# Sotetsu 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158期(2025/04/01－2026/03/31) (S100YFL1)
> Page: https://vizora.meequs.com/en/company/sotetsu-holdings
> Retrieved: 2026-09-30T17:56:56.772Z

## Company

Sotetsu Holdings, founded in 1918, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 5,321 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sotetsu Holdings,Inc. |
| Ticker | 9003 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9003.T) |
| Listing | TSE Prime |
| Head office | 横浜市西区北幸一丁目3番23号 (注) 上記は登記上の本店所在地であり、本社業務は下記本社事務所において行っております。 (本社事務所) 横浜市西区北幸二丁目9番14号 |
| Representative (per filing) | 代表取締役社長 加藤 尊正 |
| Founded | Jan 1918 |
| Share capital | ¥38.8B |
| Employees (consolidated) | 5,321 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.sotetsu.co.jp (https://www.sotetsu.co.jp/) |
| Corporate number | 7020001014874 |
| EDINET | E04097 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Supermarkets, Condominium Developers, Private Railways |

> Profile source: annual securities report (S100YFL1, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 45 |
| Profitability | 99 | 49 |
| Cash conversion | 3.2 | 47 |
| Efficiency | 3.1 | 49 |
| Financial strength | 6.3 | 8 |

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 32% of Sotetsu Holdings's sales come from merchandising, with hotel and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +2.7%.

## Company structure

- Segment revenue mix: merchandising 31.6%、hotel 24.4%、Real estate 22.4%、Transportation 14.4%、Other 7.2%
- Revenue → net income: ¥307572000000 → ¥24842000000
- Net income → operating cash flow: ¥24842000000 → ¥22792000000（difference ¥-2050000000）
- Main uses of operating cash flow: CapEx ¥33990000000 / dividends ¥6258000000 / buybacks —
- Change in cash: ¥2010000000
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 | ¥307.6B |  |
| Operating income | ¥38.8B | Margin 12.6% |
| Net income | ¥24.8B | Margin 8.1% |
| Free cash flow | -¥11.2B |  |
| Largest business | merchandising | of segment revenue 31.6% |
| Employees (consolidated) | 5,321 |  |
| EPS | ¥265.5 |  |
| Book value per share | ¥1919.29 |  |
| Equity ratio | 25.0% |  |
| Shares outstanding | 98,145,499 |  |
| Treasury shares | 2,176,400 |  |
| Shareholders | 40,306 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 2.2% | Net cash -¥422.6B · Cash ÷ revenue 5.9% |
| Vs. industry median margin | +9.8 pp | Supermarkets |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -29 points
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥221136000000 | ¥307572000000 | +39.1% |
| Operating income | ¥-3148000000 | ¥38833000000 | — |
| Operating margin | -1.4% | 12.6% | +14 pp |
| Employees | 5,085 people | 5,321 people | +4.6% |
| Cash and equivalents | ¥23675000000 | ¥18019000000 | -23.9% |

