Financials

AZ-COM Maruwa Holdings: FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥231bnYoY +10.6%

FYE Mar 2026 · Operating profit¥12bnYoY +8.2%

FYE Mar 2026 · Net profit¥7.4bnYoY +2.3%

FYE Mar 2026 · Equity ratio40.1%YoY −1.7pp

FYE Mar 2026 · Group employees5,462YoY +221

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥67bn	n/a	¥4.4bn	n/a	6.6%	¥3.1bn	Wasami Masaru	—
FYE Mar 2018Consolidated	¥74bn	+10.7%	¥4.5bn	+2.4%	6.1%	¥3.0bn	Wasami Masaru	Begins work for Amazon Japan; launches same-day EC last-mile service
FYE Mar 2019Consolidated	¥86bn	+15.1%	¥5.8bn	+29.0%	6.8%	¥3.9bn	Wasami Masaru	Buys parcel operations; opens a dedicated Amazon subsidiary
FYE Mar 2020Consolidated	¥98bn	+14.9%	¥7.2bn	+23.7%	7.3%	¥4.8bn	Wasami Masaru	First medium-term plan; disaster-logistics agreements signed
FYE Mar 2021Consolidated	¥112bn	+14.0%	¥8.0bn	+11.5%	7.2%	¥5.5bn	Wasami Masaru	—
FYE Mar 2022Consolidated	¥133bn	+18.6%	¥8.6bn	+7.9%	6.5%	¥6.1bn	Wasami Masaru	—
FYE Mar 2023Consolidated	¥178bn	+33.7%	¥11bn	+31.4%	6.4%	¥7.8bn	Wasami Masaru	Fais Holdings acquired; Kamigumi alliance; becomes AZ-COM Maruwa Holdings
FYE Mar 2024Consolidated	¥199bn	+11.7%	¥14bn	+21.9%	7.0%	¥9.1bn	Wasami Masaru	—
FYE Mar 2025Consolidated	¥208bn	+4.9%	¥11bn	−20.8%	5.3%	¥7.3bn	Wasami Masaru	Withdraws from the contested bid for C&F Logi Holdings
FYE Mar 2026Consolidated	¥231bn	+10.6%	¥12bn	+8.2%	5.1%	¥7.4bn	Wasami Masaru	Plan targets ¥500 billion of revenue by FY2030

How it compares

Nippon Express Holdings¥2.62tnFY2021Operating margin 5.9%Senko Group Holdings¥900bnFY2025Operating margin 4.1%

Seino Holdings¥813bnFY2025Operating margin 4.6%

Sankyu¥632bnFY2025Operating margin 6.8%SBS Holdings¥490bnFY2025Operating margin 4.3%

Kounoikeunyu¥345bnFY2024Operating margin 6.2%

Fukuyamatsuuun¥319bnFY2025Operating margin 2.9%

NIKKON Holdings¥270bnFY2025Operating margin 8.8%

AZ-COM Maruwa Holdings¥231bnFY2025Operating margin 5.1%

Kiyusoryuutsuushisutemu¥203bnFY2025Operating margin 2.8%

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 ¥231bn

CAGR · 10 yrs +14.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	67.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.4	+10.7%	Cons. · Japanese GAAP
FYE Mar 2019	85.6	+15.1%	Cons. · Japanese GAAP
FYE Mar 2020	98.3	+14.9%	Cons. · Japanese GAAP
FYE Mar 2021	112	+14.0%	Cons. · Japanese GAAP
FYE Mar 2022	133	+18.6%	Cons. · Japanese GAAP
FYE Mar 2023	178	+33.7%	Cons. · Japanese GAAP
FYE Mar 2024	199	+11.7%	Cons. · Japanese GAAP
FYE Mar 2025	208	+4.9%	Cons. · Japanese GAAP
FYE Mar 2026	231	+10.6%	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 ¥208bn

CAGR · 10 yrs +14.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	59.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	66.6	+11.7%	Cons. · Japanese GAAP
FYE Mar 2019	76.0	+14.1%	Cons. · Japanese GAAP
FYE Mar 2020	86.6	+14.0%	Cons. · Japanese GAAP
FYE Mar 2021	98.7	+14.1%	Cons. · Japanese GAAP
FYE Mar 2022	119	+20.1%	Cons. · Japanese GAAP
FYE Mar 2023	158	+33.3%	Cons. · Japanese GAAP
FYE Mar 2024	175	+10.8%	Cons. · Japanese GAAP
FYE Mar 2025	187	+6.7%	Cons. · Japanese GAAP
FYE Mar 2026	208	+11.5%	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 ¥22bn

