# starts corporation 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54期(2025/04/01－2026/03/31) (S100YKTS)
> Page: https://vizora.meequs.com/en/company/starts
> Retrieved: 2026-09-30T20:59:06.596Z

## Company

starts, founded in 1972, is a company in General Contractors listed on TSE Prime. It has 4,715 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STARTS CORPORATION INC. |
| Ticker | 8850 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8850.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋三丁目4番10号 |
| Representative (per filing) | 代表取締役社長 村石 豊隆 |
| Founded | Sep 1972 |
| Share capital | ¥11B |
| Employees (consolidated) | 4,715 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.starts.co.jp (https://www.starts.co.jp/) |
| Corporate number | 9010001095583 |
| EDINET | E03945 |
| Industries (Vizora) | General Contractors, Homebuilders, Real Estate Brokerage & Management, Condominium Developers, Real Estate Development & Leasing, Broadcasting & Newspapers, Hotels & Inns, Nursing Care, Childcare, Consulting |

> Profile source: annual securities report (S100YKTS, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34 | 25 |
| Profitability | 75 | 26 |
| Cash conversion | 32.7 | 26 |
| Efficiency | 28.8 | 26 |

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 41% of starts's sales come from Real estate management, with Construction business and Hotel and Relaxation business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +11.2%.

## Company structure

- Segment revenue mix: Real estate management 40.7%、Construction business 30.2%、Hotel and Relaxation business 6.5%、care and child business 5.2%、buying and selling intermediation business 4.1%
- Revenue → net income: ¥251911000000 → ¥25758000000
- Net income → operating cash flow: ¥25758000000 → ¥17221000000（difference ¥-8537000000）
- Main uses of operating cash flow: CapEx ¥16703000000 / dividends ¥6247000000 / buybacks ¥4099000000
- Change in cash: ¥-13878000000
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 | ¥251.9B |  |
| Operating income | ¥36.3B | Margin 14.4% |
| Net income | ¥25.3B | Margin 10.0% |
| Free cash flow | ¥518M |  |
| Largest business | Real estate management | of segment revenue 40.7% |
| Employees (consolidated) | 4,715 |  |
| EPS | ¥470.75 |  |
| Book value per share | ¥2062 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 53,998,205 |  |
| Treasury shares | 5,892,000 |  |
| Shareholders | 4,251 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 21.2% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | +5.4 pp | Real Estate Brokerage & Management |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥198963000000 | ¥251911000000 | +26.6% |
| Operating income | ¥22068000000 | ¥36272000000 | +64.4% |
| Operating margin | 11.1% | 14.4% | +3.3 pp |
| Employees | 4,738 people | 4,715 people | -0.5% |
| Cash and equivalents | ¥66183000000 | ¥74904000000 | +13.2% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 30.2% |
| 建設事業 → 事業再編・廃止 | 2.8% |
| 賃貸仲介事業 → 賃貸仲介事業 | 3.3% |
| 売買仲介事業 → 売買仲介事業 | 2.6% |
| 不動産管理事業 → 不動産管理事業 | 40.7% |
| 不動産管理事業 → 事業再編・廃止 | 3.2% |
| 分譲不動産事業 → 分譲不動産事業 | 2.8% |
| 分譲不動産事業 → 事業再編・廃止 | 1.9% |
| 出版事業 → 出版事業 | 2.0% |
| ホテル・レジャー事業 → ホテル・レジャー事業 | 1.8% |
| 高齢者支援・保育事業 → 高齢者支援・保育事業 | 4.9% |
| 金融・コンサルティング事業 → 金融・コンサルティング事業 | 3.1% |
| 物販・文化事業 → 物販・文化事業 | 0.4% |
| 物販・文化事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 賃貸仲介事業 | 0.2% |
| 新設・再編 → 売買仲介事業 | 1.4% |
| 新設・再編 → 出版事業 | 1.0% |
| 新設・再編 → ホテル・レジャー事業 | 4.7% |
| 新設・再編 → 高齢者支援・保育事業 | 0.3% |
| 新設・再編 → 金融・コンサルティング事業 | 0.5% |

