# MEDIPAL HOLDINGS CORPORATION: 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117期(2025/04/01－2026/03/31) (S100YI1C)
> Page: https://vizora.meequs.com/en/company/medipal-holdings
> Retrieved: 2026-09-30T20:00:09.239Z

## Company

Medipal Holdings, founded in 1923, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 13,024 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEDIPAL HOLDINGS CORPORATION |
| Ticker | 7459 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7459.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 渡辺 秀一 |
| Founded | May 1923 |
| Share capital | ¥22.4B |
| Employees (consolidated) | 13,024 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | medipal.co.jp (https://medipal.co.jp/) |
| Corporate number | 5010001068510 |
| EDINET | E02632 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YI1C, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.7 | 179 |
| Profitability | 21.4 | 185 |
| Cash conversion | 42.2 | 179 |
| Efficiency | 77 | 185 |

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 65% of Medipal Holdings's sales come from Prescription Pharmaceutical Wholesale Business, with Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business and Animal Health Products and Food Processing Raw Materials Wholesale and Related Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit -4.4%.

## Company structure

- Segment revenue mix: Prescription Pharmaceutical Wholesale Business 64.5%、Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business 32.4%、Animal Health Products and Food Processing Raw Materials Wholesale and Related Business 3.1%
- Revenue → net income: ¥3817354000000 → ¥53141000000
- Net income → operating cash flow: ¥53141000000 → ¥46552000000（difference ¥-6589000000）
- Main uses of operating cash flow: CapEx ¥9687000000 / dividends ¥13225000000 / buybacks ¥8088000000
- Change in cash: ¥26461000000
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 | ¥3.82T |  |
| Operating income | ¥53.2B | Margin 1.4% |
| Net income | ¥42.5B | Margin 1.1% |
| Free cash flow | ¥36.9B |  |
| Largest business | Prescription Pharmaceutical Wholesale Business | of segment revenue 64.5% |
| Employees (consolidated) | 13,024 |  |
| EPS | ¥77.75 |  |
| Book value per share | ¥1677.78 |  |
| Equity ratio | 33.9% |  |
| Shares outstanding | 215,975,000 |  |
| Treasury shares | 11,276,400 |  |
| Shareholders | 9,606 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 7.5% |
| Vs. industry median margin | -1.5 pp | Specialty Trading & Wholesale |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3211125000000 | ¥3817354000000 | +18.9% |
| Operating income | ¥38576000000 | ¥53182000000 | +37.9% |
| Operating margin | 1.2% | 1.4% | +0.2 pp |
| Employees | 12,971 people | 13,024 people | +0.4% |
| Cash and equivalents | ¥240047000000 | ¥286539000000 | +19.4% |

