Financials

J-Power: FYE Mar 2026 and ten years of results (42 metrics)

FYE Mar 2026 · Revenue¥1.18tnYoY −10.2%

FYE Mar 2026 · Operating profit¥101bnYoY −27.0%

FYE Mar 2026 · Net profit¥59bnYoY −36.7%

FYE Mar 2026 · Equity ratio37.6%YoY +1.2pp

FYE Mar 2026 · Group employees7,202YoY +75

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥744bn	n/a	¥82bn	n/a	11.0%	¥41bn	Kitamura Masayoshi	—
FYE Mar 2018Consolidated	¥856bn	+15.0%	¥104bn	+27.7%	12.2%	¥68bn	Watanabe Toshifumi	—
FYE Mar 2019Consolidated	¥897bn	+4.8%	¥79bn	−24.4%	8.8%	¥46bn	Watanabe Toshifumi	—
FYE Mar 2020Consolidated	¥914bn	+1.8%	¥84bn	+6.1%	9.2%	¥42bn	Watanabe Toshifumi	—
FYE Mar 2021Consolidated	¥909bn	−0.5%	¥78bn	−7.0%	8.6%	¥22bn	Watanabe Toshifumi	—
FYE Mar 2022Consolidated	¥1.08tn	+19.3%	¥87bn	+11.8%	8.0%	¥70bn	Watanabe Toshifumi	J-POWER BLUE MISSION 2050 — zero-emission generation by 2050
FYE Mar 2023Consolidated	¥1.84tn	+69.8%	¥184bn	+111.4%	10.0%	¥114bn	Watanabe Toshifumi	—
FYE Mar 2024Consolidated	¥1.26tn	−31.7%	¥106bn	−42.5%	8.4%	¥78bn	Watanabe Toshifumi	Record sales of <span class="en-history_money" data-yen="1841900000000" data-year="2022">$14.0B (¥1.84tn)</span> on fuel-driven power prices
FYE Mar 2025Consolidated	¥1.32tn	+4.7%	¥138bn	+30.8%	10.5%	¥92bn	Kanno Hitoshi	Texas gas plant sold; Genex Power acquired in Australia
FYE Mar 2026Consolidated	¥1.18tn	−10.2%	¥101bn	−27.0%	8.5%	¥59bn	Kanno Hitoshi	30% total payout ratio and a ¥20 billion buyback

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 ¥1.18tn

CAGR · 10 yrs +5.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	744	n/a	Cons. · Japanese GAAP
FYE Mar 2018	856	+15.0%	Cons. · Japanese GAAP
FYE Mar 2019	897	+4.8%	Cons. · Japanese GAAP
FYE Mar 2020	914	+1.8%	Cons. · Japanese GAAP
FYE Mar 2021	909	−0.5%	Cons. · Japanese GAAP
FYE Mar 2022	1,085	+19.3%	Cons. · Japanese GAAP
FYE Mar 2023	1,842	+69.8%	Cons. · Japanese GAAP
FYE Mar 2024	1,258	−31.7%	Cons. · Japanese GAAP
FYE Mar 2025	1,317	+4.7%	Cons. · Japanese GAAP
FYE Mar 2026	1,182	−10.2%	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 ¥1.08tn

CAGR · 10 yrs +5.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	663	n/a	Cons. · Japanese GAAP
FYE Mar 2018	752	+13.5%	Cons. · Japanese GAAP
FYE Mar 2019	819	+8.9%	Cons. · Japanese GAAP
FYE Mar 2020	830	+1.4%	Cons. · Japanese GAAP
FYE Mar 2021	831	+0.1%	Cons. · Japanese GAAP
FYE Mar 2022	998	+20.0%	Cons. · Japanese GAAP
FYE Mar 2023	1,658	+66.2%	Cons. · Japanese GAAP
FYE Mar 2024	1,152	−30.5%	Cons. · Japanese GAAP
FYE Mar 2025	1,178	+2.3%	Cons. · Japanese GAAP
FYE Mar 2026	1,081	−8.2%	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 ¥101bn

