# NIDEC CORPORATION: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2024/04/01－2025/03/31) (S100WRH7)
> Page: https://vizora.meequs.com/en/company/nidec
> Retrieved: 2026-09-30T18:10:40.452Z

## Company

Nidec, founded in 1973, is a company in Auto Parts listed on TSE Prime. It has 104,285 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIDEC CORPORATION |
| Ticker | 6594 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6594.T) |
| Listing | TSE Prime |
| Head office | 京都市南区久世殿城町338番地 |
| Representative (per filing) | 代表取締役社長執行役員(最高経営責任者) 岸田 光哉 |
| Founded | Jul 1973 |
| Share capital | ¥87.8B |
| Employees (consolidated) | 104,285 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.nidec.com (https://www.nidec.com/) |
| Corporate number | 9130001002387 |
| EDINET | E01975 |
| Industries (Vizora) | Auto Parts, Machine Tools, Electrical Equipment, Electronic Components |

> Profile source: annual securities report (S100WRH7, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.7 | 53 |
| Profitability | 70.5 | 56 |
| Cash conversion | 42.7 | 48 |
| Efficiency | 54.5 | 56 |

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 24% of Nidec's sales come from Group Company Business, with Motion and Energy Business Unit and Appliance, Commercial and Industrial Motor Business Unit making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +11.1% from the prior year, operating profit +47.1%.

## Company structure

- Segment revenue mix: Group Company Business 23.7%、Motion and Energy Business Unit 22.0%、Appliance, Commercial and Industrial Motor Business Unit 17.7%、Small Precision Motor and Solutions Business Unit 15.0%、Automotive Motor and Electronic Control Business Unit 13.4%
- Revenue → net income: ¥2607813000000 → ¥160668000000
- Net income → operating cash flow: ¥160668000000 → ¥284428000000（difference ¥123760000000）
- Main uses of operating cash flow: CapEx ¥148829000000 / dividends ¥45969000000 / buybacks ¥7784000000
- Change in cash: ¥20261000000
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 | ¥2.61T |  |
| Operating income | ¥238.1B | Margin 9.1% |
| Net income | ¥164.4B | Margin 6.3% |
| Free cash flow | ¥135.6B |  |
| Largest business | Group Company Business | of segment revenue 23.7% |
| Employees (consolidated) | 104,285 |  |
| EPS | ¥143.06 |  |
| Book value per share | ¥295.77 |  |
| Equity ratio | 51.8% | Derived from disclosed figures |
| Shares outstanding | 1,192,569,000 |  |
| Treasury shares | 44,588,300 |  |
| Shareholders | 172,143 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 7.4% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | +3.2 pp | Electronic Components |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +29% over five years

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1534800000000 | ¥2607813000000 | +69.9% |
| Operating income | ¥108558000000 | ¥238116000000 | +119.3% |
| Operating margin | 7.1% | 9.1% | +2.1 pp |
| Employees | 117,206 people | 104,285 people | -11.0% |
| Cash and equivalents | ¥206986000000 | ¥246239000000 | +19.0% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending Mar 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本電産 → 事業再編・廃止 | 1.2% |
| SPMS → SPMS | 13.1% |
| タイ日本電産 → 事業再編・廃止 | 3.9% |
| AMEC → AMEC | 7.3% |
| シンガポール日本電産 → 事業再編・廃止 | 1.2% |
| 日本電産（香港） → 事業再編・廃止 | 4.4% |
| ACIM → ACIM | 17.7% |
| ACIM → 事業再編・廃止 | 0.9% |
| 日本電産サンキョー → 事業再編・廃止 | 5.2% |
| 日本電産サンキョー → 事業再編・廃止 | 5.2% |
| 日本電産コパル → 事業再編・廃止 | 1.3% |
| 日本電産テクノモータ → 事業再編・廃止 | 2.9% |
| ニデックテクノモータ → 事業再編・廃止 | 2.8% |
| 日本電産モビリティ → 事業再編・廃止 | 1.7% |
| 日本電産モータ → 事業再編・廃止 | 18.7% |
| 日本電産シンポ → 事業再編・廃止 | 2.6% |
| 日本電産モーターズ　アンド　アクチュエーターズ → 事業再編・廃止 | 10.0% |
| 新設・再編 → SPMS | 1.9% |
| 新設・再編 → AMEC | 6.0% |
| 新設・再編 → MOEN | 22.0% |
| 新設・再編 → 機械事業 | 8.2% |
| 新設・再編 → グループ会社事業 | 23.7% |