CAGR · 10 yrs +12.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+2.9%	Cons. · Japanese GAAP
FYE Mar 2019	9.6	+23.8%	Cons. · Japanese GAAP
FYE Mar 2020	11.8	+22.5%	Cons. · Japanese GAAP
FYE Mar 2021	13.4	+13.6%	Cons. · Japanese GAAP
FYE Mar 2022	14.4	+7.8%	Cons. · Japanese GAAP
FYE Mar 2023	19.7	+36.7%	Cons. · Japanese GAAP
FYE Mar 2024	23.3	+18.3%	Cons. · Japanese GAAP
FYE Mar 2025	21.4	−8.1%	Cons. · Japanese GAAP
FYE Mar 2026	22.1	+3.1%	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 ¥10bn

CAGR · 10 yrs +14.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.3	+3.5%	Cons. · Japanese GAAP
FYE Mar 2019	3.8	+16.5%	Cons. · Japanese GAAP
FYE Mar 2020	4.6	+20.5%	Cons. · Japanese GAAP
FYE Mar 2021	5.3	+16.9%	Cons. · Japanese GAAP
FYE Mar 2022	5.8	+7.8%	Cons. · Japanese GAAP
FYE Mar 2023	8.3	+44.7%	Cons. · Japanese GAAP
FYE Mar 2024	9.4	+13.4%	Cons. · Japanese GAAP
FYE Mar 2025	10.4	+10.5%	Cons. · Japanese GAAP
FYE Mar 2026	10.2	−2.3%	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 ¥12bn

CAGR · 10 yrs +11.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	5.8	+29.0%	Cons. · Japanese GAAP
FYE Mar 2020	7.2	+23.7%	Cons. · Japanese GAAP
FYE Mar 2021	8.0	+11.5%	Cons. · Japanese GAAP
FYE Mar 2022	8.6	+7.9%	Cons. · Japanese GAAP
FYE Mar 2023	11.4	+31.4%	Cons. · Japanese GAAP
FYE Mar 2024	13.8	+21.9%	Cons. · Japanese GAAP
FYE Mar 2025	11.0	−20.8%	Cons. · Japanese GAAP
FYE Mar 2026	11.9	+8.2%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥1.2bn

CAGR · 10 yrs +16.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	−0.2%	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−4.4%	Cons. · Japanese GAAP
FYE Mar 2020	0.3	−12.9%	Cons. · Japanese GAAP
FYE Mar 2021	0.3	+39.5%	Cons. · Japanese GAAP
FYE Mar 2022	0.5	+51.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.7	+34.2%	Cons. · Japanese GAAP
FYE Mar 2024	1.0	+39.7%	Cons. · Japanese GAAP
FYE Mar 2025	0.9	−11.8%	Cons. · Japanese GAAP
FYE Mar 2026	1.2	+33.8%	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 ¥505m

CAGR · 10 yrs +20.9%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	91.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.6	−40.4%	Cons. · Japanese GAAP
FYE Mar 2019	55.8	+2.2%	Cons. · Japanese GAAP
FYE Mar 2020	51.6	−7.4%	Cons. · Japanese GAAP
FYE Mar 2021	106	+105.3%	Cons. · Japanese GAAP
FYE Mar 2022	39.0	−63.2%	Cons. · Japanese GAAP
FYE Mar 2023	123	+215.4%	Cons. · Japanese GAAP
FYE Mar 2024	339	+175.6%	Cons. · Japanese GAAP
FYE Mar 2025	199	−41.3%	Cons. · Japanese GAAP
FYE Mar 2026	505	+153.8%	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 ¥13bn

CAGR · 10 yrs +11.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.8	+3.1%	Cons. · Japanese GAAP
FYE Mar 2019	6.0	+27.2%	Cons. · Japanese GAAP
FYE Mar 2020	7.4	+22.3%	Cons. · Japanese GAAP
FYE Mar 2021	8.3	+11.8%	Cons. · Japanese GAAP
FYE Mar 2022	9.1	+10.6%	Cons. · Japanese GAAP
FYE Mar 2023	11.9	+30.7%	Cons. · Japanese GAAP
FYE Mar 2024	14.5	+21.3%	Cons. · Japanese GAAP
FYE Mar 2025	11.6	−19.7%	Cons. · Japanese GAAP
FYE Mar 2026	12.5	+7.6%	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 ¥77.0m

