# Kewpie Corporation: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第113期(2024/12/01－2025/11/30) (S100XMJE)
> Page: https://vizora.meequs.com/en/company/kewpie
> Retrieved: 2026-09-30T17:49:10.902Z

## Company

Kewpie, founded in 1919, is a company in Chemicals listed on TSE Prime. It has 10,773 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kewpie Corporation |
| Ticker | 2809 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2809.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷1丁目4番13号 |
| Representative (per filing) | 代表取締役 社長執行役員 髙宮 満 |
| Founded | Nov 1919 |
| Share capital | ¥24.1B |
| Employees (consolidated) | 10,773 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | November |
| Website | www.kewpie.com (https://www.kewpie.com/) |
| Corporate number | 6011001006277 |
| EDINET | E00464 |
| Industries (Vizora) | Chemicals, Processed Foods, Industrial Machinery |

> Profile source: annual securities report (S100XMJE, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.4 | 56 |
| Profitability | 75.8 | 60 |
| Cash conversion | 28.9 | 57 |
| Efficiency | 49.2 | 60 |

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 37% of Kewpie's sales come from Retail Market Business, with Food Service Business and Overseas Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +0.9%.

## Company structure

- Segment revenue mix: Retail Market Business 37.0%、Food Service Business 36.1%、Overseas Business 19.5%、Fruit solution products 3.4%、Fine chemical products 2.3%
- Revenue → net income: ¥513417000000 → ¥33890000000
- Net income → operating cash flow: ¥33890000000 → ¥31802000000（difference ¥-2088000000）
- Main uses of operating cash flow: CapEx ¥16530000000 / dividends ¥8757000000 / buybacks ¥16288000000
- Change in cash: ¥-14663000000
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 | ¥513.4B |  |
| Operating income | ¥34.6B | Margin 6.7% |
| Net income | ¥30.5B | Margin 5.9% |
| Free cash flow | ¥15.3B |  |
| Largest business | Retail Market Business | of segment revenue 37.0% |
| Employees (consolidated) | 10,773 |  |
| EPS | ¥182.58 |  |
| Book value per share | ¥1376.19 |  |
| Equity ratio | 67.4% |  |
| Shares outstanding | 141,500,000 |  |
| Treasury shares | 2,326,500 |  |
| Shareholders | 126,888 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 12.8% |
| Vs. industry median margin | +2.7 pp | Processed Foods |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.9× dividends

