# Idemitsu Kosan 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111期(2025/04/01－2026/03/31) (S100YCS3)
> Page: https://vizora.meequs.com/en/company/idemitsu-kosan
> Retrieved: 2026-09-30T17:54:04.249Z

## Company

Idemitsu Kosan, founded in 1947, is a company in Oil, Gas & Mining listed on TSE Prime. It has 14,392 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Idemitsu Kosan Co.,Ltd. |
| Ticker | 5019 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5019.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目2番1号 |
| Representative (per filing) | 代表取締役社長 酒井 則明 |
| Founded | Nov 1947 |
| Share capital | ¥168.4B |
| Employees (consolidated) | 14,392 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.idemitsu.com (https://www.idemitsu.com/) |
| Corporate number | 9010001011318 |
| EDINET | E01084 |
| Industries (Vizora) | Oil, Gas & Mining, Chemicals, Electric Power & Gas, Oil Refining & Fuels |

> Profile source: annual securities report (S100YCS3, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Profitability | 57.7 | 13 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 65.4 | 13 |
| Financial strength | 37.5 | 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 84% of Idemitsu Kosan's sales come from Petroleum, with Functional Materials and Basic Chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -11.8% from the prior year, operating profit +30.8%.

## Company structure

- Segment revenue mix: Petroleum 83.8%、Functional Materials 6.2%、Basic Chemicals 6.1%、Resources 2.5%、Power and Renewable Energy 1.2%
- Revenue → net income: ¥8105891000000 → ¥165100000000
- Net income → operating cash flow: ¥165100000000 → ¥392429000000（difference ¥227329000000）
- Main uses of operating cash flow: CapEx ¥166866000000 / dividends ¥44199000000 / buybacks ¥2309000000
- Change in cash: ¥3313000000
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 | ¥8.11T |  |
| Operating income | ¥212.2B | Margin 2.6% |
| Net income | ¥171.9B | Margin 2.1% |
| Free cash flow | ¥225.6B |  |
| Largest business | Petroleum | of segment revenue 83.8% |
| Employees (consolidated) | 14,392 |  |
| EPS | ¥117.13 |  |
| Book value per share | ¥883.82 |  |
| Equity ratio | 36.0% |  |
| Shares outstanding | 1,288,747,000 |  |
| Treasury shares | 67,693,500 |  |
| Shareholders | 101,053 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 2.9% | Net cash -¥940.5B · Cash ÷ revenue 1.9% |
| Vs. industry median margin | +0.3 pp | Oil Refining & Fuels |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4556620000000 | ¥8105891000000 | +77.9% |
| Operating income | ¥140062000000 | ¥212203000000 | +51.5% |
| Operating margin | 3.1% | 2.6% | -0.5 pp |
| Employees | 14,044 people | 14,392 people | +2.5% |
| Cash and equivalents | ¥130956000000 | ¥157088000000 | +20.0% |

