# Japan Pulp & Paper 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164期(2025/04/01－2026/03/31) (S100YF3W)
> Page: https://vizora.meequs.com/en/company/japan-pulp-and-paper
> Retrieved: 2026-09-30T19:12:42.717Z

## Company

Japan Pulp & Paper is a company in Paper & Pulp listed on TSE Prime. It has 4,705 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Pulp & Paper Co., Ltd. |
| Ticker | 8032 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8032.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区勝どき三丁目12番1号 フォアフロントタワー |
| Representative (per filing) | 代表取締役社長 社長執行役員 渡辺昭彦 |
| Share capital | ¥16.6B |
| Employees (consolidated) | 4,705 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.kamipa.co.jp (https://www.kamipa.co.jp/) |
| Corporate number | 1010001034978 |
| EDINET | E02510 |
| Industries (Vizora) | Paper & Pulp, Electric Power & Gas, Real Estate Development & Leasing, Specialty Trading & Wholesale, Waste Management & Recycling |

> Profile source: annual securities report (S100YF3W, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.7 | 179 |
| Profitability | 28.9 | 185 |
| Cash conversion | 89.7 | 179 |
| Efficiency | 50.5 | 185 |
| Financial strength | 42.5 | 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 56% of Japan Pulp & Paper's sales come from Overseas wholesaling, with Wholesaling:Japan and Paper Manufacturing and Processing making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit -28.0%.

## Company structure

- Segment revenue mix: Overseas wholesaling 55.7%、Wholesaling:Japan 31.8%、Paper Manufacturing and Processing 8.5%、Raw Materials and Environment 3.3%、Real estate leasing 0.7%
- Revenue → net income: ¥606779000000 → ¥5977000000
- Net income → operating cash flow: ¥5977000000 → ¥24554000000（difference ¥18577000000）
- Main uses of operating cash flow: CapEx ¥6214000000 / dividends ¥3326000000 / buybacks ¥8920000000
- Change in cash: ¥6253000000
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 | ¥606.8B |  |
| Operating income | ¥10.8B | Margin 1.8% |
| Net income | ¥4.72B | Margin 0.8% |
| Free cash flow | ¥18.3B |  |
| Largest business | Overseas wholesaling | of segment revenue 55.7% |
| Employees (consolidated) | 4,705 |  |
| EPS | ¥9.69 |  |
| Diluted EPS | ¥9.67 |  |
| Book value per share | ¥693.36 |  |
| Equity ratio | 32.6% |  |
| Shares outstanding | 120,215,510 |  |
| Treasury shares | 6,102,100 |  |
| Shareholders | 20,854 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 6.4% | Net cash -¥48.7B · Cash ÷ revenue 4.2% |
| Vs. industry median margin | -1.1 pp | Specialty Trading & Wholesale |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.2× net income
- FY2026, buybacks were 2.7× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥462922000000 | ¥606779000000 | +31.1% |
| Operating income | ¥8896000000 | ¥10848000000 | +21.9% |
| Operating margin | 1.9% | 1.8% | -0.1 pp |
| Employees | 4,042 people | 4,705 people | +16.4% |
| Cash and equivalents | ¥11587000000 | ¥25280000000 | +118.2% |

### 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 |
| --- | ---: |
| 国内卸売 → 国内卸売 | 31.8% |
| 国内卸売 → 事業再編・廃止 | 17.0% |
| 海外卸売 → 海外卸売 | 31.0% |
| 製紙加工 → 製紙加工 | 4.3% |
| 製紙及び加工 → 事業再編・廃止 | 4.3% |
| 環境原材料 → 環境原材料 | 3.3% |
| 環境原材料 → 事業再編・廃止 | 2.0% |
| 資源及び環境 → 事業再編・廃止 | 5.3% |
| 不動産賃貸 → 不動産賃貸 | 0.7% |
| 不動産賃貸 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 海外卸売 | 24.7% |
| 新設・再編 → 製紙加工 | 4.2% |

