Financials

Hikari Tsushin: FYE Mar 2026 and ten years of results (48 metrics)

FYE Mar 2026 · Revenue¥735bnYoY +7.0%

FYE Mar 2026 · Operating profit¥117bnYoY +11.1%

FYE Mar 2026 · Net profit¥151bnYoY +28.5%

FYE Mar 2026 · Equity ratio40.4%YoY +3.1pp

FYE Mar 2026 · Group employees4,012YoY +73

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥429bn	n/a	¥42bn	n/a	9.7%	¥27bn	Tamamura Tsuyoshi	—
FYE Mar 2018Consolidated	¥428bn	−0.3%	¥51bn	+22.9%	11.9%	¥43bn	Tamamura Tsuyoshi	Enters retail electricity as the market fully deregulates
FYE Mar 2019Consolidated	¥484bn	+13.3%	¥64bn	+25.9%	13.3%	¥50bn	Tamamura Tsuyoshi	Market cap tops <span class="en-history_money" data-yen="1000000000000" data-year="2018">$9.1B (¥1tn)</span> again — a “second trillion-yen company”
FYE Mar 2020Consolidated	¥525bn	+8.3%	¥73bn	+13.6%	13.9%	¥52bn	Tamamura Tsuyoshi	Long-term listed-equity “net investment” becomes a core pillar
FYE Mar 2021Consolidated	¥559bn	+6.6%	¥69bn	−5.1%	12.4%	¥55bn	Wada Hideaki	—
FYE Mar 2022Consolidated	¥573bn	+2.4%	¥84bn	+20.7%	14.6%	¥88bn	Wada Hideaki	—
FYE Mar 2023Consolidated	¥644bn	+12.4%	¥87bn	+3.6%	13.4%	¥91bn	Wada Hideaki	Takes listed subsidiary Sic Holdings fully private by tender offer
FYE Mar 2024Consolidated	¥602bn	−6.5%	¥95bn	+9.2%	15.7%	¥122bn	Wada Hideaki	—
FYE Mar 2025Consolidated	¥687bn	+14.1%	¥105bn	+11.1%	15.3%	¥118bn	Wada Hideaki	Record net profit of <span class="en-history_money" data-yen="122200000000" data-year="2024">$806.6M (¥122bn)</span>
FYE Mar 2026Consolidated	¥735bn	+7.0%	¥117bn	+11.1%	15.9%	¥151bn	Wada Hideaki	—

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥735bn

CAGR · 10 yrs +6.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	429	n/a	Cons. · IFRS
FYE Mar 2018	428	−0.3%	Cons. · IFRS
FYE Mar 2019	484	+13.3%	Cons. · IFRS
FYE Mar 2020	525	+8.3%	Cons. · IFRS
FYE Mar 2021	559	+6.6%	Cons. · IFRS
FYE Mar 2022	573	+2.4%	Cons. · IFRS
FYE Mar 2023	644	+12.4%	Cons. · IFRS
FYE Mar 2024	602	−6.5%	Cons. · IFRS
FYE Mar 2025	687	+14.1%	Cons. · IFRS
FYE Mar 2026	735	+7.0%	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 Mar 2026 ¥371bn

CAGR · 10 yrs +9.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	158	n/a	Cons. · IFRS
FYE Mar 2018	152	−3.6%	Cons. · IFRS
FYE Mar 2019	188	+23.3%	Cons. · IFRS
FYE Mar 2020	211	+12.1%	Cons. · IFRS
FYE Mar 2021	264	+25.2%	Cons. · IFRS
FYE Mar 2022	273	+3.5%	Cons. · IFRS
FYE Mar 2023	347	+26.9%	Cons. · IFRS
FYE Mar 2024	287	−17.3%	Cons. · IFRS
FYE Mar 2025	343	+19.7%	Cons. · IFRS
FYE Mar 2026	371	+8.0%	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 Mar 2026 ¥364bn

CAGR · 10 yrs +3.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	271	n/a	Cons. · IFRS
FYE Mar 2018	275	+1.6%	Cons. · IFRS
FYE Mar 2019	296	+7.7%	Cons. · IFRS
FYE Mar 2020	314	+5.9%	Cons. · IFRS
FYE Mar 2021	296	−5.8%	Cons. · IFRS
FYE Mar 2022	300	+1.5%	Cons. · IFRS
FYE Mar 2023	297	−0.9%	Cons. · IFRS
FYE Mar 2024	315	+6.0%	Cons. · IFRS
FYE Mar 2025	343	+8.9%	Cons. · IFRS
FYE Mar 2026	364	+6.0%	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 Mar 2026 ¥251bn

