# Hankyu Hanshin Holdings,Inc.: 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188期(2025/04/01－2026/03/31) (S100YCBL)
> Page: https://vizora.meequs.com/en/company/hankyu-hanshin-holdings
> Retrieved: 2026-09-30T18:29:00.130Z

## Company

Hankyu Hanshin Holdings, founded in 1907, is a company in Private Railways listed on TSE Prime. It has 23,867 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hankyu Hanshin Holdings, Inc. |
| Ticker | 9042 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9042.T) |
| Listing | TSE Prime |
| Head office | 大阪府池田市栄町1番1号 大阪市北区芝田一丁目16番1号(本社事務所) |
| Representative (per filing) | 代表取締役社長 嶋田 泰夫 |
| Founded | Oct 1907 |
| Share capital | ¥99.5B |
| Employees (consolidated) | 23,867 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.hankyu-hanshin.co.jp (https://www.hankyu-hanshin.co.jp/) |
| Corporate number | 2120901019851 |
| EDINET | E04103 |
| Industries (Vizora) | Private Railways, Real Estate Development & Leasing, Theme Parks & Leisure Facilities, Professional Sports, IT Services & System Integration, Travel Agencies, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YCBL, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.7 | 75 |
| Profitability | 50.6 | 86 |
| Cash conversion | 48.2 | 82 |
| Efficiency | 32 | 86 |
| Financial strength | 47.3 | 37 |

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 33% of Hankyu Hanshin Holdings's sales come from Real Estate, with Travel and Urban Transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +8.7% from the prior year, operating profit +14.7%.

## Company structure

- Segment revenue mix: Real Estate 32.9%、Travel 24.6%、Urban Transportation 17.4%、International Transportation 8.8%、Entertainment 7.4%
- Revenue → net income: ¥1203506000000 → ¥83467000000
- Net income → operating cash flow: ¥83467000000 → ¥51679000000（difference ¥-31788000000）
- Main uses of operating cash flow: CapEx ¥109338000000 / dividends ¥19156000000 / buybacks ¥5859000000
- Change in cash: ¥13464000000
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 | ¥1.2T |  |
| Operating income | ¥127.1B | Margin 10.6% |
| Net income | ¥78.5B | Margin 6.5% |
| Free cash flow | -¥57.7B |  |
| Largest business | Real Estate | of segment revenue 32.9% |
| Employees (consolidated) | 23,867 |  |
| EPS | ¥202.98 |  |
| Diluted EPS | ¥330.2 |  |
| Book value per share | ¥2650.69 |  |
| Equity ratio | 31.2% |  |
| Shares outstanding | 251,498,000 |  |
| Treasury shares | 12,598,700 |  |
| Shareholders | 82,524 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 2.0% | Net cash -¥1.34T · Cash ÷ revenue 5.8% |
| Vs. industry median margin | 0 pp | Real Estate Development & Leasing |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -21 points
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥568900000000 | ¥1203506000000 | +111.5% |
| Operating income | ¥2066000000 | ¥127136000000 | +6053.7% |
| Operating margin | 0.4% | 10.6% | +10.2 pp |
| Employees | 23,192 people | 23,867 people | +2.9% |
| Cash and equivalents | ¥25222000000 | ¥69573000000 | +175.8% |

