# YAKULT HONSHA 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74期(2025/04/01－2026/03/31) (S100YCBJ)
> Page: https://vizora.meequs.com/en/company/yakult-honsha
> Retrieved: 2026-09-30T21:18:31.574Z

## Company

Yakult Honsha, founded in 1955, is a company in Pharmaceuticals listed on TSE Prime. It has 29,618 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAKULT HONSHA CO.,LTD. |
| Ticker | 2267 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2267.T) |
| Listing | TSE Prime |
| Head office | 東京都港区海岸1丁目10番30号 |
| Representative (per filing) | 代表取締役社長 成田裕 |
| Founded | Apr 1955 |
| Share capital | ¥31.1B |
| Employees (consolidated) | 29,618 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.yakult.co.jp (https://www.yakult.co.jp/) |
| Corporate number | 7010401029746 |
| EDINET | E00406 |
| Industries (Vizora) | Pharmaceuticals, Beverages & Dairy, Professional Sports |

> Profile source: annual securities report (S100YCBJ, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.6 | 17 |
| Profitability | 82.5 | 20 |
| Cash conversion | 52.5 | 20 |
| Efficiency | 7.5 | 20 |

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 45% of Yakult Honsha's sales come from Japan, Food and Beverages, with Asia and Oceania, Food and Beverages and The Americas, Food and Beverages making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit -18.4%.

## Company structure

- Segment revenue mix: Japan, Food and Beverages 45.3%、Asia and Oceania, Food and Beverages 28.0%、The Americas, Food and Beverages 18.7%、Other 5.3%、Europe, Food and Beverages 2.6%
- Revenue → net income: ¥486425000000 → ¥49689000000
- Net income → operating cash flow: ¥49689000000 → ¥52121000000（difference ¥2432000000）
- Main uses of operating cash flow: CapEx ¥65244000000 / dividends ¥19205000000 / buybacks ¥18000000000
- Change in cash: ¥-28075000000
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 | ¥486.4B |  |
| Operating income | ¥45.2B | Margin 9.3% |
| Net income | ¥44.2B | Margin 9.1% |
| Free cash flow | -¥13.1B |  |
| Largest business | Japan, Food and Beverages | of segment revenue 45.3% |
| Employees (consolidated) | 29,618 |  |
| EPS | ¥225.77 |  |
| Book value per share | ¥907.81 |  |
| Equity ratio | 66.4% |  |
| Shares outstanding | 308,285,236 |  |
| Treasury shares | 17,717,700 |  |
| Shareholders | 156,099 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 33.9% |
| Vs. industry median margin | +4.9 pp | Beverages & Dairy |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥385706000000 | ¥486425000000 | +26.1% |
| Operating income | ¥43694000000 | ¥45185000000 | +3.4% |
| Operating margin | 11.3% | 9.3% | -2 pp |
| Employees | 28,798 people | 29,618 people | +2.8% |
| Cash and equivalents | ¥122766000000 | ¥165042000000 | +34.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 45.3% |
| 日本 → 事業再編・廃止 | 3.1% |
| 米州 → 米州 | 10.9% |
| アジア・オセアニア → アジア・オセアニア | 28.0% |
| アジア・オセアニア → 事業再編・廃止 | 1.8% |
| ヨーロッパ → ヨーロッパ | 2.2% |
| 医薬品製造販売事業 → 事業再編・廃止 | 4.7% |
| その他 → その他 | 4.1% |
| 新設・再編 → 米州 | 7.9% |
| 新設・再編 → ヨーロッパ | 0.4% |
| 新設・再編 → その他 | 1.3% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan, Food and Beverages | 5 years | +3.4% | ¥220386000000 | 12.6% | 2 |
| Asia and Oceania, Food and Beverages | 5 years | +3.4% | ¥136209000000 | 9.3% | 2 |
