# ASICS Corporation: 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72期(2025/01/01－2025/12/31) (S100XOKI)
> Page: https://vizora.meequs.com/en/company/asics
> Retrieved: 2026-09-30T19:09:23.129Z

## Company

Asics, founded in 1949, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 9,455 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASICS Corporation |
| Ticker | 7936 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7936.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区三宮町一丁目2番4号 |
| Representative (per filing) | 代表取締役社長COO 富永 満之 |
| Founded | Sep 1949 |
| Share capital | ¥24B |
| Employees (consolidated) | 9,455 |
| Average salary (parent only) | ¥10.8M |
| Fiscal year end | December |
| Website | corp.asics.com (https://corp.asics.com/) |
| Corporate number | 8140001005877 |
| EDINET | E02378 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100XOKI, filed 2026-03-04). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.6 | 18 |
| Profitability | 82.5 | 20 |
| Cash conversion | 44.1 | 17 |
| Efficiency | 77.5 | 20 |

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 28% of Asics's sales come from Europe, with Japan and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +19.5% from the prior year, operating profit +42.4%.

## Company structure

- Segment revenue mix: Europe 27.9%、Japan 19.3%、North America 17.4%、Greater China 14.8%、Other areas 6.4%
- Revenue → net income: ¥810916000000 → ¥98828000000
- Net income → operating cash flow: ¥98828000000 → ¥109912000000（difference ¥11084000000）
- Main uses of operating cash flow: CapEx ¥30298000000 / dividends ¥15734000000 / buybacks ¥50003000000
- Change in cash: ¥-14751000000
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 | ¥810.9B |  |
| Operating income | ¥142.5B | Margin 17.6% |
| Net income | ¥98.7B | Margin 12.2% |
| Free cash flow | ¥79.6B |  |
| Largest business | Europe | of segment revenue 27.9% |
| Employees (consolidated) | 9,455 |  |
| EPS | ¥108.23 |  |
| Diluted EPS | ¥108.1 |  |
| Book value per share | ¥103.84 |  |
| Equity ratio | 46.3% |  |
| Shares outstanding | 734,482,000 |  |
| Treasury shares | 25,846,800 |  |
| Shareholders | 72,283 |  |
| Average salary (parent only) | ¥10.8M | Filing company only |
| Cash ratio | 19.1% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | +11.9 pp | Sporting Goods & Fitness |
| ROE | 47.2% | Derived from disclosed figures |
| ROA | 17.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.2× dividends
- FY2025, revenue is 2.0× its level five years ago
- FY2025, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥328784000000 | ¥810916000000 | +146.6% |
| Operating income | ¥-3953000000 | ¥142519000000 | — |
| Operating margin | -1.2% | 17.6% | +18.8 pp |
| Employees | 8,904 people | 9,455 people | +6.2% |
| Cash and equivalents | ¥80474000000 | ¥112221000000 | +39.5% |

### 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 |
| --- | ---: |
| 日本地域 → 日本地域 | 19.3% |
| 日本地域 → 事業再編・廃止 | 3.9% |
| 北米地域 → 北米地域 | 17.4% |
| 北米地域 → 事業再編・廃止 | 2.6% |
| 欧州地域 → 欧州地域 | 26.8% |
| 中華圏地域 → 中華圏地域 | 12.6% |
| オセアニア地域 → オセアニア地域 | 6.1% |
| 東南・南アジア地域 → 東南・南アジア地域 | 2.6% |
| その他 → その他 | 1.9% |
| その他 → 事業再編・廃止 | 6.7% |
| 新設・再編 → 欧州地域 | 1.1% |
| 新設・再編 → 中華圏地域 | 2.2% |
| 新設・再編 → オセアニア地域 | 0.0% |
| 新設・再編 → 東南・南アジア地域 | 3.5% |
| 新設・再編 → その他地域 | 6.4% |