### 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 |
| --- | ---: |
| 運輸業 → 運輸業 | 13.5% |
| 流通業 → 流通業 | 31.6% |
| 流通業 → 事業再編・廃止 | 14.6% |
| 不動産業 → 不動産業 | 22.4% |
| 不動産業 → 事業再編・廃止 | 5.8% |
| ホテル業 → ホテル業 | 5.8% |
| その他 → その他 | 6.3% |
| 新設・再編 → 運輸業 | 1.0% |
| 新設・再編 → ホテル業 | 18.6% |
| 新設・再編 → その他 | 0.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| merchandising | 5 years | -1.0% | ¥97196000000 | 0.9% | 2 |
| hotel | 5 years | +42.4% | ¥75060000000 | 21.9% | 2 |
| Real estate | 5 years | +2.0% | ¥68798000000 | 20.3% | 2 |
| Transportation | 5 years | +8.3% | ¥44375000000 | 12.9% | 2 |
| Other | 5 years | +9.6% | ¥22142000000 | 9.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 307,572 | 100.0% | S100YFL1 |
| SG&A | 75,246 | 24.5% | S100YFL1 |
| Operating income | 38,833 | 12.6% | S100YFL1 |
| Ordinary income | 35,696 | 11.6% | S100YFL1 |
| Pretax income | 34,895 | 11.3% | S100YFL1 |
| Income tax | 10,053 | 3.3% | S100YFL1 |
| Net income | 24,842 | 8.1% | S100YFL1 |
| Net income attributable to owners | 24,848 | 8.1% | S100YFL1 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 87 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 12.6% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +2.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.51×
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 | 292,178 | 307,572 | 15,394 | +5.3% |
| Operating income | 37,820 | 38,833 | 1,013 | +2.7% |
| Net income attributable to owners | 22,407 | 24,848 | 2,441 | +10.9% |
| Operating cash flow | 36,678 | 22,792 | -13,886 | -37.9% |
| Free cash flow | -6,144 | -11,198 | -5,054 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 265,100 | 26,423 | 10.0% | 14,631 | 34,322 | -6,246 | S100LQEO |
| FY ending Mar 2021 | 221,136 | -3,148 | -1.4% | -13,057 | 11,837 | -42,578 | S100OGVM |
| FY ending Mar 2022 | 216,684 | 3,998 | 1.8% | 1,855 | 23,745 | -23,325 | S100R5ZX |
| FY ending Mar 2023 | 249,667 | 14,348 | 5.7% | 6,980 | 36,346 | 4,392 | S100TR1P |
| FY ending Mar 2024 | 270,039 | 28,965 | 10.7% | 16,080 | 20,555 | -37,706 | S100W0XK |
| FY ending Mar 2025 | 292,178 | 37,820 | 12.9% | 22,407 | 36,678 | -6,144 | S100YFL1 |
| FY ending Mar 2026 | 307,572 | 38,833 | 12.6% | 24,848 | 22,792 | -11,198 | S100YFL1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.8M |
| Operating income per employee (consolidated) | ¥7.3M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 5,039 | 4,975 | 5,075 | 5,246 | 5,321 |
| Average salary (parent company) | ¥8.3M | ¥8.5M | ¥9M | ¥9.5M | ¥9.7M |
| Average age (parent company) | 49.5 years | 50.0 years | 49.6 years | 47.0 years | 46.6 years |
| Average tenure (parent company) | 20.7 years | 20.9 years | 19.7 years | 15.9 years | 14.0 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 44,375 | 14.4% | 5,727 | 12.9% |
| merchandising | 97,196 | 31.6% | 886 | 0.9% |
| Real estate | 68,798 | 22.4% | 13,957 | 20.3% |
| hotel | 75,060 | 24.4% | 16,448 | 21.9% |
| Other | 22,142 | 7.2% | 2,162 | 9.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 14.4% | 14.6% | 0.2 | 12.9% |
| merchandising | 31.6% | 2.3% | -29.3 | 0.9% |
| Real estate | 22.4% | 35.6% | 13.3 | 20.3% |
| hotel | 24.4% | 42.0% | 17.6 | 21.9% |
| Other | 7.2% | 5.5% | -1.7 | 9.8% |

Segment → industry: Real estate → Real Estate Development & Leasing / hotel → Hotels & Inns / merchandising → Supermarkets / Real estate → Condominium Developers / Transportation → Private Railways

## 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 | 22,792 | 7.4% | S100YFL1 |
| Capital expenditure | 33,990 | 11.1% | S100YFL1 |
| Free cash flow | -11,198 | -3.6% | 算出 |
| Investing cash flow | -30,405 | -9.9% | S100YFL1 |
| Financing cash flow | 9,752 | 3.2% | S100YFL1 |
| Dividends paid | 6,258 | 2.0% | S100YFL1 |
| Change in cash | 2,010 | 0.7% | S100YFL1 |
| Cash and equivalents | 18,019 | 5.9% | S100YFL1 |

## 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 | 22,040 | 20,156 | 17,664 | 16,008 | 18,019 | S100TR1P, S100W0XK, S100YFL1 |
| Total assets | 623,412 | 646,951 | 715,383 | 757,264 | 813,457 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Net assets | 139,707 | 145,789 | 164,732 | 182,079 | 203,314 | S100TR1P, S100W0XK, S100YFL1 |
| Share capital | 38,803 | 38,803 | 38,803 | 38,803 | 38,803 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Trade receivables | 12,522 | 12,483 | 21,401 | 15,942 | 20,951 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Inventories | 22,165 | 28,600 | 38,747 | 79,531 | 99,551 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Property, plant and equipment | 500,491 | 516,710 | 547,882 | 537,875 | 544,281 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Intangible assets excluding goodwill | 9,644 | 9,646 | 8,540 | 8,035 | 8,213 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Goodwill | 1,218 | 1,008 | 90 | 22 | — | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Investment securities | 6,547 | 12,972 | 15,644 | 23,387 | 26,602 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Current assets | 71,321 | 73,290 | 103,435 | 141,683 | 181,938 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Current liabilities | 92,409 | 93,586 | 139,526 | 144,130 | 144,334 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Trade payables | 6,433 | 9,307 | 8,194 | 8,967 | 9,528 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Short-term borrowings | 38,202 | 37,893 | 57,942 | 68,961 | 67,242 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Long-term borrowings | 134,948 | 132,337 | 154,932 | 171,506 | 198,355 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Bonds | 170,000 | 185,000 | 165,000 | 165,000 | 175,000 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Interest-bearing debt | 343,150 | 355,230 | 377,874 | 405,467 | 440,597 | 算出 |
| Total liabilities | 483,705 | 501,161 | 550,650 | 575,184 | 610,142 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Non-controlling interests | 80 | 93 | 80 | 94 | 76 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Equity attributable to owners of parent | 137,237 | 141,273 | 153,933 | 168,905 | 184,590 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Retained earnings | 71,801 | 75,842 | 88,509 | 105,044 | 123,597 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |
| Treasury stock | -348 | -353 | -359 | -1,923 | -4,791 | S100R5ZX, S100TR1P, S100W0XK, S100YFL1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YFL1 |
| Receivables | 3% | S100YFL1 |
| Inventories | 12% | S100YFL1 |
| Property, plant and equipment | 67% | S100YFL1 |
| Intangibles and goodwill | 1% | S100YFL1 |
| Investment securities | 3% | S100YFL1 |
| Other assets | 12% | S100YFL1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YFL1 |
| Interest-bearing debt | 54% | 算出 |
| Other liabilities | 20% | S100YFL1 |
| Equity | 25% | S100YFL1 |
| Other liabilities | 0% | S100YFL1 |

