6	+7.9%	Cons. · Japanese GAAP
FYE Mar 2020	1.2	−22.7%	Cons. · Japanese GAAP
FYE Mar 2021	0.9	−29.5%	Cons. · Japanese GAAP
FYE Mar 2022	0.7	−22.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.4	+111.7%	Cons. · Japanese GAAP
FYE Mar 2024	2.3	+64.2%	Cons. · Japanese GAAP
FYE Mar 2025	2.0	−11.6%	Cons. · Japanese GAAP
FYE Mar 2026	3.1	+50.5%	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 30.6%

Average · 10 yrs 32.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	28.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.2	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2019	34.4	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2020	34.7	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	31.2	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	32.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	32.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	33.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	31.9	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	30.6	−1.3pp	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 71.3%

Average · 10 yrs 57.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	71.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.9	−8.8pp	Cons. · Japanese GAAP
FYE Mar 2019	53.7	−9.2pp	Cons. · Japanese GAAP
FYE Mar 2020	51.4	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	56.5	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2022	50.5	−6.0pp	Cons. · Japanese GAAP
FYE Mar 2023	51.6	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	50.9	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	58.5	+7.6pp	Cons. · Japanese GAAP
FYE Mar 2026	71.3	+12.9pp	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 4.7%

Average · 10 yrs 4.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	7.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	7.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	-7.7	−14.9pp	Cons. · Japanese GAAP
FYE Mar 2022	2.4	+10.2pp	Cons. · Japanese GAAP
FYE Mar 2023	4.7	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2024	5.6	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2025	8.2	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	4.7	−3.4pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 1.4%

Average · 10 yrs 1.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	2.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	2.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-2.4	−4.9pp	Cons. · Japanese GAAP
FYE Mar 2022	0.8	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2023	1.5	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	1.9	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	2.6	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	1.4	−1.2pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.44×

CAGR · 10 yrs −2.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.55	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.54	−1.5%	Cons. · Japanese GAAP
FYE Mar 2019	0.55	+1.1%	Cons. · Japanese GAAP
FYE Mar 2020	0.53	−2.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.40	−24.4%	Cons. · Japanese GAAP
FYE Mar 2022	0.41	+2.3%	Cons. · Japanese GAAP
FYE Mar 2023	0.45	+8.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.46	+3.0%	Cons. · Japanese GAAP
FYE Mar 2025	0.48	+3.4%	Cons. · Japanese GAAP
FYE Mar 2026	0.44	−8.5%	Cons. · Japanese GAAP

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥61bn

CAGR · 10 yrs +0.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	60.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.9	+8.6%	Cons. · Japanese GAAP
FYE Mar 2019	67.4	+2.2%	Cons. · Japanese GAAP
FYE Mar 2020	70.2	+4.2%	Cons. · Japanese GAAP
FYE Mar 2021	19.7	−72.0%	Cons. · Japanese GAAP
FYE Mar 2022	39.3	+99.7%	Cons. · Japanese GAAP
FYE Mar 2023	61.2	+55.7%	Cons. · Japanese GAAP
FYE Mar 2024	55.5	−9.3%	Cons. · Japanese GAAP
FYE Mar 2025	78.7	+41.8%	Cons. · Japanese GAAP
FYE Mar 2026	61.4	−22.0%	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 -¥151bn

Average · 10 yrs -¥69bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-38.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-40.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-48.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-62.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-44.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-39.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-59.4	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-68.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-138	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-151	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 ¥90bn

Average · 10 yrs ¥15bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-16.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-24.8	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	49.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-3.3	−106.8%	Cons. · Japanese GAAP
FYE Mar 2023	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	18.0	+591.5%	Cons. · Japanese GAAP
FYE Mar 2025	55.9	+209.7%	Cons. · Japanese GAAP
FYE Mar 2026	89.7	+60.6%	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 ¥57bn

CAGR · 10 yrs +11.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	21.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.9	+40.6%	Cons. · Japanese GAAP
FYE Mar 2019	25.2	−18.4%	Cons. · Japanese GAAP
FYE Mar 2020	32.0	+27.1%	Cons. · Japanese GAAP
FYE Mar 2021	53.5	+67.0%	Cons. · Japanese GAAP
FYE Mar 2022	50.4	−5.7%	Cons. · Japanese GAAP
FYE Mar 2023	54.9	+8.8%	Cons. · Japanese GAAP
FYE Mar 2024	60.0	+9.4%	Cons. · Japanese GAAP
FYE Mar 2025	56.5	−5.9%	Cons. · Japanese GAAP
FYE Mar 2026	56.8	+0.5%	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 -¥89bn

