# KANEMATSU CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第132期(2025/04/01－2026/03/31) (S100YGCZ)
> Page: https://vizora.meequs.com/en/company/kanematsu
> Retrieved: 2026-09-30T21:36:49.031Z

## Company

Kanematsu, founded in 1889, is a company in IT Services & System Integration listed on TSE Prime. It has 8,604 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANEMATSU CORPORATION |
| Ticker | 8020 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8020.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区伊藤町119番地 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 宮部 佳也 |
| Founded | Aug 1889 |
| Share capital | ¥27.8B |
| Employees (consolidated) | 8,604 |
| Average salary (parent only) | ¥12M |
| Fiscal year end | March |
| Website | www.kanematsu.co.jp (https://www.kanematsu.co.jp/) |
| Corporate number | 7140001005647 |
| EDINET | E02506 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGCZ, 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 | 84.1 | 179 |
| Profitability | 73.8 | 185 |
| Cash conversion | 62.3 | 179 |
| Efficiency | 47.3 | 185 |

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 34% of Kanematsu's sales come from Foods and Grain, with Electronics and Devices and Steel, Materials and Plant making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit +15.7%.

## Company structure

- Segment revenue mix: Foods and Grain 33.6%、Electronics and Devices 28.7%、Steel, Materials and Plant 15.9%、Motor Vehicles and Aerospace 11.2%、ICT SOLUTION 10.4%
- Revenue → net income: ¥1067665000000 → ¥33249000000
- Net income → operating cash flow: ¥33249000000 → ¥57663000000（difference ¥24414000000）
- Main uses of operating cash flow: CapEx ¥5564000000 / dividends ¥9134000000 / buybacks ¥1000000
- Change in cash: ¥12000000
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 | ¥1.07T |  |
| Operating income | ¥48.7B | Margin 4.6% |
| Net income | ¥32.5B | Margin 3.0% |
| Free cash flow | ¥52.1B |  |
| Largest business | Foods and Grain | of segment revenue 33.6% |
| Employees (consolidated) | 8,604 |  |
| EPS | ¥195.52 |  |
| Diluted EPS | ¥194.77 |  |
| Book value per share | ¥792.07 |  |
| Equity ratio | 28.4% | Derived from disclosed figures |
| Shares outstanding | 169,000,000 |  |
| Treasury shares | 664,300 |  |
| Shareholders | 42,846 |  |
| Average salary (parent only) | ¥12M | Filing company only |
| Cash ratio | 8.0% | Cash ÷ revenue 5.5% |
| Vs. industry median margin | +1.7 pp | Specialty Trading & Wholesale |
| ROE | 17.0% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +29% over five years
- FY2026, segment profit share differs by 21 points
- FY2026, employees 0% while operating income rose 16%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥649142000000 | ¥1067665000000 | +64.5% |
| Operating income | ¥23635000000 | ¥48663000000 | +105.9% |
| Operating margin | 3.6% | 4.6% | +0.9 pp |
| Employees | 7,296 people | 8,604 people | +17.9% |
| Cash and equivalents | ¥81045000000 | ¥58418000000 | -27.9% |

