Financials

Shikoku Electric Power: FYE Mar 2026 and ten years of results (42 metrics)

FYE Mar 2026 · Revenue¥762bnYoY −10.5%

FYE Mar 2026 · Operating profit¥68bnYoY −23.8%

FYE Mar 2026 · Net profit¥51bnYoY −25.6%

FYE Mar 2026 · Equity ratio27.4%YoY +1.4pp

FYE Mar 2026 · Group employees7,931YoY −31

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥685bn	n/a	¥20bn	n/a	2.9%	¥11bn	Saiki Hayato	Full retail liberalization; Ikata No.3 restarts; No.1 retired
FYE Mar 2018Consolidated	¥732bn	+6.9%	¥29bn	+46.3%	4.0%	¥20bn	Saiki Hayato	—
FYE Mar 2019Consolidated	¥737bn	+0.8%	¥26bn	−12.1%	3.5%	¥17bn	Saiki Hayato	Ikata No.2 retired — a single-reactor station
FYE Mar 2020Consolidated	¥733bn	−0.6%	¥31bn	+21.6%	4.3%	¥18bn	Saiki Hayato	—
FYE Mar 2021Consolidated	¥719bn	−1.9%	¥6.5bn	−79.4%	0.9%	¥3.0bn	Nagai Keisuke	Transmission and distribution legally separated
FYE Mar 2022Consolidated	¥642bn	−10.7%	-¥14bn	−309.4%	-2.1%	-¥6.3bn	Nagai Keisuke	—
FYE Mar 2023Consolidated	¥833bn	+29.8%	-¥12bn	n/a	-1.5%	-¥23bn	Nagai Keisuke	—
FYE Mar 2024Consolidated	¥787bn	−5.5%	¥79bn	n/a	10.0%	¥61bn	Nagai Keisuke	Deepest post-Fukushima loss; tariffs raised 28.74%
FYE Mar 2025Consolidated	¥851bn	+8.1%	¥89bn	+13.4%	10.5%	¥68bn	Nagai Keisuke	—
FYE Mar 2026Consolidated	¥762bn	−10.5%	¥68bn	−23.8%	8.9%	¥51bn	Miyamoto Yoshihiro	Record results; Yonden Group Medium-Term Plan 2030

How it compares

TEPCO¥6.33tnFY2025Operating margin 5.3%Kansai Electric Power¥4.06tnFY2025Operating margin 10.8%Chubu Electric Power¥3.55tnFY2025Operating margin 6.5%Tohoku Electric Power¥2.37tnFY2025Operating margin 6.8%Kyushu Electric Power¥2.25tnFY2025Operating margin 10.0%

The Chugoku Electric Power Company, Incorporated¥1.44tnFY2025Operating margin 6.3%

J-Power¥1.18tnFY2025Operating margin 8.5%Hokkaido Electric Power¥856bnFY2025Operating margin 8.6%

Hokuriku Electric Power¥787bnFY2025Operating margin 11.1%

Shikoku Electric Power¥762bnFY2025Operating margin 8.9%

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

Where the revenue goes

¥ bn

Cost of sales Operating profit

Margins

Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥762bn

CAGR · 10 yrs +1.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	685	n/a	Cons. · Japanese GAAP
FYE Mar 2018	732	+6.9%	Cons. · Japanese GAAP
FYE Mar 2019	737	+0.8%	Cons. · Japanese GAAP
FYE Mar 2020	733	−0.6%	Cons. · Japanese GAAP
FYE Mar 2021	719	−1.9%	Cons. · Japanese GAAP
FYE Mar 2022	642	−10.7%	Cons. · Japanese GAAP
FYE Mar 2023	833	+29.8%	Cons. · Japanese GAAP
FYE Mar 2024	787	−5.5%	Cons. · Japanese GAAP
FYE Mar 2025	851	+8.1%	Cons. · Japanese GAAP
FYE Mar 2026	762	−10.5%	Cons. · Japanese GAAP

