# Nippon Light Metal Holdings Company, 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－第14期(2025/04/01－2026/03/31) (S100YFJY)
> Page: https://vizora.meequs.com/en/company/nippon-light-metal-holdings
> Retrieved: 2026-09-30T19:16:23.582Z

## Company

Nippon Light Metal Holdings Company, founded in 2012, is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 12,123 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Light Metal Holdings Company, Ltd. |
| Ticker | 5703 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5703.T) |
| Listing | TSE Prime |
| Head office | 東京都港区新橋一丁目1番13号 |
| Representative (per filing) | 代表取締役社長 朝来野 修一 |
| Founded | Oct 2012 |
| Share capital | ¥46.5B |
| Employees (consolidated) | 12,123 |
| Average salary (parent only) | ¥9.6M |
| Fiscal year end | March |
| Website | www.nikkeikinholdings.co.jp (https://www.nikkeikinholdings.co.jp/) |
| Corporate number | 9010701027118 |
| EDINET | E26707 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Chemicals, Trucks & Buses |

> Profile source: annual securities report (S100YFJY, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26 | 25 |
| Profitability | 25 | 26 |
| Cash conversion | 62 | 25 |
| Efficiency | 57.4 | 27 |
| Financial strength | 8.3 | 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 31% of Nippon Light Metal Holdings Company's sales come from Aluminum ingot and chemicals, with Fabricated products and others and Aluminum foil, powder and paste making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.4% from the prior year, operating profit +17.9%.

## Company structure

- Segment revenue mix: Aluminum ingot and chemicals 31.4%、Fabricated products and others 30.3%、Aluminum foil, powder and paste 19.3%、Aluminum sheet and extrusions 19.0%
- Revenue → net income: ¥585473000000 → ¥17699000000
- Net income → operating cash flow: ¥17699000000 → ¥25623000000（difference ¥7924000000）
- Main uses of operating cash flow: CapEx ¥21973000000 / dividends ¥4658000000 / buybacks —
- Change in cash: ¥-1727000000
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 | ¥585.5B |  |
| Operating income | ¥25.6B | Margin 4.4% |
| Net income | ¥15.6B | Margin 2.7% |
| Free cash flow | ¥3.65B |  |
| Largest business | Aluminum ingot and chemicals | of segment revenue 31.4% |
| Employees (consolidated) | 12,123 |  |
| EPS | ¥103.31 |  |
| Book value per share | ¥1794.96 |  |
| Equity ratio | 44.7% |  |
| Shares outstanding | 61,993,750 |  |
| Treasury shares | 60,200 |  |
| Shareholders | 27,699 |  |
| Average salary (parent only) | ¥9.6M | Filing company only |
| Cash ratio | 6.0% | Net cash -¥123.1B · Cash ÷ revenue 5.7% |
| Vs. industry median margin | -1.2 pp | Non-ferrous Metals & Wires |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥432568000000 | ¥585473000000 | +35.3% |
| Operating income | ¥24194000000 | ¥25626000000 | +5.9% |
| Operating margin | 5.6% | 4.4% | -1.2 pp |
| Employees | 13,162 people | 12,123 people | -7.9% |
| Cash and equivalents | ¥61176000000 | ¥33119000000 | -45.9% |