### 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 | 623,412 | 646,951 | 715,383 | 757,264 | 813,457 |
| Equity | 139,707 | 145,789 | 164,732 | 182,079 | 203,314 |
| Interest-bearing debt | 343,150 | 355,230 | 377,874 | 405,467 | 440,597 |
| Cash | 22,040 | 20,156 | 17,664 | 16,008 | 18,019 |

## 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) | 177.0% | S100YFL1 |
| Fixed assets ÷ total assets | 66.9% | S100YFL1 |
| Goodwill ÷ parent equity | — | —, S100YFL1 |

### 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) | 2.2% |
| Cash ÷ revenue | 5.9% |
| Net cash (cash − interest-bearing debt) | -¥422.6B |
| Net debt ÷ operating cash flow | 18.54× |
| Cash conversion (operating CF ÷ operating income) | 58.7% |
| Cash vs. profit gap | -2,056 JPY mn (of net income -8.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.1% |
| Investing CF relative to operating CF | 133.4% |

## 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 | 0.9% | 0.35× | 0.3% | 4.54× | 1.4% | S100R5ZX |
| 2023 | 2.8% | 0.39× | 1.1% | 4.56× | 5.0% | S100TR1P |
| 2024 | 6.0% | 0.40× | 2.4% | 4.61× | 10.9% | S100W0XK |
| 2025 | 7.7% | 0.40× | 3.0% | 4.56× | 13.9% | S100YFL1 |
| 2026 | 8.1% | 0.39× | 3.2% | 4.44× | 14.1% | S100YFL1 |

## 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 | 9.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| 相鉄共済組合 | Major shareholder | 2.2% | 2026-03-31 |
| 川崎信用金庫 | Major shareholder | 1.9% | 2026-03-31 |
| ＨＳＢＣ ＨＯＮＧ ＫＯＮＧ－ＴＲＥＡＳＵＲＹ ＳＥＲＶＩＣＥＳ Ａ／Ｃ ＡＳＩＡＮ ＥＱＵＩＴＩＥＳ ＤＥＲＩＶＡＴＩＶＥＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 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 | 1.6% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 ＢＮＹＭ | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥307.6B, up +5.3% from ¥292.2B.
- Operating income rose +2.7% to ¥38.8B, and net income rose +10.9% to ¥24.8B.
- Operating cash flow dropped from ¥36.7B to ¥22.8B. With ¥34B of capital expenditure, free cash flow was -¥11.2B, a deeper negative than last year's -¥6.14B.

### Drivers

- Strong hotel demand pushed up average room rates, and the Yokohama Bay Sheraton posted its highest sales ever
- Merchandising swung from an operating loss to a profit after store renovations, closing weaker stores and turning station kiosks into convenience stores
- Real estate revenue grew, but its operating income fell from the prior year
- Operating cash flow fell mainly because trade receivables increased

### Risks

- Heavy spending on facilities and redevelopment has left the group with a lot of debt, so higher interest rates could raise interest costs and hurt returns on projects
- A shrinking working-age population could make it hard to hire the staff needed to run its businesses
- Earthquakes, storms and other disasters could damage rail lines and facilities or force them to close

Cited: Annual securities report, 158th term (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, 158th term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YFL1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFL1,, |
| 有価証券報告書－第157期(2024/04/01－2025/03/31) | S100W0XK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0XK,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TR1P | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR1P,, |
| 有価証券報告書－第155期(2022/04/01－2023/03/31) | S100R5ZX | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5ZX,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100OGVM | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGVM,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LQEO | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQEO,, |

## 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).