# Kao Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第120期(2025/01/01－2025/12/31) (S100XT6G)
> Page: https://vizora.meequs.com/en/company/kao
> Retrieved: 2026-09-30T20:58:45.581Z

## Company

Kao, founded in 1925, is a company in Chemicals listed on TSE Prime. It has 31,514 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kao Corporation |
| Ticker | 4452 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4452.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋茅場町一丁目14番10号 |
| Representative (per filing) | 代表取締役 社長執行役員 長谷部 佳宏 |
| Founded | May 1925 |
| Share capital | ¥85.4B |
| Employees (consolidated) | 31,514 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | December |
| Website | kao.com (https://kao.com/) |
| Corporate number | 4010001034760 |
| EDINET | E00883 |
| Industries (Vizora) | Chemicals, Toiletries & Household Products, Cosmetics |

> Profile source: annual securities report (S100XT6G, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55 | 10 |
| Profitability | 94.4 | 9 |
| Cash conversion | 38.9 | 9 |
| Efficiency | 65 | 10 |

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 43% of Kao's sales come from Global consumer care business, with Hygiene living care business and Health beauty care business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit +11.9%.

## Company structure

- Segment revenue mix: Global consumer care business 43.2%、Hygiene living care business 18.5%、Health beauty care business 14.6%、Chemical Business 13.7%、Cosmetics business 8.8%
- Revenue → net income: ¥1688633000000 → ¥120586000000
- Net income → operating cash flow: ¥120586000000 → ¥199680000000（difference ¥79094000000）
- Main uses of operating cash flow: CapEx ¥70845000000 / dividends ¥71149000000 / buybacks ¥80053000000
- Change in cash: ¥-34431000000
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 | ¥1.69T |  |
| Operating income | ¥164.1B | Margin 9.7% |
| Net income | ¥120.1B | Margin 7.1% |
| Free cash flow | ¥128.8B |  |
| Largest business | Global consumer care business | of segment revenue 43.2% |
| Employees (consolidated) | 31,514 |  |
| EPS | ¥260.3 |  |
| Book value per share | ¥1498.98 |  |
| Equity ratio | 56.7% | Derived from disclosed figures |
| Shares outstanding | 453,600,000 |  |
| Treasury shares | 8,600 |  |
| Shareholders | 131,570 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 19.1% |
| Vs. industry median margin | +2.2 pp | Chemicals |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.1× dividends
- FY2025, employees -3% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1381997000000 | ¥1688633000000 | +22.2% |
| Operating income | ¥175563000000 | ¥164069000000 | -6.5% |
| Operating margin | 12.7% | 9.7% | -3 pp |
| Employees | 33,409 people | 31,514 people | -5.7% |
| Cash and equivalents | ¥353176000000 | ¥323282000000 | -8.5% |

### 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 |
| --- | ---: |
| ハイジーン＆リビングケア事業 → 事業再編・廃止 | 14.6% |
| スキンケア・ヘアケア事業 → 事業再編・廃止 | 9.0% |
| ヘルス＆ビューティケア事業 → 事業再編・廃止 | 10.5% |
| ヒューマンヘルスケア事業 → 事業再編・廃止 | 6.8% |
| ライフケア事業 → 事業再編・廃止 | 1.5% |
| 化粧品事業 → 化粧品事業 | 6.8% |
| ファブリック＆ホームケア事業 → 事業再編・廃止 | 10.8% |
| コンシューマープロダクツ事業 → 事業再編・廃止 | 33.4% |
| ケミカル事業 → ケミカル事業 | 6.7% |
| 新設・再編 → ハイジーンリビングケア事業 | 18.5% |
| 新設・再編 → ヘルスビューティケア事業 | 14.6% |
| 新設・再編 → 化粧品事業 | 2.0% |
| 新設・再編 → ビジネスコネクティッド事業 | 1.3% |
| 新設・再編 → グローバルコンシューマーケア事業 | 43.2% |
| 新設・再編 → ケミカル事業 | 7.0% |