Segment revenue source references: 20 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate management | 5 years | +3.3% | ¥102591000000 | 14.3% | 2 |
| Construction business | 5 years | +3.0% | ¥76168000000 | 10.2% | 2 |
| Hotel and Relaxation business | 5 years | +35.5% | ¥16392000000 | 15.7% | 2 |
| care and child business | 5 years | +6.2% | ¥13082000000 | 4.7% | 2 |
| buying and selling intermediation business | 5 years | +14.2% | ¥10203000000 | 41.7% | 2 |
| Consulting business | 5 years | +7.8% | ¥8882000000 | 25.2% | 2 |
| Lease intermediation business | 5 years | +5.9% | ¥8868000000 | 26.5% | 2 |
| Publishing business | 5 years | +13.9% | ¥7720000000 | 21.8% | 2 |
| Sale in lots real estate business | 5 years | -5.5% | ¥7043000000 | 1.2% | 2 |
| Product sale business | 5 years | -4.0% | ¥957000000 | 26.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 251,911 | 100.0% | S100YKTS |
| Cost of revenue | 168,169 | 66.8% | S100YKTS |
| Gross profit | 83,742 | 33.2% | S100YKTS |
| SG&A | 47,469 | 18.8% | S100YKTS |
| Operating income | 36,272 | 14.4% | S100YKTS |
| Ordinary income | 38,244 | 15.2% | S100YKTS |
| Pretax income | 37,880 | 15.0% | S100YKTS |
| Income tax | 12,122 | 4.8% | S100YKTS |
| Net income | 25,758 | 10.2% | S100YKTS |
| Net income attributable to owners | 25,311 | 10.0% | S100YKTS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 19 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 33.2% → Operating margin 14.4% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +11.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.38×
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 | 232,978 | 251,911 | 18,933 | +8.1% |
| Gross profit | 77,579 | 83,742 | 6,163 | +7.9% |
| Operating income | 32,622 | 36,272 | 3,650 | +11.2% |
| Net income attributable to owners | 24,274 | 25,311 | 1,037 | +4.3% |
| Operating cash flow | 25,915 | 17,221 | -8,694 | -33.5% |
| Free cash flow | 16,742 | 518 | -16,224 | -96.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 209,091 | 23,912 | 11.4% | 15,059 | 30,667 | 22,855 | S100LUVW |
| FY ending Mar 2021 | 198,963 | 22,068 | 11.1% | 15,599 | 27,248 | 17,837 | S100OLC3 |
| FY ending Mar 2022 | 196,578 | 24,182 | 12.3% | 16,772 | 24,951 | 7,088 | S100R9UN |
| FY ending Mar 2023 | 233,871 | 28,095 | 12.0% | 20,218 | 34,148 | 23,482 | S100TUOW |
| FY ending Mar 2024 | 233,408 | 30,498 | 13.1% | 22,095 | 25,730 | 7,855 | S100W7F6 |
| FY ending Mar 2025 | 232,978 | 32,622 | 14.0% | 24,274 | 25,915 | 16,742 | S100YKTS |
| FY ending Mar 2026 | 251,911 | 36,272 | 14.4% | 25,311 | 17,221 | 518 | S100YKTS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.4M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 4,729 | 4,742 | 4,672 | 4,683 | 4,715 |
| Average salary (parent company) | ¥5.6M | ¥6.2M | ¥6.3M | ¥6.3M | ¥6.6M |
| Average age (parent company) | 37.3 years | 37.1 years | 38.1 years | 37.7 years | 37.5 years |
| Average tenure (parent company) | 14.3 years | 14.4 years | 15.2 years | 14.8 years | 14.6 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 76,168 | 30.2% | 7,746 | 10.2% |
| Lease intermediation business | 8,868 | 3.5% | 2,352 | 26.5% |
| buying and selling intermediation business | 10,203 | 4.1% | 4,252 | 41.7% |
| Real estate management | 102,591 | 40.7% | 14,643 | 14.3% |
| Sale in lots real estate business | 7,043 | 2.8% | 86 | 1.2% |
| Publishing business | 7,720 | 3.1% | 1,683 | 21.8% |
| Hotel and Relaxation business | 16,392 | 6.5% | 2,571 | 15.7% |
| care and child business | 13,082 | 5.2% | 615 | 4.7% |
| Consulting business | 8,882 | 3.5% | 2,235 | 25.2% |
| Product sale business | 957 | 0.4% | 249 | 26.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 30.2% | 21.3% | -9.0 | 10.2% |
| Lease intermediation business | 3.5% | 6.5% | 2.9 | 26.5% |
| buying and selling intermediation business | 4.1% | 11.7% | 7.6 | 41.7% |
| Real estate management | 40.7% | 40.2% | -0.5 | 14.3% |
| Sale in lots real estate business | 2.8% | 0.2% | -2.6 | 1.2% |
| Publishing business | 3.1% | 4.6% | 1.6 | 21.8% |
| Hotel and Relaxation business | 6.5% | 7.1% | 0.5 | 15.7% |
| care and child business | 5.2% | 1.7% | -3.5 | 4.7% |
| Consulting business | 3.5% | 6.1% | 2.6 | 25.2% |
| Product sale business | 0.4% | 0.7% | 0.3 | 26.0% |

Segment → industry: Construction business → General Contractors / Construction business → Homebuilders / Lease intermediation business → Real Estate Brokerage & Management / buying and selling intermediation business → Real Estate Brokerage & Management / Real estate management → Real Estate Brokerage & Management / Sale in lots real estate business → Condominium Developers / Sale in lots real estate business → Real Estate Development & Leasing / Publishing business → Broadcasting & Newspapers / Hotel and Relaxation business → Hotels & Inns / care and child business → Nursing Care / care and child business → Childcare / Consulting business → Consulting

