# Sekisui House,Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/02/01－2026/01/31) (S100XZ22)
> Page: https://vizora.meequs.com/en/company/sekisui-house
> Retrieved: 2026-09-30T20:27:55.815Z

## Company

Sekisui House, founded in 1976, is a company in Homebuilders listed on TSE Prime. It has 32,186 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sekisui House, Ltd. |
| Ticker | 1928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1928.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区大淀中一丁目1番88号 |
| Representative (per filing) | 代表取締役兼CEO 社長執行役員仲 井嘉浩 |
| Founded | Mar 1976 |
| Share capital | ¥203.3B |
| Employees (consolidated) | 32,186 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | January |
| Website | www.sekisuihouse.co.jp (https://www.sekisuihouse.co.jp/) |
| Corporate number | 8120001059652 |
| EDINET | E00143 |
| Industries (Vizora) | Homebuilders, General Contractors, Real Estate Brokerage & Management, Real Estate Development & Leasing, Condominium Developers |

> Profile source: annual securities report (S100XZ22, filed 2026-04-16). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.1 | 23 |
| Profitability | 78.8 | 26 |
| Cash conversion | 68.8 | 24 |
| Efficiency | 28.8 | 26 |
| Financial strength | 36.7 | 15 |

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 Sekisui House's sales come from Overseas, with Rental housing management and Development making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +3.0%.

## Company structure

- Segment revenue mix: Overseas 30.7%、Rental housing management 16.9%、Development 16.0%、Rental housing and commercial buildings 13.3%、Custom Detached Houses 11.4%
- Revenue → net income: ¥4197922000000 → ¥236579000000
- Net income → operating cash flow: ¥236579000000 → ¥216325000000（difference ¥-20254000000）
- Main uses of operating cash flow: CapEx ¥95088000000 / dividends ¥92712000000 / buybacks ¥14000000
- Change in cash: ¥44618000000
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 | ¥4.2T |  |
| Operating income | ¥341.4B | Margin 8.1% |
| Net income | ¥232.1B | Margin 5.5% |
| Free cash flow | ¥121.2B |  |
| Largest business | Overseas | of segment revenue 30.7% |
| Employees (consolidated) | 32,186 |  |
| EPS | ¥267.26 |  |
| Diluted EPS | ¥267.2 |  |
| Book value per share | ¥1701.28 |  |
| Equity ratio | 42.7% |  |
| Shares outstanding | 663,122,166 |  |
| Treasury shares | 15,260,900 |  |
| Shareholders | 328,965 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 8.7% | Net cash -¥1.23T · Cash ÷ revenue 10.4% |
| Vs. industry median margin | +2.7 pp | Homebuilders |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -21 points
- FY2026, employees 0% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2446904000000 | ¥4197922000000 | +71.6% |
| Operating income | ¥186519000000 | ¥341402000000 | +83.0% |
| Operating margin | 7.6% | 8.1% | +0.5 pp |
| Employees | 28,362 people | 32,186 people | +13.5% |
| Cash and equivalents | ¥600234000000 | ¥434925000000 | -27.5% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 戸建住宅事業 → 戸建住宅事業 | 11.4% |
| 戸建住宅事業 → 事業再編・廃止 | 1.8% |
| 賃貸住宅事業 → 事業再編・廃止 | 14.7% |
| 建築・土木事業 → 建築・土木事業 | 7.1% |
| 建築・土木事業 → 事業再編・廃止 | 5.3% |
| リフォーム事業 → リフォーム事業 | 4.5% |
| リフォーム事業 → 事業再編・廃止 | 1.3% |
| 不動産フィー事業 → 事業再編・廃止 | 22.8% |
| 分譲住宅事業 → 事業再編・廃止 | 5.7% |
| 国際事業 → 国際事業 | 15.1% |
| マンション事業 → 事業再編・廃止 | 3.2% |
| 都市再開発事業 → 事業再編・廃止 | 4.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 2.8% |
| 新設・再編 → 賃貸・事業用建物事業 | 13.3% |
| 新設・再編 → 賃貸住宅管理事業 | 16.9% |
| 新設・再編 → 開発事業 | 16.0% |
| 新設・再編 → 国際事業 | 15.5% |

