# KANSAI PAINT 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162期(2025/04/01－2026/03/31) (S100YHKQ)
> Page: https://vizora.meequs.com/en/company/kansai-paint
> Retrieved: 2026-09-30T19:08:23.993Z

## Company

Kansai Paint, founded in 1918, is a company in Paints & Inks listed on TSE Prime. It has 16,739 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANSAI PAINT CO.,LTD. |
| Ticker | 4613 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4613.T) |
| Listing | TSE Prime |
| Head office | 兵庫県尼崎市神崎町33番1号(本店は上記の場所に登記しておりますが、実際の本社業務は下記において行っております。)大阪市北区梅田1丁目13番1号 |
| Representative (per filing) | 代表取締役社長 毛利 訓士 |
| Founded | May 1918 |
| Share capital | ¥25.7B |
| Employees (consolidated) | 16,739 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.kansai.co.jp (https://www.kansai.co.jp/) |
| Corporate number | 5140001048243 |
| EDINET | E00893 |
| Industries (Vizora) | Paints & Inks |

> Profile source: annual securities report (S100YHKQ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.1 | 23 |
| Profitability | 71.7 | 23 |
| Cash conversion | 29.5 | 22 |
| Efficiency | 50 | 23 |
| 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 28% of Kansai Paint's sales come from EUROPE, with JAPAN and INDIA making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.2% from the prior year, operating profit -4.5%.

## Company structure

- Segment revenue mix: EUROPE 27.6%、JAPAN 27.1%、INDIA 23.5%、ASIA 11.5%、AFRICA 8.8%
- Revenue → net income: ¥589795000000 → ¥34601000000
- Net income → operating cash flow: ¥34601000000 → ¥52616000000（difference ¥18015000000）
- Main uses of operating cash flow: CapEx ¥31687000000 / dividends ¥14758000000 / buybacks ¥491000000
- Change in cash: ¥4083000000
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 | ¥589.8B |  |
| Operating income | ¥49.7B | Margin 8.4% |
| Net income | ¥31.6B | Margin 5.4% |
| Free cash flow | ¥20.9B |  |
| Largest business | EUROPE | of segment revenue 27.6% |
| Employees (consolidated) | 16,739 |  |
| EPS | ¥197.54 |  |
| Diluted EPS | ¥163.54 |  |
| Book value per share | ¥634.57 |  |
| Equity ratio | 37.4% |  |
| Shares outstanding | 177,976,280 |  |
| Treasury shares | 3,146,900 |  |
| Shareholders | 28,125 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 8.4% | Net cash -¥15B · Cash ÷ revenue 11.4% |
| Vs. industry median margin | +2.5 pp | Paints & Inks |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥364620000000 | ¥589795000000 | +61.8% |
| Operating income | ¥31228000000 | ¥49726000000 | +59.2% |
| Operating margin | 8.6% | 8.4% | -0.1 pp |
| Employees | 15,908 people | 16,739 people | +5.2% |
| Cash and equivalents | ¥108377000000 | ¥67230000000 | -38.0% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 39.2% |
| インド → 事業再編・廃止 | 20.0% |
| 欧州 → 事業再編・廃止 | 18.1% |
| アジア → 事業再編・廃止 | 13.6% |
| アフリカ → 事業再編・廃止 | 7.7% |
| その他 → その他 | 1.4% |
| 新設・再編 → 日本 | 27.1% |
| 新設・再編 → インド | 23.5% |
| 新設・再編 → 欧州 | 27.6% |
| 新設・再編 → アジア | 11.5% |
| 新設・再編 → アフリカ | 8.8% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| EUROPE | — | — | ¥162738000000 | 1.5% | 2 |