CAGR · 10 yrs +2.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	81.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	104	+27.7%	Cons. · Japanese GAAP
FYE Mar 2019	78.8	−24.4%	Cons. · Japanese GAAP
FYE Mar 2020	83.6	+6.1%	Cons. · Japanese GAAP
FYE Mar 2021	77.8	−7.0%	Cons. · Japanese GAAP
FYE Mar 2022	87.0	+11.8%	Cons. · Japanese GAAP
FYE Mar 2023	184	+111.4%	Cons. · Japanese GAAP
FYE Mar 2024	106	−42.5%	Cons. · Japanese GAAP
FYE Mar 2025	138	+30.8%	Cons. · Japanese GAAP
FYE Mar 2026	101	−27.0%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥97bn

CAGR · 10 yrs +18.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	20.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.1	+41.8%	Cons. · Japanese GAAP
FYE Mar 2019	18.9	−35.1%	Cons. · Japanese GAAP
FYE Mar 2020	26.5	+40.5%	Cons. · Japanese GAAP
FYE Mar 2021	11.2	−57.7%	Cons. · Japanese GAAP
FYE Mar 2022	22.5	+100.7%	Cons. · Japanese GAAP
FYE Mar 2023	24.8	+10.0%	Cons. · Japanese GAAP
FYE Mar 2024	49.5	+100.0%	Cons. · Japanese GAAP
FYE Mar 2025	40.0	−19.3%	Cons. · Japanese GAAP
FYE Mar 2026	97.4	+143.6%	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 ¥40bn

CAGR · 10 yrs +1.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	35.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.0	−11.8%	Cons. · Japanese GAAP
FYE Mar 2019	29.2	−5.7%	Cons. · Japanese GAAP
FYE Mar 2020	32.1	+9.9%	Cons. · Japanese GAAP
FYE Mar 2021	28.1	−12.5%	Cons. · Japanese GAAP
FYE Mar 2022	36.6	+30.5%	Cons. · Japanese GAAP
FYE Mar 2023	37.8	+3.3%	Cons. · Japanese GAAP
FYE Mar 2024	36.7	−3.0%	Cons. · Japanese GAAP
FYE Mar 2025	38.2	+4.1%	Cons. · Japanese GAAP
FYE Mar 2026	39.9	+4.4%	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 ¥159bn

CAGR · 10 yrs +10.0%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	67.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	102	+52.6%	Cons. · Japanese GAAP
FYE Mar 2019	68.5	−33.1%	Cons. · Japanese GAAP
FYE Mar 2020	78.1	+13.9%	Cons. · Japanese GAAP
FYE Mar 2021	60.9	−22.0%	Cons. · Japanese GAAP
FYE Mar 2022	72.8	+19.6%	Cons. · Japanese GAAP
FYE Mar 2023	171	+134.5%	Cons. · Japanese GAAP
FYE Mar 2024	119	−30.6%	Cons. · Japanese GAAP
FYE Mar 2025	140	+18.2%	Cons. · Japanese GAAP
FYE Mar 2026	159	+13.2%	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 ¥59bn

CAGR · 10 yrs +3.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	41.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	68.4	+65.2%	Cons. · Japanese GAAP
FYE Mar 2019	46.3	−32.4%	Cons. · Japanese GAAP
FYE Mar 2020	42.3	−8.6%	Cons. · Japanese GAAP
FYE Mar 2021	22.4	−47.1%	Cons. · Japanese GAAP
FYE Mar 2022	69.7	+211.6%	Cons. · Japanese GAAP
FYE Mar 2023	114	+63.1%	Cons. · Japanese GAAP
FYE Mar 2024	77.8	−31.6%	Cons. · Japanese GAAP
FYE Mar 2025	92.5	+18.9%	Cons. · Japanese GAAP
FYE Mar 2026	58.5	−36.7%	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 8.5%

Average · 10 yrs 9.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	11.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.2	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	8.8	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2020	9.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	8.6	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	8.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	10.0	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2024	8.4	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	10.5	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2026	8.5	−2.0pp	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 13.4%

Average · 10 yrs 9.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.0	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2019	7.6	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2020	8.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	6.7	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2022	6.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	9.3	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2024	9.4	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	10.6	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	13.4	+2.8pp	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 5.0%

Average · 10 yrs 5.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	5.2	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2020	4.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	2.5	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	6.4	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2023	6.2	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	6.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	7.0	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	5.0	−2.1pp	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 91.5%

