# VALOR HOLDINGS CO.,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69期(2025/04/01－2026/03/31) (S100YHUD)
> Page: https://vizora.meequs.com/en/company/valor-holdings
> Retrieved: 2026-09-30T21:45:01.383Z

## Company

Valor Holdings, founded in 1958, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 11,227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VALOR HOLDINGS CO.,LTD. |
| Ticker | 9956 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9956.T) |
| Listing | TSE Prime |
| Head office | 岐阜県恵那市大井町180番地の1同所は登記上の本店所在地で実際の業務は下記で行っております。 |
| Representative (per filing) | 代表取締役会長兼CEO 田代正美 |
| Founded | Jul 1958 |
| Share capital | ¥13.6B |
| Employees (consolidated) | 11,227 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | valorholdings.co.jp (https://valorholdings.co.jp/) |
| Corporate number | 5200001023784 |
| EDINET | E03207 |
| Industries (Vizora) | Sporting Goods & Fitness, Home Centers, Drugstores & Pharmacies, Supermarkets, Warehouses & Logistics Facilities, Pets |

> Profile source: annual securities report (S100YHUD, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.1 | 45 |
| Profitability | 54.1 | 49 |
| Cash conversion | 64.9 | 47 |
| Efficiency | 35.7 | 49 |
| Financial strength | 68.8 | 8 |

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 59% of Valor Holdings's sales come from Supermarket business, with Drugstore business and DIY and home improvement business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +19.0%.

## Company structure

- Segment revenue mix: Supermarket business 58.5%、Drugstore business 20.0%、DIY and home improvement business 13.4%、Pet shop business 3.8%、Logistics and facility management business 2.4%
- Revenue → net income: ¥896199000000 → ¥17953000000
- Net income → operating cash flow: ¥17953000000 → ¥50183000000（difference ¥32230000000）
- Main uses of operating cash flow: CapEx ¥40576000000 / dividends ¥3914000000 / buybacks —
- Change in cash: ¥9740000000
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 | ¥896.2B |  |
| Operating income | ¥27.6B | Margin 3.1% |
| Net income | ¥16.5B | Margin 1.8% |
| Free cash flow | ¥9.61B |  |
| Largest business | Supermarket business | of segment revenue 58.5% |
| Employees (consolidated) | 11,227 |  |
| EPS | ¥72.61 |  |
| Diluted EPS | ¥312.78 |  |
| Book value per share | ¥1301.45 |  |
| Equity ratio | 36.0% |  |
| Shares outstanding | 53,987,499 |  |
| Treasury shares | 1,313,800 |  |
| Shareholders | 22,267 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 6.2% | Net cash -¥59.4B · Cash ÷ revenue 3.5% |
| Vs. industry median margin | +0.3 pp | Supermarkets |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥706331000000 | ¥896199000000 | +26.9% |
| Operating income | ¥25648000000 | ¥27580000000 | +7.5% |
| Operating margin | 3.6% | 3.1% | -0.6 pp |
| Employees | 8,661 people | 11,227 people | +29.6% |
| Cash and equivalents | ¥29349000000 | ¥31739000000 | +8.1% |