| JAPAN | — | — | ¥159888000000 | 12.9% | 2 |
| INDIA | — | — | ¥138358000000 | 9.8% | 2 |
| ASIA | — | — | ¥68064000000 | 8.8% | 2 |
| AFRICA | — | — | ¥51748000000 | 11.9% | 2 |
| Other | 5 years | +12.0% | ¥8996000000 | 8.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 589,795 | 100.0% | S100YHKQ |
| Cost of revenue | 398,449 | 67.6% | S100YHKQ |
| Gross profit | 191,345 | 32.4% | S100YHKQ |
| SG&A | 141,618 | 24.0% | S100YHKQ |
| Operating income | 49,726 | 8.4% | S100YHKQ |
| Ordinary income | 54,713 | 9.3% | S100YHKQ |
| Pretax income | 57,016 | 9.7% | S100YHKQ |
| Income tax | 22,414 | 3.8% | S100YHKQ |
| Net income | 34,601 | 5.9% | S100YHKQ |
| Net income attributable to owners | 31,641 | 5.4% | S100YHKQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 24 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 32.4% → Operating margin 8.4% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.2%; Core profit growth: -4.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -27.10×
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 | 588,825 | 589,795 | 970 | +0.2% |
| Gross profit | 185,708 | 191,345 | 5,637 | +3.0% |
| Operating income | 52,050 | 49,726 | -2,324 | -4.5% |
| Net income attributable to owners | 38,306 | 31,641 | -6,665 | -17.4% |
| Operating cash flow | 34,966 | 52,616 | 17,650 | +50.5% |
| Free cash flow | 9,630 | 20,929 | 11,299 | +117.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 406,886 | 31,510 | 7.7% | 18,477 | 40,324 | 26,577 | S100LUIC |
| FY ending Mar 2021 | 364,620 | 31,228 | 8.6% | 20,027 | 42,647 | 31,331 | S100OIVI |
| FY ending Mar 2022 | 419,190 | 30,096 | 7.2% | 26,525 | 15,524 | -313 | S100R7SL |
| FY ending Mar 2023 | 509,070 | 32,077 | 6.3% | 25,195 | 50,231 | 39,119 | S100TXA7 |
| FY ending Mar 2024 | 562,277 | 51,595 | 9.2% | 67,109 | 67,084 | 47,018 | S100W5YL |
| FY ending Mar 2025 | 588,825 | 52,050 | 8.8% | 38,306 | 34,966 | 9,630 | S100YHKQ |
| FY ending Mar 2026 | 589,795 | 49,726 | 8.4% | 31,641 | 52,616 | 20,929 | S100YHKQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.2M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 15,670 | 16,236 | 16,844 | 17,414 | 16,739 |
| Average salary (parent company) | ¥7.8M | ¥7.6M | ¥7.8M | ¥8.4M | ¥8.8M |
| Average age (parent company) | 43.6 years | 43.5 years | 43.1 years | 42.5 years | 42.1 years |
| Average tenure (parent company) | 20.1 years | 20.4 years | 19.7 years | 18.7 years | 18.4 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 159,888 | 27.1% | 20,673 | 12.9% |
| INDIA | 138,358 | 23.5% | 13,627 | 9.8% |
| EUROPE | 162,738 | 27.6% | 2,514 | 1.5% |
| ASIA | 68,064 | 11.5% | 5,972 | 8.8% |
| AFRICA | 51,748 | 8.8% | 6,176 | 11.9% |
| Other | 8,996 | 1.5% | 758 | 8.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 27.1% | 41.6% | 14.5 | 12.9% |
| INDIA | 23.5% | 27.4% | 3.9 | 9.8% |
| EUROPE | 27.6% | 5.1% | -22.5 | 1.5% |
| ASIA | 11.5% | 12.0% | 0.5 | 8.8% |
| AFRICA | 8.8% | 12.4% | 3.6 | 11.9% |
| Other | 1.5% | 1.5% | -0.0 | 8.4% |

