# Mitsubishi Estate Company, Limited: 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122期(2025/04/01－2026/03/31) (S100YBLA)
> Page: https://vizora.meequs.com/en/company/mitsubishi-estate
> Retrieved: 2026-09-30T21:57:00.806Z

## Company

Mitsubishi Estate, founded in 1937, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 11,659 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Estate Company, Limited |
| Ticker | 8802 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8802.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目1番1号 |
| Representative (per filing) | 代表執行役 執行役社長 中島篤 |
| Founded | May 1937 |
| Share capital | ¥142.4B |
| Employees (consolidated) | 11,659 |
| Average salary (parent only) | ¥17.6M |
| Fiscal year end | March |
| Website | www.mec.co.jp (https://www.mec.co.jp/) |
| Corporate number | 2010001008774 |
| EDINET | E03856 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YBLA, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.3 | 75 |
| Profitability | 79.7 | 86 |
| Cash conversion | 79.9 | 82 |
| Efficiency | 11 | 86 |
| Financial strength | 58.1 | 37 |

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 35% of Mitsubishi Estate's sales come from Commercial Property Business, with Residential Business and Marunouchi Property Business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +10.5% from the prior year, operating profit +6.6%.

## Company structure

- Segment revenue mix: Commercial Property Business 34.9%、Residential Business 25.8%、Marunouchi Property Business 21.6%、International Business 11.4%、Architectural Design and Engineering and Real Estate Services Business 4.3%
- Revenue → net income: ¥1746148000000 → ¥235515000000
- Net income → operating cash flow: ¥235515000000 → ¥508917000000（difference ¥273402000000）
- Main uses of operating cash flow: CapEx ¥524734000000 / dividends ¥55469000000 / buybacks —
- Change in cash: ¥23229000000
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 | ¥329.7B | Margin 18.9% |
| Net income | ¥222.5B | Margin 12.7% |
| Free cash flow | -¥15.8B |  |
| Largest business | Commercial Property Business | of segment revenue 34.9% |
| Employees (consolidated) | 11,659 |  |
| EPS | ¥160.93 |  |
| Diluted EPS | ¥160.93 |  |
| Book value per share | ¥1479.02 |  |
| Equity ratio | 31.4% |  |
| Shares outstanding | 1,217,233,000 |  |
| Treasury shares | 10,763,600 |  |
| Shareholders | 71,963 |  |
| Average salary (parent only) | ¥17.6M | Filing company only |
| Cash ratio | 3.3% | Net cash -¥2.93T · Cash ÷ revenue 16.0% |
| Vs. industry median margin | +8.4 pp | Real Estate Development & Leasing |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, parent-company salary changed +39% over five years
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1207594000000 | ¥1746148000000 | +44.6% |
| Operating income | ¥224394000000 | ¥329730000000 | +46.9% |
| Operating margin | 18.6% | 18.9% | +0.3 pp |
| Employees | 9,982 people | 11,659 people | +16.8% |
| Cash and equivalents | ¥172307000000 | ¥280133000000 | +62.6% |

### 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 |
| --- | ---: |
| コマーシャル不動産事業 → コマーシャル不動産事業 | 34.9% |
| コマーシャル不動産事業 → 事業再編・廃止 | 20.2% |
| 住宅事業 → 住宅事業 | 25.8% |
| 住宅事業 → 事業再編・廃止 | 4.1% |
| 海外事業 → 海外事業 | 9.5% |
| 投資マネジメント事業 → 投資マネジメント事業 | 1.7% |
| 設計監理・不動産サービス事業 → 設計監理・不動産サービス事業 | 3.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 丸の内事業 | 21.6% |
| 新設・再編 → 海外事業 | 1.9% |
| 新設・再編 → 投資マネジメント事業 | 0.3% |
| 新設・再編 → 設計監理・不動産サービス事業 | 0.6% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Commercial Property Business | 5 years | -1.8% | ¥608987000000 | 22.3% | 2 |
| Residential Business | 5 years | +4.5% | ¥450557000000 | 12.7% | 2 |
| Marunouchi Property Business | 2 years | +3.6% | ¥377358000000 | 25.8% | 2 |
| International Business | 5 years | +11.8% | ¥199402000000 | 28.6% | 2 |
| Architectural Design and Engineering and Real Estate Services Business | 5 years | +10.7% | ¥74541000000 | 16.9% | 2 |
| Investment Management | 5 years | +11.0% | ¥34503000000 | 4.2% | 2 |
| Other | 5 years | -10.0% | ¥798000000 | -291.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,746,148 | 100.0% | S100YBLA |
| SG&A | 125,031 | 7.2% | S100YBLA |
| Operating income | 329,730 | 18.9% | S100YBLA |
| Ordinary income | 273,086 | 15.6% | S100YBLA |
| Pretax income | 349,346 | 20.0% | S100YBLA |
| Income tax | 113,830 | 6.5% | S100YBLA |
| Net income | 235,515 | 13.5% | S100YBLA |
| Net income attributable to owners | 222,507 | 12.7% | S100YBLA |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 81 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Operating margin 18.9% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.5%; Core profit growth: +6.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.63×
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 | 1,579,812 | 1,746,148 | 166,336 | +10.5% |
| Operating income | 309,232 | 329,730 | 20,498 | +6.6% |
| Net income attributable to owners | 189,356 | 222,507 | 33,151 | +17.5% |
| Operating cash flow | 324,116 | 508,917 | 184,801 | +57.0% |
| Free cash flow | -119,483 | -15,817 | 103,666 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,302,196 | 240,768 | 18.5% | 148,451 | 341,766 | 10,044 | S100LTHE |
| FY ending Mar 2021 | 1,207,594 | 224,394 | 18.6% | 135,655 | 207,414 | -108,370 | S100OKQO |
| FY ending Mar 2022 | 1,349,489 | 278,977 | 20.7% | 155,171 | 280,090 | -48,501 | S100R7UL |
| FY ending Mar 2023 | 1,377,827 | 296,702 | 21.5% | 165,343 | 269,914 | -16,387 | S100TUBK |
| FY ending Mar 2024 | 1,504,687 | 278,627 | 18.5% | 168,432 | 307,249 | -144,153 | S100VYRJ |
| FY ending Mar 2025 | 1,579,812 | 309,232 | 19.6% | 189,356 | 324,116 | -119,483 | S100YBLA |
| FY ending Mar 2026 | 1,746,148 | 329,730 | 18.9% | 222,507 | 508,917 | -15,817 | S100YBLA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥149.8M |
| Operating income per employee (consolidated) | ¥28.3M |
| Net income per employee (consolidated) | ¥19.1M |

