# KURARAY CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第145期(2025/01/01－2025/12/31) (S100XSSZ)
> Page: https://vizora.meequs.com/en/company/kuraray
> Retrieved: 2026-09-30T17:49:50.962Z

## Company

Kuraray, founded in 1926, is a company in Textiles & Fibers listed on TSE Prime. It has 12,117 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KURARAY CO., LTD. |
| Ticker | 3405 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3405.T) |
| Listing | TSE Prime |
| Head office | 岡山県倉敷市酒津1621番地 |
| Representative (per filing) | 代表取締役社長 川原仁 |
| Founded | Jun 1926 |
| Share capital | ¥89B |
| Employees (consolidated) | 12,117 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.kuraray.com (https://www.kuraray.com/) |
| Corporate number | 1260001013156 |
| EDINET | E00876 |
| Industries (Vizora) | Textiles & Fibers, Chemicals, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XSSZ, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 96 |
| Profitability | 48.5 | 100 |
| Cash conversion | 59.9 | 96 |
| Efficiency | 28.5 | 100 |
| Financial strength | 71.1 | 19 |

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 48% of Kuraray's sales come from Vinyl acetate, with Functional materials and Trading making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit -30.8%.

## Company structure

- Segment revenue mix: Vinyl acetate 47.9%、Functional materials 25.0%、Trading 8.3%、Isoprene 7.6%、Fibers and textiles 7.0%
- Revenue → net income: ¥808447000000 → ¥5051000000
- Net income → operating cash flow: ¥5051000000 → ¥98591000000（difference ¥93540000000）
- Main uses of operating cash flow: CapEx ¥94177000000 / dividends ¥17367000000 / buybacks ¥30004000000
- Change in cash: ¥-13378000000
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 | ¥808.4B |  |
| Operating income | ¥58.9B | Margin 7.3% |
| Net income | ¥7.47B | Margin 0.9% |
| Free cash flow | ¥4.41B |  |
| Largest business | Vinyl acetate | of segment revenue 47.9% |
| Employees (consolidated) | 12,117 |  |
| EPS | ¥121.1 |  |
| Diluted EPS | ¥121.03 |  |
| Book value per share | ¥1364.08 |  |
| Equity ratio | 57.0% |  |
| Shares outstanding | 307,963,000 |  |
| Treasury shares | 924,400 |  |
| Shareholders | 73,208 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 8.3% | Net cash -¥133B · Cash ÷ revenue 13.4% |
| Vs. industry median margin | -0.2 pp | Chemicals |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 13.2× net income
- FY2025, buybacks were 1.7× dividends
- FY2025, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥541797000000 | ¥808447000000 | +49.2% |
| Operating income | ¥44341000000 | ¥58882000000 | +32.8% |
| Operating margin | 8.2% | 7.3% | -0.9 pp |
| Employees | 11,219 people | 12,117 people | +8.0% |
| Cash and equivalents | ¥182084000000 | ¥108314000000 | -40.5% |