### 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 |
| --- | ---: |
| 電子・デバイス → 電子・デバイス | 28.7% |
| 電子・デバイス → 事業再編・廃止 | 6.1% |
| 食料 → 食料 | 33.6% |
| 食料 → 事業再編・廃止 | 4.1% |
| 鉄鋼・素材・プラント → 鉄鋼・素材・プラント | 14.9% |
| 車両・航空 → 車両・航空 | 11.0% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → ICTソリューション | 10.4% |
| 新設・再編 → 鉄鋼・素材・プラント | 0.9% |
| 新設・再編 → 車両・航空 | 0.3% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Foods and Grain | 5 years | +8.0% | ¥358866000000 | 2.5% | 2 |
| Electronics and Devices | 5 years | +6.3% | ¥306895000000 | 5.3% | 2 |
| Steel, Materials and Plant | 5 years | +11.8% | ¥169386000000 | 2.1% | 2 |
| Motor Vehicles and Aerospace | 5 years | +11.0% | ¥119845000000 | 4.5% | 2 |
| ICT SOLUTION | — | — | ¥110771000000 | 13.7% | 2 |
| Other | 5 years | -29.0% | ¥1899000000 | -16.8% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,067,665 | 100.0% | S100YGCZ |
| Cost of revenue | 898,751 | 84.2% | S100YGCZ |
| Gross profit | 168,914 | 15.8% | S100YGCZ |
| SG&A | 123,100 | 11.5% | S100YGCZ |
| Operating income | 48,663 | 4.6% | S100YGCZ |
| Pretax income | 47,157 | 4.4% | S100YGCZ |
| Income tax | 13,907 | 1.3% | S100YGCZ |
| Net income | 33,249 | 3.1% | S100YGCZ |
| Net income attributable to owners | 32,523 | 3.0% | S100YGCZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 11 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.8% → Operating margin 4.6% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.6%; Core profit growth: +15.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.88×
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 | 1,050,936 | 1,067,665 | 16,729 | +1.6% |
| Gross profit | 155,007 | 168,914 | 13,907 | +9.0% |
| Operating income | 42,051 | 48,663 | 6,612 | +15.7% |
| Net income attributable to owners | 27,469 | 32,523 | 5,054 | +18.4% |
| Operating cash flow | 58,329 | 57,663 | -666 | -1.1% |
| Free cash flow | 48,400 | 52,099 | 3,699 | +7.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 675,579 | — | — | 8,049 | 11,852 | — | S100LLG7 |
| FY ending Mar 2018 | 714,790 | — | — | 16,317 | 434 | — | S100OEH2 |
| FY ending Mar 2019 | 723,849 | — | — | 16,605 | 24,698 | — | S100R4M8 |
| FY ending Mar 2020 | 721,802 | 28,352 | 3.9% | 14,399 | 24,259 | 16,490 | S100TWIJ |
| FY ending Mar 2021 | 649,142 | 23,635 | 3.6% | 13,315 | 36,984 | 31,513 | S100W7BP |
| FY ending Mar 2022 | 767,963 | 29,347 | 3.8% | 15,986 | 15,382 | 11,075 | S100YGCZ |
| FY ending Mar 2023 | 911,408 | 38,896 | 4.3% | 18,575 | -296 | -5,833 | S100YGCZ |
| FY ending Mar 2024 | 985,993 | 43,870 | 4.4% | 23,218 | 35,582 | 30,825 | S100YGCZ |
| FY ending Mar 2025 | 1,050,936 | 42,051 | 4.0% | 27,469 | 58,329 | 48,400 | S100YGCZ |
| FY ending Mar 2026 | 1,067,665 | 48,663 | 4.6% | 32,523 | 57,663 | 52,099 | S100YGCZ |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥124.1M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 7,446 | 7,866 | 8,353 | 8,644 | 8,604 |
| Average salary (parent company) | ¥9.3M | ¥12M | ¥10.1M | ¥11.4M | ¥12M |
| Average age (parent company) | 38.7 years | 38.5 years | 38.4 years | 38.2 years | 37.7 years |
| Average tenure (parent company) | 15.0 years | 13.7 years | 13.2 years | 12.7 years | 12.1 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +1.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| ICT SOLUTION | 110,771 | 10.4% | 15,174 | 13.7% |
| Electronics and Devices | 306,895 | 28.7% | 16,129 | 5.3% |
| Foods and Grain | 358,866 | 33.6% | 8,844 | 2.5% |
| Steel, Materials and Plant | 169,386 | 15.9% | 3,521 | 2.1% |
| Motor Vehicles and Aerospace | 119,845 | 11.2% | 5,335 | 4.5% |
| Other | 1,899 | 0.2% | -319 | -16.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| ICT SOLUTION | 10.4% | 31.0% | 20.6 | 13.7% |
| Electronics and Devices | 28.7% | 32.9% | 4.2 | 5.3% |
| Foods and Grain | 33.6% | 18.0% | -15.6 | 2.5% |
| Steel, Materials and Plant | 15.9% | 7.2% | -8.7 | 2.1% |
| Motor Vehicles and Aerospace | 11.2% | 10.9% | -0.3 | 4.5% |
| Other | 0.2% | — | — | -16.8% |

Loss-making segment (excluded from profit shares): Other -319 JPY mn

Segment → industry: ICT SOLUTION → IT Services & System Integration / Motor Vehicles and Aerospace → Specialty Trading & Wholesale / Steel, Materials and Plant → Specialty Trading & Wholesale / Foods and Grain → Specialty Trading & Wholesale / Electronics and Devices → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 57,663 | 5.4% | S100YGCZ |
| Capital expenditure | 5,564 | 0.5% | S100YGCZ |
| Free cash flow | 52,099 | 4.9% | 算出 |
| Investing cash flow | -11,929 | -1.1% | S100YGCZ |
| Financing cash flow | -46,900 | -4.4% | S100YGCZ |
| Dividends paid | 9,134 | 0.9% | S100YGCZ |
| Share buyback | 1 | 0.0% | S100YGCZ |
| Change in cash | 12 | 0.0% | S100YGCZ |
| Cash and equivalents | 58,418 | 5.5% | S100YGCZ |