Segment revenue source references: 15 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Europe | 5 years | +20.9% | ¥225805000000 | 16.3% | 2 |
| Japan | 5 years | +15.6% | ¥156385000000 | 28.6% | 2 |
| North America | 5 years | +16.7% | ¥141192000000 | 11.3% | 2 |
| Greater China | 5 years | +23.9% | ¥120236000000 | 20.9% | 2 |
| Other areas | 2 years | +2.2% | ¥52077000000 | 15.6% | 2 |
| SouthEast and South Asian | 5 years | +42.2% | ¥49745000000 | 22.0% | 2 |
| Oceania | 5 years | +20.0% | ¥49649000000 | 16.0% | 2 |
| Other | 5 years | -11.0% | ¥15657000000 | -7.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 810,916 | 100.0% | S100XOKI |
| Cost of revenue | 350,283 | 43.2% | S100XOKI |
| Gross profit | 460,632 | 56.8% | S100XOKI |
| SG&A | 318,112 | 39.2% | S100XOKI |
| Operating income | 142,519 | 17.6% | S100XOKI |
| Ordinary income | 139,295 | 17.2% | S100XOKI |
| Pretax income | 138,749 | 17.1% | S100XOKI |
| Income tax | 39,920 | 4.9% | S100XOKI |
| Net income | 98,828 | 12.2% | S100XOKI |
| Net income attributable to owners | 98,719 | 12.2% | S100XOKI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 39 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 56.8% → Operating margin 17.6% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.5%; Core profit growth: +42.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.17×
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 | 678,526 | 810,916 | 132,390 | +19.5% |
| Gross profit | 378,878 | 460,632 | 81,754 | +21.6% |
| Operating income | 100,111 | 142,519 | 42,408 | +42.4% |
| Net income attributable to owners | 63,806 | 98,719 | 34,913 | +54.7% |
| Operating cash flow | 104,614 | 109,912 | 5,298 | +5.1% |
| Free cash flow | 80,575 | 79,614 | -961 | -1.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 378,050 | 10,634 | 2.8% | 7,097 | 14,792 | 3,532 | S100L3KR |
| FY ending Dec 2020 | 328,784 | -3,953 | -1.2% | -16,126 | 19,330 | 10,468 | S100NR3M |
| FY ending Dec 2021 | 404,082 | 21,945 | 5.4% | 9,402 | 49,146 | 39,573 | S100QG4R |
| FY ending Dec 2022 | 484,601 | 34,002 | 7.0% | 19,887 | -21,427 | -32,710 | S100T3S4 |
| FY ending Dec 2023 | 570,463 | 54,215 | 9.5% | 35,272 | 90,095 | 74,569 | S100VIXM |
| FY ending Dec 2024 | 678,526 | 100,111 | 14.8% | 63,806 | 104,614 | 80,575 | S100XOKI |
| FY ending Dec 2025 | 810,916 | 142,519 | 17.6% | 98,719 | 109,912 | 79,614 | S100XOKI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.8M |
| Operating income per employee (consolidated) | ¥15.1M |
| Net income per employee (consolidated) | ¥10.4M |

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) | 8,861 | 8,886 | 8,927 | 8,987 | 9,455 |
| Average salary (parent company) | ¥8.7M | ¥8.6M | ¥9M | ¥10M | ¥10.8M |
| Average age (parent company) | 40.9 years | 41.2 years | 41.3 years | 40.8 years | 40.4 years |
| Average tenure (parent company) | 13.5 years | 13.9 years | 13.8 years | 13.0 years | 12.2 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +19.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 156,385 | 19.3% | 44,734 | 28.6% |
| North America | 141,192 | 17.4% | 16,018 | 11.3% |
| Europe | 225,805 | 27.9% | 36,746 | 16.3% |
| Greater China | 120,236 | 14.8% | 25,099 | 20.9% |
| Oceania | 49,649 | 6.1% | 7,927 | 16.0% |
| SouthEast and South Asian | 49,745 | 6.1% | 10,946 | 22.0% |
| Other areas | 52,077 | 6.4% | 8,107 | 15.6% |
| Other | 15,657 | 1.9% | -1,192 | -7.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 19.3% | 29.9% | 10.6 | 28.6% |
| North America | 17.4% | 10.7% | -6.7 | 11.3% |
| Europe | 27.9% | 24.6% | -3.3 | 16.3% |
| Greater China | 14.8% | 16.8% | 1.9 | 20.9% |
| Oceania | 6.1% | 5.3% | -0.8 | 16.0% |
| SouthEast and South Asian | 6.1% | 7.3% | 1.2 | 22.0% |
| Other areas | 6.4% | 5.4% | -1.0 | 15.6% |
| Other | 1.9% | — | — | -7.6% |

