# Mitsui O.S.K. Lines, 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 (S100YI2T)
> Page: https://vizora.meequs.com/en/company/mitsui-o-s-k-lines
> Retrieved: 2026-09-30T17:57:11.435Z

## Company

Mitsui O.S.K. Lines, founded in 1884, is a company in Shipping listed on TSE Prime. It has 11,567 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsui O.S.K. Lines, Ltd. |
| Ticker | 9104 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9104.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門二丁目1番1号 |
| Representative (per filing) | 代表取締役会長 橋本 剛 |
| Founded | May 1884 |
| Share capital | ¥66.7B |
| Employees (consolidated) | 11,567 |
| Average salary (parent only) | ¥16.6M |
| Fiscal year end | March |
| Website | www.mol.co.jp (https://www.mol.co.jp/) |
| Corporate number | 4010401082896 |
| EDINET | E04236 |
| Industries (Vizora) | Shipping, Warehouses & Logistics Facilities, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YI2T, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.8 | 12 |
| Profitability | 50 | 13 |
| Cash conversion | 73.1 | 13 |
| Efficiency | 19.2 | 13 |

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 32% of Mitsui O.S.K. Lines's sales come from Vehicle Transport, Terminal and Logistics, with Energy Business and Dry Bulk Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -15.8%.

## Company structure

- Segment revenue mix: Vehicle Transport, Terminal and Logistics 32.2%、Energy Business 28.8%、Dry Bulk Business 25.0%、Ferries and Coastal RoRo Ships, Cruise Businesses 4.0%、Associated Businesses 3.2%
- Revenue → net income: ¥1825098000000 → ¥213860000000
- Net income → operating cash flow: ¥213860000000 → ¥450963000000（difference ¥237103000000）
- Main uses of operating cash flow: CapEx ¥539027000000 / dividends ¥92475000000 / buybacks ¥30054000000
- Change in cash: ¥45421000000
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 | ¥1.83T |  |
| Operating income | ¥127B | Margin 7.0% |
| Net income | ¥213.3B | Margin 11.7% |
| Free cash flow | -¥88.1B |  |
| Largest business | Vehicle Transport, Terminal and Logistics | of segment revenue 32.2% |
| Employees (consolidated) | 11,567 |  |
| EPS | ¥734 |  |
| Diluted EPS | ¥732.84 |  |
| Book value per share | ¥2911.78 |  |
| Equity ratio | 48.2% |  |
| Shares outstanding | 363,001,827 |  |
| Treasury shares | 19,426,600 |  |
| Shareholders | 306,551 |  |
| Average salary (parent only) | ¥16.6M | Filing company only |
| Cash ratio | 3.4% | Net cash -¥2.07T · Cash ÷ revenue 11.0% |
| Vs. industry median margin | 0 pp | Shipping |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, parent-company salary changed +55% 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 | ¥991426000000 | ¥1825098000000 | +84.1% |
| Operating income | ¥-5303000000 | ¥127002000000 | — |
| Operating margin | -0.5% | 7.0% | +7.5 pp |
| Employees | 8,571 people | 11,567 people | +35.0% |
| Cash and equivalents | ¥83436000000 | ¥201494000000 | +141.5% |