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥531103000000 | ¥513417000000 | -3.3% |
| Operating income | ¥28303000000 | ¥34628000000 | +22.3% |
| Operating margin | 5.3% | 6.7% | +1.4 pp |
| Employees | 16,003 people | 10,773 people | -32.7% |
| Cash and equivalents | ¥65777000000 | ¥65849000000 | +0.1% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 市販用 → 市販用 | 18.9% |
| 調理・調味料 → 事業再編・廃止 | 20.2% |
| 業務用 → 業務用 | 16.3% |
| サラダ・惣菜 → 事業再編・廃止 | 10.2% |
| 海外 → 海外 | 5.3% |
| タマゴ → 事業再編・廃止 | 10.0% |
| フルーツ ソリューション → フルーツ ソリューション | 1.8% |
| ファインケミカル → ファインケミカル | 0.9% |
| 共通 → 共通 | 0.7% |
| 物流 → 事業再編・廃止 | 15.8% |
| 新設・再編 → 市販用 | 18.1% |
| 新設・再編 → 業務用 | 19.9% |
| 新設・再編 → 海外 | 14.2% |
| 新設・再編 → フルーツ ソリューション | 1.6% |
| 新設・再編 → ファインケミカル | 1.4% |
| 新設・再編 → 共通 | 0.9% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail Market Business | 5 years | +2.5% | ¥189823000000 | 6.6% | 2 |
| Food Service Business | 5 years | +5.1% | ¥185584000000 | 6.4% | 2 |
| Overseas Business | 5 years | +16.3% | ¥100262000000 | 13.6% | 2 |
| Fruit solution products | 5 years | +1.3% | ¥17575000000 | 3.9% | 2 |
| Fine chemical products | 5 years | +8.3% | ¥11836000000 | 6.0% | 2 |
| Common business operations | 5 years | +6.7% | ¥8334000000 | 16.3% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 513,417 | 100.0% | S100XMJE |
| Cost of revenue | 362,490 | 70.6% | S100XMJE |
| Gross profit | 150,927 | 29.4% | S100XMJE |
| SG&A | 116,298 | 22.7% | S100XMJE |
| Operating income | 34,628 | 6.7% | S100XMJE |
| Ordinary income | 37,389 | 7.3% | S100XMJE |
| Pretax income | 47,517 | 9.3% | S100XMJE |
| Income tax | 13,627 | 2.7% | S100XMJE |
| Net income | 33,890 | 6.6% | S100XMJE |
| Net income attributable to owners | 30,506 | 5.9% | S100XMJE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 23 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.4% → Operating margin 6.7% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +0.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.14×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 483,985 | 513,417 | 29,432 | +6.1% |
| Gross profit | 147,767 | 150,927 | 3,160 | +2.1% |
| Operating income | 34,329 | 34,628 | 299 | +0.9% |
| Net income attributable to owners | 21,419 | 30,506 | 9,087 | +42.4% |
| Operating cash flow | 63,126 | 31,802 | -31,324 | -49.6% |
| Free cash flow | 39,199 | 15,272 | -23,927 | -61.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 545,723 | 32,048 | 5.9% | 18,698 | 43,916 | 13,890 | S100KVOF |
| FY ending Nov 2020 | 531,103 | 28,303 | 5.3% | 11,591 | 34,955 | 9,502 | S100NJZ4 |
| FY ending Nov 2021 | 407,039 | 27,972 | 6.9% | 18,014 | 38,533 | 26,948 | S100QJY3 |
| FY ending Nov 2022 | 430,304 | 25,433 | 5.9% | 16,033 | 27,199 | 10,394 | S100SYBO |
| FY ending Nov 2023 | 455,086 | 19,694 | 4.3% | 13,174 | 23,725 | 6,280 | S100VAQ7 |
| FY ending Nov 2024 | 483,985 | 34,329 | 7.1% | 21,419 | 63,126 | 39,199 | S100XMJE |
| FY ending Nov 2025 | 513,417 | 34,628 | 6.7% | 30,506 | 31,802 | 15,272 | S100XMJE |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.7M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 10,719 | 10,696 | 10,642 | 10,517 | 10,773 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.4M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 41.2 years | 41.6 years | 41.7 years | 42.0 years | 42.1 years |
| Average tenure (parent company) | 16.0 years | 16.2 years | 16.2 years | 16.1 years | 16.1 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +6.1%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail Market Business | 189,823 | 37.0% | 12,577 | 6.6% |
| Food Service Business | 185,584 | 36.1% | 11,857 | 6.4% |
| Overseas Business | 100,262 | 19.5% | 13,586 | 13.6% |
| Fruit solution products | 17,575 | 3.4% | 680 | 3.9% |
| Fine chemical products | 11,836 | 2.3% | 712 | 6.0% |
| Common business operations | 8,334 | 1.6% | 1,358 | 16.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail Market Business | 37.0% | 30.8% | -6.1 | 6.6% |
| Food Service Business | 36.1% | 29.1% | -7.1 | 6.4% |
| Overseas Business | 19.5% | 33.3% | 13.8 | 13.6% |
| Fruit solution products | 3.4% | 1.7% | -1.8 | 3.9% |
| Fine chemical products | 2.3% | 1.7% | -0.6 | 6.0% |
| Common business operations | 1.6% | 3.3% | 1.7 | 16.3% |

Segment → industry: Fine chemical products → Chemicals / Fruit solution products → Processed Foods / Overseas Business → Processed Foods / Food Service Business → Processed Foods / Retail Market Business → Processed Foods / Common business operations → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 31,802 | 6.2% | S100XMJE |
| Capital expenditure | 16,530 | 3.2% | S100XMJE |
| Free cash flow | 15,272 | 3.0% | 算出 |
| Investing cash flow | -16,905 | -3.3% | S100XMJE |
| Financing cash flow | -30,102 | -5.9% | S100XMJE |
| Dividends paid | 8,757 | 1.7% | S100XMJE |
| Share buyback | 16,288 | 3.2% | S100XMJE |
| Change in cash | -14,663 | -2.9% | S100XMJE |
| Cash and equivalents | 65,849 | 12.8% | S100XMJE |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 66,703 | 65,335 | 62,433 | 80,512 | 65,849 | S100SYBO, S100VAQ7, S100XMJE |
| Total assets | 381,003 | 403,384 | 426,006 | 462,372 | 480,531 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Net assets | 269,301 | 294,623 | 311,303 | 331,638 | 347,600 | S100SYBO, S100VAQ7, S100XMJE |
| Share capital | 24,104 | 24,104 | 24,104 | 24,104 | 24,104 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Trade receivables | 56,875 | 59,414 | 64,515 | 71,782 | 75,115 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Property, plant and equipment | 146,532 | 147,050 | 146,199 | 147,398 | 147,954 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Intangible assets excluding goodwill | 13,303 | 15,639 | 15,807 | 19,003 | 17,672 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Goodwill | 552 | 364 | 182 | — | 73 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Investment securities | 43,629 | 45,633 | 48,975 | 51,178 | 55,571 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Current assets | 157,451 | 167,726 | 182,080 | 203,727 | 203,365 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Current liabilities | 71,199 | 65,252 | 81,372 | 91,239 | 104,979 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Trade payables | 28,015 | 33,051 | 33,414 | 44,777 | — | S100QJY3, S100SYBO, S100VAQ7 |
| Short-term borrowings | 11,591 | 3,058 | 17,200 | 2,271 | 7,202 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Long-term borrowings | 16,356 | 16,070 | 784 | 5,500 | — | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Bonds | 10,000 | 10,000 | 10,000 | 10,000 | — | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Interest-bearing debt | 37,947 | 29,128 | 27,984 | 17,771 | — | 算出 |
| Total liabilities | 111,702 | 108,761 | 114,702 | 130,734 | 132,930 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Non-controlling interests | 23,660 | 26,965 | 29,419 | 29,346 | 23,536 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Equity attributable to owners of parent | 240,913 | 250,413 | 256,639 | 270,878 | 283,079 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Retained earnings | 194,015 | 203,515 | 209,740 | 224,209 | 245,952 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |
| Treasury stock | -5,838 | -5,840 | -5,842 | -5,847 | -7,912 | S100QJY3, S100SYBO, S100VAQ7, S100XMJE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XMJE |
| Receivables | 16% | S100XMJE |
| Property, plant and equipment | 31% | S100XMJE |
| Intangibles and goodwill | 4% | S100XMJE |
| Investment securities | 11% | S100XMJE |
| Other assets | 24% | S100XMJE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XMJE |
| Equity | 72% | S100XMJE |
| Other liabilities | 0% | S100XMJE |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 381,003 | 403,384 | 426,006 | 462,372 | 480,531 |
| Equity | 269,301 | 294,623 | 311,303 | 331,638 | 347,600 |
| Interest-bearing debt | 37,947 | 29,128 | 27,984 | 17,771 | — |
| Cash | 66,703 | 65,335 | 62,433 | 80,512 | 65,849 |