### 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 |
| --- | ---: |
| 燃料油 → 燃料油 | 78.9% |
| 基礎化学品 → 基礎化学品 | 6.1% |
| 基礎化学品 → 事業再編・廃止 | 1.2% |
| 高機能材 → 高機能材 | 6.2% |
| 高機能材 → 事業再編・廃止 | 1.1% |
| 電力・再生可能エネルギー → 電力・再生可能エネルギー | 1.2% |
| 電力・再生可能エネルギー → 事業再編・廃止 | 1.5% |
| 資源 → 資源 | 2.5% |
| 資源 → 事業再編・廃止 | 1.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → 燃料油 | 4.9% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Petroleum | 5 years | +13.6% | ¥6793416000000 | 2.6% | 2 |
| Functional Materials | 5 years | +8.6% | ¥503156000000 | 6.9% | 2 |
| Basic Chemicals | 5 years | +8.4% | ¥491365000000 | -1.5% | 2 |
| Resources | 5 years | +3.4% | ¥203500000000 | 14.3% | 2 |
| Power and Renewable Energy | 5 years | -4.5% | ¥98178000000 | -1.9% | 2 |
| Other | 5 years | +22.7% | ¥16273000000 | 5.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,105,891 | 100.0% | S100YCS3 |
| Cost of revenue | 7,351,406 | 90.7% | S100YCS3 |
| Gross profit | 754,484 | 9.3% | S100YCS3 |
| SG&A | 542,280 | 6.7% | S100YCS3 |
| Operating income | 212,203 | 2.6% | S100YCS3 |
| Ordinary income | 229,646 | 2.8% | S100YCS3 |
| Pretax income | 222,136 | 2.7% | S100YCS3 |
| Income tax | 57,035 | 0.7% | S100YCS3 |
| Net income | 165,100 | 2.0% | S100YCS3 |
| Net income attributable to owners | 171,914 | 2.1% | S100YCS3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 7 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.3% → Operating margin 2.6% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -11.8%; Core profit growth: +30.8%
Operating leverage (core profit growth ÷ revenue growth): -2.61×
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 | 9,190,225 | 8,105,891 | -1,084,334 | -11.8% |
| Gross profit | 689,412 | 754,484 | 65,072 | +9.4% |
| Operating income | 162,185 | 212,203 | 50,018 | +30.8% |
| Net income attributable to owners | 104,055 | 171,914 | 67,859 | +65.2% |
| Operating cash flow | 476,742 | 392,429 | -84,313 | -17.7% |
| Free cash flow | 381,520 | 225,563 | -155,957 | -40.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,045,850 | -3,860 | -0.1% | -22,935 | -32,712 | -162,904 | S100LLT7 |
| FY ending Mar 2021 | 4,556,620 | 140,062 | 3.1% | 34,920 | 170,466 | 37,639 | S100P8S8 |
| FY ending Mar 2022 | 6,686,761 | 434,453 | 6.5% | 279,498 | 146,111 | 38,660 | S100R0S2 |
| FY ending Mar 2023 | 9,456,281 | 282,442 | 3.0% | 253,646 | -32,844 | -123,322 | S100TQXR |
| FY ending Mar 2024 | 8,719,201 | 346,316 | 4.0% | 228,518 | 377,391 | 300,275 | S100VZEN |
| FY ending Mar 2025 | 9,190,225 | 162,185 | 1.8% | 104,055 | 476,742 | 381,520 | S100YCS3 |
| FY ending Mar 2026 | 8,105,891 | 212,203 | 2.6% | 171,914 | 392,429 | 225,563 | S100YCS3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥563.2M |
| Operating income per employee (consolidated) | ¥14.7M |
| Net income per employee (consolidated) | ¥11.9M |

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) | 14,209 | 14,363 | 13,991 | 13,814 | 14,392 |
| Average salary (parent company) | ¥8.6M | ¥9.5M | ¥9.8M | ¥9.9M | ¥10M |
| Average age (parent company) | 42.0 years | 42.0 years | 42.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 18.0 years | 17.0 years | 18.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) -11.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Petroleum | 6,793,416 | 83.8% | 175,049 | 2.6% |
| Basic Chemicals | 491,365 | 6.1% | -7,310 | -1.5% |
| Functional Materials | 503,156 | 6.2% | 34,780 | 6.9% |
| Power and Renewable Energy | 98,178 | 1.2% | -1,907 | -1.9% |
| Resources | 203,500 | 2.5% | 29,170 | 14.3% |
| Other | 16,273 | 0.2% | 922 | 5.7% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Petroleum | 83.8% | 73.0% | -10.8 | 2.6% |
| Basic Chemicals | 6.1% | — | — | -1.5% |
| Functional Materials | 6.2% | 14.5% | 8.3 | 6.9% |
| Power and Renewable Energy | 1.2% | — | — | -1.9% |
| Resources | 2.5% | 12.2% | 9.6 | 14.3% |
| Other | 0.2% | 0.4% | 0.2 | 5.7% |

