Financials

Nippon Express Holdings: FYE Dec 2021 and ten years of results (49 metrics)

FYE Dec 2025 · Revenue¥2.57tnYoY −0.1%
FYE Dec 2025 · Operating profit¥51bnYoY +4.9%
FYE Dec 2025 · Net profit¥2.7bnYoY −91.5%
FYE Dec 2025 · Equity ratio33.5%YoY −2.8pp
FYE Dec 2025 · Group employees77,925YoY +1,536
Fiscal yearRevenueYoYOperating profitYoYMarginNet profitChief executiveThat year
FYE Mar 2017Consolidated¥1.86tnn/an/an/an/a¥37bnHirose Shinichi
FYE Mar 2018Consolidated¥2.00tn+7.0%n/an/an/a¥6.5bnHirose Shinichi“We Find the Way” — a global logistics ambition declared
FYE Mar 2019Consolidated¥2.14tn+7.2%n/an/an/a¥49bnSaito Mitsuru
FYE Mar 2020Consolidated¥2.08tn−2.7%n/an/an/a¥17bnSaito Mitsuru
FYE Mar 2021Consolidated¥2.08tn−0.1%n/an/an/a¥56bnSaito Mitsuru
FYE Dec 2021Parent only¥2.62tn+26.0%¥156bnn/a5.9%¥110bnSaito Mitsuru
FYE Dec 2022Consolidated¥2.62tn+0.0%¥156bn+0.0%5.9%¥110bnSaito MitsuruNIPPON EXPRESS HOLDINGS established; <a class="en-history_person" href="/tse/9147/executives/ceo/saito-mitsuru/" hreflang="ja">Saito Mitsuru</a> first president
FYE Dec 2023Consolidated¥2.24tn−14.5%¥60bn−61.4%2.7%¥37bnSaito Mitsurucargo-partner acquired for €845m — <span class="en-history_money" data-yen="126700000000" data-year="2023">$901.7M (¥127bn)</span>
FYE Dec 2024Consolidated¥2.58tn+15.1%¥49bn−18.3%1.9%¥32bnHorikiri Satoshi<a class="en-history_person" href="/tse/9147/executives/ceo/horikiri-satoshi/" hreflang="ja">Horikiri Satoshi</a> becomes president; in-house company system
FYE Dec 2025Consolidated¥2.57tn−0.1%¥51bn+4.9%2.0%¥2.7bnHorikiri Satoshi

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%
Fukuyamatsuuun¥319bnFY2025Operating margin 2.9%
NIKKON Holdings¥270bnFY2025Operating margin 8.8%
AZ-COM Maruwa Holdings¥231bnFY2025Operating margin 5.1%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn
Cost of sales SG&A Other operating costs Operating profit

Margins

%
Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥2.57tn
CAGR · 10 yrs +3.7%
Fiscal year Revenue ¥ bn YoY Basis
FYE Mar 2017 1,864 n/a Cons. · Japanese GAAP
FYE Mar 2018 1,995 +7.0% Cons. · Japanese GAAP
FYE Mar 2019 2,139 +7.2% Cons. · Japanese GAAP
FYE Mar 2020 2,080 −2.7% Cons. · Japanese GAAP
FYE Mar 2021 2,079 −0.1% Cons. · Japanese GAAP
FYE Dec 2021 2,620 moved to IFRS Parent · IFRS
FYE Dec 2022 2,620 moved to consolidated Cons. · IFRS
FYE Dec 2023 2,239 −14.5% Cons. · IFRS
FYE Dec 2024 2,578 +15.1% Cons. · IFRS
FYE Dec 2025 2,575 −0.1% Cons. · IFRS
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 Dec 2025 ¥2.33tn
CAGR · 4 yrs −0.1%
Fiscal year Cost of sales ¥ 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 2,343 moved to consolidated Cons. · IFRS
FYE Dec 2023 2,011 −14.1% Cons. · IFRS
FYE Dec 2024 2,356 +17.1% Cons. · IFRS
FYE Dec 2025 2,334 −0.9% Cons. · IFRS
Definition
The cost of what was sold
Formula
Cost of sales line of the income statement
Source
Securities report (XBRL)

