# Toyo Seikan Group Holdings, Ltd.: 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113期(2025/04/01－2026/03/31) (S100YGR9)
> Page: https://vizora.meequs.com/en/company/toyo-seikan-group-holdings
> Retrieved: 2026-09-30T17:55:14.277Z

## Company

Toyo Seikan Group Holdings, founded in 1917, is a company in Steel listed on TSE Prime. It has 19,067 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toyo Seikan Group Holdings, Ltd. |
| Ticker | 5901 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5901.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東五反田二丁目18番1号 |
| Representative (per filing) | 代表取締役社長 中村 琢司 |
| Founded | Jun 1917 |
| Share capital | ¥11.1B |
| Employees (consolidated) | 19,067 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.tskg-hd.com (https://www.tskg-hd.com/) |
| Corporate number | 7010701026096 |
| EDINET | E01353 |
| Industries (Vizora) | Steel, Chemicals, Food Packaging, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YGR9, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Food Packaging (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 15 |
| Profitability | 50 | 15 |
| Cash conversion | 60.7 | 14 |
| Efficiency | 23.3 | 15 |
| Financial strength | 83.3 | 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 63% of Toyo Seikan Group Holdings's sales come from Packaging business, with Engineering, filling, and logistics businesses and Steel-plate related business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +51.8%.

## Company structure

- Segment revenue mix: Packaging business 62.5%、Engineering, filling, and logistics businesses 18.6%、Steel-plate related business 9.5%、Functional materials related business 6.0%、Other 2.5%
- Revenue → net income: ¥963213000000 → ¥56683000000
- Net income → operating cash flow: ¥56683000000 → ¥89028000000（difference ¥32345000000）
- Main uses of operating cash flow: CapEx ¥49106000000 / dividends ¥15940000000 / buybacks ¥25751000000
- Change in cash: ¥4905000000
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 | ¥963.2B |  |
| Operating income | ¥52B | Margin 5.4% |
| Net income | ¥55B | Margin 5.7% |
| Free cash flow | ¥39.9B |  |
| Largest business | Packaging business | of segment revenue 62.5% |
| Employees (consolidated) | 19,067 |  |
| EPS | ¥145.35 |  |
| Book value per share | ¥2124.71 |  |
| Equity ratio | 56.2% |  |
| Shares outstanding | 153,162,000 |  |
| Treasury shares | 2,323,800 |  |
| Shareholders | 12,761 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 9.3% | Net cash -¥88.6B · Cash ÷ revenue 11.9% |
| Vs. industry median margin | 0 pp | Food Packaging |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥748724000000 | ¥963213000000 | +28.6% |
| Operating income | ¥26667000000 | ¥52005000000 | +95.0% |
| Operating margin | 3.6% | 5.4% | +1.8 pp |
| Employees | 19,552 people | 19,067 people | -2.5% |
| Cash and equivalents | ¥111207000000 | ¥114912000000 | +3.3% |