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 wholesaling | 5 years | +16.3% | ¥338078000000 | -0.2% | 2 |
| Wholesaling:Japan | 5 years | -5.0% | ¥193118000000 | 3.0% | 2 |
| Paper Manufacturing and Processing | 5 years | +18.5% | ¥51409000000 | 14.1% | 2 |
| Raw Materials and Environment | 5 years | -5.9% | ¥20044000000 | 2.8% | 2 |
| Real estate leasing | 5 years | -4.5% | ¥4130000000 | 36.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 606,779 | 100.0% | S100YF3W |
| Cost of revenue | 501,337 | 82.6% | S100YF3W |
| Gross profit | 105,442 | 17.4% | S100YF3W |
| SG&A | 94,594 | 15.6% | S100YF3W |
| Operating income | 10,848 | 1.8% | S100YF3W |
| Ordinary income | 10,887 | 1.8% | S100YF3W |
| Pretax income | 11,341 | 1.9% | S100YF3W |
| Income tax | 5,364 | 0.9% | S100YF3W |
| Net income | 5,977 | 1.0% | S100YF3W |
| Net income attributable to owners | 4,720 | 0.8% | S100YF3W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 17.4% → Operating margin 1.8% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.4%; Core profit growth: -28.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.97×
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 | 554,524 | 606,779 | 52,255 | +9.4% |
| Gross profit | 91,466 | 105,442 | 13,976 | +15.3% |
| Operating income | 15,071 | 10,848 | -4,223 | -28.0% |
| Net income attributable to owners | 7,569 | 4,720 | -2,849 | -37.6% |
| Operating cash flow | 21,010 | 24,554 | 3,544 | +16.9% |
| Free cash flow | 16,423 | 18,340 | 1,917 | +11.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 534,782 | 10,924 | 2.0% | 5,053 | 22,488 | 14,077 | S100LR1A |
| FY ending Mar 2021 | 462,922 | 8,896 | 1.9% | 3,649 | 28,382 | 23,116 | S100OF96 |
| FY ending Mar 2022 | 444,757 | 14,064 | 3.2% | 11,499 | 14,007 | 9,509 | S100R1YX |
| FY ending Mar 2023 | 545,279 | 20,264 | 3.7% | 25,392 | 304 | -8,012 | S100TQSO |
| FY ending Mar 2024 | 534,230 | 17,403 | 3.3% | 10,357 | 20,891 | 16,625 | S100W6SG |
| FY ending Mar 2025 | 554,524 | 15,071 | 2.7% | 7,569 | 21,010 | 16,423 | S100YF3W |
| FY ending Mar 2026 | 606,779 | 10,848 | 1.8% | 4,720 | 24,554 | 18,340 | S100YF3W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥129M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1M |

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) | 4,097 | 4,338 | 4,157 | 4,831 | 4,705 |
| Average salary (parent company) | ¥8.1M | ¥8.1M | ¥8.7M | ¥8.9M | ¥8.9M |
| Average age (parent company) | 43.1 years | 43.6 years | 44.0 years | 44.4 years | 44.7 years |
| Average tenure (parent company) | 19.3 years | 19.7 years | 20.0 years | 20.4 years | 20.5 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +9.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesaling:Japan | 193,118 | 31.8% | 5,698 | 3.0% |
| Overseas wholesaling | 338,078 | 55.7% | -549 | -0.2% |
| Paper Manufacturing and Processing | 51,409 | 8.5% | 7,260 | 14.1% |
| Raw Materials and Environment | 20,044 | 3.3% | 561 | 2.8% |
| Real estate leasing | 4,130 | 0.7% | 1,511 | 36.6% |

### 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 |
| --- | ---: |
| Wholesaling:Japan | 31.8% |
| Overseas wholesaling | 55.7% |
| Paper Manufacturing and Processing | 8.5% |
| Raw Materials and Environment | 3.3% |
| Real estate leasing | 0.7% |