CAGR · 8 yrs +6.2%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Mar 2017	50.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	26.7	+2967.8%	Cons. · Japanese GAAP
FYE Mar 2021	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	349	n/a	Cons. · Japanese GAAP
FYE Mar 2024	58.0	−83.4%	Cons. · Japanese GAAP
FYE Mar 2025	314	+441.4%	Cons. · Japanese GAAP
FYE Mar 2026	77.0	−75.5%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Mar 2026 n/a

CAGR · 4 yrs +84.7%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	6.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	15.0	+150.0%	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 ¥7.4bn

CAGR · 10 yrs +10.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.0	−1.2%	Cons. · Japanese GAAP
FYE Mar 2019	3.9	+28.2%	Cons. · Japanese GAAP
FYE Mar 2020	4.8	+23.5%	Cons. · Japanese GAAP
FYE Mar 2021	5.5	+14.9%	Cons. · Japanese GAAP
FYE Mar 2022	6.1	+10.6%	Cons. · Japanese GAAP
FYE Mar 2023	7.8	+27.0%	Cons. · Japanese GAAP
FYE Mar 2024	9.1	+17.2%	Cons. · Japanese GAAP
FYE Mar 2025	7.3	−20.1%	Cons. · Japanese GAAP
FYE Mar 2026	7.4	+2.3%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 9.6%

Average · 10 yrs 11.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.4	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	11.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	12.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	11.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	10.8	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	11.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	11.7	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	10.3	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	9.6	−0.7pp	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 5.1%

Average · 10 yrs 6.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	6.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	7.3	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	7.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	6.5	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	6.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	7.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	5.1	−0.1pp	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 5.4%

Average · 10 yrs 6.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.4	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	7.1	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	7.5	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	7.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	6.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	6.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	7.3	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	5.6	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	5.4	−0.2pp	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 3.2%

Average · 10 yrs 4.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	4.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	4.9	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	4.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	4.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	4.4	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	4.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	3.5	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	3.2	−0.3pp	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 90.4%

Average · 10 yrs 89.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	88.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	89.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	88.8	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	88.0	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	88.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	89.2	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	88.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	88.3	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	89.7	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	90.4	+0.7pp	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 4.4%

Average · 10 yrs 4.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	4.4	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	4.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	4.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	4.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	4.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	4.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	5.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	4.4	−0.6pp	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 ¥156bn

CAGR · 10 yrs +17.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	36.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	39.5	+7.6%	Cons. · Japanese GAAP
FYE Mar 2019	45.5	+15.4%	Cons. · Japanese GAAP
FYE Mar 2020	48.4	+6.3%	Cons. · Japanese GAAP
FYE Mar 2021	73.2	+51.1%	Cons. · Japanese GAAP
FYE Mar 2022	88.4	+20.8%	Cons. · Japanese GAAP
FYE Mar 2023	112	+26.7%	Cons. · Japanese GAAP
FYE Mar 2024	135	+20.1%	Cons. · Japanese GAAP
FYE Mar 2025	138	+2.9%	Cons. · Japanese GAAP
FYE Mar 2026	156	+12.4%	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 ¥62bn

CAGR · 10 yrs +14.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	17.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.6	+14.9%	Cons. · Japanese GAAP
FYE Mar 2019	23.0	+11.7%	Cons. · Japanese GAAP
FYE Mar 2020	26.3	+14.3%	Cons. · Japanese GAAP
FYE Mar 2021	25.7	−2.4%	Cons. · Japanese GAAP
FYE Mar 2022	28.9	+12.6%	Cons. · Japanese GAAP
FYE Mar 2023	35.9	+24.1%	Cons. · Japanese GAAP
FYE Mar 2024	55.1	+53.5%	Cons. · Japanese GAAP
FYE Mar 2025	57.8	+4.8%	Cons. · Japanese GAAP
FYE Mar 2026	62.4	+8.0%	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 ¥24bn