### 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 |
| --- | ---: |
| 都市交通 → 都市交通 | 17.4% |
| 都市交通 → 事業再編・廃止 | 9.4% |
| 不動産 → 不動産 | 30.5% |
| エンタテインメント → エンタテインメント | 7.3% |
| 情報・通信 → 情報・通信 | 4.6% |
| 情報・通信 → 事業再編・廃止 | 4.1% |
| 旅行 → 旅行 | 2.1% |
| 国際輸送 → 国際輸送 | 8.8% |
| 国際輸送 → 事業再編・廃止 | 6.2% |
| その他 → その他 | 4.2% |
| その他 → 事業再編・廃止 | 2.0% |
| ホテル → 事業再編・廃止 | 3.2% |
| 新設・再編 → 不動産 | 2.5% |
| 新設・再編 → エンタテインメント | 0.1% |
| 新設・再編 → 旅行 | 22.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real Estate | 5 years | +18.0% | ¥396184000000 | 16.9% | 2 |
| Travel | 5 years | +90.0% | ¥295768000000 | 1.8% | 2 |
| Urban Transportation | 5 years | +6.5% | ¥209018000000 | 16.9% | 2 |
| International Transportation | 5 years | +4.5% | ¥106393000000 | 1.9% | 2 |
| Entertainment | 5 years | +16.4% | ¥88742000000 | 14.8% | 2 |
| Information and Communication Technology | 5 years | +2.3% | ¥55778000000 | 14.1% | 2 |
| Other | 5 years | +7.4% | ¥50973000000 | 8.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,203,506 | 100.0% | S100YCBL |
| SG&A | 39,567 | 3.3% | S100YCBL |
| Operating income | 127,136 | 10.6% | S100YCBL |
| Ordinary income | 124,548 | 10.3% | S100YCBL |
| Pretax income | 114,919 | 9.5% | S100YCBL |
| Income tax | 31,451 | 2.6% | S100YCBL |
| Net income | 83,467 | 6.9% | S100YCBL |
| Net income attributable to owners | 78,538 | 6.5% | S100YCBL |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 10.6% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.7%; Core profit growth: +14.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.68×
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 | 1,106,854 | 1,203,506 | 96,652 | +8.7% |
| Operating income | 110,879 | 127,136 | 16,257 | +14.7% |
| Net income attributable to owners | 67,386 | 78,538 | 11,152 | +16.5% |
| Operating cash flow | 87,417 | 51,679 | -35,738 | -40.9% |
| Free cash flow | -40,534 | -57,659 | -17,125 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 762,650 | 95,170 | 12.5% | 54,859 | 123,086 | 27,058 | S100LJHO |
| FY ending Mar 2021 | 568,900 | 2,066 | 0.4% | -36,702 | -32,501 | -169,459 | S100O99F |
| FY ending Mar 2022 | 746,217 | 39,212 | 5.3% | 21,418 | 81,844 | -49,647 | S100QYR4 |
| FY ending Mar 2023 | 968,300 | 89,350 | 9.2% | 46,952 | 132,091 | 39,316 | S100TMC4 |
| FY ending Mar 2024 | 997,611 | 105,689 | 10.6% | 67,774 | 123,513 | -14,757 | S100VXO3 |
| FY ending Mar 2025 | 1,106,854 | 110,879 | 10.0% | 67,386 | 87,417 | -40,534 | S100YCBL |
| FY ending Mar 2026 | 1,203,506 | 127,136 | 10.6% | 78,538 | 51,679 | -57,659 | S100YCBL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.4M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 22,869 | 22,527 | 22,811 | 23,033 | 23,867 |
| Average salary (parent company) | ¥8.2M | ¥8.3M | ¥8.7M | ¥9M | ¥9.2M |
| Average age (parent company) | 42.9 years | 43.1 years | 43.3 years | 42.9 years | 42.4 years |
| Average tenure (parent company) | 19.4 years | 19.3 years | 19.1 years | 18.3 years | 17.5 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +8.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Urban Transportation | 209,018 | 17.4% | 35,298 | 16.9% |
| Real Estate | 396,184 | 32.9% | 67,113 | 16.9% |
| Entertainment | 88,742 | 7.4% | 13,091 | 14.8% |
| Information and Communication Technology | 55,778 | 4.6% | 7,841 | 14.1% |
| Travel | 295,768 | 24.6% | 5,423 | 1.8% |
| International Transportation | 106,393 | 8.8% | 2,049 | 1.9% |
| Other | 50,973 | 4.2% | 4,293 | 8.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Urban Transportation | 17.4% | 26.1% | 8.7 | 16.9% |
| Real Estate | 32.9% | 49.7% | 16.7 | 16.9% |
| Entertainment | 7.4% | 9.7% | 2.3 | 14.8% |
| Information and Communication Technology | 4.6% | 5.8% | 1.2 | 14.1% |
| Travel | 24.6% | 4.0% | -20.6 | 1.8% |
| International Transportation | 8.8% | 1.5% | -7.3 | 1.9% |
| Other | 4.2% | 3.2% | -1.1 | 8.4% |