### 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 |
| --- | ---: |
| アルミナ・化成品、地金 → アルミナ・化成品、地金 | 21.1% |
| 板、押出製品 → 板、押出製品 | 19.0% |
| 板、押出製品 → 事業再編・廃止 | 3.6% |
| 加工製品、関連事業 → 加工製品、関連事業 | 30.3% |
| 加工製品、関連事業 → 事業再編・廃止 | 6.0% |
| 箔、粉末製品 → 箔、粉末製品 | 19.3% |
| 箔、粉末製品 → 事業再編・廃止 | 0.6% |
| 新設・再編 → アルミナ・化成品、地金 | 10.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Aluminum ingot and chemicals | 5 years | +15.0% | ¥183583000000 | 5.4% | 2 |
| Fabricated products and others | 5 years | +2.5% | ¥177660000000 | 3.4% | 2 |
| Aluminum foil, powder and paste | 5 years | +5.6% | ¥113011000000 | 6.8% | 2 |
| Aluminum sheet and extrusions | 5 years | +2.6% | ¥111219000000 | 5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 585,473 | 100.0% | S100YFJY |
| Cost of revenue | 483,942 | 82.7% | S100YFJY |
| Gross profit | 101,531 | 17.3% | S100YFJY |
| SG&A | 75,905 | 13.0% | S100YFJY |
| Operating income | 25,626 | 4.4% | S100YFJY |
| Ordinary income | 23,646 | 4.0% | S100YFJY |
| Pretax income | 26,340 | 4.5% | S100YFJY |
| Income tax | 8,641 | 1.5% | S100YFJY |
| Net income | 17,699 | 3.0% | S100YFJY |
| Net income attributable to owners | 15,590 | 2.7% | S100YFJY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 13 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.3% → Operating margin 4.4% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.4%; Core profit growth: +17.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.78×
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 | 550,180 | 585,473 | 35,293 | +6.4% |
| Gross profit | 95,263 | 101,531 | 6,268 | +6.6% |
| Operating income | 21,744 | 25,626 | 3,882 | +17.9% |
| Net income attributable to owners | 12,375 | 15,590 | 3,215 | +26.0% |
| Operating cash flow | 12,059 | 25,623 | 13,564 | +112.5% |
| Free cash flow | -9,608 | 3,650 | 13,258 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 465,946 | 24,607 | 5.3% | 7,476 | 48,676 | 18,920 | S100LPGD |
| FY ending Mar 2021 | 432,568 | 24,194 | 5.6% | 3,366 | 41,942 | 15,258 | S100OE8P |
| FY ending Mar 2022 | 486,579 | 22,198 | 4.6% | 16,759 | 1,487 | -19,363 | S100R5BP |
| FY ending Mar 2023 | 516,954 | 7,539 | 1.5% | 7,203 | 695 | -17,713 | S100TRHJ |
| FY ending Mar 2024 | 523,715 | 18,189 | 3.5% | 9,939 | 38,041 | 14,112 | S100W19M |
| FY ending Mar 2025 | 550,180 | 21,744 | 4.0% | 12,375 | 12,059 | -9,608 | S100YFJY |
| FY ending Mar 2026 | 585,473 | 25,626 | 4.4% | 15,590 | 25,623 | 3,650 | S100YFJY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.3M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 12,750 | 12,633 | 12,489 | 12,318 | 12,123 |
| Average salary (parent company) | ¥9.8M | ¥10.3M | ¥8.4M | ¥9.1M | ¥9.6M |
| Average age (parent company) | 53.4 years | 55.1 years | 47.6 years | 50.7 years | 50.5 years |
| Average tenure (parent company) | 24.7 years | 27.8 years | 31.9 years | 21.6 years | 20.4 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +6.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Aluminum ingot and chemicals | 183,583 | 31.4% | 9,939 | 5.4% |
| Aluminum sheet and extrusions | 111,219 | 19.0% | 5,659 | 5.1% |
| Fabricated products and others | 177,660 | 30.3% | 5,962 | 3.4% |
| Aluminum foil, powder and paste | 113,011 | 19.3% | 7,650 | 6.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Aluminum ingot and chemicals | 31.4% | 34.0% | 2.7 | 5.4% |
| Aluminum sheet and extrusions | 19.0% | 19.4% | 0.4 | 5.1% |
| Fabricated products and others | 30.3% | 20.4% | -9.9 | 3.4% |
| Aluminum foil, powder and paste | 19.3% | 26.2% | 6.9 | 6.8% |

Segment → industry: Aluminum foil, powder and paste → Non-ferrous Metals & Wires / Fabricated products and others → Non-ferrous Metals & Wires / Aluminum sheet and extrusions → Non-ferrous Metals & Wires / Aluminum ingot and chemicals → Non-ferrous Metals & Wires / Aluminum ingot and chemicals → Chemicals / Fabricated products and others → Trucks & Buses

## 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 | 25,623 | 4.4% | S100YFJY |
| Capital expenditure | 21,973 | 3.8% | S100YFJY |
| Free cash flow | 3,650 | 0.6% | 算出 |
| Investing cash flow | -18,082 | -3.1% | S100YFJY |
| Financing cash flow | -9,768 | -1.7% | S100YFJY |
| Dividends paid | 4,658 | 0.8% | S100YFJY |
| Change in cash | -1,727 | -0.3% | S100YFJY |
| Cash and equivalents | 33,119 | 5.7% | S100YFJY |