Average · 10 yrs 90.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	89.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	87.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	91.2	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2020	90.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	91.4	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	92.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	90.0	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2024	91.6	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	89.5	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2026	91.5	+2.0pp	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 ¥3.74tn

CAGR · 10 yrs +4.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	2,606	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2,647	+1.6%	Cons. · Japanese GAAP
FYE Mar 2019	2,766	+4.5%	Cons. · Japanese GAAP
FYE Mar 2020	2,805	+1.4%	Cons. · Japanese GAAP
FYE Mar 2021	2,842	+1.3%	Cons. · Japanese GAAP
FYE Mar 2022	3,066	+7.9%	Cons. · Japanese GAAP
FYE Mar 2023	3,363	+9.7%	Cons. · Japanese GAAP
FYE Mar 2024	3,476	+3.4%	Cons. · Japanese GAAP
FYE Mar 2025	3,669	+5.6%	Cons. · Japanese GAAP
FYE Mar 2026	3,740	+1.9%	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 ¥1.41tn

CAGR · 10 yrs +7.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	724	n/a	Cons. · Japanese GAAP
FYE Mar 2018	787	+8.8%	Cons. · Japanese GAAP
FYE Mar 2019	797	+1.3%	Cons. · Japanese GAAP
FYE Mar 2020	808	+1.3%	Cons. · Japanese GAAP
FYE Mar 2021	809	+0.2%	Cons. · Japanese GAAP
FYE Mar 2022	916	+13.2%	Cons. · Japanese GAAP
FYE Mar 2023	1,085	+18.4%	Cons. · Japanese GAAP
FYE Mar 2024	1,216	+12.1%	Cons. · Japanese GAAP
FYE Mar 2025	1,336	+9.9%	Cons. · Japanese GAAP
FYE Mar 2026	1,405	+5.2%	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 ¥998bn

CAGR · 10 yrs +1.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	916	n/a	Cons. · Japanese GAAP
FYE Mar 2018	892	−2.7%	Cons. · Japanese GAAP
FYE Mar 2019	868	−2.7%	Cons. · Japanese GAAP
FYE Mar 2020	880	+1.5%	Cons. · Japanese GAAP
FYE Mar 2021	901	+2.4%	Cons. · Japanese GAAP
FYE Mar 2022	848	−5.9%	Cons. · Japanese GAAP
FYE Mar 2023	904	+6.6%	Cons. · Japanese GAAP
FYE Mar 2024	940	+4.0%	Cons. · Japanese GAAP
FYE Mar 2025	1,006	+7.0%	Cons. · Japanese GAAP
FYE Mar 2026	998	−0.8%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥8.3bn

CAGR · 10 yrs −11.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	25.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.8	−32.7%	Cons. · Japanese GAAP
FYE Mar 2019	15.3	−9.1%	Cons. · Japanese GAAP
FYE Mar 2020	15.0	−2.1%	Cons. · Japanese GAAP
FYE Mar 2021	8.9	−40.2%	Cons. · Japanese GAAP
FYE Mar 2022	8.1	−8.9%	Cons. · Japanese GAAP
FYE Mar 2023	10.7	+31.5%	Cons. · Japanese GAAP
FYE Mar 2024	8.0	−25.0%	Cons. · Japanese GAAP
FYE Mar 2025	8.1	+1.3%	Cons. · Japanese GAAP
FYE Mar 2026	8.3	+1.7%	Cons. · 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 ¥990bn

CAGR · 10 yrs +1.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	891	n/a	Cons. · Japanese GAAP
FYE Mar 2018	875	−1.8%	Cons. · Japanese GAAP
FYE Mar 2019	852	−2.6%	Cons. · Japanese GAAP
FYE Mar 2020	865	+1.5%	Cons. · Japanese GAAP
FYE Mar 2021	892	+3.1%	Cons. · Japanese GAAP
FYE Mar 2022	840	−5.9%	Cons. · Japanese GAAP
FYE Mar 2023	893	+6.4%	Cons. · Japanese GAAP
FYE Mar 2024	932	+4.4%	Cons. · Japanese GAAP
FYE Mar 2025	998	+7.1%	Cons. · Japanese GAAP
FYE Mar 2026	990	−0.8%	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 37.6%

