# NAGASE & CO., LTD.: 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111期(2025/04/01－2026/03/31) (S100YK28)
> Page: https://vizora.meequs.com/en/company/nagase-and
> Retrieved: 2026-09-30T22:12:16.901Z

## Company

Nagase &, founded in 1989, is a company in Food Ingredients listed on TSE Prime. It has 7,756 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAGASE & CO., LTD. |
| Ticker | 8012 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8012.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区新町1丁目1番17号 |
| Representative (per filing) | 代表取締役社長 上島宏之 |
| Founded | Apr 1989 |
| Share capital | ¥9.7B |
| Employees (consolidated) | 7,756 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | March |
| Website | www.nagase.co.jp (https://www.nagase.co.jp/) |
| Corporate number | 4120001049021 |
| EDINET | E02552 |
| Industries (Vizora) | Food Ingredients, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YK28, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.5 | 22 |
| Profitability | 35.4 | 24 |
| Cash conversion | 43.8 | 24 |
| Efficiency | 68.8 | 24 |
| Financial strength | 58.3 | 6 |

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 Nagase &'s sales come from Life and Healthcare, with Advanced Materials and Processing and Electronics and Energy making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +14.5%.

## Company structure

- Segment revenue mix: Life and Healthcare 31.8%、Advanced Materials and Processing 21.2%、Electronics and Energy 17.8%、Functional Materials 15.8%、Mobility 13.4%
- Revenue → net income: ¥972783000000 → ¥33910000000
- Net income → operating cash flow: ¥33910000000 → ¥47805000000（difference ¥13895000000）
- Main uses of operating cash flow: CapEx ¥28100000000 / dividends ¥9604000000 / buybacks ¥23037000000
- Change in cash: ¥-20513000000
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 | ¥972.8B |  |
| Operating income | ¥44.7B | Margin 4.6% |
| Net income | ¥33.1B | Margin 3.4% |
| Free cash flow | ¥19.7B |  |
| Largest business | Life and Healthcare | of segment revenue 31.8% |
| Employees (consolidated) | 7,756 |  |
| EPS | ¥24.13 |  |
| Book value per share | ¥408.79 |  |
| Equity ratio | 48.8% |  |
| Shares outstanding | 109,908,285 |  |
| Treasury shares | 7,220,100 |  |
| Shareholders | 30,564 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 5.2% | Net cash -¥64.8B · Cash ÷ revenue 4.7% |
| Vs. industry median margin | -0.7 pp | Food Ingredients |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.4× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥625245000000 | ¥972783000000 | +55.6% |
| Operating income | ¥21916000000 | ¥44727000000 | +104.1% |
| Operating margin | 3.5% | 4.6% | +1.1 pp |
| Employees | 6,940 people | 7,756 people | +11.8% |
| Cash and equivalents | ¥48553000000 | ¥45390000000 | -6.5% |