## 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 | 91,420 | 79,462 | 53,431 | 56,779 | 58,418 | S100TWIJ, S100W7BP, S100YGCZ |
| Total assets | 634,456 | 677,588 | 725,347 | 689,337 | 733,009 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Net assets | 199,282 | 143,423 | 176,000 | 188,128 | 223,474 | S100TWIJ, S100W7BP, S100YGCZ |
| Share capital | 27,781 | 27,781 | 27,781 | 27,781 | 27,781 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Property, plant and equipment | 42,087 | 47,188 | 47,190 | 55,592 | 59,677 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Goodwill | 10,624 | 14,481 | 16,952 | 13,770 | 17,011 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Current assets | 492,090 | 515,954 | 543,513 | 521,367 | 540,894 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Total liabilities | 435,173 | 534,164 | 549,347 | 501,209 | 509,534 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Equity attributable to owners of parent | 159,484 | 128,525 | 159,318 | 173,942 | 208,391 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Retained earnings | 89,280 | 80,543 | 97,236 | 123,009 | 147,188 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |
| Treasury stock | -1,305 | -1,259 | -1,238 | -2,429 | -2,237 | S100R4M8, S100TWIJ, S100W7BP, S100YGCZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YGCZ |
| Property, plant and equipment | 8% | S100YGCZ |
| Intangibles and goodwill | 2% | — |
| Other assets | 82% | S100YGCZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100YGCZ |
| Equity | 30% | S100YGCZ |
| Other liabilities | 0% | S100YGCZ |

### 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 | 634,456 | 677,588 | 725,347 | 689,337 | 733,009 |
| Equity | 199,282 | 143,423 | 176,000 | 188,128 | 223,474 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 91,420 | 79,462 | 53,431 | 56,779 | 58,418 |

## 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) | 5.6% | S100YGCZ |
| Fixed assets ÷ total assets | 8.1% | S100YGCZ |
| Goodwill ÷ parent equity | 8.2% | S100YGCZ |

Goodwill over 4 years: 10,624 → 17,011 JPY; total investing cash flow: -50,220 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) | 8.0% |
| Cash ÷ revenue | 5.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.5% |
| Cash vs. profit gap | 25,140 JPY mn (of net income 77.3%) |
| Shareholder returns / net income | 28.1% |
| Shareholder returns / FCF | 17.5% |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | 17.5% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 20.7% |

## 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 | 2.1% | 1.21× | 2.5% | 3.98× | 10.0% | S100R4M8, S100YGCZ |
| 2023 | 2.0% | 1.39× | 2.8% | 4.56× | 12.9% | S100TWIJ, S100YGCZ |
| 2024 | 2.4% | 1.41× | 3.3% | 4.87× | 16.1% | S100W7BP, S100YGCZ |
| 2025 | 2.6% | 1.49× | 3.9% | 4.24× | 16.5% | S100YGCZ |
| 2026 | 3.0% | 1.50× | 4.6% | 3.72× | 17.0% | S100YGCZ |

## 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 | 15.6% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１ （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 4.2% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５２２３ （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 3.3% | 2026-03-31 |
| ゴールドマン・サックス・インターナショナル (常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 2.0% | 2026-03-31 |
| エムエスアイピークライアントセキユリテイーズ （常任代理人 モルガン・スタンレーＭＵＦＧ証券㈱） | Major shareholder | 1.9% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン １４００４４ （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５７８１ （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン １４００４２ （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５１０３ （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.07T, up 1.6% from ¥1.05T.
- Gross profit grew 9.0% to ¥168.9B, which lifted operating income 15.7% to ¥48.7B.
- Net income attributable to owners rose 18.4% to ¥32.5B.
- Operating cash flow slipped 1.1% to ¥57.7B, while free cash flow increased 7.6% to ¥52.1B.

### Drivers

- The mobile business sold more phones thanks to a wider sales network, and its corporate sales also grew.
- In ICT, demand was strong for storage and servers from manufacturers such as defense and semiconductor companies, and for security services.
- In meat, demand shifting away from beef and pork boosted chicken trading.
- On the other hand, the energy business was weak, partly due to valuation losses on futures as oil prices rose.

### Risks

- The company expects uncertainty to continue because of US trade policy, geopolitical risks, and unclear monetary policy in many countries.
- It trades market-priced goods such as grain, meat, and petroleum products, so sharp price swings could cause losses.
- Part of its borrowing carries floating rates, so higher interest rates could raise interest costs.

Cited: Annual Securities Report (132nd 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 (132nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YGCZ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGCZ,, |
| 有価証券報告書－第131期(2024/04/01－2025/03/31) | S100W7BP | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7BP,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TWIJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWIJ,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100R4M8 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4M8,, |
| 有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100OEH2 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEH2,, |
| 有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100LLG7 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLG7,, |

## 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).