# NIPRO CORPORATION: 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73期(2025/04/01－2026/03/31) (S100YJLK)
> Page: https://vizora.meequs.com/en/company/nipro
> Retrieved: 2026-09-30T19:09:20.834Z

## Company

Nipro, founded in 1954, is a company in Medical Devices listed on TSE Prime. It has 38,593 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPRO CORPORATION |
| Ticker | 8086 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8086.T) |
| Listing | TSE Prime |
| Head office | 大阪府摂津市千里丘新町3番26号 |
| Representative (per filing) | 代表取締役社長 山崎剛司 |
| Founded | Jul 1954 |
| Share capital | ¥84.4B |
| Employees (consolidated) | 38,593 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.nipro.co.jp (https://www.nipro.co.jp/) |
| Corporate number | 8120001068678 |
| EDINET | E02688 |
| Industries (Vizora) | Medical Devices, Glass & Ceramics, Pharmaceuticals |

> Profile source: annual securities report (S100YJLK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.5 | 38 |
| Profitability | 21.8 | 39 |
| Cash conversion | 90.8 | 38 |
| Efficiency | 29.5 | 39 |

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 79% of Nipro's sales come from Medical treatment related, with Medicine related and PharmaPackaging making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +41.5%.

## Company structure

- Segment revenue mix: Medical treatment related 79.3%、Medicine related 12.3%、PharmaPackaging 8.3%、Other 0.2%
- Revenue → net income: ¥660538000000 → ¥15749000000
- Net income → operating cash flow: ¥15749000000 → ¥54657000000（difference ¥38908000000）
- Main uses of operating cash flow: CapEx ¥62291000000 / dividends ¥3761000000 / buybacks ¥17000000
- Change in cash: ¥-13294000000
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 | ¥660.5B |  |
| Operating income | ¥37.6B | Margin 5.7% |
| Net income | ¥13.5B | Margin 2.0% |
| Free cash flow | -¥7.63B |  |
| Largest business | Medical treatment related | of segment revenue 79.3% |
| Employees (consolidated) | 38,593 |  |
| EPS | ¥82.57 |  |
| Diluted EPS | ¥73.16 |  |
| Book value per share | ¥1275.07 |  |
| Equity ratio | 22.6% |  |
| Shares outstanding | 171,459,000 |  |
| Treasury shares | 7,764,400 |  |
| Shareholders | 46,831 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 7.3% | Net cash -¥480.3B · Cash ÷ revenue 13.4% |
| Vs. industry median margin | -5.4 pp | Medical Devices |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income
- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, employees -1% while operating income rose 41%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥455559000000 | ¥660538000000 | +45.0% |
| Operating income | ¥27627000000 | ¥37624000000 | +36.2% |
| Operating margin | 6.1% | 5.7% | -0.4 pp |
| Employees | 35,251 people | 38,593 people | +9.5% |
| Cash and equivalents | ¥85821000000 | ¥88366000000 | +3.0% |

### 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 |
| --- | ---: |
| 医療関連 → 医療関連 | 75.5% |
| 医薬関連 → 医薬関連 | 12.3% |
| 医薬関連 → 事業再編・廃止 | 3.6% |
| ファーマパッケージング → ファーマパッケージング | 8.3% |
| ファーマパッケージング → 事業再編・廃止 | 0.2% |
| その他 → その他 | 0.2% |
| 新設・再編 → 医療関連 | 3.8% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical treatment related | 5 years | +8.8% | ¥523615000000 | 10.0% | 2 |
| Medicine related | 5 years | +2.3% | ¥81107000000 | 14.9% | 2 |
| PharmaPackaging | 5 years | +7.2% | ¥54687000000 | -2.9% | 2 |
| Other | 5 years | +10.3% | ¥1128000000 | 83.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 660,538 | 100.0% | S100YJLK |
| Cost of revenue | 452,256 | 68.5% | S100YJLK |
| Gross profit | 208,282 | 31.5% | S100YJLK |
| SG&A | 170,657 | 25.8% | S100YJLK |
| Operating income | 37,624 | 5.7% | S100YJLK |
| Ordinary income | 19,721 | 3.0% | S100YJLK |
| Pretax income | 29,486 | 4.5% | S100YJLK |
| Income tax | 13,736 | 2.1% | S100YJLK |
| Net income | 15,749 | 2.4% | S100YJLK |
| Net income attributable to owners | 13,504 | 2.0% | S100YJLK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 26 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 31.5% → Operating margin 5.7% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +41.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.75×
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 | 644,586 | 660,538 | 15,952 | +2.5% |
| Gross profit | 190,883 | 208,282 | 17,399 | +9.1% |
| Operating income | 26,598 | 37,624 | 11,026 | +41.5% |
| Net income attributable to owners | 5,113 | 13,504 | 8,391 | +164.1% |
| Operating cash flow | 68,461 | 54,657 | -13,804 | -20.2% |
| Free cash flow | -8,133 | -7,634 | 499 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 442,516 | 26,420 | 6.0% | -12,281 | 37,246 | -20,697 | S100M0A9 |
| FY ending Mar 2021 | 455,559 | 27,627 | 6.1% | 14,209 | 66,093 | 14,911 | S100OJBW |
| FY ending Mar 2022 | 494,789 | 23,882 | 4.8% | 13,455 | 68,214 | -11,589 | S100R5KJ |
| FY ending Mar 2023 | 545,199 | 17,729 | 3.3% | 4,574 | 10,395 | -74,440 | S100TUDK |
| FY ending Mar 2024 | 586,785 | 22,335 | 3.8% | 11,109 | 72,936 | -21,267 | S100W5PM |
| FY ending Mar 2025 | 644,586 | 26,598 | 4.1% | 5,113 | 68,461 | -8,133 | S100YJLK |
| FY ending Mar 2026 | 660,538 | 37,624 | 5.7% | 13,504 | 54,657 | -7,634 | S100YJLK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.1M |
| Operating income per employee (consolidated) | ¥974.9K |
| Net income per employee (consolidated) | ¥349.9K |