CAGR · 10 yrs +0.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	231	n/a	Cons. · IFRS
FYE Mar 2018	228	−1.0%	Cons. · IFRS
FYE Mar 2019	235	+3.0%	Cons. · IFRS
FYE Mar 2020	246	+4.8%	Cons. · IFRS
FYE Mar 2021	229	−6.9%	Cons. · IFRS
FYE Mar 2022	227	−0.9%	Cons. · IFRS
FYE Mar 2023	229	+0.6%	Cons. · IFRS
FYE Mar 2024	220	−3.9%	Cons. · IFRS
FYE Mar 2025	239	+8.6%	Cons. · IFRS
FYE Mar 2026	251	+5.2%	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 Mar 2026 ¥117bn

CAGR · 10 yrs +12.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	41.6	n/a	Cons. · IFRS
FYE Mar 2018	51.1	+22.9%	Cons. · IFRS
FYE Mar 2019	64.3	+25.9%	Cons. · IFRS
FYE Mar 2020	73.0	+13.6%	Cons. · IFRS
FYE Mar 2021	69.3	−5.1%	Cons. · IFRS
FYE Mar 2022	83.6	+20.7%	Cons. · IFRS
FYE Mar 2023	86.6	+3.6%	Cons. · IFRS
FYE Mar 2024	94.5	+9.2%	Cons. · IFRS
FYE Mar 2025	105	+11.1%	Cons. · IFRS
FYE Mar 2026	117	+11.1%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥78bn

CAGR · 10 yrs +24.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	10.9	n/a	Cons. · IFRS
FYE Mar 2018	5.0	−54.6%	Cons. · IFRS
FYE Mar 2019	7.4	+49.6%	Cons. · IFRS
FYE Mar 2020	12.0	+60.7%	Cons. · IFRS
FYE Mar 2021	9.8	−18.3%	Cons. · IFRS
FYE Mar 2022	21.6	+120.9%	Cons. · IFRS
FYE Mar 2023	24.8	+15.1%	Cons. · IFRS
FYE Mar 2024	61.5	+147.6%	Cons. · IFRS
FYE Mar 2025	41.6	−32.4%	Cons. · IFRS
FYE Mar 2026	77.6	+86.6%	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 Mar 2026 ¥22bn

CAGR · 10 yrs +25.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · IFRS
FYE Mar 2018	12.5	+346.6%	Cons. · IFRS
FYE Mar 2019	6.3	−49.7%	Cons. · IFRS
FYE Mar 2020	9.6	+52.9%	Cons. · IFRS
FYE Mar 2021	9.1	−5.7%	Cons. · IFRS
FYE Mar 2022	10.1	+11.6%	Cons. · IFRS
FYE Mar 2023	10.6	+4.2%	Cons. · IFRS
FYE Mar 2024	14.8	+39.8%	Cons. · IFRS
FYE Mar 2025	15.9	+7.3%	Cons. · IFRS
FYE Mar 2026	22.4	+41.2%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥151bn

CAGR · 10 yrs +21.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	27.1	n/a	Cons. · IFRS
FYE Mar 2018	43.0	+58.3%	Cons. · IFRS
FYE Mar 2019	49.5	+15.3%	Cons. · IFRS
FYE Mar 2020	51.7	+4.3%	Cons. · IFRS
FYE Mar 2021	54.6	+5.7%	Cons. · IFRS
FYE Mar 2022	87.5	+60.3%	Cons. · IFRS
FYE Mar 2023	91.3	+4.4%	Cons. · IFRS
FYE Mar 2024	122	+33.8%	Cons. · IFRS
FYE Mar 2025	118	−3.8%	Cons. · IFRS
FYE Mar 2026	151	+28.5%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 49.5%