Average · 10 yrs -¥11bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	22.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.6	+16.3%	Cons. · Japanese GAAP
FYE Mar 2019	19.1	−25.5%	Cons. · Japanese GAAP
FYE Mar 2020	7.7	−59.6%	Cons. · Japanese GAAP
FYE Mar 2021	-24.6	−418.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	1.8	+529.7%	Cons. · Japanese GAAP
FYE Mar 2024	-12.9	−799.0%	Cons. · Japanese GAAP
FYE Mar 2025	-59.4	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-89.4	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 8.9%

Average · 10 yrs 9.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	10.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.9	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	10.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	11.3	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	4.1	−7.2pp	Cons. · Japanese GAAP
FYE Mar 2022	8.0	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2023	11.1	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2024	9.2	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	11.4	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	8.9	−2.5pp	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 -¥289bn

Average · 10 yrs -¥188bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-205	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-196	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-186	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-175	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-157	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-143	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-154	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-163	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-214	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-289	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 ¥340bn

Change · 9 yrs −¥121bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	461	n/a
FYE Mar 2018	514	n/a
FYE Mar 2019	602	n/a
FYE Mar 2020	596	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	427	n/a
FYE Mar 2023	402	n/a
FYE Mar 2024	426	n/a
FYE Mar 2025	343	n/a
FYE Mar 2026	340	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 1,726¥

Change · 9 yrs +1,226¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	501	n/a
FYE Mar 2018	2,696	n/a
FYE Mar 2019	3,065	n/a
FYE Mar 2020	3,030	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	2,170	n/a
FYE Mar 2023	2,044	n/a
FYE Mar 2024	2,166	n/a
FYE Mar 2025	1,743	n/a
FYE Mar 2026	1,726	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 196,700,692shares

Change · 10 yrs −723,071,839 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	919,772,531	Parent
FYE Mar 2018	190,467,450	Parent
FYE Mar 2019	196,306,458	Parent
FYE Mar 2020	196,700,692	Parent
FYE Mar 2021	196,700,692	Parent
FYE Mar 2022	196,700,692	Parent
FYE Mar 2023	196,700,692	Parent
FYE Mar 2024	196,700,692	Parent
FYE Mar 2025	196,700,692	Parent
FYE Mar 2026	196,700,692	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 117.05¥

Change · 10 yrs −10.41¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	127.46	Cons.
FYE Mar 2018	155.04	Cons.
FYE Mar 2019	158.90	Cons.
FYE Mar 2020	146.89	Cons.
FYE Mar 2021	-146.29	Cons.
FYE Mar 2022	47.65	Cons.
FYE Mar 2023	95.91	Cons.
FYE Mar 2024	124.13	Cons.
FYE Mar 2025	192.12	Cons.
FYE Mar 2026	117.05	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 2,466.01¥

Change · 10 yrs +2,122.10¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	343.91	Cons. · Japanese GAAP
FYE Mar 2018	1,891.87	Cons. · Japanese GAAP
FYE Mar 2019	2,002.10	Cons. · Japanese GAAP
FYE Mar 2020	2,052.72	Cons. · Japanese GAAP
FYE Mar 2021	1,891.27	Cons. · Japanese GAAP
FYE Mar 2022	1,948.77	Cons. · Japanese GAAP
FYE Mar 2023	2,056.09	Cons. · Japanese GAAP
FYE Mar 2024	2,229.21	Cons. · Japanese GAAP
FYE Mar 2025	2,347.28	Cons. · Japanese GAAP
FYE Mar 2026	2,466.01	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 14.75×

Average · 9 yrs 20.56×

Fiscal year	PER ×	Basis
FYE Mar 2017	19.65	Cons.
FYE Mar 2018	17.39	Cons.
FYE Mar 2019	19.29	Cons.
FYE Mar 2020	20.63	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	45.54	Cons.
FYE Mar 2023	21.31	Cons.
FYE Mar 2024	17.45	Cons.
FYE Mar 2025	9.07	Cons.
FYE Mar 2026	14.75	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Mar 2026 0.70×

Average · 9 yrs 1.16×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.46	Cons.
FYE Mar 2018	1.42	Cons.
FYE Mar 2019	1.53	Cons.
FYE Mar 2020	1.48	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	1.11	Cons.
FYE Mar 2023	0.99	Cons.
FYE Mar 2024	0.97	Cons.
FYE Mar 2025	0.74	Cons.
FYE Mar 2026	0.70	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 30,637people

