# Tokuyama Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第162期(2025/04/01－2026/03/31) (S100YY70)
> Page: https://vizora.meequs.com/en/company/tokuyama
> Retrieved: 2026-09-30T17:50:05.617Z

## Company

Tokuyama is a company in Medical Devices listed on TSE Prime. It has 6,390 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokuyama Corporation |
| Ticker | 4043 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4043.T) |
| Listing | TSE Prime |
| Head office | 山口県周南市御影町1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 井上 智弘 |
| Share capital | ¥10B |
| Employees (consolidated) | 6,390 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.tokuyama.co.jp (https://www.tokuyama.co.jp/) |
| Corporate number | 1250001009080 |
| EDINET | E00768 |
| Industries (Vizora) | Medical Devices, Chemicals, Cement & Concrete, Semiconductor Materials, Waste Management & Recycling |

> Profile source: annual securities report (S100YY70, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.4 | 96 |
| Profitability | 79.5 | 100 |
| Cash conversion | 42.2 | 96 |
| Efficiency | 40.5 | 100 |
| Financial strength | 50 | 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 30% of Tokuyama's sales come from Chemicals, with Electronic and Advanced Materials and Cement making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +23.5%.

## Company structure

- Segment revenue mix: Chemicals 30.4%、Electronic and Advanced Materials 26.0%、Cement 18.9%、Life Science 14.1%、Other 8.9%
- Revenue → net income: ¥349476000000 → ¥22536000000
- Net income → operating cash flow: ¥22536000000 → ¥50985000000（difference ¥28449000000）
- Main uses of operating cash flow: CapEx ¥29111000000 / dividends ¥7921000000 / buybacks —
- Change in cash: ¥-28706000000
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 | ¥349.5B |  |
| Operating income | ¥37B | Margin 10.6% |
| Net income | ¥22.2B | Margin 6.4% |
| Free cash flow | ¥21.9B |  |
| Largest business | Chemicals | of segment revenue 30.4% |
| Employees (consolidated) | 6,390 |  |
| EPS | ¥177.83 |  |
| Book value per share | ¥2877.86 |  |
| Equity ratio | 50.8% |  |
| Shares outstanding | 72,088,000 |  |
| Treasury shares | 26,800 |  |
| Shareholders | 35,385 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 8.3% | Net cash -¥76.9B · Cash ÷ revenue 13.3% |
| Vs. industry median margin | +3.1 pp | Chemicals |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥302407000000 | ¥349476000000 | +15.6% |
| Operating income | ¥30921000000 | ¥37017000000 | +19.7% |
| Operating margin | 10.2% | 10.6% | +0.4 pp |
| Employees | 5,476 people | 6,390 people | +16.7% |
| Cash and equivalents | ¥83050000000 | ¥46466000000 | -44.1% |