### 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 |
| --- | ---: |
| スーパーマーケット(SM)事業 → スーパーマーケット(SM)事業 | 54.3% |
| ドラッグストア事業 → ドラッグストア事業 | 20.0% |
| ドラッグストア事業 → 事業再編・廃止 | 0.7% |
| ホームセンター(HC)事業 → ホームセンター(HC)事業 | 13.4% |
| ホームセンター(HC)事業 → 事業再編・廃止 | 4.4% |
| スポーツクラブ事業 → スポーツクラブ事業 | 1.2% |
| スポーツクラブ事業 → 事業再編・廃止 | 0.0% |
| 流通関連事業 → 流通関連事業 | 1.5% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 3.9% |
| 新設・再編 → スーパーマーケット(SM)事業 | 4.2% |
| 新設・再編 → ペットショップ事業 | 3.8% |
| 新設・再編 → 流通関連事業 | 0.9% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Supermarket business | 5 years | +6.4% | ¥540761000000 | 4.1% | 2 |
| Drugstore business | 5 years | +4.1% | ¥184459000000 | 2.1% | 2 |
| DIY and home improvement business | 5 years | -1.0% | ¥124073000000 | 3.8% | 2 |
| Pet shop business | 2 years | +11.2% | ¥35504000000 | 1.4% | 2 |
| Logistics and facility management business | 5 years | +14.8% | ¥22475000000 | 20.7% | 2 |
| Fitness club business | 5 years | +4.2% | ¥11251000000 | 1.5% | 2 |
| Other | 5 years | -29.8% | ¥5589000000 | 3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 896,199 | 100.0% | S100YHUD |
| Cost of revenue | 650,334 | 72.6% | S100YHUD |
| Gross profit | 245,864 | 27.4% | S100YHUD |
| SG&A | 246,198 | 27.5% | S100YHUD |
| Operating income | 27,580 | 3.1% | S100YHUD |
| Ordinary income | 30,019 | 3.3% | S100YHUD |
| Pretax income | 26,299 | 2.9% | S100YHUD |
| Income tax | 8,346 | 0.9% | S100YHUD |
| Net income | 17,953 | 2.0% | S100YHUD |
| Net income attributable to owners | 16,476 | 1.8% | S100YHUD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 27 |
| Other operating | -3 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.4% → Operating margin 3.1% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +19.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.29×
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 | 827,543 | 896,199 | 68,656 | +8.3% |
| Gross profit | 221,880 | 245,864 | 23,984 | +10.8% |
| Operating income | 23,173 | 27,580 | 4,407 | +19.0% |
| Net income attributable to owners | 13,655 | 16,476 | 2,821 | +20.7% |
| Operating cash flow | 37,771 | 50,183 | 12,412 | +32.9% |
| Free cash flow | 3,735 | 9,607 | 5,872 | +157.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 655,859 | 15,515 | 2.4% | 6,477 | 30,871 | 6,722 | S100LRKO |
| FY ending Mar 2021 | 706,331 | 25,648 | 3.6% | 12,592 | 44,138 | 15,907 | S100PUJA |
| FY ending Mar 2022 | 708,484 | 21,205 | 3.0% | 9,014 | 24,361 | -2,484 | S100R8ND |
| FY ending Mar 2023 | 735,385 | 20,062 | 2.7% | 7,603 | 36,229 | 10,753 | S100TVLJ |
| FY ending Mar 2024 | 782,601 | 22,844 | 2.9% | 11,945 | 38,449 | 13,248 | S100W3BP |
| FY ending Mar 2025 | 827,543 | 23,173 | 2.8% | 13,655 | 37,771 | 3,735 | S100YHUD |
| FY ending Mar 2026 | 896,199 | 27,580 | 3.1% | 16,476 | 50,183 | 9,607 | S100YHUD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.8M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 9,036 | 9,189 | 9,518 | 10,537 | 11,227 |
| Average salary (parent company) | ¥7.1M | ¥6.8M | ¥6.9M | ¥7M | ¥7.4M |
| Average age (parent company) | 42.3 years | 43.9 years | 43.9 years | 44.6 years | 45.1 years |
| Average tenure (parent company) | 10.5 years | 11.4 years | 11.9 years | 12.7 years | 13.1 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) +8.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket business | 540,761 | 58.5% | 22,123 | 4.1% |
| Drugstore business | 184,459 | 20.0% | 3,784 | 2.1% |
| DIY and home improvement business | 124,073 | 13.4% | 4,771 | 3.8% |
| Pet shop business | 35,504 | 3.8% | 509 | 1.4% |
| Fitness club business | 11,251 | 1.2% | 174 | 1.5% |
| Logistics and facility management business | 22,475 | 2.4% | 4,657 | 20.7% |
| Other | 5,589 | 0.6% | 182 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Supermarket business | 58.5% | 61.1% | 2.6 | 4.1% |
| Drugstore business | 20.0% | 10.5% | -9.5 | 2.1% |
| DIY and home improvement business | 13.4% | 13.2% | -0.2 | 3.8% |
| Pet shop business | 3.8% | 1.4% | -2.4 | 1.4% |
| Fitness club business | 1.2% | 0.5% | -0.7 | 1.5% |
| Logistics and facility management business | 2.4% | 12.9% | 10.4 | 20.7% |
| Other | 0.6% | 0.5% | -0.1 | 3.3% |

Segment → industry: Fitness club business → Sporting Goods & Fitness / DIY and home improvement business → Home Centers / Drugstore business → Drugstores & Pharmacies / Supermarket business → Supermarkets / Logistics and facility management business → Warehouses & Logistics Facilities / Pet shop business → Pets

## 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 | 50,183 | 5.6% | S100YHUD |
| Capital expenditure | 40,576 | 4.5% | S100YHUD |
| Free cash flow | 9,607 | 1.1% | 算出 |
| Investing cash flow | -44,968 | -5.0% | S100YHUD |
| Financing cash flow | 4,588 | 0.5% | S100YHUD |
| Dividends paid | 3,914 | 0.4% | S100YHUD |
| Change in cash | 9,740 | 1.1% | S100YHUD |
| Cash and equivalents | 31,739 | 3.5% | S100YHUD |