Gross profit

FYE Dec 2025 ¥241bn
CAGR · 4 yrs −4.4%
Fiscal year Gross profit ¥ 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 276 moved to consolidated Cons. · IFRS
FYE Dec 2023 228 −17.5% Cons. · IFRS
FYE Dec 2024 222 −2.6% Cons. · IFRS
FYE Dec 2025 241 +8.6% Cons. · IFRS
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 Dec 2025 ¥175bn
CAGR · 4 yrs +8.1%
Fiscal year SG&A ¥ 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 138 moved to consolidated Cons. · IFRS
FYE Dec 2023 146 +5.8% Cons. · IFRS
FYE Dec 2024 158 +8.1% Cons. · IFRS
FYE Dec 2025 175 +10.5% Cons. · IFRS
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 Dec 2025 ¥51bn
CAGR · 5 yrs −24.1%
Fiscal year Operating profit ¥ 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 n/a 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 Dec 2021 156 moved to IFRS Parent · IFRS
FYE Dec 2022 156 moved to consolidated Cons. · IFRS
FYE Dec 2023 60.1 −61.4% Cons. · IFRS
FYE Dec 2024 49.1 −18.3% Cons. · IFRS
FYE Dec 2025 51.5 +4.9% Cons. · IFRS
Definition
What the core business earns
Formula
Gross profit − SG&A
Source
Securities report (XBRL)

Non-operating income

FYE Dec 2025 ¥6.8bn
CAGR · 4 yrs −10.2%
Fiscal year Non-operating income ¥ 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 9.4 moved to consolidated Cons. · IFRS
FYE Dec 2023 7.4 −21.6% Cons. · IFRS
FYE Dec 2024 12.9 +75.5% Cons. · IFRS
FYE Dec 2025 6.8 −47.3% Cons. · IFRS
Definition
Income from outside the core business
Formula
Non-operating income line of the income statement
Source
Securities report (XBRL)

Non-operating expenses

FYE Dec 2025 ¥17bn
CAGR · 4 yrs +51.9%
Fiscal year Non-operating expenses ¥ 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 4.7 moved to consolidated Cons. · IFRS
FYE Dec 2023 6.2 +32.4% Cons. · IFRS
FYE Dec 2024 10.1 +61.7% Cons. · IFRS
FYE Dec 2025 16.5 +63.5% Cons. · IFRS
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 Dec 2025 n/a
CAGR · 5 yrs +6.2%
Fiscal year Ordinary profit ¥ bn YoY Basis
FYE Mar 2017 63.8 n/a Cons. · Japanese GAAP
FYE Mar 2018 74.4 +16.6% Cons. · Japanese GAAP
FYE Mar 2019 85.8 +15.3% Cons. · Japanese GAAP
FYE Mar 2020 57.4 −33.1% Cons. · Japanese GAAP
FYE Mar 2021 81.3 +41.6% Cons. · Japanese GAAP
FYE Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 n/a moved to consolidated Cons. · IFRS
FYE Dec 2023 n/a n/a Cons. · IFRS
FYE Dec 2024 n/a n/a Cons. · IFRS
FYE Dec 2025 n/a n/a Cons. · IFRS
Definition
A level of profit that exists only under Japanese GAAP
Formula
Operating profit + non-operating income − non-operating expenses
Source
Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥2.7bn
CAGR · 10 yrs −25.1%
Fiscal year Net profit ¥ bn YoY Basis
FYE Mar 2017 36.5 n/a Cons. · Japanese GAAP
FYE Mar 2018 6.5 −82.2% Cons. · Japanese GAAP
FYE Mar 2019 49.3 +658.5% Cons. · Japanese GAAP
FYE Mar 2020 17.4 −64.7% Cons. · Japanese GAAP
FYE Mar 2021 56.1 +222.4% Cons. · Japanese GAAP
FYE Dec 2021 110 moved to IFRS Parent · IFRS
FYE Dec 2022 110 moved to consolidated Cons. · IFRS
FYE Dec 2023 37.1 −66.3% Cons. · IFRS
FYE Dec 2024 31.7 −14.4% Cons. · IFRS
FYE Dec 2025 2.7 −91.5% Cons. · IFRS
Definition
What is left after tax
Formula
Pre-tax profit − income taxes
Source
Securities report (XBRL)