### 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 |
| --- | ---: |
| ビニルアセテート → ビニルアセテート | 39.8% |
| イソプレン → イソプレン | 5.0% |
| 機能材料 → 機能材料 | 19.7% |
| 繊維 → 繊維 | 7.0% |
| 繊維 → 事業再編・廃止 | 0.6% |
| トレーディング → トレーディング | 8.3% |
| トレーディング → 事業再編・廃止 | 14.2% |
| その他 → その他 | 4.3% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → ビニルアセテート | 8.1% |
| 新設・再編 → イソプレン | 2.6% |
| 新設・再編 → 機能材料 | 5.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vinyl acetate | 5 years | +12.4% | ¥387169000000 | 16.2% | 2 |
| Functional materials | 5 years | +13.6% | ¥202208000000 | 5.4% | 2 |
| Trading | 5 years | -11.2% | ¥67343000000 | 9.0% | 2 |
| Isoprene | 5 years | +17.8% | ¥61057000000 | -8.0% | 2 |
| Fibers and textiles | 5 years | +6.6% | ¥56265000000 | 4.7% | 2 |
| Other | 5 years | +3.0% | ¥34404000000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 808,447 | 100.0% | S100XSSZ |
| Cost of revenue | 561,939 | 69.5% | S100XSSZ |
| Gross profit | 246,508 | 30.5% | S100XSSZ |
| SG&A | 187,625 | 23.2% | S100XSSZ |
| Operating income | 58,882 | 7.3% | S100XSSZ |
| Ordinary income | 51,515 | 6.4% | S100XSSZ |
| Pretax income | 19,821 | 2.5% | S100XSSZ |
| Income tax | 14,769 | 1.8% | S100XSSZ |
| Net income | 5,051 | 0.6% | S100XSSZ |
| Net income attributable to owners | 7,468 | 0.9% | S100XSSZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 23 |
| Operating income | 7 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 30.5% → Operating margin 7.3% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.2%; Core profit growth: -30.8%
Operating leverage (core profit growth ÷ revenue growth): 13.80×
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 | 826,895 | 808,447 | -18,448 | -2.2% |
| Gross profit | 267,520 | 246,508 | -21,012 | -7.9% |
| Operating income | 85,081 | 58,882 | -26,199 | -30.8% |
| Net income attributable to owners | 31,724 | 7,468 | -24,256 | -76.5% |
| Operating cash flow | 138,294 | 98,591 | -39,703 | -28.7% |
| Free cash flow | 66,911 | 4,414 | -62,497 | -93.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 575,807 | 54,173 | 9.4% | -1,956 | 95,577 | 8,472 | S100L0GG |
| FY ending Dec 2020 | 541,797 | 44,341 | 8.2% | 2,570 | 79,947 | -3,543 | S100NPXO |
| FY ending Dec 2021 | 629,370 | 72,256 | 11.5% | 37,262 | 78,221 | 9,813 | S100QH26 |
| FY ending Dec 2022 | 756,376 | 87,139 | 11.5% | 54,307 | 51,727 | -19,908 | S100T5BD |
| FY ending Dec 2023 | 780,938 | 75,475 | 9.7% | 42,446 | 129,298 | 70,271 | S100VGVW |
| FY ending Dec 2024 | 826,895 | 85,081 | 10.3% | 31,724 | 138,294 | 66,911 | S100XSSZ |
| FY ending Dec 2025 | 808,447 | 58,882 | 7.3% | 7,468 | 98,591 | 4,414 | S100XSSZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.7M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥616.3K |

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) | 11,330 | 11,703 | 11,906 | 11,941 | 12,117 |
| Average salary (parent company) | ¥7M | ¥7.3M | ¥7.8M | ¥8M | ¥8.1M |
| Average age (parent company) | 41.6 years | 41.9 years | 41.9 years | 42.0 years | 42.2 years |
| Average tenure (parent company) | 18.1 years | 18.3 years | 17.9 years | 17.7 years | 17.8 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) -2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vinyl acetate | 387,169 | 47.9% | 62,545 | 16.2% |
| Isoprene | 61,057 | 7.6% | -4,864 | -8.0% |
| Functional materials | 202,208 | 25.0% | 10,826 | 5.4% |
| Fibers and textiles | 56,265 | 7.0% | 2,633 | 4.7% |
| Trading | 67,343 | 8.3% | 6,039 | 9.0% |
| Other | 34,404 | 4.3% | 1,795 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Vinyl acetate | 47.9% | 74.6% | 26.7 | 16.2% |
| Isoprene | 7.6% | — | — | -8.0% |
| Functional materials | 25.0% | 12.9% | -12.1 | 5.4% |
| Fibers and textiles | 7.0% | 3.1% | -3.8 | 4.7% |
| Trading | 8.3% | 7.2% | -1.1 | 9.0% |
| Other | 4.3% | 2.1% | -2.1 | 5.2% |