## 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 | 22,867 | 20,973 | 28,813 | 21,998 | 31,739 | S100TVLJ, S100W3BP, S100YHUD |
| Total assets | 410,365 | 417,107 | 444,807 | 460,843 | 514,858 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Net assets | 162,521 | 167,520 | 179,328 | 188,320 | 203,311 | S100TVLJ, S100W3BP, S100YHUD |
| Share capital | 13,609 | 13,609 | 13,609 | 13,609 | 13,609 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Property, plant and equipment | 225,312 | 225,405 | 229,404 | 242,374 | 265,004 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Intangible assets excluding goodwill | 17,759 | 18,426 | 17,763 | 20,003 | 23,852 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Goodwill | 2,323 | 1,807 | 1,828 | 2,829 | 6,433 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Investment securities | 9,787 | 9,981 | 13,616 | 11,930 | 15,719 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Current assets | 110,217 | 115,671 | 135,600 | 134,948 | 154,219 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Current liabilities | 148,045 | 150,433 | 166,919 | 167,728 | 195,460 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Trade payables | 57,237 | 59,504 | 64,662 | 68,038 | 75,815 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Short-term borrowings | 19,841 | 20,041 | 22,793 | 22,367 | 24,916 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Long-term borrowings | 47,511 | 45,766 | 44,395 | 50,002 | 56,089 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Bonds | 10,000 | 10,000 | 10,100 | 10,100 | 10,160 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Interest-bearing debt | 77,352 | 75,807 | 77,288 | 82,469 | 91,165 | 算出 |
| Total liabilities | 247,844 | 249,587 | 265,479 | 272,523 | 311,546 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Non-controlling interests | 13,811 | 14,766 | 15,258 | 17,107 | 18,063 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Equity attributable to owners of parent | 148,156 | 152,408 | 161,200 | 169,205 | 181,778 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Retained earnings | 115,030 | 119,567 | 128,340 | 138,471 | 151,033 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |
| Treasury stock | -547 | -831 | -816 | -2,929 | -2,919 | S100R8ND, S100TVLJ, S100W3BP, S100YHUD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YHUD |
| Property, plant and equipment | 52% | S100YHUD |
| Intangibles and goodwill | 6% | S100YHUD |
| Investment securities | 3% | S100YHUD |
| Other assets | 33% | S100YHUD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YHUD |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 28% | S100YHUD |
| Equity | 39% | S100YHUD |
| Other liabilities | 0% | S100YHUD |

### 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 | 410,365 | 417,107 | 444,807 | 460,843 | 514,858 |
| Equity | 162,521 | 167,520 | 179,328 | 188,320 | 203,311 |
| Interest-bearing debt | 77,352 | 75,807 | 77,288 | 82,469 | 91,165 |
| Cash | 22,867 | 20,973 | 28,813 | 21,998 | 31,739 |

## 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) | 29.6% | S100YHUD |
| Fixed assets ÷ total assets | 51.5% | S100YHUD |
| Goodwill ÷ parent equity | 3.5% | S100YHUD |

Goodwill over 4 years: 2,323 → 6,433 JPY; total investing cash flow: -163,361 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) | 6.2% |
| Cash ÷ revenue | 3.5% |
| Net cash (cash − interest-bearing debt) | -¥59.4B |
| Net debt ÷ operating cash flow | 1.18× |
| Cash conversion (operating CF ÷ operating income) | 182.0% |
| Cash vs. profit gap | 33,707 JPY mn (of net income 204.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 40.7% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 89.6% |

## 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 | 1.3% | 1.73× | 2.2% | 2.77× | 6.1% | S100R8ND |
| 2023 | 1.0% | 1.78× | 1.8% | 2.75× | 5.1% | S100TVLJ |
| 2024 | 1.5% | 1.82× | 2.8% | 2.75× | 7.6% | S100W3BP |
| 2025 | 1.7% | 1.83× | 3.0% | 2.74× | 8.3% | S100YHUD |
| 2026 | 1.8% | 1.84× | 3.4% | 2.78× | 9.4% | S100YHUD |

## 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 | 9.5% | 2026-03-31 |
| 公益財団法人伊藤青少年育成奨学会 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社子雲社 | Major shareholder | 5.2% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2026-03-31 |
| 田代正美 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社アークス | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社リテールパートナーズ | Major shareholder | 2.4% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 rose +8.3% to ¥896.2B, up from ¥827.5B.
- Profit grew faster: operating income went from ¥23.2B to ¥27.6B (+19.0%), and net income from ¥13.7B to ¥16.5B (+20.7%).
- Operating cash flow climbed +32.9% to ¥50.2B, lifting free cash flow to ¥9.61B.

### Drivers

- The core supermarket business did well, with more customers and higher sales at existing stores.
- Fresh food and the group's own ready-made meals, bakery goods and private-label products drew shoppers in.
- The group made the supermarket chain Domy a wholly owned subsidiary during the year, and part of its results was added.

### Risks

- The drugstore business earned less, as hiring and new-store costs came before the sales.
- Higher interest rates and more borrowing pushed up interest and other non-operating costs.
- Many stores are in the Tokai region, so a major Nankai Trough earthquake could seriously disrupt the business.

Cited: Annual Securities Report, 69th term (Apr 2025–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, 69th term (Apr 2025–Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YHUD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHUD,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W3BP | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3BP,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TVLJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVLJ,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R8ND | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8ND,, |
| 訂正有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100PUJA | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUJA,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LRKO | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRKO,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| コーナン商事 | Capital alliance | 連結子会社アレンザホールディングスがコーナン商事と資本業務提携（アレンザ HD の非公開化、PB 商品の企画・供給の統合、ペット事業・物流での協働） | S100YHUD |

## 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).