Segment → industry: Urban Transportation → Private Railways / Real Estate → Real Estate Development & Leasing / Entertainment → Theme Parks & Leisure Facilities / Entertainment → Professional Sports / Information and Communication Technology → IT Services & System Integration / Travel → Travel Agencies / International Transportation → Trucking & Parcel Delivery

## 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 | 51,679 | 4.3% | S100YCBL |
| Capital expenditure | 109,338 | 9.1% | S100YCBL |
| Free cash flow | -57,659 | -4.8% | 算出 |
| Investing cash flow | -163,059 | -13.5% | S100YCBL |
| Financing cash flow | 122,681 | 10.2% | S100YCBL |
| Dividends paid | 19,156 | 1.6% | S100YCBL |
| Share buyback | 5,859 | 0.5% | S100YCBL |
| Change in cash | 13,464 | 1.1% | S100YCBL |
| Cash and equivalents | 69,573 | 5.8% | S100YCBL |

## 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 | 29,422 | 41,375 | 53,808 | 56,014 | 69,573 | S100TMC4, S100VXO3, S100YCBL |
| Total assets | 2,722,841 | 2,865,410 | 3,052,930 | 3,283,453 | 3,543,589 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Net assets | 915,363 | 980,940 | 1,070,432 | 1,132,460 | 1,201,345 | S100TMC4, S100VXO3, S100YCBL |
| Share capital | 99,474 | 99,474 | 99,474 | 99,474 | 99,474 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Trade receivables | 112,568 | 120,067 | 103,386 | 102,271 | 131,139 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Property, plant and equipment | 1,922,974 | 1,980,991 | 2,009,227 | 2,068,883 | 2,086,931 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Intangible assets excluding goodwill | 37,512 | 35,489 | 36,316 | 43,223 | 46,300 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Goodwill | 9,655 | 7,334 | — | — | — | S100QYR4 |
| Investment securities | 316,231 | 342,659 | 404,266 | 456,686 | 546,193 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Current assets | 365,811 | 428,082 | 513,368 | 618,119 | 756,658 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Current liabilities | 426,659 | 499,684 | 506,992 | 536,001 | 592,732 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Trade payables | 40,699 | 42,024 | 43,190 | 48,458 | 49,639 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Short-term borrowings | 145,737 | 187,982 | 189,854 | 169,367 | 227,317 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Long-term borrowings | 649,476 | 634,613 | 705,773 | 774,025 | 879,747 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Bonds | 230,000 | 230,000 | 250,000 | 295,000 | 305,000 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Interest-bearing debt | 1,025,213 | 1,052,595 | 1,145,627 | 1,238,392 | 1,412,064 | 算出 |
| Total liabilities | 1,807,477 | 1,884,470 | 1,982,497 | 2,150,993 | 2,342,243 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Non-controlling interests | 45,014 | 74,137 | 91,634 | 96,568 | 97,396 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Equity attributable to owners of parent | 843,332 | 878,110 | 930,315 | 975,572 | 1,028,747 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Retained earnings | 645,212 | 680,040 | 735,430 | 782,720 | 835,619 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |
| Treasury stock | -48,713 | -48,748 | -51,891 | -53,678 | -53,460 | S100QYR4, S100TMC4, S100VXO3, S100YCBL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YCBL |
| Receivables | 4% | S100YCBL |
| Property, plant and equipment | 59% | S100YCBL |
| Intangibles and goodwill | 1% | S100YCBL |
| Investment securities | 15% | S100YCBL |
| Other assets | 19% | S100YCBL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YCBL |
| Interest-bearing debt | 40% | 算出 |
| Other liabilities | 25% | S100YCBL |
| Equity | 34% | S100YCBL |
| Other liabilities | 0% | S100YCBL |