## 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 | 17,221 | 6.8% | S100YKTS |
| Capital expenditure | 16,703 | 6.6% | S100YKTS |
| Free cash flow | 518 | 0.2% | 算出 |
| Investing cash flow | -19,136 | -7.6% | S100YKTS |
| Financing cash flow | -12,296 | -4.9% | S100YKTS |
| Dividends paid | 6,247 | 2.5% | S100YKTS |
| Share buyback | 4,099 | 1.6% | S100YKTS |
| Change in cash | -13,878 | -5.5% | S100YKTS |
| Cash and equivalents | 74,904 | 29.7% | S100YKTS |

## 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 | 67,638 | 78,485 | 86,878 | 88,782 | 74,904 | S100TUOW, S100W7F6, S100YKTS |
| Total assets | 273,287 | 293,100 | 324,109 | 333,647 | 352,746 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Net assets | 127,676 | 145,086 | 165,318 | 178,239 | 192,571 | S100TUOW, S100W7F6, S100YKTS |
| Share capital | 11,039 | 11,039 | 11,039 | 11,039 | 11,039 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Property, plant and equipment | 128,091 | 134,297 | 138,172 | 137,745 | 146,451 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Intangible assets excluding goodwill | 3,114 | 4,171 | 5,038 | 5,551 | 6,423 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Goodwill | 1,016 | 911 | 652 | 393 | 137 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Investment securities | 12,856 | 13,569 | 15,834 | 13,920 | 18,562 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Current assets | 117,161 | 127,562 | 147,540 | 157,435 | 162,992 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Current liabilities | 81,798 | 91,818 | 93,615 | 95,514 | 101,599 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Short-term borrowings | 5,474 | 7,974 | 8,379 | 7,194 | 6,904 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Long-term borrowings | 49,964 | 42,452 | 50,797 | 46,226 | 44,550 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Total liabilities | 145,610 | 148,013 | 158,790 | 155,408 | 160,174 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Non-controlling interests | 1,610 | 2,566 | 3,162 | 3,489 | 3,820 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Equity attributable to owners of parent | 120,713 | 136,984 | 154,247 | 168,210 | 183,273 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Retained earnings | 111,600 | 127,700 | 144,836 | 163,688 | 182,746 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |
| Treasury stock | -8,173 | -8,173 | -8,173 | -13,081 | -17,095 | S100R9UN, S100TUOW, S100W7F6, S100YKTS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YKTS |
| Property, plant and equipment | 42% | S100YKTS |
| Intangibles and goodwill | 2% | S100YKTS |
| Investment securities | 5% | S100YKTS |
| Other assets | 30% | S100YKTS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YKTS |
| Equity | 55% | S100YKTS |
| Other liabilities | 0% | S100YKTS |

### 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 | 273,287 | 293,100 | 324,109 | 333,647 | 352,746 |
| Equity | 127,676 | 145,086 | 165,318 | 178,239 | 192,571 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 67,638 | 78,485 | 86,878 | 88,782 | 74,904 |

## 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) | 58.1% | S100YKTS |
| Fixed assets ÷ total assets | 41.5% | S100YKTS |
| Goodwill ÷ parent equity | 0.1% | S100YKTS |

Goodwill over 4 years: 1,016 → 137 JPY; total investing cash flow: -77,197 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) | 21.2% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 47.5% |
| Cash vs. profit gap | -8,090 JPY mn (of net income -32.0%) |
| Shareholder returns / net income | 40.9% |
| Shareholder returns / FCF | 1997.3% |
| Shareholder payments — dividends / net income | 24.7% |
| Shareholder payments — dividends / FCF | 1206.0% |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 111.1% |

## 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 | 8.5% | 0.72× | 6.1% | 2.26× | 13.9% | S100R9UN |
| 2023 | 8.6% | 0.83× | 7.1% | 2.20× | 15.7% | S100TUOW |
| 2024 | 9.5% | 0.76× | 7.2% | 2.12× | 15.2% | S100W7F6 |
| 2025 | 10.4% | 0.71× | 7.4% | 2.04× | 15.1% | S100YKTS |
| 2026 | 10.0% | 0.73× | 7.4% | 1.95× | 14.4% | S100YKTS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 10.5% | 2026-03-31 |
| 株式会社豊州 | Major shareholder | 10.5% | 2026-03-31 |
| 村石 久二 | Major shareholder | 9.0% | 2026-03-31 |
| スターツ従業員持株会 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.4% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 2.4% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 野村信託銀行株式会社（スターツ従業員持株会専用信託口） | Major shareholder | 1.7% | 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 | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YKTS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKTS,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W7F6 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7F6,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TUOW | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUOW,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R9UN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9UN,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OLC3 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLC3,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LUVW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUVW,, |

## 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).