# ZENSHO 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44期(2025/04/01－2026/03/31) (S100YKA9)
> Page: https://vizora.meequs.com/en/company/zensho-holdings
> Retrieved: 2026-09-30T21:10:40.770Z

## Company

Zensho Holdings, founded in 1982, is a company in Fast Food & Quick Service listed on TSE Prime. It has 20,626 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZENSHO HOLDINGS CO.,LTD. |
| Ticker | 7550 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7550.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目18番1号 |
| Representative (per filing) | 代表取締役社長兼CEO 小川 洋平 |
| Founded | Jun 1982 |
| Share capital | ¥47.5B |
| Employees (consolidated) | 20,626 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.zensho.co.jp (https://www.zensho.co.jp/) |
| Corporate number | 2010401045277 |
| EDINET | E03291 |
| Industries (Vizora) | Fast Food & Quick Service, Restaurants & Pubs, Takeout & Delivery Meals, Supermarkets |

> Profile source: annual securities report (S100YKA9, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.9 | 56 |
| Profitability | 76.5 | 66 |
| Cash conversion | 30 | 55 |
| Efficiency | 47.7 | 66 |
| Financial strength | 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 25% of Zensho Holdings's sales come from Global hamazushi, with Global sukiya and Global Prepared Food making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit +8.4%.

## Company structure

- Segment revenue mix: Global hamazushi 25.3%、Global sukiya 24.9%、Global Prepared Food 17.6%、Restaurant 13.6%、Global fastfood 8.9%
- Revenue → net income: ¥1264053000000 → ¥45782000000
- Net income → operating cash flow: ¥45782000000 → ¥101177000000（difference ¥55395000000）
- Main uses of operating cash flow: CapEx ¥80423000000 / dividends ¥12566000000 / buybacks ¥1908000000
- Change in cash: ¥48259000000
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 | ¥1.26T |  |
| Operating income | ¥81.4B | Margin 6.4% |
| Net income | ¥45.8B | Margin 3.6% |
| Free cash flow | ¥20.8B |  |
| Largest business | Global hamazushi | of segment revenue 25.3% |
| Employees (consolidated) | 20,626 |  |
| EPS | ¥172.44 |  |
| Book value per share | ¥841.07 |  |
| Equity ratio | 35.5% |  |
| Shares outstanding | 170,733,525 |  |
| Treasury shares | 3,979,500 |  |
| Shareholders | 111,057 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 13.3% | Net cash -¥154.4B · Cash ÷ revenue 10.1% |
| Vs. industry median margin | +2.5 pp | Restaurants & Pubs |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, parent-company salary changed +33% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥595048000000 | ¥1264053000000 | +112.4% |
| Operating income | ¥12088000000 | ¥81440000000 | +573.7% |
| Operating margin | 2.0% | 6.4% | +4.4 pp |
| Employees | 16,253 people | 20,626 people | +26.9% |
| Cash and equivalents | ¥37643000000 | ¥128054000000 | +240.2% |

