Financials

SUNWELS: FYE Mar 2026 and ten years of results (41 metrics)

FYE Mar 2026 · Revenue¥28bnYoY +6.2%

FYE Mar 2026 · Operating profit-¥1.2bnYoY −209.8%

FYE Mar 2025 · Net profit-¥0.9bnYoY −145.5%

FYE Mar 2026 · Equity ratio15.3%YoY −6.8pp

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.7bn	n/a	n/a	n/a	n/a	¥0.0bn	Nawashiro Akinori	—
FYE Mar 2018Parent only	¥2.5bn	+45.1%	n/a	n/a	n/a	n/a	Nawashiro Akinori	—
FYE Mar 2019Parent only	¥3.4bn	+38.9%	n/a	n/a	n/a	¥0.1bn	Nawashiro Akinori	First PD House opens in Ishikawa
FYE Mar 2020Parent only	¥4.4bn	+27.7%	n/a	n/a	n/a	¥0.1bn	Nawashiro Akinori	Expansion outside Ishikawa begins, in Fukuoka
FYE Mar 2021Parent only	¥5.4bn	+23.4%	¥0.3bn	n/a	6.0%	¥0.2bn	Nawashiro Akinori	—
FYE Mar 2022Parent only	¥8.4bn	+55.8%	¥0.5bn	+52.0%	5.8%	¥0.3bn	Nawashiro Akinori	—
FYE Mar 2023Parent only	¥14bn	+62.9%	¥1.4bn	+192.7%	10.5%	¥0.8bn	Nawashiro Akinori	Lists on the TSE Growth market at ¥1,940
FYE Mar 2024Parent only	¥20bn	+46.6%	¥2.3bn	+58.5%	11.3%	¥2.0bn	Nawashiro Akinori	¥7.48bn capital investment plan; eight new facilities
FYE Mar 2025Parent only	¥26bn	+31.8%	¥1.1bn	−51.0%	4.2%	-¥0.9bn	Nawashiro Akinori	Nine facilities opened; net profit ¥2.03bn; Prime market
FYE Mar 2026Parent only	¥28bn	+6.2%	-¥1.2bn	−209.8%	-4.3%	n/a	Nawashiro Akinori	Improper visiting-nurse billing disclosed

How it compares

Ship Healthcare Holdings¥718bnFY2025Operating margin 3.4%

H.U. Group Holdings, Inc.¥247bnFY2025Operating margin 1.9%

Tokai¥150bnFY2024Operating margin 5.5%

Biemueru¥143bnFY2024Operating margin 6.5%

Anbisuhorudingusu¥49bnFY2025Operating margin 12.5%

ARTNATURE INC.¥45bnFY2025Operating margin 7.2%

Kabusuhorudingusu¥38bnFY2025Operating margin 16.9%

Shinnihonkagaku¥32bnFY2024Operating margin 9.2%

SUNWELS¥28bnFY2025Operating margin −4.3%

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 ¥28bn

CAGR · 10 yrs +36.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.5	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	3.4	+38.9%	Parent · Japanese GAAP
FYE Mar 2020	4.4	+27.7%	Parent · Japanese GAAP
FYE Mar 2021	5.4	+23.4%	Parent · Japanese GAAP
FYE Mar 2022	8.4	+55.8%	Parent · Japanese GAAP
FYE Mar 2023	13.7	+62.9%	Parent · Japanese GAAP
FYE Mar 2024	20.1	+46.6%	Parent · Japanese GAAP
FYE Mar 2025	26.5	+31.8%	Parent · Japanese GAAP
FYE Mar 2026	28.1	+6.2%	Parent · 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 ¥25bn

CAGR · 6 yrs +44.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	4.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	6.3	+56.8%	Parent · Japanese GAAP
FYE Mar 2023	10.0	+57.9%	Parent · Japanese GAAP
FYE Mar 2024	15.0	+50.0%	Parent · Japanese GAAP
FYE Mar 2025	21.6	+44.3%	Parent · Japanese GAAP
FYE Mar 2026	25.4	+17.6%	Parent · 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 ¥2.8bn