Average · 10 yrs 55.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	63.1	n/a	Cons. · IFRS
FYE Mar 2018	64.3	+1.2pp	Cons. · IFRS
FYE Mar 2019	61.2	−3.2pp	Cons. · IFRS
FYE Mar 2020	59.8	−1.4pp	Cons. · IFRS
FYE Mar 2021	52.8	−7.0pp	Cons. · IFRS
FYE Mar 2022	52.3	−0.5pp	Cons. · IFRS
FYE Mar 2023	46.2	−6.2pp	Cons. · IFRS
FYE Mar 2024	52.4	+6.2pp	Cons. · IFRS
FYE Mar 2025	50.0	−2.4pp	Cons. · IFRS
FYE Mar 2026	49.5	−0.5pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 15.9%

Average · 10 yrs 13.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.7	n/a	Cons. · IFRS
FYE Mar 2018	11.9	+2.3pp	Cons. · IFRS
FYE Mar 2019	13.3	+1.3pp	Cons. · IFRS
FYE Mar 2020	13.9	+0.6pp	Cons. · IFRS
FYE Mar 2021	12.4	−1.5pp	Cons. · IFRS
FYE Mar 2022	14.6	+2.2pp	Cons. · IFRS
FYE Mar 2023	13.4	−1.1pp	Cons. · IFRS
FYE Mar 2024	15.7	+2.3pp	Cons. · IFRS
FYE Mar 2025	15.3	−0.4pp	Cons. · IFRS
FYE Mar 2026	15.9	+0.6pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 20.6%

Average · 10 yrs 13.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · IFRS
FYE Mar 2018	10.0	+3.7pp	Cons. · IFRS
FYE Mar 2019	10.2	+0.2pp	Cons. · IFRS
FYE Mar 2020	9.8	−0.4pp	Cons. · IFRS
FYE Mar 2021	9.8	−0.1pp	Cons. · IFRS
FYE Mar 2022	15.3	+5.5pp	Cons. · IFRS
FYE Mar 2023	14.2	−1.1pp	Cons. · IFRS
FYE Mar 2024	20.3	+6.1pp	Cons. · IFRS
FYE Mar 2025	17.1	−3.2pp	Cons. · IFRS
FYE Mar 2026	20.6	+3.4pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2026 50.5%

Average · 10 yrs 44.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	36.9	n/a	Cons. · IFRS
FYE Mar 2018	35.7	−1.2pp	Cons. · IFRS
FYE Mar 2019	38.8	+3.2pp	Cons. · IFRS
FYE Mar 2020	40.2	+1.4pp	Cons. · IFRS
FYE Mar 2021	47.2	+7.0pp	Cons. · IFRS
FYE Mar 2022	47.7	+0.5pp	Cons. · IFRS
FYE Mar 2023	53.8	+6.2pp	Cons. · IFRS
FYE Mar 2024	47.6	−6.2pp	Cons. · IFRS
FYE Mar 2025	50.0	+2.4pp	Cons. · IFRS
FYE Mar 2026	50.5	+0.5pp	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 Mar 2026 34.1%

Average · 10 yrs 42.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	53.8	n/a	Cons. · IFRS
FYE Mar 2018	53.4	−0.4pp	Cons. · IFRS
FYE Mar 2019	48.6	−4.9pp	Cons. · IFRS
FYE Mar 2020	47.0	−1.6pp	Cons. · IFRS
FYE Mar 2021	41.0	−6.0pp	Cons. · IFRS
FYE Mar 2022	39.7	−1.4pp	Cons. · IFRS
FYE Mar 2023	35.5	−4.2pp	Cons. · IFRS
FYE Mar 2024	36.5	+1.0pp	Cons. · IFRS
FYE Mar 2025	34.7	−1.8pp	Cons. · IFRS
FYE Mar 2026	34.1	−0.6pp	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 Mar 2026 ¥2.85tn

CAGR · 10 yrs +21.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	497	n/a	Cons. · IFRS
FYE Mar 2018	686	+37.9%	Cons. · IFRS
FYE Mar 2019	804	+17.3%	Cons. · IFRS
FYE Mar 2020	972	+20.9%	Cons. · IFRS
FYE Mar 2021	1,257	+29.3%	Cons. · IFRS
FYE Mar 2022	1,451	+15.5%	Cons. · IFRS
FYE Mar 2023	1,692	+16.6%	Cons. · IFRS
FYE Mar 2024	2,079	+22.9%	Cons. · IFRS
FYE Mar 2025	2,371	+14.0%	Cons. · IFRS
FYE Mar 2026	2,854	+20.4%	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 Mar 2026 ¥1.15tn

