# MEIDENSHA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第162期(2025/04/01－2026/03/31) (S100YQ5Z)
> Page: https://vizora.meequs.com/en/company/meidensha
> Retrieved: 2026-09-30T18:31:53.333Z

## Company

Meidensha, founded in 1951, is a company in Electrical Equipment listed on TSE Prime. It has 10,082 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIDENSHA CORPORATION |
| Ticker | 6508 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6508.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎二丁目1番1号 ThinkPark Tower |
| Representative (per filing) | 代表取締役 執行役員社長 井上 晃夫 |
| Founded | Nov 1951 |
| Share capital | ¥17.1B |
| Employees (consolidated) | 10,082 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.meidensha.co.jp (https://www.meidensha.co.jp/) |
| Corporate number | 4010701009640 |
| EDINET | E01744 |
| Industries (Vizora) | Electrical Equipment, Auto Parts, Plant Engineering & Building Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YQ5Z, filed 2026-07-13). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.9 | 24 |
| Profitability | 43.8 | 24 |
| Cash conversion | 28.3 | 23 |
| Efficiency | 66 | 25 |

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 31% of Meidensha's sales come from Power infrastrucuture business, with Public,industrial and commercial sector business and Mobility and electrical components business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +26.1%.

## Company structure

- Segment revenue mix: Power infrastrucuture business 30.7%、Public,industrial and commercial sector business 29.6%、Mobility and electrical components business 20.8%、Field service engineering business 16.7%、Other 1.2%
- Revenue → net income: ¥326194000000 → ¥24005000000
- Net income → operating cash flow: ¥24005000000 → ¥17498000000（difference ¥-6507000000）
- Main uses of operating cash flow: CapEx ¥15241000000 / dividends ¥6114000000 / buybacks —
- Change in cash: ¥-5452000000
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 | ¥326.2B |  |
| Operating income | ¥27.1B | Margin 8.3% |
| Net income | ¥23.6B | Margin 7.2% |
| Free cash flow | ¥2.26B |  |
| Largest business | Power infrastrucuture business | of segment revenue 30.7% |
| Employees (consolidated) | 10,082 |  |
| EPS | ¥311.07 |  |
| Book value per share | ¥2494.89 |  |
| Equity ratio | 46.8% |  |
| Shares outstanding | 45,527,000 |  |
| Treasury shares | 163,500 |  |
| Shareholders | 8,692 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 6.3% | Cash ÷ revenue 7.2% |
| Vs. industry median margin | -0.1 pp | Electrical Equipment |
| ROE | 18.3% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥231254000000 | ¥326194000000 | +41.1% |
| Operating income | ¥8384000000 | ¥27122000000 | +223.5% |
| Operating margin | 3.6% | 8.3% | +4.7 pp |
| Employees | 9,647 people | 10,082 people | +4.5% |
| Cash and equivalents | ¥13064000000 | ¥23639000000 | +80.9% |

