Look at a company

Azbil combines sensors, valves and control systems to adjust airflow and when heating and cooling equipment operates. Alongside testing technology in its own building, it offers services that use customers’ operating data to propose improvements and assess the results. In the year ended March 2026, BA sales rose 5.1% despite lower new-building sales, and segment profit grew 18.6%. Control, renovation and service work continue after a building is completed.

JES takes on the work needed to keep elevators in use. Servicing models from different manufacturers requires both parts supply and trained technicians. In the year ended March 2026, maintenance and repair generated ¥34.499bn of consolidated sales; modernization, which replaces major equipment, generated ¥21.801bn. Routine service and the ability to win and carry out modernization projects both support the same customer equipment.

Mitsui E&S’s port cranes combine large structures and lifting gear with decisions about where people operate them, how power reaches them and how containers are positioned. The 17-crane Tokyo order is scheduled for site delivery by March 2028. In the year ended March 2026, better profitability on existing large projects and improved production efficiency helped lift Logistics Systems earnings. The business includes turning an order’s specifications into equipment and supporting it afterward with parts and preventive maintenance.

Mizuno’s Japan operating-profit increase exceeded the consolidated increase in the year ended March 2026. The company says more direct selling, centered on Sportstyle shoes, lifted Japan’s gross margin. Meanwhile, tariffs raised costs in the Americas and a weak Korean golf market weighed on Asia and Oceania. Regional earnings reflect who buys the products, the route to the customer and the costs the company bears.

Nippon Paper brings cartons and compatible filling machinery together at customers’ plants, with inspection, adjustment and operator training after installation. Liquid-carton volume was around the prior-year level in FY March 2026, while the broader domestic packaging and converting category improved operating profit by ¥1.4bn. That is not carton-only profit. The recovery of the wider Daily-Life segment also includes other domestic products and improvements at overseas operations.

Resorttrust recruits members before opening and provides stays, dining and member services afterward. In the year ended March 2026, contracts for unopened properties grew, while deferred property revenue affected reported membership-segment profit. Membership sales, revenue recognition and continuing hotel services each have their own timing.

Santen develops and sells eye medicines and expands regional portfolios through partnerships for other companies’ products. In the year ended March 2026, Japanese drug-price reductions and generic competition weighed on consolidated revenue, which fell to ¥291.6bn. EMEA growth of 7.8% became 0.4% when currency effects were excluded. Understanding the Chinese distribution agreement and the next year’s growth forecast requires attention to the rights involved, regional pricing conditions, currency and selling costs.

Tsubakimoto uses chain geometry and motion to build equipment that pushes loads upward. ZIP CHAIN meshes two chains into a rigid column, then separates them for storage in a compact case. Its wider Chain and Motion Control businesses nevertheless had very different operating margins in the year ended March 2026: 15.1% and 4.1%. Their April 2026 combination aims to extend product combinations into customer proposals and after-sales service. Its earnings effects still need to be established through future results.

Nishimatsuya reshapes its network through openings, closures and replacements, supplying private-label clothing and childcare goods. In the year ended February 2026, it also added online visibility of physical-store stock. Standalone sales increased while operating profit declined. Beyond adding selling space, the economics depend on selling goods at their original prices and organizing work in stores and logistics.

Sekisui House undertakes construction, manages completed rental housing and sells developed property. All three Japanese business models increased operating profit in the year ended January 2026, offsetting the international decline. Shorter vacancies support rental management; customer proposals and project economics influence construction; transaction timing matters in development. The following year’s plan also changes segment classifications, so identically named profit lines cannot be compared without using the recast figures.

DCI increased revenue in 2025 despite selling fewer dental chairs, alongside higher selling prices and a changing customer mix. In Nakanishi’s dental business, shipments to dealers and sales from those dealers to dentists also moved differently. Meanwhile, tariffs on imported parts pressured profitability and DCI’s EBITDA declined. Distribution and procurement costs both shape the business of equipping dental practices.

GMO Payment Gateway brings together merchant contracts and payment data and, under some contracts, handles settlement to merchants. Its income depends on monthly charges, processing counts and payment values. Continuing use supported FY2025 revenue, but the money processed does not all become the group’s revenue or cash available for its own use.