### 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 |
| --- | ---: |
| 包装容器事業 → 包装容器事業 | 33.6% |
| 包装容器関連事業 → 事業再編・廃止 | 42.3% |
| エンジニアリング・充填・物流事業 → エンジニアリング・充填・物流事業 | 8.7% |
| 鋼板関連事業 → 事業再編・廃止 | 3.7% |
| 鋼板関連事業 → 鋼板関連事業 | 3.7% |
| 機能材料関連事業 → 事業再編・廃止 | 2.7% |
| 機能材料関連事業 → 機能材料関連事業 | 2.7% |
| 不動産関連事業 → 事業再編・廃止 | 0.5% |
| 不動産関連事業 → 不動産関連事業 | 0.5% |
| その他 → その他 | 1.6% |
| 新設・再編 → 包装容器事業 | 28.9% |
| 新設・再編 → エンジニアリング・充填・物流事業 | 10.0% |
| 新設・再編 → 鋼板関連事業 | 5.8% |
| 新設・再編 → 機能材料関連事業 | 3.3% |
| 新設・再編 → 不動産関連事業 | 0.3% |
| 新設・再編 → その他 | 0.9% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Packaging business | 5 years | +4.0% | ¥602297000000 | 4.4% | 2 |
| Engineering, filling, and logistics businesses | 5 years | +7.0% | ¥179344000000 | 1.8% | 2 |
| Steel-plate related business | 5 years | +10.9% | ¥91463000000 | 10.8% | 2 |
| Functional materials related business | 5 years | +7.4% | ¥57785000000 | 11.8% | 2 |
| Other | 5 years | +0.9% | ¥23989000000 | 9.0% | 2 |
| Property related business | 5 years | +1.3% | ¥8332000000 | 60.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 963,213 | 100.0% | S100YGR9 |
| Cost of revenue | 822,699 | 85.4% | S100YGR9 |
| Gross profit | 140,513 | 14.6% | S100YGR9 |
| SG&A | 88,507 | 9.2% | S100YGR9 |
| Operating income | 52,005 | 5.4% | S100YGR9 |
| Ordinary income | 58,270 | 6.0% | S100YGR9 |
| Pretax income | 77,276 | 8.0% | S100YGR9 |
| Income tax | 20,593 | 2.1% | S100YGR9 |
| Net income | 56,683 | 5.9% | S100YGR9 |
| Net income attributable to owners | 54,983 | 5.7% | S100YGR9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 9 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 14.6% → Operating margin 5.4% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +51.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.74×
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 | 922,516 | 963,213 | 40,697 | +4.4% |
| Gross profit | 122,539 | 140,513 | 17,974 | +14.7% |
| Operating income | 34,264 | 52,005 | 17,741 | +51.8% |
| Net income attributable to owners | 22,486 | 54,983 | 32,497 | +144.5% |
| Operating cash flow | 94,062 | 89,028 | -5,034 | -5.4% |
| Free cash flow | 59,955 | 39,922 | -20,033 | -33.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 790,814 | 27,271 | 3.4% | -520 | 78,689 | 21,192 | S100LPHU |
| FY ending Mar 2021 | 748,724 | 26,667 | 3.6% | 15,946 | 79,329 | 14,069 | S100OFP1 |
| FY ending Mar 2022 | 821,565 | 34,114 | 4.2% | 44,422 | 75,415 | 26,763 | S100R2VF |
| FY ending Mar 2023 | 906,025 | 7,396 | 0.8% | 10,363 | -18,861 | -82,838 | S100TPPB |
| FY ending Mar 2024 | 950,663 | 33,850 | 3.6% | 23,083 | 64,582 | 10,747 | S100W5SX |
| FY ending Mar 2025 | 922,516 | 34,264 | 3.7% | 22,486 | 94,062 | 59,955 | S100YGR9 |
| FY ending Mar 2026 | 963,213 | 52,005 | 5.4% | 54,983 | 89,028 | 39,922 | S100YGR9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.5M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 19,758 | 19,976 | 19,673 | 18,830 | 19,067 |
| Average salary (parent company) | ¥7.4M | ¥7.4M | ¥7.3M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 42.4 years | 42.1 years | 42.1 years | 42.1 years | 42.3 years |
| Average tenure (parent company) | 16.7 years | 16.2 years | 16.0 years | 16.2 years | 16.9 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Packaging business | 602,297 | 62.5% | 26,784 | 4.4% |
| Engineering, filling, and logistics businesses | 179,344 | 18.6% | 3,293 | 1.8% |
| Steel-plate related business | 91,463 | 9.5% | 9,859 | 10.8% |
| Functional materials related business | 57,785 | 6.0% | 6,831 | 11.8% |
| Property related business | 8,332 | 0.9% | 5,020 | 60.2% |
| Other | 23,989 | 2.5% | 2,156 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Packaging business | 62.5% | 49.7% | -12.9 | 4.4% |
| Engineering, filling, and logistics businesses | 18.6% | 6.1% | -12.5 | 1.8% |
| Steel-plate related business | 9.5% | 18.3% | 8.8 | 10.8% |
| Functional materials related business | 6.0% | 12.7% | 6.7 | 11.8% |
| Property related business | 0.9% | 9.3% | 8.4 | 60.2% |
| Other | 2.5% | 4.0% | 1.5 | 9.0% |

Segment → industry: Steel-plate related business → Steel / Functional materials related business → Chemicals / Engineering, filling, and logistics businesses → Food Packaging / Packaging business → Food Packaging / Property related business → Real Estate Development & Leasing / Engineering, filling, and logistics businesses → Industrial Machinery

## 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 | 89,028 | 9.2% | S100YGR9 |
| Capital expenditure | 49,106 | 5.1% | S100YGR9 |
| Free cash flow | 39,922 | 4.1% | 算出 |
| Investing cash flow | -20,584 | -2.1% | S100YGR9 |
| Financing cash flow | -66,125 | -6.9% | S100YGR9 |
| Dividends paid | 15,940 | 1.7% | S100YGR9 |
| Share buyback | 25,751 | 2.7% | S100YGR9 |
| Change in cash | 4,905 | 0.5% | S100YGR9 |
| Cash and equivalents | 114,912 | 11.9% | S100YGR9 |