CAGR · 10 yrs +22.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	186	n/a	Cons. · IFRS
FYE Mar 2018	209	+12.2%	Cons. · IFRS
FYE Mar 2019	241	+15.3%	Cons. · IFRS
FYE Mar 2020	253	+4.9%	Cons. · IFRS
FYE Mar 2021	358	+41.5%	Cons. · IFRS
FYE Mar 2022	438	+22.4%	Cons. · IFRS
FYE Mar 2023	544	+24.1%	Cons. · IFRS
FYE Mar 2024	762	+40.1%	Cons. · IFRS
FYE Mar 2025	886	+16.3%	Cons. · IFRS
FYE Mar 2026	1,154	+30.2%	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 Mar 2026 ¥1.09tn

CAGR · 10 yrs +22.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	173	n/a	Cons. · IFRS
FYE Mar 2018	270	+56.0%	Cons. · IFRS
FYE Mar 2019	320	+18.5%	Cons. · IFRS
FYE Mar 2020	400	+24.9%	Cons. · IFRS
FYE Mar 2021	514	+28.6%	Cons. · IFRS
FYE Mar 2022	613	+19.2%	Cons. · IFRS
FYE Mar 2023	722	+17.8%	Cons. · IFRS
FYE Mar 2024	822	+14.0%	Cons. · IFRS
FYE Mar 2025	934	+13.6%	Cons. · IFRS
FYE Mar 2026	1,088	+16.5%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥161bn

CAGR · 10 yrs +16.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	40.7	n/a	Cons. · IFRS
FYE Mar 2018	36.8	−9.7%	Cons. · IFRS
FYE Mar 2019	59.9	+62.9%	Cons. · IFRS
FYE Mar 2020	57.7	−3.7%	Cons. · IFRS
FYE Mar 2021	133	+129.8%	Cons. · IFRS
FYE Mar 2022	103	−22.6%	Cons. · IFRS
FYE Mar 2023	143	+39.7%	Cons. · IFRS
FYE Mar 2024	156	+9.0%	Cons. · IFRS
FYE Mar 2025	180	+15.0%	Cons. · IFRS
FYE Mar 2026	161	−10.3%	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 Mar 2026 ¥927bn

CAGR · 10 yrs +24.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	132	n/a	Cons. · IFRS
FYE Mar 2018	233	+76.2%	Cons. · IFRS
FYE Mar 2019	260	+11.5%	Cons. · IFRS
FYE Mar 2020	342	+31.4%	Cons. · IFRS
FYE Mar 2021	381	+11.6%	Cons. · IFRS
FYE Mar 2022	510	+33.7%	Cons. · IFRS
FYE Mar 2023	578	+13.4%	Cons. · IFRS
FYE Mar 2024	666	+15.2%	Cons. · IFRS
FYE Mar 2025	754	+13.3%	Cons. · IFRS
FYE Mar 2026	927	+22.9%	Cons. · IFRS

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

Bonds

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥6.7bn

CAGR · 9 yrs −8.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	13.9	n/a	Cons. · IFRS
FYE Mar 2019	16.2	+17.1%	Cons. · IFRS
FYE Mar 2020	13.9	−14.1%	Cons. · IFRS
FYE Mar 2021	11.5	−17.8%	Cons. · IFRS
FYE Mar 2022	10.1	−11.9%	Cons. · IFRS
FYE Mar 2023	6.7	−33.7%	Cons. · IFRS
FYE Mar 2024	5.8	−13.0%	Cons. · IFRS
FYE Mar 2025	6.7	+15.0%	Cons. · IFRS
FYE Mar 2026	6.7	−0.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥18bn

CAGR · 10 yrs −3.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	25.7	n/a	Cons. · IFRS
FYE Mar 2018	25.0	−2.7%	Cons. · IFRS
FYE Mar 2019	26.1	+4.3%	Cons. · IFRS
FYE Mar 2020	29.3	+12.4%	Cons. · IFRS
FYE Mar 2021	30.1	+2.7%	Cons. · IFRS
FYE Mar 2022	27.4	−8.9%	Cons. · IFRS
FYE Mar 2023	19.4	−29.4%	Cons. · IFRS
FYE Mar 2024	17.5	−9.5%	Cons. · IFRS
FYE Mar 2025	18.8	+7.4%	Cons. · IFRS
FYE Mar 2026	18.4	−2.1%	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 Mar 2026 40.4%

