# Sumitomo Forestry Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第86期(2025/01/01－2025/12/31) (S100Y1XP)
> Page: https://vizora.meequs.com/en/company/sumitomo-forestry
> Retrieved: 2026-09-30T17:54:14.724Z

## Company

Sumitomo Forestry, founded in 1948, is a company in Electric Power & Gas listed on TSE Prime. It has 27,613 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumitomo Forestry Co., Ltd. |
| Ticker | 1911 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1911.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目3番2号 |
| Representative (per filing) | 取締役社長 光吉 敏郎 |
| Founded | Feb 1948 |
| Share capital | ¥55.3B |
| Employees (consolidated) | 27,613 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | December |
| Website | sfc.jp (https://sfc.jp/) |
| Corporate number | 4010001090011 |
| EDINET | E00011 |
| Industries (Vizora) | Electric Power & Gas, Homebuilders, Real Estate Development & Leasing, Housing Equipment & Building Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y1XP, filed 2026-05-08). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 27.3 | 86 |
| Cash conversion | 50.6 | 82 |
| Efficiency | 69.2 | 86 |
| Financial strength | 82.4 | 37 |

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 62% of Sumitomo Forestry's sales come from Construction and Real Estate Division, with Housing Business and Timber and Building Materials Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.4% from the prior year, operating profit -13.3%.

## Company structure

- Segment revenue mix: Construction and Real Estate Division 62.2%、Housing Business 25.8%、Timber and Building Materials Business 10.2%、Environment and Resources Division 1.1%、Other 0.7%
- Revenue → net income: ¥2267577000000 → ¥138318000000
- Net income → operating cash flow: ¥138318000000 → ¥94675000000（difference ¥-43643000000）
- Main uses of operating cash flow: CapEx ¥76818000000 / dividends ¥31904000000 / buybacks ¥4003000000
- Change in cash: ¥2280000000
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 | ¥2.27T |  |
| Operating income | ¥168.7B | Margin 7.4% |
| Net income | ¥106.7B | Margin 4.7% |
| Free cash flow | ¥17.9B |  |
| Largest business | Construction and Real Estate Division | of segment revenue 62.2% |
| Employees (consolidated) | 27,613 |  |
| EPS | ¥91.78 |  |
| Diluted EPS | ¥91.74 |  |
| Book value per share | ¥621.31 |  |
| Equity ratio | 39.0% |  |
| Shares outstanding | 618,556,000 |  |
| Treasury shares | 875,800 |  |
| Shareholders | 95,731 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 8.1% | Net cash -¥514.7B · Cash ÷ revenue 9.2% |
| Vs. industry median margin | +2 pp | Homebuilders |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥839881000000 | ¥2267577000000 | +170.0% |
| Operating income | ¥47462000000 | ¥168724000000 | +255.5% |
| Operating margin | 5.7% | 7.4% | +1.8 pp |
| Employees | 20,562 people | 27,613 people | +34.3% |
| Cash and equivalents | ¥122220000000 | ¥208577000000 | +70.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 木材建材事業 → 木材建材事業 | 10.2% |
| 木材建材事業 → 事業再編・廃止 | 5.4% |
| 住宅・建築事業 → 事業再編・廃止 | 39.6% |
| 海外住宅・不動産事業 → 事業再編・廃止 | 41.9% |
| 資源環境事業 → 資源環境事業 | 1.1% |
| 資源環境事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 住宅事業 | 25.8% |
| 新設・再編 → 建築・不動産事業 | 62.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction and Real Estate Division | 2 years | +22.0% | ¥1409803000000 | 8.5% | 2 |
| Housing Business | 3 years | +4.8% | ¥584644000000 | 7.1% | 2 |
| Timber and Building Materials Business | 5 years | +12.1% | ¥232043000000 | 5.5% | 2 |
| Environment and Resources Division | 5 years | +11.8% | ¥24809000000 | -5.2% | 2 |
| Other | 5 years | +8.9% | ¥15685000000 | 31.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,267,577 | 100.0% | S100Y1XP |
| Cost of revenue | 1,742,931 | 76.9% | S100Y1XP |
| Gross profit | 524,645 | 23.1% | S100Y1XP |
| SG&A | 355,921 | 15.7% | S100Y1XP |
| Operating income | 168,724 | 7.4% | S100Y1XP |
| Ordinary income | 174,900 | 7.7% | S100Y1XP |
| Pretax income | 180,228 | 7.9% | S100Y1XP |
| Income tax | 41,910 | 1.8% | S100Y1XP |
| Net income | 138,318 | 6.1% | S100Y1XP |
| Net income attributable to owners | 106,666 | 4.7% | S100Y1XP |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.1% → Operating margin 7.4% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.4%; Core profit growth: -13.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.28×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,053,650 | 2,267,577 | 213,927 | +10.4% |
| Gross profit | 502,952 | 524,645 | 21,693 | +4.3% |
| Operating income | 194,588 | 168,724 | -25,864 | -13.3% |
| Net income attributable to owners | 116,528 | 106,666 | -9,862 | -8.5% |
| Operating cash flow | 27,078 | 94,675 | 67,597 | +249.6% |
| Free cash flow | -42,353 | 17,857 | 60,210 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,104,094 | 51,377 | 4.7% | 27,853 | 45,724 | 20,570 | S100L2ML |
| FY ending Dec 2020 | 839,881 | 47,462 | 5.7% | 30,398 | 46,840 | 18,963 | S100NP59 |
| FY ending Dec 2021 | 1,385,930 | 113,651 | 8.2% | 87,175 | 91,576 | 67,298 | S100QHH7 |
| FY ending Dec 2022 | 1,669,707 | 158,253 | 9.5% | 108,672 | 55,276 | 18,611 | S100T4Z9 |
| FY ending Dec 2023 | 1,733,169 | 146,258 | 8.4% | 102,170 | 125,300 | 92,408 | S100VIRG |
| FY ending Dec 2024 | 2,053,650 | 194,588 | 9.5% | 116,528 | 27,078 | -42,353 | S100Y1XP |
| FY ending Dec 2025 | 2,267,577 | 168,724 | 7.4% | 106,666 | 94,675 | 17,857 | S100Y1XP |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.1M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 21,254 | 21,948 | 24,815 | 26,741 | 27,613 |
| Average salary (parent company) | ¥8.7M | ¥9M | ¥9.1M | ¥9.3M | ¥9.8M |
| Average age (parent company) | 43.2 years | 43.8 years | 44.0 years | 44.3 years | 44.1 years |
| Average tenure (parent company) | 15.8 years | 16.1 years | 16.3 years | 16.3 years | 16.0 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +10.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Timber and Building Materials Business | 232,043 | 10.2% | 12,755 | 5.5% |
| Housing Business | 584,644 | 25.8% | 41,264 | 7.1% |
| Construction and Real Estate Division | 1,409,803 | 62.2% | 119,703 | 8.5% |
| Environment and Resources Division | 24,809 | 1.1% | -1,281 | -5.2% |
| Other | 15,685 | 0.7% | 4,889 | 31.2% |

