# Denka Company Limited: 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167期(2025/04/01－2026/03/31) (S100YCU0)
> Page: https://vizora.meequs.com/en/company/denka
> Retrieved: 2026-09-30T18:59:07.052Z

## Company

Denka, founded in 1915, is a company in Medical Devices listed on TSE Prime. It has 6,454 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Denka Company Limited |
| Ticker | 4061 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4061.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋室町二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 石田 郁雄 |
| Founded | May 1915 |
| Share capital | ¥37B |
| Employees (consolidated) | 6,454 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.denka.co.jp (https://www.denka.co.jp/) |
| Corporate number | 3010001008757 |
| EDINET | E00774 |
| Industries (Vizora) | Medical Devices, Chemicals, Pharmaceuticals, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100YCU0, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.1 | 96 |
| Profitability | 44.5 | 100 |
| Cash conversion | 44.3 | 96 |
| Efficiency | 20.5 | 100 |
| Financial strength | 28.9 | 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 32% of Denka's sales come from Polymer Solutions, with Electronics and Innovative Products and Elastomers and Infrastructure Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -4.0% from the prior year, operating profit +82.0%.

## Company structure

- Segment revenue mix: Polymer Solutions 32.3%、Electronics and Innovative Products 27.2%、Elastomers and Infrastructure Solutions 25.4%、Life Innovation 10.5%、Other 4.6%
- Revenue → net income: ¥384247000000 → ¥11252000000
- Net income → operating cash flow: ¥11252000000 → ¥36154000000（difference ¥24902000000）
- Main uses of operating cash flow: CapEx ¥67646000000 / dividends — / buybacks ¥6000000
- Change in cash: ¥-1732000000
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 | ¥384.2B |  |
| Operating income | ¥26.2B | Margin 6.8% |
| Net income | ¥15.7B | Margin 4.1% |
| Free cash flow | -¥31.5B |  |
| Largest business | Polymer Solutions | of segment revenue 32.3% |
| Employees (consolidated) | 6,454 |  |
| EPS | ¥41.19 |  |
| Book value per share | ¥2249.03 |  |
| Equity ratio | 45.6% |  |
| Shares outstanding | 88,555,840 |  |
| Treasury shares | 2,287,800 |  |
| Shareholders | 41,588 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 5.2% | Net cash -¥151.3B · Cash ÷ revenue 9.2% |
| Vs. industry median margin | -0.7 pp | Chemicals |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, employees -1% while operating income rose 82%
- FY2026, segment profit share differs by 26 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥354391000000 | ¥384247000000 | +8.4% |
| Operating income | ¥34729000000 | ¥26225000000 | -24.5% |
| Operating margin | 9.8% | 6.8% | -3 pp |
| Employees | 6,351 people | 6,454 people | +1.6% |
| Cash and equivalents | ¥25909000000 | ¥35270000000 | +36.1% |

