# HANWA 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79期(2025/04/01－2026/03/31) (S100YED6)
> Page: https://vizora.meequs.com/en/company/hanwa
> Retrieved: 2026-09-30T21:00:57.409Z

## Company

Hanwa, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 6,079 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HANWA CO., LTD. |
| Ticker | 8078 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8078.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区伏見町四丁目3番9号(上記は登記上の本店所在地であり、実際の本社業務は、東京本社において行っております。) |
| Representative (per filing) | 代表取締役社長 中川洋一 |
| Founded | Apr 1947 |
| Share capital | ¥45.7B |
| Employees (consolidated) | 6,079 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.hanwa.co.jp (https://www.hanwa.co.jp/) |
| Corporate number | 8120001077530 |
| EDINET | E02554 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YED6, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.4 | 179 |
| Profitability | 37.6 | 185 |
| Cash conversion | 67.3 | 179 |
| Efficiency | 83.5 | 185 |
| Financial strength | 22.5 | 20 |

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 39% of Hanwa's sales come from Steel business, with Oversea -sales subsidiary and Energy and Living Materials business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit -5.0%.

## Company structure

- Segment revenue mix: Steel business 38.8%、Oversea -sales subsidiary 17.5%、Energy and Living Materials business 14.2%、Metal Recycling business 10.6%、Primary metal business 8.4%
- Revenue → net income: ¥2662669000000 → ¥37406000000
- Net income → operating cash flow: ¥37406000000 → ¥74331000000（difference ¥36925000000）
- Main uses of operating cash flow: CapEx ¥3861000000 / dividends ¥9809000000 / buybacks ¥10016000000
- Change in cash: ¥17440000000
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 | ¥2.66T |  |
| Operating income | ¥58.4B | Margin 2.2% |
| Net income | ¥38.3B | Margin 1.4% |
| Free cash flow | ¥70.5B |  |
| Largest business | Steel business | of segment revenue 38.8% |
| Employees (consolidated) | 6,079 |  |
| EPS | ¥153.82 |  |
| Book value per share | ¥1551.36 |  |
| Equity ratio | 35.3% |  |
| Shares outstanding | 42,332,640 |  |
| Treasury shares | 3,428,900 |  |
| Shareholders | 8,184 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 7.1% | Net cash -¥256.4B · Cash ÷ revenue 3.2% |
| Vs. industry median margin | -0.7 pp | Specialty Trading & Wholesale |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1745501000000 | ¥2662669000000 | +52.5% |
| Operating income | ¥29232000000 | ¥58444000000 | +99.9% |
| Operating margin | 1.7% | 2.2% | +0.5 pp |
| Employees | 4,845 people | 6,079 people | +25.5% |
| Cash and equivalents | ¥50892000000 | ¥85505000000 | +68.0% |

### 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 |
| --- | ---: |
| 鉄鋼事業 → 鉄鋼事業 | 38.8% |
| 鉄鋼事業 → 事業再編・廃止 | 12.5% |
| プライマリーメタル事業 → プライマリーメタル事業 | 8.4% |
| プライマリーメタル事業 → 事業再編・廃止 | 5.1% |
| リサイクルメタル事業 → リサイクルメタル事業 | 4.5% |
| 食品事業 → 食品事業 | 5.6% |
| 食品事業 → 事業再編・廃止 | 0.2% |
| エネルギー・生活資材事業 → エネルギー・生活資材事業 | 10.1% |
| 海外販売子会社 → 海外販売子会社 | 10.0% |
| その他 → その他 | 4.9% |
| 新設・再編 → リサイクルメタル事業 | 6.1% |
| 新設・再編 → エネルギー・生活資材事業 | 4.1% |
| 新設・再編 → 海外販売子会社 | 7.5% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel business | 5 years | +2.9% | ¥1034009000000 | 3.7% | 2 |
| Oversea -sales subsidiary | 5 years | +21.7% | ¥465114000000 | 1.2% | 2 |
| Energy and Living Materials business | 5 years | +16.6% | ¥379018000000 | 2.3% | 2 |
| Metal Recycling business | 5 years | +29.3% | ¥281236000000 | 0.5% | 2 |
| Primary metal business | 5 years | -1.0% | ¥224285000000 | -0.1% | 2 |
| Grocery business | 5 years | +8.2% | ¥148793000000 | 2.0% | 2 |
| Other | 5 years | +9.0% | ¥130212000000 | 1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,662,669 | 100.0% | S100YED6 |
| Cost of revenue | 2,521,552 | 94.7% | S100YED6 |
| Gross profit | 141,116 | 5.3% | S100YED6 |
| SG&A | 82,672 | 3.1% | S100YED6 |
| Operating income | 58,444 | 2.2% | S100YED6 |
| Ordinary income | 52,262 | 2.0% | S100YED6 |
| Pretax income | 52,783 | 2.0% | S100YED6 |
| Income tax | 15,376 | 0.6% | S100YED6 |
| Net income | 37,406 | 1.4% | S100YED6 |
| Net income attributable to owners | 38,265 | 1.4% | S100YED6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 95 |
| SG&A | 3 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 5.3% → Operating margin 2.2% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.2%; Core profit growth: -5.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.19×
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 | 2,554,514 | 2,662,669 | 108,155 | +4.2% |
| Gross profit | 140,607 | 141,116 | 509 | +0.4% |
| Operating income | 61,532 | 58,444 | -3,088 | -5.0% |
| Net income attributable to owners | 45,482 | 38,265 | -7,217 | -15.9% |
| Operating cash flow | 10,131 | 74,331 | 64,200 | +633.7% |
| Free cash flow | 1,637 | 70,470 | 68,833 | +4204.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,907,493 | 27,330 | 1.4% | -13,674 | 74,261 | 66,761 | S100LJSY |
| FY ending Mar 2021 | 1,745,501 | 29,232 | 1.7% | 19,617 | 19,004 | 12,672 | S100O9FG |
| FY ending Mar 2022 | 2,164,049 | 62,367 | 2.9% | 43,617 | -280,752 | -287,039 | S100R04K |
| FY ending Mar 2023 | 2,668,228 | 64,105 | 2.4% | 51,505 | 284,226 | 271,368 | S100TOKY |
| FY ending Mar 2024 | 2,431,980 | 49,722 | 2.0% | 38,417 | 18,187 | 8,558 | S100W5R7 |
| FY ending Mar 2025 | 2,554,514 | 61,532 | 2.4% | 45,482 | 10,131 | 1,637 | S100YED6 |
| FY ending Mar 2026 | 2,662,669 | 58,444 | 2.2% | 38,265 | 74,331 | 70,470 | S100YED6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥438M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥6.3M |

