# Mitsui Kinzoku 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101期(2025/04/01－2026/03/31) (S100YBQV)
> Page: https://vizora.meequs.com/en/company/mitsui-kinzoku
> Retrieved: 2026-09-30T20:28:38.187Z

## Company

Mitsui Kinzoku, founded in 1892, is a company in Auto Parts listed on TSE Prime. It has 8,188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsui Kinzoku Company, Limited (旧英訳名 Mitsui Mining and Smelting Company, Limited)(注)2025年6月27日開催の第100期定時株主総会の決議により、2025 年10月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 5706 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5706.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目11番1号 |
| Representative (per filing) | 代表取締役社長 池信 省爾 |
| Founded | Jun 1892 |
| Share capital | ¥42.4B |
| Employees (consolidated) | 8,188 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.mitsui-kinzoku.com (https://www.mitsui-kinzoku.com/) |
| Corporate number | 7010701011370 |
| EDINET | E00024 |
| Industries (Vizora) | Auto Parts, Non-ferrous Metals & Wires, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100YBQV, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 23 |
| Profitability | 60.4 | 24 |
| Cash conversion | 10.4 | 24 |
| Efficiency | 97.9 | 24 |
| Financial strength | 30 | 5 |

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 42% of Mitsui Kinzoku's sales come from Engineered Materials Sector, with Metals sector and Other Business sector making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit +75.1%.

## Company structure

- Segment revenue mix: Engineered Materials Sector 42.1%、Metals sector 38.2%、Other Business sector 13.0%、Automotive parts and components 6.7%
- Revenue → net income: ¥758532000000 → ¥94232000000
- Net income → operating cash flow: ¥94232000000 → ¥87541000000（difference ¥-6691000000）
- Main uses of operating cash flow: CapEx ¥35970000000 / dividends ¥10867000000 / buybacks —
- Change in cash: ¥13779000000
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 | ¥758.5B |  |
| Operating income | ¥130.9B | Margin 17.3% |
| Net income | ¥91.3B | Margin 12.0% |
| Free cash flow | ¥51.6B |  |
| Largest business | Engineered Materials Sector | of segment revenue 42.1% |
| Employees (consolidated) | 8,188 |  |
| EPS | ¥1475.96 |  |
| Book value per share | ¥4588.02 |  |
| Equity ratio | 59.1% |  |
| Shares outstanding | 57,415,000 |  |
| Treasury shares | 203,100 |  |
| Shareholders | 29,548 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 8.4% | Net cash -¥45.9B · Cash ÷ revenue 7.7% |
| Vs. industry median margin | +2.5 pp | Semiconductor Materials |
| ROE | 25.9% | Derived from disclosed figures |
| ROA | 13.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -32% while operating income rose 75%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥522936000000 | ¥758532000000 | +45.1% |
| Operating income | ¥51086000000 | ¥130912000000 | +156.3% |
| Operating margin | 9.8% | 17.3% | +7.5 pp |
| Employees | 11,826 people | 8,188 people | -30.8% |
| Cash and equivalents | ¥30402000000 | ¥58271000000 | +91.7% |