### 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 |
| --- | ---: |
| ドライバルク事業 → ドライバルク事業 | 17.5% |
| エネルギー輸送事業 → 事業再編・廃止 | 22.0% |
| エネルギー・海洋事業 → 事業再編・廃止 | 22.0% |
| コンテナ船事業 → コンテナ船事業 | 2.9% |
| コンテナ船事業 → 事業再編・廃止 | 14.3% |
| 自動車船・フェリー・内航RORO船事業 → 事業再編・廃止 | 13.8% |
| 関連事業 → 関連事業 | 3.2% |
| 関連事業 → 事業再編・廃止 | 3.0% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ドライバルク事業 | 7.5% |
| 新設・再編 → エネルギー事業 | 28.8% |
| 新設・再編 → 自動車輸送・港湾・ロジスティクス事業 | 32.2% |
| 新設・再編 → 不動産事業 | 2.7% |
| 新設・再編 → フェリー・内航RORO船・クルーズ事業 | 4.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vehicle Transport, Terminal and Logistics | — | — | ¥587887000000 | 11.8% | 2 |
| Energy Business | 4 years | +15.6% | ¥525793000000 | 10.6% | 2 |
| Dry Bulk Business | 5 years | +15.5% | ¥455734000000 | 2.4% | 2 |
| Ferries and Coastal RoRo Ships, Cruise Businesses | 3 years | +7.0% | ¥73385000000 | -13.0% | 2 |
| Associated Businesses | 5 years | -5.9% | ¥58252000000 | 6.3% | 2 |
| Containerships | 5 years | -24.6% | ¥53641000000 | 49.7% | 2 |
| Real estate Business | 4 years | +5.9% | ¥48912000000 | 13.8% | 2 |
| Other | 5 years | +5.6% | ¥21489000000 | 20.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,825,098 | 100.0% | S100YI2T |
| Cost of revenue | 1,497,506 | 82.1% | S100YI2T |
| Gross profit | 327,591 | 17.9% | S100YI2T |
| SG&A | 200,588 | 11.0% | S100YI2T |
| Operating income | 127,002 | 7.0% | S100YI2T |
| Ordinary income | 175,839 | 9.6% | S100YI2T |
| Pretax income | 239,005 | 13.1% | S100YI2T |
| Income tax | 25,144 | 1.4% | S100YI2T |
| Net income | 213,860 | 11.7% | S100YI2T |
| Net income attributable to owners | 213,260 | 11.7% | S100YI2T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 17.9% → Operating margin 7.0% → Net margin 11.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -15.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.66×
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 | 1,775,470 | 1,825,098 | 49,628 | +2.8% |
| Gross profit | 317,665 | 327,591 | 9,926 | +3.1% |
| Operating income | 150,851 | 127,002 | -23,849 | -15.8% |
| Net income attributable to owners | 425,492 | 213,260 | -212,232 | -49.9% |
| Operating cash flow | 360,499 | 450,963 | 90,464 | +25.1% |
| Free cash flow | -93,693 | -88,064 | 5,629 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,155,404 | 23,779 | 2.1% | 32,623 | 100,723 | -54,381 | S100LL1R |
| FY ending Mar 2021 | 991,426 | -5,303 | -0.5% | 90,052 | 98,898 | -5,521 | S100OAA8 |
| FY ending Mar 2022 | 1,269,310 | 55,005 | 4.3% | 708,819 | 307,637 | 195,300 | S100RAW4 |
| FY ending Mar 2023 | 1,611,984 | 108,709 | 6.7% | 796,060 | 549,925 | 283,394 | S100ULJW |
| FY ending Mar 2024 | 1,627,912 | 103,132 | 6.3% | 261,651 | 314,202 | -21,039 | S100W1NC |
| FY ending Mar 2025 | 1,775,470 | 150,851 | 8.5% | 425,492 | 360,499 | -93,693 | S100YI2T |
| FY ending Mar 2026 | 1,825,098 | 127,002 | 7.0% | 213,260 | 450,963 | -88,064 | S100YI2T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥157.8M |
| Operating income per employee (consolidated) | ¥11M |
| Net income per employee (consolidated) | ¥18.4M |

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) | 8,547 | 8,748 | 9,795 | 10,500 | 11,567 |
| Average salary (parent company) | ¥10.7M | ¥15.2M | ¥16.8M | ¥14.4M | ¥16.6M |
| Average age (parent company) | 38.0 years | 37.8 years | 37.3 years | 38.5 years | 38.4 years |
| Average tenure (parent company) | 14.1 years | 13.5 years | 12.5 years | 13.4 years | 12.9 years |