### 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 |
| --- | ---: |
| 医療用医薬品等卸売事業 → 医療用医薬品等卸売事業 | 64.5% |
| 医療用医薬品等卸売事業 → 事業再編・廃止 | 1.2% |
| 化粧品・日用品、一般用医薬品卸売事業 → 化粧品・日用品、一般用医薬品卸売事業 | 32.2% |
| 動物用医薬品・食品加工原材料等卸売事業 → 事業再編・廃止 | 2.2% |
| 新設・再編 → 化粧品・日用品、一般用医薬品卸売事業 | 0.3% |
| 新設・再編 → 動物用医薬品・食品加工原材料卸売等関連事業 | 3.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Prescription Pharmaceutical Wholesale Business | 5 years | +3.1% | ¥2462464000000 | 1.0% | 2 |
| Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business | 5 years | +3.7% | ¥1237563000000 | 2.1% | 2 |
| Animal Health Products and Food Processing Raw Materials Wholesale and Related Business | 4 years | +13.0% | ¥117326000000 | 2.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,817,354 | 100.0% | S100YI1C |
| Cost of revenue | 3,556,366 | 93.2% | S100YI1C |
| Gross profit | 260,987 | 6.8% | S100YI1C |
| SG&A | 207,804 | 5.4% | S100YI1C |
| Operating income | 53,182 | 1.4% | S100YI1C |
| Ordinary income | 75,723 | 2.0% | S100YI1C |
| Pretax income | 81,844 | 2.1% | S100YI1C |
| Income tax | 28,703 | 0.8% | S100YI1C |
| Net income | 53,141 | 1.4% | S100YI1C |
| Net income attributable to owners | 42,534 | 1.1% | S100YI1C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 6 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 6.8% → Operating margin 1.4% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.0%; Core profit growth: -4.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.10×
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 | 3,671,328 | 3,817,354 | 146,026 | +4.0% |
| Gross profit | 255,758 | 260,987 | 5,229 | +2.0% |
| Operating income | 55,609 | 53,182 | -2,427 | -4.4% |
| Net income attributable to owners | 40,279 | 42,534 | 2,255 | +5.6% |
| Operating cash flow | 60,559 | 46,552 | -14,007 | -23.1% |
| Free cash flow | 48,128 | 36,865 | -11,263 | -23.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,253,079 | 53,109 | 1.6% | 37,968 | 56,917 | 29,565 | S100LQHX |
| FY ending Mar 2021 | 3,211,125 | 38,576 | 1.2% | 23,926 | 34,448 | 18,780 | S100OE94 |
| FY ending Mar 2022 | 3,290,921 | 45,624 | 1.4% | 29,423 | 61,216 | 42,339 | S100R51F |
| FY ending Mar 2023 | 3,360,008 | 48,972 | 1.5% | 38,806 | 16,146 | 2,642 | S100TRUJ |
| FY ending Mar 2024 | 3,558,732 | 47,330 | 1.3% | 41,474 | 61,843 | 42,448 | S100W5ET |
| FY ending Mar 2025 | 3,671,328 | 55,609 | 1.5% | 40,279 | 60,559 | 48,128 | S100YI1C |
| FY ending Mar 2026 | 3,817,354 | 53,182 | 1.4% | 42,534 | 46,552 | 36,865 | S100YI1C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥293.1M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 12,801 | 12,795 | 13,075 | 13,061 | 13,024 |
| Average salary (parent company) | ¥7.8M | ¥7.9M | ¥8M | ¥8.1M | ¥8.2M |
| Average age (parent company) | 47.7 years | 48.1 years | 47.9 years | 48.6 years | 49.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 19.1 years | 19.8 years | 20.1 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Prescription Pharmaceutical Wholesale Business | 2,462,464 | 64.5% | 24,292 | 1.0% |
| Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business | 1,237,563 | 32.4% | 26,430 | 2.1% |
| Animal Health Products and Food Processing Raw Materials Wholesale and Related Business | 117,326 | 3.1% | 2,325 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Prescription Pharmaceutical Wholesale Business | 64.5% | 45.8% | -18.7 | 1.0% |
| Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business | 32.4% | 49.8% | 17.4 | 2.1% |
| Animal Health Products and Food Processing Raw Materials Wholesale and Related Business | 3.1% | 4.4% | 1.3 | 2.0% |

Segment → industry: Animal Health Products and Food Processing Raw Materials Wholesale and Related Business → Specialty Trading & Wholesale / Cosmetics, Daily Necessities and OTC Pharmaceutical Wholesale Business → Specialty Trading & Wholesale / Prescription Pharmaceutical Wholesale Business → Specialty Trading & Wholesale

## 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 | 46,552 | 1.2% | S100YI1C |
| Capital expenditure | 9,687 | 0.3% | S100YI1C |
| Free cash flow | 36,865 | 1.0% | 算出 |
| Investing cash flow | 9,299 | 0.2% | S100YI1C |
| Financing cash flow | -29,397 | -0.8% | S100YI1C |
| Dividends paid | 13,225 | 0.3% | S100YI1C |
| Share buyback | 8,088 | 0.2% | S100YI1C |
| Change in cash | 26,461 | 0.7% | S100YI1C |
| Cash and equivalents | 286,539 | 7.5% | S100YI1C |

