# TOKAI CARBON CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第164期(2025/01/01－2025/12/31) (S100XU85)
> Page: https://vizora.meequs.com/en/company/tokai-carbon
> Retrieved: 2026-09-30T22:20:37.963Z

## Company

Tokai Carbon, founded in 1918, is a company in Chemicals listed on TSE Prime. It has 4,436 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKAI CARBON CO.,LTD. |
| Ticker | 5301 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5301.T) |
| Listing | TSE Prime |
| Head office | 東京都港区北青山一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 長坂 一 |
| Founded | Apr 1918 |
| Share capital | ¥20.4B |
| Employees (consolidated) | 4,436 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | December |
| Website | www.tokaicarbon.co.jp (https://www.tokaicarbon.co.jp/) |
| Corporate number | 6010401020094 |
| EDINET | E01162 |
| Industries (Vizora) | Chemicals, Glass & Ceramics, Semiconductor Materials, Industrial Machinery |

> Profile source: annual securities report (S100XU85, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.1 | 96 |
| Profitability | 56.5 | 100 |
| Cash conversion | 74.5 | 96 |
| Efficiency | 7.5 | 100 |
| Financial strength | 60.5 | 19 |

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 46% of Tokai Carbon's sales come from Carbon Black, with Smelting and Lining and Fine Carbon making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -7.8% from the prior year, operating profit +33.3%.

## Company structure

- Segment revenue mix: Carbon Black 45.5%、Smelting and Lining 19.1%、Fine Carbon 17.3%、Graphite Electrode 11.6%、Industrial Furnace and Related Products 3.3%
- Revenue → net income: ¥322960000000 → ¥23274000000
- Net income → operating cash flow: ¥23274000000 → ¥55872000000（difference ¥32598000000）
- Main uses of operating cash flow: CapEx ¥42907000000 / dividends ¥6404000000 / buybacks —
- Change in cash: ¥-808000000
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 | ¥323B |  |
| Operating income | ¥25.9B | Margin 8.0% |
| Net income | ¥20.1B | Margin 6.2% |
| Free cash flow | ¥13B |  |
| Largest business | Carbon Black | of segment revenue 45.5% |
| Employees (consolidated) | 4,436 |  |
| EPS | ¥88.01 |  |
| Book value per share | ¥606.18 |  |
| Equity ratio | 47.9% |  |
| Shares outstanding | 224,943,104 |  |
| Treasury shares | 11,436,600 |  |
| Shareholders | 125,350 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 9.7% | Net cash -¥73.5B · Cash ÷ revenue 19.9% |
| Vs. industry median margin | +0.5 pp | Chemicals |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, employees -4% while operating income rose 33%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥201542000000 | ¥322960000000 | +60.2% |
| Operating income | ¥7858000000 | ¥25850000000 | +229.0% |
| Operating margin | 3.9% | 8.0% | +4.1 pp |
| Employees | 4,178 people | 4,436 people | +6.2% |
| Cash and equivalents | ¥57727000000 | ¥64327000000 | +11.4% |

