# DAICEL CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第160期(2025/04/01－2026/03/31) (S100YBO0)
> Page: https://vizora.meequs.com/en/company/daicel
> Retrieved: 2026-09-30T17:49:03.160Z

## Company

Daicel, founded in 1919, is a company in Auto Parts listed on TSE Prime. It has 11,034 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daicel Corporation |
| Ticker | 4202 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4202.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区大深町3番1号 |
| Representative (per filing) | 代表取締役社長 榊 康裕 |
| Founded | Sep 1919 |
| Share capital | ¥36.3B |
| Employees (consolidated) | 11,034 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.daicel.com (https://www.daicel.com/) |
| Corporate number | 4120001125937 |
| EDINET | E00818 |
| Industries (Vizora) | Auto Parts, Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100YBO0, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.5 | 96 |
| Profitability | 47.5 | 100 |
| Cash conversion | 55.7 | 96 |
| Efficiency | 50.5 | 100 |
| Financial strength | 23.7 | 19 |

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 44% of Daicel's sales come from Engineering Plastics, with Materials and Safety making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit -31.0%.

## Company structure

- Segment revenue mix: Engineering Plastics 43.9%、Materials 27.8%、Safety 18.0%、Smart 6.5%、Medical / Healthcare 2.8%
- Revenue → net income: ¥579629000000 → ¥11446000000
- Net income → operating cash flow: ¥11446000000 → ¥67838000000（difference ¥56392000000）
- Main uses of operating cash flow: CapEx ¥68016000000 / dividends ¥15912000000 / buybacks ¥13753000000
- Change in cash: ¥2063000000
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 | ¥579.6B |  |
| Operating income | ¥42.1B | Margin 7.3% |
| Net income | ¥10.2B | Margin 1.8% |
| Free cash flow | -¥178M |  |
| Largest business | Engineering Plastics | of segment revenue 43.9% |
| Employees (consolidated) | 11,034 |  |
| EPS | ¥23.21 |  |
| Book value per share | ¥1249.81 |  |
| Equity ratio | 42.6% |  |
| Shares outstanding | 266,942,000 |  |
| Treasury shares | 12,037,500 |  |
| Shareholders | 37,666 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 8.0% | Net cash -¥223.3B · Cash ÷ revenue 11.5% |
| Vs. industry median margin | -0.3 pp | Chemicals |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.7× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥393568000000 | ¥579629000000 | +47.3% |
| Operating income | ¥31723000000 | ¥42069000000 | +32.6% |
| Operating margin | 8.1% | 7.3% | -0.8 pp |
| Employees | 11,142 people | 11,034 people | -1.0% |
| Cash and equivalents | ¥90747000000 | ¥66830000000 | -26.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メディカル・ヘルスケア事業 → 事業再編・廃止 | 4.1% |
| スマート事業 → 事業再編・廃止 | 6.3% |
| セイフティ事業 → 事業再編・廃止 | 17.1% |
| マテリアル事業 → 事業再編・廃止 | 26.5% |
| エンジニアリングプラスチック事業 → 事業再編・廃止 | 42.8% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 2.3% |
| 新設・再編 → メディカル・ヘルスケア事業 | 2.8% |
| 新設・再編 → スマート事業 | 6.5% |
| 新設・再編 → セイフティ事業 | 18.0% |
| 新設・再編 → マテリアル事業 | 27.8% |
| 新設・再編 → エンジニアリングプラスチック事業 | 43.9% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineering Plastics | 4 years | +4.7% | ¥254718000000 | 7.5% | 2 |
| Materials | 4 years | +7.1% | ¥161324000000 | 9.3% | 2 |
| Safety | 4 years | +10.7% | ¥104164000000 | 5.9% | 2 |
| Smart | 4 years | +3.8% | ¥37746000000 | 1.4% | 2 |
| Medical / Healthcare | 4 years | -4.5% | ¥16227000000 | 2.6% | 2 |
| Other | 5 years | -15.5% | ¥5448000000 | 16.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 579,629 | 100.0% | S100YBO0 |
| Cost of revenue | 433,340 | 74.8% | S100YBO0 |
| Gross profit | 146,288 | 25.2% | S100YBO0 |
| SG&A | 104,219 | 18.0% | S100YBO0 |
| Operating income | 42,069 | 7.3% | S100YBO0 |
| Ordinary income | 45,130 | 7.8% | S100YBO0 |
| Pretax income | 26,169 | 4.5% | S100YBO0 |
| Income tax | 14,722 | 2.5% | S100YBO0 |
| Net income | 11,446 | 2.0% | S100YBO0 |
| Net income attributable to owners | 10,180 | 1.8% | S100YBO0 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.2% → Operating margin 7.3% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.2%; Core profit growth: -31.0%
Operating leverage (core profit growth ÷ revenue growth): 26.38×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 586,531 | 579,629 | -6,902 | -1.2% |
| Gross profit | 164,746 | 146,288 | -18,458 | -11.2% |
| Operating income | 61,011 | 42,069 | -18,942 | -31.0% |
| Net income attributable to owners | 49,480 | 10,180 | -39,300 | -79.4% |
| Operating cash flow | 93,406 | 67,838 | -25,568 | -27.4% |
| Free cash flow | 21,064 | -178 | -21,242 | -100.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 412,826 | 29,644 | 7.2% | 4,978 | 57,193 | 10,880 | S100LS80 |
| FY ending Mar 2021 | 393,568 | 31,723 | 8.1% | 19,713 | 57,869 | 21,080 | S100OOJW |
| FY ending Mar 2022 | 467,937 | 50,697 | 10.8% | 31,254 | 42,993 | -4,478 | S100R12O |
| FY ending Mar 2023 | 538,026 | 47,508 | 8.8% | 40,682 | 26,847 | -25,076 | S100TPVN |
| FY ending Mar 2024 | 558,056 | 62,393 | 11.2% | 55,834 | 76,729 | 7,521 | S100VYQ9 |
| FY ending Mar 2025 | 586,531 | 61,011 | 10.4% | 49,480 | 93,406 | 21,064 | S100YBO0 |
| FY ending Mar 2026 | 579,629 | 42,069 | 7.3% | 10,180 | 67,838 | -178 | S100YBO0 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.5M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥922.6K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 11,104 | 11,207 | 11,134 | 11,178 | 11,034 |
| Average salary (parent company) | ¥7.4M | ¥8M | ¥8.1M | ¥8.6M | ¥8.7M |
| Average age (parent company) | 41.9 years | 42.1 years | 42.2 years | 42.2 years | 41.9 years |
| Average tenure (parent company) | 16.2 years | 16.2 years | 16.1 years | 15.9 years | 15.3 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) -1.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical / Healthcare | 16,227 | 2.8% | 427 | 2.6% |
| Smart | 37,746 | 6.5% | 536 | 1.4% |
| Safety | 104,164 | 18.0% | 6,095 | 5.9% |
| Materials | 161,324 | 27.8% | 14,953 | 9.3% |
| Engineering Plastics | 254,718 | 43.9% | 19,151 | 7.5% |
| Other | 5,448 | 0.9% | 904 | 16.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical / Healthcare | 2.8% | 1.0% | -1.8 | 2.6% |
| Smart | 6.5% | 1.3% | -5.2 | 1.4% |
| Safety | 18.0% | 14.5% | -3.5 | 5.9% |
| Materials | 27.8% | 35.5% | 7.7 | 9.3% |
| Engineering Plastics | 43.9% | 45.5% | 1.6 | 7.5% |
| Other | 0.9% | 2.1% | 1.2 | 16.6% |

