# Nippon Paper Industries Co., 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102期(2025/04/01－2026/03/31) (S100YJ5X)
> Page: https://vizora.meequs.com/en/company/nipponpapergroup
> Retrieved: 2026-09-30T19:40:58.765Z

## Company

Nippon Paper Industries, founded in 1949, is a company in Paper & Pulp listed on TSE Prime. It has 15,042 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Paper Industries Co., Ltd. |
| Ticker | 3863 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3863.T) |
| Listing | TSE Prime |
| Head office | 東京都北区王子一丁目4番1号(上記は登記上の本店所在地であり実際の本社業務は下記にて行っています。)東京都千代田区神田駿河台四丁目6番地 |
| Representative (per filing) | 代表取締役社長 瀬邊明 |
| Founded | Aug 1949 |
| Share capital | ¥104.9B |
| Employees (consolidated) | 15,042 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.nipponpapergroup.com (https://www.nipponpapergroup.com/) |
| Corporate number | 8011501009422 |
| EDINET | E11873 |
| Industries (Vizora) | Paper & Pulp, Electric Power & Gas, Food Packaging, Housing Equipment & Building Materials, Toiletries & Household Products |

> Profile source: annual securities report (S100YJ5X, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.5 | 17 |
| Profitability | 14.7 | 17 |
| Cash conversion | 79.4 | 17 |
| Efficiency | 32.4 | 17 |
| Financial strength | 10 | 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 47% of Nippon Paper Industries's sales come from Paper and paperboard, with Lifestyle and Wood products and construction related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit +27.9%.

## Company structure

- Segment revenue mix: Paper and paperboard 46.8%、Lifestyle 40.4%、Wood products and construction related 6.4%、Energy project 3.6%、Other 2.8%
- Revenue → net income: ¥1192606000000 → ¥13800000000
- Net income → operating cash flow: ¥13800000000 → ¥74986000000（difference ¥61186000000）
- Main uses of operating cash flow: CapEx ¥54287000000 / dividends ¥1735000000 / buybacks ¥286000000
- Change in cash: ¥21470000000
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 | ¥1.19T |  |
| Operating income | ¥25.2B | Margin 2.1% |
| Net income | ¥11.7B | Margin 1.0% |
| Free cash flow | ¥20.7B |  |
| Largest business | Paper and paperboard | of segment revenue 46.8% |
| Employees (consolidated) | 15,042 |  |
| EPS | ¥148.57 |  |
| Book value per share | ¥2912.87 |  |
| Equity ratio | 29.2% |  |
| Shares outstanding | 116,254,892 |  |
| Treasury shares | 635,400 |  |
| Shareholders | 195,492 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 11.9% | Net cash -¥620.8B · Cash ÷ revenue 17.4% |
| Vs. industry median margin | -1.6 pp | Paper & Pulp |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.4× net income
- FY2026, segment profit share differs by -44 points
- FY2026, employees -1% while operating income rose 28%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1007339000000 | ¥1192606000000 | +18.4% |
| Operating income | ¥19233000000 | ¥25205000000 | +31.1% |
| Operating margin | 1.9% | 2.1% | +0.2 pp |
| Employees | 16,156 people | 15,042 people | -6.9% |
| Cash and equivalents | ¥69698000000 | ¥207411000000 | +197.6% |