CAGR · 10 yrs +18.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	−32.6%	Cons. · Japanese GAAP
FYE Mar 2019	4.2	+23.2%	Cons. · Japanese GAAP
FYE Mar 2020	2.9	−31.5%	Cons. · Japanese GAAP
FYE Mar 2021	4.0	+38.3%	Cons. · Japanese GAAP
FYE Mar 2022	7.1	+78.4%	Cons. · Japanese GAAP
FYE Mar 2023	15.7	+120.8%	Cons. · Japanese GAAP
FYE Mar 2024	15.3	−2.8%	Cons. · Japanese GAAP
FYE Mar 2025	17.3	+13.6%	Cons. · Japanese GAAP
FYE Mar 2026	23.8	+37.3%	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 ¥0.0bn

CAGR · 10 yrs −43.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	−79.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	−50.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.2	−0.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.1	−50.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.1	+45.0%	Cons. · Japanese GAAP
FYE Mar 2023	0.3	+117.2%	Cons. · Japanese GAAP
FYE Mar 2024	0.0	−95.2%	Cons. · Japanese GAAP
FYE Mar 2025	0.0	−26.7%	Cons. · Japanese GAAP
FYE Mar 2026	0.0	−0.0%	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 ¥24bn

CAGR · 10 yrs +25.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.0	−3.5%	Cons. · Japanese GAAP
FYE Mar 2019	4.0	+32.9%	Cons. · Japanese GAAP
FYE Mar 2020	2.7	−33.1%	Cons. · Japanese GAAP
FYE Mar 2021	3.9	+44.9%	Cons. · Japanese GAAP
FYE Mar 2022	7.0	+79.3%	Cons. · Japanese GAAP
FYE Mar 2023	15.4	+120.8%	Cons. · Japanese GAAP
FYE Mar 2024	15.2	−0.9%	Cons. · Japanese GAAP
FYE Mar 2025	17.3	+13.6%	Cons. · Japanese GAAP
FYE Mar 2026	23.8	+37.4%	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥9.9bn

CAGR · 10 yrs +35.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.0	+46.6%	Cons. · Japanese GAAP
FYE Mar 2019	1.5	+58.5%	Cons. · Japanese GAAP
FYE Mar 2020	1.4	−6.2%	Cons. · Japanese GAAP
FYE Mar 2021	2.0	+40.4%	Cons. · Japanese GAAP
FYE Mar 2022	7.5	+275.5%	Cons. · Japanese GAAP
FYE Mar 2023	11.0	+46.7%	Cons. · Japanese GAAP
FYE Mar 2024	10.2	−6.9%	Cons. · Japanese GAAP
FYE Mar 2025	10.9	+6.7%	Cons. · Japanese GAAP
FYE Mar 2026	9.9	−9.7%	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 ¥3.7bn

CAGR · 9 yrs +41.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.2	−12.7%	Cons. · Japanese GAAP
FYE Mar 2020	0.2	−14.5%	Cons. · Japanese GAAP
FYE Mar 2021	0.7	+291.0%	Cons. · Japanese GAAP
FYE Mar 2022	2.0	+195.1%	Cons. · Japanese GAAP
FYE Mar 2023	3.7	+84.4%	Cons. · Japanese GAAP
FYE Mar 2024	3.4	−7.0%	Cons. · Japanese GAAP
FYE Mar 2025	4.2	+23.7%	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−11.9%	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 40.1%

Average · 10 yrs 42.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	48.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.3	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	50.6	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2020	54.4	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2021	35.1	−19.2pp	Cons. · Japanese GAAP
FYE Mar 2022	32.7	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2023	32.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2024	41.0	+8.9pp	Cons. · Japanese GAAP
FYE Mar 2025	41.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	40.1	−1.7pp	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 38.1%

Average · 10 yrs 25.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	28.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.6	−11.7pp	Cons. · Japanese GAAP
FYE Mar 2019	18.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2020	10.9	−7.3pp	Cons. · Japanese GAAP
FYE Mar 2021	15.5	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2022	24.5	+9.1pp	Cons. · Japanese GAAP
FYE Mar 2023	43.7	+19.1pp	Cons. · Japanese GAAP
FYE Mar 2024	27.7	−16.0pp	Cons. · Japanese GAAP
FYE Mar 2025	30.0	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2026	38.1	+8.1pp	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 11.9%

Average · 10 yrs 17.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	17.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.8	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	16.9	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	18.3	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	21.5	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2022	21.2	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	21.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	16.5	−5.1pp	Cons. · Japanese GAAP
FYE Mar 2025	12.6	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2026	11.9	−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 4.8%

