# Yamaha Motor Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第91期(2025/01/01－2025/12/31) (S100YTNF)
> Page: https://vizora.meequs.com/en/company/yamaha-motor
> Retrieved: 2026-09-30T17:57:11.337Z

## Company

Yamaha Motor, founded in 1918, is a company in Motorcycles listed on TSE Prime. It has 55,176 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yamaha Motor Co., Ltd. |
| Ticker | 7272 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7272.T) |
| Listing | TSE Prime |
| Head office | 静岡県磐田市新貝2500番地 |
| Representative (per filing) | 代表取締役社長 設楽 元文 |
| Founded | May 1918 |
| Share capital | ¥86.1B |
| Employees (consolidated) | 55,176 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | December |
| Website | global.yamaha-motor.com (https://global.yamaha-motor.com/) |
| Corporate number | 2080401016040 |
| EDINET | E02168 |
| Industries (Vizora) | Motorcycles, Robots & Factory Automation, Bicycles, Leasing |

> Profile source: annual securities report (S100YTNF, filed 2026-08-05). As of filing

## Five-axis industry profile

Primary industry: Bicycles (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 37.5 | 4 |
| Cash conversion | 37.5 | 4 |
| Efficiency | 37.5 | 4 |

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 64% of Yamaha Motor's sales come from Landmobility, with Marine products and Outdoor land vehicle making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.6% from the prior year, operating profit -30.4%.

## Company structure

- Segment revenue mix: Landmobility 63.7%、Marine products 20.8%、Outdoor land vehicle 5.9%、Financial services 4.5%、Robotics 4.4%
- Revenue → net income: ¥2534203000000 → ¥34938000000
- Net income → operating cash flow: ¥34938000000 → ¥138605000000（difference ¥103667000000）
- Main uses of operating cash flow: CapEx ¥113266000000 / dividends ¥48684000000 / buybacks —
- Change in cash: ¥25905000000
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 | ¥2.53T |  |
| Operating income | ¥126.4B | Margin 5.0% |
| Net income | ¥16.1B | Margin 0.6% |
| Free cash flow | ¥25.3B |  |
| Largest business | Landmobility | of segment revenue 63.7% |
| Employees (consolidated) | 55,176 |  |
| EPS | ¥16.59 |  |
| Diluted EPS | ¥16.58 |  |
| Book value per share | ¥664.76 |  |
| Equity ratio | 39.0% | Derived from disclosed figures |
| Shares outstanding | 1,018,125,000 |  |
| Treasury shares | 47,969,200 |  |
| Shareholders | 453,900 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 15.7% |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 8.6× net income

## What changed in 5 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1471298000000 | ¥2534203000000 | — |
| Operating income | ¥81672000000 | ¥126373000000 | — |
| Operating margin | 5.6% | 5.0% | -0.6 pp |
| Employees | 52,437 people | 55,176 people | — |
| Cash and equivalents | ¥267180000000 | ¥398904000000 | — |