### 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 | 2,722,841 | 2,865,410 | 3,052,930 | 3,283,453 | 3,543,589 |
| Equity | 915,363 | 980,940 | 1,070,432 | 1,132,460 | 1,201,345 |
| Interest-bearing debt | 1,025,213 | 1,052,595 | 1,145,627 | 1,238,392 | 1,412,064 |
| Cash | 29,422 | 41,375 | 53,808 | 56,014 | 69,573 |

## 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) | 173.4% | S100YCBL |
| Fixed assets ÷ total assets | 58.9% | S100YCBL |
| Goodwill ÷ parent equity | — | —, S100YCBL |

### 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) | 2.0% |
| Cash ÷ revenue | 5.8% |
| Net cash (cash − interest-bearing debt) | -¥1.34T |
| Net debt ÷ operating cash flow | 25.98× |
| Cash conversion (operating CF ÷ operating income) | 40.6% |
| Cash vs. profit gap | -26,859 JPY mn (of net income -34.2%) |
| Shareholder returns / net income | 31.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 315.5% |

## 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 | 2.9% | 0.27× | 0.8% | 3.23× | 2.5% | S100QYR4 |
| 2023 | 4.8% | 0.35× | 1.7% | 3.25× | 5.5% | S100TMC4 |
| 2024 | 6.8% | 0.34× | 2.3% | 3.27× | 7.5% | S100VXO3 |
| 2025 | 6.1% | 0.35× | 2.1% | 3.32× | 7.1% | S100YCBL |
| 2026 | 6.5% | 0.35× | 2.3% | 3.41× | 7.8% | S100YCBL |

## 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 | 14.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| エイチ・ツー・オー リテイリング株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 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 | 1.5% | 2026-03-31 |
| 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% | 2026-03-31 |
| 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 | 1.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社嶋村吉洋映画企画 | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385771 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥1.2T, up +8.7% from ¥1.11T.
- Profit grew faster: operating income reached ¥127.1B (+14.7%) and net income attributable to owners ¥78.5B (+16.5%).
- Cash was a different story. Operating cash flow dropped -40.9% from ¥87.4B to ¥51.7B, and free cash flow slipped further into the red at -¥57.7B.

### Drivers

- Condo sales in the real estate business rose sharply.
- Trains, buses and hotels drew extra demand from the Osaka-Kansai Expo, and more inbound tourists boosted rail ridership.
- The Hanshin Tigers won the league pennant, lifting the sports business. The drop in operating cash flow came mainly from building up inventory such as land and buildings held for sale.

### Risks

- Interest-bearing debt is set to rise further to fund growth projects, so higher interest rates would raise interest costs.
- A shrinking population in the Kansai area could reduce demand for rail and other services and make it harder to hire staff.
- Earthquakes, typhoons and heavy rain could damage railways and facilities.

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188期(2025/04/01－2026/03/31) | S100YCBL | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCBL,, |
| 有価証券報告書－第187期(2024/04/01－2025/03/31) | S100VXO3 | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXO3,, |
| 有価証券報告書－第186期(2023/04/01－2024/03/31) | S100TMC4 | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMC4,, |
| 有価証券報告書－第185期(2022/04/01－2023/03/31) | S100QYR4 | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYR4,, |
| 有価証券報告書－第184期(令和3年4月1日－令和4年3月31日) | S100O99F | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O99F,, |
| 有価証券報告書－第183期(令和2年4月1日－令和3年3月31日) | S100LJHO | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJHO,, |

## 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).