JEOL’s electron-beam writers are used in making the gratings in DFB lasers for optical communications. Spot-beam orders and sales rose in the year ended March 2026, while fewer mask writers were sold and industrial-equipment sales declined. Following what each machine patterns, and where it sits in its customer’s production process, reveals different demand conditions within semiconductor-related equipment.

Nittobo supplies glass cloth woven from fine yarn for use in circuit-board materials. NE/NER glass for high-speed transmission and T glass for controlling package-substrate warpage meet different requirements. Following electronic-materials growth in the year ended March 2026, the September 2026 report describes capacity investment and outside collaboration in weaving. Material composition, manufacturing processes and the division of production work together explain how Nittobo serves AI-related demand.

Okuma develops both machine tools and the CNC controls that direct their movement. Spindle-bearing diagnosis applies that combination to maintenance. The time comparison becomes more useful when connected to internal control information, field data and practical use in the company’s own inspection process.

SANKYU moves goods inside factories, takes on parts of the production process, and inspects and maintains equipment. When it handles daily maintenance and planned shutdowns together, the findings from each can inform the next round of work. Engineering operating profit was ¥30.960bn in the year ended March 2026, down 3.3% despite an 8.5% sales increase. Less daily maintenance in Japan and less overseas shutdown work were among the pressures. Knowing the plant and earning a profit from the work undertaken are both part of understanding SANKYU.

HORIBA establishes a gas-flow reference from mass and time and supplies flow-control devices for semiconductor production equipment. Expanding calibration facilities adds a different capability from increasing product output. In FY2025, Materials & Semiconductor sales grew while operating income declined, mainly because of accelerated R&D and technology investment. The work of making measurements reliable, and the cost of that work, help explain the business behind the devices.

Kura Sushi connects plate collection and counting with a game, while rotating sushi and character collaborations add reasons to visit. All 687 stores at the end of FY2025 were directly operated. Across the group, the rise in selling, general and administrative expenses exceeded the increase in gross profit. The business combines an engaging meal with the work and costs of running the restaurants.

JINS finishes frames and lenses into glasses for individual wearers. In the year ended August 2026, its 78.4% gross margin and 10.3% operating margin were separated by SG&A equal to 68.1% of sales, including personnel, rent and system-related costs. These are consolidated ratios across Japan and overseas, not the economics of an individual product. The store count reached 878, but operating profit fell in Japan and rose overseas. Stocking products and running the stores profitably are both part of the business.

GLORY combines checkout and back-office machines with software that tracks cash balances. The CI-X series can transfer both notes and coins in cassettes, reducing occasions when staff handle loose cash. In the year ended March 2026, overseas-market revenue grew 2.9%, while Japan’s retail and transportation market declined 17.3% after a surge in work for new banknotes. Results reflect both the need to automate everyday cash management and the timing of equipment replacements and modifications.

H.U. Group’s testing and related services measure specimens entrusted by medical institutions and report the results. Operating profit was ¥31m in the year ended March 2026. The company cites growth in genetic and specialized testing, price adjustments and improved testing operations. Segment depreciation was ¥13.598bn, showing the costs behind keeping equipment and people at work. Consolidated operating profit of ¥4.780bn covers a different scope, including diagnostic reagents, other businesses and corporate-cost adjustments.

Kameda Seika’s 33.7% sales increase includes a change in scope: a full year of TH FOODS consolidation. TH FOODS itself grew 2.1% in US dollars, as its own-brand business offset weaker private-label/OEM and bulk sales. Manufacturing capacity and whose brand reaches the shelf together explain this North American business.

Nichias distinguishes building space from installed equipment capacity in its expansion plan for high-performance products. Orders rose while sales fell in the year ended March 2026. Factory readiness, customer orders and recognized revenue are separate measures to examine.

Nifco supplies automakers and other manufacturers with small parts that hold assemblies together or smooth their movement. Its domestic average product value per vehicle reached ¥9,623 in FY2025. That domestic per-car measure differs from group results, which reflect global sales volumes and costs. Consolidated sales were ¥352.7bn and the operating margin was 13.6% in the year ended March 2026. The growing role of parts in each vehicle and the conditions for group profitability need to be read together.

