# Kintetsu Group Holdings 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115期(2025/04/01－2026/03/31) (S100YCLR)
> Page: https://vizora.meequs.com/en/company/kintetsu-g-hd
> Retrieved: 2026-09-30T20:26:24.565Z

## Company

Kintetsu Group Holdings, founded in 1927, is a company in Private Railways listed on TSE Prime. It has 44,759 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kintetsu Group Holdings Co.,Ltd. |
| Ticker | 9041 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9041.T) |
| Listing | TSE Prime |
| Head office | 大阪市天王寺区上本町6丁目1番55号 |
| Representative (per filing) | 代表取締役社長 若井 敬 |
| Founded | Sep 1927 |
| Share capital | ¥126.5B |
| Employees (consolidated) | 44,759 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.kintetsu-g-hd.co.jp (https://www.kintetsu-g-hd.co.jp/) |
| Corporate number | 6120001023131 |
| EDINET | E04102 |
| Industries (Vizora) | Private Railways, Real Estate Development & Leasing, Trucking & Parcel Delivery, Department Stores, Supermarkets, Hotels & Inns, Travel Agencies |

> Profile source: annual securities report (S100YCLR, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.6 | 21 |
| Profitability | 56.8 | 22 |
| Cash conversion | 29.5 | 22 |
| Efficiency | 20.5 | 22 |
| Financial strength | 8.3 | 6 |

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 Kintetsu Group Holdings's sales come from International logistics, with Hotel and leisure and Merchandise sales making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +6.0%.

## Company structure

- Segment revenue mix: International logistics 43.0%、Hotel and leisure 21.0%、Merchandise sales 12.8%、Transportation 12.8%、Real estate 8.4%
- Revenue → net income: ¥1750307000000 → ¥62544000000
- Net income → operating cash flow: ¥62544000000 → ¥118087000000（difference ¥55543000000）
- Main uses of operating cash flow: CapEx ¥151870000000 / dividends ¥10475000000 / buybacks ¥100000000
- Change in cash: ¥-31623000000
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 | ¥1.75T |  |
| Operating income | ¥89.4B | Margin 5.1% |
| Net income | ¥53.8B | Margin 3.1% |
| Free cash flow | -¥33.8B |  |
| Largest business | International logistics | of segment revenue 43.0% |
| Employees (consolidated) | 44,759 |  |
| EPS | ¥138.23 |  |
| Book value per share | ¥1580.96 |  |
| Equity ratio | 23.6% |  |
| Shares outstanding | 190,662,000 |  |
| Treasury shares | 2,211,600 |  |
| Shareholders | 243,382 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 7.7% | Net cash -¥1.06T · Cash ÷ revenue 11.4% |
| Vs. industry median margin | +0.3 pp | Trucking & Parcel Delivery |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, revenue is 2.5× its level five years ago
- FY2026, segment profit share differs by -30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥697203000000 | ¥1750307000000 | +151.0% |
| Operating income | ¥-62115000000 | ¥89436000000 | — |
| Operating margin | -8.9% | 5.1% | +14 pp |
| Employees | 30,343 people | 44,759 people | +47.5% |
| Cash and equivalents | ¥76321000000 | ¥200124000000 | +162.2% |

