# DOWA HOLDINGS CO.,LTD.: 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123期(2025/04/01－2026/03/31) (S100YGIN)
> Page: https://vizora.meequs.com/en/company/dowa-holdings
> Retrieved: 2026-09-30T22:20:32.394Z

## Company

Dowa Holdings, founded in 1937, is a company in Batteries listed on TSE Prime. It has 8,355 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DOWA HOLDINGS CO., LTD. |
| Ticker | 5714 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5714.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区外神田四丁目14番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 関口明 |
| Founded | Mar 1937 |
| Share capital | ¥36.4B |
| Employees (consolidated) | 8,355 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | hd.dowa.co.jp (https://hd.dowa.co.jp/) |
| Corporate number | 1010001008750 |
| EDINET | E00028 |
| Industries (Vizora) | Batteries, Non-ferrous Metals & Wires, Semiconductor Materials, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YGIN, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 25 |
| Profitability | 28.8 | 26 |
| Cash conversion | 14 | 25 |
| Efficiency | 50 | 27 |
| Financial strength | 75 | 6 |

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 47% of Dowa Holdings's sales come from Refinery, with Metalworking and Ecology and recycle making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.8% from the prior year, operating profit +6.1%.

## Company structure

- Segment revenue mix: Refinery 47.2%、Metalworking 19.8%、Ecology and recycle 14.9%、Electronic materials 12.9%、Heat-treat 4.6%
- Revenue → net income: ¥745410000000 → ¥64495000000
- Net income → operating cash flow: ¥64495000000 → ¥5241000000（difference ¥-59254000000）
- Main uses of operating cash flow: CapEx ¥35176000000 / dividends ¥9021000000 / buybacks ¥9991000000
- Change in cash: ¥8145000000
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 | ¥745.4B |  |
| Operating income | ¥34.2B | Margin 4.6% |
| Net income | ¥62.5B | Margin 8.4% |
| Free cash flow | -¥29.9B |  |
| Largest business | Refinery | of segment revenue 47.2% |
| Employees (consolidated) | 8,355 |  |
| EPS | ¥689.24 |  |
| Book value per share | ¥3184.08 |  |
| Equity ratio | 57.3% |  |
| Shares outstanding | 61,989,206 |  |
| Treasury shares | 2,840,800 |  |
| Shareholders | 10,788 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 6.2% | Net cash -¥14.4B · Cash ÷ revenue 6.6% |
| Vs. industry median margin | -1 pp | Non-ferrous Metals & Wires |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥588003000000 | ¥745410000000 | +26.8% |
| Operating income | ¥37454000000 | ¥34192000000 | -8.7% |
| Operating margin | 6.4% | 4.6% | -1.8 pp |
| Employees | 7,258 people | 8,355 people | +15.1% |
| Cash and equivalents | ¥17320000000 | ¥49276000000 | +184.5% |

### 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 |
| --- | ---: |
| 環境・リサイクル → 環境・リサイクル | 11.8% |
| 製錬 → 製錬 | 45.6% |
| 電子材料 → 電子材料 | 12.9% |
| 電子材料 → 事業再編・廃止 | 12.2% |
| 金属加工 → 金属加工 | 13.2% |
| 熱処理 → 熱処理 | 3.9% |
| その他 → その他 | 0.4% |
| 新設・再編 → 環境・リサイクル | 3.1% |
| 新設・再編 → 製錬 | 1.7% |
| 新設・再編 → 金属加工 | 6.5% |
| 新設・再編 → 熱処理 | 0.6% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Refinery | 5 years | +5.6% | ¥352169000000 | 5.6% | 2 |
| Metalworking | 5 years | +13.6% | ¥147258000000 | 6.6% | 2 |
| Ecology and recycle | 5 years | +9.9% | ¥111105000000 | 14.9% | 2 |
| Electronic materials | 5 years | -8.2% | ¥96137000000 | 1.2% | 2 |
| Heat-treat | 5 years | +8.1% | ¥33997000000 | 8.0% | 2 |
| Other | 5 years | +15.2% | ¥4742000000 | 19.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 745,410 | 100.0% | S100YGIN |
| Cost of revenue | 655,111 | 87.9% | S100YGIN |
| Gross profit | 90,299 | 12.1% | S100YGIN |
| SG&A | 56,106 | 7.5% | S100YGIN |
| Operating income | 34,192 | 4.6% | S100YGIN |
| Ordinary income | 54,325 | 7.3% | S100YGIN |
| Pretax income | 78,104 | 10.5% | S100YGIN |
| Income tax | 13,609 | 1.8% | S100YGIN |
| Net income | 64,495 | 8.7% | S100YGIN |
| Net income attributable to owners | 62,458 | 8.4% | S100YGIN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 12.1% → Operating margin 4.6% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.8%; Core profit growth: +6.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.62×
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 | 678,672 | 745,410 | 66,738 | +9.8% |
| Gross profit | 86,629 | 90,299 | 3,670 | +4.2% |
| Operating income | 32,226 | 34,192 | 1,966 | +6.1% |
| Net income attributable to owners | 27,128 | 62,458 | 35,330 | +130.2% |
| Operating cash flow | 12,827 | 5,241 | -7,586 | -59.1% |
| Free cash flow | -34,350 | -29,935 | 4,415 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 485,130 | 25,955 | 5.4% | 17,395 | 55,113 | 18,987 | S100LNJD |
| FY ending Mar 2021 | 588,003 | 37,454 | 6.4% | 21,824 | -3,088 | -38,110 | S100OEIA |
| FY ending Mar 2022 | 831,794 | 63,824 | 7.7% | 51,012 | 59,911 | 28,132 | S100R5AK |
| FY ending Mar 2023 | 780,060 | 44,610 | 5.7% | 25,041 | 50,725 | 17,649 | S100TO7R |
| FY ending Mar 2024 | 717,194 | 30,003 | 4.2% | 27,853 | 118,630 | 80,273 | S100W2F9 |
| FY ending Mar 2025 | 678,672 | 32,226 | 4.7% | 27,128 | 12,827 | -34,350 | S100YGIN |
| FY ending Mar 2026 | 745,410 | 34,192 | 4.6% | 62,458 | 5,241 | -29,935 | S100YGIN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.2M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥7.5M |