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) | 10,202 | 10,655 | 11,045 | 11,412 | 11,659 |
| Average salary (parent company) | ¥12.6M | ¥12.5M | ¥12.7M | ¥13.5M | ¥17.6M |
| Average age (parent company) | 42.0 years | 40.0 years | 40.0 years | 40.0 years | 42.0 years |
| Average tenure (parent company) | 17.0 years | 14.0 years | 13.0 years | 13.0 years | 16.0 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +10.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Commercial Property Business | 608,987 | 34.9% | 135,677 | 22.3% |
| Marunouchi Property Business | 377,358 | 21.6% | 97,534 | 25.8% |
| Residential Business | 450,557 | 25.8% | 57,287 | 12.7% |
| International Business | 199,402 | 11.4% | 57,111 | 28.6% |
| Investment Management | 34,503 | 2.0% | 1,435 | 4.2% |
| Architectural Design and Engineering and Real Estate Services Business | 74,541 | 4.3% | 12,614 | 16.9% |
| Other | 798 | 0.0% | -2,323 | -291.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Commercial Property Business | 34.9% | 37.5% | 2.6 | 22.3% |
| Marunouchi Property Business | 21.6% | 27.0% | 5.4 | 25.8% |
| Residential Business | 25.8% | 15.8% | -10.0 | 12.7% |
| International Business | 11.4% | 15.8% | 4.4 | 28.6% |
| Investment Management | 2.0% | 0.4% | -1.6 | 4.2% |
| Architectural Design and Engineering and Real Estate Services Business | 4.3% | 3.5% | -0.8 | 16.9% |
| Other | 0.0% | — | — | -291.1% |

Loss-making segment (excluded from profit shares): Other -2,323 JPY mn

Segment → industry: Investment Management → Real Estate Development & Leasing / International Business → Real Estate Development & Leasing / Marunouchi Property Business → Real Estate Development & Leasing / Commercial Property Business → Real Estate Development & Leasing / Architectural Design and Engineering and Real Estate Services Business → Real Estate Brokerage & Management / Residential Business → Condominium Developers

## 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 | 508,917 | 29.1% | S100YBLA |
| Capital expenditure | 524,734 | 30.1% | S100YBLA |
| Free cash flow | -15,817 | -0.9% | 算出 |
| Investing cash flow | -441,457 | -25.3% | S100YBLA |
| Financing cash flow | -39,776 | -2.3% | S100YBLA |
| Dividends paid | 55,469 | 3.2% | S100YBLA |
| Change in cash | 23,229 | 1.3% | S100YBLA |
| Cash and equivalents | 280,133 | 16.0% | S100YBLA |