### 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 |
| --- | ---: |
| 外食事業 → 事業再編・廃止 | 85.3% |
| 小売事業 → 事業再編・廃止 | 14.7% |
| 新設・再編 → グローバルすき家 | 24.9% |
| 新設・再編 → グローバルはま寿司 | 25.3% |
| 新設・再編 → グローバル中食 | 17.6% |
| 新設・再編 → グローバルファストフード | 8.9% |
| 新設・再編 → レストラン | 13.6% |
| 新設・再編 → 小売 | 6.1% |
| 新設・再編 → 本社・サポート | 0.8% |
| 新設・再編 → その他 | 2.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Global hamazushi | 3 years | +23.6% | ¥320277000000 | 8.4% | 2 |
| Global sukiya | 3 years | +12.0% | ¥314454000000 | 3.0% | 2 |
| Global Prepared Food | — | — | ¥221895000000 | 12.3% | 2 |
| Restaurant | 3 years | +13.5% | ¥171281000000 | 7.6% | 2 |
| Global fastfood | 3 years | -10.1% | ¥112818000000 | 2.9% | 2 |
| Retail | 3 years | -0.5% | ¥76977000000 | -1.3% | 2 |
| Other | 3 years | +3.1% | ¥35638000000 | -1.0% | 2 |
| Headoffice and support | 3 years | +42.2% | ¥10709000000 | 26.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,264,053 | 100.0% | S100YKA9 |
| Cost of revenue | 577,617 | 45.7% | S100YKA9 |
| Gross profit | 686,436 | 54.3% | S100YKA9 |
| SG&A | 604,996 | 47.9% | S100YKA9 |
| Operating income | 81,440 | 6.4% | S100YKA9 |
| Ordinary income | 78,257 | 6.2% | S100YKA9 |
| Pretax income | 67,979 | 5.4% | S100YKA9 |
| Income tax | 22,197 | 1.8% | S100YKA9 |
| Net income | 45,782 | 3.6% | S100YKA9 |
| Net income attributable to owners | 45,812 | 3.6% | S100YKA9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 48 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 54.3% → Operating margin 6.4% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.2%; Core profit growth: +8.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.75×
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 | 1,136,684 | 1,264,053 | 127,369 | +11.2% |
| Gross profit | 622,208 | 686,436 | 64,228 | +10.3% |
| Operating income | 75,128 | 81,440 | 6,312 | +8.4% |
| Net income attributable to owners | 39,290 | 45,812 | 6,522 | +16.6% |
| Operating cash flow | 78,953 | 101,177 | 22,224 | +28.1% |
| Free cash flow | 15,158 | 20,754 | 5,596 | +36.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 630,435 | 20,918 | 3.3% | 11,978 | 33,575 | 8,565 | S100LRVI |
| FY ending Mar 2021 | 595,048 | 12,088 | 2.0% | 2,259 | 29,686 | 8,265 | S100OFPL |
| FY ending Mar 2022 | 658,503 | 9,232 | 1.4% | 13,869 | 45,430 | 16,654 | S100R2MZ |
| FY ending Mar 2023 | 779,964 | 21,734 | 2.8% | 13,265 | 53,078 | 20,578 | S100TUZ5 |
| FY ending Mar 2024 | 965,778 | 53,707 | 5.6% | 30,693 | 85,985 | 43,890 | S100W4UE |
| FY ending Mar 2025 | 1,136,684 | 75,128 | 6.6% | 39,290 | 78,953 | 15,158 | S100YKA9 |
| FY ending Mar 2026 | 1,264,053 | 81,440 | 6.4% | 45,812 | 101,177 | 20,754 | S100YKA9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.3M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 15,929 | 17,324 | 16,806 | 18,742 | 20,626 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥7.4M | ¥8.2M | ¥8.3M |
| Average age (parent company) | 38.6 years | 39.3 years | 39.9 years | 40.1 years | 39.4 years |
| Average tenure (parent company) | 7.9 years | 8.5 years | 9.1 years | 9.1 years | 8.5 years |

Year over year: Employees (consolidated) +10.1% · Revenue (consolidated) +11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Global sukiya | 314,454 | 24.9% | 9,317 | 3.0% |
| Global hamazushi | 320,277 | 25.3% | 26,771 | 8.4% |
| Global Prepared Food | 221,895 | 17.6% | 27,376 | 12.3% |
| Global fastfood | 112,818 | 8.9% | 3,310 | 2.9% |
| Restaurant | 171,281 | 13.6% | 12,998 | 7.6% |
| Retail | 76,977 | 6.1% | -1,025 | -1.3% |
| Headoffice and support | 10,709 | 0.8% | 2,780 | 26.0% |
| Other | 35,638 | 2.8% | -371 | -1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Global sukiya | 24.9% | 11.3% | -13.6 | 3.0% |
| Global hamazushi | 25.3% | 32.4% | 7.1 | 8.4% |
| Global Prepared Food | 17.6% | 33.2% | 15.6 | 12.3% |
| Global fastfood | 8.9% | 4.0% | -4.9 | 2.9% |
| Restaurant | 13.6% | 15.7% | 2.2 | 7.6% |
| Retail | 6.1% | — | — | -1.3% |
| Headoffice and support | 0.8% | 3.4% | 2.5 | 26.0% |
| Other | 2.8% | — | — | -1.0% |

Loss-making segment (excluded from profit shares): Retail -1,025 JPY mn

Loss-making segment (excluded from profit shares): Other -371 JPY mn

Segment → industry: Global sukiya → Fast Food & Quick Service / Global hamazushi → Restaurants & Pubs / Global Prepared Food → Takeout & Delivery Meals / Global fastfood → Fast Food & Quick Service / Restaurant → Restaurants & Pubs / Retail → Supermarkets

## 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 | 101,177 | 8.0% | S100YKA9 |
| Capital expenditure | 80,423 | 6.4% | S100YKA9 |
| Free cash flow | 20,754 | 1.6% | 算出 |
| Investing cash flow | -78,089 | -6.2% | S100YKA9 |
| Financing cash flow | 19,819 | 1.6% | S100YKA9 |
| Dividends paid | 12,566 | 1.0% | S100YKA9 |
| Share buyback | 1,908 | 0.2% | S100YKA9 |
| Change in cash | 48,259 | 3.8% | S100YKA9 |
| Cash and equivalents | 128,054 | 10.1% | S100YKA9 |