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) | 5,123 | 5,442 | 5,508 | 5,688 | 6,079 |
| Average salary (parent company) | ¥8.4M | ¥8.8M | ¥8.5M | ¥9.3M | ¥10M |
| Average age (parent company) | 38.4 years | 38.2 years | 37.8 years | 37.4 years | 37.4 years |
| Average tenure (parent company) | 13.1 years | 12.6 years | 12.0 years | 11.5 years | 11.3 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel business | 1,034,009 | 38.8% | 38,707 | 3.7% |
| Primary metal business | 224,285 | 8.4% | -150 | -0.1% |
| Metal Recycling business | 281,236 | 10.6% | 1,302 | 0.5% |
| Grocery business | 148,793 | 5.6% | 3,041 | 2.0% |
| Energy and Living Materials business | 379,018 | 14.2% | 8,541 | 2.3% |
| Oversea -sales subsidiary | 465,114 | 17.5% | 5,528 | 1.2% |
| Other | 130,212 | 4.9% | 2,132 | 1.6% |

### 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 |
| --- | ---: |
| Steel business | 38.8% |
| Primary metal business | 8.4% |
| Metal Recycling business | 10.6% |
| Grocery business | 5.6% |
| Energy and Living Materials business | 14.2% |
| Oversea -sales subsidiary | 17.5% |
| Other | 4.9% |

Segment → industry: Oversea -sales subsidiary → Specialty Trading & Wholesale / Energy and Living Materials business → Specialty Trading & Wholesale / Grocery business → Specialty Trading & Wholesale / Metal Recycling business → Specialty Trading & Wholesale / Primary metal business → Specialty Trading & Wholesale / Steel business → Specialty Trading & Wholesale

## 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 | 74,331 | 2.8% | S100YED6 |
| Capital expenditure | 3,861 | 0.1% | S100YED6 |
| Free cash flow | 70,470 | 2.6% | 算出 |
| Investing cash flow | -10,840 | -0.4% | S100YED6 |
| Financing cash flow | -47,638 | -1.8% | S100YED6 |
| Dividends paid | 9,809 | 0.4% | S100YED6 |
| Share buyback | 10,016 | 0.4% | S100YED6 |
| Change in cash | 17,440 | 0.7% | S100YED6 |
| Cash and equivalents | 85,505 | 3.2% | S100YED6 |