Gross margin

FYE Dec 2025 9.3%
Average · 4 yrs 9.7%
Fiscal year Gross margin % 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 10.5 moved to consolidated Cons. · IFRS
FYE Dec 2023 10.2 −0.4pp Cons. · IFRS
FYE Dec 2024 8.6 −1.6pp Cons. · IFRS
FYE Dec 2025 9.3 +0.7pp Cons. · IFRS
Definition
The share of revenue left after the cost of sales
Formula
Gross profit ÷ revenue
Source
Securities report (XBRL)

Operating margin

FYE Dec 2025 2.0%
Average · 5 yrs 3.7%
Fiscal year Operating margin % 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 n/a 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 Dec 2021 5.9 moved to IFRS Parent · IFRS
FYE Dec 2022 5.9 moved to consolidated Cons. · IFRS
FYE Dec 2023 2.7 −3.3pp Cons. · IFRS
FYE Dec 2024 1.9 −0.8pp Cons. · IFRS
FYE Dec 2025 2.0 +0.1pp Cons. · IFRS
Definition
The share of revenue the core business keeps
Formula
Operating profit ÷ revenue
Source
Securities report (XBRL)

Ordinary margin

FYE Dec 2025 n/a
Average · 5 yrs 3.6%
Fiscal year Ordinary margin % YoY Basis
FYE Mar 2017 3.4 n/a Cons. · Japanese GAAP
FYE Mar 2018 3.7 +0.3pp Cons. · Japanese GAAP
FYE Mar 2019 4.0 +0.3pp Cons. · Japanese GAAP
FYE Mar 2020 2.8 −1.3pp Cons. · Japanese GAAP
FYE Mar 2021 3.9 +1.2pp Cons. · Japanese GAAP
FYE Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 n/a moved to consolidated Cons. · IFRS
FYE Dec 2023 n/a n/a Cons. · IFRS
FYE Dec 2024 n/a n/a Cons. · IFRS
FYE Dec 2025 n/a n/a Cons. · IFRS
Definition
The share of revenue left at the ordinary-profit line
Formula
Ordinary profit ÷ revenue
Source
Securities report (XBRL)

Net margin

FYE Dec 2025 0.1%
Average · 10 yrs 1.9%
Fiscal year Net margin % YoY Basis
FYE Mar 2017 2.0 n/a Cons. · Japanese GAAP
FYE Mar 2018 0.3 −1.6pp Cons. · Japanese GAAP
FYE Mar 2019 2.3 +2.0pp Cons. · Japanese GAAP
FYE Mar 2020 0.8 −1.5pp Cons. · Japanese GAAP
FYE Mar 2021 2.7 +1.9pp Cons. · Japanese GAAP
FYE Dec 2021 4.2 moved to IFRS Parent · IFRS
FYE Dec 2022 4.2 moved to consolidated Cons. · IFRS
FYE Dec 2023 1.7 −2.5pp Cons. · IFRS
FYE Dec 2024 1.2 −0.4pp Cons. · IFRS
FYE Dec 2025 0.1 −1.1pp Cons. · IFRS
Definition
The share of revenue left after everything
Formula
Net profit ÷ revenue
Source
Securities report (XBRL)