Segment revenue source references: 15 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Global consumer care business | — | — | ¥1282952000000 | 10.4% | 2 |
| Hygiene living care business | — | — | ¥549333000000 | 14.8% | 2 |
| Health beauty care business | — | — | ¥432882000000 | 9.0% | 2 |
| Chemical Business | 5 years | +12.0% | ¥405681000000 | 7.4% | 2 |
| Cosmetics business | 5 years | +2.3% | ¥261563000000 | 4.0% | 2 |
| Business connected business | — | — | ¥39174000000 | 5.8% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,688,633 | 100.0% | S100XT6G |
| Cost of revenue | 1,020,464 | 60.4% | S100XT6G |
| Gross profit | 668,169 | 39.6% | S100XT6G |
| SG&A | 505,133 | 29.9% | S100XT6G |
| Operating income | 164,069 | 9.7% | S100XT6G |
| Pretax income | 169,846 | 10.1% | S100XT6G |
| Income tax | 49,260 | 2.9% | S100XT6G |
| Net income | 120,586 | 7.1% | S100XT6G |
| Net income attributable to owners | 120,081 | 7.1% | S100XT6G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 30 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 39.6% → Operating margin 9.7% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.7%; Core profit growth: +11.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.22×
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 | 1,628,448 | 1,688,633 | 60,185 | +3.7% |
| Gross profit | 638,404 | 668,169 | 29,765 | +4.7% |
| Operating income | 146,644 | 164,069 | 17,425 | +11.9% |
| Net income attributable to owners | 107,767 | 120,081 | 12,314 | +11.4% |
| Operating cash flow | 201,585 | 199,680 | -1,905 | -0.9% |
| Free cash flow | 134,109 | 128,835 | -5,274 | -3.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,457,610 | — | — | 126,551 | 184,307 | — | S100L0HB |
| FY ending Dec 2017 | 1,489,421 | — | — | 147,010 | 185,845 | — | S100NQCA |
| FY ending Dec 2018 | 1,508,007 | — | — | 153,698 | 195,610 | — | S100QFPL |
| FY ending Dec 2019 | 1,502,241 | 211,723 | 14.1% | 148,213 | 244,523 | 150,745 | S100L0HB |
| FY ending Dec 2020 | 1,381,997 | 175,563 | 12.7% | 126,142 | 214,718 | 144,868 | S100NQCA |
| FY ending Dec 2021 | 1,418,768 | 143,510 | 10.1% | 109,636 | 175,524 | 104,005 | S100QFPL |
| FY ending Dec 2022 | 1,551,059 | 110,071 | 7.1% | 86,038 | 130,905 | 53,704 | S100T2ZS |
| FY ending Dec 2023 | 1,532,579 | 60,035 | 3.9% | 43,870 | 202,481 | 136,034 | S100VFNW |
| FY ending Dec 2024 | 1,628,448 | 146,644 | 9.0% | 107,767 | 201,585 | 134,109 | S100XT6G |
| FY ending Dec 2025 | 1,688,633 | 164,069 | 9.7% | 120,081 | 199,680 | 128,835 | S100XT6G |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.6M |
| Operating income per employee (consolidated) | ¥5.2M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 33,507 | 35,411 | 34,257 | 32,566 | 31,514 |
| Average salary (parent company) | ¥7.9M | ¥7.9M | ¥8M | ¥8.1M | ¥8.7M |
| Average age (parent company) | 40.5 years | 40.9 years | 41.1 years | 40.8 years | 40.6 years |
| Average tenure (parent company) | 17.4 years | 17.6 years | 17.6 years | 17.0 years | 16.7 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +3.7%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hygiene living care business | 549,333 | 18.5% | 81,273 | 14.8% |
| Health beauty care business | 432,882 | 14.6% | 39,136 | 9.0% |
| Cosmetics business | 261,563 | 8.8% | 10,411 | 4.0% |
| Business connected business | 39,174 | 1.3% | 2,254 | 5.8% |
| Global consumer care business | 1,282,952 | 43.2% | 133,074 | 10.4% |
| Chemical Business | 405,681 | 13.7% | 30,188 | 7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hygiene living care business | 18.5% | 27.4% | 8.9 | 14.8% |
| Health beauty care business | 14.6% | 13.2% | -1.4 | 9.0% |
| Cosmetics business | 8.8% | 3.5% | -5.3 | 4.0% |
| Business connected business | 1.3% | 0.8% | -0.6 | 5.8% |
| Global consumer care business | 43.2% | 44.9% | 1.7 | 10.4% |
| Chemical Business | 13.7% | 10.2% | -3.5 | 7.4% |

Segment → industry: Chemical Business → Chemicals / Business connected business → Toiletries & Household Products / Health beauty care business → Toiletries & Household Products / Hygiene living care business → Toiletries & Household Products / Cosmetics business → Cosmetics / Health beauty care business → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 199,680 | 11.8% | S100XT6G |
| Capital expenditure | 70,845 | 4.2% | S100XT6G |
| Free cash flow | 128,835 | 7.6% | 算出 |
| Investing cash flow | -69,767 | -4.1% | S100XT6G |
| Financing cash flow | -175,134 | -10.4% | S100XT6G |
| Dividends paid | 71,149 | 4.2% | S100XT6G |
| Share buyback | 80,053 | 4.7% | S100XT6G |
| Change in cash | -34,431 | -2.0% | S100XT6G |
| Cash and equivalents | 323,282 | 19.1% | S100XT6G |