## 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 | 165,083 | 84,121 | 76,462 | 65,263 | 85,505 | S100TOKY, S100W5R7, S100YED6 |
| Total assets | 1,715,394 | 1,157,747 | 1,166,986 | 1,165,805 | 1,212,662 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Net assets | 240,497 | 308,807 | 356,765 | 389,470 | 432,951 | S100TOKY, S100W5R7, S100YED6 |
| Share capital | 45,651 | 45,651 | 45,651 | 45,651 | 45,651 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Inventories | 243,603 | 253,964 | 249,490 | 279,179 | 291,370 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Property, plant and equipment | 77,889 | 87,117 | 88,945 | 89,945 | 86,727 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Intangible assets excluding goodwill | 10,556 | 10,807 | 10,006 | 10,094 | 9,284 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Goodwill | 283 | 111 | 39 | 2,221 | 1,992 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Investment securities | 81,443 | 99,608 | 106,062 | 116,299 | 145,011 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Current assets | 1,272,049 | 928,741 | 917,168 | 903,705 | 928,704 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Current liabilities | 1,238,615 | 558,990 | 486,555 | 461,670 | 467,154 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Trade payables | 388,294 | 278,823 | 303,848 | 268,513 | 298,853 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Short-term borrowings | 458,984 | 83,127 | 72,080 | 81,120 | 68,470 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Long-term borrowings | 190,890 | 224,843 | 239,957 | 236,520 | 238,405 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Bonds | 20,000 | 30,000 | 50,000 | 45,000 | 35,000 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Interest-bearing debt | 669,874 | 337,970 | 362,037 | 362,640 | 341,875 | 算出 |
| Total liabilities | 1,474,896 | 848,940 | 810,220 | 776,335 | 779,711 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Non-controlling interests | 3,379 | 5,680 | 5,553 | 6,414 | 5,470 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Equity attributable to owners of parent | 222,066 | 270,866 | 304,249 | 339,695 | 360,209 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Retained earnings | 180,119 | 228,920 | 260,959 | 298,252 | 328,598 | S100R04K, S100TOKY, S100W5R7, S100YED6 |
| Treasury stock | -3,729 | -3,730 | -3,662 | -5,593 | -15,508 | S100R04K, S100TOKY, S100W5R7, S100YED6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YED6 |
| Inventories | 24% | S100YED6 |
| Property, plant and equipment | 7% | S100YED6 |
| Intangibles and goodwill | 1% | S100YED6 |
| Investment securities | 12% | S100YED6 |
| Other assets | 49% | S100YED6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YED6 |
| Interest-bearing debt | 28% | 算出 |
| Other liabilities | 11% | S100YED6 |
| Equity | 36% | S100YED6 |

### 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 | 1,715,394 | 1,157,747 | 1,166,986 | 1,165,805 | 1,212,662 |
| Equity | 240,497 | 308,807 | 356,765 | 389,470 | 432,951 |
| Interest-bearing debt | 669,874 | 337,970 | 362,037 | 362,640 | 341,875 |
| Cash | 165,083 | 84,121 | 76,462 | 65,263 | 85,505 |

## 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) | 3.3% | S100YED6 |
| Fixed assets ÷ total assets | 7.2% | S100YED6 |
| Goodwill ÷ parent equity | 0.6% | S100YED6 |

Goodwill over 4 years: 283 → 1,992 JPY; total investing cash flow: -53,195 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) | 7.1% |
| Cash ÷ revenue | 3.2% |
| Net cash (cash − interest-bearing debt) | -¥256.4B |
| Net debt ÷ operating cash flow | 3.45× |
| Cash conversion (operating CF ÷ operating income) | 127.2% |
| Cash vs. profit gap | 36,066 JPY mn (of net income 94.3%) |
| Shareholder returns / net income | 51.8% |
| Shareholder returns / FCF | 28.1% |
| Shareholder payments — dividends / net income | 25.6% |
| Shareholder payments — dividends / FCF | 13.9% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 14.6% |

## 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 | 2.0% | 1.26× | 2.5% | 7.72× | 19.6% | S100R04K |
| 2023 | 1.9% | 1.86× | 3.6% | 5.83× | 20.9% | S100TOKY |
| 2024 | 1.6% | 2.09× | 3.3% | 4.04× | 13.4% | S100W5R7 |
| 2025 | 1.8% | 2.19× | 3.9% | 3.62× | 14.1% | S100YED6 |
| 2026 | 1.4% | 2.24× | 3.2% | 3.40× | 10.9% | S100YED6 |

## 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 | 12.4% | 2026-03-31 |
| 阪和興業取引先持株会 | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| 阪和興業社員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.6% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 1.5% | 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 | 1.5% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATYJASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥2.66T, up +4.2% from ¥2.55T.
- Profit went the other way: operating income slipped -5.0% from ¥61.5B to ¥58.4B, and net income dropped -15.9% from ¥45.5B to ¥38.3B.
- Operating cash flow jumped from ¥10.1B to ¥74.3B, lifting free cash flow to ¥70.5B.

### Drivers

- More business in primary metals and at overseas sales subsidiaries drove revenue up
- Weaker margins on aluminum and other items in recycled metals, plus higher personnel costs, pulled operating income down
- Equity-method results from its South African chrome investee turned negative, and foreign exchange losses grew
- Lower trade receivables and higher trade payables boosted operating cash flow

### Risks

- Commodity prices for steel and non-ferrous metals now swing wider and faster, so misjudging the market can hit earnings
- Trade rules such as US tariffs and geopolitical shifts could disrupt overseas business
- Currency moves can create valuation losses on foreign-currency receivables and payables

Cited: Annual Securities Report, 79th fiscal year (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, 79th fiscal year (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YED6 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YED6,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W5R7 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5R7,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TOKY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOKY,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R04K | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R04K,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100O9FG | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9FG,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LJSY | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJSY,, |

## 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).