# EZAKI GLICO 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121期(2025/01/01－2025/12/31) (S100XRXN)
> Page: https://vizora.meequs.com/en/company/ezaki-glico
> Retrieved: 2026-09-30T21:18:31.118Z

## Company

Ezaki Glico, founded in 1921, is a company in Beverages & Dairy listed on TSE Prime. It has 5,588 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ezaki Glico Co., Ltd. |
| Ticker | 2206 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2206.T) |
| Listing | TSE Prime |
| Head office | 大阪市西淀川区歌島四丁目6番5号 |
| Representative (per filing) | 代表取締役会長 江崎 勝久 |
| Founded | Apr 1921 |
| Share capital | ¥7.77B |
| Employees (consolidated) | 5,588 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | December |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 5120001049268 |
| EDINET | E00373 |
| Industries (Vizora) | Beverages & Dairy, Food Ingredients, Processed Foods |

> Profile source: annual securities report (S100XRXN, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.7 | 56 |
| Profitability | 27.5 | 60 |
| Cash conversion | 86.8 | 57 |
| Efficiency | 32.5 | 60 |

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 25% of Ezaki Glico's sales come from Overseas Business, with Other Domestic Business and Dairy Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit -21.0%.

## Company structure

- Segment revenue mix: Overseas Business 25.1%、Other Domestic Business 21.4%、Dairy Business 18.4%、Nutritional Confectionery Business 18.2%、Health and Food Business 13.2%
- Revenue → net income: ¥361390000000 → ¥5085000000
- Net income → operating cash flow: ¥5085000000 → ¥27279000000（difference ¥22194000000）
- Main uses of operating cash flow: CapEx ¥12396000000 / dividends ¥5729000000 / buybacks ¥4000000
- Change in cash: ¥8126000000
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 | ¥361.4B |  |
| Operating income | ¥8.74B | Margin 2.4% |
| Net income | ¥5.04B | Margin 1.4% |
| Free cash flow | ¥14.9B |  |
| Largest business | Overseas Business | of segment revenue 25.1% |
| Employees (consolidated) | 5,588 |  |
| EPS | ¥-18.26 |  |
| Book value per share | ¥3355.18 |  |
| Equity ratio | 70.5% |  |
| Shares outstanding | 68,468,000 |  |
| Treasury shares | 4,807,100 |  |
| Shareholders | 27,586 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 17.9% |
| Vs. industry median margin | -1.6 pp | Processed Foods |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.4× net income
- FY2025, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥344048000000 | ¥361390000000 | +5.0% |
| Operating income | ¥18523000000 | ¥8736000000 | -52.8% |
| Operating margin | 5.4% | 2.4% | -3 pp |
| Employees | 5,360 people | 5,588 people | +4.3% |
| Cash and equivalents | ¥92449000000 | ¥64737000000 | -30.0% |