### 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 |
| --- | ---: |
| 運輸 → 運輸 | 12.8% |
| 運輸 → 事業再編・廃止 | 8.1% |
| 不動産 → 不動産 | 8.4% |
| 不動産 → 事業再編・廃止 | 7.9% |
| 流通 → 流通 | 12.8% |
| 流通 → 事業再編・廃止 | 31.6% |
| ホテル・レジャー → ホテル・レジャー | 16.4% |
| その他 → その他 | 2.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 国際物流 | 43.0% |
| 新設・再編 → ホテル・レジャー | 4.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| International logistics | 3 years | +2.0% | ¥753129000000 | 1.6% | 2 |
| Hotel and leisure | 5 years | +26.3% | ¥367158000000 | 3.8% | 2 |
| Merchandise sales | 5 years | -6.3% | ¥223451000000 | 4.1% | 2 |
| Transportation | 5 years | +9.0% | ¥223270000000 | 17.0% | 2 |
| Real estate | 5 years | +5.4% | ¥147200000000 | 9.8% | 2 |
| Other | 5 years | +19.6% | ¥35428000000 | 7.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,750,307 | 100.0% | S100YCLR |
| SG&A | 240,565 | 13.7% | S100YCLR |
| Operating income | 89,436 | 5.1% | S100YCLR |
| Ordinary income | 84,577 | 4.8% | S100YCLR |
| Pretax income | 82,568 | 4.7% | S100YCLR |
| Income tax | 20,024 | 1.1% | S100YCLR |
| Net income | 62,544 | 3.6% | S100YCLR |
| Net income attributable to owners | 53,771 | 3.1% | S100YCLR |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Operating margin 5.1% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +6.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.20×
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 | 1,741,787 | 1,750,307 | 8,520 | +0.5% |
| Operating income | 84,399 | 89,436 | 5,037 | +6.0% |
| Net income attributable to owners | 46,716 | 53,771 | 7,055 | +15.1% |
| Operating cash flow | 89,728 | 118,087 | 28,359 | +31.6% |
| Free cash flow | 3,361 | -33,783 | -37,144 | -1105.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,194,244 | 49,380 | 4.1% | 20,561 | 58,266 | -6,325 | S100LKVC |
| FY ending Mar 2021 | 697,203 | -62,115 | -8.9% | -60,187 | -25,470 | -80,119 | S100O86D |
| FY ending Mar 2022 | 691,512 | 3,864 | 0.6% | 42,755 | 57,548 | 24,368 | S100R63S |
| FY ending Mar 2023 | 1,561,002 | 67,144 | 4.3% | 88,779 | 133,992 | 101,484 | S100TPG9 |
| FY ending Mar 2024 | 1,629,529 | 87,430 | 5.4% | 47,808 | 150,512 | 93,758 | S100VZTK |
| FY ending Mar 2025 | 1,741,787 | 84,399 | 4.8% | 46,716 | 89,728 | 3,361 | S100YCLR |
| FY ending Mar 2026 | 1,750,307 | 89,436 | 5.1% | 53,771 | 118,087 | -33,783 | S100YCLR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 26,605 | 44,079 | 44,318 | 44,678 | 44,759 |
| Average salary (parent company) | ¥6.4M | ¥7.1M | ¥7.8M | ¥8M | ¥8.2M |
| Average age (parent company) | 44.9 years | 45.4 years | 45.1 years | 44.8 years | 44.6 years |
| Average tenure (parent company) | 16.6 years | 16.1 years | 16.2 years | 16.6 years | 17.7 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 223,270 | 12.8% | 38,064 | 17.0% |
| Real estate | 147,200 | 8.4% | 14,368 | 9.8% |
| International logistics | 753,129 | 43.0% | 12,012 | 1.6% |
| Merchandise sales | 223,451 | 12.8% | 9,159 | 4.1% |
| Hotel and leisure | 367,158 | 21.0% | 13,791 | 3.8% |
| Other | 35,428 | 2.0% | 2,524 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 12.8% | 42.3% | 29.6 | 17.0% |
| Real estate | 8.4% | 16.0% | 7.6 | 9.8% |
| International logistics | 43.0% | 13.4% | -29.7 | 1.6% |
| Merchandise sales | 12.8% | 10.2% | -2.6 | 4.1% |
| Hotel and leisure | 21.0% | 15.3% | -5.6 | 3.8% |
| Other | 2.0% | 2.8% | 0.8 | 7.1% |

Segment → industry: Transportation → Private Railways / Real estate → Real Estate Development & Leasing / International logistics → Trucking & Parcel Delivery / Merchandise sales → Department Stores / Merchandise sales → Supermarkets / Hotel and leisure → Hotels & Inns / Hotel and leisure → Travel Agencies

## 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 | 118,087 | 6.7% | S100YCLR |
| Capital expenditure | 151,870 | 8.7% | S100YCLR |
| Free cash flow | -33,783 | -1.9% | 算出 |
| Investing cash flow | -138,891 | -7.9% | S100YCLR |
| Financing cash flow | -19,935 | -1.1% | S100YCLR |
| Dividends paid | 10,475 | 0.6% | S100YCLR |
| Share buyback | 100 | 0.0% | S100YCLR |
| Change in cash | -31,623 | -1.8% | S100YCLR |
| Cash and equivalents | 200,124 | 11.4% | S100YCLR |

## 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 | 75,765 | 208,188 | 241,657 | 231,748 | 200,124 | S100TPG9, S100VZTK, S100YCLR |
| Total assets | 1,895,770 | 2,424,755 | 2,454,316 | 2,507,255 | 2,593,502 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Net assets | 421,760 | 500,262 | 585,650 | 613,723 | 691,964 | S100TPG9, S100VZTK, S100YCLR |
| Share capital | 126,476 | 126,476 | 126,476 | 126,476 | 126,476 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Property, plant and equipment | 1,289,093 | 1,364,404 | 1,369,058 | 1,385,056 | 1,464,022 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Intangible assets excluding goodwill | 13,958 | 169,917 | 167,493 | 161,260 | 151,896 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Goodwill | 13 | 62,517 | 59,264 | 56,017 | 49,440 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Investment securities | 141,291 | 58,827 | 66,003 | 70,080 | 91,497 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Current assets | 331,569 | 702,048 | 720,811 | 761,176 | 746,535 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Current liabilities | 504,045 | 779,761 | 713,284 | 761,609 | 640,544 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Trade payables | 49,084 | 133,461 | 122,435 | 117,651 | 121,087 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Short-term borrowings | 204,018 | 273,229 | 230,442 | 256,519 | 215,402 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Long-term borrowings | 503,125 | 575,903 | 634,396 | 641,474 | 733,357 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Bonds | 300,191 | 342,054 | 298,917 | 271,780 | 313,643 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Interest-bearing debt | 1,007,334 | 1,191,186 | 1,163,755 | 1,169,773 | 1,262,402 | 算出 |
| Total liabilities | 1,474,009 | 1,924,493 | 1,868,666 | 1,893,531 | 1,901,537 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Non-controlling interests | 43,139 | 58,410 | 63,842 | 69,597 | 80,257 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Equity attributable to owners of parent | 267,809 | 342,006 | 383,077 | 414,825 | 456,622 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Retained earnings | 80,555 | 161,795 | 202,990 | 234,814 | 275,620 | S100R63S, S100TPG9, S100VZTK, S100YCLR |
| Treasury stock | -1,150 | -1,164 | -1,192 | -1,199 | -1,253 | S100R63S, S100TPG9, S100VZTK, S100YCLR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YCLR |
| Property, plant and equipment | 56% | S100YCLR |
| Intangibles and goodwill | 8% | S100YCLR |
| Investment securities | 3% | S100YCLR |
| Other assets | 25% | S100YCLR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YCLR |
| Interest-bearing debt | 49% | 算出 |
| Other liabilities | 20% | S100YCLR |
| Equity | 27% | S100YCLR |
| Other liabilities | 0% | S100YCLR |