### 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 |
| --- | ---: |
| 化成品 → 化成品 | 20.5% |
| セメント → セメント | 18.9% |
| セメント → 事業再編・廃止 | 3.8% |
| 特殊品 → 事業再編・廃止 | 11.6% |
| 電子材料 → 事業再編・廃止 | 12.7% |
| ライフサイエンス → ライフサイエンス | 7.0% |
| ライフアメニティー → 事業再編・廃止 | 11.3% |
| 環境事業 → 環境事業 | 1.7% |
| 環境事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 8.9% |
| その他 → 事業再編・廃止 | 3.0% |
| 新設・再編 → 化成品 | 9.8% |
| 新設・再編 → 電子先端材料 | 26.0% |
| 新設・再編 → ライフサイエンス | 7.1% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemicals | 5 years | +5.7% | ¥106124000000 | 9.1% | 2 |
| Electronic and Advanced Materials | 3 years | +0.0% | ¥90892000000 | 17.3% | 2 |
| Cement | 5 years | -5.8% | ¥66120000000 | 14.4% | 2 |
| Life Science | 5 years | +12.5% | ¥49370000000 | 15.9% | 2 |
| Other | 5 years | -7.8% | ¥31024000000 | 6.5% | 2 |
| Eco Business | 5 years | -8.1% | ¥5943000000 | 11.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 349,476 | 100.0% | S100YY70 |
| Cost of revenue | 224,530 | 64.2% | S100YY70 |
| Gross profit | 124,946 | 35.8% | S100YY70 |
| SG&A | 87,928 | 25.2% | S100YY70 |
| Operating income | 37,017 | 10.6% | S100YY70 |
| Ordinary income | 38,203 | 10.9% | S100YY70 |
| Pretax income | 36,462 | 10.4% | S100YY70 |
| Income tax | 13,925 | 4.0% | S100YY70 |
| Net income | 22,536 | 6.4% | S100YY70 |
| Net income attributable to owners | 22,205 | 6.4% | S100YY70 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 25 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 35.8% → Operating margin 10.6% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +23.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.60×
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 | 343,073 | 349,476 | 6,403 | +1.9% |
| Gross profit | 108,143 | 124,946 | 16,803 | +15.5% |
| Operating income | 29,968 | 37,017 | 7,049 | +23.5% |
| Net income attributable to owners | 23,388 | 22,205 | -1,183 | -5.1% |
| Operating cash flow | 52,368 | 50,985 | -1,383 | -2.6% |
| Free cash flow | 29,770 | 21,874 | -7,896 | -26.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 316,096 | 34,281 | 10.8% | 19,937 | 52,364 | 32,658 | S100LIP1 |
| FY ending Mar 2021 | 302,407 | 30,921 | 10.2% | 24,534 | 43,314 | 19,514 | S100OI83 |
| FY ending Mar 2022 | 293,830 | 24,539 | 8.4% | 28,000 | 25,986 | -5,901 | S100RDRH |
| FY ending Mar 2023 | 351,790 | 14,336 | 4.1% | 9,364 | -11,800 | -43,716 | S100TSZ6 |
| FY ending Mar 2024 | 341,990 | 25,637 | 7.5% | 17,751 | 55,828 | 24,237 | S100WL9E |
| FY ending Mar 2025 | 343,073 | 29,968 | 8.7% | 23,388 | 52,368 | 29,770 | S100YY70 |
| FY ending Mar 2026 | 349,476 | 37,017 | 10.6% | 22,205 | 50,985 | 21,874 | S100YY70 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.7M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 5,665 | 5,909 | 5,734 | 5,782 | 6,390 |
| Average salary (parent company) | ¥7.2M | ¥7M | ¥6.8M | ¥7.3M | ¥7.9M |
| Average age (parent company) | 41.4 years | 41.3 years | 41.3 years | 41.4 years | 41.5 years |
| Average tenure (parent company) | 17.6 years | 17.0 years | 16.9 years | 16.9 years | 16.8 years |

Year over year: Employees (consolidated) +10.5% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 106,124 | 30.4% | 9,701 | 9.1% |
| Cement | 66,120 | 18.9% | 9,536 | 14.4% |
| Electronic and Advanced Materials | 90,892 | 26.0% | 15,681 | 17.3% |
| Life Science | 49,370 | 14.1% | 7,828 | 15.9% |
| Eco Business | 5,943 | 1.7% | 655 | 11.0% |
| Other | 31,024 | 8.9% | 2,029 | 6.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 30.4% | 21.4% | -9.0 | 9.1% |
| Cement | 18.9% | 21.0% | 2.1 | 14.4% |
| Electronic and Advanced Materials | 26.0% | 34.5% | 8.5 | 17.3% |
| Life Science | 14.1% | 17.2% | 3.1 | 15.9% |
| Eco Business | 1.7% | 1.4% | -0.3 | 11.0% |
| Other | 8.9% | 4.5% | -4.4 | 6.5% |

Segment → industry: Life Science → Medical Devices / Life Science → Chemicals / Chemicals → Chemicals / Cement → Cement & Concrete / Electronic and Advanced Materials → Semiconductor Materials / Eco 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 | 50,985 | 14.6% | S100YY70 |
| Capital expenditure | 29,111 | 8.3% | S100YY70 |
| Free cash flow | 21,874 | 6.3% | 算出 |
| Investing cash flow | -122,975 | -35.2% | S100YY70 |
| Financing cash flow | 41,792 | 12.0% | S100YY70 |
| Dividends paid | 7,921 | 2.3% | S100YY70 |
| Change in cash | -28,706 | -8.2% | S100YY70 |
| Cash and equivalents | 46,466 | 13.3% | S100YY70 |