Average · 10 yrs 32.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	37.4	n/a	Cons. · IFRS
FYE Mar 2018	30.5	−7.0pp	Cons. · IFRS
FYE Mar 2019	30.0	−0.5pp	Cons. · IFRS
FYE Mar 2020	26.0	−4.0pp	Cons. · IFRS
FYE Mar 2021	28.5	+2.5pp	Cons. · IFRS
FYE Mar 2022	30.2	+1.7pp	Cons. · IFRS
FYE Mar 2023	32.1	+2.0pp	Cons. · IFRS
FYE Mar 2024	36.6	+4.5pp	Cons. · IFRS
FYE Mar 2025	37.4	+0.7pp	Cons. · IFRS
FYE Mar 2026	40.4	+3.1pp	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 Mar 2026 94.3%

Average · 10 yrs 123.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	92.9	n/a	Cons. · IFRS
FYE Mar 2018	129.2	+36.2pp	Cons. · IFRS
FYE Mar 2019	132.8	+3.6pp	Cons. · IFRS
FYE Mar 2020	158.0	+25.2pp	Cons. · IFRS
FYE Mar 2021	143.7	−14.4pp	Cons. · IFRS
FYE Mar 2022	139.9	−3.8pp	Cons. · IFRS
FYE Mar 2023	132.8	−7.1pp	Cons. · IFRS
FYE Mar 2024	108.0	−24.8pp	Cons. · IFRS
FYE Mar 2025	105.5	−2.5pp	Cons. · IFRS
FYE Mar 2026	94.3	−11.1pp	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 Mar 2026 13.1%

Average · 10 yrs 17.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	14.6	n/a	Cons. · IFRS
FYE Mar 2018	20.5	+6.0pp	Cons. · IFRS
FYE Mar 2019	20.6	−0.0pp	Cons. · IFRS
FYE Mar 2020	20.4	−0.1pp	Cons. · IFRS
FYE Mar 2021	15.3	−5.2pp	Cons. · IFRS
FYE Mar 2022	20.0	+4.7pp	Cons. · IFRS
FYE Mar 2023	16.8	−3.2pp	Cons. · IFRS
FYE Mar 2024	16.0	−0.8pp	Cons. · IFRS
FYE Mar 2025	13.3	−2.8pp	Cons. · IFRS
FYE Mar 2026	13.1	−0.2pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.3%

Average · 10 yrs 5.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · IFRS
FYE Mar 2018	6.3	+0.8pp	Cons. · IFRS
FYE Mar 2019	6.2	−0.1pp	Cons. · IFRS
FYE Mar 2020	5.3	−0.8pp	Cons. · IFRS
FYE Mar 2021	4.3	−1.0pp	Cons. · IFRS
FYE Mar 2022	6.0	+1.7pp	Cons. · IFRS
FYE Mar 2023	5.4	−0.6pp	Cons. · IFRS
FYE Mar 2024	5.9	+0.5pp	Cons. · IFRS
FYE Mar 2025	5.0	−0.9pp	Cons. · IFRS
FYE Mar 2026	5.3	+0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.26×

CAGR · 10 yrs −12.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.86	n/a	Cons. · IFRS
FYE Mar 2018	0.62	−27.7%	Cons. · IFRS
FYE Mar 2019	0.60	−3.4%	Cons. · IFRS
FYE Mar 2020	0.54	−10.4%	Cons. · IFRS
FYE Mar 2021	0.45	−17.5%	Cons. · IFRS
FYE Mar 2022	0.39	−11.3%	Cons. · IFRS
FYE Mar 2023	0.38	−3.6%	Cons. · IFRS
FYE Mar 2024	0.29	−23.9%	Cons. · IFRS
FYE Mar 2025	0.29	−0.0%	Cons. · IFRS
FYE Mar 2026	0.26	−11.1%	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 Mar 2026 ¥57bn

CAGR · 10 yrs +14.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.9	n/a	Cons. · IFRS
FYE Mar 2018	27.8	+64.8%	Cons. · IFRS
FYE Mar 2019	63.3	+127.3%	Cons. · IFRS
FYE Mar 2020	87.1	+37.6%	Cons. · IFRS
FYE Mar 2021	58.1	−33.3%	Cons. · IFRS
FYE Mar 2022	51.0	−12.2%	Cons. · IFRS
FYE Mar 2023	54.8	+7.4%	Cons. · IFRS
FYE Mar 2024	130	+137.6%	Cons. · IFRS
FYE Mar 2025	84.8	−34.8%	Cons. · IFRS
FYE Mar 2026	57.1	−32.7%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥104bn