### 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 |
| --- | ---: |
| 菓子・食品 → 事業再編・廃止 | 26.0% |
| 冷菓 → 事業再編・廃止 | 26.8% |
| 乳業 → 事業再編・廃止 | 24.3% |
| 食品原料 → 事業再編・廃止 | 2.9% |
| 海外 → 事業再編・廃止 | 14.8% |
| その他 → 事業再編・廃止 | 5.2% |
| 新設・再編 → 健康・食品事業 | 13.2% |
| 新設・再編 → 乳業事業 | 18.4% |
| 新設・再編 → 栄養菓子事業 | 18.2% |
| 新設・再編 → 食品原料事業 | 3.6% |
| 新設・再編 → 国内その他事業 | 21.4% |
| 新設・再編 → 海外事業 | 25.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas Business | 3 years | +14.8% | ¥90702000000 | 9.1% | 2 |
| Other Domestic Business | 3 years | +8.1% | ¥77212000000 | 0.9% | 2 |
| Dairy Business | 3 years | +0.2% | ¥66492000000 | -10.7% | 2 |
| Nutritional Confectionery Business | 3 years | +4.5% | ¥65950000000 | 6.6% | 2 |
| Health and Food Business | 3 years | +0.0% | ¥47859000000 | -3.2% | 2 |
| Food Ingredients Business | 3 years | +5.7% | ¥13172000000 | 17.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 361,390 | 100.0% | S100XRXN |
| Cost of revenue | 226,273 | 62.6% | S100XRXN |
| Gross profit | 135,117 | 37.4% | S100XRXN |
| SG&A | 126,380 | 35.0% | S100XRXN |
| Operating income | 8,736 | 2.4% | S100XRXN |
| Ordinary income | 11,645 | 3.2% | S100XRXN |
| Pretax income | 8,099 | 2.2% | S100XRXN |
| Income tax | 3,013 | 0.8% | S100XRXN |
| Net income | 5,085 | 1.4% | S100XRXN |
| Net income attributable to owners | 5,036 | 1.4% | S100XRXN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 35 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 37.4% → Operating margin 2.4% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.1%; Core profit growth: -21.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.30×
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 | 331,129 | 361,390 | 30,261 | +9.1% |
| Gross profit | 127,668 | 135,117 | 7,449 | +5.8% |
| Operating income | 11,065 | 8,736 | -2,329 | -21.0% |
| Net income attributable to owners | 8,113 | 5,036 | -3,077 | -37.9% |
| Operating cash flow | 1,812 | 27,279 | 25,467 | +1405.5% |
| Free cash flow | -15,663 | 14,883 | 30,546 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 288,187 | 15,605 | 5.4% | 12,047 | 17,344 | -1,034 | S100KZGE |
| FY ending Dec 2020 | 344,048 | 18,523 | 5.4% | 11,836 | 17,218 | 474 | S100NPJP |
| FY ending Dec 2021 | 338,571 | 19,307 | 5.7% | 13,519 | 28,651 | 4,887 | S100QH5O |
| FY ending Dec 2022 | 303,921 | 12,845 | 4.2% | 8,099 | 16,802 | -8,895 | S100U77X |
| FY ending Dec 2023 | 332,590 | 18,622 | 5.6% | 14,133 | 28,063 | 9,686 | S100VFYV |
| FY ending Dec 2024 | 331,129 | 11,065 | 3.3% | 8,113 | 1,812 | -15,663 | S100XRXN |
| FY ending Dec 2025 | 361,390 | 8,736 | 2.4% | 5,036 | 27,279 | 14,883 | S100XRXN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.7M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥901.2K |

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) | 5,321 | 5,359 | 5,439 | 5,563 | 5,588 |
| Average salary (parent company) | ¥8.2M | ¥8.1M | ¥8.2M | ¥8.4M | ¥8.6M |
| Average age (parent company) | 43.8 years | 44.0 years | 44.1 years | 43.9 years | 43.7 years |
| Average tenure (parent company) | 13.7 years | 13.8 years | 13.9 years | 13.5 years | 13.4 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +9.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Health and Food Business | 47,859 | 13.2% | -1,513 | -3.2% |
| Dairy Business | 66,492 | 18.4% | -7,145 | -10.7% |
| Nutritional Confectionery Business | 65,950 | 18.2% | 4,376 | 6.6% |
| Food Ingredients Business | 13,172 | 3.6% | 2,256 | 17.1% |
| Other Domestic Business | 77,212 | 21.4% | 698 | 0.9% |
| Overseas Business | 90,702 | 25.1% | 8,234 | 9.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Health and Food Business | 13.2% | — | — | -3.2% |
| Dairy Business | 18.4% | — | — | -10.7% |
| Nutritional Confectionery Business | 18.2% | 28.1% | 9.9 | 6.6% |
| Food Ingredients Business | 3.6% | 14.5% | 10.9 | 17.1% |
| Other Domestic Business | 21.4% | 4.5% | -16.9 | 0.9% |
| Overseas Business | 25.1% | 52.9% | 27.8 | 9.1% |