Cost-of-sales ratio

FYE Dec 2025 90.7%
Average · 4 yrs 90.3%
Fiscal year Cost-of-sales ratio % 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 89.4 moved to consolidated Cons. · IFRS
FYE Dec 2023 89.8 +0.4pp Cons. · IFRS
FYE Dec 2024 91.4 +1.6pp Cons. · IFRS
FYE Dec 2025 90.7 −0.7pp Cons. · IFRS
Definition
The share of revenue taken by the cost of sales
Formula
Cost of sales ÷ revenue
Source
Securities report (XBRL)

SG&A ratio

FYE Dec 2025 6.8%
Average · 4 yrs 6.2%
Fiscal year SG&A ratio % 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 5.3 moved to consolidated Cons. · IFRS
FYE Dec 2023 6.5 +1.3pp Cons. · IFRS
FYE Dec 2024 6.1 −0.4pp Cons. · IFRS
FYE Dec 2025 6.8 +0.7pp Cons. · IFRS
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 Dec 2025 ¥2.41tn
CAGR · 4 yrs +11.7%
Fiscal year Total assets ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 1,731 n/a Cons. · IFRS
FYE Dec 2023 2,109 +21.9% Cons. · IFRS
FYE Dec 2024 2,298 +8.9% Cons. · IFRS
FYE Dec 2025 2,415 +5.1% Cons. · IFRS
Definition
Everything the company holds
Formula
Total assets line of the balance sheet
Source
Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥810bn
CAGR · 4 yrs +2.7%
Fiscal year Equity ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 749 n/a Cons. · IFRS
FYE Dec 2023 782 +4.5% Cons. · IFRS
FYE Dec 2024 835 +6.7% Cons. · IFRS
FYE Dec 2025 810 −3.0% Cons. · IFRS
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 Dec 2025 ¥377bn
CAGR · 4 yrs +12.5%
Fiscal year Interest-bearing debt ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 265 n/a Cons. · IFRS
FYE Dec 2023 318 +19.9% Cons. · IFRS
FYE Dec 2024 326 +2.6% Cons. · IFRS
FYE Dec 2025 377 +15.7% Cons. · IFRS
Definition
Borrowings the company pays interest on
Formula
Loans + bonds + lease obligations
Source
Securities report (XBRL)

Short-term borrowings

FYE Dec 2025 ¥60bn
CAGR · 4 yrs −14.3%
Fiscal year Short-term borrowings ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 94.5 n/a Cons. · IFRS
FYE Dec 2023 61.8 −34.6% Cons. · IFRS
FYE Dec 2024 136 +120.5% Cons. · IFRS
FYE Dec 2025 59.5 −56.3% Cons. · IFRS
Definition
Borrowings repayable within a year
Formula
Short-term borrowings line of the balance sheet
Source
Securities report (XBRL)

Long-term borrowings

FYE Dec 2025 ¥318bn
CAGR · 4 yrs +23.1%
Fiscal year Long-term borrowings ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 171 n/a Cons. · IFRS
FYE Dec 2023 256 +50.1% Cons. · IFRS
FYE Dec 2024 190 −25.8% Cons. · IFRS
FYE Dec 2025 318 +67.4% Cons. · IFRS
Definition
Borrowings repayable in more than a year
Formula
Long-term borrowings line of the balance sheet
Source
Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥116bn
CAGR · 5 yrs +12.8%
Fiscal year Intangible assets ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 71.6 n/a Cons. · IFRS
FYE Dec 2022 58.4 −18.4% Cons. · IFRS
FYE Dec 2023 68.7 +17.6% Cons. · IFRS
FYE Dec 2024 97.1 +41.4% Cons. · IFRS
FYE Dec 2025 116 +19.3% Cons. · IFRS
Definition
Assets with no physical form
Formula
Intangible assets line of the balance sheet
Source
Securities report (XBRL)