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) | 36,259 | 38,770 | 38,117 | 39,168 | 38,593 |
| Average salary (parent company) | ¥6.6M | ¥5.7M | ¥5.8M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 40.7 years | 40.7 years | 40.7 years | 40.8 years | 40.8 years |
| Average tenure (parent company) | 13.1 years | 13.2 years | 13.4 years | 13.3 years | 13.3 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical treatment related | 523,615 | 79.3% | 52,338 | 10.0% |
| Medicine related | 81,107 | 12.3% | 12,096 | 14.9% |
| PharmaPackaging | 54,687 | 8.3% | -1,585 | -2.9% |
| Other | 1,128 | 0.2% | 940 | 83.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical treatment related | 79.3% | 80.1% | 0.8 | 10.0% |
| Medicine related | 12.3% | 18.5% | 6.2 | 14.9% |
| PharmaPackaging | 8.3% | — | — | -2.9% |
| Other | 0.2% | 1.4% | 1.3 | 83.3% |

Loss-making segment (excluded from profit shares): PharmaPackaging -1,585 JPY mn

Segment → industry: Medical treatment related → Medical Devices / PharmaPackaging → Glass & Ceramics / Medicine related → Pharmaceuticals

## 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 | 54,657 | 8.3% | S100YJLK |
| Capital expenditure | 62,291 | 9.4% | S100YJLK |
| Free cash flow | -7,634 | -1.2% | 算出 |
| Investing cash flow | -55,342 | -8.4% | S100YJLK |
| Financing cash flow | -8,122 | -1.2% | S100YJLK |
| Dividends paid | 3,761 | 0.6% | S100YJLK |
| Share buyback | 17 | 0.0% | S100YJLK |
| Change in cash | -13,294 | -2.0% | S100YJLK |
| Cash and equivalents | 88,366 | 13.4% | S100YJLK |

## 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 | 90,071 | 84,695 | 96,582 | 101,661 | 88,366 | S100TUDK, S100W5PM, S100YJLK |
| Total assets | 930,321 | 1,027,399 | 1,109,821 | 1,170,564 | 1,213,290 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Net assets | 199,867 | 242,173 | 269,788 | 311,621 | 334,772 | S100TUDK, S100W5PM, S100YJLK |
| Share capital | 84,397 | 84,397 | 84,397 | 84,397 | 84,397 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Trade receivables | 140,285 | 160,271 | 160,240 | 166,858 | 175,740 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Property, plant and equipment | 377,752 | 432,550 | 481,508 | 503,827 | 502,566 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Intangible assets excluding goodwill | 32,810 | 34,004 | 35,138 | 35,505 | 51,709 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Goodwill | 15,060 | 14,514 | 15,607 | 14,099 | 32,296 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Investment securities | 45,008 | 37,220 | 32,945 | 15,287 | 18,902 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Current assets | 437,459 | 489,289 | 524,166 | 574,418 | 594,832 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Current liabilities | 311,993 | 302,910 | 366,475 | 350,545 | 428,537 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Trade payables | 73,544 | 76,141 | 81,502 | 83,802 | 85,345 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Short-term borrowings | 150,675 | 130,570 | 160,367 | 156,174 | 186,007 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Long-term borrowings | 267,614 | 316,555 | 302,819 | 309,987 | 279,399 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Bonds | 78,700 | 76,700 | 82,000 | 103,000 | 103,252 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Interest-bearing debt | 496,989 | 523,825 | 545,186 | 569,161 | 568,658 | 算出 |
| Total liabilities | 730,453 | 785,225 | 840,032 | 858,942 | 878,518 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Non-controlling interests | 14,628 | 35,856 | 37,123 | 59,175 | 60,655 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Equity attributable to owners of parent | 168,316 | 169,170 | 177,970 | 178,431 | 188,445 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Retained earnings | 94,667 | 95,521 | 104,321 | 104,783 | 114,797 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |
| Treasury stock | -10,748 | -10,748 | -10,749 | -10,749 | -10,749 | S100R5KJ, S100TUDK, S100W5PM, S100YJLK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YJLK |
| Receivables | 15% | S100YJLK |
| Property, plant and equipment | 41% | S100YJLK |
| Intangibles and goodwill | 7% | S100YJLK |
| Investment securities | 2% | S100YJLK |
| Other assets | 28% | S100YJLK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YJLK |
| Interest-bearing debt | 47% | 算出 |
| Other liabilities | 18% | S100YJLK |
| Equity | 28% | S100YJLK |