Loss-making segment (excluded from profit shares): Basic Chemicals -7,310 JPY mn

Loss-making segment (excluded from profit shares): Power and Renewable Energy -1,907 JPY mn

Segment → industry: Resources → Oil, Gas & Mining / Functional Materials → Chemicals / Basic Chemicals → Chemicals / Power and Renewable Energy → Electric Power & Gas / Petroleum → Oil Refining & Fuels

## 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 | 392,429 | 4.8% | S100YCS3 |
| Capital expenditure | 166,866 | 2.1% | S100YCS3 |
| Free cash flow | 225,563 | 2.8% | 算出 |
| Investing cash flow | -291,632 | -3.6% | S100YCS3 |
| Financing cash flow | -104,926 | -1.3% | S100YCS3 |
| Dividends paid | 44,199 | 0.5% | S100YCS3 |
| Share buyback | 2,309 | 0.0% | S100YCS3 |
| Change in cash | 3,313 | 0.0% | S100YCS3 |
| Cash and equivalents | 157,088 | 1.9% | S100YCS3 |

## 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 | 139,030 | 103,079 | 136,900 | 164,251 | 157,088 | S100TQXR, S100VZEN, S100YCS3 |
| Total assets | 4,601,183 | 4,865,370 | 5,012,295 | 4,775,586 | 5,328,792 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Net assets | 1,436,512 | 1,629,308 | 1,812,531 | 1,737,699 | 1,951,099 | S100TQXR, S100VZEN, S100YCS3 |
| Share capital | 168,351 | 168,351 | 168,351 | 168,351 | 168,351 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Trade receivables | 870,483 | 841,798 | 919,011 | 817,349 | 841,806 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Inventories | 1,060,205 | 1,308,570 | 1,377,865 | 1,266,953 | 1,375,562 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Property, plant and equipment | 1,437,810 | 1,390,013 | 1,362,581 | 1,374,024 | 1,523,513 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Intangible assets excluding goodwill | 308,628 | 290,235 | 272,027 | 254,580 | 260,199 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Goodwill | 149,691 | 140,481 | 131,228 | 124,348 | 129,776 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Investment securities | 261,095 | 244,699 | 266,315 | 305,764 | 339,979 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Current assets | 2,368,088 | 2,732,068 | 2,916,843 | 2,649,858 | 2,965,674 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Current liabilities | 2,061,273 | 2,163,986 | 2,192,498 | 2,097,407 | 2,351,410 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Trade payables | 840,834 | 697,307 | 793,760 | 824,413 | 852,648 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Short-term borrowings | 369,043 | 486,701 | 443,415 | 479,642 | 503,466 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Long-term borrowings | 590,767 | 519,232 | 479,056 | 409,879 | 494,087 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Bonds | 130,000 | 150,000 | 140,000 | 110,000 | 100,000 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Interest-bearing debt | 1,089,810 | 1,155,933 | 1,062,471 | 999,521 | 1,097,553 | 算出 |
| Total liabilities | 3,164,670 | 3,236,062 | 3,199,763 | 3,037,886 | 3,377,692 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Non-controlling interests | 24,410 | 14,781 | 12,636 | 17,330 | 32,974 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Equity attributable to owners of parent | 1,272,306 | 1,454,116 | 1,585,403 | 1,494,580 | 1,626,211 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Retained earnings | 645,330 | 848,910 | 1,037,716 | 1,111,225 | 1,248,391 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |
| Treasury stock | -1,883 | -14,788 | -11,006 | -139,690 | -68,785 | S100R0S2, S100TQXR, S100VZEN, S100YCS3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YCS3 |
| Receivables | 16% | S100YCS3 |
| Inventories | 26% | S100YCS3 |
| Property, plant and equipment | 29% | S100YCS3 |
| Intangibles and goodwill | 7% | S100YCS3 |
| Investment securities | 6% | S100YCS3 |
| Other assets | 13% | S100YCS3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100YCS3 |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 27% | S100YCS3 |
| Equity | 37% | S100YCS3 |
| Other liabilities | 0% | S100YCS3 |