### 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 |
| --- | ---: |
| 機能材料 → 機能材料 | 37.5% |
| 金属 → 金属 | 30.7% |
| 自動車部品 → 自動車部品 | 6.7% |
| 自動車部品 → 事業再編・廃止 | 8.6% |
| 関連 → 事業再編・廃止 | 16.5% |
| 新設・再編 → 機能材料 | 4.6% |
| 新設・再編 → 金属 | 7.5% |
| 新設・再編 → その他の事業 | 13.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineered Materials Sector | 5 years | +10.1% | ¥319553000000 | 20.8% | 2 |
| Metals sector | 5 years | +12.4% | ¥290230000000 | 25.9% | 2 |
| Other Business sector | 4 years | +2.1% | ¥98595000000 | 4.0% | 2 |
| Automotive parts and components | 5 years | -8.8% | ¥51218000000 | -1.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 758,532 | 100.0% | S100YBQV |
| Cost of revenue | 555,885 | 73.3% | S100YBQV |
| Gross profit | 202,647 | 26.7% | S100YBQV |
| SG&A | 71,735 | 9.5% | S100YBQV |
| Operating income | 130,912 | 17.3% | S100YBQV |
| Ordinary income | 136,736 | 18.0% | S100YBQV |
| Pretax income | 117,475 | 15.5% | S100YBQV |
| Income tax | 23,242 | 3.1% | S100YBQV |
| Net income | 94,232 | 12.4% | S100YBQV |
| Net income attributable to owners | 91,263 | 12.0% | S100YBQV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 10 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 26.7% → Operating margin 17.3% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.5%; Core profit growth: +75.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.59×
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 | 712,344 | 758,532 | 46,188 | +6.5% |
| Gross profit | 150,237 | 202,647 | 52,410 | +34.9% |
| Operating income | 74,743 | 130,912 | 56,169 | +75.1% |
| Net income attributable to owners | 64,662 | 91,263 | 26,601 | +41.1% |
| Operating cash flow | 76,697 | 87,541 | 10,844 | +14.1% |
| Free cash flow | 45,305 | 51,571 | 6,266 | +13.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 473,109 | 13,037 | 2.8% | 1,566 | 36,107 | 4,695 | S100LPP7 |
| FY ending Mar 2021 | 522,936 | 51,086 | 9.8% | 44,733 | 27,565 | -1,007 | S100OH5A |
| FY ending Mar 2022 | 633,346 | 60,737 | 9.6% | 52,088 | 60,672 | 35,184 | S100R2ZK |
| FY ending Mar 2023 | 651,965 | 12,528 | 1.9% | 8,511 | 43,009 | 11,859 | S100TQF8 |
| FY ending Mar 2024 | 646,697 | 31,694 | 4.9% | 25,989 | 75,343 | 43,740 | S100VZ5R |
| FY ending Mar 2025 | 712,344 | 74,743 | 10.5% | 64,662 | 76,697 | 45,305 | S100YBQV |
| FY ending Mar 2026 | 758,532 | 130,912 | 17.3% | 91,263 | 87,541 | 51,571 | S100YBQV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.6M |
| Operating income per employee (consolidated) | ¥16M |
| Net income per employee (consolidated) | ¥11.1M |

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) | 11,881 | 12,115 | 12,285 | 12,097 | 8,188 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.5M | ¥8.3M | ¥9M |
| Average age (parent company) | 42.3 years | 42.1 years | 42.4 years | 42.7 years | 42.9 years |
| Average tenure (parent company) | 14.2 years | 13.7 years | 13.8 years | 13.8 years | 13.9 years |

Year over year: Employees (consolidated) -32.3% · Revenue (consolidated) +6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineered Materials Sector | 319,553 | 42.1% | 66,542 | 20.8% |
| Metals sector | 290,230 | 38.2% | 75,085 | 25.9% |
| Automotive parts and components | 51,218 | 6.7% | -849 | -1.7% |
| Other Business sector | 98,595 | 13.0% | 3,993 | 4.0% |

### 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 |
| --- | ---: |
| Engineered Materials Sector | 42.1% |
| Metals sector | 38.2% |
| Automotive parts and components | 6.7% |
| Other Business sector | 13.0% |

Segment → industry: Automotive parts and components → Auto Parts / Other Business sector → Non-ferrous Metals & Wires / Metals sector → Non-ferrous Metals & Wires / Engineered Materials Sector → Semiconductor Materials / Engineered Materials Sector → Electronic Components

## 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 | 87,541 | 11.5% | S100YBQV |
| Capital expenditure | 35,970 | 4.7% | S100YBQV |
| Free cash flow | 51,571 | 6.8% | 算出 |
| Investing cash flow | -24,465 | -3.2% | S100YBQV |
| Financing cash flow | -53,157 | -7.0% | S100YBQV |
| Dividends paid | 10,867 | 1.4% | S100YBQV |
| Change in cash | 13,779 | 1.8% | S100YBQV |
| Cash and equivalents | 58,271 | 7.7% | S100YBQV |