### 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 |
| --- | ---: |
| カーボンブラック事業 → カーボンブラック事業 | 35.1% |
| ファインカーボン事業 → ファインカーボン事業 | 15.8% |
| スメルティング＆ライニング事業 → スメルティング＆ライニング事業 | 18.1% |
| 黒鉛電極事業 → 黒鉛電極事業 | 11.6% |
| 黒鉛電極事業 → 事業再編・廃止 | 7.2% |
| 工業炉及び関連製品事業 → 工業炉及び関連製品事業 | 3.3% |
| 工業炉及び関連製品事業 → 事業再編・廃止 | 3.6% |
| その他 → その他 | 3.0% |
| その他 → 事業再編・廃止 | 2.3% |
| 新設・再編 → カーボンブラック事業 | 10.4% |
| 新設・再編 → ファインカーボン事業 | 1.6% |
| 新設・再編 → スメルティング＆ライニング事業 | 1.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Carbon Black | 5 years | +15.8% | ¥147093000000 | 8.9% | 2 |
| Smelting and Lining | 5 years | +11.1% | ¥61751000000 | 2.4% | 2 |
| Fine Carbon | 5 years | +12.0% | ¥55969000000 | 13.8% | 2 |
| Graphite Electrode | 5 years | -0.2% | ¥37573000000 | 6.4% | 2 |
| Industrial Furnace and Related Products | 5 years | -5.0% | ¥10728000000 | 21.1% | 2 |
| Other | 5 years | -1.9% | ¥9843000000 | 6.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 322,960 | 100.0% | S100XU85 |
| Cost of revenue | 243,220 | 75.3% | S100XU85 |
| Gross profit | 79,740 | 24.7% | S100XU85 |
| SG&A | 53,890 | 16.7% | S100XU85 |
| Operating income | 25,850 | 8.0% | S100XU85 |
| Ordinary income | 26,312 | 8.1% | S100XU85 |
| Pretax income | 30,918 | 9.6% | S100XU85 |
| Income tax | 7,644 | 2.4% | S100XU85 |
| Net income | 23,274 | 7.2% | S100XU85 |
| Net income attributable to owners | 20,078 | 6.2% | S100XU85 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.7% → Operating margin 8.0% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.8%; Core profit growth: +33.3%
Operating leverage (core profit growth ÷ revenue growth): -4.30×
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 | 350,114 | 322,960 | -27,154 | -7.8% |
| Gross profit | 80,635 | 79,740 | -895 | -1.1% |
| Operating income | 19,386 | 25,850 | 6,464 | +33.3% |
| Net income attributable to owners | -56,485 | 20,078 | 76,563 | — |
| Operating cash flow | 64,471 | 55,872 | -8,599 | -13.3% |
| Free cash flow | 9,361 | 12,965 | 3,604 | +38.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 262,028 | 54,344 | 20.7% | 31,994 | 41,664 | 17,031 | S100L2LM |
| FY ending Dec 2020 | 201,542 | 7,858 | 3.9% | 1,019 | 55,022 | 27,792 | S100NSQQ |
| FY ending Dec 2021 | 258,874 | 24,647 | 9.5% | 16,105 | 38,072 | 8,542 | S100QI8M |
| FY ending Dec 2022 | 340,371 | 40,588 | 11.9% | 22,418 | 41,205 | -4,006 | S100T61I |
| FY ending Dec 2023 | 363,946 | 38,728 | 10.6% | 25,468 | 62,074 | 12,457 | S100VHHO |
| FY ending Dec 2024 | 350,114 | 19,386 | 5.5% | -56,485 | 64,471 | 9,361 | S100XU85 |
| FY ending Dec 2025 | 322,960 | 25,850 | 8.0% | 20,078 | 55,872 | 12,965 | S100XU85 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.8M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 4,289 | 4,378 | 4,427 | 4,625 | 4,436 |
| Average salary (parent company) | ¥6.6M | ¥7.4M | ¥7.9M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 41.8 years | 42.4 years | 42.5 years | 42.8 years | 43.1 years |
| Average tenure (parent company) | 15.3 years | 15.7 years | 15.6 years | 15.8 years | 16.3 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) -7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Carbon Black | 147,093 | 45.5% | 13,135 | 8.9% |
| Fine Carbon | 55,969 | 17.3% | 7,704 | 13.8% |
| Smelting and Lining | 61,751 | 19.1% | 1,503 | 2.4% |
| Graphite Electrode | 37,573 | 11.6% | 2,389 | 6.4% |
| Industrial Furnace and Related Products | 10,728 | 3.3% | 2,268 | 21.1% |
| Other | 9,843 | 3.0% | 617 | 6.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Carbon Black | 45.5% | 47.6% | 2.0 | 8.9% |
| Fine Carbon | 17.3% | 27.9% | 10.6 | 13.8% |
| Smelting and Lining | 19.1% | 5.4% | -13.7 | 2.4% |
| Graphite Electrode | 11.6% | 8.7% | -3.0 | 6.4% |
| Industrial Furnace and Related Products | 3.3% | 8.2% | 4.9 | 21.1% |
| Other | 3.0% | 2.2% | -0.8 | 6.3% |

Segment → industry: Carbon Black → Chemicals / Graphite Electrode → Glass & Ceramics / Smelting and Lining → Glass & Ceramics / Fine Carbon → Glass & Ceramics / Fine Carbon → Semiconductor Materials / Industrial Furnace and Related Products → Industrial Machinery

## 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 | 55,872 | 17.3% | S100XU85 |
| Capital expenditure | 42,907 | 13.3% | S100XU85 |
| Free cash flow | 12,965 | 4.0% | 算出 |
| Investing cash flow | -51,052 | -15.8% | S100XU85 |
| Financing cash flow | -7,689 | -2.4% | S100XU85 |
| Dividends paid | 6,404 | 2.0% | S100XU85 |
| Change in cash | -808 | -0.3% | S100XU85 |
| Cash and equivalents | 64,327 | 19.9% | S100XU85 |

