# HORIBA, 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88期(2025/01/01－2025/12/31) (S100XSIJ)
> Page: https://vizora.meequs.com/en/company/horiba
> Retrieved: 2026-09-30T20:26:33.947Z

## Company

Horiba, founded in 1949, is a company in Robots & Factory Automation listed on TSE Prime. It has 9,101 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HORIBA, Ltd. |
| Ticker | 6856 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6856.T) |
| Listing | TSE Prime |
| Head office | 京都市南区吉祥院宮の東町2番地 |
| Representative (per filing) | 代表取締役社長 足立 正之 |
| Founded | May 1949 |
| Share capital | ¥12B |
| Employees (consolidated) | 9,101 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | December |
| Website | www.horiba.com (https://www.horiba.com/) |
| Corporate number | 1130001011676 |
| EDINET | E01901 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices, Semiconductor Equipment |

> Profile source: annual securities report (S100XSIJ, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.9 | 36 |
| Profitability | 57.3 | 41 |
| Cash conversion | 50 | 39 |
| Efficiency | 42.7 | 41 |
| Financial strength | 87.5 | 4 |

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 Horiba's sales come from Materials and Semiconductor, with Energy and Environment and Bio and Healthcare making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +9.7%.

## Company structure

- Segment revenue mix: Materials and Semiconductor 47.0%、Energy and Environment 40.4%、Bio and Healthcare 12.7%
- Revenue → net income: ¥333081000000 → ¥37111000000
- Net income → operating cash flow: ¥37111000000 → ¥54383000000（difference ¥17272000000）
- Main uses of operating cash flow: CapEx ¥26142000000 / dividends ¥11324000000 / buybacks ¥1000000
- Change in cash: ¥18508000000
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 | ¥333.1B |  |
| Operating income | ¥53B | Margin 15.9% |
| Net income | ¥37.1B | Margin 11.1% |
| Free cash flow | ¥28.2B |  |
| Largest business | Materials and Semiconductor | of segment revenue 47.0% |
| Employees (consolidated) | 9,101 |  |
| EPS | ¥592.78 |  |
| Diluted EPS | ¥589.94 |  |
| Book value per share | ¥3467.79 |  |
| Equity ratio | 67.1% |  |
| Shares outstanding | 42,233,000 |  |
| Treasury shares | 237,300 |  |
| Shareholders | 6,811 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 31.3% | Net cash ¥111B · Cash ÷ revenue 48.8% |
| Vs. industry median margin | +1.4 pp | Semiconductor Equipment |
| ROE | 13.1% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, segment profit share differs by 36 points
- FY2025, parent-company salary changed +32% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥187080000000 | ¥333081000000 | +78.0% |
| Operating income | ¥19694000000 | ¥53040000000 | +169.3% |
| Operating margin | 10.5% | 15.9% | +5.4 pp |
| Employees | 8,269 people | 9,101 people | +10.1% |
| Cash and equivalents | ¥114156000000 | ¥162471000000 | +42.3% |