### 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 | 930,321 | 1,027,399 | 1,109,821 | 1,170,564 | 1,213,290 |
| Equity | 199,867 | 242,173 | 269,788 | 311,621 | 334,772 |
| Interest-bearing debt | 496,989 | 523,825 | 545,186 | 569,161 | 568,658 |
| Cash | 90,071 | 84,695 | 96,582 | 101,661 | 88,366 |

## 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) | 76.1% | S100YJLK |
| Fixed assets ÷ total assets | 41.4% | S100YJLK |
| Goodwill ÷ parent equity | 17.1% | S100YJLK |

Goodwill over 4 years: 15,060 → 32,296 JPY; total investing cash flow: -364,464 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) | 7.3% |
| Cash ÷ revenue | 13.4% |
| Net cash (cash − interest-bearing debt) | -¥480.3B |
| Net debt ÷ operating cash flow | 8.79× |
| Cash conversion (operating CF ÷ operating income) | 145.3% |
| Cash vs. profit gap | 41,153 JPY mn (of net income 304.7%) |
| Shareholder returns / net income | 28.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.4% |
| Investing CF relative to operating CF | 101.3% |

## 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 | 2.7% | 0.53× | 1.4% | 5.53× | 8.0% | S100R5KJ |
| 2023 | 0.8% | 0.56× | 0.5% | 5.80× | 2.7% | S100TUDK |
| 2024 | 1.9% | 0.55× | 1.0% | 6.16× | 6.4% | S100W5PM |
| 2025 | 0.8% | 0.57× | 0.4% | 6.40× | 2.9% | S100YJLK |
| 2026 | 2.0% | 0.55× | 1.1% | 6.50× | 7.4% | S100YJLK |

## 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 | 10.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.5% | 2026-03-31 |
| 日本電気硝子株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| ＭＡＣＱＵＡＲＩＥ ＦＩＮＡＮＣＩＡＬ ＬＩＭＩＴＥＤ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５２２３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| みずほ証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| ニプロ従業員持株会 | Major shareholder | 1.6% | 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 | 1.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥660.5B, up +2.5% from ¥644.6B.
- Operating income grew much faster, rising +41.5% from ¥26.6B to ¥37.6B, and net income attributable to owners climbed +164.1% to ¥13.5B.
- Cash generation weakened: operating cash flow fell -20.2% to ¥54.7B, and free cash flow stayed negative at -¥7.63B.

### Drivers

- In Japan, price revisions and higher shipments of injectables lifted sales; abroad, dialyzer sales grew in the US, China and Europe.
- Lower material costs, better plant efficiency and new production lines raised gross profit enough to absorb higher shipping and sales costs.
- Net income was also boosted by one-off gains: a gain from taking control of a subsidiary and the sale of a regenerative medicine site.

### Risks

- The pharma packaging business lost money again, hurt by excess inventories of drug glass containers in Europe and the US.
- Cuts to drug and device reimbursement prices in Japan and cost control in healthcare worldwide could push selling prices down.
- A large share of sales is overseas, so currency swings matter, as do rising prices of petrochemical materials and parts from a limited set of suppliers.

Cited: Annual Securities Report, 73rd fiscal year (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, 73rd fiscal year (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YJLK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJLK,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W5PM | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5PM,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TUDK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUDK,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R5KJ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5KJ,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OJBW | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJBW,, |
| 訂正有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100M0A9 | 2021-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0A9,, |

## 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).