Average · 10 yrs -¥85bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-10.0	n/a	Cons. · IFRS
FYE Mar 2018	-45.0	n/a	Cons. · IFRS
FYE Mar 2019	-89.0	n/a	Cons. · IFRS
FYE Mar 2020	-61.9	n/a	Cons. · IFRS
FYE Mar 2021	-96.6	n/a	Cons. · IFRS
FYE Mar 2022	-96.0	n/a	Cons. · IFRS
FYE Mar 2023	-79.3	n/a	Cons. · IFRS
FYE Mar 2024	-94.7	n/a	Cons. · IFRS
FYE Mar 2025	-177	n/a	Cons. · IFRS
FYE Mar 2026	-104	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 Mar 2026 ¥105bn

CAGR · 10 yrs +6.8%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	57.9	n/a	Cons. · IFRS
FYE Mar 2018	86.2	+48.9%	Cons. · IFRS
FYE Mar 2019	21.2	−75.4%	Cons. · IFRS
FYE Mar 2020	61.1	+187.4%	Cons. · IFRS
FYE Mar 2021	89.8	+47.0%	Cons. · IFRS
FYE Mar 2022	50.1	−44.2%	Cons. · IFRS
FYE Mar 2023	69.2	+38.2%	Cons. · IFRS
FYE Mar 2024	55.3	−20.1%	Cons. · IFRS
FYE Mar 2025	66.7	+20.6%	Cons. · IFRS
FYE Mar 2026	105	+56.9%	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 Mar 2026 ¥540bn

CAGR · 10 yrs +18.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	119	n/a	Cons. · IFRS
FYE Mar 2018	186	+56.6%	Cons. · IFRS
FYE Mar 2019	186	+0.3%	Cons. · IFRS
FYE Mar 2020	272	+46.1%	Cons. · IFRS
FYE Mar 2021	325	+19.2%	Cons. · IFRS
FYE Mar 2022	338	+4.2%	Cons. · IFRS
FYE Mar 2023	389	+15.1%	Cons. · IFRS
FYE Mar 2024	495	+27.1%	Cons. · IFRS
FYE Mar 2025	470	−5.0%	Cons. · IFRS
FYE Mar 2026	540	+14.8%	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 Mar 2026 -¥47bn

Average · 10 yrs -¥22bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · IFRS
FYE Mar 2018	-17.1	−349.2%	Cons. · IFRS
FYE Mar 2019	-25.7	n/a	Cons. · IFRS
FYE Mar 2020	25.2	n/a	Cons. · IFRS
FYE Mar 2021	-38.5	−253.1%	Cons. · IFRS
FYE Mar 2022	-45.0	n/a	Cons. · IFRS
FYE Mar 2023	-24.5	n/a	Cons. · IFRS
FYE Mar 2024	35.5	n/a	Cons. · IFRS
FYE Mar 2025	-92.4	−360.5%	Cons. · IFRS
FYE Mar 2026	-47.0	n/a	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 Mar 2026 7.8%

Average · 10 yrs 11.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · IFRS
FYE Mar 2018	6.5	+2.6pp	Cons. · IFRS
FYE Mar 2019	13.1	+6.6pp	Cons. · IFRS
FYE Mar 2020	16.6	+3.5pp	Cons. · IFRS
FYE Mar 2021	10.4	−6.2pp	Cons. · IFRS
FYE Mar 2022	8.9	−1.5pp	Cons. · IFRS
FYE Mar 2023	8.5	−0.4pp	Cons. · IFRS
FYE Mar 2024	21.6	+13.1pp	Cons. · IFRS
FYE Mar 2025	12.4	−9.3pp	Cons. · IFRS
FYE Mar 2026	7.8	−4.6pp	Cons. · IFRS

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Mar 2026 -¥549bn

Average · 10 yrs -¥254bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-54.5	n/a	Cons. · IFRS
FYE Mar 2018	-84.2	n/a	Cons. · IFRS
FYE Mar 2019	-134	n/a	Cons. · IFRS
FYE Mar 2020	-127	n/a	Cons. · IFRS
FYE Mar 2021	-190	n/a	Cons. · IFRS
FYE Mar 2022	-274	n/a	Cons. · IFRS
FYE Mar 2023	-332	n/a	Cons. · IFRS
FYE Mar 2024	-328	n/a	Cons. · IFRS
FYE Mar 2025	-464	n/a	Cons. · IFRS
FYE Mar 2026	-549	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 Mar 2026 ¥1.76tn