Segment revenue source references: 22 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Group Company Business | — | — | ¥618287000000 | 14.2% | 2 |
| Motion and Energy Business Unit | 3 years | +22.0% | ¥573921000000 | 12.3% | 2 |
| Appliance, Commercial and Industrial Motor Business Unit | 5 years | -1.1% | ¥462269000000 | 8.8% | 2 |
| Small Precision Motor and Solutions Business Unit | 5 years | +2.7% | ¥391265000000 | 10.5% | 2 |
| Automotive Motor and Electronic Control Business Unit | 5 years | +12.7% | ¥348685000000 | -0.9% | 2 |
| Nidec Machinery and Automation | 2 years | +15.1% | ¥213386000000 | 8.4% | 2 |

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,607,813 | 100.0% | S100WRH7 |
| Cost of revenue | 2,071,392 | 79.4% | S100WRH7 |
| Gross profit | 536,421 | 20.6% | S100WRH7 |
| SG&A | 217,706 | 8.3% | S100WRH7 |
| Operating income | 238,116 | 9.1% | S100WRH7 |
| Pretax income | 233,309 | 8.9% | S100WRH7 |
| Income tax | 72,437 | 2.8% | S100WRH7 |
| Net income | 160,668 | 6.2% | S100WRH7 |
| Net income attributable to owners | 164,365 | 6.3% | S100WRH7 |

## Per ¥100 of revenue（FY ending Mar 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 8 |
| Other operating | 3 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.6% → Operating margin 9.1% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.1%; Core profit growth: +47.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.24×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2024 → FY ending Mar 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,347,159 | 2,607,813 | 260,654 | +11.1% |
| Gross profit | 497,162 | 536,421 | 39,259 | +7.9% |
| Operating income | 161,856 | 238,116 | 76,260 | +47.1% |
| Net income attributable to owners | 124,455 | 164,365 | 39,910 | +32.1% |
| Operating cash flow | 320,766 | 284,428 | -36,338 | -11.3% |
| Free cash flow | 192,326 | 135,599 | -56,727 | -29.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2016 | 1,178,290 | — | — | 89,945 | 147,659 | — | S100ISN0 |
| FY ending Mar 2017 | 1,199,311 | — | — | 111,007 | 129,853 | — | S100LMP5 |
| FY ending Mar 2018 | 1,459,039 | — | — | 130,834 | 175,568 | — | S100OA6Q |
| FY ending Mar 2019 | 1,475,436 | 129,222 | 8.8% | 109,960 | 170,233 | 38,784 | S100ISN0 |
| FY ending Mar 2020 | 1,534,800 | 108,558 | 7.1% | 58,459 | 168,049 | 24,511 | S100LMP5 |
| FY ending Mar 2021 | 1,618,064 | 159,970 | 9.9% | 121,945 | 219,156 | 119,230 | S100OA6Q |
| FY ending Mar 2022 | 1,918,174 | 170,374 | 8.9% | 135,759 | 94,994 | -20,227 | S100R0SZ |
| FY ending Mar 2023 | 2,230,027 | 89,923 | 4.0% | 36,982 | 143,485 | -10,253 | S100TQEB |
| FY ending Mar 2024 | 2,347,159 | 161,856 | 6.9% | 124,455 | 320,766 | 192,326 | S100WRH7 |
| FY ending Mar 2025 | 2,607,813 | 238,116 | 9.1% | 164,365 | 284,428 | 135,599 | S100WRH7 |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 112,551 | 114,371 | 106,592 | 101,112 | 104,285 |
| Average salary (parent company) | ¥5.9M | ¥6.5M | ¥6.9M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 38.7 years | 39.2 years | 40.0 years | 41.7 years | 42.2 years |
| Average tenure (parent company) | 10.3 years | 10.8 years | 11.8 years | 12.6 years | 13.3 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +11.1%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Small Precision Motor and Solutions Business Unit | 391,265 | 15.0% | 41,130 | 10.5% |
| Automotive Motor and Electronic Control Business Unit | 348,685 | 13.4% | -3,004 | -0.9% |
| Motion and Energy Business Unit | 573,921 | 22.0% | 70,319 | 12.3% |
| Appliance, Commercial and Industrial Motor Business Unit | 462,269 | 17.7% | 40,647 | 8.8% |
| Nidec Machinery and Automation | 213,386 | 8.2% | 17,828 | 8.4% |
| Group Company Business | 618,287 | 23.7% | 87,589 | 14.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Small Precision Motor and Solutions Business Unit | 15.0% | 16.0% | 1.0 | 10.5% |
| Automotive Motor and Electronic Control Business Unit | 13.4% | — | — | -0.9% |
| Motion and Energy Business Unit | 22.0% | 27.3% | 5.3 | 12.3% |
| Appliance, Commercial and Industrial Motor Business Unit | 17.7% | 15.8% | -1.9 | 8.8% |
| Nidec Machinery and Automation | 8.2% | 6.9% | -1.3 | 8.4% |
| Group Company Business | 23.7% | 34.0% | 10.3 | 14.2% |