Average · 10 yrs 7.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	8.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	9.9	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	7.6	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2022	6.9	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	6.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	6.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	4.8	−0.5pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.48×

CAGR · 10 yrs −2.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.83	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.88	+2.9%	Cons. · Japanese GAAP
FYE Mar 2019	1.88	−0.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.03	+8.1%	Cons. · Japanese GAAP
FYE Mar 2021	1.53	−24.6%	Cons. · Japanese GAAP
FYE Mar 2022	1.50	−1.8%	Cons. · Japanese GAAP
FYE Mar 2023	1.59	+5.5%	Cons. · Japanese GAAP
FYE Mar 2024	1.48	−7.1%	Cons. · Japanese GAAP
FYE Mar 2025	1.51	+2.0%	Cons. · Japanese GAAP
FYE Mar 2026	1.48	−1.6%	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 ¥13bn

CAGR · 10 yrs +12.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	−20.9%	Cons. · Japanese GAAP
FYE Mar 2019	5.5	+55.1%	Cons. · Japanese GAAP
FYE Mar 2020	7.1	+28.6%	Cons. · Japanese GAAP
FYE Mar 2021	8.0	+12.0%	Cons. · Japanese GAAP
FYE Mar 2022	6.1	−23.6%	Cons. · Japanese GAAP
FYE Mar 2023	11.4	+87.4%	Cons. · Japanese GAAP
FYE Mar 2024	10.8	−5.3%	Cons. · Japanese GAAP
FYE Mar 2025	8.9	−17.6%	Cons. · Japanese GAAP
FYE Mar 2026	13.4	+50.2%	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 -¥39bn

Average · 10 yrs -¥9.1bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-3.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-14.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-10.6	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-39.2	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 ¥4.7bn

Average · 10 yrs ¥2.3bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-3.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	14.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	0.8	−94.3%	Cons. · Japanese GAAP
FYE Mar 2023	5.5	+592.5%	Cons. · Japanese GAAP
FYE Mar 2024	8.6	+55.1%	Cons. · Japanese GAAP
FYE Mar 2025	-3.0	−135.4%	Cons. · Japanese GAAP
FYE Mar 2026	4.7	n/a	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥20bn

CAGR · 10 yrs +11.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	7.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.6	−40.5%	Cons. · Japanese GAAP
FYE Mar 2019	8.4	+84.2%	Cons. · Japanese GAAP
FYE Mar 2020	8.5	+1.2%	Cons. · Japanese GAAP
FYE Mar 2021	26.5	+210.2%	Cons. · Japanese GAAP
FYE Mar 2022	29.4	+11.2%	Cons. · Japanese GAAP
FYE Mar 2023	32.4	+9.9%	Cons. · Japanese GAAP
FYE Mar 2024	45.9	+41.8%	Cons. · Japanese GAAP
FYE Mar 2025	41.1	−10.3%	Cons. · Japanese GAAP
FYE Mar 2026	20.0	−51.4%	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 -¥26bn

Average · 10 yrs -¥1.2bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1.7	−153.3%	Cons. · Japanese GAAP
FYE Mar 2019	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	3.6	−10.4%	Cons. · Japanese GAAP
FYE Mar 2021	3.4	−4.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.8	−75.0%	Cons. · Japanese GAAP
FYE Mar 2023	-2.6	−408.1%	Cons. · Japanese GAAP
FYE Mar 2024	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-1.7	−134.6%	Cons. · Japanese GAAP
FYE Mar 2026	-25.8	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 5.8%

Average · 10 yrs 5.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.8	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2019	6.5	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2020	7.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	7.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	4.6	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	6.4	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2024	5.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	4.3	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	5.8	+1.5pp	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 -¥3.8bn

Average · 10 yrs ¥13bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.2	−55.7%	Cons. · Japanese GAAP
FYE Mar 2019	4.2	+262.8%	Cons. · Japanese GAAP
FYE Mar 2020	5.7	+33.8%	Cons. · Japanese GAAP
FYE Mar 2021	22.5	+297.8%	Cons. · Japanese GAAP
FYE Mar 2022	22.3	−0.7%	Cons. · Japanese GAAP
FYE Mar 2023	16.7	−25.3%	Cons. · Japanese GAAP
FYE Mar 2024	30.6	+83.6%	Cons. · Japanese GAAP
FYE Mar 2025	23.8	−22.3%	Cons. · Japanese GAAP
FYE Mar 2026	-3.8	−116.0%	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 ¥122bn