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) | 7,394 | 7,569 | 7,801 | 8,076 | 8,355 |
| Average salary (parent company) | ¥8.1M | ¥8.7M | ¥8.4M | ¥8.1M | ¥8.3M |
| Average age (parent company) | 43.3 years | 44.0 years | 43.2 years | 42.9 years | 43.3 years |
| Average tenure (parent company) | 16.3 years | 16.9 years | 16.5 years | 15.8 years | 15.7 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +9.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ecology and recycle | 111,105 | 14.9% | 16,512 | 14.9% |
| Refinery | 352,169 | 47.2% | 19,682 | 5.6% |
| Electronic materials | 96,137 | 12.9% | 1,135 | 1.2% |
| Metalworking | 147,258 | 19.8% | 9,789 | 6.6% |
| Heat-treat | 33,997 | 4.6% | 2,714 | 8.0% |
| Other | 4,742 | 0.6% | 934 | 19.7% |

### 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 |
| --- | ---: |
| Ecology and recycle | 14.9% |
| Refinery | 47.2% |
| Electronic materials | 12.9% |
| Metalworking | 19.8% |
| Heat-treat | 4.6% |
| Other | 0.6% |

Segment → industry: Electronic materials → Batteries / Metalworking → Non-ferrous Metals & Wires / Refinery → Non-ferrous Metals & Wires / Electronic materials → Semiconductor Materials / Ecology and recycle → Waste Management & Recycling / Heat-treat → Industrial Machinery

## 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 | 5,241 | 0.7% | S100YGIN |
| Capital expenditure | 35,176 | 4.7% | S100YGIN |
| Free cash flow | -29,935 | -4.0% | 算出 |
| Investing cash flow | 12,127 | 1.6% | S100YGIN |
| Financing cash flow | -10,019 | -1.3% | S100YGIN |
| Dividends paid | 9,021 | 1.2% | S100YGIN |
| Share buyback | 9,991 | 1.3% | S100YGIN |
| Change in cash | 8,145 | 1.1% | S100YGIN |
| Cash and equivalents | 49,276 | 6.6% | S100YGIN |

## 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 | 35,740 | 37,760 | 73,049 | 41,249 | 49,276 | S100TO7R, S100W2F9, S100YGIN |
| Total assets | 657,283 | 655,282 | 632,770 | 673,537 | 794,476 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Net assets | 328,574 | 360,603 | 388,790 | 416,035 | 474,629 | S100TO7R, S100W2F9, S100YGIN |
| Share capital | 36,437 | 36,437 | 36,437 | 36,437 | 36,437 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Property, plant and equipment | 168,344 | 173,222 | 194,120 | 208,636 | 210,740 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Intangible assets excluding goodwill | 9,466 | 11,149 | 10,216 | 8,910 | 7,561 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Goodwill | 3,156 | 2,667 | 2,223 | 1,706 | 1,193 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Investment securities | 79,705 | 78,794 | 76,144 | 76,709 | 88,001 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Current assets | 383,041 | 379,033 | 341,851 | 367,039 | 476,785 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Current liabilities | 228,267 | 209,160 | 178,084 | 201,658 | 249,547 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Trade payables | 63,265 | 52,042 | 51,665 | 48,984 | 70,188 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Short-term borrowings | 27,916 | 26,951 | 26,383 | 29,986 | 29,306 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Long-term borrowings | 40,708 | 32,816 | 20,527 | 12,280 | 24,384 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Bonds | 30,000 | 20,000 | 10,000 | 10,000 | 10,000 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Interest-bearing debt | 98,624 | 79,767 | 56,910 | 52,266 | 63,690 | 算出 |
| Total liabilities | 328,708 | 294,678 | 243,980 | 257,501 | 319,846 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Non-controlling interests | 15,119 | 15,710 | 15,800 | 17,634 | 19,064 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Equity attributable to owners of parent | 303,604 | 320,084 | 338,900 | 357,302 | 400,323 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Retained earnings | 246,360 | 263,503 | 282,688 | 301,998 | 352,642 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |
| Treasury stock | -5,064 | -5,037 | -5,010 | -4,988 | -12,986 | S100R5AK, S100TO7R, S100W2F9, S100YGIN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YGIN |
| Property, plant and equipment | 27% | S100YGIN |
| Intangibles and goodwill | 1% | S100YGIN |
| Investment securities | 11% | S100YGIN |
| Other assets | 55% | S100YGIN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YGIN |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 23% | S100YGIN |
| Equity | 60% | S100YGIN |
| Other liabilities | 0% | S100YGIN |