## 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 | 29,614 | 26,816 | 32,479 | 44,465 | 58,271 | S100TQF8, S100VZ5R, S100YBQV |
| Total assets | 637,878 | 631,894 | 640,631 | 657,944 | 697,481 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Net assets | 250,048 | 261,406 | 286,018 | 340,856 | 420,910 | S100TQF8, S100VZ5R, S100YBQV |
| Share capital | 42,149 | 42,178 | 42,223 | 42,289 | 42,377 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Property, plant and equipment | 197,124 | 197,758 | 199,008 | 191,155 | 177,975 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Intangible assets excluding goodwill | 9,137 | 8,772 | 9,054 | 9,205 | 6,870 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Goodwill | 422 | 281 | 140 | — | — | S100R2ZK, S100TQF8, S100VZ5R |
| Investment securities | 55,931 | 61,864 | 66,435 | 64,220 | 66,125 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Current assets | 359,045 | 347,165 | 344,597 | 370,889 | 423,466 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Current liabilities | 223,800 | 198,795 | 204,495 | 189,472 | 172,273 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Trade payables | 61,073 | 56,208 | 50,326 | 48,048 | 61,294 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Short-term borrowings | 76,605 | 65,206 | 80,772 | 65,211 | 36,164 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Long-term borrowings | 80,495 | 86,043 | 61,447 | 43,349 | 37,976 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Bonds | 40,000 | 40,000 | 40,000 | 40,000 | 30,000 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Interest-bearing debt | 197,100 | 191,249 | 182,219 | 148,560 | 104,140 | 算出 |
| Total liabilities | 387,829 | 370,487 | 354,613 | 317,087 | 276,571 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Non-controlling interests | 10,356 | 8,035 | 7,495 | 9,310 | 8,861 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Equity attributable to owners of parent | 241,075 | 243,360 | 256,164 | 311,921 | 392,333 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Retained earnings | 180,851 | 183,080 | 197,068 | 252,582 | 332,999 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |
| Treasury stock | -626 | -628 | -630 | -634 | -653 | S100R2ZK, S100TQF8, S100VZ5R, S100YBQV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YBQV |
| Property, plant and equipment | 26% | S100YBQV |
| Intangibles and goodwill | 1% | S100YBQV |
| Investment securities | 9% | S100YBQV |
| Other assets | 56% | S100YBQV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YBQV |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 16% | S100YBQV |
| Equity | 60% | S100YBQV |

### 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 | 637,878 | 631,894 | 640,631 | 657,944 | 697,481 |
| Equity | 250,048 | 261,406 | 286,018 | 340,856 | 420,910 |
| Interest-bearing debt | 197,100 | 191,249 | 182,219 | 148,560 | 104,140 |
| Cash | 29,614 | 26,816 | 32,479 | 44,465 | 58,271 |

## 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) | 23.5% | S100YBQV |
| Fixed assets ÷ total assets | 25.5% | S100YBQV |
| Goodwill ÷ parent equity | — | —, S100YBQV |

### 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) | 8.4% |
| Cash ÷ revenue | 7.7% |
| Net cash (cash − interest-bearing debt) | -¥45.9B |
| Net debt ÷ operating cash flow | 0.52× |
| Cash conversion (operating CF ÷ operating income) | 66.9% |
| Cash vs. profit gap | -3,722 JPY mn (of net income -4.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.9% |
| Shareholder payments — dividends / FCF | 21.1% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 27.9% |

## 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 | 8.2% | 0.99× | 8.2% | 2.65× | 21.6% | S100R2ZK |
| 2023 | 1.3% | 1.03× | 1.3% | 2.62× | 3.5% | S100TQF8 |
| 2024 | 4.0% | 1.02× | 4.1% | 2.55× | 10.4% | S100VZ5R |
| 2025 | 9.1% | 1.10× | 10.0% | 2.29× | 22.8% | S100YBQV |
| 2026 | 12.0% | 1.12× | 13.5% | 1.92× | 25.9% | S100YBQV |

## 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 | 16.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 8.6% | 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 | 3.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.8% | 2026-03-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.8% | 2026-03-31 |
| BOFAS INC SEGREGATION ACCOUNT (常任代理人 BOFA証券株式会社） | Major shareholder | 1.7% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.5% | 2026-03-31 |
| 三井金属社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (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 |

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

- Revenue for FY ending Mar 2026 was ¥758.5B, up +6.5% from ¥712.3B.
- Operating income rose +75.1% from ¥74.7B to ¥130.9B, and net income attributable to owners rose +41.1% from ¥64.7B to ¥91.3B.
- Net income grew less than operating income partly because the company booked a loss on selling shares in affiliates.
- Operating cash flow reached ¥87.5B (+14.1%) and free cash flow ¥51.6B (+13.8%).

### Drivers

- Higher sales volumes of copper foil for AI servers, telecom equipment and chip package substrates
- Higher prices for zinc and other nonferrous metals, along with a favorable swing in inventory valuation
- Strong demand for motorcycle exhaust catalysts in India and China, with selling prices lifted by higher palladium and rhodium costs
- The sale of the door-lock subsidiary cut automotive parts revenue, and the segment posted an operating loss

### Risks

- A deep, lasting fall in zinc, lead or copper prices on international markets
- A strong, prolonged rise in the yen, which would shrink foreign-currency sales
- In engineered materials, price competition from Chinese rivals, substitute technologies and export limits on rare metals

Cited: Annual Securities Report, 101st 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, 101st fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YBQV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBQV,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100VZ5R | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ5R,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TQF8 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQF8,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R2ZK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2ZK,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OH5A | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH5A,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LPP7 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPP7,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| JX金属 | Joint venture | 合弁会社PPCでの銅製錬事業の業務提携 | S100YINW |

## 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).