## 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 | 42,414 | 64,690 | 82,171 | 79,695 | 128,054 | S100TUZ5, S100W4UE, S100YKA9 |
| Total assets | 427,172 | 469,563 | 748,056 | 813,109 | 960,362 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Net assets | 104,486 | 115,837 | 214,652 | 240,371 | 341,449 | S100TUZ5, S100W4UE, S100YKA9 |
| Share capital | 26,996 | 26,996 | 47,497 | 47,497 | 47,497 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Property, plant and equipment | 168,663 | 181,811 | 232,013 | 274,360 | 342,134 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Intangible assets excluding goodwill | 62,885 | 65,446 | 220,279 | 215,741 | 229,274 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Goodwill | 13,106 | 11,652 | 13,616 | 11,234 | 10,096 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Investment securities | 1,883 | 2,168 | 2,162 | 1,528 | 1,198 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Current assets | 132,439 | 157,993 | 224,457 | 252,006 | 319,606 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Current liabilities | 109,749 | 110,792 | 180,704 | 191,114 | 201,111 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Short-term borrowings | 459 | 7,600 | 7,542 | 6,857 | 3,942 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Long-term borrowings | 151,659 | 168,433 | 224,369 | 227,923 | 228,518 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Bonds | 15,000 | 25,000 | 15,000 | 35,000 | 50,000 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Interest-bearing debt | 167,118 | 201,033 | 246,911 | 269,780 | 282,460 | 算出 |
| Total liabilities | 322,686 | 353,726 | 533,403 | 572,737 | 618,912 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Non-controlling interests | 1,165 | 203 | 267 | 309 | 486 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Equity attributable to owners of parent | 97,060 | 104,466 | 193,355 | 220,983 | 301,548 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Retained earnings | 51,080 | 60,576 | 85,461 | 113,097 | 147,070 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |
| Treasury stock | -5,839 | -6,915 | -13,715 | -13,723 | -15,632 | S100R2MZ, S100TUZ5, S100W4UE, S100YKA9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YKA9 |
| Property, plant and equipment | 36% | S100YKA9 |
| Intangibles and goodwill | 25% | S100YKA9 |
| Investment securities | 0% | S100YKA9 |
| Other assets | 26% | S100YKA9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 29% | 算出 |
| Other liabilities | 35% | S100YKA9 |
| Equity | 36% | S100YKA9 |
| Other liabilities | 0% | S100YKA9 |

### 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 | 427,172 | 469,563 | 748,056 | 813,109 | 960,362 |
| Equity | 104,486 | 115,837 | 214,652 | 240,371 | 341,449 |
| Interest-bearing debt | 167,118 | 201,033 | 246,911 | 269,780 | 282,460 |
| Cash | 42,414 | 64,690 | 82,171 | 79,695 | 128,054 |

## 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) | 27.1% | S100YKA9 |
| Fixed assets ÷ total assets | 35.6% | S100YKA9 |
| Goodwill ÷ parent equity | 3.3% | S100YKA9 |

Goodwill over 4 years: 13,106 → 10,096 JPY; total investing cash flow: -336,723 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) | 13.3% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | -¥154.4B |
| Net debt ÷ operating cash flow | 1.53× |
| Cash conversion (operating CF ÷ operating income) | 124.2% |
| Cash vs. profit gap | 55,365 JPY mn (of net income 120.9%) |
| Shareholder returns / net income | 31.6% |
| Shareholder returns / FCF | 69.7% |
| Shareholder payments — dividends / net income | 27.4% |
| Shareholder payments — dividends / FCF | 60.5% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 77.2% |

## 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 | 2.1% | 1.54× | 3.2% | 4.40× | 14.3% | S100R2MZ |
| 2023 | 1.7% | 1.74× | 3.0% | 4.45× | 13.2% | S100TUZ5 |
| 2024 | 3.2% | 1.59× | 5.0% | 4.09× | 20.6% | S100W4UE |
| 2025 | 3.5% | 1.46× | 5.0% | 3.77× | 19.0% | S100YKA9 |
| 2026 | 3.6% | 1.43× | 5.2% | 3.39× | 17.5% | S100YKA9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱日本クリエイト | Major shareholder | 36.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 7.9% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 2.8% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| ゼンショーグループ社員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)(常任代理人 ㈱三菱UFJ銀行) | Major shareholder | 0.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 0.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部) | Major shareholder | 0.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.26T, up +11.2% from ¥1.14T.
- Operating income grew more slowly, +8.4% to ¥81.4B, while net income attributable to owners rose +16.6% to ¥45.8B.
- Operating cash flow jumped +28.1% to ¥101.2B, and free cash flow after capital spending came to ¥20.8B (+36.9%).

### Drivers

- Hama-Sushi opened many new stores and grew same-store sales, lifting both its sales and profit sharply
- Sukiya cut its beef bowl prices; its sales rose but its operating income fell sharply
- Higher prices for rice, imported beef and seafood added to costs across the group

### Risks

- Geopolitical tension and tariffs could make ingredients harder to get or more expensive
- A food safety problem, such as foreign objects in food or food poisoning, could damage the brand
- A tight labor market could leave stores short of staff

Cited: Annual Securities Report (44th term) (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 (44th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YKA9 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKA9,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W4UE | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4UE,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TUZ5 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZ5,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R2MZ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2MZ,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OFPL | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFPL,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LRVI | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRVI,, |

## 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).