### 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 |
| --- | ---: |
| ランドモビリティ → ランドモビリティ | 63.7% |
| ランドモビリティ → 事業再編・廃止 | 0.6% |
| マリン → マリン | 20.8% |
| マリン → 事業再編・廃止 | 1.5% |
| ロボティクス → ロボティクス | 4.4% |
| ロボティクス → 事業再編・廃止 | 1.2% |
| 金融サービス → 金融サービス | 3.1% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 3.9% |
| 新設・再編 → アウトドアランドビークル | 5.9% |
| 新設・再編 → 金融サービス | 1.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Landmobility | — | — | ¥1615138000000 | 6.7% | 2 |
| Marine products | — | — | ¥527630000000 | 10.2% | 2 |
| Outdoor land vehicle | — | — | ¥148526000000 | -26.8% | 2 |
| Financial services | — | — | ¥114033000000 | 18.5% | 2 |
| Robotics | — | — | ¥111478000000 | -0.5% | 2 |
| Other | — | — | ¥17395000000 | -95.7% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,534,203 | 100.0% | S100YTNF |
| Cost of revenue | 1,749,658 | 69.0% | S100YTNF |
| Gross profit | 784,544 | 31.0% | S100YTNF |
| SG&A | 681,139 | 26.9% | S100YTNF |
| Operating income | 126,373 | 5.0% | S100YTNF |
| Pretax income | 133,196 | 5.3% | S100YTNF |
| Income tax | 98,258 | 3.9% | S100YTNF |
| Net income | 34,938 | 1.4% | S100YTNF |
| Net income attributable to owners | 16,109 | 0.6% | S100YTNF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 27 |
| Other operating | -1 |
| Operating income | 5 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 31.0% → Operating margin 5.0% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.6%; Core profit growth: -30.4%
Operating leverage (core profit growth ÷ revenue growth): 18.64×
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 | 2,576,179 | 2,534,203 | -41,976 | -1.6% |
| Gross profit | 821,964 | 784,544 | -37,420 | -4.6% |
| Operating income | 181,515 | 126,373 | -55,142 | -30.4% |
| Net income attributable to owners | 108,069 | 16,109 | -91,960 | -85.1% |
| Operating cash flow | 176,847 | 138,605 | -38,242 | -21.6% |
| Free cash flow | 60,965 | 25,339 | -35,626 | -58.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,502,834 | 108,594 | 7.2% | 63,153 | 143,163 | 92,718 | S100CG80 |
| FY ending Dec 2017 | 1,670,090 | 149,782 | 9.0% | 101,603 | 126,342 | 61,990 | S100FGMG |
| FY ending Dec 2018 | 1,673,137 | 140,787 | 8.4% | 93,366 | 58,858 | 4,873 | S100I9Y4 |
| FY ending Dec 2019 | 1,664,764 | 115,364 | 6.9% | 75,736 | 99,127 | 40,433 | S100L05N |
| FY ending Dec 2020 | 1,471,298 | 81,672 | 5.6% | 53,072 | 110,487 | 59,091 | S100NZWC |
| FY ending Dec 2021 | 1,812,496 | 182,342 | 10.1% | 155,578 | 141,336 | 74,572 | S100QDTC |
| FY ending Dec 2022 | 2,248,456 | 224,864 | 10.0% | 174,439 | 70,921 | -18,467 | S100T32B |
| FY ending Dec 2023 | 2,414,759 | 243,920 | 10.1% | 158,421 | 86,031 | -22,998 | S100XAYE |
| FY ending Dec 2024 | 2,576,179 | 181,515 | 7.0% | 108,069 | 176,847 | 60,965 | S100YTNF |
| FY ending Dec 2025 | 2,534,203 | 126,373 | 5.0% | 16,109 | 138,605 | 25,339 | S100YTNF |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.9M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥292K |

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) | 51,243 | 52,554 | 53,701 | 54,206 | 55,176 |
| Average salary (parent company) | ¥7.3M | ¥8M | ¥8.1M | ¥8.2M | ¥8.3M |
| Average age (parent company) | 43.8 years | 43.8 years | 43.5 years | 43.1 years | 42.7 years |
| Average tenure (parent company) | 20.3 years | 20.1 years | 19.6 years | 18.8 years | 18.1 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -1.6%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Landmobility | 1,615,138 | 63.7% | 108,693 | 6.7% |
| Marine products | 527,630 | 20.8% | 53,593 | 10.2% |
| Outdoor land vehicle | 148,526 | 5.9% | -39,757 | -26.8% |
| Robotics | 111,478 | 4.4% | -565 | -0.5% |
| Financial services | 114,033 | 4.5% | 21,056 | 18.5% |
| Other | 17,395 | 0.7% | -16,647 | -95.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Landmobility | 63.7% | 59.3% | -4.4 | 6.7% |
| Marine products | 20.8% | 29.2% | 8.4 | 10.2% |
| Outdoor land vehicle | 5.9% | — | — | -26.8% |
| Robotics | 4.4% | — | — | -0.5% |
| Financial services | 4.5% | 11.5% | 7.0 | 18.5% |
| Other | 0.7% | — | — | -95.7% |

Loss-making segment (excluded from profit shares): Outdoor land vehicle -39,757 JPY mn