## 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 | 260,450 | 193,561 | 228,084 | 259,337 | 286,539 | S100TRUJ, S100W5ET, S100YI1C |
| Total assets | 1,709,474 | 1,709,658 | 1,799,127 | 1,824,984 | 1,922,002 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Net assets | 649,089 | 688,055 | 736,612 | 757,947 | 795,399 | S100TRUJ, S100W5ET, S100YI1C |
| Share capital | 22,398 | 22,398 | 22,398 | 22,398 | 22,398 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Property, plant and equipment | 264,374 | 268,363 | 270,953 | 268,564 | 261,837 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Intangible assets excluding goodwill | 9,971 | 40,004 | 39,014 | 39,898 | 37,458 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Goodwill | 604 | 11,903 | 11,625 | 13,150 | 12,341 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Investment securities | 190,773 | 192,623 | 210,865 | 199,078 | 212,459 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Current assets | 1,209,766 | 1,179,280 | 1,244,190 | 1,282,746 | 1,371,025 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Current liabilities | 1,008,816 | 971,519 | 1,007,719 | 1,009,447 | 1,068,041 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Trade payables | 907,997 | 890,966 | 924,297 | 932,474 | 984,534 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Total liabilities | 1,060,384 | 1,021,603 | 1,062,515 | 1,067,037 | 1,126,603 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Non-controlling interests | 118,784 | 126,697 | 136,263 | 138,381 | 143,225 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Equity attributable to owners of parent | 483,320 | 512,430 | 540,265 | 563,286 | 584,052 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Retained earnings | 385,611 | 414,723 | 439,315 | 463,071 | 484,985 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |
| Treasury stock | -58,612 | -26,288 | -21,254 | -22,193 | -23,437 | S100R51F, S100TRUJ, S100W5ET, S100YI1C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YI1C |
| Property, plant and equipment | 14% | S100YI1C |
| Intangibles and goodwill | 2% | S100YI1C |
| Investment securities | 11% | S100YI1C |
| Other assets | 58% | S100YI1C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 51% | S100YI1C |
| Other liabilities | 8% | S100YI1C |
| Equity | 41% | S100YI1C |

### 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 | 1,709,474 | 1,709,658 | 1,799,127 | 1,824,984 | 1,922,002 |
| Equity | 649,089 | 688,055 | 736,612 | 757,947 | 795,399 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 260,450 | 193,561 | 228,084 | 259,337 | 286,539 |

## 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) | 6.9% | S100YI1C |
| Fixed assets ÷ total assets | 13.6% | S100YI1C |
| Goodwill ÷ parent equity | 2.1% | S100YI1C |

Goodwill over 4 years: 604 → 12,341 JPY; total investing cash flow: -65,718 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) | 14.9% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.5% |
| Cash vs. profit gap | 4,018 JPY mn (of net income 9.4%) |
| Shareholder returns / net income | 50.1% |
| Shareholder returns / FCF | 57.8% |
| Shareholder payments — dividends / net income | 31.1% |
| Shareholder payments — dividends / FCF | 35.9% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 20.0% |

## 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 | 0.9% | 1.93× | 1.7% | 3.54× | 6.1% | S100R51F |
| 2023 | 1.2% | 1.97× | 2.3% | 3.43× | 7.8% | S100TRUJ |
| 2024 | 1.2% | 2.03× | 2.4% | 3.33× | 7.9% | S100W5ET |
| 2025 | 1.1% | 2.03× | 2.2% | 3.28× | 7.3% | S100YI1C |
| 2026 | 1.1% | 2.04× | 2.3% | 3.27× | 7.4% | S100YI1C |

## 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 | 14.7% | 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 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 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 | 2.9% | 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 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 2.8% | 2026-03-31 |
| 小林製薬株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＮＯＮ ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 2.1% | 2026-03-31 |
| MＰグループメディセオ従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＩＥＤＵ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １５ ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 1.7% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８０６８４ （常任代理人 株式会社みずほ銀行決済営業部） | 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 ¥3.82T, up 4.0% from ¥3.67T, with every business growing its sales.
- Gross profit also rose 2.0%, but higher SG&A pushed operating income down 4.4%, from ¥55.6B to ¥53.2B.
- Gains on selling investment securities helped lift net income 5.6% to ¥42.5B.
- Operating cash flow came to ¥46.6B, down 23.1% from ¥60.6B.

### Drivers

- Prescription drug sales grew on specialty medicines and more sales to hospitals and dispensing pharmacies, but NHI drug price revisions raised purchase costs and thinned the gross margin.
- Cosmetics and household goods grew with new higher-value products, but spending on staff and rising unit costs for delivery and warehouse labor increased SG&A, so profit fell.
- Higher business investment costs in prescription drug wholesale also weighed on operating income.

### Risks

- Drug prices set by the national health insurance are now revised every year; lower selling prices to medical institutions would hurt the prescription drug business.
- Prescription drugs are often delivered before prices are agreed, so any gap between the estimated and final price affects results.
- A shrinking population makes logistics staff harder to hire, and labor costs could rise sharply.

Cited: Annual Securities Report, 117th fiscal period (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 117th fiscal period (Business and other risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100YI1C | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI1C,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100W5ET | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5ET,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TRUJ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRUJ,, |
| 有価証券報告書－第114期(2022/04/01－2023/03/31) | S100R51F | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R51F,, |
| 有価証券報告書－第113期(令和3年4月1日－令和4年3月31日) | S100OE94 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE94,, |
| 有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100LQHX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQHX,, |

## 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).