### 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 | 657,283 | 655,282 | 632,770 | 673,537 | 794,476 |
| Equity | 328,574 | 360,603 | 388,790 | 416,035 | 474,629 |
| Interest-bearing debt | 98,624 | 79,767 | 56,910 | 52,266 | 63,690 |
| Cash | 35,740 | 37,760 | 73,049 | 41,249 | 49,276 |

## 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) | 28.3% | S100YGIN |
| Fixed assets ÷ total assets | 26.5% | S100YGIN |
| Goodwill ÷ parent equity | 0.3% | S100YGIN |

Goodwill over 4 years: 3,156 → 1,193 JPY; total investing cash flow: -97,234 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) | 6.2% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | -¥14.4B |
| Net debt ÷ operating cash flow | 2.75× |
| Cash conversion (operating CF ÷ operating income) | 15.3% |
| Cash vs. profit gap | -57,217 JPY mn (of net income -91.6%) |
| Shareholder returns / net income | 30.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 231.4% |

## 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 | 6.1% | 1.27× | 7.8% | 2.16× | 16.8% | S100R5AK |
| 2023 | 3.2% | 1.19× | 3.8% | 2.10× | 8.0% | S100TO7R |
| 2024 | 3.9% | 1.11× | 4.3% | 1.95× | 8.5% | S100W2F9 |
| 2025 | 4.0% | 1.04× | 4.2% | 1.88× | 7.8% | S100YGIN |
| 2026 | 8.4% | 1.02× | 8.5% | 1.94× | 16.5% | S100YGIN |

## 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 | 18.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 9.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（株式会社みずほ銀行決済営業部） | Major shareholder | 7.1% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST（香港上海銀行東京支店） | Major shareholder | 3.7% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS（香港上海銀行東京支店） | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 藤田観光株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT （香港上海銀行東京支店） | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue grew +9.8% from ¥678.7B to ¥745.4B in the FY ending Mar 2026, and operating income rose +6.1% from ¥32.2B to ¥34.2B.
- Net income rose +130.2% from ¥27.1B to ¥62.5B, lifted by higher equity-method earnings, mainly from an overseas zinc mine, and a gain on selling investment securities.
- Cash was tighter: operating cash flow fell -59.1% from ¥12.8B to ¥5.24B, and free cash flow stayed negative at -¥29.9B.

### Drivers

- Higher average prices for gold, silver and platinum-group metals lifted refining revenue
- Stronger sales of copper products for AI servers and for a recovering auto industry boosted the metalworking segment's profit
- Worse terms for buying smelter feedstock, hedge valuation losses from a weaker yen and rising precious metal prices, and higher labor and depreciation costs held profit back
- Larger equity-method income from an overseas zinc mine and gains on selling investment securities pushed up net income
- A build-up of inventory weighed on operating cash flow

### Risks

- Lower metal prices or a stronger yen, if they last, could hurt results; refining is the most exposed because it trades precious and base metals in foreign currencies
- Feedstock terms for the smelters could worsen depending on how overseas mines operate
- Shifts in the IT equipment, new energy and auto industries could cut demand for its materials and processed products

Cited: Annual securities report (FY ending 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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100YGIN | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGIN,, |
| 有価証券報告書－第122期(2024/04/01－2025/03/31) | S100W2F9 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2F9,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TO7R | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO7R,, |
| 有価証券報告書－第120期(2022/04/01－2023/03/31) | S100R5AK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5AK,, |
| 有価証券報告書－第119期(令和3年4月1日－令和4年3月31日) | S100OEIA | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEIA,, |
| 有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100LNJD | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNJD,, |

## 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).