### 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 |
| --- | ---: |
| 電力インフラ事業 → 電力インフラ事業 | 10.1% |
| 社会インフラ事業 → 事業再編・廃止 | 29.2% |
| 社会システム事業 → 社会システム事業 | 19.2% |
| 産業システム事業 → 事業再編・廃止 | 11.1% |
| 産業電子モビリティ事業 → 産業電子モビリティ事業 | 11.1% |
| 保守・サービス事業 → 事業再編・廃止 | 8.3% |
| フィールドエンジニアリング事業 → フィールドエンジニアリング事業 | 8.3% |
| 不動産事業 → 不動産事業 | 0.7% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 電力インフラ事業 | 20.7% |
| 新設・再編 → 社会システム事業 | 10.5% |
| 新設・再編 → 産業電子モビリティ事業 | 9.7% |
| 新設・再編 → フィールドエンジニアリング事業 | 8.4% |
| 新設・再編 → 不動産事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Power infrastrucuture business | 5 years | +17.2% | ¥100295000000 | 12.5% | 2 |
| Public,industrial and commercial sector business | 5 years | +2.3% | ¥96602000000 | 4.2% | 2 |
| Mobility and electrical components business | 5 years | +6.2% | ¥67833000000 | 0.0% | 2 |
| Field service engineering business | 5 years | +7.8% | ¥54501000000 | 23.3% | 2 |
| Other | 5 years | -15.8% | ¥3766000000 | 2.4% | 2 |
| Real estate | 5 years | +0.0% | ¥3195000000 | 44.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 326,194 | 100.0% | S100YQ5Z |
| Cost of revenue | 233,647 | 71.6% | S100YQ5Z |
| Gross profit | 92,546 | 28.4% | S100YQ5Z |
| SG&A | 65,424 | 20.1% | S100YQ5Z |
| Operating income | 27,122 | 8.3% | S100YQ5Z |
| Ordinary income | 27,889 | 8.5% | S100YQ5Z |
| Pretax income | 30,820 | 9.4% | S100YQ5Z |
| Income tax | 6,814 | 2.1% | S100YQ5Z |
| Net income | 24,005 | 7.4% | S100YQ5Z |
| Net income attributable to owners | 23,625 | 7.2% | S100YQ5Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 20 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.4% → Operating margin 8.3% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +26.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.13×
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 | 301,101 | 326,194 | 25,093 | +8.3% |
| Gross profit | 81,592 | 92,546 | 10,954 | +13.4% |
| Operating income | 21,512 | 27,122 | 5,610 | +26.1% |
| Net income attributable to owners | 18,487 | 23,625 | 5,138 | +27.8% |
| Operating cash flow | 35,454 | 17,498 | -17,956 | -50.6% |
| Free cash flow | 24,907 | 2,257 | -22,650 | -90.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 255,748 | 12,725 | 5.0% | 8,208 | 10,416 | -4,492 | S100LMJU |
| FY ending Mar 2021 | 231,254 | 8,384 | 3.6% | 7,303 | 14,601 | -1,014 | S100O5E2 |
| FY ending Mar 2022 | 255,046 | 9,468 | 3.7% | 6,733 | 11,389 | 2,476 | S100R33C |
| FY ending Mar 2023 | 272,578 | 8,539 | 3.1% | 7,128 | 13,742 | 1,347 | S100TR58 |
| FY ending Mar 2024 | 287,880 | 12,731 | 4.4% | 11,205 | 8,968 | -375 | S100W34Y |
| FY ending Mar 2025 | 301,101 | 21,512 | 7.1% | 18,487 | 35,454 | 24,907 | S100YQ5Z |
| FY ending Mar 2026 | 326,194 | 27,122 | 8.3% | 23,625 | 17,498 | 2,257 | S100YQ5Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.4M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 9,923 | 9,816 | 9,810 | 9,886 | 10,082 |
| Average salary (parent company) | ¥7.4M | ¥7.4M | ¥7.4M | ¥7.6M | ¥8.1M |
| Average age (parent company) | 43.1 years | 43.3 years | 43.4 years | 43.9 years | 43.6 years |
| Average tenure (parent company) | 18.9 years | 19.0 years | 18.9 years | 18.9 years | 18.8 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +8.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power infrastrucuture business | 100,295 | 30.7% | 12,584 | 12.5% |
| Public,industrial and commercial sector business | 96,602 | 29.6% | 4,092 | 4.2% |
| Mobility and electrical components business | 67,833 | 20.8% | 21 | 0.0% |
| Field service engineering business | 54,501 | 16.7% | 12,673 | 23.3% |
| Real estate | 3,195 | 1.0% | 1,413 | 44.2% |
| Other | 3,766 | 1.2% | 91 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Power infrastrucuture business | 30.7% | 40.8% | 10.0 | 12.5% |
| Public,industrial and commercial sector business | 29.6% | 13.3% | -16.4 | 4.2% |
| Mobility and electrical components business | 20.8% | 0.1% | -20.7 | 0.0% |
| Field service engineering business | 16.7% | 41.0% | 24.3 | 23.3% |
| Real estate | 1.0% | 4.6% | 3.6 | 44.2% |
| Other | 1.2% | 0.3% | -0.9 | 2.4% |

Segment → industry: Power infrastrucuture business → Electrical Equipment / Public,industrial and commercial sector business → Electrical Equipment / Mobility and electrical components business → Auto Parts / Mobility and electrical components business → Electrical Equipment / Field service engineering business → Electrical Equipment / Field service engineering business → Plant Engineering & Building Services / Real estate → Real Estate Development & Leasing

## 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 | 17,498 | 5.4% | S100YQ5Z |
| Capital expenditure | 15,241 | 4.7% | S100YQ5Z |
| Free cash flow | 2,257 | 0.7% | 算出 |
| Investing cash flow | -17,134 | -5.3% | S100YQ5Z |
| Financing cash flow | -7,785 | -2.4% | S100YQ5Z |
| Dividends paid | 6,114 | 1.9% | S100YQ5Z |
| Change in cash | -5,452 | -1.7% | S100YQ5Z |
| Cash and equivalents | 23,639 | 7.2% | S100YQ5Z |