Loss-making segment (excluded from profit shares): Robotics -565 JPY mn

Loss-making segment (excluded from profit shares): Other -16,647 JPY mn

Segment → industry: Outdoor land vehicle → Motorcycles / Marine products → Motorcycles / Landmobility → Motorcycles / Robotics → Robots & Factory Automation / Landmobility → Bicycles / Financial services → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 138,605 | 5.5% | S100YTNF |
| Capital expenditure | 113,266 | 4.5% | S100YTNF |
| Free cash flow | 25,339 | 1.0% | 算出 |
| Investing cash flow | -86,124 | -3.4% | S100YTNF |
| Financing cash flow | -30,428 | -1.2% | S100YTNF |
| Dividends paid | 48,684 | 1.9% | S100YTNF |
| Change in cash | 25,905 | 1.0% | S100YTNF |
| Cash and equivalents | 398,904 | 15.7% | S100YTNF |

## 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 | 274,936 | 296,819 | 347,016 | 372,999 | 398,904 | S100T32B, S100XAYE, S100YTNF |
| Total assets | 1,832,917 | 2,181,499 | 2,563,561 | 2,783,501 | 2,902,584 | S100QDTC, S100XAYE, S100YTNF |
| Net assets | 900,670 | 1,014,558 | 1,134,359 | 1,226,586 | 1,198,329 | S100T32B, S100XAYE, S100YTNF |
| Share capital | 86,100 | 86,100 | 86,100 | 86,100 | 86,100 | S100QDTC, S100XAYE, S100YTNF |
| Trade receivables | 161,626 | — | — | — | — | S100QDTC |
| Property, plant and equipment | 354,127 | 398,028 | 441,214 | 486,844 | 504,800 | S100QDTC, S100XAYE, S100YTNF |
| Intangible assets excluding goodwill | 28,419 | 39,640 | 51,132 | — | — | S100QDTC, S100T32B |
| Goodwill | 2,683 | 2,725 | 2,913 | 8,639 | 16,674 | S100QDTC, S100XAYE, S100YTNF |
| Investment securities | 131,351 | 112,151 | 113,960 | — | — | S100QDTC, S100T32B |
| Current assets | 1,044,698 | 1,278,985 | 1,513,238 | 1,608,368 | 1,690,233 | S100QDTC, S100XAYE, S100YTNF |
| Current liabilities | 513,265 | 752,873 | 865,165 | — | — | S100QDTC, S100T32B |
| Trade payables | 140,524 | 148,133 | 151,084 | — | — | S100QDTC, S100T32B |
| Short-term borrowings | 62,954 | 172,985 | 305,563 | — | — | S100QDTC, S100T32B |
| Long-term borrowings | 308,634 | 250,002 | 365,031 | — | — | S100QDTC, S100T32B |
| Bonds | 7,552 | 21,575 | 39,971 | — | — | S100QDTC, S100T32B |
| Interest-bearing debt | 379,140 | 444,562 | 710,565 | — | — | 算出 |
| Total liabilities | 932,246 | 1,166,940 | 1,429,202 | 1,556,915 | 1,704,255 | S100QDTC, S100XAYE, S100YTNF |
| Non-controlling interests | 41,444 | 51,225 | 59,210 | — | — | S100QDTC, S100T32B |
| Equity attributable to owners of parent | 903,962 | 964,153 | 1,075,774 | 1,161,569 | 1,132,238 | S100QDTC, S100XAYE, S100YTNF |
| Retained earnings | 761,483 | 832,198 | 946,106 | 979,188 | 948,682 | S100QDTC, S100XAYE, S100YTNF |
| Treasury stock | -11,722 | -31,725 | -61,389 | -54,064 | -53,633 | S100QDTC, S100XAYE, S100YTNF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YTNF |
| Property, plant and equipment | 17% | S100YTNF |
| Intangibles and goodwill | 1% | — |
| Other assets | 68% | S100YTNF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YTNF |
| Equity | 41% | S100YTNF |

### 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 | 1,832,917 | 2,181,499 | 2,563,561 | 2,783,501 | 2,902,584 |
| Equity | 900,670 | 1,014,558 | 1,134,359 | 1,226,586 | 1,198,329 |
| Interest-bearing debt | 379,140 | 444,562 | 710,565 | — | — |
| Cash | 274,936 | 296,819 | 347,016 | 372,999 | 398,904 |