Loss-making segment (excluded from profit shares): Isoprene -4,864 JPY mn

Segment → industry: Fibers and textiles → Textiles & Fibers / Functional materials → Chemicals / Isoprene → Chemicals / Vinyl acetate → Chemicals / Trading → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 98,591 | 12.2% | S100XSSZ |
| Capital expenditure | 94,177 | 11.6% | S100XSSZ |
| Free cash flow | 4,414 | 0.5% | 算出 |
| Investing cash flow | -98,129 | -12.1% | S100XSSZ |
| Financing cash flow | -16,305 | -2.0% | S100XSSZ |
| Dividends paid | 17,367 | 2.1% | S100XSSZ |
| Share buyback | 30,004 | 3.7% | S100XSSZ |
| Change in cash | -13,378 | -1.7% | S100XSSZ |
| Cash and equivalents | 108,314 | 13.4% | S100XSSZ |

## 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 | 151,487 | 127,616 | 133,663 | 121,692 | 108,314 | S100T5BD, S100VGVW, S100XSSZ |
| Total assets | 1,091,014 | 1,221,533 | 1,254,485 | 1,291,238 | 1,303,511 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Net assets | 579,602 | 668,534 | 736,156 | 781,790 | 755,175 | S100T5BD, S100VGVW, S100XSSZ |
| Share capital | 88,955 | 88,955 | 88,955 | 88,955 | 88,955 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Trade receivables | 135,768 | — | — | — | — | S100QH26 |
| Property, plant and equipment | 455,266 | 512,562 | 526,977 | 540,385 | 549,112 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Intangible assets excluding goodwill | 114,055 | 121,484 | 120,501 | 115,898 | 110,630 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Goodwill | 52,635 | 56,058 | 55,386 | 53,591 | 52,212 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Investment securities | 25,689 | 23,194 | 23,966 | 29,890 | 23,523 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Current assets | 470,174 | 533,933 | 551,727 | 565,262 | 578,403 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Current liabilities | 219,464 | 221,330 | 200,571 | 198,231 | 228,229 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Trade payables | 49,641 | 52,717 | 49,124 | 59,561 | 58,490 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Short-term borrowings | 34,480 | 34,480 | 40,014 | 23,850 | 45,120 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Long-term borrowings | 157,945 | 179,491 | 157,312 | 142,286 | 146,187 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Bonds | 60,000 | 60,000 | 60,000 | 50,000 | 50,000 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Interest-bearing debt | 252,425 | 273,971 | 257,326 | 216,136 | 241,307 | 算出 |
| Total liabilities | 511,411 | 552,998 | 518,329 | 509,448 | 548,335 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Non-controlling interests | 19,203 | 21,443 | 21,529 | 17,507 | 12,325 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Equity attributable to owners of parent | 520,134 | 550,282 | 576,737 | 571,369 | 530,135 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Retained earnings | 359,898 | 399,910 | 426,290 | 396,752 | 386,853 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |
| Treasury stock | -15,885 | -25,735 | -25,654 | -1,462 | -1,623 | S100QH26, S100T5BD, S100VGVW, S100XSSZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XSSZ |
| Property, plant and equipment | 42% | S100XSSZ |
| Intangibles and goodwill | 13% | S100XSSZ |
| Investment securities | 2% | S100XSSZ |
| Other assets | 35% | S100XSSZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XSSZ |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 19% | S100XSSZ |
| Equity | 58% | S100XSSZ |
| Other liabilities | 0% | S100XSSZ |

### 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 | 1,091,014 | 1,221,533 | 1,254,485 | 1,291,238 | 1,303,511 |
| Equity | 579,602 | 668,534 | 736,156 | 781,790 | 755,175 |
| Interest-bearing debt | 252,425 | 273,971 | 257,326 | 216,136 | 241,307 |
| Cash | 151,487 | 127,616 | 133,663 | 121,692 | 108,314 |