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥694bn

CAGR · 10 yrs +0.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	665	n/a	Cons. · Japanese GAAP
FYE Mar 2018	703	+5.7%	Cons. · Japanese GAAP
FYE Mar 2019	712	+1.3%	Cons. · Japanese GAAP
FYE Mar 2020	702	−1.4%	Cons. · Japanese GAAP
FYE Mar 2021	713	+1.5%	Cons. · Japanese GAAP
FYE Mar 2022	655	−8.0%	Cons. · Japanese GAAP
FYE Mar 2023	845	+29.0%	Cons. · Japanese GAAP
FYE Mar 2024	709	−16.2%	Cons. · Japanese GAAP
FYE Mar 2025	762	+7.5%	Cons. · Japanese GAAP
FYE Mar 2026	694	−9.0%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥68bn

CAGR · 10 yrs +14.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	20.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.3	+46.3%	Cons. · Japanese GAAP
FYE Mar 2019	25.7	−12.1%	Cons. · Japanese GAAP
FYE Mar 2020	31.3	+21.6%	Cons. · Japanese GAAP
FYE Mar 2021	6.5	−79.4%	Cons. · Japanese GAAP
FYE Mar 2022	-13.5	−309.4%	Cons. · Japanese GAAP
FYE Mar 2023	-12.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	78.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	89.1	+13.4%	Cons. · Japanese GAAP
FYE Mar 2026	67.8	−23.8%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥9.0bn

CAGR · 10 yrs +6.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.1	+35.6%	Cons. · Japanese GAAP
FYE Mar 2019	7.5	+6.0%	Cons. · Japanese GAAP
FYE Mar 2020	5.3	−30.3%	Cons. · Japanese GAAP
FYE Mar 2021	6.5	+24.2%	Cons. · Japanese GAAP
FYE Mar 2022	7.9	+20.7%	Cons. · Japanese GAAP
FYE Mar 2023	14.3	+81.1%	Cons. · Japanese GAAP
FYE Mar 2024	12.1	−15.1%	Cons. · Japanese GAAP
FYE Mar 2025	13.2	+9.2%	Cons. · Japanese GAAP
FYE Mar 2026	9.0	−31.8%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Mar 2026 ¥9.0bn

CAGR · 10 yrs −0.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.4	−10.2%	Cons. · Japanese GAAP
FYE Mar 2019	8.1	−2.8%	Cons. · Japanese GAAP
FYE Mar 2020	8.6	+5.5%	Cons. · Japanese GAAP
FYE Mar 2021	7.8	−9.3%	Cons. · Japanese GAAP
FYE Mar 2022	6.5	−16.9%	Cons. · Japanese GAAP
FYE Mar 2023	24.5	+278.1%	Cons. · Japanese GAAP
FYE Mar 2024	10.6	−56.9%	Cons. · Japanese GAAP
FYE Mar 2025	10.7	+1.4%	Cons. · Japanese GAAP
FYE Mar 2026	9.0	−16.0%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥68bn

CAGR · 10 yrs +17.5%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.0	+75.8%	Cons. · Japanese GAAP
FYE Mar 2019	25.1	−10.3%	Cons. · Japanese GAAP
FYE Mar 2020	28.0	+11.2%	Cons. · Japanese GAAP
FYE Mar 2021	5.2	−81.4%	Cons. · Japanese GAAP
FYE Mar 2022	-12.1	−333.5%	Cons. · Japanese GAAP
FYE Mar 2023	-22.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	80.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	91.6	+14.4%	Cons. · Japanese GAAP
FYE Mar 2026	67.9	−25.9%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥51bn

CAGR · 10 yrs +18.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.7	+73.4%	Cons. · Japanese GAAP
FYE Mar 2019	17.0	−13.6%	Cons. · Japanese GAAP
FYE Mar 2020	18.1	+6.5%	Cons. · Japanese GAAP
FYE Mar 2021	3.0	−83.4%	Cons. · Japanese GAAP
FYE Mar 2022	-6.3	−308.8%	Cons. · Japanese GAAP
FYE Mar 2023	-22.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	60.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	68.3	+12.9%	Cons. · Japanese GAAP
FYE Mar 2026	50.8	−25.6%	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 8.9%

Average · 10 yrs 4.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.0	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	4.3	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	0.9	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	-2.1	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2023	-1.5	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	10.0	+11.4pp	Cons. · Japanese GAAP
FYE Mar 2025	10.5	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	8.9	−1.6pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 8.9%

Average · 10 yrs 3.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	3.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	0.7	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2022	-1.9	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	-2.7	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	10.2	+12.9pp	Cons. · Japanese GAAP
FYE Mar 2025	10.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	8.9	−1.8pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 6.7%

