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 year | Revenue | YoY | Operating profit | YoY | Margin | Net profit | Chief executive | That year |
|---|---|---|---|---|---|---|---|---|
| FYE Mar 2017Consolidated | ¥1.86tn | n/a | n/a | n/a | n/a | ¥37bn | Hirose Shinichi | — |
| FYE Mar 2018Consolidated | ¥2.00tn | +7.0% | n/a | n/a | n/a | ¥6.5bn | Hirose Shinichi | “We Find the Way” — a global logistics ambition declared |
| FYE Mar 2019Consolidated | ¥2.14tn | +7.2% | n/a | n/a | n/a | ¥49bn | Saito Mitsuru | — |
| FYE Mar 2020Consolidated | ¥2.08tn | −2.7% | n/a | n/a | n/a | ¥17bn | Saito Mitsuru | — |
| FYE Mar 2021Consolidated | ¥2.08tn | −0.1% | n/a | n/a | n/a | ¥56bn | Saito Mitsuru | — |
| FYE Dec 2021Parent only | ¥2.62tn | +26.0% | ¥156bn | n/a | 5.9% | ¥110bn | Saito Mitsuru | — |
| FYE Dec 2022Consolidated | ¥2.62tn | +0.0% | ¥156bn | +0.0% | 5.9% | ¥110bn | Saito Mitsuru | NIPPON 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% | ¥37bn | Saito Mitsuru | cargo-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% | ¥32bn | Horikiri 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% | ¥2.7bn | Horikiri 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
¥ bnMargins
%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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Balance sheet Assets, debt and equity, and what they say about financial strength
What the balance sheet is made of
¥ bnFinancial strength
%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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Cash flow statement Cash from operations, investment and financing, and what is left on hand
The three cash flows
¥ bnCash against debt
¥ bnOperating 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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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. |
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 |
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. |
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. |
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. |
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 |
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 |
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 |
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 |
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 |
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. |
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. |
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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