Higher-efficiency water-heater sales grew in Rinnai's U.S. business in 2025, while gaps between tariff changes and price adjustments weighed on earnings. The approximately ¥2.7bn tariff figure describes the scale of payments and cannot simply be added back to operating income. Sourcing heat exchangers and other components, supplying appliances and adjusting prices are part of the business, alongside work to reshape its organization and fixed costs.

Seiren designs feel, color, weight and application-specific functions into car-seat materials. Its QUOLE comparisons and group production chain from yarn to cutting and sewing show what it offers automakers. Automotive-materials sales reached ¥115.258bn and operating profit ¥16.199bn in the year ended March 2026. Recovering orders, new vehicle models, cost reductions and changes in consolidation scope also shaped those results.

SMC combines standard-product inventory, custom-order capability and connected manufacturing processes. Sales grew in the year ended March 2026, but the operating margin fell. Turning product variety into both timely delivery and profitability remains the challenge.

Marugame makes noodles from flour inside its restaurants and uses its noodle-master program to develop the judgment needed to work with dough. It had 887 directly operated Japanese stores at March 2026 and earned ¥21.955bn in segment business profit that year. Cooking in each kitchen, and developing the people who do it, support Toridoll's largest earnings contributor. The company does not isolate the training program's effect on revenue or profit.

Tsumura connects cultivation guidance and knowledge of growing costs with the prices it pays for crude drugs. Sorting and blending those materials into products also involve inventory: consolidated raw materials and supplies stood at ¥114.629bn at March 2026. Securing inputs and moving them efficiently into the products needed are both part of supplying Kampo medicines.

Komeda supplies food to franchisees and supports their cafés. Wholesale revenue of ¥39.296bn represented about 68.7% of consolidated revenue in the year ended February 2026. Customers’ café bills and operators’ payments for supplies are separate transactions. Royalties depend on seats rather than sales, while wholesale revenue reflects changes in products and prices. Keeping these two selling relationships separate helps explain Komeda’s results.

AMADA adds material-supply equipment and ways to pass operating information to robots to machines that cut and bend sheet metal. After delivery, it supplies tooling and consumables and provides maintenance and repairs. Group revenue for the year ended March 2026 included acquisition contributions, while its margin declined. The equipment’s role in factory work and the company’s ability to earn from that work both matter.

SATO combines labels, printers, readers and software so customers can capture information about goods and people. Its recurring-sales ratio was 73.7% in the year ended March 2026. Among major customers in Japan, 63.4% used multiple product categories and 96.9% had transacted every year for the past three years. These figures reveal relationships built around fitting daily workflows, replenishing labels and maintaining equipment. Turning custom work into reusable solutions is also necessary to contain the burden on sales and development teams.

Hamamatsu supplies systems that narrow down a chip’s failure location between electrical testing and physical root-cause analysis with an electron microscope. Its May 2025 TD Imaging release describes detecting localized heat through laser reflectance to locate defects non-destructively. Semiconductor failure-analysis sales were ¥10.4bn in FY2025. Elsewhere in the group, medical-bio sales declined, while higher costs and other factors reduced operating profit. The business combines light-detection technology into equipment that helps customers take the next analytical step.

A free boiler-room visit identifies and reports equipment issues. Calibration, safety-device testing, parts and maintenance contracts create other kinds of work around the same equipment. CBSS needs to rebuild customer contact. The conversion rate and profit contribution of the free visits are not disclosed.

Ebara supplies semiconductor factories with both pumps that remove gas from processing spaces and equipment that works on wafers. CMP accounts for 62% of Precision Machinery revenue. As chip structures become more layered, surface planarization and edge quality before bonding give polishing a broader role.

Pigeon studies babies' feeding movements, adjusts nipple materials and shape, and checks quality with instruments and visual examination. Its Integrated Report 2025 describes an annual scale above 100 million artificial nipples and 15 inspection points per piece. Overseas, it also works to balance wide-neck bottle features and price. Wide-neck products rose from 45% to 62% of Singapore Business bottle sales by value between 2023 and 2025.