## 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) | 19.9% | S100YTNF |
| Fixed assets ÷ total assets | 17.4% | S100YTNF |
| Goodwill ÷ parent equity | 1.5% | S100YTNF |

Goodwill over 4 years: 2,683 → 16,674 JPY; total investing cash flow: -456,184 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) | 13.7% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.7% |
| Cash vs. profit gap | 122,496 JPY mn (of net income 760.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 302.2% |
| Shareholder payments — dividends / FCF | 192.1% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 62.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.6% | 0.99× | 8.5% | 2.03× | 17.2% | S100QDTC |
| 2022 | 7.8% | 1.12× | 8.7% | 2.15× | 18.7% | S100T32B, S100XAYE |
| 2023 | 6.6% | 1.02× | 6.7% | 2.33× | 15.5% | S100XAYE |
| 2024 | 4.2% | 0.96× | 4.0% | 2.39× | 9.7% | S100YTNF |
| 2025 | 0.6% | 0.89× | 0.6% | 2.48× | 1.4% | S100YTNF |

## 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 | 17.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＳＩＬＣＨＥＳＴＥＲ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＩＮＶＥＳＴＯＲＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＶＡＬＵＥ ＥＱＵＩＴＹ ＴＲＵＳＴ（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 4.0% | 2025-12-31 |
| ヤマハ株式会社 | Major shareholder | 3.0% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴＣＯ．（ＡＶＦＣ）ＲＥ Ｕ．Ｓ．ＴＡＸ ＥＸＥＭＰＴＥＤＰＥＮＳＩＯＮ ＦＵＮＤＳ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 2.3% | 2025-12-31 |
| トヨタ自動車株式会社 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社静岡銀行 | Major shareholder | 1.7% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴＣＯ．（ＡＶＦＣ） ＲＥＮＯＮ ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.7% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.6% | 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 | 1.4% | 2025-12-31 |

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

- Revenue for FY ending Dec 2025 was ¥2.53T, down 1.6% from ¥2.58T.
- Profit fell much harder: operating income dropped 30.4% to ¥126.4B, and net income attributable to owners fell 85.1% to ¥16.1B.
- Operating cash flow declined 21.6% to ¥138.6B, leaving free cash flow of ¥25.3B.

### Drivers

- Motorcycle sales rose in Indonesia, the Philippines and Thailand, but a production and shipping halt in Vietnam and weaker sales of personal watercraft and off-road vehicles pulled revenue down
- US tariffs, higher procurement costs, rising R&D and staff costs, and an impairment on off-road vehicle assets cut operating income
- Net income was also hit by writing down deferred tax assets (expected future tax savings)

### Risks

- The company describes the outlook as uncertain, pointing to US tariff policy and currency swings
- Demand in some markets came in below plan for marine and for the strategic businesses: robotics, e-bikes and off-road vehicles

Cited: Annual Securities Report (amended), FY ending Dec 2025 (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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第91期(2025/01/01－2025/12/31) | S100YTNF | 2026-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YTNF,, |
| 訂正有価証券報告書－第90期(2024/01/01－2024/12/31) | S100XAYE | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAYE,, |
| 有価証券報告書－第89期(2023/01/01－2023/12/31) | S100T32B | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T32B,, |
| 有価証券報告書－第88期(2022/01/01－2022/12/31) | S100QDTC | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDTC,, |
| 訂正有価証券報告書－第87期(令和3年1月1日－令和3年12月31日) | S100NZWC | 2022-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NZWC,, |
| 有価証券報告書－第86期(令和2年1月1日－令和2年12月31日) | S100L05N | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L05N,, |
| 有価証券報告書－第85期(平成31年1月1日－令和1年12月31日) | S100I9Y4 | 2020-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100I9Y4,, |
| 有価証券報告書－第84期(平成30年1月1日－平成30年12月31日) | S100FGMG | 2019-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100FGMG,, |
| 有価証券報告書－第83期(平成29年1月1日－平成29年12月31日) | S100CG80 | 2018-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100CG80,, |
| 有価証券報告書－第82期(2016/01/01－2016/12/31) | S1009Q0U | 2017-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S1009Q0U,, |

## 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).