### 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 |
| --- | ---: |
| 自動車 → 事業再編・廃止 | 34.2% |
| 環境・プロセス → 事業再編・廃止 | 9.8% |
| 医用 → 事業再編・廃止 | 11.2% |
| 半導体 → 事業再編・廃止 | 30.5% |
| 科学 → 事業再編・廃止 | 14.3% |
| 新設・再編 → エネルギー・環境 | 40.4% |
| 新設・再編 → バイオ・ヘルスケア | 12.7% |
| 新設・再編 → 先端材料・半導体 | 47.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Materials and Semiconductor | — | — | ¥156500000000 | 28.4% | 2 |
| Energy and Environment | — | — | ¥134407000000 | 7.0% | 2 |
| Bio and Healthcare | — | — | ¥42173000000 | -2.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 333,081 | 100.0% | S100XSIJ |
| Cost of revenue | 186,722 | 56.1% | S100XSIJ |
| Gross profit | 146,359 | 43.9% | S100XSIJ |
| SG&A | 93,318 | 28.0% | S100XSIJ |
| Operating income | 53,040 | 15.9% | S100XSIJ |
| Ordinary income | 54,226 | 16.3% | S100XSIJ |
| Pretax income | 51,081 | 15.3% | S100XSIJ |
| Income tax | 13,970 | 4.2% | S100XSIJ |
| Net income | 37,111 | 11.1% | S100XSIJ |
| Net income attributable to owners | 37,090 | 11.1% | S100XSIJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 28 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 43.9% → Operating margin 15.9% → Net margin 11.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +9.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.96×
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 | 317,369 | 333,081 | 15,712 | +5.0% |
| Gross profit | 136,854 | 146,359 | 9,505 | +6.9% |
| Operating income | 48,340 | 53,040 | 4,700 | +9.7% |
| Net income attributable to owners | 33,591 | 37,090 | 3,499 | +10.4% |
| Operating cash flow | 40,335 | 54,383 | 14,048 | +34.8% |
| Free cash flow | 20,888 | 28,241 | 7,353 | +35.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 200,241 | 20,916 | 10.4% | 15,481 | 26,638 | 13,704 | S100L283 |
| FY ending Dec 2020 | 187,080 | 19,694 | 10.5% | 13,188 | 32,253 | 17,208 | S100NR16 |
| FY ending Dec 2021 | 224,314 | 32,046 | 14.3% | 21,311 | 35,268 | 22,696 | S100QGCM |
| FY ending Dec 2022 | 270,133 | 45,843 | 17.0% | 34,072 | 33,966 | 21,883 | S100T3YZ |
| FY ending Dec 2023 | 290,558 | 47,296 | 16.3% | 40,302 | 16,652 | 7,481 | S100VIZI |
| FY ending Dec 2024 | 317,369 | 48,340 | 15.2% | 33,591 | 40,335 | 20,888 | S100XSIJ |
| FY ending Dec 2025 | 333,081 | 53,040 | 15.9% | 37,090 | 54,383 | 28,241 | S100XSIJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.6M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 8,205 | 8,432 | 8,665 | 8,955 | 9,101 |
| Average salary (parent company) | ¥6.2M | ¥6.6M | ¥6.9M | ¥7.6M | ¥8.2M |
| Average age (parent company) | 41.2 years | 42.0 years | 42.4 years | 42.6 years | 42.8 years |
| Average tenure (parent company) | 14.9 years | 15.7 years | 15.9 years | 15.9 years | 16.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy and Environment | 134,407 | 40.4% | 9,417 | 7.0% |
| Bio and Healthcare | 42,173 | 12.7% | -894 | -2.1% |
| Materials and Semiconductor | 156,500 | 47.0% | 44,517 | 28.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy and Environment | 40.4% | 17.5% | -22.9 | 7.0% |
| Bio and Healthcare | 12.7% | — | — | -2.1% |
| Materials and Semiconductor | 47.0% | 82.5% | 35.6 | 28.4% |

Loss-making segment (excluded from profit shares): Bio and Healthcare -894 JPY mn

Segment → industry: Bio and Healthcare → Robots & Factory Automation / Energy and Environment → Robots & Factory Automation / Bio and Healthcare → Medical Devices / Materials and Semiconductor → Semiconductor Equipment

## 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 | 54,383 | 16.3% | S100XSIJ |
| Capital expenditure | 26,142 | 7.8% | S100XSIJ |
| Free cash flow | 28,241 | 8.5% | 算出 |
| Investing cash flow | -24,923 | -7.5% | S100XSIJ |
| Financing cash flow | -11,993 | -3.6% | S100XSIJ |
| Dividends paid | 11,324 | 3.4% | S100XSIJ |
| Share buyback | 1 | 0.0% | S100XSIJ |
| Change in cash | 18,508 | 5.6% | S100XSIJ |
| Cash and equivalents | 162,471 | 48.8% | S100XSIJ |

## 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 | 133,938 | 138,760 | 130,550 | 143,963 | 162,471 | S100T3YZ, S100VIZI, S100XSIJ |
| Total assets | 371,585 | 416,742 | 449,030 | 481,616 | 518,279 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Net assets | 204,493 | 240,850 | 283,732 | 314,704 | 348,640 | S100T3YZ, S100VIZI, S100XSIJ |
| Share capital | 12,011 | 12,011 | 12,011 | 12,011 | 12,011 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Trade receivables | 59,877 | — | — | — | — | S100QGCM |
| Property, plant and equipment | 88,302 | 95,702 | 100,801 | 112,972 | 132,147 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Intangible assets excluding goodwill | 4,423 | 3,593 | 4,965 | 5,483 | 6,445 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Goodwill | 966 | 610 | 1,343 | 1,061 | 1,984 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Investment securities | 12,487 | 10,475 | 15,666 | 16,014 | 17,126 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Current assets | 258,044 | 296,547 | 318,577 | 336,801 | 352,229 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Current liabilities | 102,139 | 112,229 | 101,051 | 100,283 | 117,978 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Trade payables | 29,546 | 36,945 | 30,518 | 20,321 | 19,595 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Short-term borrowings | 25,107 | 12,351 | 5,695 | 9,013 | 12,189 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Long-term borrowings | 25,077 | 24,854 | 24,699 | 25,391 | 24,294 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Bonds | 30,000 | 30,000 | 30,000 | 30,000 | 15,000 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Interest-bearing debt | 80,184 | 67,205 | 60,394 | 64,404 | 51,483 | 算出 |
| Total liabilities | 167,092 | 175,892 | 165,298 | 166,911 | 169,639 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Non-controlling interests | 12 | 15 | 17 | 14 | 37 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Equity attributable to owners of parent | 196,204 | 223,502 | 253,060 | 269,621 | 295,703 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Retained earnings | 166,892 | 194,000 | 223,320 | 241,826 | 267,469 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |
| Treasury stock | -1,323 | -1,193 | -1,037 | -2,841 | -2,402 | S100QGCM, S100T3YZ, S100VIZI, S100XSIJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XSIJ |
| Property, plant and equipment | 26% | S100XSIJ |
| Intangibles and goodwill | 2% | S100XSIJ |
| Investment securities | 3% | S100XSIJ |
| Other assets | 38% | S100XSIJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XSIJ |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 19% | S100XSIJ |
| Equity | 67% | S100XSIJ |