Calbee combines full-crop purchasing, loose bulk storage and sorting at dispatch to reduce work at harvest time. In FY March 2026, Japanese-origin potato procurement by its domestic group fell from 371,000 to 341,000 tonnes, including primary-processed products and merchandise. Raw-material quantity and quality affected sales volumes and costs, while starting a new factory also carried costs. Keeping snacks available involves helping with harvesting, storing the crop and supplying usable material to factories.

DISCO supplies equipment and consumable tools that cut and thin semiconductor and electronic-component materials, and tests ways to process customers' workpieces. In the year ended March 2026, precision processing tool revenue was ¥94.976bn, or 21.7% of consolidated revenue. Test cuts before equipment selection connect with consumables used in production and research into the next processing requirement.

Recovering U.S. shelf space involves distribution, consumer purchases, product mix and selling terms. Improvement at retail does not ensure that manufacturer revenue and profit recover at the same pace. Nissin's year ended March 2026 makes those differences visible.

Nitto's electrical-release tape supports both battery fixation during use and removal for repair or disassembly. Adoption expanded in the year ended March 2026, when Industrial Tape revenue reached ¥366.607bn; the individual product's contribution is not disclosed. The roughly ¥39bn Toyohashi plant project covers electrical-release tape and adhesive materials for foldable devices, with completion planned for January 2028. Performance at the moment of removal connects customers' product designs to Nitto's capacity investment.

OBIC builds business systems around accounting, then provides system access, operational advice and incident support after installation. System support sales reached ¥71.508bn in the year ended March 2026, with a 74.0% operating margin. Broader standard software functions and remote cloud support work alongside continued involvement by OBIC’s own sales staff and engineers. Sustaining that model also means investing existing employees’ time in training new recruits.

SG Holdings’ cold-chain work combines transport suited to the size of a shipment with vehicles and storage in the right place at the right time. In the year ended March 2026, its initiatives reported a ¥2.50bn operating-profit improvement over the year ended March 2024. Existing-customer expansion contributed ¥2.24bn, while low-temperature TMS, joint delivery and BtoB lot delivery together contributed ¥0.36bn. Expanding the ways to move a shipment, earning a return and maintaining reliable service are connected operating tasks behind the familiar parcel network.

TOMY develops toys and creates opportunities for people to discover, try and compete with them. In the year ended March 2026, group advertising expenses were ¥19.133bn and R&D was ¥6.723bn. BEYBLADE provides a concrete example through interchangeable top parts, store events, tournaments and online play. Brand-level costs and returns for individual activities are not disclosed, so audience reach cannot be translated into a profit contribution.

The year ended March 2026 paired a dedicated-terminal buyer-fee increase with lower average seller fees reflecting large-consignor rebates. Entry services and completed-transaction services use different denominators, while on-site and remote access share a membership system. Consignments increased, and vehicle-moving and security costs also rose. USS combines participant-specific charges, access channels and the work of handling physical vehicles.

Otsuka combines local production and supplies from existing overseas factories to expand its consumer products. Its Pharmaceutical Business must develop future medicines while existing products face the end of exclusivity. Medical knowledge has also contributed to Pocari Sweat and Calorie Mate. The connections sit alongside distinct manufacturing, selling and research work for each product.

Kurita combines equipment handover followed by maintenance and chemicals with water supply using equipment it owns. The latter involves construction, investment and operation, while contract-termination settlement gains are recorded separately from revenue. Recurring contract-based services’ 17% revenue share and the broader service-business ratio of 72.1% measure different things. Asset ownership and operating responsibilities reveal how customer relationships continue.

ZOZO’s year ended March 2026 combines consignment services, including clothing storage, sales, logistics and customer support, with LYST’s fees on completed referred purchases. LYST adds merchandise value to the cost-ratio denominator, while warehouse work and delivery terms also improved. Reading higher packing and freight expense alongside its lower ratio reveals who handles the clothes and bears which costs, as well as the scale of transactions.

Toho earns through combinations of production investment, distribution, cinema operations, rights and merchandise that vary by title. Kokuho and Demon Slayer have overlapping roles as well as different revenue routes. To understand the business, follow who performs each job and holds each right, alongside the genre and box-office gross.

