# Nagoya Railroad 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162期(2025/04/01－2026/03/31) (S100YHOL)
> Page: https://vizora.meequs.com/en/company/meitetsu
> Retrieved: 2026-09-30T18:55:03.261Z

## Company

Nagoya Railroad, founded in 1921, is a company in Private Railways listed on TSE Prime. It has 30,637 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nagoya Railroad Co., Ltd. |
| Ticker | 9048 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9048.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中村区名駅一丁目2番4号名古屋市中村区名駅四丁目8番26号(本社事務所) |
| Representative (per filing) | 取締役社長 髙﨑裕樹 |
| Founded | Jun 1921 |
| Share capital | ¥101.2B |
| Employees (consolidated) | 30,637 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.meitetsu.co.jp (https://www.meitetsu.co.jp/) |
| Corporate number | 8180001031837 |
| EDINET | E04101 |
| Industries (Vizora) | Private Railways, Trucking & Parcel Delivery, Shipping, Real Estate Development & Leasing, Hotels & Inns, Travel Agencies, Department Stores, Airlines |

> Profile source: annual securities report (S100YHOL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.4 | 18 |
| Profitability | 19.4 | 18 |
| Cash conversion | 85.3 | 17 |
| Efficiency | 63.9 | 18 |
| Financial strength | 43.8 | 8 |

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 25% of Nagoya Railroad's sales come from Traffic, with Transport and Leisure and services making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -14.0%.

## Company structure

- Segment revenue mix: Traffic 25.4%、Transport 24.6%、Leisure and services 15.3%、Real estate 14.5%、Distribution 9.5%
- Revenue → net income: ¥691583000000 → ¥18824000000
- Net income → operating cash flow: ¥18824000000 → ¥61433000000（difference ¥42609000000）
- Main uses of operating cash flow: CapEx ¥172267000000 / dividends ¥7522000000 / buybacks ¥11000000
- Change in cash: ¥287000000
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 | ¥691.6B |  |
| Operating income | ¥36.2B | Margin 5.2% |
| Net income | ¥23B | Margin 3.3% |
| Free cash flow | -¥110.8B |  |
| Largest business | Traffic | of segment revenue 25.4% |
| Employees (consolidated) | 30,637 |  |
| EPS | ¥161.15 |  |
| Diluted EPS | ¥143.19 |  |
| Book value per share | ¥1773.75 |  |
| Equity ratio | 30.6% |  |
| Shares outstanding | 196,700,692 |  |
| Treasury shares | 547,100 |  |
| Shareholders | 88,845 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 3.6% | Net cash -¥589.3B · Cash ÷ revenue 8.2% |
| Vs. industry median margin | -5.1 pp | Private Railways |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, segment profit share differs by 21 points
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥481645000000 | ¥691583000000 | +43.6% |
| Operating income | ¥-16354000000 | ¥36185000000 | — |
| Operating margin | -3.4% | 5.2% | +8.6 pp |
| Employees | 29,309 people | 30,637 people | +4.5% |
| Cash and equivalents | ¥53459000000 | ¥56780000000 | +6.2% |

### 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 |
| --- | ---: |
| 交通事業 → 交通事業 | 21.4% |
| 運送事業 → 運送事業 | 24.6% |
| 運送事業 → 事業再編・廃止 | 2.0% |
| 不動産事業 → 不動産事業 | 14.5% |
| 不動産事業 → 事業再編・廃止 | 1.5% |
| レジャー・サービス事業 → レジャー・サービス事業 | 4.1% |
| 流通事業 → 流通事業 | 9.5% |
| 流通事業 → 事業再編・廃止 | 11.8% |
| 航空関連サービス事業 → 航空関連サービス事業 | 4.7% |
| 航空関連サービス事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 5.8% |
| 新設・再編 → 交通事業 | 4.0% |
| 新設・再編 → レジャー・サービス事業 | 11.3% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Traffic | 5 years | +11.2% | ¥175331000000 | 12.4% | 2 |
| Transport | 5 years | +5.8% | ¥170360000000 | -4.5% | 2 |
| Leisure and services | 5 years | +40.1% | ¥106156000000 | 3.2% | 2 |
| Real estate | 5 years | +5.4% | ¥100331000000 | 13.5% | 2 |
| Distribution | 5 years | -8.5% | ¥65848000000 | -2.9% | 2 |
| Other | 5 years | +8.0% | ¥40920000000 | 13.0% | 2 |
| Aviation and related services | 5 years | +7.3% | ¥32635000000 | 7.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 691,583 | 100.0% | S100YHOL |
| SG&A | 61,874 | 8.9% | S100YHOL |
| Operating income | 36,185 | 5.2% | S100YHOL |
| Ordinary income | 38,363 | 5.5% | S100YHOL |
| Pretax income | 38,779 | 5.6% | S100YHOL |
| Income tax | 19,954 | 2.9% | S100YHOL |
| Net income | 18,824 | 2.7% | S100YHOL |
| Net income attributable to owners | 22,954 | 3.3% | S100YHOL |