## 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 | 120,477 | 94,603 | 83,249 | 110,007 | 114,912 | S100TPPB, S100W5SX, S100YGR9 |
| Total assets | 1,082,282 | 1,165,216 | 1,180,784 | 1,202,930 | 1,240,692 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Net assets | 664,291 | 671,338 | 697,683 | 694,915 | 727,593 | S100TPPB, S100W5SX, S100YGR9 |
| Share capital | 11,094 | 11,094 | 11,094 | 11,094 | 11,094 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Property, plant and equipment | 356,186 | 373,948 | 370,372 | 351,490 | 353,864 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Intangible assets excluding goodwill | 25,484 | 25,124 | 22,488 | 28,235 | 25,357 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Goodwill | — | — | — | 4,072 | 3,973 | S100YGR9 |
| Investment securities | 115,484 | 124,087 | 148,412 | 167,035 | 169,432 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Current assets | 537,682 | 593,697 | 585,411 | 594,327 | 617,797 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Current liabilities | 280,033 | 290,903 | 270,573 | 282,472 | 315,630 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Trade payables | 104,091 | 120,243 | 115,955 | 109,973 | 112,782 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Short-term borrowings | 52,520 | 54,309 | 56,248 | 75,872 | 85,413 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Long-term borrowings | 54,931 | 125,029 | 123,325 | 130,420 | 98,076 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Bonds | — | — | 10,000 | 20,000 | 20,000 | S100W5SX, S100YGR9 |
| Interest-bearing debt | — | — | 189,573 | 226,292 | 203,489 | 算出 |
| Total liabilities | 417,990 | 493,878 | 483,101 | 508,015 | 513,098 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Non-controlling interests | 26,943 | 28,287 | 31,976 | 27,851 | 29,889 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Equity attributable to owners of parent | 579,875 | 569,869 | 557,769 | 530,551 | 543,838 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Retained earnings | 596,286 | 586,252 | 539,864 | 516,892 | 528,229 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |
| Treasury stock | -38,974 | -38,946 | -5,158 | -9,351 | -7,159 | S100R2VF, S100TPPB, S100W5SX, S100YGR9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGR9 |
| Property, plant and equipment | 29% | S100YGR9 |
| Intangibles and goodwill | 2% | S100YGR9 |
| Investment securities | 14% | S100YGR9 |
| Other assets | 46% | S100YGR9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YGR9 |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 16% | S100YGR9 |
| Equity | 59% | S100YGR9 |
| Other liabilities | 0% | S100YGR9 |

### 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 | 1,082,282 | 1,165,216 | 1,180,784 | 1,202,930 | 1,240,692 |
| Equity | 664,291 | 671,338 | 697,683 | 694,915 | 727,593 |
| Interest-bearing debt | — | — | 189,573 | 226,292 | 203,489 |
| Cash | 120,477 | 94,603 | 83,249 | 110,007 | 114,912 |

## 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) | 36.7% | S100YGR9 |
| Fixed assets ÷ total assets | 28.5% | S100YGR9 |
| Goodwill ÷ parent equity | 0.7% | S100YGR9 |

### 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) | 9.3% |
| Cash ÷ revenue | 11.9% |
| Net cash (cash − interest-bearing debt) | -¥88.6B |
| Net debt ÷ operating cash flow | 0.99× |
| Cash conversion (operating CF ÷ operating income) | 171.2% |
| Cash vs. profit gap | 34,045 JPY mn (of net income 61.9%) |
| Shareholder returns / net income | 75.8% |
| Shareholder returns / FCF | 104.4% |
| Shareholder payments — dividends / net income | 29.0% |
| Shareholder payments — dividends / FCF | 39.9% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 23.1% |

## 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 | 5.4% | 0.76× | 4.1% | 1.87× | 7.7% | S100R2VF |
| 2023 | 1.1% | 0.81× | 0.9% | 1.95× | 1.8% | S100TPPB |
| 2024 | 2.4% | 0.81× | 2.0% | 2.08× | 4.1% | S100W5SX |
| 2025 | 2.4% | 0.77× | 1.9% | 2.19× | 4.1% | S100YGR9 |
| 2026 | 5.7% | 0.79× | 4.5% | 2.27× | 10.2% | S100YGR9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 学校法人東洋食品工業短期大学 | Major shareholder | 11.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.2% | 2026-03-31 |
| 公益財団法人東洋食品研究所 | Major shareholder | 8.3% | 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 | 5.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社群馬銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 公益財団法人阪急文化財団 | Major shareholder | 1.9% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥963.2B, up +4.4% from ¥922.5B.
- Profit grew much faster: operating income rose +51.8% to ¥52B, and net income rose +144.5% to ¥55B.
- Cash generation went the other way, with operating cash flow down -5.4% to ¥89B and free cash flow down -33.4% to ¥39.9B.

### Drivers

- The company raised prices, mainly in packaging. Packaging volumes fell, but sales held flat.
- Overseas engineering recovered as more can- and end-making machines were sold to new customers. The prior year also carried a large one-off bad-debt loss in this business.
- A Malaysian filling company was consolidated for the full year. Net income was also helped by gains on selling investment securities.

### Risks

- If rising costs for materials, energy, labor and shipping can't be passed on in prices, margins could shrink.
- Container makers face price competition, and some customers are making their own containers, which could weaken pricing power.
- A shrinking population and weak consumer spending in Japan could cut sales volumes.

Cited: Annual Securities Report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YGR9 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGR9,, |
| 訂正有価証券報告書－第112期(2024/04/01－2025/03/31) | S100W5SX | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5SX,, |
| 有価証券報告書－第111期(2023/04/01－2024/03/31) | S100TPPB | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPPB,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100R2VF | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2VF,, |
| 有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100OFP1 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFP1,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LPHU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPHU,, |

## 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).