# artience Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第188期(2025/01/01－2025/12/31) (S100XRLA)
> Page: https://vizora.meequs.com/en/company/artience
> Retrieved: 2026-09-30T17:49:20.801Z

## Company

artience, founded in 1975, is a company in Chemicals listed on TSE Prime. It has 7,880 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | artience Co., Ltd. |
| Ticker | 4634 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4634.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 髙島悟 |
| Founded | Sep 1975 |
| Share capital | ¥31.7B |
| Employees (consolidated) | 7,880 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.artiencegroup.com (https://www.artiencegroup.com/) |
| Corporate number | 3010001034844 |
| EDINET | E00903 |
| Industries (Vizora) | Chemicals, Paints & Inks |

> Profile source: annual securities report (S100XRLA, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.3 | 23 |
| Profitability | 50 | 23 |
| Cash conversion | 65.9 | 22 |
| Efficiency | 45.7 | 23 |
| Financial strength | 62.5 | 4 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 26% of artience's sales come from Packaging Materials Related Business, with Polymers and Coatings Related Business and Colorants and Functional Materials Related Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit +1.7%.

## Company structure

- Segment revenue mix: Packaging Materials Related Business 26.2%、Polymers and Coatings Related Business 25.7%、Colorants and Functional Materials Related Business 23.4%、Printing and Information Related Business 23.1%、Other 1.5%
- Revenue → net income: ¥349979000000 → ¥9776000000
- Net income → operating cash flow: ¥9776000000 → ¥27554000000（difference ¥17778000000）
- Main uses of operating cash flow: CapEx ¥15420000000 / dividends ¥5003000000 / buybacks ¥10450000000
- Change in cash: ¥-14260000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥350B |  |
| Operating income | ¥20.8B | Margin 5.9% |
| Net income | ¥10.3B | Margin 3.0% |
| Free cash flow | ¥12.1B |  |
| Largest business | Packaging Materials Related Business | of segment revenue 26.2% |
| Employees (consolidated) | 7,880 |  |
| EPS | ¥183.63 |  |
| Diluted EPS | ¥183.6 |  |
| Book value per share | ¥3741.22 |  |
| Equity ratio | 57.5% |  |
| Shares outstanding | 50,286,544 |  |
| Treasury shares | 2,862,300 |  |
| Shareholders | 12,879 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 9.9% | Net cash -¥17.6B · Cash ÷ revenue 13.1% |
| Vs. industry median margin | 0 pp | Paints & Inks |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, buybacks were 2.1× dividends
- FY2025, employees 0% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥257675000000 | ¥349979000000 | +35.8% |
| Operating income | ¥12909000000 | ¥20765000000 | +60.9% |
| Operating margin | 5.0% | 5.9% | +0.9 pp |
| Employees | 8,157 people | 7,880 people | -3.4% |
| Cash and equivalents | ¥73117000000 | ¥45792000000 | -37.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 色材・機能材関連事業 → 色材・機能材関連事業 | 23.4% |
| 色材・機能材関連事業 → 事業再編・廃止 | 0.9% |
| ポリマー・塗加工関連事業 → ポリマー・塗加工関連事業 | 24.1% |
| パッケージ関連事業 → パッケージ関連事業 | 25.6% |
| 印刷・情報関連事業 → 印刷・情報関連事業 | 23.1% |
| 印刷・情報関連事業 → 事業再編・廃止 | 1.0% |
| その他 → その他 | 1.5% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → ポリマー・塗加工関連事業 | 1.7% |
| 新設・再編 → パッケージ関連事業 | 0.6% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Packaging Materials Related Business | 5 years | +6.8% | ¥91751000000 | 6.0% | 2 |
| Polymers and Coatings Related Business | 5 years | +7.7% | ¥90060000000 | 9.2% | 2 |
| Colorants and Functional Materials Related Business | 5 years | +5.5% | ¥82062000000 | 2.7% | 2 |
| Printing and Information Related Business | 5 years | +5.4% | ¥80974000000 | 5.6% | 2 |
| Other | 5 years | +1.8% | ¥5132000000 | 6.1% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 349,979 | 100.0% | S100XRLA |
| Cost of revenue | 273,964 | 78.3% | S100XRLA |
| Gross profit | 76,015 | 21.7% | S100XRLA |
| SG&A | 55,249 | 15.8% | S100XRLA |
| Operating income | 20,765 | 5.9% | S100XRLA |
| Ordinary income | 20,888 | 6.0% | S100XRLA |
| Pretax income | 15,984 | 4.6% | S100XRLA |
| Income tax | 6,208 | 1.8% | S100XRLA |
| Net income | 9,776 | 2.8% | S100XRLA |
| Net income attributable to owners | 10,340 | 3.0% | S100XRLA |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.7% → Operating margin 5.9% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.3%; Core profit growth: +1.7%
Operating leverage (core profit growth ÷ revenue growth): -5.56×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 351,064 | 349,979 | -1,085 | -0.3% |
| Gross profit | 74,618 | 76,015 | 1,397 | +1.9% |
| Operating income | 20,414 | 20,765 | 351 | +1.7% |
| Net income attributable to owners | 18,540 | 10,340 | -8,200 | -44.2% |
| Operating cash flow | 26,964 | 27,554 | 590 | +2.2% |
| Free cash flow | 8,068 | 12,134 | 4,066 | +50.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 279,892 | 13,174 | 4.7% | 8,509 | 19,673 | 8,573 | S100L07L |
| FY ending Dec 2020 | 257,675 | 12,909 | 5.0% | 6,019 | 16,743 | 3,583 | S100NPJ3 |
| FY ending Dec 2021 | 287,989 | 13,005 | 4.5% | 9,492 | 15,760 | -2,350 | S100QEWF |
| FY ending Dec 2022 | 315,927 | 6,865 | 2.2% | 9,308 | 4,262 | -13,683 | S100T4A8 |
| FY ending Dec 2023 | 322,122 | 13,372 | 4.2% | 9,737 | 23,478 | 3,472 | S100VGQE |
| FY ending Dec 2024 | 351,064 | 20,414 | 5.8% | 18,540 | 26,964 | 8,068 | S100XRLA |
| FY ending Dec 2025 | 349,979 | 20,765 | 5.9% | 10,340 | 27,554 | 12,134 | S100XRLA |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,887 | 7,930 | 7,836 | 7,897 | 7,880 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥7.5M | ¥7.9M | ¥8.1M |
| Average age (parent company) | 43.5 years | 44.0 years | 43.8 years | 44.7 years | 44.7 years |
| Average tenure (parent company) | 18.1 years | 18.7 years | 19.1 years | 19.0 years | 18.6 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) -0.3%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Colorants and Functional Materials Related Business | 82,062 | 23.4% | 2,254 | 2.7% |
| Polymers and Coatings Related Business | 90,060 | 25.7% | 8,292 | 9.2% |
| Packaging Materials Related Business | 91,751 | 26.2% | 5,464 | 6.0% |
| Printing and Information Related Business | 80,974 | 23.1% | 4,528 | 5.6% |
| Other | 5,132 | 1.5% | 313 | 6.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Colorants and Functional Materials Related Business | 23.4% | 10.8% | -12.6 | 2.7% |
| Polymers and Coatings Related Business | 25.7% | 39.8% | 14.0 | 9.2% |
| Packaging Materials Related Business | 26.2% | 26.2% | -0.0 | 6.0% |
| Printing and Information Related Business | 23.1% | 21.7% | -1.4 | 5.6% |
| Other | 1.5% | 1.5% | 0.0 | 6.1% |