Segment → industry: Safety → Auto Parts / Engineering Plastics → Chemicals / Materials → Chemicals / Smart → Chemicals / Medical / Healthcare → Chemicals / Smart → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 67,838 | 11.7% | S100YBO0 |
| Capital expenditure | 68,016 | 11.7% | S100YBO0 |
| Free cash flow | -178 | -0.0% | 算出 |
| Investing cash flow | -47,702 | -8.2% | S100YBO0 |
| Financing cash flow | -22,814 | -3.9% | S100YBO0 |
| Dividends paid | 15,912 | 2.7% | S100YBO0 |
| Share buyback | 13,753 | 2.4% | S100YBO0 |
| Change in cash | 2,063 | 0.4% | S100YBO0 |
| Cash and equivalents | 66,830 | 11.5% | S100YBO0 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 87,986 | 93,493 | 68,408 | 64,767 | 66,830 | S100TPVN, S100VYQ9, S100YBO0 |
| Total assets | 698,836 | 765,606 | 839,169 | 813,831 | 833,929 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Net assets | 279,544 | 310,435 | 375,410 | 375,037 | 370,380 | S100TPVN, S100VYQ9, S100YBO0 |
| Share capital | 36,275 | 36,275 | 36,275 | 36,275 | 36,275 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Inventories | 142,002 | 177,169 | 182,510 | 177,879 | 174,515 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Property, plant and equipment | 229,843 | 256,130 | 308,949 | 319,426 | 334,363 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Intangible assets excluding goodwill | 10,066 | 11,191 | 10,773 | 10,641 | 11,082 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Goodwill | 363 | 338 | 85 | 66 | 52 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Investment securities | 73,246 | 67,914 | 80,023 | 56,652 | 45,453 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Current assets | 360,247 | 406,627 | 409,481 | 395,626 | 403,166 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Current liabilities | 153,898 | 220,856 | 208,804 | 210,353 | 197,583 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Trade payables | 61,888 | 56,167 | 62,184 | 61,239 | 60,445 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Short-term borrowings | 22,198 | 36,267 | 31,758 | 35,899 | 50,099 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Long-term borrowings | 106,029 | 108,823 | 124,741 | 138,021 | 169,984 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Bonds | 130,000 | 100,000 | 90,000 | 70,000 | 70,000 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Interest-bearing debt | 258,227 | 245,090 | 246,499 | 243,920 | 290,083 | 算出 |
| Total liabilities | 419,292 | 455,170 | 463,758 | 438,794 | 463,549 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Non-controlling interests | 7,526 | 15,225 | 15,964 | 15,052 | 14,780 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Equity attributable to owners of parent | 204,699 | 225,221 | 254,045 | 273,826 | 254,802 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Retained earnings | 174,500 | 204,529 | 233,664 | 253,721 | 234,253 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |
| Treasury stock | -6,090 | -15,716 | -15,895 | -16,171 | -15,727 | S100R12O, S100TPVN, S100VYQ9, S100YBO0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YBO0 |
| Inventories | 21% | S100YBO0 |
| Property, plant and equipment | 40% | S100YBO0 |
| Intangibles and goodwill | 1% | S100YBO0 |
| Investment securities | 6% | S100YBO0 |
| Other assets | 24% | S100YBO0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YBO0 |
| Interest-bearing debt | 35% | 算出 |
| Other liabilities | 14% | S100YBO0 |
| Equity | 44% | S100YBO0 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 698,836 | 765,606 | 839,169 | 813,831 | 833,929 |
| Equity | 279,544 | 310,435 | 375,410 | 375,037 | 370,380 |
| Interest-bearing debt | 258,227 | 245,090 | 246,499 | 243,920 | 290,083 |
| Cash | 87,986 | 93,493 | 68,408 | 64,767 | 66,830 |