Segment revenue source references: 18 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas | 5 years | +28.3% | ¥1286358000000 | 3.0% | 2 |
| Rental housing management | 3 years | +4.8% | ¥707428000000 | 9.8% | 2 |
| Development | 3 years | +20.2% | ¥670240000000 | 14.2% | 2 |
| Rental housing and commercial buildings | 3 years | +3.7% | ¥558082000000 | 15.7% | 2 |
| Custom Detached Houses | 5 years | +8.2% | ¥478799000000 | 10.0% | 2 |
| Architectural / Civil Engineering | 5 years | -0.3% | ¥298344000000 | 7.4% | 2 |
| Remodeling | 5 years | +5.8% | ¥186719000000 | 15.0% | 2 |
| Other | 5 years | -38.6% | ¥6215000000 | 51.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,197,922 | 100.0% | S100XZ22 |
| Cost of revenue | 3,358,103 | 80.0% | S100XZ22 |
| Gross profit | 839,819 | 20.0% | S100XZ22 |
| SG&A | 498,416 | 11.9% | S100XZ22 |
| Operating income | 341,402 | 8.1% | S100XZ22 |
| Ordinary income | 327,800 | 7.8% | S100XZ22 |
| Pretax income | 338,737 | 8.1% | S100XZ22 |
| Income tax | 102,157 | 2.4% | S100XZ22 |
| Net income | 236,579 | 5.6% | S100XZ22 |
| Net income attributable to owners | 232,095 | 5.5% | S100XZ22 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 12 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.0% → Operating margin 8.1% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +3.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.88×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,058,583 | 4,197,922 | 139,339 | +3.4% |
| Gross profit | 785,993 | 839,819 | 53,826 | +6.8% |
| Operating income | 331,366 | 341,402 | 10,036 | +3.0% |
| Net income attributable to owners | 217,705 | 232,095 | 14,390 | +6.6% |
| Operating cash flow | 62,885 | 216,325 | 153,440 | +244.0% |
| Free cash flow | -28,121 | 121,237 | 149,358 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 2,415,186 | 205,256 | 8.5% | 141,256 | 363,766 | 297,144 | S100L7U5 |
| FY ending Jan 2021 | 2,446,904 | 186,519 | 7.6% | 123,542 | 191,972 | 104,482 | S100NXTE |
| FY ending Jan 2022 | 2,589,579 | 230,160 | 8.9% | 153,905 | 118,034 | 35,083 | S100QMOJ |
| FY ending Jan 2023 | 2,928,835 | 261,489 | 8.9% | 184,520 | 125,464 | 33,302 | S100TAWB |
| FY ending Jan 2024 | 3,107,242 | 270,956 | 8.7% | 202,325 | 15,683 | -61,254 | S100VN43 |
| FY ending Jan 2025 | 4,058,583 | 331,366 | 8.2% | 217,705 | 62,885 | -28,121 | S100XZ22 |
| FY ending Jan 2026 | 4,197,922 | 341,402 | 8.1% | 232,095 | 216,325 | 121,237 | S100XZ22 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥130.4M |
| Operating income per employee (consolidated) | ¥10.6M |
| Net income per employee (consolidated) | ¥7.2M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 28,821 | 29,052 | 29,932 | 32,265 | 32,186 |
| Average salary (parent company) | ¥8M | ¥8.3M | ¥8.6M | ¥8.8M | ¥9.1M |
| Average age (parent company) | 43.3 years | 43.6 years | 43.8 years | 43.9 years | 43.5 years |
| Average tenure (parent company) | 16.7 years | 16.8 years | 16.5 years | 16.4 years | 16.2 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Custom Detached Houses | 478,799 | 11.4% | 48,035 | 10.0% |
| Rental housing and commercial buildings | 558,082 | 13.3% | 87,826 | 15.7% |
| Architectural / Civil Engineering | 298,344 | 7.1% | 22,049 | 7.4% |
| Rental housing management | 707,428 | 16.9% | 68,996 | 9.8% |
| Remodeling | 186,719 | 4.5% | 27,966 | 15.0% |
| Development | 670,240 | 16.0% | 94,970 | 14.2% |
| Overseas | 1,286,358 | 30.7% | 39,102 | 3.0% |
| Other | 6,215 | 0.1% | 3,203 | 51.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Custom Detached Houses | 11.4% | 12.2% | 0.8 | 10.0% |
| Rental housing and commercial buildings | 13.3% | 22.4% | 9.1 | 15.7% |
| Architectural / Civil Engineering | 7.1% | 5.6% | -1.5 | 7.4% |
| Rental housing management | 16.9% | 17.6% | 0.7 | 9.8% |
| Remodeling | 4.5% | 7.1% | 2.7 | 15.0% |
| Development | 16.0% | 24.2% | 8.2 | 14.2% |
| Overseas | 30.7% | 10.0% | -20.7 | 3.0% |
| Other | 0.1% | 0.8% | 0.7 | 51.5% |