## 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 | 336,069 | 268,248 | 291,663 | 357,713 | 323,282 | S100T2ZS, S100VFNW, S100XT6G |
| Total assets | 1,704,007 | 1,726,350 | 1,769,514 | 1,867,237 | 1,875,054 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Net assets | 983,877 | 995,384 | 1,012,043 | 1,098,835 | 1,094,700 | S100T2ZS, S100VFNW, S100XT6G |
| Share capital | 85,424 | 85,424 | 85,424 | 85,424 | 85,424 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Property, plant and equipment | 428,609 | 439,325 | 420,563 | 423,251 | 443,080 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Goodwill | 183,498 | 191,860 | 220,227 | 228,413 | 231,071 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Current assets | 809,792 | 807,206 | 818,063 | 914,025 | 905,892 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Total liabilities | 720,130 | 730,966 | 757,471 | 768,402 | 780,354 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Equity attributable to owners of parent | 965,137 | 972,061 | 983,658 | 1,066,776 | 1,064,077 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Retained earnings | 781,763 | 740,374 | 711,802 | 748,781 | 716,621 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |
| Treasury stock | -3,960 | -3,459 | -3,267 | -5,924 | -5,125 | S100QFPL, S100T2ZS, S100VFNW, S100XT6G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XT6G |
| Property, plant and equipment | 24% | S100XT6G |
| Intangibles and goodwill | 12% | — |
| Other assets | 47% | S100XT6G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XT6G |
| Equity | 58% | S100XT6G |

### 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 | 1,704,007 | 1,726,350 | 1,769,514 | 1,867,237 | 1,875,054 |
| Equity | 983,877 | 995,384 | 1,012,043 | 1,098,835 | 1,094,700 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 336,069 | 268,248 | 291,663 | 357,713 | 323,282 |

## 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) | 26.2% | S100XT6G |
| Fixed assets ÷ total assets | 23.6% | S100XT6G |
| Goodwill ÷ parent equity | 21.7% | S100XT6G |

Goodwill over 4 years: 183,498 → 231,071 JPY; total investing cash flow: -367,114 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) | 17.2% |
| Cash ÷ revenue | 19.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.7% |
| Cash vs. profit gap | 79,599 JPY mn (of net income 66.3%) |
| Shareholder returns / net income | 125.9% |
| Shareholder returns / FCF | 117.4% |
| Shareholder payments — dividends / net income | 59.3% |
| Shareholder payments — dividends / FCF | 55.2% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 34.9% |

## 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 | 7.7% | 0.83× | 6.4% | 1.77× | 11.4% | S100QFPL |
| 2022 | 5.5% | 0.90× | 5.0% | 1.77× | 8.9% | S100T2ZS |
| 2023 | 2.9% | 0.88× | 2.5% | 1.79× | 4.5% | S100VFNW |
| 2024 | 6.6% | 0.90× | 5.9% | 1.77× | 10.5% | S100XT6G |
| 2025 | 7.1% | 0.90× | 6.4% | 1.76× | 11.3% | S100XT6G |

## 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 | 18.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.0% | 2025-12-31 |
| 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 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2025-12-31 |
| ビーエヌワイエム アズ エージーテイ クライアンツ ノン トリーテイー ジヤスデツク（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| Oasis Opportunities Fund One SPC - ECHO SP（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.5% | 2025-12-31 |
| ジェーピー モルガン チェース バンク 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| 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 | 1.5% | 2025-12-31 |
| ビービーエイチルクス フイデリテイ フアンズ グローバル デイビデンド プール（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-12-31 |
| オアシスジャパンストラテジックファンド リミテッド（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.3% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥1.69T, up +3.7% from ¥1.63T.
- Profit grew much faster: operating income rose +11.9% to ¥164.1B and net income attributable to owners rose +11.4% to ¥120.1B.
- Cash generation dipped slightly, with operating cash flow at ¥199.7B (-0.9%) and free cash flow at ¥128.8B (-3.9%).

### Drivers

- Sales growth came mostly from higher prices rather than volume; in the Chemical Business, price increases passed on rising fat and oil costs
- The cosmetics business swung from a loss to a profit after concentrating spending on its priority brands and trimming the rest
- In Japan, an improved Attack laundry detergent and the premium hair care lines melt and THE ANSWER sold well, while Merries diapers lost ground to competitors in Asia and chemicals profit fell on weaker demand in some markets and raw material costs

### Risks

- Sharp swings in the price of natural fats, oils, and petroleum-based materials could cut into profit
- Rising geopolitical tension where Kao sells or sources materials could disrupt supply chains or change how people shop
- A cyberattack could halt internal systems or expose confidential and personal data

Cited: Annual Securities Report, 120th fiscal period (Jan–Dec 2025) (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, 120th fiscal period (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第120期(2025/01/01－2025/12/31) | S100XT6G | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT6G,, |
| 有価証券報告書－第119期(2024/01/01－2024/12/31) | S100VFNW | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFNW,, |
| 有価証券報告書－第118期(2023/01/01－2023/12/31) | S100T2ZS | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2ZS,, |
| 有価証券報告書－第117期(2022/01/01－2022/12/31) | S100QFPL | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFPL,, |
| 有価証券報告書－第116期(令和3年1月1日－令和3年12月31日) | S100NQCA | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQCA,, |
| 有価証券報告書－第115期(令和2年1月1日－令和2年12月31日) | S100L0HB | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0HB,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| IOI Oleochemical Industries Berhad | Joint venture | マレーシアの合弁会社 Fatty Chemical (Malaysia)（油脂化学品） | S100XT6G |
| PT Rodamas | Joint venture | インドネシアの合弁会社 PT Kao Indonesia | S100XT6G |

## 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).