Change · 10 yrs +¥1.23tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	522	n/a
FYE Mar 2018	810	n/a
FYE Mar 2019	976	n/a
FYE Mar 2020	844	n/a
FYE Mar 2021	1,036	n/a
FYE Mar 2022	632	n/a
FYE Mar 2023	835	n/a
FYE Mar 2024	1,278	n/a
FYE Mar 2025	1,703	n/a
FYE Mar 2026	1,755	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 39,905¥

Change · 10 yrs +28,984¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	10,922	n/a
FYE Mar 2018	16,971	n/a
FYE Mar 2019	20,975	n/a
FYE Mar 2020	18,130	n/a
FYE Mar 2021	22,258	n/a
FYE Mar 2022	13,875	n/a
FYE Mar 2023	18,543	n/a
FYE Mar 2024	28,361	n/a
FYE Mar 2025	38,465	n/a
FYE Mar 2026	39,905	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Mar 2026 43,989,642shares

Change · 10 yrs −3,760,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	47,749,642	Parent
FYE Mar 2018	47,749,642	Parent
FYE Mar 2019	46,549,642	Parent
FYE Mar 2020	46,549,642	Parent
FYE Mar 2021	46,549,642	Parent
FYE Mar 2022	45,549,642	Parent
FYE Mar 2023	45,049,642	Parent
FYE Mar 2024	45,049,642	Parent
FYE Mar 2025	44,269,642	Parent
FYE Mar 2026	43,989,642	Parent

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

EPS earnings per share

FYE Mar 2026 3,440.12¥

Change · 10 yrs +2,600.00¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	840.12	Cons.
FYE Mar 2018	927.35	Cons.
FYE Mar 2019	1,075.66	Cons.
FYE Mar 2020	1,126.09	Cons.
FYE Mar 2021	1,190.28	Cons.
FYE Mar 2022	1,927.09	Cons.
FYE Mar 2023	2,037.65	Cons.
FYE Mar 2024	2,753.52	Cons.
FYE Mar 2025	2,671.18	Cons.
FYE Mar 2026	3,440.12	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 26,226.31¥

Change · 10 yrs +22,325.57¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,900.74	Cons. · IFRS
FYE Mar 2018	4,377.98	Cons. · IFRS
FYE Mar 2019	5,178.84	Cons. · IFRS
FYE Mar 2020	5,433.10	Cons. · IFRS
FYE Mar 2021	7,687.66	Cons. · IFRS
FYE Mar 2022	9,615.40	Cons. · IFRS
FYE Mar 2023	12,069.06	Cons. · IFRS
FYE Mar 2024	16,908.17	Cons. · IFRS
FYE Mar 2025	20,012.99	Cons. · IFRS
FYE Mar 2026	26,226.31	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 11.60×

Average · 10 yrs 13.82×

Fiscal year	PER ×	Basis
FYE Mar 2017	13.00	Cons.
FYE Mar 2018	18.30	Cons.
FYE Mar 2019	19.50	Cons.
FYE Mar 2020	16.10	Cons.
FYE Mar 2021	18.70	Cons.
FYE Mar 2022	7.20	Cons.
FYE Mar 2023	9.10	Cons.
FYE Mar 2024	10.30	Cons.
FYE Mar 2025	14.40	Cons.
FYE Mar 2026	11.60	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 Mar 2026 1.47×

Average · 10 yrs 2.32×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.80	Cons.
FYE Mar 2018	3.48	Cons.
FYE Mar 2019	3.74	Cons.
FYE Mar 2020	2.91	Cons.
FYE Mar 2021	2.60	Cons.
FYE Mar 2022	1.34	Cons.
FYE Mar 2023	1.45	Cons.
FYE Mar 2024	1.58	Cons.
FYE Mar 2025	1.85	Cons.
FYE Mar 2026	1.47	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