Average · 10 yrs 2.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.7	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	2.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	2.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	0.4	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2022	-1.0	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	-2.7	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2024	7.7	+10.4pp	Cons. · Japanese GAAP
FYE Mar 2025	8.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	6.7	−1.4pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 91.1%

Average · 10 yrs 95.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	97.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	96.0	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	96.5	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	95.7	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	99.1	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2022	102.1	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2023	101.5	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	90.0	−11.4pp	Cons. · Japanese GAAP
FYE Mar 2025	89.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	91.1	+1.6pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ 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 ¥1.73tn

CAGR · 10 yrs +3.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,301	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,330	+2.2%	Cons. · Japanese GAAP
FYE Mar 2019	1,354	+1.8%	Cons. · Japanese GAAP
FYE Mar 2020	1,374	+1.5%	Cons. · Japanese GAAP
FYE Mar 2021	1,430	+4.1%	Cons. · Japanese GAAP
FYE Mar 2022	1,501	+4.9%	Cons. · Japanese GAAP
FYE Mar 2023	1,612	+7.4%	Cons. · Japanese GAAP
FYE Mar 2024	1,629	+1.1%	Cons. · Japanese GAAP
FYE Mar 2025	1,687	+3.6%	Cons. · Japanese GAAP
FYE Mar 2026	1,734	+2.8%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥475bn

CAGR · 10 yrs +5.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	304	n/a	Cons. · Japanese GAAP
FYE Mar 2018	312	+2.9%	Cons. · Japanese GAAP
FYE Mar 2019	319	+2.2%	Cons. · Japanese GAAP
FYE Mar 2020	325	+1.7%	Cons. · Japanese GAAP
FYE Mar 2021	326	+0.4%	Cons. · Japanese GAAP
FYE Mar 2022	313	−3.9%	Cons. · Japanese GAAP
FYE Mar 2023	296	−5.5%	Cons. · Japanese GAAP
FYE Mar 2024	360	+21.9%	Cons. · Japanese GAAP
FYE Mar 2025	438	+21.5%	Cons. · Japanese GAAP
FYE Mar 2026	475	+8.3%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥464bn

CAGR · 10 yrs +6.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	276	n/a	Cons. · Japanese GAAP
FYE Mar 2018	281	+2.0%	Cons. · Japanese GAAP
FYE Mar 2019	289	+2.9%	Cons. · Japanese GAAP
FYE Mar 2020	326	+12.7%	Cons. · Japanese GAAP
FYE Mar 2021	370	+13.5%	Cons. · Japanese GAAP
FYE Mar 2022	382	+3.3%	Cons. · Japanese GAAP
FYE Mar 2023	464	+21.3%	Cons. · Japanese GAAP
FYE Mar 2024	455	−1.9%	Cons. · Japanese GAAP
FYE Mar 2025	434	−4.7%	Cons. · Japanese GAAP
FYE Mar 2026	464	+7.0%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Mar 2026 ¥464bn

CAGR · 10 yrs +6.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	258	n/a	Cons. · Japanese GAAP
FYE Mar 2018	281	+9.1%	Cons. · Japanese GAAP
FYE Mar 2019	289	+2.9%	Cons. · Japanese GAAP
FYE Mar 2020	326	+12.7%	Cons. · Japanese GAAP
FYE Mar 2021	370	+13.5%	Cons. · Japanese GAAP
FYE Mar 2022	382	+3.3%	Cons. · Japanese GAAP
FYE Mar 2023	464	+21.3%	Cons. · Japanese GAAP
FYE Mar 2024	455	−1.9%	Cons. · Japanese GAAP
FYE Mar 2025	434	−4.7%	Cons. · Japanese GAAP
FYE Mar 2026	464	+7.0%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 27.4%

Average · 10 yrs 23.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	23.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.5	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	23.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	23.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	22.8	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	20.8	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2023	18.3	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2024	22.1	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2025	26.0	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2026	27.4	+1.4pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 97.8%