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

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

### Margin funnel

Operating margin 5.2% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -14.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -112.06×
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 | 690,720 | 691,583 | 863 | +0.1% |
| Operating income | 42,076 | 36,185 | -5,891 | -14.0% |
| Net income attributable to owners | 37,733 | 22,954 | -14,779 | -39.2% |
| Operating cash flow | 78,729 | 61,433 | -17,296 | -22.0% |
| Free cash flow | -54,634 | -110,834 | -56,200 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 622,916 | 47,363 | 7.6% | 28,879 | 70,247 | -5,096 | S100MYV1 |
| FY ending Mar 2021 | 481,645 | -16,354 | -3.4% | -28,769 | 19,685 | -42,405 | S100OGY5 |
| FY ending Mar 2022 | 490,919 | 2,932 | 0.6% | 9,370 | 39,320 | -24,669 | S100R4Y4 |
| FY ending Mar 2023 | 551,504 | 22,731 | 4.1% | 18,850 | 61,217 | -17,474 | S100TR3Y |
| FY ending Mar 2024 | 601,121 | 34,750 | 5.8% | 24,400 | 55,533 | -30,463 | S100WDC7 |
| FY ending Mar 2025 | 690,720 | 42,076 | 6.1% | 37,733 | 78,729 | -54,634 | S100YHOL |
| FY ending Mar 2026 | 691,583 | 36,185 | 5.2% | 22,954 | 61,433 | -110,834 | S100YHOL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.6M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥749.2K |

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) | 28,803 | 28,216 | 28,412 | 31,013 | 30,637 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.3M | ¥6.6M |
| Average age (parent company) | 44.4 years | 44.7 years | 44.7 years | 44.6 years | 44.4 years |
| Average tenure (parent company) | 23.9 years | 24.1 years | 24.0 years | 23.7 years | 23.3 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Traffic | 175,331 | 25.4% | 21,803 | 12.4% |
| Transport | 170,360 | 24.6% | -7,711 | -4.5% |
| Real estate | 100,331 | 14.5% | 13,573 | 13.5% |
| Leisure and services | 106,156 | 15.3% | 3,429 | 3.2% |
| Distribution | 65,848 | 9.5% | -1,900 | -2.9% |
| Aviation and related services | 32,635 | 4.7% | 2,583 | 7.9% |
| Other | 40,920 | 5.9% | 5,340 | 13.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Traffic | 25.4% | 46.7% | 21.3 | 12.4% |
| Transport | 24.6% | — | — | -4.5% |
| Real estate | 14.5% | 29.0% | 14.5 | 13.5% |
| Leisure and services | 15.3% | 7.3% | -8.0 | 3.2% |
| Distribution | 9.5% | — | — | -2.9% |
| Aviation and related services | 4.7% | 5.5% | 0.8 | 7.9% |
| Other | 5.9% | 11.4% | 5.5 | 13.0% |

Loss-making segment (excluded from profit shares): Transport -7,711 JPY mn

Loss-making segment (excluded from profit shares): Distribution -1,900 JPY mn

Segment → industry: Traffic → Private Railways / Transport → Trucking & Parcel Delivery / Transport → Shipping / Real estate → Real Estate Development & Leasing / Leisure and services → Hotels & Inns / Leisure and services → Travel Agencies / Distribution → Department Stores / Aviation and related services → Airlines

## 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 | 61,433 | 8.9% | S100YHOL |
| Capital expenditure | 172,267 | 24.9% | S100YHOL |
| Free cash flow | -110,834 | -16.0% | 算出 |
| Investing cash flow | -150,874 | -21.8% | S100YHOL |
| Financing cash flow | 89,728 | 13.0% | S100YHOL |
| Dividends paid | 7,522 | 1.1% | S100YHOL |
| Share buyback | 11 | 0.0% | S100YHOL |
| Change in cash | 287 | 0.0% | S100YHOL |
| Cash and equivalents | 56,780 | 8.2% | S100YHOL |