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

Group employees

FYE Mar 2026 4,012people

Change · 9 yrs −4,714 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	8,726	n/a	Cons.
FYE Mar 2018	n/a	n/a	Cons.
FYE Mar 2019	6,305	n/a	Cons.
FYE Mar 2020	6,449	+2.3%	Cons.
FYE Mar 2021	5,848	−9.3%	Cons.
FYE Mar 2022	5,310	−9.2%	Cons.
FYE Mar 2023	4,488	−15.5%	Cons.
FYE Mar 2024	4,149	−7.6%	Cons.
FYE Mar 2025	3,939	−5.1%	Cons.
FYE Mar 2026	4,012	+1.9%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 3people

Change · 10 yrs −590 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	593	n/a	Parent
FYE Mar 2018	407	−31.4%	Parent
FYE Mar 2019	303	−25.6%	Parent
FYE Mar 2020	143	−52.8%	Parent
FYE Mar 2021	85	−40.6%	Parent
FYE Mar 2022	7	−91.8%	Parent
FYE Mar 2023	5	−28.6%	Parent
FYE Mar 2024	2	−60.0%	Parent
FYE Mar 2025	2	−0.0%	Parent
FYE Mar 2026	3	+50.0%	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 ¥35.2m

Change · 9 yrs +¥29.8m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	5.4	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	6.5	n/a	Parent
FYE Mar 2020	8.1	+24.1%	Parent
FYE Mar 2021	7.4	−8.9%	Parent
FYE Mar 2022	16.8	+127.7%	Parent
FYE Mar 2023	21.0	+24.9%	Parent
FYE Mar 2024	20.6	−1.9%	Parent
FYE Mar 2025	24.1	+16.8%	Parent
FYE Mar 2026	35.2	+46.0%	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 49.0years

Change · 8 yrs +11.7 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	37.3	n/a	Parent
FYE Mar 2020	38.7	+3.8%	Parent
FYE Mar 2021	35.1	−9.3%	Parent
FYE Mar 2022	43.7	+24.5%	Parent
FYE Mar 2023	42.5	−2.7%	Parent
FYE Mar 2024	52.8	+24.2%	Parent
FYE Mar 2025	47.9	−9.3%	Parent
FYE Mar 2026	49.0	+2.3%	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 21.7years

Change · 9 yrs +16.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	5.3	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	5.8	n/a	Parent
FYE Mar 2020	5.9	+1.7%	Parent
FYE Mar 2021	7.4	+25.4%	Parent
FYE Mar 2022	5.0	−32.4%	Parent
FYE Mar 2023	14.0	+180.0%	Parent
FYE Mar 2024	14.9	+6.4%	Parent
FYE Mar 2025	24.6	+65.1%	Parent
FYE Mar 2026	21.7	−11.8%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Mar 2026 823people

Change · 9 yrs −911 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,734	n/a	n/a
FYE Mar 2018	n/a	n/a	n/a
FYE Mar 2019	1,267	n/a	n/a
FYE Mar 2020	1,584	+25.0%	n/a
FYE Mar 2021	1,376	−13.1%	n/a
FYE Mar 2022	1,492	+8.4%	n/a
FYE Mar 2023	1,209	−19.0%	n/a
FYE Mar 2024	845	−30.1%	n/a
FYE Mar 2025	922	+9.1%	n/a
FYE Mar 2026	823	−10.7%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥183m

Change · 9 yrs +¥134m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	49.2	n/a	Cons.
FYE Mar 2018	n/a	n/a	Cons.
FYE Mar 2019	76.8	n/a	Cons.
FYE Mar 2020	81.3	+5.9%	Cons.
FYE Mar 2021	95.7	+17.6%	Cons.
FYE Mar 2022	108	+12.8%	Cons.
FYE Mar 2023	143	+33.0%	Cons.
FYE Mar 2024	145	+1.1%	Cons.
FYE Mar 2025	174	+20.1%	Cons.
FYE Mar 2026	183	+5.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥29.1m

Change · 9 yrs +¥24.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons.
FYE Mar 2018	n/a	n/a	Cons.
FYE Mar 2019	10.2	n/a	Cons.
FYE Mar 2020	11.3	+11.0%	Cons.
FYE Mar 2021	11.8	+4.6%	Cons.
FYE Mar 2022	15.7	+32.9%	Cons.
FYE Mar 2023	19.3	+22.6%	Cons.
FYE Mar 2024	22.8	+18.1%	Cons.
FYE Mar 2025	26.7	+17.0%	Cons.
FYE Mar 2026	29.1	+9.0%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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