Average · 10 yrs 108.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	90.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	90.0	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	90.6	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	100.5	+9.9pp	Cons. · Japanese GAAP
FYE Mar 2021	113.7	+13.2pp	Cons. · Japanese GAAP
FYE Mar 2022	122.2	+8.5pp	Cons. · Japanese GAAP
FYE Mar 2023	156.8	+34.6pp	Cons. · Japanese GAAP
FYE Mar 2024	126.2	−30.6pp	Cons. · Japanese GAAP
FYE Mar 2025	99.0	−27.2pp	Cons. · Japanese GAAP
FYE Mar 2026	97.8	−1.2pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 10.7%

Average · 10 yrs 5.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2019	5.3	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	5.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	0.9	−4.7pp	Cons. · Japanese GAAP
FYE Mar 2022	-2.0	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2023	-7.7	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2024	16.8	+24.5pp	Cons. · Japanese GAAP
FYE Mar 2025	15.6	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	10.7	−4.9pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 2.9%

Average · 10 yrs 1.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.5	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	1.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	1.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	-0.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	-1.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	3.7	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2025	4.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	2.9	−1.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.44×

CAGR · 10 yrs −2.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.53	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.55	+4.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.54	−1.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.53	−2.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.50	−5.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.43	−14.9%	Cons. · Japanese GAAP
FYE Mar 2023	0.52	+20.8%	Cons. · Japanese GAAP
FYE Mar 2024	0.48	−6.5%	Cons. · Japanese GAAP
FYE Mar 2025	0.50	+4.4%	Cons. · Japanese GAAP
FYE Mar 2026	0.44	−12.9%	Cons. · Japanese GAAP

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥82bn

CAGR · 10 yrs +0.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	81.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	124	+51.1%	Cons. · Japanese GAAP
FYE Mar 2019	54.5	−55.9%	Cons. · Japanese GAAP
FYE Mar 2020	107	+96.9%	Cons. · Japanese GAAP
FYE Mar 2021	52.3	−51.3%	Cons. · Japanese GAAP
FYE Mar 2022	49.8	−4.7%	Cons. · Japanese GAAP
FYE Mar 2023	36.1	−27.6%	Cons. · Japanese GAAP
FYE Mar 2024	144	+298.1%	Cons. · Japanese GAAP
FYE Mar 2025	130	−9.6%	Cons. · Japanese GAAP
FYE Mar 2026	82.3	−36.6%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥150bn

Average · 10 yrs -¥97bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-60.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-82.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-82.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-99.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-89.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-125	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-91.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-97.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-92.9	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-150	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE Mar 2026 ¥15bn

Average · 10 yrs ¥14bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-16.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-31.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	14.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	6.3	−56.6%	Cons. · Japanese GAAP
FYE Mar 2021	48.3	+664.6%	Cons. · Japanese GAAP
FYE Mar 2022	82.3	+70.3%	Cons. · Japanese GAAP
FYE Mar 2023	84.8	+3.1%	Cons. · Japanese GAAP
FYE Mar 2024	-34.2	−140.3%	Cons. · Japanese GAAP
FYE Mar 2025	-25.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	15.4	n/a	Cons. · Japanese GAAP

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

Cash and equivalents

FYE Mar 2026 ¥79bn

CAGR · 10 yrs +7.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	42.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.2	+22.8%	Cons. · Japanese GAAP
FYE Mar 2019	40.7	−22.1%	Cons. · Japanese GAAP
FYE Mar 2020	54.3	+33.5%	Cons. · Japanese GAAP
FYE Mar 2021	65.4	+20.5%	Cons. · Japanese GAAP
FYE Mar 2022	72.9	+11.4%	Cons. · Japanese GAAP
FYE Mar 2023	106	+45.2%	Cons. · Japanese GAAP
FYE Mar 2024	118	+11.7%	Cons. · Japanese GAAP
FYE Mar 2025	130	+10.0%	Cons. · Japanese GAAP
FYE Mar 2026	78.6	−39.6%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 -¥68bn

Average · 10 yrs -¥11bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	21.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.6	+94.6%	Cons. · Japanese GAAP
FYE Mar 2019	-27.9	−167.1%	Cons. · Japanese GAAP
FYE Mar 2020	7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-37.0	−602.8%	Cons. · Japanese GAAP
FYE Mar 2022	-75.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-55.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	46.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	36.9	−20.5%	Cons. · Japanese GAAP
FYE Mar 2026	-67.7	−283.6%	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 10.8%