## 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) | 67.9% | S100XSSZ |
| Fixed assets ÷ total assets | 42.1% | S100XSSZ |
| Goodwill ÷ parent equity | 9.8% | S100XSSZ |

Goodwill over 4 years: 52,635 → 52,212 JPY; total investing cash flow: -371,507 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) | 8.3% |
| Cash ÷ revenue | 13.4% |
| Net cash (cash − interest-bearing debt) | -¥133B |
| Net debt ÷ operating cash flow | 1.35× |
| Cash conversion (operating CF ÷ operating income) | 167.4% |
| Cash vs. profit gap | 91,123 JPY mn (of net income 1220.2%) |
| Shareholder returns / net income | 634.3% |
| Shareholder returns / FCF | 1073.2% |
| Shareholder payments — dividends / net income | 232.6% |
| Shareholder payments — dividends / FCF | 393.5% |
| CapEx intensity (capex ÷ revenue) | 11.6% |
| Investing CF relative to operating CF | 99.5% |

## 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 | 5.9% | 0.58× | 3.4% | 2.10× | 7.2% | S100QH26 |
| 2022 | 7.2% | 0.65× | 4.7% | 2.16× | 10.1% | S100T5BD |
| 2023 | 5.4% | 0.63× | 3.4% | 2.20× | 7.5% | S100VGVW |
| 2024 | 3.8% | 0.65× | 2.5% | 2.22× | 5.5% | S100XSSZ |
| 2025 | 0.9% | 0.62× | 0.6% | 2.36× | 1.4% | S100XSSZ |

## 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 | 18.1% | 2025-12-31 |
| ㈱日本カストディ銀行 (信託口) | Major shareholder | 6.8% | 2025-12-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 3.5% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2025-12-31 |
| クラレ従業員持株会 | Major shareholder | 2.0% | 2025-12-31 |
| BNYMSANV AS AGENT/CLIENTS LUX UCITS NON TREATY 1（常任代理人 ㈱三菱UFJ銀行） | Major shareholder | 2.0% | 2025-12-31 |
| JPモルガン証券㈱ | Major shareholder | 1.9% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.8% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140042（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.7% | 2025-12-31 |
| クラレ持株会 | Major shareholder | 1.5% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥808.4B, down 2.2% from ¥826.9B.
- Operating income dropped 30.8%, from ¥85.1B to ¥58.9B, for an operating margin of 7.3%.
- Net income fell 76.5% to ¥7.47B, mainly because of impairment losses on isoprene-related assets.
- Operating cash flow slipped to ¥98.6B, leaving free cash flow of just ¥4.41B.

### Drivers

- In vinyl acetate, a sluggish European economy held back volumes, and inventory valuation effects and higher raw material and fuel costs cut into profit
- PVOH resin lost last year's one-off European demand, and the US plant briefly stopped production after a utility outage and equipment problems
- Functional materials were hurt by a cold snap in the US and production troubles

### Risks

- Key raw materials such as ethylene track oil and gas prices, and sharp swings may be passed on to customers only with a delay
- Trade disputes and geopolitical tension could weaken demand or disrupt supply chains in its large overseas business
- Currency moves beyond what hedges cover could hit results

Cited: Annual Securities Report (145th 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 (145th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第145期(2025/01/01－2025/12/31) | S100XSSZ | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSSZ,, |
| 有価証券報告書－第144期(2024/01/01－2024/12/31) | S100VGVW | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGVW,, |
| 有価証券報告書－第143期(2023/01/01－2023/12/31) | S100T5BD | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5BD,, |
| 有価証券報告書－第142期(2022/01/01－2022/12/31) | S100QH26 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH26,, |
| 有価証券報告書－第141期(令和3年1月1日－令和3年12月31日) | S100NPXO | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPXO,, |
| 有価証券報告書－第140期(令和2年1月1日－令和2年12月31日) | S100L0GG | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0GG,, |

## 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).