Loss-making segment (excluded from profit shares): Other -1,192 JPY mn

Segment → industry: Japan → Sporting Goods & Fitness / North America → Sporting Goods & Fitness / Europe → Sporting Goods & Fitness / Greater China → Sporting Goods & Fitness / Oceania → Sporting Goods & Fitness / SouthEast and South Asian → Sporting Goods & Fitness / Other areas → Sporting Goods & Fitness

## 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 | 109,912 | 13.6% | S100XOKI |
| Capital expenditure | 30,298 | 3.7% | S100XOKI |
| Free cash flow | 79,614 | 9.8% | 算出 |
| Investing cash flow | -29,414 | -3.6% | S100XOKI |
| Financing cash flow | -105,875 | -13.1% | S100XOKI |
| Dividends paid | 15,734 | 1.9% | S100XOKI |
| Share buyback | 50,003 | 6.2% | S100XOKI |
| Change in cash | -14,751 | -1.8% | S100XOKI |
| Cash and equivalents | 112,221 | 13.8% | S100XOKI |

## 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 | 95,275 | 65,804 | 113,301 | 126,973 | 112,221 | S100T3S4, S100VIXM, S100XOKI |
| Total assets | 345,773 | 425,067 | 464,116 | 518,994 | 586,480 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Net assets | 146,537 | 172,729 | 206,801 | 234,940 | 273,355 | S100T3S4, S100VIXM, S100XOKI |
| Share capital | 23,972 | 23,972 | 23,972 | 23,972 | 23,972 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Trade receivables | 50,135 | 70,692 | 65,593 | 74,705 | 88,803 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Property, plant and equipment | 27,391 | 25,240 | 28,625 | 33,944 | 44,688 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Intangible assets excluding goodwill | 46,843 | 70,167 | 78,341 | 90,779 | 103,969 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Goodwill | 2,856 | 7,144 | 6,250 | 5,964 | 5,716 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Investment securities | 10,219 | 11,843 | 12,105 | 3,513 | 3,707 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Current assets | 243,133 | 296,122 | 323,522 | 369,143 | 409,933 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Current liabilities | 87,699 | 150,632 | 143,648 | 194,739 | 243,726 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Trade payables | 30,459 | 44,670 | 43,921 | 62,150 | 73,670 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Short-term borrowings | 5,200 | 22,036 | 7 | 2,500 | 2,500 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Long-term borrowings | 2,500 | 2,862 | 2,580 | — | — | S100QG4R, S100T3S4, S100VIXM |
| Bonds | 70,000 | 55,000 | 60,000 | 35,000 | 10,000 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Interest-bearing debt | 77,700 | 79,898 | 62,587 | — | — | 算出 |
| Total liabilities | 199,235 | 252,337 | 257,315 | 284,054 | 313,125 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Non-controlling interests | 143 | 1,819 | 1,720 | 1,650 | 1,594 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Equity attributable to owners of parent | 139,731 | 151,060 | 177,653 | 191,899 | 226,328 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Retained earnings | 110,205 | 121,266 | 147,561 | 196,805 | 246,352 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |
| Treasury stock | -10,018 | -9,834 | -9,717 | -44,706 | -57,651 | S100QG4R, S100T3S4, S100VIXM, S100XOKI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XOKI |
| Receivables | 15% | S100XOKI |
| Property, plant and equipment | 7% | S100XOKI |
| Intangibles and goodwill | 19% | S100XOKI |
| Investment securities | 1% | S100XOKI |
| Other assets | 39% | S100XOKI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100XOKI |
| Other liabilities | 41% | S100XOKI |
| Equity | 47% | S100XOKI |