Average · 10 yrs 11.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	11.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.9	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2019	7.4	−9.5pp	Cons. · Japanese GAAP
FYE Mar 2020	14.6	+7.2pp	Cons. · Japanese GAAP
FYE Mar 2021	7.3	−7.4pp	Cons. · Japanese GAAP
FYE Mar 2022	7.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	4.3	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2024	18.2	+13.9pp	Cons. · Japanese GAAP
FYE Mar 2025	15.2	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2026	10.8	−4.4pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥386bn

Average · 10 yrs -¥298bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-233	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-229	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-249	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-272	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-305	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-309	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-358	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-337	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-304	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-386	n/a	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥363bn

Change · 8 yrs +¥90bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	273	n/a
FYE Mar 2018	282	n/a
FYE Mar 2019	301	n/a
FYE Mar 2020	190	n/a
FYE Mar 2021	192	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	249	n/a
FYE Mar 2025	240	n/a
FYE Mar 2026	363	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 1,748¥

Change · 8 yrs +525¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,223	n/a
FYE Mar 2018	1,262	n/a
FYE Mar 2019	1,348	n/a
FYE Mar 2020	854	n/a
FYE Mar 2021	860	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	1,198	n/a
FYE Mar 2025	1,156	n/a
FYE Mar 2026	1,748	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 207,528,000shares

Change · 10 yrs −15,558,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	223,086,000	Parent
FYE Mar 2018	223,086,000	Parent
FYE Mar 2019	223,086,000	Parent
FYE Mar 2020	223,086,000	Parent
FYE Mar 2021	223,086,000	Parent
FYE Mar 2022	223,086,000	Parent
FYE Mar 2023	207,528,000	Parent
FYE Mar 2024	207,528,000	Parent
FYE Mar 2025	207,528,000	Parent
FYE Mar 2026	207,528,000	Parent

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

EPS earnings per share

FYE Mar 2026 247.27¥

Change · 10 yrs +192.16¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	55.11	Cons.
FYE Mar 2018	95.55	Cons.
FYE Mar 2019	82.53	Cons.
FYE Mar 2020	87.92	Cons.
FYE Mar 2021	14.58	Cons.
FYE Mar 2022	-30.44	Cons.
FYE Mar 2023	-111.19	Cons.
FYE Mar 2024	294.25	Cons.
FYE Mar 2025	332.20	Cons.
FYE Mar 2026	247.27	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 2,286.67¥

Change · 10 yrs +925.70¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,360.98	Cons. · Japanese GAAP
FYE Mar 2018	1,399.87	Cons. · Japanese GAAP
FYE Mar 2019	1,430.97	Cons. · Japanese GAAP
FYE Mar 2020	1,454.78	Cons. · Japanese GAAP
FYE Mar 2021	1,459.88	Cons. · Japanese GAAP
FYE Mar 2022	1,402.57	Cons. · Japanese GAAP
FYE Mar 2023	1,425.29	Cons. · Japanese GAAP
FYE Mar 2024	1,737.08	Cons. · Japanese GAAP
FYE Mar 2025	2,110.65	Cons. · Japanese GAAP
FYE Mar 2026	2,286.67	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 7.07×

Average · 8 yrs 16.88×

Fiscal year	PER ×	Basis
FYE Mar 2017	22.19	Cons.
FYE Mar 2018	13.21	Cons.
FYE Mar 2019	16.33	Cons.
FYE Mar 2020	9.71	Cons.
FYE Mar 2021	58.98	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	4.07	Cons.
FYE Mar 2025	3.48	Cons.
FYE Mar 2026	7.07	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 0.75×

Average · 8 yrs 0.70×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.83	Cons.
FYE Mar 2018	0.83	Cons.
FYE Mar 2019	0.87	Cons.
FYE Mar 2020	0.54	Cons.
FYE Mar 2021	0.54	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	0.68	Cons.
FYE Mar 2025	0.54	Cons.
FYE Mar 2026	0.75	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 7,931people

Change · 10 yrs −238 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	8,169	n/a	Cons.
FYE Mar 2018	8,156	−0.2%	Cons.
FYE Mar 2019	8,207	+0.6%	Cons.
FYE Mar 2020	8,143	−0.8%	Cons.
FYE Mar 2021	8,150	+0.1%	Cons.
FYE Mar 2022	8,074	−0.9%	Cons.
FYE Mar 2023	8,030	−0.5%	Cons.
FYE Mar 2024	8,018	−0.1%	Cons.
FYE Mar 2025	7,962	−0.7%	Cons.
FYE Mar 2026	7,931	−0.4%	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 2,111people