## 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) | 28.8% | S100XMJE |
| Fixed assets ÷ total assets | 30.8% | S100XMJE |
| Goodwill ÷ parent equity | 0.0% | S100XMJE |

Goodwill over 4 years: 552 → 73 JPY; total investing cash flow: -94,743 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) | 13.7% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.8% |
| Cash vs. profit gap | 1,296 JPY mn (of net income 4.2%) |
| Shareholder returns / net income | 82.1% |
| Shareholder returns / FCF | 164.0% |
| Shareholder payments — dividends / net income | 28.7% |
| Shareholder payments — dividends / FCF | 57.3% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 53.2% |

## 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 | 4.4% | 1.07× | 4.7% | 1.58× | 7.5% | S100QJY3 |
| 2022 | 3.7% | 1.10× | 4.1% | 1.60× | 6.5% | S100SYBO |
| 2023 | 2.9% | 1.10× | 3.2% | 1.64× | 5.2% | S100VAQ7 |
| 2024 | 4.4% | 1.09× | 4.8% | 1.68× | 8.1% | S100XMJE |
| 2025 | 5.9% | 1.09× | 6.5% | 1.70× | 11.0% | S100XMJE |

## 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 | 12.1% | 2025-11-30 |
| 株式会社中島董商店 | Major shareholder | 8.2% | 2025-11-30 |
| 株式会社董花 | Major shareholder | 8.0% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2025-11-30 |
| 一般財団法人旗影会 | Major shareholder | 3.1% | 2025-11-30 |
| 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 | 2.2% | 2025-11-30 |
| 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 | 2.2% | 2025-11-30 |
| 公益財団法人中董奨学会 | Major shareholder | 1.8% | 2025-11-30 |
| キユーピー持株会 | Major shareholder | 1.5% | 2025-11-30 |
| 株式会社ティーアンドエー | Major shareholder | 1.5% | 2025-11-30 |

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

- Revenue for the FY ending Nov 2025 was ¥513.4B, up +6.1% from ¥484B.
- Operating income edged up only +0.9% to ¥34.6B, so profit grew much more slowly than sales.
- Net income rose +42.4% to ¥30.5B, boosted by a one-off gain from selling a former factory site.
- Operating cash flow fell -49.6% to ¥31.8B, and free cash flow shrank to ¥15.3B.

### Drivers

- Overseas sales grew in the Americas and Asia Pacific, and efficiency work in China helped the segment earn more
- In Japan, price increases, a recovery in egg product sales and stronger demand for cut vegetables pushed sales up
- But high egg and vegetable prices and rising logistics costs cut profit in both the retail and food service segments

### Risks

- Egg supply and prices can swing with bird flu outbreaks and changes in the number of laying hens
- Soybean and rapeseed prices and currency moves affect the cost of edible oil
- A shrinking population in Japan and volatile vegetable prices could shrink the salad market

Cited: Annual Securities Report (113th 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 (113th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2024/12/01－2025/11/30) | S100XMJE | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMJE,, |
| 有価証券報告書－第112期(2023/12/01－2024/11/30) | S100VAQ7 | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAQ7,, |
| 有価証券報告書－第111期(2022/12/01－2023/11/30) | S100SYBO | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYBO,, |
| 訂正有価証券報告書－第110期(2021/12/01－2022/11/30) | S100QJY3 | 2023-04-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QJY3,, |
| 有価証券報告書－第109期(令和2年12月1日－令和3年11月30日) | S100NJZ4 | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJZ4,, |
| 有価証券報告書－第108期(令和1年12月1日－令和2年11月30日) | S100KVOF | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVOF,, |

## 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).