Segment → industry: Paper Manufacturing and Processing → Paper & Pulp / Raw Materials and Environment → Electric Power & Gas / Real estate leasing → Real Estate Development & Leasing / Overseas wholesaling → Specialty Trading & Wholesale / Wholesaling:Japan → Specialty Trading & Wholesale / Raw Materials and Environment → Waste Management & Recycling

## 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 | 24,554 | 4.0% | S100YF3W |
| Capital expenditure | 6,214 | 1.0% | S100YF3W |
| Free cash flow | 18,340 | 3.0% | 算出 |
| Investing cash flow | -1,178 | -0.2% | S100YF3W |
| Financing cash flow | -16,793 | -2.8% | S100YF3W |
| Dividends paid | 3,326 | 0.5% | S100YF3W |
| Share buyback | 8,920 | 1.5% | S100YF3W |
| Change in cash | 6,253 | 1.0% | S100YF3W |
| Cash and equivalents | 25,280 | 4.2% | S100YF3W |

## 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 | 12,731 | 30,550 | 17,387 | 19,027 | 25,280 | S100TQSO, S100W6SG, S100YF3W |
| Total assets | 338,939 | 385,129 | 372,645 | 392,234 | 394,704 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Net assets | 100,317 | 128,295 | 138,347 | 145,565 | 140,907 | S100TQSO, S100W6SG, S100YF3W |
| Share capital | 16,649 | 16,649 | 16,649 | 16,649 | 16,649 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Trade receivables | 122,330 | 139,528 | 143,449 | 140,640 | 139,007 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Inventories | 45,360 | 65,430 | 56,504 | 64,708 | 68,596 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Property, plant and equipment | 109,374 | 99,222 | 96,842 | 100,554 | 97,963 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Intangible assets excluding goodwill | 3,629 | 5,586 | 6,598 | 11,365 | 10,907 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Goodwill | 1,586 | 2,916 | 3,783 | 6,641 | 6,208 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Investment securities | 35,899 | 32,893 | 39,949 | 37,017 | 35,368 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Current assets | 183,075 | 240,028 | 222,963 | 233,953 | 240,495 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Current liabilities | 164,535 | 192,456 | 189,337 | 192,050 | 202,360 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Trade payables | 96,010 | 104,714 | 99,470 | 99,114 | 99,815 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Short-term borrowings | 39,024 | 48,400 | 36,395 | 47,572 | 44,986 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Long-term borrowings | 28,559 | 18,018 | 14,357 | 11,980 | 8,959 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Bonds | 30,000 | 30,000 | 10,000 | 20,000 | 20,000 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Interest-bearing debt | 97,583 | 96,418 | 60,752 | 79,552 | 73,945 | 算出 |
| Total liabilities | 238,623 | 256,834 | 234,297 | 246,670 | 253,797 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Non-controlling interests | 7,412 | 9,864 | 10,746 | 11,495 | 11,978 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Equity attributable to owners of parent | 84,129 | 108,410 | 110,558 | 114,900 | 107,418 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Retained earnings | 65,484 | 89,717 | 98,398 | 103,583 | 89,939 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |
| Treasury stock | -5,003 | -4,944 | -11,671 | -11,653 | -5,061 | S100R1YX, S100TQSO, S100W6SG, S100YF3W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YF3W |
| Receivables | 35% | S100YF3W |
| Inventories | 17% | S100YF3W |
| Property, plant and equipment | 25% | S100YF3W |
| Intangibles and goodwill | 4% | S100YF3W |
| Investment securities | 9% | S100YF3W |
| Other assets | 3% | S100YF3W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YF3W |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 20% | S100YF3W |
| Equity | 36% | S100YF3W |

### 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 | 338,939 | 385,129 | 372,645 | 392,234 | 394,704 |
| Equity | 100,317 | 128,295 | 138,347 | 145,565 | 140,907 |
| Interest-bearing debt | 97,583 | 96,418 | 60,752 | 79,552 | 73,945 |
| Cash | 12,731 | 30,550 | 17,387 | 19,027 | 25,280 |