### 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 | 1,895,770 | 2,424,755 | 2,454,316 | 2,507,255 | 2,593,502 |
| Equity | 421,760 | 500,262 | 585,650 | 613,723 | 691,964 |
| Interest-bearing debt | 1,007,334 | 1,191,186 | 1,163,755 | 1,169,773 | 1,262,402 |
| Cash | 75,765 | 208,188 | 241,657 | 231,748 | 200,124 |

## 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) | 83.6% | S100YCLR |
| Fixed assets ÷ total assets | 56.4% | S100YCLR |
| Goodwill ÷ parent equity | 10.8% | S100YCLR |

Goodwill over 4 years: 13 → 49,440 JPY; total investing cash flow: -275,567 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) | 7.7% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | -¥1.06T |
| Net debt ÷ operating cash flow | 9.00× |
| Cash conversion (operating CF ÷ operating income) | 132.0% |
| Cash vs. profit gap | 64,316 JPY mn (of net income 119.6%) |
| Shareholder returns / net income | 19.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 117.6% |

## 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 | 6.2% | 0.36× | 2.3% | 7.08× | 16.0% | S100R63S |
| 2023 | 5.7% | 0.72× | 4.1% | 7.08× | 29.1% | S100TPG9 |
| 2024 | 2.9% | 0.67× | 2.0% | 6.73× | 13.2% | S100VZTK |
| 2025 | 2.7% | 0.70× | 1.9% | 6.22× | 11.7% | S100YCLR |
| 2026 | 3.1% | 0.69× | 2.1% | 5.85× | 12.3% | S100YCLR |

## 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 | 12.4% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 3.9% | 2026-03-31 |
| 野村 絢 (常任代理人 三田証券㈱) | Major shareholder | 2.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 ㈱みずほ銀行) | Major shareholder | 1.5% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 ㈱みずほ銀行) | Major shareholder | 1.2% | 2026-03-31 |
| 明治安田生命保険(相) | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 (常任代理人 ㈱みずほ銀行) | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 ㈱みずほ銀行) | Major shareholder | 0.7% | 2026-03-31 |
| 三重交通㈱ | Major shareholder | 0.7% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥1.75T, up 0.5% from ¥1.74T the year before.
- Operating income grew 6.0% from ¥84.4B to ¥89.4B, and net income grew 15.1% from ¥46.7B to ¥53.8B.
- Operating cash flow rose to ¥118.1B, but capital spending reached ¥151.9B, so free cash flow turned negative at -¥33.8B.

### Drivers

- Visitors to the Osaka-Kansai Expo, tourists heading to Ise-Shima after it closed, and overseas travelers lifted revenue in transportation, retail, and hotels and leisure.
- On the railway, extra runs of the Hinotori limited express between Osaka and Nagoya also brought in more passengers.
- International logistics handled more cargo, but tougher competition pushed prices down, so both its revenue and profit fell.
- Net income also got a boost from lower income taxes after the company recorded deferred tax assets.

### Risks

- A major disaster such as a Nankai Trough earthquake. Because the group's assets are concentrated along the Kintetsu lines, the company warns it could hit results across the whole group.
- Rising interest rates are increasing interest costs, and debt went up for now as the company bought new rail cars and rental properties in the Tokyo area.
- The company expects uncertainty to continue, citing higher resource prices from geopolitical tensions and a possible drop in inbound tourism.

Cited: Annual securities report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/04/01－2026/03/31) | S100YCLR | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCLR,, |
| 有価証券報告書－第114期(2024/04/01－2025/03/31) | S100VZTK | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZTK,, |
| 有価証券報告書－第113期(2023/04/01－2024/03/31) | S100TPG9 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPG9,, |
| 有価証券報告書－第112期(2022/04/01－2023/03/31) | S100R63S | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63S,, |
| 有価証券報告書－第111期(令和3年4月1日－令和4年3月31日) | S100O86D | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O86D,, |
| 有価証券報告書－第110期(令和2年4月1日－令和3年3月31日) | S100LKVC | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKVC,, |

## 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).