CAGR · 6 yrs +15.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	1.4	n/a	Parent · Japanese GAAP
FYE Mar 2022	2.1	+53.0%	Parent · Japanese GAAP
FYE Mar 2023	3.7	+77.9%	Parent · Japanese GAAP
FYE Mar 2024	5.1	+37.5%	Parent · Japanese GAAP
FYE Mar 2025	4.9	−4.6%	Parent · Japanese GAAP
FYE Mar 2026	2.8	−43.8%	Parent · 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 ¥4.0bn

CAGR · 6 yrs +30.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	1.1	n/a	Parent · Japanese GAAP
FYE Mar 2022	1.6	+53.2%	Parent · Japanese GAAP
FYE Mar 2023	2.3	+43.1%	Parent · Japanese GAAP
FYE Mar 2024	2.9	+24.4%	Parent · Japanese GAAP
FYE Mar 2025	3.8	+32.1%	Parent · Japanese GAAP
FYE Mar 2026	4.0	+4.9%	Parent · 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 -¥1.2bn

Average · 6 yrs ¥0.7bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.3	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.5	+52.0%	Parent · Japanese GAAP
FYE Mar 2023	1.4	+192.7%	Parent · Japanese GAAP
FYE Mar 2024	2.3	+58.5%	Parent · Japanese GAAP
FYE Mar 2025	1.1	−51.0%	Parent · Japanese GAAP
FYE Mar 2026	-1.2	−209.8%	Parent · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥281m

CAGR · 6 yrs +44.9%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	43.9	n/a	Parent · Japanese GAAP
FYE Mar 2022	25.6	−41.7%	Parent · Japanese GAAP
FYE Mar 2023	110	+329.2%	Parent · Japanese GAAP
FYE Mar 2024	105	−4.5%	Parent · Japanese GAAP
FYE Mar 2025	166	+58.1%	Parent · Japanese GAAP
FYE Mar 2026	281	+69.3%	Parent · 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 ¥1.2bn

CAGR · 6 yrs +90.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.2	+238.1%	Parent · Japanese GAAP
FYE Mar 2023	0.4	+141.1%	Parent · Japanese GAAP
FYE Mar 2024	0.7	+63.0%	Parent · Japanese GAAP
FYE Mar 2025	0.9	+35.8%	Parent · Japanese GAAP
FYE Mar 2026	1.2	+37.4%	Parent · 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 -¥2.2bn

Average · 9 yrs ¥0.2bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	0.2	+945.1%	Parent · Japanese GAAP
FYE Mar 2020	0.2	+30.3%	Parent · Japanese GAAP
FYE Mar 2021	0.3	+38.4%	Parent · Japanese GAAP
FYE Mar 2022	0.3	+10.1%	Parent · Japanese GAAP
FYE Mar 2023	1.1	+226.9%	Parent · Japanese GAAP
FYE Mar 2024	1.7	+50.7%	Parent · Japanese GAAP
FYE Mar 2025	0.4	−77.4%	Parent · Japanese GAAP
FYE Mar 2026	-2.2	−658.8%	Parent · 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 ¥1.0bn

CAGR · 3 yrs +698.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.0	−99.2%	Parent · Japanese GAAP
FYE Mar 2023	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2024	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2025	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2026	1.0	n/a	Parent · 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 ¥6.0m

CAGR · 6 yrs +58.0%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.6	n/a	Parent · Japanese GAAP
FYE Mar 2022	2.7	+345.9%	Parent · Japanese GAAP
FYE Mar 2023	6.0	+120.6%	Parent · Japanese GAAP
FYE Mar 2024	17.0	+183.3%	Parent · Japanese GAAP
FYE Mar 2025	704	+4041.2%	Parent · Japanese GAAP
FYE Mar 2026	6.0	−99.1%	Parent · 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 n/a

Average · 8 yrs ¥0.3bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	0.1	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.1	+79.5%	Parent · Japanese GAAP
FYE Mar 2021	0.2	+61.7%	Parent · Japanese GAAP
FYE Mar 2022	0.3	+6.2%	Parent · Japanese GAAP
FYE Mar 2023	0.8	+206.3%	Parent · Japanese GAAP
FYE Mar 2024	2.0	+159.2%	Parent · Japanese GAAP
FYE Mar 2025	-0.9	−145.5%	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