In the year ended March 2026, Mitsui Fudosan reported ¥2,709.7bn in group revenue and ¥397.8bn in operating profit. Its segments recorded revenue of ¥936.6bn from Leasing, ¥729.3bn from Property Sales, ¥511.5bn from Management and ¥244.1bn from Facility Operations; Other contributed another ¥288.3bn. Leasing was larger in revenue than Property Sales, yet Property Sales business income (¥193.2bn) exceeded Leasing (¥177.0bn) this year. The company-defined business income and consolidated operating profit are different accounting measures and require adjustments. From its origin in property management in 1941 through 1968 skyscraper and 1981 shopping-center development to a 2001 J-REIT, Mitsui Fudosan widened not just its assets but how it earns from them.

Hoshizaki builds temperature control, kitchen placement and easier cleaning into equipment design. High-mix, small-lot make-to-stock production and information returning from sales and maintenance support that renewal. For FY2025, the company reported a 51.7% domestic sales ratio for new and redesigned products introduced within three years, and ¥29.4bn of domestic natural-refrigerant product sales. These differently scoped measures show the economic reach of continuing to update equipment.

Keeping Ichthys operating means maintaining equipment and adapting to changing conditions for recovering gas. The project shipped 112 LNG cargoes in 2025. INPEX is adding equipment to recover gas at lower reservoir pressure while evaluating future feed-gas sources. The phased BCM connection and commissioning disclosed on August 7, 2026 were plans at that date. Separating output, construction progress and potential supply makes the work behind long-term operation more tangible.

DOWA connects used circuit boards and smelting residues with processes that recover metals. Recovered volumes, metal prices, raw-material purchasing terms and mine earnings each affect profitability. In the year ended March 2026, Nonferrous Metals earned ¥6.9bn in operating profit and ¥19.6bn in ordinary profit. At group level, an increase in inventories reduced operating cash flow. Reading DOWA means following both the technologies connecting its processes and the materials and funding needed to keep them running.

Tokio Marine’s North American businesses bring together distinct underwriting expertise: PHLY’s organizational cover, Delphi’s employee benefits and workers’ compensation, and TMHCC’s medical stop-loss, among other products. Pricing, limits and selection sit alongside loss estimates, investments and currency effects in explaining results. The three businesses’ calendar-2025 JGAAP management disclosures must remain distinct from the group’s April 2025–March 2026 IFRS accounts.

PARK24’s domestic operations connect renting idle land and visitor parking, or managing sites for their owners, with supplying cars and encouraging their use. The ¥6,127 million of FY2025 Times CAR parking costs (intragroup transactions) makes that connection visible in segment reporting. Vehicle expansion also left challenges in member acquisition and usage. Securing places and getting people to use the cars are both part of sustaining the network.

Mercari combines the place where people find and trade goods with compensation, appraisal and payment services. Marketplace transaction value reached ¥1,285.6bn in the year ended June 2026. Year-end credit balances were ¥358.1bn, alongside ¥211.2bn of borrowings from receivable financing. Compensation speed, a narrowly defined collection rate and funding describe different responsibilities. As trading expands, resolving disputes, assessing credit and arranging finance become important parts of operating the business.

In the year ended March 2026, ANA domestic available seat-kilometers fell 1.2% while revenue passenger-kilometers rose 4.3%, lifting load factor to 79.2%. International yield fell 2.7%, yet a load factor of 83.0% helped unit revenue rise 1.9%. Aircraft size, routes, booking timing and fares work together to earn revenue from available capacity. Group operating income reached ¥217.4bn, while domestic profitability remained a structural challenge. Fuller aircraft alone do not determine profit.

Chugai connects its own research to Roche through development, marketing and supply agreements. FY2025 Hemlibra exports to Roche were ¥339.3bn; Roche royalty and profit-sharing income across products was ¥163.3bn. The reciprocal arrangement gives Chugai first refusal on developing and marketing Roche compounds in Japan. Chugai also bears research expenses and costs when projects are discontinued. Its model combines its own search for medicines with access to another company's commercial scale.