Goodwill

FYE Dec 2025 ¥64bn
CAGR · 5 yrs +88.3%
Fiscal year Goodwill ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 5.1 n/a Cons. · IFRS
FYE Dec 2022 2.2 −56.5% Cons. · IFRS
FYE Dec 2023 5.7 +156.2% Cons. · IFRS
FYE Dec 2024 87.8 +1446.1% Cons. · IFRS
FYE Dec 2025 64.0 −27.1% Cons. · IFRS
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 Dec 2025 33.5%
Average · 4 yrs 37.6%
Fiscal year Equity ratio % YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 43.3 n/a Cons. · IFRS
FYE Dec 2023 37.1 −6.2pp Cons. · IFRS
FYE Dec 2024 36.3 −0.8pp Cons. · IFRS
FYE Dec 2025 33.5 −2.8pp Cons. · IFRS
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 Dec 2025 46.6%
Average · 4 yrs 40.4%
Fiscal year Debt-to-equity ratio % YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 35.4 n/a Cons. · IFRS
FYE Dec 2023 40.6 +5.2pp Cons. · IFRS
FYE Dec 2024 39.1 −1.6pp Cons. · IFRS
FYE Dec 2025 46.6 +7.5pp Cons. · IFRS
Definition
Borrowings measured against the company's own capital
Formula
Interest-bearing debt ÷ equity
Source
Securities report (XBRL)

ROE return on equity

FYE Dec 2025 0.3%
Average · 4 yrs 5.9%
Fiscal year ROE % 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 14.7 moved to consolidated Cons. · IFRS
FYE Dec 2023 4.7 −9.9pp Cons. · IFRS
FYE Dec 2024 3.8 −0.9pp Cons. · IFRS
FYE Dec 2025 0.3 −3.5pp Cons. · IFRS
Definition
What the shareholders' capital earns
Formula
Net profit ÷ equity
Source
Securities report (XBRL)

ROA return on assets

FYE Dec 2025 0.1%
Average · 4 yrs 2.4%
Fiscal year ROA % 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 6.3 moved to consolidated Cons. · IFRS
FYE Dec 2023 1.8 −4.6pp Cons. · IFRS
FYE Dec 2024 1.4 −0.4pp Cons. · IFRS
FYE Dec 2025 0.1 −1.3pp Cons. · IFRS
Definition
What the whole balance sheet earns
Formula
Net profit ÷ total assets
Source
Securities report (XBRL)

Asset turnover

FYE Dec 2025 1.07×
CAGR · 4 yrs −11.0%
Fiscal year Asset turnover × 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 n/a 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 Dec 2021 n/a moved to IFRS Parent · IFRS
FYE Dec 2022 1.51 moved to consolidated Cons. · IFRS
FYE Dec 2023 1.06 −29.9% Cons. · IFRS
FYE Dec 2024 1.12 +5.7% Cons. · IFRS
FYE Dec 2025 1.07 −5.0% Cons. · IFRS
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 Dec 2025 ¥209bn
CAGR · 4 yrs −4.7%
Fiscal year Operating cash flow ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 241 n/a Cons. · IFRS
FYE Dec 2023 186 −23.0% Cons. · IFRS
FYE Dec 2024 228 +22.7% Cons. · IFRS
FYE Dec 2025 209 −8.4% Cons. · IFRS
Definition
Cash the business itself generated
Formula
Cash flow from operating activities
Source
Securities report (XBRL)

Investing cash flow

FYE Dec 2025 -¥3.2bn
Average · 4 yrs -¥47bn
Fiscal year Investing cash flow ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 14.9 n/a Cons. · IFRS
FYE Dec 2023 -59.3 −497.0% Cons. · IFRS
FYE Dec 2024 -141 n/a Cons. · IFRS
FYE Dec 2025 -3.2 n/a Cons. · IFRS
Definition
Cash spent on, or released by, investment
Formula
Cash flow from investing activities
Source
Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥174bn
Average · 4 yrs -¥140bn
Fiscal year Financing cash flow ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 -120 n/a Cons. · IFRS
FYE Dec 2023 -100 n/a Cons. · IFRS
FYE Dec 2024 -164 n/a Cons. · IFRS
FYE Dec 2025 -174 n/a Cons. · IFRS
Definition
Cash raised from, or returned to, lenders and shareholders
Formula
Cash flow from financing activities
Source
Securities report (XBRL)