Gross margin

FYE Mar 2026 9.8%

Average · 6 yrs 22.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	25.5	n/a	Parent · Japanese GAAP
FYE Mar 2022	25.0	−0.5pp	Parent · Japanese GAAP
FYE Mar 2023	27.3	+2.3pp	Parent · Japanese GAAP
FYE Mar 2024	25.6	−1.7pp	Parent · Japanese GAAP
FYE Mar 2025	18.5	−7.1pp	Parent · Japanese GAAP
FYE Mar 2026	9.8	−8.7pp	Parent · 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 -4.3%

Average · 6 yrs 5.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	6.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	5.8	−0.1pp	Parent · Japanese GAAP
FYE Mar 2023	10.5	+4.6pp	Parent · Japanese GAAP
FYE Mar 2024	11.3	+0.9pp	Parent · Japanese GAAP
FYE Mar 2025	4.2	−7.1pp	Parent · Japanese GAAP
FYE Mar 2026	-4.3	−8.6pp	Parent · Japanese GAAP

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Ordinary margin

FYE Mar 2026 -7.7%

Average · 9 yrs 3.5%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.7	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	5.1	+4.4pp	Parent · Japanese GAAP
FYE Mar 2020	5.2	+0.1pp	Parent · Japanese GAAP
FYE Mar 2021	5.9	+0.6pp	Parent · Japanese GAAP
FYE Mar 2022	4.1	−1.7pp	Parent · Japanese GAAP
FYE Mar 2023	8.3	+4.2pp	Parent · Japanese GAAP
FYE Mar 2024	8.6	+0.2pp	Parent · Japanese GAAP
FYE Mar 2025	1.5	−7.1pp	Parent · Japanese GAAP
FYE Mar 2026	-7.7	−9.2pp	Parent · 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 n/a

Average · 8 yrs 3.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	2.4	n/a	Parent · Japanese GAAP
FYE Mar 2020	3.4	+1.0pp	Parent · Japanese GAAP
FYE Mar 2021	4.5	+1.1pp	Parent · Japanese GAAP
FYE Mar 2022	3.0	−1.4pp	Parent · Japanese GAAP
FYE Mar 2023	5.7	+2.7pp	Parent · Japanese GAAP
FYE Mar 2024	10.1	+4.4pp	Parent · Japanese GAAP
FYE Mar 2025	-3.5	−13.6pp	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · 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 90.2%

Average · 6 yrs 78.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	74.5	n/a	Parent · Japanese GAAP
FYE Mar 2022	75.0	+0.5pp	Parent · Japanese GAAP
FYE Mar 2023	72.7	−2.3pp	Parent · Japanese GAAP
FYE Mar 2024	74.4	+1.7pp	Parent · Japanese GAAP
FYE Mar 2025	81.5	+7.1pp	Parent · Japanese GAAP
FYE Mar 2026	90.2	+8.7pp	Parent · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 14.2%

Average · 6 yrs 16.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	19.5	n/a	Parent · Japanese GAAP
FYE Mar 2022	19.2	−0.3pp	Parent · Japanese GAAP
FYE Mar 2023	16.8	−2.3pp	Parent · Japanese GAAP
FYE Mar 2024	14.3	−2.5pp	Parent · Japanese GAAP
FYE Mar 2025	14.3	−0.0pp	Parent · Japanese GAAP
FYE Mar 2026	14.2	−0.2pp	Parent · 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 ¥46bn

CAGR · 9 yrs +36.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	3.8	n/a	Parent · Japanese GAAP
FYE Mar 2019	3.9	+2.7%	Parent · Japanese GAAP
FYE Mar 2020	3.5	−10.3%	Parent · Japanese GAAP
FYE Mar 2021	4.8	+39.0%	Parent · Japanese GAAP
FYE Mar 2022	9.1	+87.9%	Parent · Japanese GAAP
FYE Mar 2023	19.3	+112.7%	Parent · Japanese GAAP
FYE Mar 2024	31.6	+64.0%	Parent · Japanese GAAP
FYE Mar 2025	39.0	+23.4%	Parent · Japanese GAAP
FYE Mar 2026	45.6	+17.0%	Parent · 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 ¥7.0bn