Segment → industry: Colorants and Functional Materials Related Business → Chemicals / Printing and Information Related Business → Paints & Inks / Packaging Materials Related Business → Paints & Inks / Polymers and Coatings Related Business → Paints & Inks / Colorants and Functional Materials Related Business → Paints & Inks

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 27,554 | 7.9% | S100XRLA |
| Capital expenditure | 15,420 | 4.4% | S100XRLA |
| Free cash flow | 12,134 | 3.5% | 算出 |
| Investing cash flow | -11,162 | -3.2% | S100XRLA |
| Financing cash flow | -31,716 | -9.1% | S100XRLA |
| Dividends paid | 5,003 | 1.4% | S100XRLA |
| Share buyback | 10,450 | 3.0% | S100XRLA |
| Change in cash | -14,260 | -4.1% | S100XRLA |
| Cash and equivalents | 45,792 | 13.1% | S100XRLA |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 60,949 | 53,385 | 56,040 | 60,052 | 45,792 | S100T4A8, S100VGQE, S100XRLA |
| Total assets | 406,896 | 411,177 | 447,798 | 472,787 | 462,600 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Net assets | 226,947 | 227,877 | 255,653 | 273,754 | 277,220 | S100T4A8, S100VGQE, S100XRLA |
| Share capital | 31,733 | 31,733 | 31,733 | 31,733 | 31,733 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Trade receivables | 94,297 | 100,390 | 102,930 | 109,412 | 106,769 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Property, plant and equipment | 111,716 | 122,366 | 134,258 | 148,338 | 147,926 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Intangible assets excluding goodwill | 2,225 | 2,619 | 5,290 | 5,964 | 6,028 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Goodwill | — | 1,101 | 2,207 | 2,408 | 2,255 | S100T4A8, S100VGQE, S100XRLA |
| Investment securities | 54,093 | 42,791 | 63,874 | 57,610 | 61,997 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Current assets | 223,589 | 229,247 | 230,911 | 245,282 | 227,672 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Current liabilities | 112,125 | 113,463 | 123,953 | 139,469 | 106,070 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Trade payables | 68,221 | 70,738 | 67,075 | 70,747 | 67,913 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Short-term borrowings | 24,042 | 24,022 | 36,542 | 45,825 | 14,336 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Long-term borrowings | 55,415 | 54,851 | 40,161 | 24,914 | 34,100 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Bonds | — | 5,000 | 10,000 | 10,000 | 15,000 | S100T4A8, S100VGQE, S100XRLA |
| Interest-bearing debt | — | 83,873 | 86,703 | 80,739 | 63,436 | 算出 |
| Total liabilities | 179,948 | 183,300 | 192,144 | 199,033 | 185,379 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Non-controlling interests | 8,334 | 8,731 | 9,845 | 11,611 | 11,189 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Equity attributable to owners of parent | 206,236 | 204,990 | 209,967 | 216,015 | 211,002 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Retained earnings | 151,740 | 151,414 | 156,381 | 159,807 | 155,804 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |
| Treasury stock | -9,784 | -10,687 | -10,615 | -7,992 | -9,049 | S100QEWF, S100T4A8, S100VGQE, S100XRLA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XRLA |
| Receivables | 23% | S100XRLA |
| Property, plant and equipment | 32% | S100XRLA |
| Intangibles and goodwill | 2% | S100XRLA |
| Investment securities | 13% | S100XRLA |
| Other assets | 20% | S100XRLA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100XRLA |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 11% | S100XRLA |
| Equity | 60% | S100XRLA |
| Other liabilities | 0% | S100XRLA |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 406,896 | 411,177 | 447,798 | 472,787 | 462,600 |
| Equity | 226,947 | 227,877 | 255,653 | 273,754 | 277,220 |