Change · 10 yrs −2,533 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4,644	n/a	Parent
FYE Mar 2018	4,594	−1.1%	Parent
FYE Mar 2019	4,489	−2.3%	Parent
FYE Mar 2020	4,409	−1.8%	Parent
FYE Mar 2021	2,288	−48.1%	Parent
FYE Mar 2022	2,243	−2.0%	Parent
FYE Mar 2023	2,199	−2.0%	Parent
FYE Mar 2024	2,170	−1.3%	Parent
FYE Mar 2025	2,121	−2.3%	Parent
FYE Mar 2026	2,111	−0.5%	Parent

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

Average annual pay parent company

FYE Mar 2026 874万円

Change · 8 yrs +102万円

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	772	n/a	Parent
FYE Mar 2020	775	+0.4%	Parent
FYE Mar 2021	772	−0.3%	Parent
FYE Mar 2022	772	−0.0%	Parent
FYE Mar 2023	760	−1.6%	Parent
FYE Mar 2024	766	+0.8%	Parent
FYE Mar 2025	818	+6.7%	Parent
FYE Mar 2026	874	+6.9%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 42.0years

Change · 8 yrs −1.9 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	43.9	n/a	Parent
FYE Mar 2020	44.1	+0.5%	Parent
FYE Mar 2021	42.7	−3.2%	Parent
FYE Mar 2022	42.7	−0.0%	Parent
FYE Mar 2023	42.4	−0.7%	Parent
FYE Mar 2024	42.3	−0.2%	Parent
FYE Mar 2025	42.0	−0.7%	Parent
FYE Mar 2026	42.0	−0.0%	Parent

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

Average length of service

FYE Mar 2026 18.5years

Change · 8 yrs −3.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	22.3	n/a	Parent
FYE Mar 2020	22.3	−0.0%	Parent
FYE Mar 2021	20.6	−7.6%	Parent
FYE Mar 2022	20.2	−1.9%	Parent
FYE Mar 2023	19.5	−3.5%	Parent
FYE Mar 2024	19.1	−2.1%	Parent
FYE Mar 2025	18.8	−1.6%	Parent
FYE Mar 2026	18.5	−1.6%	Parent

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

Temporary employees

FYE Mar 2026 474people

Change · 10 yrs −86 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	560	n/a	n/a
FYE Mar 2018	574	+2.5%	n/a
FYE Mar 2019	532	−7.3%	n/a
FYE Mar 2020	538	+1.1%	n/a
FYE Mar 2021	526	−2.2%	n/a
FYE Mar 2022	497	−5.5%	n/a
FYE Mar 2023	460	−7.4%	n/a
FYE Mar 2024	428	−7.0%	n/a
FYE Mar 2025	436	+1.9%	n/a
FYE Mar 2026	474	+8.7%	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 ¥96.1m

Change · 10 yrs +¥12.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	83.8	n/a	Cons.
FYE Mar 2018	89.7	+7.1%	Cons.
FYE Mar 2019	89.8	+0.1%	Cons.
FYE Mar 2020	90.0	+0.2%	Cons.
FYE Mar 2021	88.2	−2.0%	Cons.
FYE Mar 2022	79.5	−9.9%	Cons.
FYE Mar 2023	104	+30.5%	Cons.
FYE Mar 2024	98.2	−5.4%	Cons.
FYE Mar 2025	107	+8.9%	Cons.
FYE Mar 2026	96.1	−10.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥8.6m

Change · 10 yrs +¥6.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons.
FYE Mar 2018	3.6	+46.5%	Cons.
FYE Mar 2019	3.1	−12.6%	Cons.
FYE Mar 2020	3.8	+22.6%	Cons.
FYE Mar 2021	0.8	−79.4%	Cons.
FYE Mar 2022	-1.7	−311.3%	Cons.
FYE Mar 2023	-1.5	n/a	Cons.
FYE Mar 2024	9.8	n/a	Cons.
FYE Mar 2025	11.2	+14.2%	Cons.
FYE Mar 2026	8.6	−23.5%	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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