# TAIHEIYO CEMENT CORPORATION: 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28期(2025/04/01－2026/03/31) (S100YJYE)
> Page: https://vizora.meequs.com/en/company/taiheiyo-cement
> Retrieved: 2026-09-30T21:46:56.241Z

## Company

Taiheiyo Cement, founded in 1881, is a company in Cement & Concrete listed on TSE Prime. It has 12,626 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIHEIYO CEMENT CORPORATION |
| Ticker | 5233 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5233.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区小石川一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 田浦 良文 |
| Founded | May 1881 |
| Share capital | ¥86.2B |
| Employees (consolidated) | 12,626 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.taiheiyo-cement.co.jp (https://www.taiheiyo-cement.co.jp/) |
| Corporate number | 4010401082995 |
| EDINET | E01130 |
| Industries (Vizora) | Cement & Concrete, Housing Equipment & Building Materials, General Contractors, Waste Management & Recycling |

> Profile source: annual securities report (S100YJYE, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.1 | 16 |
| Profitability | 53.1 | 16 |
| Cash conversion | 71.9 | 16 |
| Efficiency | 15.6 | 16 |
| Financial strength | 16.7 | 3 |

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 74% of Taiheiyo Cement's sales come from Cement, with Environmental business and Resource making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.2% from the prior year, operating profit -4.0%.

## Company structure

- Segment revenue mix: Cement 73.7%、Environmental business 8.7%、Resource 7.3%、Other 5.7%、Construction materials and construction engineering 4.6%
- Revenue → net income: ¥898441000000 → ¥26894000000
- Net income → operating cash flow: ¥26894000000 → ¥114205000000（difference ¥87311000000）
- Main uses of operating cash flow: CapEx ¥100979000000 / dividends ¥10039000000 / buybacks ¥27000000
- Change in cash: ¥-11413000000
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 | ¥898.4B |  |
| Operating income | ¥74.6B | Margin 8.3% |
| Net income | ¥25.4B | Margin 2.8% |
| Free cash flow | ¥13.2B |  |
| Largest business | Cement | of segment revenue 73.7% |
| Employees (consolidated) | 12,626 |  |
| EPS | ¥75.63 |  |
| Book value per share | ¥2545.25 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 118,192,000 |  |
| Treasury shares | 6,714,500 |  |
| Shareholders | 30,787 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 3.6% | Net cash -¥297.1B · Cash ÷ revenue 6.0% |
| Vs. industry median margin | +0.2 pp | Cement & Concrete |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.5× net income
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥863903000000 | ¥898441000000 | +4.0% |
| Operating income | ¥63610000000 | ¥74620000000 | +17.3% |
| Operating margin | 7.4% | 8.3% | +0.9 pp |
| Employees | 12,586 people | 12,626 people | +0.3% |
| Cash and equivalents | ¥63819000000 | ¥53926000000 | -15.5% |