### 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 |
| --- | ---: |
| Timber and Building Materials Business | 10.2% |
| Housing Business | 25.8% |
| Construction and Real Estate Division | 62.2% |
| Environment and Resources Division | 1.1% |
| Other | 0.7% |

Segment → industry: Environment and Resources Division → Electric Power & Gas / Construction and Real Estate Division → Homebuilders / Housing Business → Homebuilders / Construction and Real Estate Division → Real Estate Development & Leasing / Timber and Building Materials Business → Housing Equipment & Building Materials / Timber and Building Materials Business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 94,675 | 4.2% | S100Y1XP |
| Capital expenditure | 76,818 | 3.4% | S100Y1XP |
| Free cash flow | 17,857 | 0.8% | 算出 |
| Investing cash flow | -144,743 | -6.4% | S100Y1XP |
| Financing cash flow | 50,728 | 2.2% | S100Y1XP |
| Dividends paid | 31,904 | 1.4% | S100Y1XP |
| Share buyback | 4,003 | 0.2% | S100Y1XP |
| Change in cash | 2,280 | 0.1% | S100Y1XP |
| Cash and equivalents | 208,577 | 9.2% | S100Y1XP |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 170,035 | 147,373 | 174,771 | 206,297 | 208,577 | S100T4Z9, S100VIRG, S100Y1XP |
| Total assets | 1,314,226 | 1,537,598 | 1,824,727 | 2,267,488 | 2,572,032 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Net assets | 540,089 | 682,554 | 826,462 | 1,023,963 | 1,136,786 | S100T4Z9, S100VIRG, S100Y1XP |
| Share capital | 50,064 | 50,074 | 55,088 | 55,101 | 55,332 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Trade receivables | 103,814 | 112,487 | 103,164 | 104,734 | 99,256 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Property, plant and equipment | 184,183 | 198,802 | 226,345 | 286,103 | 322,658 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Intangible assets excluding goodwill | 20,671 | 22,876 | 76,091 | 81,366 | 76,121 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Goodwill | 4,559 | 5,911 | 41,335 | 38,938 | 35,499 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Investment securities | 181,436 | 203,572 | 229,667 | 268,895 | 377,339 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Current assets | 891,912 | 1,072,763 | 1,236,230 | 1,546,090 | 1,693,747 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Current liabilities | 421,003 | 494,110 | 596,829 | 661,824 | 729,620 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Trade payables | 103,383 | 105,540 | 107,458 | 96,983 | 87,380 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Short-term borrowings | 25,024 | 45,966 | 51,755 | 93,702 | 140,788 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Long-term borrowings | 168,278 | 187,807 | 230,306 | 413,856 | 532,159 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Bonds | 90,152 | 90,140 | 80,192 | 70,116 | 50,284 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Interest-bearing debt | 283,454 | 323,913 | 362,253 | 577,674 | 723,231 | 算出 |
| Total liabilities | 774,136 | 855,045 | 998,265 | 1,243,525 | 1,435,246 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Non-controlling interests | 44,361 | 54,948 | 72,307 | 103,547 | 132,762 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Equity attributable to owners of parent | 441,241 | 526,318 | 613,089 | 701,012 | 762,822 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Retained earnings | 359,641 | 447,216 | 523,988 | 613,765 | 688,527 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |
| Treasury stock | -2,362 | -2,465 | -2,517 | -2,521 | -6,557 | S100QHH7, S100T4Z9, S100VIRG, S100Y1XP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y1XP |
| Receivables | 4% | S100Y1XP |
| Property, plant and equipment | 13% | S100Y1XP |
| Intangibles and goodwill | 4% | S100Y1XP |
| Investment securities | 15% | S100Y1XP |
| Other assets | 56% | S100Y1XP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y1XP |
| Interest-bearing debt | 28% | 算出 |
| Other liabilities | 24% | S100Y1XP |
| Equity | 44% | S100Y1XP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,314,226 | 1,537,598 | 1,824,727 | 2,267,488 | 2,572,032 |
| Equity | 540,089 | 682,554 | 826,462 | 1,023,963 | 1,136,786 |
| Interest-bearing debt | 283,454 | 323,913 | 362,253 | 577,674 | 723,231 |
| Cash | 170,035 | 147,373 | 174,771 | 206,297 | 208,577 |