Cash and equivalents

FYE Dec 2025 ¥283bn
CAGR · 5 yrs +20.6%
Fiscal year Cash and equivalents ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 134 n/a Cons. · IFRS
FYE Dec 2022 274 +104.7% Cons. · IFRS
FYE Dec 2023 315 +15.0% Cons. · IFRS
FYE Dec 2024 251 −20.2% Cons. · IFRS
FYE Dec 2025 283 +12.8% Cons. · IFRS
Definition
Cash on hand at the year end
Formula
Closing balance in the cash flow statement
Source
Securities report (XBRL)

Free cash flow

FYE Dec 2025 ¥205bn
CAGR · 4 yrs −7.1%
Fiscal year FCF ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 256 n/a Cons. · IFRS
FYE Dec 2023 126 −50.6% Cons. · IFRS
FYE Dec 2024 87.1 −31.1% Cons. · IFRS
FYE Dec 2025 205 +135.8% Cons. · IFRS
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 Dec 2025 8.1%
Average · 4 yrs 8.6%
Fiscal year OCF margin % YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 9.2 n/a Cons. · IFRS
FYE Dec 2023 8.3 −0.9pp Cons. · IFRS
FYE Dec 2024 8.8 +0.5pp Cons. · IFRS
FYE Dec 2025 8.1 −0.7pp Cons. · IFRS
Definition
How much of the revenue turned into cash
Formula
Operating cash flow ÷ revenue
Source
Securities report (XBRL)

Net cash

FYE Dec 2025 -¥94bn
Average · 4 yrs -¥41bn
Fiscal year Net cash ¥ bn YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 9.1 n/a Cons. · IFRS
FYE Dec 2023 -2.7 −129.4% Cons. · IFRS
FYE Dec 2024 -74.7 n/a Cons. · IFRS
FYE Dec 2025 -93.9 n/a Cons. · IFRS
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 Dec 2025 ¥814bn
Change · 4 yrs +¥128bn
Fiscal year Market capitalisation ¥ bn Basis
FYE Mar 2017 n/a n/a
FYE Mar 2018 n/a n/a
FYE Mar 2019 n/a n/a
FYE Mar 2020 n/a n/a
FYE Mar 2021 n/a n/a
FYE Dec 2021 n/a n/a
FYE Dec 2022 686 n/a
FYE Dec 2023 724 n/a
FYE Dec 2024 625 n/a
FYE Dec 2025 814 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 Dec 2025 3,351¥
Change · 4 yrs −4,223¥
Fiscal year Share price ¥ Basis
FYE Mar 2017 n/a n/a
FYE Mar 2018 n/a n/a
FYE Mar 2019 n/a n/a
FYE Mar 2020 n/a n/a
FYE Mar 2021 n/a n/a
FYE Dec 2021 n/a n/a
FYE Dec 2022 7,575 n/a
FYE Dec 2023 7,995 n/a
FYE Dec 2024 7,179 n/a
FYE Dec 2025 3,351 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 Dec 2025 243,000,000shares
Change · 4 yrs +152,400,775 shares
Fiscal year Shares outstanding shares Basis
FYE Mar 2017 n/a Parent
FYE Mar 2018 n/a Parent
FYE Mar 2019 n/a Parent
FYE Mar 2020 n/a Parent
FYE Mar 2021 n/a Parent
FYE Dec 2021 n/a Parent
FYE Dec 2022 90,599,225 Parent
FYE Dec 2023 90,599,225 Parent
FYE Dec 2024 87,000,000 Parent
FYE Dec 2025 243,000,000 Parent
Definition
How many shares exist
Formula
Shares issued, from the key figures of the filing
Source
Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 10.79¥
Change · 4 yrs −389.99¥
Fiscal year EPS ¥ Basis
FYE Mar 2017 n/a Cons.
FYE Mar 2018 n/a Cons.
FYE Mar 2019 n/a Cons.
FYE Mar 2020 n/a Cons.
FYE Mar 2021 n/a Cons.
FYE Dec 2021 n/a Cons.
FYE Dec 2022 400.78 Cons.
FYE Dec 2023 139.53 Cons.
FYE Dec 2024 121.47 Cons.
FYE Dec 2025 10.79 Cons.
Definition
Net profit for each share
Formula
Net profit ÷ average shares outstanding
Source
Securities report (XBRL)