## 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 | 50,430 | 54,879 | 60,025 | 56,493 | 56,780 | S100TR3Y, S100WDC7, S100YHOL |
| Total assets | 1,186,897 | 1,231,378 | 1,303,205 | 1,448,908 | 1,584,842 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Net assets | 411,132 | 429,089 | 464,054 | 498,311 | 517,225 | S100TR3Y, S100WDC7, S100YHOL |
| Share capital | 101,158 | 101,158 | 101,158 | 101,158 | 101,158 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Property, plant and equipment | 825,163 | 854,026 | 893,624 | 997,980 | 1,096,429 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Intangible assets excluding goodwill | 11,099 | 11,853 | 13,963 | 14,952 | 17,710 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Goodwill | 660 | 1,397 | 2,294 | 2,027 | 3,051 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Investment securities | 101,661 | 104,030 | 128,202 | 147,074 | 170,157 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Current assets | 211,596 | 226,902 | 238,484 | 256,417 | 272,392 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Current liabilities | 264,512 | 304,067 | 308,949 | 356,386 | 370,251 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Trade payables | 67,091 | 73,388 | 74,816 | 90,679 | 84,897 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Short-term borrowings | 38,257 | 52,876 | 43,574 | 75,462 | 83,374 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Long-term borrowings | 155,296 | 155,949 | 179,631 | 194,533 | 262,707 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Bonds | 225,100 | 215,000 | 225,000 | 270,000 | 300,000 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Interest-bearing debt | 418,653 | 423,825 | 448,205 | 539,995 | 646,081 | 算出 |
| Total liabilities | 775,765 | 802,289 | 839,151 | 950,597 | 1,067,616 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Non-controlling interests | 27,808 | 24,655 | 25,567 | 36,600 | 32,159 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Equity attributable to owners of parent | 282,266 | 299,050 | 320,819 | 347,965 | 363,270 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Retained earnings | 142,815 | 158,112 | 179,468 | 211,944 | 226,841 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |
| Treasury stock | -113 | -365 | -233 | -1,116 | -1,011 | S100R4Y4, S100TR3Y, S100WDC7, S100YHOL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YHOL |
| Property, plant and equipment | 69% | S100YHOL |
| Intangibles and goodwill | 1% | S100YHOL |
| Investment securities | 11% | S100YHOL |
| Other assets | 15% | S100YHOL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YHOL |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 21% | S100YHOL |
| Equity | 33% | S100YHOL |
| Other liabilities | 0% | S100YHOL |

### 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 | 1,186,897 | 1,231,378 | 1,303,205 | 1,448,908 | 1,584,842 |
| Equity | 411,132 | 429,089 | 464,054 | 498,311 | 517,225 |
| Interest-bearing debt | 418,653 | 423,825 | 448,205 | 539,995 | 646,081 |
| Cash | 50,430 | 54,879 | 60,025 | 56,493 | 56,780 |

## 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) | 158.5% | S100YHOL |
| Fixed assets ÷ total assets | 69.2% | S100YHOL |
| Goodwill ÷ parent equity | 0.8% | S100YHOL |

Goodwill over 4 years: 660 → 3,051 JPY; total investing cash flow: -455,835 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) | 3.6% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | -¥589.3B |
| Net debt ÷ operating cash flow | 9.59× |
| Cash conversion (operating CF ÷ operating income) | 169.8% |
| Cash vs. profit gap | 38,479 JPY mn (of net income 167.6%) |
| Shareholder returns / net income | 32.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 24.9% |
| Investing CF relative to operating CF | 245.6% |

## 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 | 1.9% | 0.41× | 0.8% | 4.20× | 3.3% | S100R4Y4 |
| 2023 | 3.4% | 0.46× | 1.6% | 4.16× | 6.5% | S100TR3Y |
| 2024 | 4.1% | 0.47× | 1.9% | 4.09× | 7.9% | S100WDC7 |
| 2025 | 5.5% | 0.50× | 2.7% | 4.12× | 11.3% | S100YHOL |
| 2026 | 3.3% | 0.46× | 1.5% | 4.27× | 6.5% | S100YHOL |

## 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 | 10.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.4% | 2026-03-31 |
| 野村 絢（常任代理人 三田証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385781（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 |
| ステート ストリート バンク アンド トラスト カンパニー505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.3% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 0.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥691.6B, up just +0.1% from ¥690.7B.
- Profit fell: operating income dropped -14.0% to ¥36.2B, and net income dropped -39.2% to ¥23B.
- Operating cash flow shrank -22.0% to ¥61.4B, and with heavier investment, free cash flow went from -¥54.6B to -¥110.8B.

### Drivers

- Income from the newly consolidated Miyagi Kotsu bus group and more rail passengers offset lower sales in real estate and trucking.
- Higher staff costs and depreciation cut into operating income.
- A one-time gain from a bargain purchase in the prior year did not repeat, which widened the drop in net income.

### Risks

- The trucking and retail businesses are losing money, and the company calls turning them around an urgent task.
- The Nagoya Station redevelopment is under review after bidders pulled out of the construction work, and there is no new schedule yet.
- Investment is funded partly by loans and bonds, so rising interest rates would raise borrowing costs.

Cited: Annual Securities Report (FY ending Mar 2026) (Management's discussion and analysis); Annual Securities Report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YHOL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHOL,, |
| 訂正有価証券報告書－第161期(2024/04/01－2025/03/31) | S100WDC7 | 2025-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDC7,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TR3Y | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR3Y,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R4Y4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4Y4,, |
| 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) | S100OGY5 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGY5,, |
| 訂正有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100MYV1 | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYV1,, |

## 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).