CAGR · 9 yrs +48.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	0.3	n/a	Parent · Japanese GAAP
FYE Mar 2019	0.4	+22.3%	Parent · Japanese GAAP
FYE Mar 2020	0.5	+31.3%	Parent · Japanese GAAP
FYE Mar 2021	0.7	+40.7%	Parent · Japanese GAAP
FYE Mar 2022	0.6	−9.5%	Parent · Japanese GAAP
FYE Mar 2023	4.7	+650.8%	Parent · Japanese GAAP
FYE Mar 2024	5.2	+11.7%	Parent · Japanese GAAP
FYE Mar 2025	8.6	+65.8%	Parent · Japanese GAAP
FYE Mar 2026	7.0	−19.1%	Parent · 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 ¥5.1bn

CAGR · 6 yrs +21.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	1.9	n/a	Parent · Japanese GAAP
FYE Mar 2022	2.7	+40.1%	Parent · Japanese GAAP
FYE Mar 2023	2.0	−27.4%	Parent · Japanese GAAP
FYE Mar 2024	5.9	+202.3%	Parent · Japanese GAAP
FYE Mar 2025	6.2	+5.1%	Parent · Japanese GAAP
FYE Mar 2026	5.1	−18.1%	Parent · Japanese GAAP

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Mar 2026 ¥0.6bn

CAGR · 6 yrs +2.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.5	n/a	Parent · Japanese GAAP
FYE Mar 2022	1.5	+208.0%	Parent · Japanese GAAP
FYE Mar 2023	0.7	−54.5%	Parent · Japanese GAAP
FYE Mar 2024	3.4	+385.7%	Parent · Japanese GAAP
FYE Mar 2025	0.7	−80.6%	Parent · Japanese GAAP
FYE Mar 2026	0.6	−13.3%	Parent · 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 ¥4.5bn

CAGR · 6 yrs +26.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	1.4	n/a	Parent · Japanese GAAP
FYE Mar 2022	1.2	−18.5%	Parent · Japanese GAAP
FYE Mar 2023	1.3	+8.6%	Parent · Japanese GAAP
FYE Mar 2024	2.5	+100.7%	Parent · Japanese GAAP
FYE Mar 2025	5.6	+119.7%	Parent · Japanese GAAP
FYE Mar 2026	4.5	−18.6%	Parent · 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 ¥15.0m

CAGR · 6 yrs −6.5%

Fiscal year	Intangible assets ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	21.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	17.4	−17.4%	Parent · Japanese GAAP
FYE Mar 2023	11.0	−36.7%	Parent · Japanese GAAP
FYE Mar 2024	9.0	−18.2%	Parent · Japanese GAAP
FYE Mar 2025	13.0	+44.4%	Parent · Japanese GAAP
FYE Mar 2026	15.0	+15.4%	Parent · Japanese GAAP

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

Equity ratio

FYE Mar 2026 15.3%

Average · 9 yrs 14.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	8.1	n/a	Parent · Japanese GAAP
FYE Mar 2019	9.6	+1.5pp	Parent · Japanese GAAP
FYE Mar 2020	14.0	+4.4pp	Parent · Japanese GAAP
FYE Mar 2021	14.2	+0.2pp	Parent · Japanese GAAP
FYE Mar 2022	6.8	−7.4pp	Parent · Japanese GAAP
FYE Mar 2023	24.2	+17.3pp	Parent · Japanese GAAP
FYE Mar 2024	16.5	−7.7pp	Parent · Japanese GAAP
FYE Mar 2025	22.1	+5.6pp	Parent · Japanese GAAP
FYE Mar 2026	15.3	−6.8pp	Parent · 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 73.3%

Average · 6 yrs 170.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	281.9	n/a	Parent · Japanese GAAP
FYE Mar 2022	436.4	+154.5pp	Parent · Japanese GAAP
FYE Mar 2023	42.2	−394.2pp	Parent · Japanese GAAP
FYE Mar 2024	114.3	+72.1pp	Parent · Japanese GAAP
FYE Mar 2025	72.4	−41.9pp	Parent · Japanese GAAP
FYE Mar 2026	73.3	+0.9pp	Parent · 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 n/a

Average · 7 yrs 24.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	22.4	n/a	Parent · Japanese GAAP
FYE Mar 2020	30.6	+8.2pp	Parent · Japanese GAAP
FYE Mar 2021	35.2	+4.6pp	Parent · Japanese GAAP
FYE Mar 2022	41.3	+6.1pp	Parent · Japanese GAAP
FYE Mar 2023	16.8	−24.4pp	Parent · Japanese GAAP
FYE Mar 2024	39.1	+22.2pp	Parent · Japanese GAAP
FYE Mar 2025	-10.7	−49.8pp	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 n/a