BPS book value per share

FYE Dec 2025 3,332.94¥
Change · 4 yrs −4,930.24¥
Fiscal year BPS ¥ Basis
FYE Mar 2017 n/a n/a
FYE Mar 2018 n/a n/a
FYE Mar 2019 n/a n/a
FYE Mar 2020 n/a n/a
FYE Mar 2021 n/a n/a
FYE Dec 2021 n/a Cons. · IFRS
FYE Dec 2022 8,263.18 Cons. · IFRS
FYE Dec 2023 8,634.94 Cons. · IFRS
FYE Dec 2024 9,595.98 Cons. · IFRS
FYE Dec 2025 3,332.94 Cons. · IFRS
Definition
Equity behind each share
Formula
Equity ÷ shares outstanding
Source
Securities report (XBRL)

PER price-to-earnings ratio

FYE Dec 2025 310.60×
Average · 4 yrs 88.93×
Fiscal year PER × Basis
FYE Mar 2017 n/a Cons.
FYE Mar 2018 n/a Cons.
FYE Mar 2019 n/a Cons.
FYE Mar 2020 n/a Cons.
FYE Mar 2021 n/a Cons.
FYE Dec 2021 n/a Cons.
FYE Dec 2022 6.30 Cons.
FYE Dec 2023 19.10 Cons.
FYE Dec 2024 19.70 Cons.
FYE Dec 2025 310.60 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 Dec 2025 0.98×
Average · 4 yrs 0.87×
Fiscal year PBR × Basis
FYE Mar 2017 n/a Cons.
FYE Mar 2018 n/a Cons.
FYE Mar 2019 n/a Cons.
FYE Mar 2020 n/a Cons.
FYE Mar 2021 n/a Cons.
FYE Dec 2021 n/a Cons.
FYE Dec 2022 0.89 Cons.
FYE Dec 2023 0.88 Cons.
FYE Dec 2024 0.73 Cons.
FYE Dec 2025 0.98 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 Dec 2025 77,925people
Change · 4 yrs +4,443 people
Fiscal year Group employees people YoY Basis
FYE Mar 2017 n/a n/a Cons.
FYE Mar 2018 n/a n/a Cons.
FYE Mar 2019 n/a n/a Cons.
FYE Mar 2020 n/a n/a Cons.
FYE Mar 2021 n/a n/a Cons.
FYE Dec 2021 n/a n/a Cons.
FYE Dec 2022 73,482 n/a Cons.
FYE Dec 2023 74,438 +1.3% Cons.
FYE Dec 2024 76,389 +2.6% Cons.
FYE Dec 2025 77,925 +2.0% 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 Dec 2025 296people
Change · 4 yrs −1 people
Fiscal year Parent-company employees people YoY Basis
FYE Mar 2017 n/a n/a Parent
FYE Mar 2018 n/a n/a Parent
FYE Mar 2019 n/a n/a Parent
FYE Mar 2020 n/a n/a Parent
FYE Mar 2021 n/a n/a Parent
FYE Dec 2021 n/a n/a Parent
FYE Dec 2022 297 n/a Parent
FYE Dec 2023 274 −7.7% Parent
FYE Dec 2024 286 +4.4% Parent
FYE Dec 2025 296 +3.5% Parent
Definition
Employees of the filing company itself
Formula
Parent-only headcount, from the employee section of the filing
Source
Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 ¥8.3m
Change · 4 yrs +¥0.1m
Fiscal year Average annual pay ¥ m YoY Basis
FYE Mar 2017 n/a n/a Parent
FYE Mar 2018 n/a n/a Parent
FYE Mar 2019 n/a n/a Parent
FYE Mar 2020 n/a n/a Parent
FYE Mar 2021 n/a n/a Parent
FYE Dec 2021 n/a n/a Parent