Daifuku builds material-handling systems to suit customer sites, then provides inspections, parts, modifications and renewal. In FY2025, construction revenue recognized over time was ¥490,548 million, about 74% of consolidated sales of ¥660,724 million. Orders and project work can fall in different years, while cost estimates and execution affect project profitability. Service sales were ¥176.6bn, or 27% of consolidated sales. Service and construction revenue are different classifications and cannot be added together; service includes both period-based contracts and individual jobs.

MonotaRO helps customers find supplies and handle internal purchase requests and approvals, then fills orders from its stock and suppliers. Its enterprise business sells supplies through purchasing-management services: FY2025 sales were ¥106.31bn, or 32.9% of standalone sales. About 95% of companies in its Large category had at least one account holder, compared with about 10% of their sites. The denominators are companies and sites, respectively. To win more orders, MonotaRO needs to reach users at individual factories and offices and provide the storage and shipping capacity to serve them.

Kewpie supplies liquid eggs, omelets and egg salads to match how much preparation customers do themselves. It also designs processed products for their texture after heating or thawing. In the year ended November 2025, the Food Service egg category had sales of ¥115.8bn, up 14%, and business profit of ¥6.2bn, down 18%. Across Food Service, price revisions and higher egg-product volumes supported sales, while higher egg and other raw-material prices weighed on profit. Addressing kitchen preparation and consistency needs also requires reflecting changing costs in selling prices.

Ricoh supplies PCs, networks and software and helps customers build, operate and maintain IT environments. Business applications and outsourced processes add different kinds of work. Office Services sales reached ¥1,009.3bn in the year ended March 2026, compared with ¥881.7bn in Office Printing; Services had already been larger in the preceding year. Recurring Office Services sales of ¥419.6bn are a subset, not an extra revenue line. Digital Services segment profit fell from ¥32.2bn to ¥27.9bn. A longer customer relationship, higher category sales and higher segment profit are separate questions.

SECOM’s online security combines alarm signals from customer premises, control-center monitoring and personnel who travel to the site. In the year ended March 2026, Security Services external revenue of ¥660,602m accounted for 52.6% of consolidated revenue of ¥1,256,896m, calculated by this site. The remaining ¥596,294m, or 47.4%, came from fire protection, medical services, insurance, geospatial information, BPO/ICT and Other. Security segment profit was ¥123,826m. Consolidated operating profit of ¥160,333m includes a negative ¥24,126m reconciliation from total segment profit, so the sales proportions cannot be used as profit shares. The expansion following SECOM’s 1962 founding, 1966 online-security launch and 1989 vision also includes acquisitions and distinct technologies and operations.

In FY2025, Kagome’s International segment generated ¥129.8bn in revenue and ¥9.2bn in company-defined business profit. Primary processing supplies ingredients; secondary processing adds seasoning for products such as sauces. Price cuts as the global tomato-paste supply-demand balance loosened, customer pickup delays and other pressures contributed to a 13.0% revenue decline and a 33.4% fall in business profit. Domestic processed foods generated ¥157.3bn of revenue, while higher manufacturing input costs squeezed beverage profit. The level of processing and the customer explain why businesses using the same crops can face different operating pressures.

Meiji’s vaccine business connects KM Biologics’ development and manufacturing with Meiji Seika Pharma’s sales and information work. The company describes feedback from medical institutions leading to packaging changes. In the year ended March 2026, the broader vaccines and veterinary medicines business had ¥50.7bn in sales and ¥4.3bn in operating profit; it also includes animal medicines and newborn screening. The absence of a prior-year vaccine write-down contributed to its return to profit. Pharmaceuticals as a whole reported ¥232.2bn in sales and ¥30.4bn in operating profit, compared with Food’s ¥942.8bn and ¥68.7bn. Distinct corporate histories and operating responsibilities underpin the group’s work across food and medicines.

With NL+LiNk, a food vendor delivers to one transfer center; Nichirei Logistics Group connects its own and other companies’ centers for delivery to stores. In the year ended March 2026, logistics generated ¥301.0bn in sales and ¥18.6bn in operating profit, alongside Food’s ¥426.7bn and ¥19.9bn. Consolidated sales were ¥716.1bn and operating profit ¥39.0bn, after relevant adjustments. The ¥2.8bn logistics profit increase includes a ¥2.4bn impact from depreciation-method changes and related items. Overseas logistics sales of ¥92.6bn use January–December 2025 accounts included in the March-2026 results. From cold-preservation operations begun in 1943, making food and handling customers’ food distribution have grown into substantial businesses.