## 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) | 57.7% | S100YBO0 |
| Fixed assets ÷ total assets | 40.1% | S100YBO0 |
| Goodwill ÷ parent equity | 0.0% | S100YBO0 |

Goodwill over 4 years: 363 → 52 JPY; total investing cash flow: -241,566 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) | 8.0% |
| Cash ÷ revenue | 11.5% |
| Net cash (cash − interest-bearing debt) | -¥223.3B |
| Net debt ÷ operating cash flow | 3.29× |
| Cash conversion (operating CF ÷ operating income) | 161.3% |
| Cash vs. profit gap | 57,658 JPY mn (of net income 566.4%) |
| Shareholder returns / net income | 291.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 156.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.7% |
| Investing CF relative to operating CF | 70.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.7% | 0.67× | 4.5% | 3.41× | 15.3% | S100R12O |
| 2023 | 7.6% | 0.73× | 5.6% | 3.41× | 18.9% | S100TPVN |
| 2024 | 10.0% | 0.70× | 7.0% | 3.35× | 23.3% | S100VYQ9 |
| 2025 | 8.4% | 0.71× | 6.0% | 3.13× | 18.7% | S100YBO0 |
| 2026 | 1.8% | 0.70× | 1.2% | 3.12× | 3.9% | S100YBO0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 13.8% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 10.4% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 6.8% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST(常任代理人 香港上海銀行東京支店) | Major shareholder | 3.8% | 2026-03-31 |
| 富士フイルムホールディングス㈱ | Major shareholder | 3.3% | 2026-03-31 |
| ダイセルグループ従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.5% | 2026-03-31 |
| ダイセル持株会 | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 2.2% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.1% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥579.6B, down 1.2% from ¥586.5B.
- Operating income fell 31.0% to ¥42.1B, and net income attributable to owners dropped 79.4% to ¥10.2B.
- Operating cash flow shrank to ¥67.8B, not quite enough to cover ¥68B of capital spending, so free cash flow slipped to -¥178M.

### Drivers

- Daicel booked an impairment on a COC resin plant still under construction, because demand is growing more slowly and the build is costing more than planned. This drove most of the drop in net income.
- In Materials, weak demand for the main uses of acetic acid pushed prices down, while customer inventory cuts in acetate tow and currency moves also hurt sales and profit.
- Engineering Plastics grew sales but earned less due to higher depreciation and scheduled maintenance costs. Safety did better, selling more inflators in China and India.

### Risks

- Its car and chip/electronics markets swing quickly, and US tariffs and tension in the Middle East could hit demand and prices.
- Rising construction costs or delays on new plants could lower returns and lead to further impairments.
- Methanol, a key raw material, can jump in price when large suppliers have outages or maintenance.

Cited: Annual Securities Report, 160th term (Apr 2025 - Mar 2026) (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, 160th term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第160期(2025/04/01－2026/03/31) | S100YBO0 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBO0,, |
| 有価証券報告書－第159期(2024/04/01－2025/03/31) | S100VYQ9 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYQ9,, |
| 有価証券報告書－第158期(2023/04/01－2024/03/31) | S100TPVN | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPVN,, |
| 有価証券報告書－第157期(2022/04/01－2023/03/31) | S100R12O | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R12O,, |
| 訂正有価証券報告書－第156期(令和3年4月1日－令和4年3月31日) | S100OOJW | 2022-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOJW,, |
| 有価証券報告書－第155期(令和2年4月1日－令和3年3月31日) | S100LS80 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS80,, |

## 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).