# Nomura Real Estate Holdings, Inc.: 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22期(2025/04/01－2026/03/31) (S100YH2N)
> Page: https://vizora.meequs.com/en/company/nomura-real-estate-holdings
> Retrieved: 2026-09-30T19:19:52.452Z

## Company

Nomura Real Estate Holdings, founded in 2004, is a company in Condominium Developers listed on TSE Prime. It has 9,043 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nomura Real Estate Holdings, Inc. |
| Ticker | 3231 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3231.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 新井 聡 |
| Founded | Jun 2004 |
| Share capital | ¥119.8B |
| Employees (consolidated) | 9,043 |
| Average salary (parent only) | ¥12.5M |
| Fiscal year end | March |
| Website | www.nomura-re-hd.co.jp (https://www.nomura-re-hd.co.jp/) |
| Corporate number | 3011101037398 |
| EDINET | E04060 |
| Industries (Vizora) | Condominium Developers, Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YH2N, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 21 |
| Profitability | 82 | 25 |
| Cash conversion | 70 | 25 |
| Efficiency | 14 | 25 |
| Financial strength | 3.6 | 14 |

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 46% of Nomura Real Estate Holdings's sales come from Residential Development Business, with Commercial Real Estate Business and Property and Facility Management Business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +24.4% from the prior year, operating profit +16.2%.

## Company structure

- Segment revenue mix: Residential Development Business 45.8%、Commercial Real Estate Business 33.8%、Property and Facility Management Business 11.6%、Property Brokerage and CRE Business 6.6%、Investment Management Business 1.7%
- Revenue → net income: ¥942505000000 → ¥82956000000
- Net income → operating cash flow: ¥82956000000 → ¥44906000000（difference ¥-38050000000）
- Main uses of operating cash flow: CapEx ¥69165000000 / dividends ¥30990000000 / buybacks ¥8197000000
- Change in cash: ¥1565000000
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 | ¥942.5B |  |
| Operating income | ¥138.2B | Margin 14.7% |
| Net income | ¥82.9B | Margin 8.8% |
| Free cash flow | -¥24.3B |  |
| Largest business | Residential Development Business | of segment revenue 45.8% |
| Employees (consolidated) | 9,043 |  |
| EPS | ¥46.26 |  |
| Diluted EPS | ¥46.25 |  |
| Book value per share | ¥595.49 |  |
| Equity ratio | 28.5% |  |
| Shares outstanding | 917,927,000 |  |
| Treasury shares | 44,663,500 |  |
| Shareholders | 105,340 |  |
| Average salary (parent only) | ¥12.5M | Filing company only |
| Cash ratio | 1.3% | Net cash -¥1.49T · Cash ÷ revenue 3.9% |
| Vs. industry median margin | +6.6 pp | Condominium Developers |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +23% over five years
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥580660000000 | ¥942505000000 | +62.3% |
| Operating income | ¥76333000000 | ¥138242000000 | +81.1% |
| Operating margin | 13.1% | 14.7% | +1.5 pp |
| Employees | 7,390 people | 9,043 people | +22.4% |
| Cash and equivalents | ¥70624000000 | ¥36842000000 | -47.8% |

### 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 |
| --- | ---: |
| 住宅事業 → 住宅事業 | 45.8% |
| 住宅事業 → 事業再編・廃止 | 1.0% |
| 都市開発事業 → 都市開発事業 | 29.9% |
| 資産運用事業 → 資産運用事業 | 1.7% |
| 資産運用事業 → 事業再編・廃止 | 0.4% |
| 仲介・CRE事業 → 仲介・CRE事業 | 6.3% |
| 運営管理事業 → 運営管理事業 | 11.6% |
| 運営管理事業 → 事業再編・廃止 | 2.8% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 都市開発事業 | 3.9% |
| 新設・再編 → 海外事業 | 0.4% |
| 新設・再編 → 仲介・CRE事業 | 0.3% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Residential Development Business | 5 years | +9.7% | ¥431723000000 | 14.0% | 2 |
| Commercial Real Estate Business | 5 years | +12.9% | ¥318711000000 | 16.9% | 2 |
| Property and Facility Management Business | 5 years | +5.5% | ¥109653000000 | 12.3% | 2 |
| Property Brokerage and CRE Business | 5 years | +11.2% | ¥62322000000 | 30.5% | 2 |
| Investment Management Business | 5 years | +5.3% | ¥16102000000 | 64.7% | 2 |
| Overseas Business | 4 years | +9.1% | ¥3718000000 | -127.0% | 2 |
| Other | 5 years | -33.0% | ¥275000000 | 34.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 942,505 | 100.0% | S100YH2N |
| SG&A | 164,339 | 17.4% | S100YH2N |
| Operating income | 138,242 | 14.7% | S100YH2N |
| Ordinary income | 124,807 | 13.2% | S100YH2N |
| Pretax income | 109,478 | 11.6% | S100YH2N |
| Income tax | 26,521 | 2.8% | S100YH2N |
| Net income | 82,956 | 8.8% | S100YH2N |
| Net income attributable to owners | 82,880 | 8.8% | S100YH2N |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 85 |
| Operating income | 15 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 14.7% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.4%; Core profit growth: +16.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.66×
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 | 757,638 | 942,505 | 184,867 | +24.4% |
| Operating income | 118,958 | 138,242 | 19,284 | +16.2% |
| Net income attributable to owners | 74,835 | 82,880 | 8,045 | +10.8% |
| Operating cash flow | -133,793 | 44,906 | 178,699 | — |
| Free cash flow | -301,136 | -24,259 | 276,877 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 676,495 | 81,905 | 12.1% | 48,886 | 56,618 | 36,255 | S100LN6Y |
| FY ending Mar 2021 | 580,660 | 76,333 | 13.1% | 42,198 | -63,504 | -109,169 | S100OE9F |
| FY ending Mar 2022 | 645,049 | 91,210 | 14.1% | 55,312 | 52,793 | 16,175 | S100R1SN |
| FY ending Mar 2023 | 654,735 | 99,598 | 15.2% | 64,520 | -42,809 | -86,873 | S100TONZ |
| FY ending Mar 2024 | 734,715 | 112,114 | 15.3% | 68,164 | 70,878 | 4,865 | S100W3XD |
| FY ending Mar 2025 | 757,638 | 118,958 | 15.7% | 74,835 | -133,793 | -301,136 | S100YH2N |
| FY ending Mar 2026 | 942,505 | 138,242 | 14.7% | 82,880 | 44,906 | -24,259 | S100YH2N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥104.2M |
| Operating income per employee (consolidated) | ¥15.3M |
| Net income per employee (consolidated) | ¥9.2M |