Loss-making segment (excluded from profit shares): Automotive Motor and Electronic Control Business Unit -3,004 JPY mn

Segment → industry: Automotive Motor and Electronic Control Business Unit → Auto Parts / Nidec Machinery and Automation → Machine Tools / Motion and Energy Business Unit → Electrical Equipment / Group Company Business → Electronic Components / Appliance, Commercial and Industrial Motor Business Unit → Electronic Components / Small Precision Motor and Solutions Business Unit → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 284,428 | 10.9% | S100WRH7 |
| Capital expenditure | 148,829 | 5.7% | S100WRH7 |
| Free cash flow | 135,599 | 5.2% | 算出 |
| Investing cash flow | -147,255 | -5.6% | S100WRH7 |
| Financing cash flow | -80,193 | -3.1% | S100WRH7 |
| Dividends paid | 45,969 | 1.8% | S100WRH7 |
| Share buyback | 7,784 | 0.3% | S100WRH7 |
| Change in cash | 20,261 | 0.8% | S100WRH7 |
| Cash and equivalents | 246,239 | 9.4% | S100WRH7 |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 219,524 | 199,655 | 186,098 | 217,005 | 246,239 | S100R0SZ, S100TQEB, S100WRH7 |
| Total assets | 2,256,024 | 2,678,483 | 2,862,749 | 3,159,709 | 3,315,293 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Net assets | 1,113,935 | 1,316,698 | 1,365,754 | 1,658,221 | 1,743,793 | S100R0SZ, S100TQEB, S100WRH7 |
| Share capital | 87,784 | 87,784 | 87,784 | 87,784 | 87,784 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Property, plant and equipment | 662,659 | 764,397 | 835,753 | 876,485 | 931,059 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Goodwill | 319,926 | 339,904 | 362,388 | 394,540 | 407,067 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Current assets | 1,024,127 | 1,292,664 | 1,374,618 | 1,538,565 | 1,618,585 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Total liabilities | 1,142,089 | 1,361,785 | 1,496,995 | 1,501,488 | 1,571,500 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Equity attributable to owners of parent | 1,096,020 | 1,292,241 | 1,346,565 | 1,631,481 | 1,717,149 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Retained earnings | 1,016,559 | 1,118,594 | 1,121,191 | 1,212,672 | 1,331,273 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |
| Treasury stock | -63,869 | -121,272 | -166,917 | -167,945 | -175,604 | S100OA6Q, S100R0SZ, S100TQEB, S100WRH7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100WRH7 |
| Property, plant and equipment | 28% | S100WRH7 |
| Intangibles and goodwill | 12% | — |
| Other assets | 52% | S100WRH7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100WRH7 |
| Equity | 53% | S100WRH7 |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,256,024 | 2,678,483 | 2,862,749 | 3,159,709 | 3,315,293 |
| Equity | 1,113,935 | 1,316,698 | 1,365,754 | 1,658,221 | 1,743,793 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 219,524 | 199,655 | 186,098 | 217,005 | 246,239 |