Loss-making segment (excluded from profit shares): Health and Food Business -1,513 JPY mn

Loss-making segment (excluded from profit shares): Dairy Business -7,145 JPY mn

Segment → industry: Dairy Business → Beverages & Dairy / Food Ingredients Business → Food Ingredients / Overseas Business → Processed Foods / Nutritional Confectionery Business → Processed Foods / Health and Food Business → Processed Foods

## 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 | 27,279 | 7.5% | S100XRXN |
| Capital expenditure | 12,396 | 3.4% | S100XRXN |
| Free cash flow | 14,883 | 4.1% | 算出 |
| Investing cash flow | -13,852 | -3.8% | S100XRXN |
| Financing cash flow | -7,037 | -1.9% | S100XRXN |
| Dividends paid | 5,729 | 1.6% | S100XRXN |
| Share buyback | 4 | 0.0% | S100XRXN |
| Change in cash | 8,126 | 2.2% | S100XRXN |
| Cash and equivalents | 64,737 | 17.9% | S100XRXN |

## 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 | 89,463 | 79,917 | 94,691 | 56,610 | 64,737 | S100U77X, S100VFYV, S100XRXN |
| Total assets | 356,745 | 369,056 | 395,743 | 377,771 | 394,129 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Net assets | 241,177 | 244,760 | 263,116 | 272,598 | 278,532 | S100U77X, S100VFYV, S100XRXN |
| Share capital | 7,773 | 7,773 | 7,773 | 7,773 | 7,773 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Trade receivables | 42,898 | 45,372 | 48,433 | 49,973 | 50,484 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Property, plant and equipment | 101,080 | 110,038 | 111,459 | 111,846 | 105,280 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Intangible assets excluding goodwill | 15,967 | 21,682 | 26,909 | 30,553 | 25,382 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Goodwill | 391 | 352 | 306 | 1,767 | 1,337 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Investment securities | 41,627 | 39,265 | 46,840 | 46,694 | 55,822 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Current assets | 178,626 | 178,168 | 188,464 | 165,424 | 180,388 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Current liabilities | 72,150 | 79,875 | 115,991 | 86,612 | 95,252 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Trade payables | 32,373 | 36,430 | 38,326 | 38,680 | 44,268 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Short-term borrowings | 232 | — | — | 10 | 46 | S100QH5O, S100XRXN |
| Long-term borrowings | 77 | — | — | 155 | 108 | S100QH5O, S100XRXN |
| Total liabilities | 115,567 | 124,296 | 132,626 | 105,173 | 115,597 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Non-controlling interests | 386 | 468 | 572 | 593 | 627 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Equity attributable to owners of parent | 223,470 | 221,046 | 230,089 | 230,343 | 229,646 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Retained earnings | 214,795 | 217,184 | 226,230 | 228,938 | 228,245 | S100QH5O, S100U77X, S100VFYV, S100XRXN |
| Treasury stock | -9,057 | -13,806 | -13,809 | -13,598 | -13,603 | S100QH5O, S100U77X, S100VFYV, S100XRXN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XRXN |
| Receivables | 13% | S100XRXN |
| Property, plant and equipment | 27% | S100XRXN |
| Intangibles and goodwill | 7% | S100XRXN |
| Investment securities | 14% | S100XRXN |
| Other assets | 23% | S100XRXN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100XRXN |
| Other liabilities | 18% | S100XRXN |
| Equity | 71% | S100XRXN |

### 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 | 356,745 | 369,056 | 395,743 | 377,771 | 394,129 |
| Equity | 241,177 | 244,760 | 263,116 | 272,598 | 278,532 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 89,463 | 79,917 | 94,691 | 56,610 | 64,737 |