## 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 | 234,244 | 225,772 | 275,965 | 256,881 | 280,133 | S100TUBK, S100VYRJ, S100YBLA |
| Total assets | 6,493,917 | 6,871,959 | 7,583,748 | 7,996,591 | 8,566,247 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Net assets | 2,236,432 | 2,379,941 | 2,624,593 | 2,740,873 | 2,877,585 | S100TUBK, S100VYRJ, S100YBLA |
| Share capital | 142,414 | 142,414 | 142,414 | 142,414 | 142,414 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Property, plant and equipment | 4,345,989 | 4,416,214 | 4,597,114 | 4,854,464 | 5,117,578 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Intangible assets excluding goodwill | 108,092 | 111,187 | 104,743 | 106,293 | 108,756 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Investment securities | 299,617 | 306,352 | 434,243 | 358,442 | 430,843 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Current assets | 1,356,789 | 1,616,602 | 1,945,088 | 2,125,111 | 2,276,689 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Current liabilities | 631,043 | 855,337 | 871,447 | 913,023 | 1,181,051 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Short-term borrowings | 182,052 | 194,881 | 231,378 | 201,670 | 188,238 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Long-term borrowings | 1,598,562 | 1,618,019 | 1,931,400 | 2,136,406 | 2,219,570 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Bonds | 786,335 | 820,584 | 799,472 | 789,472 | 806,703 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Interest-bearing debt | 2,566,949 | 2,633,484 | 2,962,250 | 3,127,548 | 3,214,511 | 算出 |
| Total liabilities | 4,257,484 | 4,492,017 | 4,959,155 | 5,255,717 | 5,688,661 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Non-controlling interests | 233,005 | 222,187 | 223,414 | 177,226 | 188,093 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Equity attributable to owners of parent | 1,335,024 | 1,399,299 | 1,463,054 | 1,573,222 | 1,613,763 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Retained earnings | 1,165,344 | 1,147,425 | 1,265,749 | 1,262,902 | 1,333,287 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |
| Treasury stock | -132,483 | -48,454 | -102,071 | -11,175 | -43,861 | S100R7UL, S100TUBK, S100VYRJ, S100YBLA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YBLA |
| Property, plant and equipment | 60% | S100YBLA |
| Intangibles and goodwill | 1% | S100YBLA |
| Investment securities | 5% | S100YBLA |
| Other assets | 31% | S100YBLA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 37% | 算出 |
| Other liabilities | 29% | S100YBLA |
| Equity | 34% | S100YBLA |
| Other liabilities | 0% | S100YBLA |

### 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 | 6,493,917 | 6,871,959 | 7,583,748 | 7,996,591 | 8,566,247 |
| Equity | 2,236,432 | 2,379,941 | 2,624,593 | 2,740,873 | 2,877,585 |
| Interest-bearing debt | 2,566,949 | 2,633,484 | 2,962,250 | 3,127,548 | 3,214,511 |
| Cash | 234,244 | 225,772 | 275,965 | 256,881 | 280,133 |

## 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) | 293.1% | S100YBLA |
| Fixed assets ÷ total assets | 59.7% | S100YBLA |
| Goodwill ÷ parent equity | — | —, S100YBLA |

### 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) | 3.3% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | -¥2.93T |
| Net debt ÷ operating cash flow | 5.77× |
| Cash conversion (operating CF ÷ operating income) | 154.3% |
| Cash vs. profit gap | 286,410 JPY mn (of net income 128.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 30.1% |
| Investing CF relative to operating CF | 86.7% |

## 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 | 11.5% | 0.21× | 2.4% | 4.86× | 11.6% | S100R7UL |
| 2023 | 12.0% | 0.21× | 2.5% | 4.89× | 12.1% | S100TUBK |
| 2024 | 11.2% | 0.21× | 2.3% | 5.05× | 11.8% | S100VYRJ |
| 2025 | 12.0% | 0.20× | 2.4% | 5.13× | 12.5% | S100YBLA |
| 2026 | 12.7% | 0.21× | 2.7% | 5.20× | 14.0% | S100YBLA |

## 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 | 15.6% | 2026-03-31 |
| ㈱日本カストディ銀行 信託口 | Major shareholder | 6.1% | 2026-03-31 |
| 明治安田生命保険(相) （常任代理人 ㈱日本カストディ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| THE CHASE MANHATTAN BANK，N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 ㈱みずほ銀行） | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 ㈱みずほ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| ㈱竹中工務店 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 ㈱みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 （常任代理人 ㈱みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 grew to ¥1.75T from ¥1.58T, up +10.5%.
- Operating income rose more slowly, to ¥329.7B (+6.6%).
- Net income climbed to ¥222.5B (+17.5%), helped by gains on selling shareholdings.
- Operating cash flow jumped to ¥508.9B (+57.0%); free cash flow was still negative at -¥15.8B, but far less so than the prior year's -¥119.5B.

### Drivers

- New office buildings coming online and sales of owned properties lifted the Commercial Property Business.
- In Marunouchi, strong leasing cut vacancies and rents at existing buildings were raised.
- Condominium revenue grew because each unit sold for more, even though fewer units were booked; overseas, property sales in the UK, US and Asia added to revenue.
- Investment Management earned less because a one-off fee booked in an earlier year did not recur.

### Risks

- A weaker economy could hurt the property market, especially Tokyo office vacancies and condominium sales.
- Higher construction material costs may not be fully passed on through sale prices or rents.
- Rising interest rates in Japan and abroad could make borrowing more expensive.

Cited: Annual Securities Report (122nd fiscal period) (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 (122nd fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YBLA | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBLA,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100VYRJ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYRJ,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TUBK | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUBK,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R7UL | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7UL,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OKQO | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKQO,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LTHE | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTHE,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ぴあ | Capital alliance | 業務・資本提携 | S100YDQN |
| TBSホールディングス | Alliance | 国際新赤坂ビル等の将来的な建替えに向けた事業協定 | S100YI1U |

## 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).