Year over year: Employees (consolidated) +10.2% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dry Bulk Business | 455,734 | 25.0% | 10,894 | 2.4% |
| Energy Business | 525,793 | 28.8% | 55,573 | 10.6% |
| Containerships | 53,641 | 2.9% | 26,686 | 49.7% |
| Vehicle Transport, Terminal and Logistics | 587,887 | 32.2% | 69,312 | 11.8% |
| Real estate Business | 48,912 | 2.7% | 6,773 | 13.8% |
| Ferries and Coastal RoRo Ships, Cruise Businesses | 73,385 | 4.0% | -9,550 | -13.0% |
| Associated Businesses | 58,252 | 3.2% | 3,689 | 6.3% |
| Other | 21,489 | 1.2% | 4,420 | 20.6% |

### 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 |
| --- | ---: |
| Dry Bulk Business | 25.0% |
| Energy Business | 28.8% |
| Containerships | 2.9% |
| Vehicle Transport, Terminal and Logistics | 32.2% |
| Real estate Business | 2.7% |
| Ferries and Coastal RoRo Ships, Cruise Businesses | 4.0% |
| Associated Businesses | 3.2% |
| Other | 1.2% |

Segment → industry: Dry Bulk Business → Shipping / Energy Business → Shipping / Containerships → Shipping / Vehicle Transport, Terminal and Logistics → Shipping / Vehicle Transport, Terminal and Logistics → Warehouses & Logistics Facilities / Real estate Business → Real Estate Development & Leasing / Ferries and Coastal RoRo Ships, Cruise Businesses → Shipping

## 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 | 450,963 | 24.7% | S100YI2T |
| Capital expenditure | 539,027 | 29.5% | S100YI2T |
| Free cash flow | -88,064 | -4.8% | 算出 |
| Investing cash flow | -721,585 | -39.5% | S100YI2T |
| Financing cash flow | 312,916 | 17.1% | S100YI2T |
| Dividends paid | 92,475 | 5.1% | S100YI2T |
| Share buyback | 30,054 | 1.6% | S100YI2T |
| Change in cash | 45,421 | 2.5% | S100YI2T |
| Cash and equivalents | 201,494 | 11.0% | S100YI2T |

## 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 | 97,135 | 91,047 | 115,519 | 155,984 | 201,494 | S100ULJW, S100W1NC, S100YI2T |
| Total assets | 2,686,701 | 3,564,247 | 4,122,148 | 4,984,449 | 5,962,245 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Net assets | 1,334,866 | 1,937,621 | 2,369,682 | 2,724,218 | 2,929,073 | S100ULJW, S100W1NC, S100YI2T |
| Share capital | 65,400 | 65,589 | 66,001 | 66,562 | 66,691 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Inventories | 46,085 | 50,787 | 55,927 | 56,429 | 62,964 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Property, plant and equipment | 1,111,152 | 1,342,240 | 1,653,623 | 2,284,803 | 2,786,523 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Intangible assets excluding goodwill | 36,624 | 36,739 | 63,802 | 72,197 | 264,106 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Goodwill | 2,167 | 4,810 | 30,866 | 33,816 | 133,898 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Investment securities | 978,848 | 1,430,873 | 1,675,273 | 1,779,474 | 1,901,737 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Current assets | 351,452 | 438,541 | 468,658 | 570,022 | 669,944 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Current liabilities | 414,002 | 669,176 | 644,898 | 523,340 | 656,166 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Short-term borrowings | 192,170 | 339,354 | 244,003 | 201,952 | 292,988 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Long-term borrowings | 575,101 | 524,801 | 711,876 | 1,271,818 | 1,724,321 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Bonds | 189,500 | 159,500 | 156,600 | 186,200 | 250,800 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Interest-bearing debt | 956,771 | 1,023,655 | 1,112,479 | 1,659,970 | 2,268,109 | 算出 |
| Total liabilities | 1,351,835 | 1,626,626 | 1,752,465 | 2,260,230 | 3,033,172 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Non-controlling interests | 59,514 | 11,724 | 15,506 | 37,548 | 54,705 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Equity attributable to owners of parent | 1,177,474 | 1,636,614 | 1,868,189 | 2,118,194 | 2,206,986 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Retained earnings | 1,091,250 | 1,571,582 | 1,685,143 | 2,005,121 | 2,125,700 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |
| Treasury stock | -2,267 | -558 | -88 | -70,149 | -99,314 | S100RAW4, S100ULJW, S100W1NC, S100YI2T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YI2T |
| Inventories | 1% | S100YI2T |
| Property, plant and equipment | 47% | S100YI2T |
| Intangibles and goodwill | 7% | S100YI2T |
| Investment securities | 32% | S100YI2T |
| Other assets | 10% | S100YI2T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 13% | S100YI2T |
| Equity | 49% | S100YI2T |