### 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 |
| --- | ---: |
| セメント → セメント | 70.7% |
| 資源 → 資源 | 6.1% |
| 環境事業 → 環境事業 | 7.8% |
| 建材・建築土木 → 建材・建築土木 | 4.6% |
| 建材・建築土木 → 事業再編・廃止 | 3.3% |
| その他 → その他 | 5.7% |
| その他 → 事業再編・廃止 | 1.8% |
| 新設・再編 → セメント | 3.0% |
| 新設・再編 → 資源 | 1.2% |
| 新設・再編 → 環境事業 | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cement | 5 years | +1.6% | ¥661724000000 | 7.5% | 2 |
| Environmental business | 5 years | +3.0% | ¥78368000000 | 11.8% | 2 |
| Resource | 5 years | +4.5% | ¥65810000000 | 15.3% | 2 |
| Other | 5 years | -4.7% | ¥50812000000 | 8.3% | 2 |
| Construction materials and construction engineering | 5 years | -9.5% | ¥41727000000 | 4.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 898,441 | 100.0% | S100YJYE |
| Cost of revenue | 675,177 | 75.1% | S100YJYE |
| Gross profit | 223,264 | 24.9% | S100YJYE |
| SG&A | 148,644 | 16.5% | S100YJYE |
| Operating income | 74,620 | 8.3% | S100YJYE |
| Ordinary income | 75,087 | 8.4% | S100YJYE |
| Pretax income | 44,527 | 5.0% | S100YJYE |
| Income tax | 17,633 | 2.0% | S100YJYE |
| Net income | 26,894 | 3.0% | S100YJYE |
| Net income attributable to owners | 25,401 | 2.8% | S100YJYE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 24.9% → Operating margin 8.3% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.2%; Core profit growth: -4.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -16.81×
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 | 896,295 | 898,441 | 2,146 | +0.2% |
| Gross profit | 217,089 | 223,264 | 6,175 | +2.8% |
| Operating income | 77,750 | 74,620 | -3,130 | -4.0% |
| Net income attributable to owners | 57,428 | 25,401 | -32,027 | -55.8% |
| Operating cash flow | 117,874 | 114,205 | -3,669 | -3.1% |
| Free cash flow | 33,921 | 13,226 | -20,695 | -61.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 884,350 | 61,008 | 6.9% | 39,151 | 90,902 | 24,524 | S100LSJ9 |
| FY ending Mar 2021 | 863,903 | 63,610 | 7.4% | 46,800 | 110,403 | 51,747 | S100OE74 |
| FY ending Mar 2022 | 708,201 | 46,701 | 6.6% | 28,971 | 71,191 | 3,865 | S100R6EO |
| FY ending Mar 2023 | 809,542 | 4,456 | 0.6% | -33,206 | -268 | -63,669 | S100TX6P |
| FY ending Mar 2024 | 886,276 | 56,470 | 6.4% | 43,273 | 140,543 | 53,384 | S100W47L |
| FY ending Mar 2025 | 896,295 | 77,750 | 8.7% | 57,428 | 117,874 | 33,921 | S100YJYE |
| FY ending Mar 2026 | 898,441 | 74,620 | 8.3% | 25,401 | 114,205 | 13,226 | S100YJYE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71.2M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥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) | 12,542 | 12,720 | 12,540 | 12,586 | 12,626 |
| Average salary (parent company) | ¥7.3M | ¥7.3M | ¥7.2M | ¥7.6M | ¥8.5M |
| Average age (parent company) | 40.4 years | 40.1 years | 39.7 years | 39.8 years | 39.6 years |
| Average tenure (parent company) | 18.1 years | 17.8 years | 17.3 years | 17.3 years | 16.8 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cement | 661,724 | 73.7% | 49,332 | 7.5% |
| Resource | 65,810 | 7.3% | 10,045 | 15.3% |
| Environmental business | 78,368 | 8.7% | 9,262 | 11.8% |
| Construction materials and construction engineering | 41,727 | 4.6% | 1,891 | 4.5% |
| Other | 50,812 | 5.7% | 4,193 | 8.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cement | 73.7% | 66.0% | -7.6 | 7.5% |
| Resource | 7.3% | 13.4% | 6.1 | 15.3% |
| Environmental business | 8.7% | 12.4% | 3.7 | 11.8% |
| Construction materials and construction engineering | 4.6% | 2.5% | -2.1 | 4.5% |
| Other | 5.7% | 5.6% | -0.0 | 8.3% |

Segment → industry: Resource → Cement & Concrete / Cement → Cement & Concrete / Construction materials and construction engineering → Housing Equipment & Building Materials / Construction materials and construction engineering → General Contractors / Environmental business → Waste Management & Recycling

## 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 | 114,205 | 12.7% | S100YJYE |
| Capital expenditure | 100,979 | 11.2% | S100YJYE |
| Free cash flow | 13,226 | 1.5% | 算出 |
| Investing cash flow | -98,645 | -11.0% | S100YJYE |
| Financing cash flow | -26,761 | -3.0% | S100YJYE |
| Dividends paid | 10,039 | 1.1% | S100YJYE |
| Share buyback | 27 | 0.0% | S100YJYE |
| Change in cash | -11,413 | -1.3% | S100YJYE |
| Cash and equivalents | 53,926 | 6.0% | S100YJYE |