### 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 |
| --- | ---: |
| 機能素材 → 機能素材 | 8.8% |
| 加工材料 → 加工材料 | 21.2% |
| 加工材料 → 事業再編・廃止 | 3.2% |
| 電子・エネルギー → 電子・エネルギー | 12.9% |
| 電子 → 事業再編・廃止 | 14.0% |
| モビリティ → モビリティ | 9.2% |
| モビリティ・エネルギー → 事業再編・廃止 | 13.0% |
| 生活関連 → 生活関連 | 17.6% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 機能素材 | 7.0% |
| 新設・再編 → 電子・エネルギー | 4.8% |
| 新設・再編 → モビリティ | 4.2% |
| 新設・再編 → 生活関連 | 14.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life and Healthcare | 5 years | +15.5% | ¥309207000000 | 3.2% | 2 |
| Advanced Materials and Processing | 5 years | -0.3% | ¥206690000000 | 3.7% | 2 |
| Electronics and Energy | 5 years | +9.3% | ¥172891000000 | 8.6% | 2 |
| Functional Materials | 5 years | +15.3% | ¥153642000000 | 6.1% | 2 |
| Mobility | 5 years | +10.6% | ¥130256000000 | 2.9% | 2 |
| Other | 5 years | -23.1% | ¥94000000 | 300.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 972,783 | 100.0% | S100YK28 |
| Cost of revenue | 785,096 | 80.7% | S100YK28 |
| Gross profit | 187,687 | 19.3% | S100YK28 |
| SG&A | 142,959 | 14.7% | S100YK28 |
| Operating income | 44,727 | 4.6% | S100YK28 |
| Ordinary income | 44,096 | 4.5% | S100YK28 |
| Pretax income | 45,977 | 4.7% | S100YK28 |
| Income tax | 12,066 | 1.2% | S100YK28 |
| Net income | 33,910 | 3.5% | S100YK28 |
| Net income attributable to owners | 33,119 | 3.4% | S100YK28 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 15 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.3% → Operating margin 4.6% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +14.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.91×
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 | 944,961 | 972,783 | 27,822 | +2.9% |
| Gross profit | 173,301 | 187,687 | 14,386 | +8.3% |
| Operating income | 39,078 | 44,727 | 5,649 | +14.5% |
| Net income attributable to owners | 25,521 | 33,119 | 7,598 | +29.8% |
| Operating cash flow | 36,321 | 47,805 | 11,484 | +31.6% |
| Free cash flow | 21,137 | 19,705 | -1,432 | -6.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 799,559 | 19,167 | 2.4% | 15,144 | 33,074 | 20,701 | S100LN6K |
| FY ending Mar 2021 | 625,245 | 21,916 | 3.5% | 18,829 | 20,391 | 10,823 | S100Q3FX |
| FY ending Mar 2022 | 780,557 | 35,263 | 4.5% | 25,939 | -17,776 | -28,230 | S100QZSZ |
| FY ending Mar 2023 | 912,896 | 33,371 | 3.7% | 23,625 | 9,414 | -7,503 | S100TPW2 |
| FY ending Mar 2024 | 900,149 | 30,618 | 3.4% | 22,402 | 72,959 | 55,205 | S100VYOV |
| FY ending Mar 2025 | 944,961 | 39,078 | 4.1% | 25,521 | 36,321 | 21,137 | S100YK28 |
| FY ending Mar 2026 | 972,783 | 44,727 | 4.6% | 33,119 | 47,805 | 19,705 | S100YK28 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥125.4M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.3M |

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) | 7,113 | 7,220 | 7,528 | 7,484 | 7,756 |
| Average salary (parent company) | ¥10.3M | ¥10.9M | ¥11M | ¥11.4M | ¥11.9M |
| Average age (parent company) | 41.5 years | 41.5 years | 41.8 years | 41.3 years | 41.2 years |
| Average tenure (parent company) | 15.1 years | 14.6 years | 15.7 years | 14.8 years | 14.7 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional Materials | 153,642 | 15.8% | 9,305 | 6.1% |
| Advanced Materials and Processing | 206,690 | 21.2% | 7,650 | 3.7% |
| Electronics and Energy | 172,891 | 17.8% | 14,859 | 8.6% |
| Mobility | 130,256 | 13.4% | 3,785 | 2.9% |
| Life and Healthcare | 309,207 | 31.8% | 9,832 | 3.2% |
| Other | 94 | 0.0% | 282 | 300.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional Materials | 15.8% | 20.4% | 4.6 | 6.1% |
| Advanced Materials and Processing | 21.2% | 16.7% | -4.5 | 3.7% |
| Electronics and Energy | 17.8% | 32.5% | 14.7 | 8.6% |
| Mobility | 13.4% | 8.3% | -5.1 | 2.9% |
| Life and Healthcare | 31.8% | 21.5% | -10.3 | 3.2% |
| Other | 0.0% | 0.6% | 0.6 | 300.0% |