Change · 10 yrs +575 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	30,062	n/a	Cons.
FYE Mar 2018	29,904	−0.5%	Cons.
FYE Mar 2019	29,855	−0.2%	Cons.
FYE Mar 2020	29,576	−0.9%	Cons.
FYE Mar 2021	29,309	−0.9%	Cons.
FYE Mar 2022	28,803	−1.7%	Cons.
FYE Mar 2023	28,216	−2.0%	Cons.
FYE Mar 2024	28,412	+0.7%	Cons.
FYE Mar 2025	31,013	+9.2%	Cons.
FYE Mar 2026	30,637	−1.2%	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 5,096people

Change · 10 yrs +48 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,048	n/a	Parent
FYE Mar 2018	5,072	+0.5%	Parent
FYE Mar 2019	5,086	+0.3%	Parent
FYE Mar 2020	5,122	+0.7%	Parent
FYE Mar 2021	5,185	+1.2%	Parent
FYE Mar 2022	5,136	−0.9%	Parent
FYE Mar 2023	4,987	−2.9%	Parent
FYE Mar 2024	4,987	−0.0%	Parent
FYE Mar 2025	5,043	+1.1%	Parent
FYE Mar 2026	5,096	+1.1%	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 661万円

Change · 8 yrs +56万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	606	n/a	Parent
FYE Mar 2020	608	+0.3%	Parent
FYE Mar 2021	583	−4.1%	Parent
FYE Mar 2022	576	−1.1%	Parent
FYE Mar 2023	594	+3.0%	Parent
FYE Mar 2024	613	+3.2%	Parent
FYE Mar 2025	634	+3.4%	Parent
FYE Mar 2026	661	+4.4%	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 44.4years

Change · 8 yrs +0.5 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	43.9	n/a	Parent
FYE Mar 2020	44.0	+0.2%	Parent
FYE Mar 2021	44.1	+0.2%	Parent
FYE Mar 2022	44.4	+0.7%	Parent
FYE Mar 2023	44.7	+0.7%	Parent
FYE Mar 2024	44.7	−0.0%	Parent
FYE Mar 2025	44.6	−0.2%	Parent
FYE Mar 2026	44.4	−0.4%	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 23.3years

Change · 8 yrs −0.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	23.6	n/a	Parent
FYE Mar 2020	23.6	−0.0%	Parent
FYE Mar 2021	23.5	−0.4%	Parent
FYE Mar 2022	23.9	+1.7%	Parent
FYE Mar 2023	24.1	+0.8%	Parent
FYE Mar 2024	24.0	−0.4%	Parent
FYE Mar 2025	23.7	−1.3%	Parent
FYE Mar 2026	23.3	−1.7%	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 7,127people

Change · 10 yrs +75 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	7,052	n/a	n/a
FYE Mar 2018	6,913	−2.0%	n/a
FYE Mar 2019	6,989	+1.1%	n/a
FYE Mar 2020	6,810	−2.6%	n/a
FYE Mar 2021	6,011	−11.7%	n/a
FYE Mar 2022	5,638	−6.2%	n/a
FYE Mar 2023	6,155	+9.2%	n/a
FYE Mar 2024	6,516	+5.9%	n/a
FYE Mar 2025	7,282	+11.8%	n/a
FYE Mar 2026	7,127	−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 ¥22.6m

Change · 10 yrs +¥2.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	19.9	n/a	Cons.
FYE Mar 2018	20.2	+1.4%	Cons.
FYE Mar 2019	20.9	+3.1%	Cons.
FYE Mar 2020	21.1	+1.0%	Cons.
FYE Mar 2021	16.4	−22.0%	Cons.
FYE Mar 2022	17.0	+3.7%	Cons.
FYE Mar 2023	19.5	+14.7%	Cons.
FYE Mar 2024	21.2	+8.2%	Cons.
FYE Mar 2025	22.3	+5.3%	Cons.
FYE Mar 2026	22.6	+1.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.2m

Change · 10 yrs −¥0.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons.
FYE Mar 2018	1.6	+6.9%	Cons.
FYE Mar 2019	1.7	+5.4%	Cons.
FYE Mar 2020	1.6	−3.3%	Cons.
FYE Mar 2021	-0.6	−134.8%	Cons.
FYE Mar 2022	0.1	n/a	Cons.
FYE Mar 2023	0.8	+691.4%	Cons.
FYE Mar 2024	1.2	+51.8%	Cons.
FYE Mar 2025	1.4	+10.9%	Cons.
FYE Mar 2026	1.2	−12.9%	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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