Average · 7 yrs 3.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	2.1	n/a	Parent · Japanese GAAP
FYE Mar 2020	4.3	+2.1pp	Parent · Japanese GAAP
FYE Mar 2021	5.0	+0.7pp	Parent · Japanese GAAP
FYE Mar 2022	2.8	−2.2pp	Parent · Japanese GAAP
FYE Mar 2023	4.1	+1.2pp	Parent · Japanese GAAP
FYE Mar 2024	6.4	+2.4pp	Parent · Japanese GAAP
FYE Mar 2025	-2.4	−8.8pp	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.62×

CAGR · 9 yrs −0.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.66	moved to parent only	Parent · Japanese GAAP
FYE Mar 2019	0.89	+35.3%	Parent · Japanese GAAP
FYE Mar 2020	1.26	+42.3%	Parent · Japanese GAAP
FYE Mar 2021	1.12	−11.2%	Parent · Japanese GAAP
FYE Mar 2022	0.93	−17.1%	Parent · Japanese GAAP
FYE Mar 2023	0.71	−23.4%	Parent · Japanese GAAP
FYE Mar 2024	0.64	−10.6%	Parent · Japanese GAAP
FYE Mar 2025	0.68	+6.8%	Parent · Japanese GAAP
FYE Mar 2026	0.62	−9.3%	Parent · 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 -¥0.3bn

Average · 7 yrs ¥0.9bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.3	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.2	−35.8%	Parent · Japanese GAAP
FYE Mar 2022	0.4	+88.1%	Parent · Japanese GAAP
FYE Mar 2023	1.1	+201.6%	Parent · Japanese GAAP
FYE Mar 2024	2.6	+124.3%	Parent · Japanese GAAP
FYE Mar 2025	1.9	−26.4%	Parent · Japanese GAAP
FYE Mar 2026	-0.3	−117.6%	Parent · Japanese GAAP

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Mar 2026 -¥1.3bn

Average · 7 yrs -¥2.2bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	-0.6	n/a	Parent · Japanese GAAP
FYE Mar 2021	-0.6	n/a	Parent · Japanese GAAP
FYE Mar 2022	-0.6	n/a	Parent · Japanese GAAP
FYE Mar 2023	-2.0	n/a	Parent · Japanese GAAP
FYE Mar 2024	-5.7	n/a	Parent · Japanese GAAP
FYE Mar 2025	-4.4	n/a	Parent · Japanese GAAP
FYE Mar 2026	-1.3	n/a	Parent · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 ¥0.1bn

Average · 7 yrs ¥1.7bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	-0.8	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.5	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.6	+17.2%	Parent · Japanese GAAP
FYE Mar 2023	2.7	+370.5%	Parent · Japanese GAAP
FYE Mar 2024	3.8	+41.0%	Parent · Japanese GAAP
FYE Mar 2025	4.8	+27.4%	Parent · Japanese GAAP
FYE Mar 2026	0.1	−98.7%	Parent · 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 ¥4.1bn

CAGR · 7 yrs +44.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.5	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.5	+9.3%	Parent · Japanese GAAP
FYE Mar 2022	0.8	+64.1%	Parent · Japanese GAAP
FYE Mar 2023	2.6	+220.3%	Parent · Japanese GAAP
FYE Mar 2024	3.3	+26.7%	Parent · Japanese GAAP
FYE Mar 2025	5.6	+70.5%	Parent · Japanese GAAP
FYE Mar 2026	4.1	−27.4%	Parent · 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 -¥1.6bn

Average · 7 yrs -¥1.3bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	-0.2	n/a	Parent · Japanese GAAP
FYE Mar 2021	-0.4	n/a	Parent · Japanese GAAP
FYE Mar 2022	-0.3	n/a	Parent · Japanese GAAP
FYE Mar 2023	-0.9	n/a	Parent · Japanese GAAP
FYE Mar 2024	-3.1	n/a	Parent · Japanese GAAP
FYE Mar 2025	-2.5	n/a	Parent · Japanese GAAP
FYE Mar 2026	-1.6	n/a	Parent · 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 -1.2%