Segment → industry: Custom Detached Houses → Homebuilders / Rental housing and commercial buildings → Homebuilders / Architectural / Civil Engineering → General Contractors / Rental housing management → Real Estate Brokerage & Management / Remodeling → Homebuilders / Development → Real Estate Development & Leasing / Development → Condominium Developers / Overseas → Homebuilders

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 216,325 | 5.2% | S100XZ22 |
| Capital expenditure | 95,088 | 2.3% | S100XZ22 |
| Free cash flow | 121,237 | 2.9% | 算出 |
| Investing cash flow | -73,172 | -1.7% | S100XZ22 |
| Financing cash flow | -93,255 | -2.2% | S100XZ22 |
| Dividends paid | 92,712 | 2.2% | S100XZ22 |
| Share buyback | 14 | 0.0% | S100XZ22 |
| Change in cash | 44,618 | 1.1% | S100XZ22 |
| Cash and equivalents | 434,925 | 10.4% | S100XZ22 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 515,174 | 332,747 | 292,901 | 390,307 | 434,925 | S100TAWB, S100VN43, S100XZ22 |
| Total assets | 2,801,189 | 3,007,537 | 3,352,798 | 4,808,848 | 5,006,637 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Net assets | 1,520,959 | 1,667,546 | 1,794,052 | 2,018,599 | 2,188,237 | S100TAWB, S100VN43, S100XZ22 |
| Share capital | 202,591 | 202,591 | 202,854 | 203,094 | 203,300 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Inventories | 9,501 | 12,160 | 12,474 | 12,164 | 11,930 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Property, plant and equipment | 540,711 | 554,562 | 496,253 | 534,240 | 466,146 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Intangible assets excluding goodwill | 17,988 | 51,117 | 40,388 | 221,873 | 215,174 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Goodwill | 250 | 31,406 | 17,808 | 134,217 | 114,581 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Investment securities | 190,334 | 191,500 | 198,437 | 205,632 | 202,295 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Current assets | 1,952,729 | 2,093,883 | 2,496,947 | 3,712,106 | 3,907,449 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Current liabilities | 867,903 | 1,044,643 | 1,138,038 | 1,555,648 | 1,398,171 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Short-term borrowings | 219,218 | 305,503 | 440,075 | 477,840 | 414,332 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Long-term borrowings | 136,556 | 157,372 | 239,089 | 456,321 | 514,714 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Bonds | 170,000 | 20,000 | 50,008 | 620,121 | 738,811 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Interest-bearing debt | 525,774 | 482,875 | 729,172 | 1,554,282 | 1,667,857 | 算出 |
| Total liabilities | 1,280,229 | 1,339,990 | 1,558,745 | 2,790,249 | 2,818,400 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Non-controlling interests | 46,832 | 34,581 | 39,366 | 56,311 | 48,622 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Equity attributable to owners of parent | 1,380,740 | 1,468,274 | 1,554,276 | 1,689,420 | 1,829,156 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Retained earnings | 940,135 | 1,056,475 | 1,132,275 | 1,266,985 | 1,407,164 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |
| Treasury stock | -20,975 | -50,656 | -40,979 | -40,957 | -40,905 | S100QMOJ, S100TAWB, S100VN43, S100XZ22 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XZ22 |
| Inventories | 0% | S100XZ22 |
| Property, plant and equipment | 9% | S100XZ22 |
| Intangibles and goodwill | 7% | S100XZ22 |
| Investment securities | 4% | S100XZ22 |
| Other assets | 71% | S100XZ22 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 23% | S100XZ22 |
| Equity | 44% | S100XZ22 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,801,189 | 3,007,537 | 3,352,798 | 4,808,848 | 5,006,637 |
| Equity | 1,520,959 | 1,667,546 | 1,794,052 | 2,018,599 | 2,188,237 |
| Interest-bearing debt | 525,774 | 482,875 | 729,172 | 1,554,282 | 1,667,857 |
| Cash | 515,174 | 332,747 | 292,901 | 390,307 | 434,925 |