## 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 | 45,145 | 31,263 | 35,087 | 34,690 | 33,119 | S100TRHJ, S100W19M, S100YFJY |
| Total assets | 532,601 | 526,201 | 544,095 | 544,307 | 556,315 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Net assets | 220,907 | 220,758 | 238,997 | 250,481 | 267,934 | S100TRHJ, S100W19M, S100YFJY |
| Share capital | 46,525 | 46,525 | 46,525 | 46,525 | 46,525 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Property, plant and equipment | 175,923 | 174,249 | 178,637 | 177,337 | 179,810 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Intangible assets excluding goodwill | 12,390 | 12,163 | 11,973 | 11,153 | 10,398 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Goodwill | 2,442 | 1,771 | 1,461 | 1,150 | 869 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Investment securities | 29,798 | 33,546 | 38,177 | 38,369 | 40,705 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Current assets | 296,727 | 292,333 | 301,982 | 304,858 | 312,786 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Current liabilities | 190,542 | 196,479 | 218,028 | 186,528 | 156,062 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Trade payables | 72,324 | 68,539 | 73,546 | 62,380 | 59,871 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Short-term borrowings | 66,276 | 80,290 | 86,228 | 68,399 | 44,908 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Long-term borrowings | 76,427 | 69,612 | 62,375 | 85,618 | 110,318 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Bonds | 734 | 801 | 908 | 897 | 959 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Interest-bearing debt | 143,437 | 150,703 | 149,511 | 154,914 | 156,185 | 算出 |
| Total liabilities | 311,694 | 305,443 | 305,098 | 293,826 | 288,381 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Non-controlling interests | 17,818 | 15,283 | 16,837 | 17,350 | 19,248 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Equity attributable to owners of parent | 194,967 | 196,455 | 205,120 | 213,131 | 224,681 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Retained earnings | 129,465 | 130,938 | 139,638 | 148,321 | 159,200 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |
| Treasury stock | -130 | -95 | -74 | -762 | -639 | S100R5BP, S100TRHJ, S100W19M, S100YFJY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YFJY |
| Property, plant and equipment | 32% | S100YFJY |
| Intangibles and goodwill | 2% | S100YFJY |
| Investment securities | 7% | S100YFJY |
| Other assets | 53% | S100YFJY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YFJY |
| Interest-bearing debt | 28% | 算出 |
| Other liabilities | 13% | S100YFJY |
| Equity | 48% | S100YFJY |

### 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 | 532,601 | 526,201 | 544,095 | 544,307 | 556,315 |
| Equity | 220,907 | 220,758 | 238,997 | 250,481 | 267,934 |
| Interest-bearing debt | 143,437 | 150,703 | 149,511 | 154,914 | 156,185 |
| Cash | 45,145 | 31,263 | 35,087 | 34,690 | 33,119 |

## 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) | 30.7% | S100YFJY |
| Fixed assets ÷ total assets | 32.3% | S100YFJY |
| Goodwill ÷ parent equity | 0.4% | S100YFJY |

Goodwill over 4 years: 2,442 → 869 JPY; total investing cash flow: -94,264 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) | 6.0% |
| Cash ÷ revenue | 5.7% |
| Net cash (cash − interest-bearing debt) | -¥123.1B |
| Net debt ÷ operating cash flow | 4.80× |
| Cash conversion (operating CF ÷ operating income) | 100.0% |
| Cash vs. profit gap | 10,033 JPY mn (of net income 64.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 127.6% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 70.6% |

## 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 | 3.4% | 0.91× | 3.1% | 2.73× | 8.6% | S100R5BP |
| 2023 | 1.4% | 0.98× | 1.4% | 2.71× | 3.7% | S100TRHJ |
| 2024 | 1.9% | 0.98× | 1.9% | 2.67× | 5.0% | S100W19M |
| 2025 | 2.2% | 1.01× | 2.3% | 2.60× | 5.9% | S100YFJY |
| 2026 | 2.7% | 1.06× | 2.8% | 2.51× | 7.1% | S100YFJY |

## 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 | 14.8% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 8.1% | 2026-03-31 |
| 日軽ケイユー会 | Major shareholder | 3.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人） ㈱みずほ銀行決済営業部 | Major shareholder | 3.0% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 2.6% | 2026-03-31 |
| 第一生命保険㈱ | Major shareholder | 2.4% | 2026-03-31 |
| 公益財団法人軽金属奨学会 | Major shareholder | 2.4% | 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 | 2.2% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人） ㈱みずほ銀行決済営業部 | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the year ending March 2026 was ¥585.5B, up +6.4% from ¥550.2B.
- Operating income climbed +17.9% to ¥25.6B and net income +26.0% to ¥15.6B, both outpacing sales.
- Operating cash flow rose from ¥12.1B to ¥25.6B, and free cash flow turned positive at ¥3.65B after a negative prior year.

### Drivers

- Recycled alloy for cars sold well in the US, and chemicals and aluminum powder for heat-dissipation uses grew.
- Price increases for truck bodies and auto parts sharply improved profit in the fabricated products segment.
- Sheet and extrusions were held back by weak demand from chipmaking-equipment makers and higher aluminum costs.

### Risks

- When aluminum ingot prices rise, fabricated products close to end users cannot always pass the cost on right away.
- A downturn in Japan or a shift in customer needs could cut sales.
- Sales and assets in foreign currencies expose results to exchange-rate swings.

Cited: Annual Securities Report, 14th fiscal period (Apr 2025–Mar 2026) (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, 14th fiscal period (Apr 2025–Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YFJY | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFJY,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W19M | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W19M,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TRHJ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRHJ,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R5BP | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5BP,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OE8P | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE8P,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LPGD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPGD,, |

## 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).