Average · 10 yrs 31.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	27.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.7	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	28.8	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	28.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	28.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	29.9	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	32.3	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	35.0	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2025	36.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	37.6	+1.2pp	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 71.0%

Average · 10 yrs 96.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	126.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	113.3	−13.3pp	Cons. · Japanese GAAP
FYE Mar 2019	108.8	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2020	109.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	111.4	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2022	92.5	−18.8pp	Cons. · Japanese GAAP
FYE Mar 2023	83.3	−9.2pp	Cons. · Japanese GAAP
FYE Mar 2024	77.3	−6.0pp	Cons. · Japanese GAAP
FYE Mar 2025	75.3	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2026	71.0	−4.3pp	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 4.2%

Average · 10 yrs 6.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.7	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2019	5.8	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2020	5.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	2.8	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2022	7.6	+4.8pp	Cons. · Japanese GAAP
FYE Mar 2023	10.5	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2024	6.4	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2025	6.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	4.2	−2.8pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 1.6%

Average · 10 yrs 2.0%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	1.7	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	1.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	0.8	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	2.3	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	3.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	2.2	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2025	2.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	1.6	−1.0pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.32×

CAGR · 10 yrs +1.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.29	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.32	+13.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.32	+0.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.33	+0.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.32	−1.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.35	+10.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.55	+54.8%	Cons. · Japanese GAAP
FYE Mar 2024	0.36	−33.9%	Cons. · Japanese GAAP
FYE Mar 2025	0.36	−0.8%	Cons. · Japanese GAAP
FYE Mar 2026	0.32	−11.9%	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 ¥224bn

CAGR · 10 yrs +7.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	115	n/a	Cons. · Japanese GAAP
FYE Mar 2018	160	+38.9%	Cons. · Japanese GAAP
FYE Mar 2019	148	−7.4%	Cons. · Japanese GAAP
FYE Mar 2020	159	+7.3%	Cons. · Japanese GAAP
FYE Mar 2021	168	+5.5%	Cons. · Japanese GAAP
FYE Mar 2022	128	−23.6%	Cons. · Japanese GAAP
FYE Mar 2023	156	+21.4%	Cons. · Japanese GAAP
FYE Mar 2024	254	+63.0%	Cons. · Japanese GAAP
FYE Mar 2025	250	−1.5%	Cons. · Japanese GAAP
FYE Mar 2026	224	−10.4%	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 -¥193bn

Average · 10 yrs -¥153bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-138	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-110	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-170	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-162	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-143	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-179	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-151	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-162	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-123	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-193	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 -¥64bn

Average · 10 yrs -¥8.5bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	30.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-85.8	−381.8%	Cons. · Japanese GAAP
FYE Mar 2019	74.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-27.7	−137.2%	Cons. · Japanese GAAP
FYE Mar 2021	7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	84.1	+1095.7%	Cons. · Japanese GAAP
FYE Mar 2023	96.0	+14.2%	Cons. · Japanese GAAP
FYE Mar 2024	-65.9	−168.6%	Cons. · Japanese GAAP
FYE Mar 2025	-134	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-64.2	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 ¥349bn

CAGR · 10 yrs +8.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	168	n/a	Cons. · Japanese GAAP
FYE Mar 2018	137	−18.8%	Cons. · Japanese GAAP
FYE Mar 2019	187	+36.7%	Cons. · Japanese GAAP
FYE Mar 2020	157	−16.0%	Cons. · Japanese GAAP
FYE Mar 2021	185	+17.8%	Cons. · Japanese GAAP
FYE Mar 2022	223	+20.1%	Cons. · Japanese GAAP
FYE Mar 2023	334	+50.2%	Cons. · Japanese GAAP
FYE Mar 2024	371	+10.9%	Cons. · Japanese GAAP
FYE Mar 2025	373	+0.7%	Cons. · Japanese GAAP
FYE Mar 2026	349	−6.5%	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 ¥31bn

Average · 10 yrs ¥23bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-22.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-22.0	−143.4%	Cons. · Japanese GAAP
FYE Mar 2020	-2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	24.7	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-50.5	−304.4%	Cons. · Japanese GAAP
FYE Mar 2023	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	92.1	+1743.9%	Cons. · Japanese GAAP
FYE Mar 2025	128	+38.5%	Cons. · Japanese GAAP
FYE Mar 2026	31.0	−75.7%	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 19.0%