### 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 |
| --- | ---: |
| 電子・先端プロダクツ → 電子・先端プロダクツ | 13.8% |
| エラストマー・機能樹脂 → 事業再編・廃止 | 22.1% |
| ライフイノベーション → ライフイノベーション | 7.6% |
| インフラ・ソーシャルソリューション → 事業再編・廃止 | 9.0% |
| エラストマー・インフラソリューション → エラストマー・インフラソリューション | 16.3% |
| ポリマーソリューション → ポリマーソリューション | 19.5% |
| 生活・環境プロダクツ → 事業再編・廃止 | 5.9% |
| その他 → その他 | 4.6% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 電子・先端プロダクツ | 13.4% |
| 新設・再編 → ライフイノベーション | 2.9% |
| 新設・再編 → エラストマー・インフラソリューション | 9.1% |
| 新設・再編 → ポリマーソリューション | 12.8% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Polymer Solutions | 5 years | +2.5% | ¥124161000000 | 2.9% | 2 |
| Electronics and Innovative Products | 5 years | +6.1% | ¥104430000000 | 13.3% | 2 |
| Elastomers and Infrastructure Solutions | 5 years | +1.2% | ¥97583000000 | 0.1% | 2 |
| Life Innovation | 5 years | -1.2% | ¥40520000000 | 15.4% | 2 |
| Other | 5 years | -11.3% | ¥17552000000 | 13.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 384,247 | 100.0% | S100YCU0 |
| Cost of revenue | 289,991 | 75.5% | S100YCU0 |
| Gross profit | 94,256 | 24.5% | S100YCU0 |
| SG&A | 68,030 | 17.7% | S100YCU0 |
| Operating income | 26,225 | 6.8% | S100YCU0 |
| Ordinary income | 19,295 | 5.0% | S100YCU0 |
| Pretax income | 21,357 | 5.6% | S100YCU0 |
| Income tax | 10,105 | 2.6% | S100YCU0 |
| Net income | 11,252 | 2.9% | S100YCU0 |
| Net income attributable to owners | 15,695 | 4.1% | S100YCU0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.5% → Operating margin 6.8% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.0%; Core profit growth: +82.0%
Operating leverage (core profit growth ÷ revenue growth): -20.50×
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 | 400,251 | 384,247 | -16,004 | -4.0% |
| Gross profit | 84,595 | 94,256 | 9,661 | +11.4% |
| Operating income | 14,413 | 26,225 | 11,812 | +82.0% |
| Net income attributable to owners | -12,300 | 15,695 | 27,995 | — |
| Operating cash flow | 18,620 | 36,154 | 17,534 | +94.2% |
| Free cash flow | -41,210 | -31,492 | 9,718 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 380,803 | 31,587 | 8.3% | 22,703 | 41,954 | 8,115 | S100LM7D |
| FY ending Mar 2021 | 354,391 | 34,729 | 9.8% | 22,785 | 40,610 | 3,116 | S100OC2H |
| FY ending Mar 2022 | 384,849 | 40,123 | 10.4% | 26,012 | 42,630 | 4,676 | S100R0XG |
| FY ending Mar 2023 | 407,559 | 32,324 | 7.9% | 12,768 | 8,946 | -30,894 | S100TO95 |
| FY ending Mar 2024 | 389,263 | 13,376 | 3.4% | 11,947 | 36,260 | -8,419 | S100VZX7 |
| FY ending Mar 2025 | 400,251 | 14,413 | 3.6% | -12,300 | 18,620 | -41,210 | S100YCU0 |
| FY ending Mar 2026 | 384,247 | 26,225 | 6.8% | 15,695 | 36,154 | -31,492 | S100YCU0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.5M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 6,358 | 6,406 | 6,514 | 6,542 | 6,454 |
| Average salary (parent company) | ¥7.3M | ¥7.7M | ¥7.7M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 40.8 years | 40.7 years | 40.7 years | 40.6 years | 40.8 years |
| Average tenure (parent company) | 16.8 years | 16.4 years | 16.1 years | 16.0 years | 16.4 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) -4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics and Innovative Products | 104,430 | 27.2% | 13,886 | 13.3% |
| Life Innovation | 40,520 | 10.5% | 6,247 | 15.4% |
| Elastomers and Infrastructure Solutions | 97,583 | 25.4% | 68 | 0.1% |
| Polymer Solutions | 124,161 | 32.3% | 3,574 | 2.9% |
| Other | 17,552 | 4.6% | 2,427 | 13.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics and Innovative Products | 27.2% | 53.0% | 25.8 | 13.3% |
| Life Innovation | 10.5% | 23.8% | 13.3 | 15.4% |
| Elastomers and Infrastructure Solutions | 25.4% | 0.3% | -25.1 | 0.1% |
| Polymer Solutions | 32.3% | 13.6% | -18.7 | 2.9% |
| Other | 4.6% | 9.3% | 4.7 | 13.8% |

Segment → industry: Life Innovation → Medical Devices / Polymer Solutions → Chemicals / Elastomers and Infrastructure Solutions → Chemicals / Life Innovation → Pharmaceuticals / Electronics and Innovative Products → Semiconductor Materials / Electronics and Innovative Products → Electronic Components

## 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 | 36,154 | 9.4% | S100YCU0 |
| Capital expenditure | 67,646 | 17.6% | S100YCU0 |
| Free cash flow | -31,492 | -8.2% | 算出 |
| Investing cash flow | -45,021 | -11.7% | S100YCU0 |
| Financing cash flow | 7,603 | 2.0% | S100YCU0 |
| Share buyback | 6 | 0.0% | S100YCU0 |
| Change in cash | -1,732 | -0.5% | S100YCU0 |
| Cash and equivalents | 35,270 | 9.2% | S100YCU0 |