## 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) | 35.7% | S100WRH7 |
| Fixed assets ÷ total assets | 28.1% | S100WRH7 |
| Goodwill ÷ parent equity | 23.7% | S100WRH7 |

Goodwill over 4 years: 319,926 → 407,067 JPY; total investing cash flow: -678,916 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) | 7.4% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.4% |
| Cash vs. profit gap | 120,063 JPY mn (of net income 73.0%) |
| Shareholder returns / net income | 32.7% |
| Shareholder returns / FCF | 39.6% |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 33.9% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 51.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.5% | 0.72× | 5.4% | 2.06× | 11.1% | S100OA6Q |
| 2022 | 7.1% | 0.78× | 5.5% | 2.07× | 11.4% | S100R0SZ |
| 2023 | 1.7% | 0.80× | 1.3% | 2.10× | 2.8% | S100TQEB |
| 2024 | 5.3% | 0.78× | 4.1% | 2.02× | 8.4% | S100WRH7 |
| 2025 | 6.3% | 0.81× | 5.1% | 1.93× | 9.8% | S100WRH7 |

## 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 | 13.6% | 2025-03-31 |
| 永守 重信 | Major shareholder | 8.6% | 2025-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2025-03-31 |
| ㈱京都銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 4.3% | 2025-03-31 |
| エスエヌ興産合同会社 | Major shareholder | 3.5% | 2025-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 2.6% | 2025-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 2.3% | 2025-03-31 |
| 明治安田生命保険相互会社（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.2% | 2025-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行） | Major shareholder | 1.9% | 2025-03-31 |
| ㈱滋賀銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 1.5% | 2025-03-31 |

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

- Revenue grew +11.1% in the fiscal year ending March 2025, from ¥2.35T to ¥2.61T.
- Profit grew faster: operating income rose +47.1% to ¥238.1B, and net income attributable to owners rose +32.1% to ¥164.4B.
- Cash generation went the other way. Operating cash flow fell -11.3% to ¥284.4B, and free cash flow dropped -29.5% to ¥135.6B.

### Drivers

- Demand for hard-drive motors came back, led by nearline drives for data centers, and sales of water-cooling modules for AI data centers grew
- The energy business expanded, with more orders for backup generators at data centers and battery energy storage systems
- Profit also benefited from a one-off gain when Nidec PSA emotors became a subsidiary, and from the absence of last year's restructuring charge in the EV traction motor business

### Risks

- The company rates both M&A risk and product quality risk at its highest level, "critical"
- Risk from shifts in technology and industry structure is rated "high" and has increased from the prior year
- The car business faces a weak European market and fierce price competition in China's EV motor market

Cited: Annual Securities Report, 52nd term (Apr 2024 – Mar 2025) (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, 52nd term (Apr 2024 – Mar 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100WRH7 | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRH7,, |
| 訂正有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TQEB | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQEB,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R0SZ | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0SZ,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OA6Q | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA6Q,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LMP5 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMP5,, |
| 有価証券報告書－第47期(平成31年4月1日－令和2年3月31日) | S100ISN0 | 2020-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ISN0,, |

## 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).