### 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 |
| --- | ---: |
| 紙・板紙事業 → 紙・板紙事業 | 46.8% |
| 紙・板紙事業 → 事業再編・廃止 | 9.6% |
| 生活関連事業 → 生活関連事業 | 31.6% |
| エネルギー事業 → エネルギー事業 | 3.3% |
| 木材 ・ 建材 ・ 土木建設関連事業 → 木材 ・ 建材 ・ 土木建設関連事業 | 5.9% |
| その他 → その他 | 2.8% |
| 新設・再編 → 生活関連事業 | 8.9% |
| 新設・再編 → エネルギー事業 | 0.3% |
| 新設・再編 → 木材 ・ 建材 ・ 土木建設関連事業 | 0.5% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Paper and paperboard | 5 years | -0.4% | ¥557863000000 | 0.1% | 2 |
| Lifestyle | 5 years | +8.7% | ¥482017000000 | 1.5% | 2 |
| Wood products and construction related | 5 years | +5.0% | ¥76530000000 | 13.1% | 2 |
| Energy project | 5 years | +5.3% | ¥43195000000 | 7.7% | 2 |
| Other | 5 years | +3.5% | ¥33000000000 | 9.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,192,606 | 100.0% | S100YJ5X |
| Cost of revenue | 993,594 | 83.3% | S100YJ5X |
| Gross profit | 199,012 | 16.7% | S100YJ5X |
| SG&A | 173,806 | 14.6% | S100YJ5X |
| Operating income | 25,205 | 2.1% | S100YJ5X |
| Ordinary income | 23,098 | 1.9% | S100YJ5X |
| Pretax income | 24,460 | 2.1% | S100YJ5X |
| Income tax | 10,660 | 0.9% | S100YJ5X |
| Net income | 13,800 | 1.2% | S100YJ5X |
| Net income attributable to owners | 11,743 | 1.0% | S100YJ5X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.7% → Operating margin 2.1% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.9%; Core profit growth: +27.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 32.43×
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 | 1,182,431 | 1,192,606 | 10,175 | +0.9% |
| Gross profit | 191,062 | 199,012 | 7,950 | +4.2% |
| Operating income | 19,706 | 25,205 | 5,499 | +27.9% |
| Net income attributable to owners | 4,539 | 11,743 | 7,204 | +158.7% |
| Operating cash flow | 72,790 | 74,986 | 2,196 | +3.0% |
| Free cash flow | 21,718 | 20,699 | -1,019 | -4.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,043,912 | 35,048 | 3.4% | 14,212 | 67,036 | -640 | S100LRPU |
| FY ending Mar 2021 | 1,007,339 | 19,233 | 1.9% | 3,196 | 84,197 | 22,722 | S100OSWQ |
| FY ending Mar 2022 | 1,045,086 | 12,090 | 1.2% | 1,990 | 72,378 | 12,695 | S100R8UQ |
| FY ending Mar 2023 | 1,152,645 | -26,855 | -2.3% | -50,406 | 65,823 | -23,534 | S100TU89 |
| FY ending Mar 2024 | 1,167,314 | 17,266 | 1.5% | 22,747 | 90,283 | 28,619 | S100W5KI |
| FY ending Mar 2025 | 1,182,431 | 19,706 | 1.7% | 4,539 | 72,790 | 21,718 | S100YJ5X |
| FY ending Mar 2026 | 1,192,606 | 25,205 | 2.1% | 11,743 | 74,986 | 20,699 | S100YJ5X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.3M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥780.7K |

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) | 16,129 | 15,959 | 15,557 | 15,145 | 15,042 |
| Average salary (parent company) | ¥6.7M | ¥6.6M | ¥6.5M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 43.0 years | 43.0 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 21.0 years | 21.0 years | 21.0 years | 21.0 years | 21.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paper and paperboard | 557,863 | 46.8% | 564 | 0.1% |
| Lifestyle | 482,017 | 40.4% | 7,172 | 1.5% |
| Energy project | 43,195 | 3.6% | 3,332 | 7.7% |
| Wood products and construction related | 76,530 | 6.4% | 10,033 | 13.1% |
| Other | 33,000 | 2.8% | 3,200 | 9.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paper and paperboard | 46.8% | 2.3% | -44.5 | 0.1% |
| Lifestyle | 40.4% | 29.5% | -10.9 | 1.5% |
| Energy project | 3.6% | 13.7% | 10.1 | 7.7% |
| Wood products and construction related | 6.4% | 41.3% | 34.9 | 13.1% |
| Other | 2.8% | 13.2% | 10.4 | 9.7% |

Segment → industry: Paper and paperboard → Paper & Pulp / Energy project → Electric Power & Gas / Lifestyle → Food Packaging / Wood products and construction related → Housing Equipment & Building Materials / Lifestyle → Toiletries & Household Products

## 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 | 74,986 | 6.3% | S100YJ5X |
| Capital expenditure | 54,287 | 4.6% | S100YJ5X |
| Free cash flow | 20,699 | 1.7% | 算出 |
| Investing cash flow | -43,581 | -3.7% | S100YJ5X |
| Financing cash flow | -7,863 | -0.7% | S100YJ5X |
| Dividends paid | 1,735 | 0.1% | S100YJ5X |
| Share buyback | 286 | 0.0% | S100YJ5X |
| Change in cash | 21,470 | 1.8% | S100YJ5X |
| Cash and equivalents | 207,411 | 17.4% | S100YJ5X |