## 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) | 16.1% | S100YF3W |
| Fixed assets ÷ total assets | 24.8% | S100YF3W |
| Goodwill ÷ parent equity | 5.8% | S100YF3W |

Goodwill over 4 years: 1,586 → 6,208 JPY; total investing cash flow: 4,283 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) | 6.4% |
| Cash ÷ revenue | 4.2% |
| Net cash (cash − interest-bearing debt) | -¥48.7B |
| Net debt ÷ operating cash flow | 1.98× |
| Cash conversion (operating CF ÷ operating income) | 226.3% |
| Cash vs. profit gap | 19,834 JPY mn (of net income 420.2%) |
| Shareholder returns / net income | 259.4% |
| Shareholder returns / FCF | 66.8% |
| Shareholder payments — dividends / net income | 70.5% |
| Shareholder payments — dividends / FCF | 18.1% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 4.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.6% | 1.31× | 3.4% | 4.03× | 13.7% | S100R1YX |
| 2023 | 4.7% | 1.51× | 7.0% | 3.76× | 26.4% | S100TQSO |
| 2024 | 1.9% | 1.41× | 2.7% | 3.46× | 9.5% | S100W6SG |
| 2025 | 1.4% | 1.45× | 2.0% | 3.39× | 6.7% | S100YF3W |
| 2026 | 0.8% | 1.54× | 1.2% | 3.54× | 4.2% | S100YF3W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 10.8% | 2026-03-31 |
| 王子ホールディングス㈱ | Major shareholder | 7.2% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 4.2% | 2026-03-31 |
| 日本紙パルプ商事持株会 | Major shareholder | 3.9% | 2026-03-31 |
| ＪＰ従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 野村 絢（常任代理人 三田証券㈱） | Major shareholder | 2.8% | 2026-03-31 |
| 北越コーポレーション㈱ | Major shareholder | 2.7% | 2026-03-31 |
| 中越パルプ工業㈱ | Major shareholder | 2.2% | 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 | 1.3% | 2026-03-31 |
| 柿本商事㈱ | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥606.8B, up +9.4% on the prior year.
- Profit went the other way: operating income fell -28.0% to ¥10.8B and net income attributable to owners fell -37.6% to ¥4.72B.
- Cash generation improved, with operating cash flow up +16.9% to ¥24.6B and free cash flow up +11.7% to ¥18.3B.

### Drivers

- German and French distributors bought in the previous year contributed for a full year, sharply raising overseas sales.
- The overseas unit swung to a loss as the German business took longer than expected to recover, selling prices fell in the UK and Oceania, and the company booked foreign exchange losses.
- In Japan, demand for printing and communication paper kept shrinking, and lower gross profit plus higher expenses reduced domestic profit.

### Risks

- Demand for paper and paperboard may keep falling structurally as media go digital and packaging is reduced or switched to other materials.
- Logistics and labor costs for selling remain high.
- If paper mills consolidate further, the company could lose bargaining power with its suppliers.

Cited: Annual securities report (164th 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 (164th term) (事業等のリスク); Annual securities report (164th term) (経営方針、経営環境及び対処すべき課題等)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第164期(2025/04/01－2026/03/31) | S100YF3W | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF3W,, |
| 有価証券報告書－第163期(2024/04/01－2025/03/31) | S100W6SG | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6SG,, |
| 有価証券報告書－第162期(2023/04/01－2024/03/31) | S100TQSO | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQSO,, |
| 有価証券報告書－第161期(2022/04/01－2023/03/31) | S100R1YX | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1YX,, |
| 有価証券報告書－第160期(令和3年4月1日－令和4年3月31日) | S100OF96 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF96,, |
| 有価証券報告書－第159期(令和2年4月1日－令和3年3月31日) | S100LR1A | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR1A,, |

## 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).