### 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 | 2,686,701 | 3,564,247 | 4,122,148 | 4,984,449 | 5,962,245 |
| Equity | 1,334,866 | 1,937,621 | 2,369,682 | 2,724,218 | 2,929,073 |
| Interest-bearing debt | 956,771 | 1,023,655 | 1,112,479 | 1,659,970 | 2,268,109 |
| Cash | 97,135 | 91,047 | 115,519 | 155,984 | 201,494 |

## 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) | 152.7% | S100YI2T |
| Fixed assets ÷ total assets | 46.7% | S100YI2T |
| Goodwill ÷ parent equity | 6.1% | S100YI2T |

Goodwill over 4 years: 2,167 → 133,898 JPY; total investing cash flow: -1,914,701 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) | 3.4% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | -¥2.07T |
| Net debt ÷ operating cash flow | 4.58× |
| Cash conversion (operating CF ÷ operating income) | 355.1% |
| Cash vs. profit gap | 237,703 JPY mn (of net income 111.5%) |
| Shareholder returns / net income | 57.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 29.5% |
| Investing CF relative to operating CF | 160.0% |

## 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 | 55.8% | 0.47× | 26.4% | 2.28× | 60.2% | S100RAW4 |
| 2023 | 49.4% | 0.52× | 25.5% | 2.22× | 56.6% | S100ULJW |
| 2024 | 16.1% | 0.42× | 6.8% | 2.19× | 14.9% | S100W1NC |
| 2025 | 24.0% | 0.39× | 9.3% | 2.28× | 21.3% | S100YI2T |
| 2026 | 11.7% | 0.33× | 3.9% | 2.53× | 9.9% | S100YI2T |

## 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 | 17.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH – PRIME BROKERAGE SEGREGATION 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） | Major shareholder | 1.7% | 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 | 1.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.3% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.3% | 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 | 1.1% | 2026-03-31 |
| BCSL CLIENT RE BBPLC NYBR （常任代理人 バークレイズ証券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.83T, up +2.8% from ¥1.78T.
- Profits went the other way: operating income dropped from ¥150.9B to ¥127B (-15.8%), and net income from ¥425.5B to ¥213.3B (-49.9%).
- Operating cash flow grew to ¥451B (+25.1%), but capital spending of ¥539B kept free cash flow negative at -¥88.1B, as in the prior year.

### Drivers

- Sales growth came from the energy and car-shipping businesses.
- Container freight rates kept falling as newly built ships added capacity, so profits at the container line it invests in dropped sharply.
- Demand for car shipping held up, but port congestion and the Middle East situation made scheduling harder, and inflation pushed up costs.
- Net income included gains from selling fixed assets and investment securities, but weaker recurring profit drove the decline.

### Risks

- For the next year, the company expects lower profit, citing weaker cargo volumes under major countries' trade policies and a stronger yen.
- Swings in shipping markets, weaker customer credit, and political or economic shifts in the countries it works in can hurt results.
- Ships are held for a long time, so advances in digital and alternative-fuel technology could make them outdated and require extra investment.

Cited: Annual Securities Report (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 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書 | S100YI2T | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2T,, |
| 有価証券報告書 | S100W1NC | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1NC,, |
| 訂正有価証券報告書 | S100ULJW | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULJW,, |
| 訂正有価証券報告書 | S100RAW4 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAW4,, |
| 有価証券報告書 | S100OAA8 | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAA8,, |
| 有価証券報告書 | S100LL1R | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL1R,, |

## 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).