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) | 7,548 | 7,695 | 7,929 | 8,732 | 9,043 |
| Average salary (parent company) | ¥10.2M | ¥10.3M | ¥10.9M | ¥11.8M | ¥12.5M |
| Average age (parent company) | 42.0 years | 41.6 years | 41.2 years | 41.7 years | 41.9 years |
| Average tenure (parent company) | 13.9 years | 12.7 years | 12.9 years | 13.5 years | 13.5 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +24.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Residential Development Business | 431,723 | 45.8% | 60,588 | 14.0% |
| Commercial Real Estate Business | 318,711 | 33.8% | 53,710 | 16.9% |
| Overseas Business | 3,718 | 0.4% | -4,723 | -127.0% |
| Investment Management Business | 16,102 | 1.7% | 10,421 | 64.7% |
| Property Brokerage and CRE Business | 62,322 | 6.6% | 18,982 | 30.5% |
| Property and Facility Management Business | 109,653 | 11.6% | 13,493 | 12.3% |
| Other | 275 | 0.0% | 94 | 34.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Residential Development Business | 45.8% | 38.5% | -7.3 | 14.0% |
| Commercial Real Estate Business | 33.8% | 34.1% | 0.3 | 16.9% |
| Overseas Business | 0.4% | — | — | -127.0% |
| Investment Management Business | 1.7% | 6.6% | 4.9 | 64.7% |
| Property Brokerage and CRE Business | 6.6% | 12.1% | 5.5 | 30.5% |
| Property and Facility Management Business | 11.6% | 8.6% | -3.1 | 12.3% |
| Other | 0.0% | 0.1% | 0.0 | 34.2% |

Loss-making segment (excluded from profit shares): Overseas Business -4,723 JPY mn

Segment → industry: Residential Development Business → Condominium Developers / Residential Development Business → Homebuilders / Commercial Real Estate Business → Real Estate Development & Leasing / Overseas Business → Real Estate Development & Leasing / Investment Management Business → Real Estate Development & Leasing / Property Brokerage and CRE Business → Real Estate Brokerage & Management / Property and Facility Management Business → Real Estate Brokerage & Management

## 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 | 44,906 | 4.8% | S100YH2N |
| Capital expenditure | 69,165 | 7.3% | S100YH2N |
| Free cash flow | -24,259 | -2.6% | 算出 |
| Investing cash flow | -59,067 | -6.3% | S100YH2N |
| Financing cash flow | 15,643 | 1.7% | S100YH2N |
| Dividends paid | 30,990 | 3.3% | S100YH2N |
| Share buyback | 8,197 | 0.9% | S100YH2N |
| Change in cash | 1,565 | 0.2% | S100YH2N |
| Cash and equivalents | 36,842 | 3.9% | S100YH2N |