## 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) | 29.1% | S100XRXN |
| Fixed assets ÷ total assets | 26.7% | S100XRXN |
| Goodwill ÷ parent equity | 0.6% | S100XRXN |

Goodwill over 4 years: 391 → 1,337 JPY; total investing cash flow: -82,054 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) | 16.4% |
| Cash ÷ revenue | 17.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 312.3% |
| Cash vs. profit gap | 22,243 JPY mn (of net income 441.7%) |
| Shareholder returns / net income | 113.8% |
| Shareholder returns / FCF | 38.5% |
| Shareholder payments — dividends / net income | 113.8% |
| Shareholder payments — dividends / FCF | 38.5% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 50.8% |

## 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 | 4.0% | 0.95× | 3.8% | 1.60× | 6.0% | S100QH5O |
| 2022 | 2.7% | 0.84× | 2.2% | 1.63× | 3.6% | S100U77X |
| 2023 | 4.2% | 0.87× | 3.7% | 1.70× | 6.3% | S100VFYV |
| 2024 | 2.5% | 0.86× | 2.1% | 1.68× | 3.5% | S100XRXN |
| 2025 | 1.4% | 0.94× | 1.3% | 1.68× | 2.2% | S100XRXN |

## 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 | 11.1% | 2025-12-31 |
| 掬泉商事株式会社 | Major shareholder | 6.5% | 2025-12-31 |
| 大同生命保険株式会社 | Major shareholder | 5.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 | Major shareholder | 3.9% | 2025-12-31 |
| 佐賀県農業協同組合 | Major shareholder | 3.0% | 2025-12-31 |
| 江崎グリコ共栄会 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2025-12-31 |
| 大日本印刷株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 | Major shareholder | 2.4% | 2025-12-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1 | Major shareholder | 2.3% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 grew 9.1%, from ¥331.1B to ¥361.4B.
- Profits moved the other way: operating income dropped 21.0% to ¥8.74B from ¥11.1B, and net income attributable to owners fell 37.9% to ¥5.04B from ¥8.11B.
- Cash generation recovered, with operating cash flow up from ¥1.81B to ¥27.3B and free cash flow swinging from -¥15.7B to a positive ¥14.9B.

### Drivers

- Sales in the Dairy and Other Domestic businesses bounced back after a halt in chilled-product shipments hurt the prior year, and overseas sales rose in China and elsewhere.
- The cost-of-sales ratio climbed, mainly in Dairy and in overseas markets such as the U.S., while promotion and depreciation costs also went up, so higher sales did not lift operating income.
- A chocolate product recall and weak ice cream and chilled sales led the company to cut its plan during the year, and impairment losses weighed further on net income.

### Risks

- Rising prices for oil, raw materials, processing and logistics, which the company rates as highly likely.
- Product recalls, which can bring large costs, lost customers and damage to the Glico brand.
- Earthquakes, floods and other disasters that could cut the supply chain or halt operations.

Cited: Annual Securities Report (121st fiscal 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 (121st fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第121期(2025/01/01－2025/12/31) | S100XRXN | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRXN,, |
| 有価証券報告書－第120期(2024/01/01－2024/12/31) | S100VFYV | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFYV,, |
| 訂正有価証券報告書－第119期(2023/01/01－2023/12/31) | S100U77X | 2024-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U77X,, |
| 有価証券報告書－第118期(2022/01/01－2022/12/31) | S100QH5O | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH5O,, |
| 有価証券報告書－第117期(令和3年1月1日－令和3年12月31日) | S100NPJP | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPJP,, |
| 有価証券報告書－第116期(令和2年1月1日－令和2年12月31日) | S100KZGE | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZGE,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ジェネラルビスケット社 | Joint venture | 仏で菓子の合弁Generale Biscuit Glico France（現相手はモンデリーズ） | S100XRXN |
| PT. Mitorajaya Ekaprana | Joint venture | インドネシアでアイスクリームの合弁PT. Glico - Wings | S100XRXN |

## 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).