Change · 10 yrs +¥81bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	41.0	n/a
FYE Mar 2018	102	n/a
FYE Mar 2019	122	n/a
FYE Mar 2020	157	n/a
FYE Mar 2021	248	n/a
FYE Mar 2022	144	n/a
FYE Mar 2023	257	n/a
FYE Mar 2024	186	n/a
FYE Mar 2025	170	n/a
FYE Mar 2026	122	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 885¥

Change · 10 yrs −1,673¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,558	n/a
FYE Mar 2018	3,169	n/a
FYE Mar 2019	3,788	n/a
FYE Mar 2020	2,443	n/a
FYE Mar 2021	1,927	n/a
FYE Mar 2022	1,121	n/a
FYE Mar 2023	1,992	n/a
FYE Mar 2024	1,347	n/a
FYE Mar 2025	1,231	n/a
FYE Mar 2026	885	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 137,984,520shares

Change · 10 yrs +121,941,580 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	16,042,940	Parent
FYE Mar 2018	32,113,080	Parent
FYE Mar 2019	32,138,080	Parent
FYE Mar 2020	64,326,960	Parent
FYE Mar 2021	128,797,120	Parent
FYE Mar 2022	128,848,320	Parent
FYE Mar 2023	128,952,320	Parent
FYE Mar 2024	137,984,520	Parent
FYE Mar 2025	137,984,520	Parent
FYE Mar 2026	137,984,520	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 55.30¥

Change · 10 yrs +31.26¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	24.04	Cons.
FYE Mar 2018	23.79	Cons.
FYE Mar 2019	30.45	Cons.
FYE Mar 2020	37.58	Cons.
FYE Mar 2021	43.60	Cons.
FYE Mar 2022	48.72	Cons.
FYE Mar 2023	61.86	Cons.
FYE Mar 2024	70.88	Cons.
FYE Mar 2025	54.00	Cons.
FYE Mar 2026	55.30	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 452.17¥

Change · 10 yrs −665.82¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,117.99	Cons. · Japanese GAAP
FYE Mar 2018	642.01	Cons. · Japanese GAAP
FYE Mar 2019	716.69	Cons. · Japanese GAAP
FYE Mar 2020	409.28	Cons. · Japanese GAAP
FYE Mar 2021	199.60	Cons. · Japanese GAAP
FYE Mar 2022	224.64	Cons. · Japanese GAAP
FYE Mar 2023	278.54	Cons. · Japanese GAAP
FYE Mar 2024	399.44	Cons. · Japanese GAAP
FYE Mar 2025	418.72	Cons. · Japanese GAAP
FYE Mar 2026	452.17	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 16.00×

Average · 10 yrs 26.74×

Fiscal year	PER ×	Basis
FYE Mar 2017	13.30	Cons.
FYE Mar 2018	33.30	Cons.
FYE Mar 2019	31.10	Cons.
FYE Mar 2020	32.50	Cons.
FYE Mar 2021	44.20	Cons.
FYE Mar 2022	23.00	Cons.
FYE Mar 2023	32.20	Cons.
FYE Mar 2024	19.00	Cons.
FYE Mar 2025	22.80	Cons.
FYE Mar 2026	16.00	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 1.91×

Average · 10 yrs 4.77×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.28	Cons.
FYE Mar 2018	4.92	Cons.
FYE Mar 2019	5.27	Cons.
FYE Mar 2020	5.93	Cons.
FYE Mar 2021	9.42	Cons.
FYE Mar 2022	4.87	Cons.
FYE Mar 2023	6.98	Cons.
FYE Mar 2024	3.30	Cons.
FYE Mar 2025	2.87	Cons.
FYE Mar 2026	1.91	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 5,462people

Change · 10 yrs +3,000 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	2,462	n/a	Cons.
FYE Mar 2018	2,740	+11.3%	Cons.
FYE Mar 2019	2,843	+3.8%	Cons.
FYE Mar 2020	3,031	+6.6%	Cons.
FYE Mar 2021	3,630	+19.8%	Cons.
FYE Mar 2022	4,589	+26.4%	Cons.
FYE Mar 2023	4,815	+4.9%	Cons.
FYE Mar 2024	5,037	+4.6%	Cons.
FYE Mar 2025	5,241	+4.1%	Cons.
FYE Mar 2026	5,462	+4.2%	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 77people