## 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 | 50,213 | 70,828 | 71,147 | 65,339 | 53,926 | S100TX6P, S100W47L, S100YJYE |
| Total assets | 1,103,007 | 1,268,862 | 1,338,251 | 1,423,695 | 1,479,061 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Net assets | 544,799 | 528,857 | 596,385 | 676,124 | 712,237 | S100TX6P, S100W47L, S100YJYE |
| Share capital | 86,174 | 86,174 | 86,174 | 86,174 | 86,174 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Property, plant and equipment | 557,829 | 620,083 | 653,910 | 738,702 | 749,158 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Intangible assets excluding goodwill | 27,566 | 39,766 | 39,084 | 47,015 | 43,516 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Goodwill | 80 | 101 | 104 | 64 | 81 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Investment securities | 118,359 | 117,839 | 132,314 | 135,374 | 158,763 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Current assets | 340,550 | 430,408 | 430,289 | 405,731 | 412,601 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Current liabilities | 309,768 | 385,784 | 368,104 | 388,354 | 416,902 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Trade payables | 79,685 | 84,162 | 94,951 | 73,647 | 73,662 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Short-term borrowings | 102,986 | 149,573 | 142,916 | 156,488 | 158,500 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Long-term borrowings | 86,600 | 166,911 | 157,554 | 158,200 | 150,267 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Bonds | 60,000 | 50,000 | 70,000 | 55,000 | 42,300 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Interest-bearing debt | 249,586 | 366,484 | 370,470 | 369,688 | 351,067 | 算出 |
| Total liabilities | 558,208 | 740,005 | 741,866 | 747,571 | 766,824 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Non-controlling interests | 34,181 | 33,899 | 33,174 | 34,455 | 31,668 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Equity attributable to owners of parent | 506,291 | 465,045 | 497,409 | 531,791 | 547,064 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Retained earnings | 384,154 | 342,880 | 379,126 | 417,460 | 432,913 | S100R6EO, S100TX6P, S100W47L, S100YJYE |
| Treasury stock | -13,766 | -13,738 | -17,942 | -22,131 | -21,516 | S100R6EO, S100TX6P, S100W47L, S100YJYE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YJYE |
| Property, plant and equipment | 51% | S100YJYE |
| Intangibles and goodwill | 3% | S100YJYE |
| Investment securities | 11% | S100YJYE |
| Other assets | 32% | S100YJYE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YJYE |
| Interest-bearing debt | 24% | 算出 |
| Other liabilities | 23% | S100YJYE |
| Equity | 48% | S100YJYE |

### 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 | 1,103,007 | 1,268,862 | 1,338,251 | 1,423,695 | 1,479,061 |
| Equity | 544,799 | 528,857 | 596,385 | 676,124 | 712,237 |
| Interest-bearing debt | 249,586 | 366,484 | 370,470 | 369,688 | 351,067 |
| Cash | 50,213 | 70,828 | 71,147 | 65,339 | 53,926 |

## 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) | 83.4% | S100YJYE |
| Fixed assets ÷ total assets | 50.7% | S100YJYE |
| Goodwill ÷ parent equity | 0.0% | S100YJYE |

Goodwill over 4 years: 80 → 81 JPY; total investing cash flow: -464,575 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) | 3.6% |
| Cash ÷ revenue | 6.0% |
| Net cash (cash − interest-bearing debt) | -¥297.1B |
| Net debt ÷ operating cash flow | 2.60× |
| Cash conversion (operating CF ÷ operating income) | 153.0% |
| Cash vs. profit gap | 88,804 JPY mn (of net income 349.6%) |
| Shareholder returns / net income | 39.6% |
| Shareholder returns / FCF | 76.1% |
| Shareholder payments — dividends / net income | 39.5% |
| Shareholder payments — dividends / FCF | 75.9% |
| CapEx intensity (capex ÷ revenue) | 11.2% |
| Investing CF relative to operating CF | 86.4% |

## 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 | 4.1% | 0.64× | 2.6% | 2.18× | 5.7% | S100R6EO |
| 2023 | — | —× | -2.8% | —× | — | S100TX6P |
| 2024 | 4.9% | 0.68× | 3.3% | 2.71× | 9.0% | S100W47L |
| 2025 | 6.4% | 0.65× | 4.2% | 2.68× | 11.2% | S100YJYE |
| 2026 | 2.8% | 0.62× | 1.8% | 2.69× | 4.7% | S100YJYE |

## 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 | 16.4% | 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 | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.8% | 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 | 3.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 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 | 2.6% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 2.4% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| 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 | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥898.4B, almost unchanged from ¥896.3B (+0.2%).
- Operating income slipped 4.0% to ¥74.6B, while net income dropped 55.8% to ¥25.4B.
- Operating cash flow came to ¥114.2B and free cash flow to ¥13.2B, both lower than the year before.

### Drivers

- Price increases and cost savings lifted profit in domestic cement, but overseas subsidiaries earned less.
- The sharp fall in net income came mainly from an impairment loss on plant and equipment at the Philippine cement subsidiary.
- Domestic cement demand shrank as construction costs rose, more sites closed on Saturdays, and labor shortages stretched project schedules.

### Risks

- A drop in construction spending could cut demand for cement and ready-mixed concrete.
- Higher prices for imported coal and other fuels, or for shipping, would hurt profit if they cannot be passed on to customers.
- Cement production emits a lot of CO2, so tighter greenhouse gas rules could affect the business.

Cited: Annual Securities Report (28th term) (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 (28th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YJYE | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJYE,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W47L | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W47L,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TX6P | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX6P,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R6EO | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6EO,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OE74 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE74,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LSJ9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSJ9,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 東ソー | Supply/OEM | セメント受託販売契約（太平洋セメントが東ソーのセメントの販売を受託） | S100YJYE |
| 日立セメント株式会社 | Alliance | セメント・クリンカの生産受委託等の業務提携に関する基本協定 | S100YJYE |

## 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).