### 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 | 371,585 | 416,742 | 449,030 | 481,616 | 518,279 |
| Equity | 204,493 | 240,850 | 283,732 | 314,704 | 348,640 |
| Interest-bearing debt | 80,184 | 67,205 | 60,394 | 64,404 | 51,483 |
| Cash | 133,938 | 138,760 | 130,550 | 143,963 | 162,471 |

## 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) | 39.7% | S100XSIJ |
| Fixed assets ÷ total assets | 25.5% | S100XSIJ |
| Goodwill ÷ parent equity | 0.7% | S100XSIJ |

Goodwill over 4 years: 966 → 1,984 JPY; total investing cash flow: -75,207 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) | 31.3% |
| Cash ÷ revenue | 48.8% |
| Net cash (cash − interest-bearing debt) | ¥111B |
| Net debt ÷ operating cash flow | -2.04× |
| Cash conversion (operating CF ÷ operating income) | 102.5% |
| Cash vs. profit gap | 17,293 JPY mn (of net income 46.6%) |
| Shareholder returns / net income | 30.5% |
| Shareholder returns / FCF | 40.1% |
| Shareholder payments — dividends / net income | 30.5% |
| Shareholder payments — dividends / FCF | 40.1% |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 45.8% |

## 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 | 9.5% | 0.60× | 5.7% | 1.89× | 10.9% | S100QGCM |
| 2022 | 12.6% | 0.69× | 8.6% | 1.88× | 16.2% | S100T3YZ |
| 2023 | 13.9% | 0.67× | 9.3% | 1.82× | 16.9% | S100VIZI |
| 2024 | 10.6% | 0.68× | 7.2% | 1.78× | 12.9% | S100XSIJ |
| 2025 | 11.1% | 0.67× | 7.4% | 1.77× | 13.1% | S100XSIJ |

## 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 | 11.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.1% | 2025-12-31 |
| STICHTING PENSIOENFONDS ZORG EN WELZIJN （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.0% | 2025-12-31 |
| 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 | 2.8% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 2025-12-31 |
| 堀場 厚 | Major shareholder | 2.6% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2025-12-31 |
| 堀場洛楽会投資部会 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社京都銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.0% | 2025-12-31 |
| 堀場グループ従業員持株会 | Major shareholder | 1.7% | 2025-12-31 |

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

- Revenue for FY ending Dec 2025 was ¥333.1B, up +5.0% from ¥317.4B.
- Operating income grew faster, rising +9.7% to ¥53B, and net income attributable to owners rose +10.4% to ¥37.1B.
- Cash generation improved sharply: operating cash flow reached ¥54.4B (+34.8%) and free cash flow ¥28.2B (+35.2%).

### Drivers

- In Europe and the Americas, the move to EVs slowed, so carmakers developing hybrids bought more combustion measurement equipment. This lifted sales and profit in Energy and Environment.
- Demand for advanced chips, driven by generative AI, raised sales to chip-equipment makers, mainly in Asia. The company also stepped up spending on new products and R&D, so that segment's operating profit dipped slightly.
- Net income rose despite one-off restructuring losses, helped by a lower tax burden.

### Risks

- Sudden swings in chip demand can change how much chip-equipment makers and chipmakers invest, which would affect results.
- Shifts in the car industry, such as electrification, can change carmakers' R&D plans and leave HORIBA's testing facilities underused.
- Bio and Healthcare still runs at an operating loss amid tough competition and ongoing investment; hospital finances and price pressure also affect demand.

Cited: Annual Securities Report (FY2025) (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 (FY2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/01/01－2025/12/31) | S100XSIJ | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSIJ,, |
| 有価証券報告書－第87期(2024/01/01－2024/12/31) | S100VIZI | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIZI,, |
| 有価証券報告書－第86期(2023/01/01－2023/12/31) | S100T3YZ | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3YZ,, |
| 有価証券報告書－第85期(2022/01/01－2022/12/31) | S100QGCM | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGCM,, |
| 有価証券報告書－第84期(令和3年1月1日－令和3年12月31日) | S100NR16 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR16,, |
| 有価証券報告書－第83期(令和2年1月1日－令和2年12月31日) | S100L283 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L283,, |

## 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).