| The Americas, Food and Beverages | 5 years | +16.8% | ¥91120000000 | 26.1% | 2 |
| Other | 5 years | +10.7% | ¥26014000000 | 5.1% | 2 |
| Europe, Food and Beverages | 5 years | +8.2% | ¥12694000000 | -0.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 486,425 | 100.0% | S100YCBJ |
| Cost of revenue | 200,189 | 41.2% | S100YCBJ |
| Gross profit | 286,235 | 58.8% | S100YCBJ |
| SG&A | 241,050 | 49.6% | S100YCBJ |
| Operating income | 45,185 | 9.3% | S100YCBJ |
| Ordinary income | 61,084 | 12.6% | S100YCBJ |
| Pretax income | 69,943 | 14.4% | S100YCBJ |
| Income tax | 20,254 | 4.2% | S100YCBJ |
| Net income | 49,689 | 10.2% | S100YCBJ |
| Net income attributable to owners | 44,228 | 9.1% | S100YCBJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 50 |
| Operating income | 9 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 58.8% → Operating margin 9.3% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.7%; Core profit growth: -18.4%
Operating leverage (core profit growth ÷ revenue growth): 6.94×
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 | 499,683 | 486,425 | -13,258 | -2.7% |
| Gross profit | 295,520 | 286,235 | -9,285 | -3.1% |
| Operating income | 55,391 | 45,185 | -10,206 | -18.4% |
| Net income attributable to owners | 45,533 | 44,228 | -1,305 | -2.9% |
| Operating cash flow | 84,687 | 52,121 | -32,566 | -38.5% |
| Free cash flow | 31,005 | -13,123 | -44,128 | -142.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 406,004 | 45,675 | 11.2% | 39,735 | 62,791 | 42,206 | S100LLZD |
| FY ending Mar 2021 | 385,706 | 43,694 | 11.3% | 39,267 | 55,820 | 32,157 | S100OBH8 |
| FY ending Mar 2022 | 415,116 | 53,202 | 12.8% | 44,917 | 73,390 | 46,665 | S100QXAM |
| FY ending Mar 2023 | 483,071 | 66,068 | 13.7% | 50,641 | 86,513 | 56,228 | S100TLP1 |
| FY ending Mar 2024 | 503,079 | 63,399 | 12.6% | 51,006 | 70,702 | 24,469 | S100W0D2 |
| FY ending Mar 2025 | 499,683 | 55,391 | 11.1% | 45,533 | 84,687 | 31,005 | S100YCBJ |
| FY ending Mar 2026 | 486,425 | 45,185 | 9.3% | 44,228 | 52,121 | -13,123 | S100YCBJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.4M |
| Operating income per employee (consolidated) | ¥1.5M |
| 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) | 29,273 | 29,880 | 29,627 | 29,254 | 29,618 |
| Average salary (parent company) | ¥7.9M | ¥8.5M | ¥9.1M | ¥8.4M | ¥8.5M |
| Average age (parent company) | 42.5 years | 42.5 years | 42.4 years | 41.8 years | 41.7 years |
| Average tenure (parent company) | 18.6 years | 18.7 years | 18.3 years | 17.9 years | 17.7 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan, Food and Beverages | 220,386 | 45.3% | 27,668 | 12.6% |
| The Americas, Food and Beverages | 91,120 | 18.7% | 23,798 | 26.1% |
| Asia and Oceania, Food and Beverages | 136,209 | 28.0% | 12,611 | 9.3% |
| Europe, Food and Beverages | 12,694 | 2.6% | -91 | -0.7% |
| Other | 26,014 | 5.3% | 1,323 | 5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan, Food and Beverages | 45.3% | 42.3% | -3.0 | 12.6% |
| The Americas, Food and Beverages | 18.7% | 36.4% | 17.7 | 26.1% |
| Asia and Oceania, Food and Beverages | 28.0% | 19.3% | -8.7 | 9.3% |
| Europe, Food and Beverages | 2.6% | — | — | -0.7% |
| Other | 5.3% | 2.0% | -3.3 | 5.1% |