Average · 10 yrs 16.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.7	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2019	16.5	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	17.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	18.5	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	11.8	−6.6pp	Cons. · Japanese GAAP
FYE Mar 2023	8.5	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2024	20.2	+11.7pp	Cons. · Japanese GAAP
FYE Mar 2025	19.0	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	19.0	−0.0pp	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 -¥649bn

Average · 10 yrs -¥667bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-748	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-755	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-680	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-723	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-716	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-625	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-570	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-570	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-633	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-649	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 ¥792bn

Change · 10 yrs +¥316bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	476	n/a
FYE Mar 2018	493	n/a
FYE Mar 2019	495	n/a
FYE Mar 2020	397	n/a
FYE Mar 2021	356	n/a
FYE Mar 2022	321	n/a
FYE Mar 2023	387	n/a
FYE Mar 2024	459	n/a
FYE Mar 2025	463	n/a
FYE Mar 2026	792	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 4,329¥

Change · 10 yrs +1,726¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,603	n/a
FYE Mar 2018	2,692	n/a
FYE Mar 2019	2,704	n/a
FYE Mar 2020	2,171	n/a
FYE Mar 2021	1,942	n/a
FYE Mar 2022	1,751	n/a
FYE Mar 2023	2,113	n/a
FYE Mar 2024	2,509	n/a
FYE Mar 2025	2,528	n/a
FYE Mar 2026	4,329	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 183,051,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	183,051,000	Parent
FYE Mar 2018	183,051,000	Parent
FYE Mar 2019	183,051,000	Parent
FYE Mar 2020	183,051,000	Parent
FYE Mar 2021	183,051,000	Parent
FYE Mar 2022	183,051,000	Parent
FYE Mar 2023	183,051,000	Parent
FYE Mar 2024	183,051,000	Parent
FYE Mar 2025	183,051,000	Parent
FYE Mar 2026	183,051,000	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 325.51¥

Change · 10 yrs +99.18¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	226.33	Cons.
FYE Mar 2018	373.93	Cons.
FYE Mar 2019	252.68	Cons.
FYE Mar 2020	230.96	Cons.
FYE Mar 2021	122.16	Cons.
FYE Mar 2022	380.70	Cons.
FYE Mar 2023	621.50	Cons.
FYE Mar 2024	425.31	Cons.
FYE Mar 2025	505.64	Cons.
FYE Mar 2026	325.51	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 7,678.01¥

Change · 10 yrs +3,723.82¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,954.19	Cons. · Japanese GAAP
FYE Mar 2018	4,300.94	Cons. · Japanese GAAP
FYE Mar 2019	4,356.49	Cons. · Japanese GAAP
FYE Mar 2020	4,412.78	Cons. · Japanese GAAP
FYE Mar 2021	4,420.64	Cons. · Japanese GAAP
FYE Mar 2022	5,004.55	Cons. · Japanese GAAP
FYE Mar 2023	5,925.87	Cons. · Japanese GAAP
FYE Mar 2024	6,642.84	Cons. · Japanese GAAP
FYE Mar 2025	7,298.70	Cons. · Japanese GAAP
FYE Mar 2026	7,678.01	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 13.30×

Average · 10 yrs 8.69×

Fiscal year	PER ×	Basis
FYE Mar 2017	11.50	Cons.
FYE Mar 2018	7.20	Cons.
FYE Mar 2019	10.70	Cons.
FYE Mar 2020	9.40	Cons.
FYE Mar 2021	15.90	Cons.
FYE Mar 2022	4.60	Cons.
FYE Mar 2023	3.40	Cons.
FYE Mar 2024	5.90	Cons.
FYE Mar 2025	5.00	Cons.
FYE Mar 2026	13.30	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 0.54×

Average · 10 yrs 0.48×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.66	Cons.
FYE Mar 2018	0.63	Cons.
FYE Mar 2019	0.62	Cons.
FYE Mar 2020	0.49	Cons.
FYE Mar 2021	0.44	Cons.
FYE Mar 2022	0.35	Cons.
FYE Mar 2023	0.36	Cons.
FYE Mar 2024	0.38	Cons.
FYE Mar 2025	0.35	Cons.
FYE Mar 2026	0.54	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 7,202people