Segment → industry: AFRICA → Paints & Inks / ASIA → Paints & Inks / EUROPE → Paints & Inks / INDIA → Paints & Inks / JAPAN → Paints & Inks

## 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 | 52,616 | 8.9% | S100YHKQ |
| Capital expenditure | 31,687 | 5.4% | S100YHKQ |
| Free cash flow | 20,929 | 3.5% | 算出 |
| Investing cash flow | -27,026 | -4.6% | S100YHKQ |
| Financing cash flow | -22,182 | -3.8% | S100YHKQ |
| Dividends paid | 14,758 | 2.5% | S100YHKQ |
| Share buyback | 491 | 0.1% | S100YHKQ |
| Change in cash | 4,083 | 0.7% | S100YHKQ |
| Cash and equivalents | 67,230 | 11.4% | S100YHKQ |

## 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 | 59,709 | 83,263 | 70,952 | 63,147 | 67,230 | S100TXA7, S100W5YL, S100YHKQ |
| Total assets | 600,057 | 671,954 | 689,703 | 750,699 | 801,693 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Net assets | 375,114 | 353,020 | 380,248 | 350,009 | 381,203 | S100TXA7, S100W5YL, S100YHKQ |
| Share capital | 25,658 | 25,658 | 25,658 | 25,658 | 25,658 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Property, plant and equipment | 133,434 | 146,309 | 158,961 | 183,798 | 203,833 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Intangible assets excluding goodwill | 48,948 | 63,747 | 66,160 | 80,522 | 82,154 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Goodwill | 27,573 | 34,905 | 34,051 | 35,711 | 34,046 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Investment securities | 94,192 | 89,098 | 70,937 | 57,907 | 58,285 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Current assets | 276,650 | 319,832 | 328,720 | 355,530 | 376,241 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Current liabilities | 173,083 | 265,332 | 152,849 | 177,049 | 195,748 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Trade payables | 72,896 | 80,999 | 86,707 | 85,218 | 83,170 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Short-term borrowings | 7,646 | 73,432 | 9,653 | 11,895 | 19,604 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Long-term borrowings | 1,294 | 2,466 | 6,108 | 7,595 | 2,646 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Bonds | — | — | — | 60,000 | 60,000 | S100YHKQ |
| Interest-bearing debt | — | — | — | 79,490 | 82,250 | 算出 |
| Total liabilities | 224,942 | 318,934 | 309,455 | 400,689 | 420,489 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Non-controlling interests | 55,095 | 60,110 | 70,291 | 80,595 | 81,145 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Equity attributable to owners of parent | 300,299 | 265,762 | 277,614 | 228,560 | 246,625 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Retained earnings | 279,551 | 299,019 | 234,131 | 186,659 | 205,135 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |
| Treasury stock | -26,187 | -79,971 | -2,128 | -2,101 | -2,584 | S100R7SL, S100TXA7, S100W5YL, S100YHKQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YHKQ |
| Property, plant and equipment | 26% | S100YHKQ |
| Intangibles and goodwill | 15% | S100YHKQ |
| Investment securities | 7% | S100YHKQ |
| Other assets | 44% | S100YHKQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YHKQ |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 32% | S100YHKQ |
| Equity | 48% | S100YHKQ |
| Other liabilities | 0% | S100YHKQ |

### 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 | 600,057 | 671,954 | 689,703 | 750,699 | 801,693 |
| Equity | 375,114 | 353,020 | 380,248 | 350,009 | 381,203 |
| Interest-bearing debt | — | — | — | 79,490 | 82,250 |
| Cash | 59,709 | 83,263 | 70,952 | 63,147 | 67,230 |

## 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) | 34.6% | S100YHKQ |
| Fixed assets ÷ total assets | 25.4% | S100YHKQ |
| Goodwill ÷ parent equity | 13.8% | S100YHKQ |

Goodwill over 4 years: 27,573 → 34,046 JPY; total investing cash flow: -87,999 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) | 8.4% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | -¥15B |
| Net debt ÷ operating cash flow | 0.29× |
| Cash conversion (operating CF ÷ operating income) | 105.8% |
| Cash vs. profit gap | 20,975 JPY mn (of net income 66.3%) |
| Shareholder returns / net income | 48.2% |
| Shareholder returns / FCF | 72.9% |
| Shareholder payments — dividends / net income | 46.6% |
| Shareholder payments — dividends / FCF | 70.5% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 51.4% |

## 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 | 6.3% | 0.70× | 4.4% | 2.00× | 8.8% | S100R7SL |
| 2023 | 4.9% | 0.80× | 4.0% | 2.25× | 8.9% | S100TXA7 |
| 2024 | 11.9% | 0.83× | 9.9% | 2.51× | 24.7% | S100W5YL |
| 2025 | 6.5% | 0.82× | 5.3% | 2.85× | 15.1% | S100YHKQ |
| 2026 | 5.4% | 0.76× | 4.1% | 3.27× | 13.3% | S100YHKQ |

## 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 | 11.0% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 7.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 6.9% | 2026-03-31 |
| 第一生命保険株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.0% | 2026-03-31 |
| 関西ペイント交友持株会 | Major shareholder | 2.0% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 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 | 1.8% | 2026-03-31 |
| 株式会社扇商會 | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥589.8B, up just +0.2% from the year before.
- Operating income slipped -4.5% to ¥49.7B, and net income attributable to owners dropped -17.4% to ¥31.6B.
- Cash generation improved: operating cash flow rose +50.5% to ¥52.6B, and free cash flow reached ¥20.9B.

### Drivers

- Newly consolidated companies in Europe and growth in Africa lifted sales, while Japan and India saw lower sales.
- Price increases and cost cuts helped, but higher fixed costs such as personnel expenses pushed operating income down.
- Smaller gains from selling assets and securities, plus one-off losses such as early retirement payments and impairments, cut net income further.

### Risks

- Most sales are overseas, so changes in local laws, rules and politics can hit results.
- Exchange rates affect both the cost of imported materials and the yen value of overseas results.
- Raw materials track oil and naphtha prices; if costs jump faster than prices can be raised, margins get squeezed.

Cited: Annual Securities Report (162nd 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 (162nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YHKQ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHKQ,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100W5YL | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5YL,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TXA7 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXA7,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R7SL | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7SL,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OIVI | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIVI,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LUIC | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIC,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| PPG Kansai Automotive Finishes Technologies,LP | Co-development | 関西ペイントが自動車用塗料の製造技術・製造販売権を許諾（PPG との合弁） | S100YHKQ |

## 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).