Loss-making segment (excluded from profit shares): Europe, Food and Beverages -91 JPY mn

Segment → industry: Other → Pharmaceuticals / Europe, Food and Beverages → Beverages & Dairy / Asia and Oceania, Food and Beverages → Beverages & Dairy / The Americas, Food and Beverages → Beverages & Dairy / Japan, Food and Beverages → Beverages & Dairy / Other → Professional Sports

## 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 | 52,121 | 10.7% | S100YCBJ |
| Capital expenditure | 65,244 | 13.4% | S100YCBJ |
| Free cash flow | -13,123 | -2.7% | 算出 |
| Investing cash flow | -39,008 | -8.0% | S100YCBJ |
| Financing cash flow | -44,696 | -9.2% | S100YCBJ |
| Dividends paid | 19,205 | 3.9% | S100YCBJ |
| Share buyback | 18,000 | 3.7% | S100YCBJ |
| Change in cash | -28,075 | -5.8% | S100YCBJ |
| Cash and equivalents | 165,042 | 33.9% | S100YCBJ |

## 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 | 150,725 | 190,489 | 197,648 | 193,117 | 165,042 | S100TLP1, S100W0D2, S100YCBJ |
| Total assets | 672,855 | 749,419 | 833,286 | 864,317 | 912,578 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Net assets | 484,935 | 545,496 | 605,946 | 629,515 | 654,321 | S100TLP1, S100W0D2, S100YCBJ |
| Share capital | 31,117 | 31,117 | 31,117 | 31,117 | 31,117 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Trade receivables | 52,581 | 60,139 | 61,218 | 55,404 | 55,049 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Property, plant and equipment | 211,156 | 225,122 | 260,998 | 289,624 | 346,134 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Intangible assets excluding goodwill | 5,386 | 5,570 | 6,569 | 10,283 | 10,305 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Goodwill | — | — | — | 1,290 | 921 | S100YCBJ |
| Investment securities | 67,628 | 66,000 | 78,573 | 68,019 | 80,392 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Current assets | 300,398 | 354,195 | 372,161 | 377,892 | 340,139 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Current liabilities | 89,281 | 147,645 | 145,567 | 157,814 | 148,223 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Trade payables | 26,039 | 28,958 | 25,338 | 20,745 | 19,509 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Short-term borrowings | 4,822 | 3,208 | 41,834 | 62,583 | 49,232 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Long-term borrowings | 60,298 | 14,559 | 30,335 | 24,170 | 51,104 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Total liabilities | 187,920 | 203,922 | 227,340 | 234,802 | 258,256 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Non-controlling interests | 38,867 | 46,837 | 56,661 | 55,383 | 48,120 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Equity attributable to owners of parent | 454,169 | 475,006 | 481,613 | 494,577 | 502,754 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Retained earnings | 446,331 | 484,243 | 519,641 | 546,984 | 475,592 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |
| Treasury stock | -64,395 | -81,927 | -111,235 | -126,040 | -46,419 | S100QXAM, S100TLP1, S100W0D2, S100YCBJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YCBJ |
| Receivables | 6% | S100YCBJ |
| Property, plant and equipment | 38% | S100YCBJ |
| Intangibles and goodwill | 1% | S100YCBJ |
| Investment securities | 9% | S100YCBJ |
| Other assets | 28% | S100YCBJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YCBJ |
| Other liabilities | 26% | S100YCBJ |
| Equity | 72% | S100YCBJ |
| Other liabilities | 0% | S100YCBJ |

### 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 | 672,855 | 749,419 | 833,286 | 864,317 | 912,578 |
| Equity | 484,935 | 545,496 | 605,946 | 629,515 | 654,321 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 150,725 | 190,489 | 197,648 | 193,117 | 165,042 |

## 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) | 71.2% | S100YCBJ |
| Fixed assets ÷ total assets | 37.9% | S100YCBJ |
| Goodwill ÷ parent equity | 0.2% | S100YCBJ |

### 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) | 18.1% |
| Cash ÷ revenue | 33.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.4% |
| Cash vs. profit gap | 7,893 JPY mn (of net income 17.8%) |
| Shareholder returns / net income | 84.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.4% |
| Investing CF relative to operating CF | 74.8% |

## 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 | 10.8% | 0.62× | 6.7% | 1.48× | 9.9% | S100QXAM |
| 2023 | 10.5% | 0.68× | 7.1% | 1.53× | 10.9% | S100TLP1 |
| 2024 | 10.1% | 0.64× | 6.4% | 1.65× | 10.7% | S100W0D2 |
| 2025 | 9.1% | 0.59× | 5.4% | 1.74× | 9.3% | S100YCBJ |
| 2026 | 9.1% | 0.55× | 5.0% | 1.78× | 8.9% | S100YCBJ |

## 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 | 10.9% | 2026-03-31 |
| 株式会社フジ・メディア・ホールディングス | Major shareholder | 4.4% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 | Major shareholder | 3.4% | 2026-03-31 |
| 共進会 | Major shareholder | 2.7% | 2026-03-31 |
| 松尚株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 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 505019（常任代理人）株式会社みずほ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社シティインデックスイレブンス | Major shareholder | 1.6% | 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 505103（常任代理人）株式会社みずほ銀行 | Major shareholder | 1.3% | 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 505301（常任代理人）株式会社みずほ銀行 | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥486.4B, down -2.7% from ¥499.7B.
- Operating income dropped harder, from ¥55.4B to ¥45.2B (-18.4%).
- Net income held up better at ¥44.2B (-2.9%), helped by larger gains from selling shareholdings.
- Operating cash flow shrank to ¥52.1B (-38.5%), below capital expenditure of ¥65.2B, so free cash flow turned negative at -¥13.1B.

### Drivers

- In Japan, rising competition and higher prices weighed on both dairy drinks and soft drinks, and fewer bottles of dairy drinks were sold
- Asia and Oceania, including China and Vietnam, grew, but currency moves cut into profit
- Higher raw material costs squeezed the gross margin, and overseas expenses rose

### Risks

- Most revenue comes from Yakult-branded drinks, so a cheaper or more effective rival could hurt a lot
- Swings in currencies such as the Chinese yuan and Indonesian rupiah affect results
- Rising costs for materials, labor, and fees paid to Yakult Ladies could squeeze profit if prices can't rise to match

Cited: Annual Securities Report (FY ending Mar 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YCBJ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCBJ,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W0D2 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0D2,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TLP1 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLP1,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100QXAM | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXAM,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OBH8 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBH8,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LLZD | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLZD,, |

## 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).