## 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 | 82,496 | 67,556 | 47,905 | 74,926 | 46,466 | S100TSZ6, S100WL9E, S100YY70 |
| Total assets | 433,210 | 478,342 | 457,360 | 476,207 | 557,432 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Net assets | 232,917 | 241,602 | 259,948 | 273,858 | 297,811 | S100TSZ6, S100WL9E, S100YY70 |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Property, plant and equipment | 139,602 | 155,336 | 168,755 | 172,291 | 190,284 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Intangible assets excluding goodwill | 2,682 | 3,465 | 3,463 | 4,210 | 63,222 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Goodwill | 68 | 349 | 252 | 69 | 58,646 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Investment securities | 28,255 | 29,499 | 36,196 | 36,050 | 58,816 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Current assets | 223,950 | 253,689 | 217,776 | 234,630 | 212,070 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Current liabilities | 102,337 | 88,244 | 103,935 | 91,338 | 121,493 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Trade payables | 49,055 | 49,822 | 48,093 | 45,742 | 42,324 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Short-term borrowings | 463 | 2,491 | 4,234 | 6,446 | 5,883 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Long-term borrowings | 67,951 | 118,333 | 63,262 | 59,644 | 92,449 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Bonds | 15,000 | 15,000 | 15,000 | 35,000 | 25,000 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Interest-bearing debt | 83,414 | 135,824 | 82,496 | 101,090 | 123,332 | 算出 |
| Total liabilities | 200,292 | 236,739 | 197,411 | 202,349 | 259,620 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Non-controlling interests | 8,411 | 12,151 | 10,691 | 12,295 | 14,725 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Equity attributable to owners of parent | 213,573 | 217,880 | 229,944 | 246,302 | 260,564 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Retained earnings | 180,534 | 184,852 | 197,418 | 213,953 | 228,232 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |
| Treasury stock | -414 | -414 | -422 | -428 | -427 | S100RDRH, S100TSZ6, S100WL9E, S100YY70 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YY70 |
| Property, plant and equipment | 34% | S100YY70 |
| Intangibles and goodwill | 22% | S100YY70 |
| Investment securities | 11% | S100YY70 |
| Other assets | 25% | S100YY70 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YY70 |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 17% | S100YY70 |
| Equity | 53% | S100YY70 |
| Other liabilities | 0% | S100YY70 |

### 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 | 433,210 | 478,342 | 457,360 | 476,207 | 557,432 |
| Equity | 232,917 | 241,602 | 259,948 | 273,858 | 297,811 |
| Interest-bearing debt | 83,414 | 135,824 | 82,496 | 101,090 | 123,332 |
| Cash | 82,496 | 67,556 | 47,905 | 74,926 | 46,466 |

## 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) | 54.4% | S100YY70 |
| Fixed assets ÷ total assets | 34.1% | S100YY70 |
| Goodwill ÷ parent equity | 22.5% | S100YY70 |

Goodwill over 4 years: 68 → 58,646 JPY; total investing cash flow: -244,412 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) | 8.3% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | -¥76.9B |
| Net debt ÷ operating cash flow | 1.51× |
| Cash conversion (operating CF ÷ operating income) | 137.7% |
| Cash vs. profit gap | 28,780 JPY mn (of net income 129.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.7% |
| Shareholder payments — dividends / FCF | 36.2% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 241.2% |

## 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 | 9.5% | 0.68× | 6.5% | 2.03× | 13.1% | S100RDRH |
| 2023 | 2.7% | 0.77× | 2.1% | 2.11× | 4.3% | S100TSZ6 |
| 2024 | 5.2% | 0.73× | 3.8% | 2.09× | 7.9% | S100WL9E |
| 2025 | 6.8% | 0.73× | 5.0% | 1.96× | 9.8% | S100YY70 |
| 2026 | 6.4% | 0.68× | 4.3% | 2.04× | 8.8% | S100YY70 |

## 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 | 17.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.0% | 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 | 2.6% | 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 | 2.4% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| トクヤマ従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC - 006 MF EFM(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.8% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社山口銀行(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.7% | 2026-03-31 |

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

- Revenue for the year ending March 2026 was ¥349.5B, up just +1.9%.
- Profit grew much faster: gross profit rose +15.5% and operating income rose +23.5% to ¥37B.
- Net income attributable to owners, however, slipped -5.1% to ¥22.2B.
- Free cash flow also fell, from ¥29.8B to ¥21.9B.

### Drivers

- Semiconductor-related products such as polysilicon and heat-dissipation materials sold well, lifting profit in Electronic and Advanced Materials sharply.
- Lower manufacturing costs reduced cost of revenue; cement profit also rose on domestic price increases and cost cuts.
- Net income was held back by a provision for losses on a long-term, non-cancellable power purchase contract and by higher tax expense after a reassessment of deferred tax assets.

### Risks

- Conflict in the Middle East has disrupted supplies of oil and other raw materials and fuels; tight supply or sharp cost increases would hurt results.
- Because it runs coal-fired power plants, carbon pricing and the shift to cleaner energy could raise its energy costs.
- Long-term loans and commercial paper increased, so changes in interest rates and exchange rates could affect earnings and its balance sheet.

Cited: Annual securities report (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 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YY70 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY70,, |
| 訂正有価証券報告書－第161期(2024/04/01－2025/03/31) | S100WL9E | 2025-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL9E,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TSZ6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSZ6,, |
| 訂正有価証券報告書－第159期(2022/04/01－2023/03/31) | S100RDRH | 2023-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RDRH,, |
| 訂正有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OI83 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI83,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LIP1 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIP1,, |

## 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).