Change · 10 yrs −951 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,028	n/a	Parent
FYE Mar 2018	1,269	+23.4%	Parent
FYE Mar 2019	1,321	+4.1%	Parent
FYE Mar 2020	1,232	−6.7%	Parent
FYE Mar 2021	1,464	+18.8%	Parent
FYE Mar 2022	1,621	+10.7%	Parent
FYE Mar 2023	57	−96.5%	Parent
FYE Mar 2024	61	+7.0%	Parent
FYE Mar 2025	68	+11.5%	Parent
FYE Mar 2026	77	+13.2%	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 754万円

Change · 8 yrs +311万円

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	443	n/a	Parent
FYE Mar 2020	451	+1.9%	Parent
FYE Mar 2021	457	+1.4%	Parent
FYE Mar 2022	465	+1.6%	Parent
FYE Mar 2023	743	+60.0%	Parent
FYE Mar 2024	774	+4.1%	Parent
FYE Mar 2025	768	−0.7%	Parent
FYE Mar 2026	754	−1.9%	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 46.1years

Change · 8 yrs +7.8 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	38.3	n/a	Parent
FYE Mar 2020	38.6	+0.8%	Parent
FYE Mar 2021	38.6	−0.0%	Parent
FYE Mar 2022	38.2	−1.0%	Parent
FYE Mar 2023	45.1	+18.1%	Parent
FYE Mar 2024	46.8	+3.8%	Parent
FYE Mar 2025	46.1	−1.5%	Parent
FYE Mar 2026	46.1	−0.0%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 15.6years

Change · 8 yrs +6.8 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	8.8	n/a	Parent
FYE Mar 2020	9.6	+9.1%	Parent
FYE Mar 2021	8.7	−9.4%	Parent
FYE Mar 2022	8.5	−2.3%	Parent
FYE Mar 2023	14.2	+67.1%	Parent
FYE Mar 2024	15.0	+5.6%	Parent
FYE Mar 2025	15.2	+1.3%	Parent
FYE Mar 2026	15.6	+2.6%	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 8,223people

Change · 10 yrs +4,060 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	4,163	n/a	n/a
FYE Mar 2018	4,028	−3.2%	n/a
FYE Mar 2019	4,121	+2.3%	n/a
FYE Mar 2020	4,452	+8.0%	n/a
FYE Mar 2021	4,832	+8.5%	n/a
FYE Mar 2022	6,458	+33.7%	n/a
FYE Mar 2023	6,565	+1.7%	n/a
FYE Mar 2024	7,252	+10.5%	n/a
FYE Mar 2025	8,009	+10.4%	n/a
FYE Mar 2026	8,223	+2.7%	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 ¥42.2m

Change · 10 yrs +¥14.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	27.3	n/a	Cons.
FYE Mar 2018	27.1	−0.5%	Cons.
FYE Mar 2019	30.1	+10.9%	Cons.
FYE Mar 2020	32.4	+7.8%	Cons.
FYE Mar 2021	30.9	−4.8%	Cons.
FYE Mar 2022	29.0	−6.2%	Cons.
FYE Mar 2023	36.9	+27.4%	Cons.
FYE Mar 2024	39.4	+6.7%	Cons.
FYE Mar 2025	39.8	+0.9%	Cons.
FYE Mar 2026	42.2	+6.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥2.2m

Change · 10 yrs +¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons.
FYE Mar 2018	1.6	−8.0%	Cons.
FYE Mar 2019	2.0	+24.4%	Cons.
FYE Mar 2020	2.4	+16.0%	Cons.
FYE Mar 2021	2.2	−6.9%	Cons.
FYE Mar 2022	1.9	−14.7%	Cons.
FYE Mar 2023	2.4	+25.2%	Cons.
FYE Mar 2024	2.7	+16.5%	Cons.
FYE Mar 2025	2.1	−23.9%	Cons.
FYE Mar 2026	2.2	+3.8%	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 →

Data API

AZ-COM Maruwa Holdings’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/9090/company.json ·/api/9090/history.json ·/api/9090/ceo.json ·/api/9090/financials.json ·/api/9090/financials/segment.json ·/api/9090/financials/pl.json ·/api/9090/financials/cf.json ·/api/9090/financials/bs.json ·/api/9090/financials/employee.json ·/api/9090/financials/stock.json ·/api/9090/financials.csv ·/api/9090/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json