## 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 | 20,209 | 20,199 | 35,386 | 37,002 | 35,270 | S100TO95, S100VZX7, S100YCU0 |
| Total assets | 557,646 | 592,158 | 616,244 | 655,524 | 681,006 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Net assets | 292,094 | 300,351 | 316,915 | 308,296 | 338,826 | S100TO95, S100VZX7, S100YCU0 |
| Share capital | 36,998 | 36,998 | 36,998 | 36,998 | 36,998 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Property, plant and equipment | 263,171 | 262,711 | 281,880 | 312,969 | 343,187 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Intangible assets excluding goodwill | 10,391 | 11,001 | 5,001 | 3,097 | 5,053 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Goodwill | 5,989 | 5,992 | 44 | 10 | 2,246 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Investment securities | 60,552 | 58,072 | 52,511 | 48,702 | 47,463 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Current assets | 218,164 | 251,793 | 265,447 | 270,455 | 260,075 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Current liabilities | 166,679 | 164,457 | 171,557 | 230,501 | 185,096 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Trade payables | 50,032 | 47,969 | 54,193 | 48,023 | 43,005 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Short-term borrowings | 40,545 | 44,754 | 46,368 | 74,679 | 51,797 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Long-term borrowings | 39,016 | 70,000 | 80,000 | 80,000 | 124,766 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Bonds | 37,000 | 37,000 | 30,000 | 15,000 | 10,000 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Interest-bearing debt | 116,561 | 151,754 | 156,368 | 169,679 | 186,563 | 算出 |
| Total liabilities | 265,552 | 291,807 | 299,329 | 347,228 | 342,180 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Non-controlling interests | 3,621 | 3,871 | 9,377 | 12,114 | 28,117 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Equity attributable to owners of parent | 261,879 | 262,145 | 266,192 | 245,698 | 252,825 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Retained earnings | 183,128 | 183,391 | 187,574 | 167,074 | 174,127 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |
| Treasury stock | -7,645 | -7,650 | -7,785 | -7,786 | -7,716 | S100R0XG, S100TO95, S100VZX7, S100YCU0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YCU0 |
| Property, plant and equipment | 51% | S100YCU0 |
| Intangibles and goodwill | 1% | S100YCU0 |
| Investment securities | 7% | S100YCU0 |
| Other assets | 36% | S100YCU0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YCU0 |
| Interest-bearing debt | 27% | 算出 |
| Other liabilities | 17% | S100YCU0 |
| Equity | 50% | S100YCU0 |

### 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 | 557,646 | 592,158 | 616,244 | 655,524 | 681,006 |
| Equity | 292,094 | 300,351 | 316,915 | 308,296 | 338,826 |
| Interest-bearing debt | 116,561 | 151,754 | 156,368 | 169,679 | 186,563 |
| Cash | 20,209 | 20,199 | 35,386 | 37,002 | 35,270 |

## 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) | 89.3% | S100YCU0 |
| Fixed assets ÷ total assets | 50.4% | S100YCU0 |
| Goodwill ÷ parent equity | 0.9% | S100YCU0 |

Goodwill over 4 years: 5,989 → 2,246 JPY; total investing cash flow: -192,286 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) | 5.2% |
| Cash ÷ revenue | 9.2% |
| Net cash (cash − interest-bearing debt) | -¥151.3B |
| Net debt ÷ operating cash flow | 4.18× |
| Cash conversion (operating CF ÷ operating income) | 137.9% |
| Cash vs. profit gap | 20,459 JPY mn (of net income 130.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.6% |
| Investing CF relative to operating CF | 124.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.8% | 0.69× | 4.7% | 2.13× | 9.9% | S100R0XG |
| 2023 | 3.1% | 0.71× | 2.2% | 2.19× | 4.9% | S100TO95 |
| 2024 | 3.1% | 0.64× | 2.0% | 2.29× | 4.5% | S100VZX7 |
| 2025 | — | —× | -1.9% | —× | — | S100YCU0 |
| 2026 | 4.1% | 0.57× | 2.3% | 2.68× | 6.3% | S100YCU0 |

## 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 | 18.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.8% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 3.7% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.1% | 2026-03-31 |
| 大樹生命保険株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 2.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| デンカ従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥384.2B, down -4.0% from ¥400.3B.
- Profit moved the other way: operating income rose +82.0% from ¥14.4B to ¥26.2B, and gross profit grew +11.4%.
- Net income went from a -¥12.3B loss to a ¥15.7B profit.
- Operating cash flow rose +94.2% to ¥36.2B, but capital spending of ¥67.6B kept free cash flow negative at -¥31.5B.

### Drivers

- Sales dipped because the company cut selling prices as raw material and fuel costs fell.
- Demand for AI chips and power grid equipment lifted sales of spherical silica, spherical alumina and other electronic materials.
- Halting the high-cost chloroprene rubber plant in the US improved the elastomer unit's results. At the bottom line, gains from selling factory land and shareholdings outweighed a special loss tied to that US subsidiary.

### Risks

- Results depend on demand from carmakers and electronics makers, on raw material prices, on exchange rates, and on tariffs.
- If business conditions worsen sharply, the company may have to book impairment losses on its plants and other fixed assets.
- Tighter environmental rules, including Japan's new emissions trading scheme, could raise costs.

Cited: Annual securities report (167th term) (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 (167th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第167期(2025/04/01－2026/03/31) | S100YCU0 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCU0,, |
| 有価証券報告書－第166期(2024/04/01－2025/03/31) | S100VZX7 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZX7,, |
| 有価証券報告書－第165期(2023/04/01－2024/03/31) | S100TO95 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO95,, |
| 有価証券報告書－第164期(2022/04/01－2023/03/31) | S100R0XG | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0XG,, |
| 有価証券報告書－第163期(令和3年4月1日－令和4年3月31日) | S100OC2H | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC2H,, |
| 有価証券報告書－第162期(令和2年4月1日－令和3年3月31日) | S100LM7D | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM7D,, |

## 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).