### 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 | 4,601,183 | 4,865,370 | 5,012,295 | 4,775,586 | 5,328,792 |
| Equity | 1,436,512 | 1,629,308 | 1,812,531 | 1,737,699 | 1,951,099 |
| Interest-bearing debt | 1,089,810 | 1,155,933 | 1,062,471 | 999,521 | 1,097,553 |
| Cash | 139,030 | 103,079 | 136,900 | 164,251 | 157,088 |

## 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) | 18.8% | S100YCS3 |
| Fixed assets ÷ total assets | 28.6% | S100YCS3 |
| Goodwill ÷ parent equity | 8.0% | S100YCS3 |

Goodwill over 4 years: 149,691 → 129,776 JPY; total investing cash flow: -517,500 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) | 2.9% |
| Cash ÷ revenue | 1.9% |
| Net cash (cash − interest-bearing debt) | -¥940.5B |
| Net debt ÷ operating cash flow | 2.40× |
| Cash conversion (operating CF ÷ operating income) | 184.9% |
| Cash vs. profit gap | 220,515 JPY mn (of net income 128.3%) |
| Shareholder returns / net income | 27.1% |
| Shareholder returns / FCF | 20.6% |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 74.3% |

## 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 | 4.2% | 1.45× | 6.1% | 3.62× | 22.0% | S100R0S2 |
| 2023 | 2.7% | 2.00× | 5.4% | 3.47× | 18.6% | S100TQXR |
| 2024 | 2.6% | 1.77× | 4.6% | 3.25× | 15.0% | S100VZEN |
| 2025 | 1.1% | 1.88× | 2.1% | 3.18× | 6.8% | S100YCS3 |
| 2026 | 2.1% | 1.60× | 3.4% | 3.24× | 11.0% | S100YCS3 |

## 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 | 12.2% | 2026-03-31 |
| Aramco Overseas Company B.V. （常任代理人 アンダーソン・毛利・友常法律事務所） | Major shareholder | 9.5% | 2026-03-31 |
| 日章興産株式会社 | Major shareholder | 9.0% | 2026-03-31 |
| 公益財団法人出光美術館 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| 正和興産株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 出光興産社員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社善 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社縁 | 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） | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥8.11T, down from ¥9.19T (-11.8%).
- Profits moved the other way: operating income reached ¥212.2B (+30.8%) and net income attributable to owners reached ¥171.9B (+65.2%).
- Cash generation weakened, with operating cash flow at ¥392.4B (-17.7%) and free cash flow at ¥225.6B (-40.9%).

### Drivers

- Lower crude prices pulled down petroleum sales.
- The closure of the Strait of Hormuz sent crude prices sharply higher late in the year, and the gap between buying and selling prices worked in the company's favor, more than offsetting weaker coal prices.
- In functional materials, strong overseas lubricant sales and newly consolidated companies added to profit.

### Risks

- Most crude oil and naphtha imports come from the Middle East, so a long disruption from political unrest or shipping problems could hit results hard.
- Crude prices have been swinging sharply with events in the Middle East and may keep doing so.
- Domestic fuel sales are slowly shrinking as fewer cars are owned and fuel economy improves.

Cited: Annual Securities Report (111th 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 (111th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第111期(2025/04/01－2026/03/31) | S100YCS3 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCS3,, |
| 有価証券報告書－第110期(2024/04/01－2025/03/31) | S100VZEN | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZEN,, |
| 有価証券報告書－第109期(2023/04/01－2024/03/31) | S100TQXR | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQXR,, |
| 有価証券報告書－第108期(2022/04/01－2023/03/31) | S100R0S2 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0S2,, |
| 訂正有価証券報告書－第107期(令和3年4月1日－令和4年3月31日) | S100P8S8 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8S8,, |
| 有価証券報告書－第106期(令和2年4月1日－令和3年3月31日) | S100LLT7 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLT7,, |

## 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).