## 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 | 13,254 | 14,116 | 17,224 | 29,091 | 23,639 | S100TR58, S100W34Y, S100YQ5Z |
| Total assets | 290,899 | 307,390 | 334,787 | 341,347 | 373,668 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Net assets | 105,421 | 110,881 | 129,488 | 142,212 | 178,531 | S100TR58, S100W34Y, S100YQ5Z |
| Share capital | 17,070 | 17,070 | 17,070 | 17,070 | 17,070 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Property, plant and equipment | 74,947 | 75,788 | 75,363 | 75,061 | 75,571 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Intangible assets excluding goodwill | 9,565 | 8,462 | 7,650 | 6,693 | 5,815 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Goodwill | 3,272 | 2,675 | 2,175 | 1,428 | 775 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Investment securities | 17,132 | 16,696 | 26,558 | 23,498 | 36,928 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Current assets | 171,294 | 187,751 | 208,503 | 217,116 | 240,271 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Current liabilities | 104,406 | 118,307 | 124,242 | 118,069 | 126,388 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Trade payables | 34,796 | 38,971 | 35,918 | 34,504 | 33,556 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Short-term borrowings | 10,255 | 15,514 | 9,912 | 11,095 | 16,340 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Long-term borrowings | 25,210 | 20,995 | 28,767 | 27,470 | 23,064 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Bonds | 6,000 | 6,000 | — | — | — | S100R33C, S100TR58 |
| Interest-bearing debt | 41,465 | 42,509 | — | — | — | 算出 |
| Total liabilities | 185,477 | 196,509 | 205,298 | 199,134 | 195,136 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Non-controlling interests | 3,455 | 2,983 | 3,081 | 3,435 | 3,642 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Equity attributable to owners of parent | 92,196 | 96,656 | 105,741 | 120,367 | 137,774 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Retained earnings | 64,844 | 69,568 | 78,642 | 93,273 | 110,774 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |
| Treasury stock | -192 | -194 | -197 | -202 | -210 | S100R33C, S100TR58, S100W34Y, S100YQ5Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YQ5Z |
| Property, plant and equipment | 20% | S100YQ5Z |
| Intangibles and goodwill | 2% | S100YQ5Z |
| Investment securities | 10% | S100YQ5Z |
| Other assets | 62% | S100YQ5Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YQ5Z |
| Other liabilities | 43% | S100YQ5Z |
| Equity | 48% | S100YQ5Z |
| Other liabilities | 0% | S100YQ5Z |

### 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 | 290,899 | 307,390 | 334,787 | 341,347 | 373,668 |
| Equity | 105,421 | 110,881 | 129,488 | 142,212 | 178,531 |
| Interest-bearing debt | 41,465 | 42,509 | — | — | — |
| Cash | 13,254 | 14,116 | 17,224 | 29,091 | 23,639 |

## 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) | 23.2% | S100YQ5Z |
| Fixed assets ÷ total assets | 20.2% | S100YQ5Z |
| Goodwill ÷ parent equity | 0.6% | S100YQ5Z |

Goodwill over 4 years: 3,272 → 775 JPY; total investing cash flow: -51,761 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) | 6.3% |
| Cash ÷ revenue | 7.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.5% |
| Cash vs. profit gap | -6,127 JPY mn (of net income -25.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.9% |
| Shareholder payments — dividends / FCF | 270.9% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 97.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.6% | 0.88× | 2.3% | 3.16× | 7.3% | S100R33C |
| 2023 | 2.6% | 0.91× | 2.4% | 3.17× | 7.5% | S100TR58 |
| 2024 | 3.9% | 0.90× | 3.5% | 3.17× | 11.1% | S100W34Y |
| 2025 | 6.1% | 0.89× | 5.5% | 2.99× | 16.4% | S100YQ5Z |
| 2026 | 7.2% | 0.91× | 6.6% | 2.77× | 18.3% | S100YQ5Z |

## 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 | 12.2% | 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 | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 住友電気工業株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 明電舎従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC - 006 MF EFM（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2026-03-31 |

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

- Revenue for the year ending March 2026 was ¥326.2B, up 8.3% from ¥301.1B.
- Profit grew faster than sales: operating income rose from ¥21.5B to ¥27.1B (+26.1%) and net income from ¥18.5B to ¥23.6B (+27.8%).
- Cash was a different story. Operating cash flow fell from ¥35.5B to ¥17.5B (-50.6%), leaving free cash flow of just ¥2.26B.

### Drivers

- Power infrastructure hit record sales and profit, helped by substation demand in the US, Singapore and other overseas markets and more orders from Japanese power utilities.
- Steady demand for maintenance work gave field service engineering another year of record sales and operating income.
- The drop in operating cash flow came mainly from a rise in receivables (sales not yet collected). In the mobility and components segment, the EV business saw lower sales and profit as the car models using its parts sold fewer units.

### Risks

- The company flags supply chain and geopolitical uncertainty, including China's export curbs on critical minerals, tension in the Middle East and US tariffs.
- Its main factories sit in areas expected to be hit by a Nankai Trough earthquake or along the coast, so a major quake could halt production.
- If it cannot hire and keep enough people, it may struggle to meet strong demand and pass on skills to the next generation.

Cited: Annual securities report: Management's discussion and analysis (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: Business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YQ5Z | 2026-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQ5Z,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100W34Y | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W34Y,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TR58 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR58,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R33C | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R33C,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100O5E2 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5E2,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LMJU | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMJU,, |

## 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).