## 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) | 14.2% | S100Y1XP |
| Fixed assets ÷ total assets | 12.5% | S100Y1XP |
| Goodwill ÷ parent equity | 4.7% | S100Y1XP |

Goodwill over 4 years: 4,559 → 35,499 JPY; total investing cash flow: -484,982 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) | 8.1% |
| Cash ÷ revenue | 9.2% |
| Net cash (cash − interest-bearing debt) | -¥514.7B |
| Net debt ÷ operating cash flow | 5.44× |
| Cash conversion (operating CF ÷ operating income) | 56.1% |
| Cash vs. profit gap | -11,991 JPY mn (of net income -11.2%) |
| Shareholder returns / net income | 33.7% |
| Shareholder returns / FCF | 201.1% |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 178.7% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 152.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.3% | 1.05× | 6.6% | 2.98× | 19.8% | S100QHH7 |
| 2022 | 6.5% | 1.17× | 7.6% | 2.95× | 22.5% | S100T4Z9 |
| 2023 | 5.9% | 1.03× | 6.1% | 2.95× | 17.9% | S100VIRG |
| 2024 | 5.7% | 1.00× | 5.7% | 3.11× | 17.7% | S100Y1XP |
| 2025 | 4.7% | 0.94× | 4.4% | 3.31× | 14.6% | S100Y1XP |

## 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 | 13.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2025-12-31 |
| 住友金属鉱山株式会社 | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社伊予銀行 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社熊谷組 | Major shareholder | 2.5% | 2025-12-31 |
| 住友商事株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 住友生命保険相互会社 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社百十四銀行 | Major shareholder | 2.0% | 2025-12-31 |
| 住友林業グループ社員持株会 | Major shareholder | 1.5% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.3% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 grew 10.4%, from ¥2.05T to ¥2.27T.
- Gross profit rose 4.3% to ¥524.6B, but operating income dropped 13.3% to ¥168.7B and net income fell 8.5% to ¥106.7B, so higher sales did not turn into higher profit.
- Cash generation improved: operating cash flow jumped from ¥27.1B to ¥94.7B, and free cash flow swung from negative to ¥17.9B.

### Drivers

- In the US, high mortgage rates kept buyers waiting, so the number of homes sold went down
- Also in the US, a slow property market led the company to delay some planned sales of apartment and mixed-use buildings
- Australia did well as rate cuts lifted the housing market and the newly consolidated Metricon group added sales; in Japan, custom home deliveries and prices both rose

### Risks

- Results depend heavily on housing and property markets in Japan and overseas, where interest rates, housing policy and material costs can weaken demand
- Supply problems or rising timber and material prices that cannot be passed on to buyers would squeeze profits
- With a large overseas business, exchange rate swings change the yen value of its earnings and net assets

Cited: Amended Annual Securities Report, 86th fiscal year (Jan-Dec 2025) (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); Amended Annual Securities Report, 86th fiscal year (Jan-Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第86期(2025/01/01－2025/12/31) | S100Y1XP | 2026-05-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1XP,, |
| 有価証券報告書－第85期(2024/01/01－2024/12/31) | S100VIRG | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIRG,, |
| 有価証券報告書－第84期(2023/01/01－2023/12/31) | S100T4Z9 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4Z9,, |
| 有価証券報告書－第83期(2022/01/01－2022/12/31) | S100QHH7 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHH7,, |
| 有価証券報告書－第82期(令和3年1月1日－令和3年12月31日) | S100NP59 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP59,, |
| 有価証券報告書－第81期(令和2年4月1日－令和2年12月31日) | S100L2ML | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2ML,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 熊谷組 | Capital alliance | 木や緑を活かした建築・住宅での協業を目的とする資本業務提携 | S100YK9Q |

## 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).