## 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 | 67,793 | 27,770 | 53,811 | 35,894 | 36,842 | S100TONZ, S100W3XD, S100YH2N |
| Total assets | 2,040,506 | 2,110,693 | 2,251,456 | 2,686,569 | 2,811,989 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Net assets | 621,398 | 655,737 | 692,440 | 751,439 | 802,729 | S100TONZ, S100W3XD, S100YH2N |
| Share capital | 118,604 | 119,054 | 119,479 | 119,706 | 119,836 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Property, plant and equipment | 726,386 | 706,472 | 740,301 | 890,250 | 772,305 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Intangible assets excluding goodwill | 19,933 | 20,384 | 17,336 | 36,278 | 38,815 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Goodwill | 3,993 | 3,663 | 2,173 | 18,265 | 16,852 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Investment securities | 101,155 | 142,031 | 178,949 | 189,916 | 246,296 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Current assets | 1,126,802 | 1,182,306 | 1,256,777 | 1,484,563 | 1,647,512 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Current liabilities | 357,980 | 327,829 | 331,064 | 600,622 | 457,202 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Trade payables | 80,992 | 65,805 | 78,651 | 94,382 | 87,759 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Short-term borrowings | 108,500 | 117,864 | 97,688 | 211,799 | 142,632 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Long-term borrowings | 754,235 | 853,684 | 945,040 | 1,053,505 | 1,213,732 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Bonds | 150,000 | 130,000 | 140,000 | 140,000 | 167,000 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Interest-bearing debt | 1,012,735 | 1,101,548 | 1,182,728 | 1,405,304 | 1,523,364 | 算出 |
| Total liabilities | 1,419,107 | 1,454,956 | 1,559,015 | 1,935,129 | 2,009,259 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Non-controlling interests | 1,708 | 1,772 | 1,154 | 1,260 | 1,411 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Equity attributable to owners of parent | 604,115 | 636,107 | 675,381 | 718,506 | 764,519 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Retained earnings | 382,382 | 427,064 | 472,152 | 519,307 | 571,197 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |
| Treasury stock | -11,864 | -25,456 | -31,903 | -36,220 | -42,357 | S100R1SN, S100TONZ, S100W3XD, S100YH2N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YH2N |
| Property, plant and equipment | 27% | S100YH2N |
| Intangibles and goodwill | 2% | S100YH2N |
| Investment securities | 9% | S100YH2N |
| Other assets | 61% | S100YH2N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YH2N |
| Interest-bearing debt | 54% | 算出 |
| Other liabilities | 14% | S100YH2N |
| Equity | 29% | S100YH2N |
| Other liabilities | 0% | S100YH2N |

### 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 | 2,040,506 | 2,110,693 | 2,251,456 | 2,686,569 | 2,811,989 |
| Equity | 621,398 | 655,737 | 692,440 | 751,439 | 802,729 |
| Interest-bearing debt | 1,012,735 | 1,101,548 | 1,182,728 | 1,405,304 | 1,523,364 |
| Cash | 67,793 | 27,770 | 53,811 | 35,894 | 36,842 |

## 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) | 81.9% | S100YH2N |
| Fixed assets ÷ total assets | 27.5% | S100YH2N |
| Goodwill ÷ parent equity | 2.2% | S100YH2N |

Goodwill over 4 years: 3,993 → 16,852 JPY; total investing cash flow: -455,242 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) | 1.3% |
| Cash ÷ revenue | 3.9% |
| Net cash (cash − interest-bearing debt) | -¥1.49T |
| Net debt ÷ operating cash flow | 33.10× |
| Cash conversion (operating CF ÷ operating income) | 32.5% |
| Cash vs. profit gap | -37,974 JPY mn (of net income -45.8%) |
| Shareholder returns / net income | 47.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 131.5% |

## 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 | 8.6% | 0.32× | 2.7% | 3.38× | 9.2% | S100R1SN |
| 2023 | 9.9% | 0.32× | 3.1% | 3.35× | 10.4% | S100TONZ |
| 2024 | 9.3% | 0.34× | 3.1% | 3.33× | 10.4% | S100W3XD |
| 2025 | 9.9% | 0.31× | 3.0% | 3.54× | 10.7% | S100YH2N |
| 2026 | 8.8% | 0.34× | 3.0% | 3.71× | 11.2% | S100YH2N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野村ホールディングス株式会社 | Major shareholder | 37.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 野村不動産ホールディングス従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（役員報酬BIP信託口・76272口） | Major shareholder | 1.8% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| STICHTING PENSIOENFONDS ZORG EN WELZIJN （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥942.5B, up +24.4% from ¥757.6B.
- Profit grew as well: operating income reached ¥138.2B (+16.2%) and net income attributable to owners ¥82.9B (+10.8%).
- Operating cash flow turned positive at ¥44.9B after -¥133.8B the year before, though free cash flow stayed negative at -¥24.3B.

### Drivers

- Residential: higher average prices for homes sold and more sales of income properties such as rental apartments and hotels
- Urban development: more sales of income properties such as offices
- Overseas: fewer homes were booked as sold in Vietnam, so revenue and profit fell

### Risks

- Rising construction costs and tougher competition for land could keep the company from securing the volume of projects it plans
- Interest rates rising more than expected would raise borrowing costs
- Weaker overseas economies or property markets, or financial trouble at local contractors or joint-venture partners, could hurt overseas profits

Cited: Annual Securities Report, 22nd fiscal year (Apr 2025 - Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 22nd fiscal year (Apr 2025 - Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YH2N | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH2N,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W3XD | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3XD,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TONZ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TONZ,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R1SN | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1SN,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OE9F | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE9F,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LN6Y | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN6Y,, |

## 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).