## 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 | 64,435 | 49,377 | 56,459 | 65,135 | 64,327 | S100T61I, S100VHHO, S100XU85 |
| Total assets | 512,503 | 576,465 | 640,005 | 643,517 | 664,033 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Net assets | 256,570 | 300,868 | 360,103 | 324,740 | 352,846 | S100T61I, S100VHHO, S100XU85 |
| Share capital | 20,436 | 20,436 | 20,436 | 20,436 | 20,436 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Trade receivables | 56,668 | 65,197 | 65,530 | 69,175 | 66,781 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Property, plant and equipment | 144,165 | 181,948 | 223,804 | 266,070 | 290,429 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Intangible assets excluding goodwill | 123,349 | 118,839 | 117,051 | 67,414 | 61,520 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Goodwill | 55,553 | 52,837 | 49,212 | 30,416 | 26,684 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Investment securities | 21,802 | 22,548 | 30,980 | 33,307 | 40,257 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Current assets | 215,149 | 246,691 | 262,890 | 270,566 | 258,828 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Current liabilities | 130,418 | 146,696 | 136,971 | 148,138 | 126,726 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Trade payables | 22,294 | 28,119 | 25,663 | 23,085 | 20,381 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Short-term borrowings | 2,000 | 10,940 | 7,000 | 6,216 | 7,814 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Long-term borrowings | 38,539 | 35,706 | 41,424 | 52,301 | 65,015 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Bonds | 55,000 | 55,000 | 55,000 | 65,000 | 65,000 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Interest-bearing debt | 95,539 | 101,646 | 103,424 | 123,517 | 137,829 | 算出 |
| Total liabilities | 255,932 | 275,596 | 279,902 | 318,777 | 311,187 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Non-controlling interests | 27,360 | 32,041 | 35,612 | 35,600 | 34,488 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Equity attributable to owners of parent | 206,269 | 218,761 | 237,220 | 170,719 | 183,111 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Retained earnings | 175,727 | 191,750 | 210,183 | 146,661 | 160,334 | S100QI8M, S100T61I, S100VHHO, S100XU85 |
| Treasury stock | -7,244 | -7,236 | -7,225 | -7,068 | -7,047 | S100QI8M, S100T61I, S100VHHO, S100XU85 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XU85 |
| Receivables | 10% | S100XU85 |
| Property, plant and equipment | 44% | S100XU85 |
| Intangibles and goodwill | 13% | S100XU85 |
| Investment securities | 6% | S100XU85 |
| Other assets | 17% | S100XU85 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XU85 |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 23% | S100XU85 |
| Equity | 53% | S100XU85 |

### 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 | 512,503 | 576,465 | 640,005 | 643,517 | 664,033 |
| Equity | 256,570 | 300,868 | 360,103 | 324,740 | 352,846 |
| Interest-bearing debt | 95,539 | 101,646 | 103,424 | 123,517 | 137,829 |
| Cash | 64,435 | 49,377 | 56,459 | 65,135 | 64,327 |

## 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) | 89.9% | S100XU85 |
| Fixed assets ÷ total assets | 43.7% | S100XU85 |
| Goodwill ÷ parent equity | 14.6% | S100XU85 |

Goodwill over 4 years: 55,553 → 26,684 JPY; total investing cash flow: -254,643 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) | 9.7% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | -¥73.5B |
| Net debt ÷ operating cash flow | 1.32× |
| Cash conversion (operating CF ÷ operating income) | 216.1% |
| Cash vs. profit gap | 35,794 JPY mn (of net income 178.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.9% |
| Shareholder payments — dividends / FCF | 49.4% |
| CapEx intensity (capex ÷ revenue) | 13.3% |
| Investing CF relative to operating CF | 91.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.2% | 0.51× | 3.1% | 2.48× | 7.8% | S100QI8M |
| 2022 | 6.6% | 0.63× | 4.1% | 2.56× | 10.5% | S100T61I |
| 2023 | 7.0% | 0.60× | 4.2% | 2.67× | 11.2% | S100VHHO |
| 2024 | — | —× | -8.8% | —× | — | S100XU85 |
| 2025 | 6.2% | 0.49× | 3.1% | 3.70× | 11.3% | S100XU85 |

## 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 | 20.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.0% | 2025-12-31 |
| 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 | 2.8% | 2025-12-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.7% | 2025-12-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.2% | 2025-12-31 |
| 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 | 1.7% | 2025-12-31 |
| 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 | 1.3% | 2025-12-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.0% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 0.9% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥323B, down 7.8% from ¥350.1B.
- Profit moved the other way: operating income climbed 33.3% from ¥19.4B to ¥25.9B.
- Net income attributable to owners was ¥20.1B, after a -¥56.5B loss the year before.
- Operating cash flow slipped 13.3% to ¥55.9B, while free cash flow rose 38.5% to ¥13B.

### Drivers

- Sales fell mainly because the German graphite electrode unit was sold, and carbon black prices and volumes dropped as tire makers cut production.
- Profit improved thanks to cost cuts and lower depreciation after last year's impairment in Smelting and Lining, plus consolidating graphite electrode production in Japan. Both segments returned to an operating profit.
- Net income also got a lift from one-off gains on selling cross-held shares.

### Risks

- Much of the company's sales depend on the auto, semiconductor and steel industries, so a sharp downturn there would hurt sales and margins.
- Many products face steady price pressure from competitors, which could cost market share and margin.
- A stronger yen against the dollar and euro tends to weigh on results.

Cited: Annual Securities Report (164th 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 (164th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第164期(2025/01/01－2025/12/31) | S100XU85 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU85,, |
| 有価証券報告書－第163期(2024/01/01－2024/12/31) | S100VHHO | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHHO,, |
| 有価証券報告書－第162期(2023/01/01－2023/12/31) | S100T61I | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T61I,, |
| 有価証券報告書－第161期(2022/01/01－2022/12/31) | S100QI8M | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI8M,, |
| 有価証券報告書－第160期(令和3年1月1日－令和3年12月31日) | S100NSQQ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSQQ,, |
| 有価証券報告書－第159期(令和2年1月1日－令和2年12月31日) | S100L2LM | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2LM,, |

## 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).