Segment → industry: Life and Healthcare → Food Ingredients / Life and Healthcare → Specialty Trading & Wholesale / Mobility → Specialty Trading & Wholesale / Electronics and Energy → Specialty Trading & Wholesale / Advanced Materials and Processing → Specialty Trading & Wholesale / Functional Materials → Specialty Trading & Wholesale

## 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 | 47,805 | 4.9% | S100YK28 |
| Capital expenditure | 28,100 | 2.9% | S100YK28 |
| Free cash flow | 19,705 | 2.0% | 算出 |
| Investing cash flow | -46,511 | -4.8% | S100YK28 |
| Financing cash flow | -25,384 | -2.6% | S100YK28 |
| Dividends paid | 9,604 | 1.0% | S100YK28 |
| Share buyback | 23,037 | 2.4% | S100YK28 |
| Change in cash | -20,513 | -2.1% | S100YK28 |
| Cash and equivalents | 45,390 | 4.7% | S100YK28 |

## 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 | 53,336 | 40,331 | 59,185 | 65,903 | 45,390 | S100TPW2, S100VYOV, S100YK28 |
| Total assets | 739,720 | 762,688 | 792,336 | 808,143 | 871,526 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Net assets | 355,092 | 378,388 | 401,315 | 406,459 | 434,025 | S100TPW2, S100VYOV, S100YK28 |
| Share capital | 9,699 | 9,699 | 9,699 | 9,699 | 9,699 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Trade receivables | 289,862 | 302,105 | 321,126 | 311,251 | 321,435 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Property, plant and equipment | 72,554 | 82,064 | 87,392 | 91,671 | 123,973 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Intangible assets excluding goodwill | 65,070 | 68,928 | 69,349 | 65,811 | 68,688 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Goodwill | 29,492 | 29,004 | 27,884 | 25,400 | 28,384 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Investment securities | 75,600 | 69,743 | 76,225 | 72,028 | 87,595 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Current assets | 514,286 | 530,132 | 542,470 | 560,126 | 566,319 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Current liabilities | 307,836 | 286,203 | 302,675 | 269,576 | 297,008 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Trade payables | 149,036 | 140,438 | 156,352 | 151,269 | 159,845 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Short-term borrowings | 73,121 | 66,117 | 50,731 | 42,310 | 20,175 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Long-term borrowings | 28,244 | 32,697 | 27,533 | 53,454 | 50,000 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Bonds | 20,000 | 30,000 | 20,000 | 40,000 | 40,000 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Interest-bearing debt | 121,365 | 128,814 | 98,264 | 135,764 | 110,175 | 算出 |
| Total liabilities | 384,628 | 384,300 | 391,021 | 401,683 | 437,501 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Non-controlling interests | 10,830 | 10,713 | 7,250 | 7,406 | 8,578 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Equity attributable to owners of parent | 298,820 | 309,064 | 312,832 | 311,712 | 313,878 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Retained earnings | 280,015 | 290,279 | 303,328 | 312,244 | 321,076 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |
| Treasury stock | -1,534 | -1,550 | -9,543 | -19,579 | -26,233 | S100QZSZ, S100TPW2, S100VYOV, S100YK28 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YK28 |
| Receivables | 37% | S100YK28 |
| Property, plant and equipment | 14% | S100YK28 |
| Intangibles and goodwill | 11% | S100YK28 |
| Investment securities | 10% | S100YK28 |
| Other assets | 23% | S100YK28 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YK28 |
| Interest-bearing debt | 13% | 算出 |
| Other liabilities | 19% | S100YK28 |
| Equity | 50% | S100YK28 |

### 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 | 739,720 | 762,688 | 792,336 | 808,143 | 871,526 |
| Equity | 355,092 | 378,388 | 401,315 | 406,459 | 434,025 |
| Interest-bearing debt | 121,365 | 128,814 | 98,264 | 135,764 | 110,175 |
| Cash | 53,336 | 40,331 | 59,185 | 65,903 | 45,390 |