FYE Dec 2022 8.2 n/a Parent
FYE Dec 2023 9.4 +14.3% Parent
FYE Dec 2024 8.9 −4.9% Parent
FYE Dec 2025 8.3 −6.6% 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 Dec 2025 47.5years
Change · 4 yrs −0.1 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 n/a n/a Parent
FYE Mar 2020 n/a n/a Parent
FYE Mar 2021 n/a n/a Parent
FYE Dec 2021 n/a n/a Parent
FYE Dec 2022 47.6 n/a Parent
FYE Dec 2023 47.7 +0.2% Parent
FYE Dec 2024 47.7 −0.0% Parent
FYE Dec 2025 47.5 −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 Dec 2025 22.2years
Change · 4 yrs −0.7 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 n/a n/a Parent
FYE Mar 2020 n/a n/a Parent
FYE Mar 2021 n/a n/a Parent
FYE Dec 2021 n/a n/a Parent
FYE Dec 2022 22.9 n/a Parent
FYE Dec 2023 22.5 −1.7% Parent
FYE Dec 2024 22.3 −0.9% Parent
FYE Dec 2025 22.2 −0.4% 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 Dec 2025 8,226people
Change · 4 yrs −4,280 people
Fiscal year Temporary employees people YoY Basis
FYE Mar 2017 n/a n/a n/a
FYE Mar 2018 n/a n/a n/a
FYE Mar 2019 n/a n/a n/a
FYE Mar 2020 n/a n/a n/a
FYE Mar 2021 n/a n/a n/a
FYE Dec 2021 n/a n/a n/a
FYE Dec 2022 12,506 n/a n/a
FYE Dec 2023 11,004 −12.0% n/a
FYE Dec 2024 8,711 −20.8% n/a
FYE Dec 2025 8,226 −5.6% 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 Dec 2025 ¥33.0m
Change · 4 yrs −¥2.6m
Fiscal year Revenue per employee ¥ m YoY Basis
FYE Mar 2017 n/a n/a Cons.
FYE Mar 2018 n/a n/a Cons.
FYE Mar 2019 n/a n/a Cons.
FYE Mar 2020 n/a n/a Cons.
FYE Mar 2021 n/a n/a Cons.
FYE Dec 2021 n/a moved to parent only Parent
FYE Dec 2022 35.7 moved to consolidated Cons.
FYE Dec 2023 30.1 −15.6% Cons.
FYE Dec 2024 33.7 +12.2% Cons.
FYE Dec 2025 33.0 −2.1% Cons.
Definition
What each employee accounts for in revenue
Formula
Revenue ÷ group employees
Source
Securities report (XBRL)

Operating profit per employee

FYE Dec 2025 ¥0.7m
Change · 4 yrs −¥1.5m
Fiscal year OP per employee ¥ m YoY Basis
FYE Mar 2017 n/a n/a Cons.
FYE Mar 2018 n/a n/a Cons.
FYE Mar 2019 n/a n/a Cons.
FYE Mar 2020 n/a n/a Cons.
FYE Mar 2021 n/a n/a Cons.
FYE Dec 2021 n/a moved to parent only Parent
FYE Dec 2022 2.1 moved to consolidated Cons.
FYE Dec 2023 0.8 −61.9% Cons.
FYE Dec 2024 0.6 −20.4% Cons.
FYE Dec 2025 0.7 +2.8% Cons.
Definition
What each employee accounts for in operating profit
Formula
Operating profit ÷ group employees
Source
Securities report (XBRL)

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