Change · 10 yrs −29 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	7,231	n/a	Cons.
FYE Mar 2018	7,204	−0.4%	Cons.
FYE Mar 2019	7,190	−0.2%	Cons.
FYE Mar 2020	7,262	+1.0%	Cons.
FYE Mar 2021	7,156	−1.5%	Cons.
FYE Mar 2022	7,146	−0.1%	Cons.
FYE Mar 2023	7,078	−1.0%	Cons.
FYE Mar 2024	7,083	+0.1%	Cons.
FYE Mar 2025	7,127	+0.6%	Cons.
FYE Mar 2026	7,202	+1.1%	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 1,994people

Change · 10 yrs −404 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,398	n/a	Parent
FYE Mar 2018	2,407	+0.4%	Parent
FYE Mar 2019	2,445	+1.6%	Parent
FYE Mar 2020	2,449	+0.2%	Parent
FYE Mar 2021	1,722	−29.7%	Parent
FYE Mar 2022	1,785	+3.7%	Parent
FYE Mar 2023	1,816	+1.7%	Parent
FYE Mar 2024	1,862	+2.5%	Parent
FYE Mar 2025	1,899	+2.0%	Parent
FYE Mar 2026	1,994	+5.0%	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 1,188万円

Change · 8 yrs +390万円

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	798	n/a	Parent
FYE Mar 2020	787	−1.4%	Parent
FYE Mar 2021	797	+1.3%	Parent
FYE Mar 2022	794	−0.4%	Parent
FYE Mar 2023	805	+1.3%	Parent
FYE Mar 2024	1,046	+30.0%	Parent
FYE Mar 2025	1,117	+6.8%	Parent
FYE Mar 2026	1,188	+6.4%	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 41.6years

Change · 8 yrs +0.7 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	40.9	n/a	Parent
FYE Mar 2020	41.1	+0.5%	Parent
FYE Mar 2021	42.1	+2.4%	Parent
FYE Mar 2022	42.0	−0.2%	Parent
FYE Mar 2023	41.5	−1.2%	Parent
FYE Mar 2024	41.7	+0.5%	Parent
FYE Mar 2025	41.4	−0.7%	Parent
FYE Mar 2026	41.6	+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 18.5years

Change · 8 yrs −1.1 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	19.6	n/a	Parent
FYE Mar 2020	19.7	+0.5%	Parent
FYE Mar 2021	19.8	+0.5%	Parent
FYE Mar 2022	19.7	−0.5%	Parent
FYE Mar 2023	19.0	−3.6%	Parent
FYE Mar 2024	19.1	+0.5%	Parent
FYE Mar 2025	18.6	−2.6%	Parent
FYE Mar 2026	18.5	−0.5%	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)

Revenue per employee

FYE Mar 2026 ¥164m

Change · 10 yrs +¥61.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	103	n/a	Cons.
FYE Mar 2018	119	+15.5%	Cons.
FYE Mar 2019	125	+5.0%	Cons.
FYE Mar 2020	126	+0.8%	Cons.
FYE Mar 2021	127	+1.0%	Cons.
FYE Mar 2022	152	+19.5%	Cons.
FYE Mar 2023	260	+71.5%	Cons.
FYE Mar 2024	178	−31.8%	Cons.
FYE Mar 2025	185	+4.0%	Cons.
FYE Mar 2026	164	−11.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥14.0m

Change · 10 yrs +¥2.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	11.3	n/a	Cons.
FYE Mar 2018	14.5	+28.1%	Cons.
FYE Mar 2019	11.0	−24.3%	Cons.
FYE Mar 2020	11.5	+5.0%	Cons.
FYE Mar 2021	10.9	−5.6%	Cons.
FYE Mar 2022	12.2	+12.0%	Cons.
FYE Mar 2023	26.0	+113.4%	Cons.
FYE Mar 2024	14.9	−42.6%	Cons.
FYE Mar 2025	19.4	+30.0%	Cons.
FYE Mar 2026	14.0	−27.7%	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.

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