## 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) | 12.7% | S100YK28 |
| Fixed assets ÷ total assets | 14.2% | S100YK28 |
| Goodwill ÷ parent equity | 9.0% | S100YK28 |

Goodwill over 4 years: 29,492 → 28,384 JPY; total investing cash flow: -85,448 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) | 5.2% |
| Cash ÷ revenue | 4.7% |
| Net cash (cash − interest-bearing debt) | -¥64.8B |
| Net debt ÷ operating cash flow | 1.36× |
| Cash conversion (operating CF ÷ operating income) | 106.9% |
| Cash vs. profit gap | 14,686 JPY mn (of net income 44.3%) |
| Shareholder returns / net income | 98.6% |
| Shareholder returns / FCF | 165.6% |
| Shareholder payments — dividends / net income | 29.0% |
| Shareholder payments — dividends / FCF | 48.7% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 97.3% |

## 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 | 3.3% | 1.06× | 3.5% | 2.48× | 8.7% | S100QZSZ |
| 2023 | 2.6% | 1.22× | 3.1% | 2.47× | 7.8% | S100TPW2 |
| 2024 | 2.5% | 1.16× | 2.9% | 2.50× | 7.2% | S100VYOV |
| 2025 | 2.7% | 1.18× | 3.2% | 2.56× | 8.2% | S100YK28 |
| 2026 | 3.4% | 1.16× | 3.9% | 2.68× | 10.6% | S100YK28 |

## 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 | 11.7% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 長瀬産業自社株投資会 | Major shareholder | 4.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 長瀬 令子 | Major shareholder | 3.0% | 2026-03-31 |
| ㈱長瀬舜造 | Major shareholder | 2.6% | 2026-03-31 |
| 三井住友信託銀行㈱ | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| NOMURA CUSTODY NOMINEES LIMITED OMNIBUS-FULLY PAID （CASHPB） （常任代理人 野村證券㈱） | Major shareholder | 2.2% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.1% | 2026-03-31 |

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

- Revenue for the year to March 2026 was ¥972.8B, up 2.9% from ¥945B.
- Gross profit rose 8.3% to ¥187.7B and operating income rose 14.5% to ¥44.7B, so profit grew faster than sales.
- Net income attributable to owners climbed 29.8% to ¥33.1B.
- Operating cash flow grew to ¥47.8B, but free cash flow slipped 6.8% to ¥19.7B.

### Drivers

- In Electronics and Energy, sales of semiconductor materials rose, and modified epoxy resins for AI chips and Pac Tech's wafer bumping equipment and services also did well.
- In Life and Healthcare, Prinova gained market share in food ingredients and sold more, while Nagase Viita cut production costs for food ingredients and improved its margin.
- Net income got a lift from a gain on negative goodwill and larger gains on selling investment securities, despite a loss from exiting a glass substrate thinning business in China.
- Mobility earned less as sales of interior, exterior and electrification parts fell.

### Risks

- If prices of the goods it handles swing and higher costs can't be passed on to customers, margins could shrink.
- Foreign-currency trade and the translation of overseas subsidiaries' results (mainly US dollar and yuan) into yen expose it to exchange rate moves.
- More severe natural disasters from climate change could cut supply chains and stall production and sales.

Cited: Amended Annual Securities Report (Management's analysis of financial position, results and cash flows); Amended Annual Securities Report (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第111期(2025/04/01－2026/03/31) | S100YK28 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK28,, |
| 有価証券報告書－第110期(2024/04/01－2025/03/31) | S100VYOV | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYOV,, |
| 有価証券報告書－第109期(2023/04/01－2024/03/31) | S100TPW2 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPW2,, |
| 有価証券報告書－第108期(2022/04/01－2023/03/31) | S100QZSZ | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZSZ,, |
| 訂正有価証券報告書－第107期(2021/04/01－2022/03/31) | S100Q3FX | 2023-02-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q3FX,, |
| 有価証券報告書－第106期(令和2年4月1日－令和3年3月31日) | S100LN6K | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN6K,, |

## 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).