Average · 7 yrs 6.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	7.1	n/a	Parent · Japanese GAAP
FYE Mar 2021	3.7	−3.4pp	Parent · Japanese GAAP
FYE Mar 2022	4.5	+0.8pp	Parent · Japanese GAAP
FYE Mar 2023	8.3	+3.8pp	Parent · Japanese GAAP
FYE Mar 2024	12.7	+4.4pp	Parent · Japanese GAAP
FYE Mar 2025	7.1	−5.6pp	Parent · Japanese GAAP
FYE Mar 2026	-1.2	−8.3pp	Parent · 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 -¥1.0bn

Average · 6 yrs -¥1.2bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2019	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2020	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2021	-1.4	n/a	Parent · Japanese GAAP
FYE Mar 2022	-1.9	n/a	Parent · Japanese GAAP
FYE Mar 2023	0.6	n/a	Parent · Japanese GAAP
FYE Mar 2024	-2.6	−508.2%	Parent · Japanese GAAP
FYE Mar 2025	-0.6	n/a	Parent · Japanese GAAP
FYE Mar 2026	-1.0	n/a	Parent · 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

Shares outstanding

FYE Mar 2026 35,220,000shares

Change · 9 yrs +35,218,826 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	n/a	Parent
FYE Mar 2018	1,174	Parent
FYE Mar 2019	1,174	Parent
FYE Mar 2020	1,174	Parent
FYE Mar 2021	117,400	Parent
FYE Mar 2022	11,740,000	Parent
FYE Mar 2023	11,740,000	Parent
FYE Mar 2024	35,220,000	Parent
FYE Mar 2025	35,220,000	Parent
FYE Mar 2026	35,220,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 197.96¥

Change · 9 yrs −258,081.43¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	258,279.39	Parent · Japanese GAAP
FYE Mar 2019	315,877.34	Parent · Japanese GAAP
FYE Mar 2020	414,821.12	Parent · Japanese GAAP
FYE Mar 2021	5,834.75	Parent · Japanese GAAP
FYE Mar 2022	52.81	Parent · Japanese GAAP
FYE Mar 2023	396.51	Parent · Japanese GAAP
FYE Mar 2024	147.59	Parent · Japanese GAAP
FYE Mar 2025	244.63	Parent · Japanese GAAP
FYE Mar 2026	197.96	Parent · Japanese GAAP

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

Workforce and productivity Headcount, pay and what each employee accounts for

Parent-company employees

FYE Mar 2026 3,570people

Change · 9 yrs +3,246 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	324	n/a	Parent
FYE Mar 2019	396	+22.2%	Parent
FYE Mar 2020	516	+30.3%	Parent
FYE Mar 2021	707	+37.0%	Parent
FYE Mar 2022	1,081	+52.9%	Parent
FYE Mar 2023	1,747	+61.6%	Parent
FYE Mar 2024	2,435	+39.4%	Parent
FYE Mar 2025	3,302	+35.6%	Parent
FYE Mar 2026	3,570	+8.1%	Parent

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

Average annual pay parent company

FYE Mar 2026 484万円

Change · 5 yrs +159万円

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	n/a	n/a	Parent
FYE Mar 2020	n/a	n/a	Parent
FYE Mar 2021	n/a	n/a	Parent
FYE Mar 2022	326	n/a	Parent
FYE Mar 2023	462	+41.8%	Parent
FYE Mar 2024	482	+4.3%	Parent
FYE Mar 2025	484	+0.5%	Parent
FYE Mar 2026	484	+0.1%	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 39.6years

Change · 5 yrs +0.4 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 Mar 2022	39.2	n/a	Parent
FYE Mar 2023	38.7	−1.3%	Parent
FYE Mar 2024	39.0	+0.8%	Parent
FYE Mar 2025	39.4	+1.0%	Parent
FYE Mar 2026	39.6	+0.5%	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 2.4years

Change · 5 yrs −0.2 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 Mar 2022	2.6	n/a	Parent
FYE Mar 2023	1.9	−26.9%	Parent
FYE Mar 2024	2.0	+5.3%	Parent
FYE Mar 2025	2.0	−0.0%	Parent
FYE Mar 2026	2.4	+20.0%	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)

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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