| Interest-bearing debt | — | 83,873 | 86,703 | 80,739 | 63,436 |
| Cash | 60,949 | 53,385 | 56,040 | 60,052 | 45,792 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 42.3% | S100XRLA |
| Fixed assets ÷ total assets | 32.0% | S100XRLA |
| Goodwill ÷ parent equity | 1.1% | S100XRLA |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 9.9% |
| Cash ÷ revenue | 13.1% |
| Net cash (cash − interest-bearing debt) | -¥17.6B |
| Net debt ÷ operating cash flow | 0.64× |
| Cash conversion (operating CF ÷ operating income) | 132.7% |
| Cash vs. profit gap | 17,214 JPY mn (of net income 166.5%) |
| Shareholder returns / net income | 149.4% |
| Shareholder returns / FCF | 127.4% |
| Shareholder payments — dividends / net income | 48.4% |
| Shareholder payments — dividends / FCF | 41.2% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 40.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.3% | 0.71× | 2.3% | 1.97× | 4.6% | S100QEWF |
| 2022 | 2.9% | 0.77× | 2.3% | 1.99× | 4.5% | S100T4A8 |
| 2023 | 3.0% | 0.75× | 2.3% | 2.07× | 4.7% | S100VGQE |
| 2024 | 5.3% | 0.76× | 4.0% | 2.16× | 8.7% | S100XRLA |
| 2025 | 3.0% | 0.75× | 2.2% | 2.19× | 4.8% | S100XRLA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| TOPPANホールディングス㈱ | Major shareholder | 22.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 12.6% | 2025-12-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 6.3% | 2025-12-31 |
| ㈱日本触媒 | Major shareholder | 3.5% | 2025-12-31 |
| artienceグループ社員持株会 | Major shareholder | 2.8% | 2025-12-31 |
| artienceグループ取引先持株会 | Major shareholder | 2.1% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.0% | 2025-12-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT（常任代理人㈱三菱UFJ銀行） | Major shareholder | 1.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| BNYMSANV RE BNYMIL RE WS MORANT WRIGHT NIPPON YIELD FUND（常任代理人㈱三菱UFJ銀行） | Major shareholder | 1.1% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥350B, essentially flat at -0.3% from ¥351.1B.
- Operating income rose slightly to ¥20.8B, up +1.7%.
- Net income attributable to owners, however, dropped to ¥10.3B from ¥18.5B, down -44.2%.
- Free cash flow improved to ¥12.1B, up +50.4%.

### Drivers

- Currency moves pulled sales down, while gravure inks, can coatings, functional coatings and display adhesives held up or grew
- Automotive battery materials and LCD color filter materials were weak, but cost cuts, price revisions in Japan and steadier naphtha prices lifted operating income
- Impairments on the Kentucky and Hungary battery material plants, tied to the EV slowdown, and a tax law change in Turkey cut net income

### Risks

- A longer EV slowdown could delay demand for its lithium-ion battery materials
- Information printing keeps shrinking as media goes digital, which could reduce ink and pigment sales and profit
- Its main raw materials come from petrochemicals, so swings in oil and naphtha prices or supply disruptions can squeeze margins

Cited: Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第188期(2025/01/01－2025/12/31) | S100XRLA | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRLA,, |
| 有価証券報告書－第187期(2024/01/01－2024/12/31) | S100VGQE | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGQE,, |
| 有価証券報告書－第186期(2023/01/01－2023/12/31) | S100T4A8 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4A8,, |
| 有価証券報告書－第185期(2022/01/01－2022/12/31) | S100QEWF | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEWF,, |
| 有価証券報告書－第184期(令和3年1月1日－令和3年12月31日) | S100NPJ3 | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPJ3,, |
| 有価証券報告書－第183期(令和2年1月1日－令和2年12月31日) | S100L07L | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L07L,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| サカタインクス | Alliance | 業務提携（契約時は東洋インキ製造。物流の効率化・生産の相互補完・BCP 時の生産補完） | S100XSP9 |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).