## 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 | 136,216 | 144,346 | 164,858 | 185,941 | 207,411 | S100TU89, S100W5KI, S100YJ5X |
| Total assets | 1,639,286 | 1,666,542 | 1,731,245 | 1,703,308 | 1,738,479 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Net assets | 438,604 | 415,200 | 495,648 | 510,435 | 540,507 | S100TU89, S100W5KI, S100YJ5X |
| Share capital | 104,873 | 104,873 | 104,873 | 104,873 | 104,873 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Trade receivables | 245,205 | 189,128 | 204,990 | 180,296 | 181,228 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Property, plant and equipment | 774,989 | 796,820 | 805,331 | 783,982 | 788,917 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Intangible assets excluding goodwill | 23,278 | 22,540 | 22,599 | 13,210 | 11,647 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Goodwill | 8,653 | 8,259 | 7,821 | — | — | S100R8UQ, S100TU89, S100W5KI |
| Investment securities | 180,356 | 166,626 | 174,726 | 172,984 | 179,647 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Current assets | 617,934 | 627,705 | 638,613 | 638,305 | 665,069 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Current liabilities | 469,135 | 504,585 | 494,769 | 479,192 | 462,541 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Trade payables | 141,435 | 154,167 | 157,815 | 142,222 | 135,711 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Short-term borrowings | 185,703 | 214,383 | 207,176 | 231,334 | 192,341 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Long-term borrowings | 597,259 | 607,850 | 577,083 | 560,682 | 610,911 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Bonds | 50,000 | 50,000 | 65,000 | 55,000 | 25,000 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Interest-bearing debt | 832,962 | 872,233 | 849,259 | 847,016 | 828,252 | 算出 |
| Total liabilities | 1,200,682 | 1,251,341 | 1,235,597 | 1,192,873 | 1,197,971 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Non-controlling interests | 11,672 | 20,547 | 26,859 | 28,409 | 32,040 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Equity attributable to owners of parent | 357,879 | 303,765 | 326,487 | 330,974 | 340,848 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Retained earnings | 38,365 | -15,765 | 7,102 | 11,547 | 21,554 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |
| Treasury stock | -1,776 | -1,759 | -1,904 | -1,840 | -1,972 | S100R8UQ, S100TU89, S100W5KI, S100YJ5X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YJ5X |
| Receivables | 11% | S100YJ5X |
| Property, plant and equipment | 45% | S100YJ5X |
| Intangibles and goodwill | 1% | S100YJ5X |
| Investment securities | 10% | S100YJ5X |
| Other assets | 21% | S100YJ5X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJ5X |
| Interest-bearing debt | 48% | 算出 |
| Other liabilities | 13% | S100YJ5X |
| Equity | 31% | S100YJ5X |
| Other liabilities | 0% | S100YJ5X |

### 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 | 1,639,286 | 1,666,542 | 1,731,245 | 1,703,308 | 1,738,479 |
| Equity | 438,604 | 415,200 | 495,648 | 510,435 | 540,507 |
| Interest-bearing debt | 832,962 | 872,233 | 849,259 | 847,016 | 828,252 |
| Cash | 136,216 | 144,346 | 164,858 | 185,941 | 207,411 |

## 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) | 66.2% | S100YJ5X |
| Fixed assets ÷ total assets | 45.4% | S100YJ5X |
| Goodwill ÷ parent equity | — | —, S100YJ5X |

### 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) | 11.9% |
| Cash ÷ revenue | 17.4% |
| Net cash (cash − interest-bearing debt) | -¥620.8B |
| Net debt ÷ operating cash flow | 8.28× |
| Cash conversion (operating CF ÷ operating income) | 297.5% |
| Cash vs. profit gap | 63,243 JPY mn (of net income 538.6%) |
| Shareholder returns / net income | 17.2% |
| Shareholder returns / FCF | 9.8% |
| Shareholder payments — dividends / net income | 14.8% |
| Shareholder payments — dividends / FCF | 8.4% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 58.1% |

## 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 | 0.2% | 0.64× | 0.1% | 4.58× | 0.6% | S100R8UQ |
| 2023 | — | —× | -3.0% | —× | — | S100TU89 |
| 2024 | 1.9% | 0.69× | 1.3% | 5.39× | 7.2% | S100W5KI |
| 2025 | 0.4% | 0.69× | 0.3% | 5.22× | 1.4% | S100YJ5X |
| 2026 | 1.0% | 0.69× | 0.7% | 5.12× | 3.5% | S100YJ5X |

## 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) (注)１ | Major shareholder | 11.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) (注)１ | Major shareholder | 6.9% | 2026-03-31 |
| 日本製紙従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| ステート ストリート バンク アンド トラストカンパニー505223（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| 日本製紙取引先持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 野村 絢（常任代理人 三田証券株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラストカンパニー505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | 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 ¥1.19T, up a modest +0.9%.
- Profits grew much faster: operating income rose from ¥19.7B to ¥25.2B (+27.9%), and net income attributable to owners went from ¥4.54B to ¥11.7B (+158.7%).
- Operating cash flow increased to ¥75B (+3.0%), but free cash flow slipped to ¥20.7B (-4.7%).

### Drivers

- A new household tissue mill (Crecia Miyagi) contributed sales for the full year.
- Nippon Dynawave Packaging in North America returned to normal operation after a large maintenance shutdown in the prior year.
- Better efficiency at Opal's Maryvale mill in Australia cut costs and raised output, though paper export volumes fell on weak market conditions.

### Risks

- If the turnaround at Opal in Australia falls behind plan, group results could suffer.
- Demand for printing and office paper keeps shrinking as things go digital, and slow restructuring of production would hurt earnings.
- Prices for wood chips, recovered paper, coal and freight tend to rise with markets and labor shortages, and the company may not pass all of it on to customers.

Cited: Annual Securities Report (102nd term) (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 (102nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YJ5X | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ5X,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W5KI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5KI,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TU89 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU89,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R8UQ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8UQ,, |
| 訂正有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OSWQ | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSWQ,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LRPU | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPU,, |

## 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).