## 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) | 11.1% | S100XZ22 |
| Fixed assets ÷ total assets | 9.3% | S100XZ22 |
| Goodwill ÷ parent equity | 6.3% | S100XZ22 |

Goodwill over 4 years: 250 → 114,581 JPY; total investing cash flow: -1,119,098 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) | 8.7% |
| Cash ÷ revenue | 10.4% |
| Net cash (cash − interest-bearing debt) | -¥1.23T |
| Net debt ÷ operating cash flow | 5.70× |
| Cash conversion (operating CF ÷ operating income) | 63.4% |
| Cash vs. profit gap | -15,770 JPY mn (of net income -6.8%) |
| Shareholder returns / net income | 40.0% |
| Shareholder returns / FCF | 76.5% |
| Shareholder payments — dividends / net income | 39.9% |
| Shareholder payments — dividends / FCF | 76.5% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 33.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.9% | 0.92× | 5.5% | 2.03× | 11.1% | S100QMOJ |
| 2023 | 6.3% | 1.01× | 6.4% | 2.04× | 13.0% | S100TAWB |
| 2024 | 6.5% | 0.98× | 6.4% | 2.10× | 13.4% | S100VN43 |
| 2025 | 5.4% | 0.99× | 5.3% | 2.52× | 13.4% | S100XZ22 |
| 2026 | 5.5% | 0.86× | 4.7% | 2.79× | 13.2% | S100XZ22 |

## 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 | 16.7% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.5% | 2026-01-31 |
| 積水ハウス育資会 | Major shareholder | 3.4% | 2026-01-31 |
| 積水化学工業株式会社 | Major shareholder | 2.2% | 2026-01-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.6% | 2026-01-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-01-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.3% | 2026-01-31 |
| 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 | 1.2% | 2026-01-31 |
| 日本証券金融株式会社 | Major shareholder | 1.2% | 2026-01-31 |
| 第一生命保険株式会社 | Major shareholder | 1.2% | 2026-01-31 |

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

- For the FY ending Jan 2026, revenue rose +3.4% to ¥4.2T and operating income rose +3.0% to ¥341.4B.
- Net income attributable to owners grew faster, up +6.6% to ¥232.1B.
- Operating cash flow jumped +244.0% from ¥62.9B to ¥216.3B, and free cash flow swung from a deficit to ¥121.2B.

### Drivers

- In Development, sales of urban redevelopment properties, including stakes in large buildings, went faster than planned, helped by a focus on central Tokyo, Nagoya, Osaka and Fukuoka
- Rental housing management took on more units and kept occupancy high by shortening the time apartments sit empty
- Overseas profit fell because US buyers stayed cautious, pushing up sales incentives, and because the company wrote down the value of some inventory

### Risks

- Results are sensitive to interest rates, land prices, material and labor costs, and political or economic shifts in each country
- If integrating acquired US homebuilders falls short of expectations, goodwill could be written down
- A shrinking pool of construction workers in Japan and abroad could delay projects and push up labor costs

Cited: Annual Securities Report (75th fiscal period) (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 (75th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/02/01－2026/01/31) | S100XZ22 | 2026-04-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZ22,, |
| 有価証券報告書－第74期(2024/02/01－2025/01/31) | S100VN43 | 2025-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VN43,, |
| 有価証券報告書－第73期(2023/02/01－2024/01/31) | S100TAWB | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TAWB,, |
| 有価証券報告書－第72期(2022/02/01－2023/01/31) | S100QMOJ | 2023-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMOJ,, |
| 有価証券報告書－第71期(令和3年2月1日－令和4年1月31日) | S100NXTE | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXTE,, |
| 有価証券報告書－第70期(令和2年2月1日－令和3年1月31日) | S100L7U5 | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7U5,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 積水化学工業 | Alliance | 積水化学工業から標章（商標を含む）の使用許諾を受ける契約 | S100XZ22 |

## 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).