### 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 | 345,773 | 425,067 | 464,116 | 518,994 | 586,480 |
| Equity | 146,537 | 172,729 | 206,801 | 234,940 | 273,355 |
| Interest-bearing debt | 77,700 | 79,898 | 62,587 | — | — |
| Cash | 95,275 | 65,804 | 113,301 | 126,973 | 112,221 |

## 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) | 5.5% | S100XOKI |
| Fixed assets ÷ total assets | 7.6% | S100XOKI |
| Goodwill ÷ parent equity | 2.5% | S100XOKI |

Goodwill over 4 years: 2,856 → 5,716 JPY; total investing cash flow: -66,260 JPY. This does not imply causation.

### 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) | 19.1% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.1% |
| Cash vs. profit gap | 11,193 JPY mn (of net income 11.3%) |
| Shareholder returns / net income | 66.6% |
| Shareholder returns / FCF | 82.6% |
| Shareholder payments — dividends / net income | 15.9% |
| Shareholder payments — dividends / FCF | 19.8% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 26.8% |

## 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 | 2.3% | 1.17× | 2.7% | 2.47× | 6.7% | S100QG4R |
| 2022 | 4.1% | 1.26× | 5.2% | 2.65× | 13.7% | S100T3S4 |
| 2023 | 6.2% | 1.28× | 7.9% | 2.71× | 21.5% | S100VIXM |
| 2024 | 9.4% | 1.38× | 13.0% | 2.66× | 34.5% | S100XOKI |
| 2025 | 12.2% | 1.47× | 17.9% | 2.64× | 47.2% | S100XOKI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2025-12-31 |
| ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ， Ｎ．Ａ． ＬＯＮＤＯＮ ＳＥＣＳ ＬＥＮＤＩＮＧ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2025-12-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2025-12-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.6% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2025-12-31 |
| ＧＩＣ ＰＲＩＶＡＴＥ ＬＩＭＩＴＥＤ － Ｃ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.9% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５８６４（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０２５（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2025-12-31 |

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

- Revenue for FY ending Dec 2025 was ¥810.9B, up +19.5% from ¥678.5B the year before.
- Profit grew faster than sales: operating income reached ¥142.5B (+42.4%) and net income ¥98.7B (+54.7%).
- Free cash flow, however, was ¥79.6B, down -1.2% and roughly flat.

### Drivers

- Sales grew in every product category and every region.
- A focus on higher-value products improved the gross margin, which lifted profit.
- SportStyle and Onitsuka Tiger grew the most, and Onitsuka Tiger opened large flagship stores in Europe.

### Risks

- Shoe materials are tied to oil prices, so big swings in oil can change purchase costs.
- Much of production is outsourced to factories mainly in Southeast Asia, so delays or shutdowns there could hurt sales.
- Competitors' innovations could reduce ASICS sales or shrink its sales channels.

Cited: Annual Securities Report (72nd fiscal period) (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 (72nd fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/01/01－2025/12/31) | S100XOKI | 2026-03-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XOKI,, |
| 有価証券報告書－第71期(2024/01/01－2024/12/31) | S100VIXM | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIXM,, |
| 有価証券報告書－第70期(2023/01/01－2023/12/31) | S100T3S4 | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3S4,, |
| 有価証券報告書－第69期(2022/01/01－2022/12/31) | S100QG4R | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG4R,, |
| 有価証券報告書－第68期(令和3年1月1日－令和3年12月31日) | S100NR3M | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR3M,, |
| 訂正有価証券報告書－第67期(令和2年1月1日－令和2年12月31日) | S100L3KR | 2021-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3KR,, |

## 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).