Rohto obtained exclusive Mentholatum trademark-use rights and launched ointment and medicated lip balm in 1975. It describes its 1988 acquisition of the US company as a foothold for overseas expansion. Alongside brand launches such as Hada Labo, these events help explain the breadth of a business whose FY2025 sales were 62% skincare and 18% eye care. Those shares do not measure the contribution of any single acquisition or technology.

Powersports & Engine led FY2025 revenue at ¥682.8bn, while Aerospace Systems led business profit at ¥62.4bn. Energy Solution & Marine Engineering contributed ¥55.0bn. Tariffs and competition weighed on Powersports, illustrating different operating conditions within the group. Corporate adjustments also matter when moving from segments to consolidated profit. The company becomes clearer through those differing economics, as well as its range of products.

Nabtesco supplies precision reduction gears to robot makers, and brakes and door-operating systems to rail operators and train builders. Its building automatic doors, aircraft equipment, marine controls and packaging machines also work inside customers’ equipment and operating sites. FY2025 continuing operations generated ¥307.9bn in revenue and ¥20.7bn in operating profit. Accessibility Solutions contributed ¥110.7bn of revenue, Transport Solutions ¥100.5bn, Component Solutions ¥79.3bn and Manufacturing Solutions ¥17.4bn. Company-estimated product market shares and these four businesses’ revenue totals measure different things.

Fujikura supplies optical cable that fits limited duct space, along with components and equipment for separating, joining and storing its fibers. The 13,824-fiber cable with an outside diameter of 40 mm or less, announced in July 2025, is one example. Fiber count does not directly measure network performance or revenue. In the earlier year ended March 2025, Telecommunications generated ¥451.3bn, or 46% of group revenue.

Makita’s bases introduce tools through demonstrations and user visits, repair failed products and return them to customers. Around 50 overseas countries with direct bases and around 180 sales markets describe different kinds of presence. In the year ended March 2026, overseas revenue represented about 83.0% of sales value and overseas factories made 92.5% of production units. Cordless expansion adds more applications to the work of selling products and supporting their users.

NGK supplies ceramic products for different jobs in semiconductor equipment and automotive emissions control. In the year ended March 2026, Environment represented 59.6% of sales and Digital Society 30.7%. Digital Society grew approximately 19.7%, supported by AI-related demand and inventory increases by certain customers. Expanding an application and continuing its business are separate decisions; the useful picture is one of different requirements and economics coexisting inside NGK.

Yamaha Motor expanded through two documented routes: selling production equipment developed for internal use and reusing motorcycle parts in another product. External arc-welding robot sales in 1976 and the first P-7 outboard in 1960 illustrate those routes. Today’s Robotics and Marine segments each contain many products. In FY2025, Robotics lost ¥0.6bn at the operating level, Marine earned ¥53.6bn, and Land Mobility accounted for about 63.7% of group revenue by site calculation. Reaching another type of buyer creates a business opportunity; product demand and costs shape the resulting profitability.

Advantest sells test systems to semiconductor and electronic-component manufacturers, then supplies support and consumables such as interface boards. In FY2025, ended March 2026, demand for advanced-chip testers and supply capability grew while mature-chip tester demand remained soft. Sales of ¥1.1286tn, operating income of ¥499.1bn and a 44.2% operating margin reflect that demand split and product mix.

Sysmex’s work continues after installation through reagents, reference materials, scientific information and customer care. Its 79.4% stable-revenue measure includes reagents, service/support and other sales; it is not a subscription-only share. Continuing supplies and support help explain the business behind ¥500.0bn of FY2025 sales.

Regional builders sell homes suited to local buyers and price ranges. In FY2025, U.S. single-family housing generated approximately ¥786bn of sales and ¥105bn of recurring income, representing around 35% of group sales and 60% of consolidated recurring income. Land development supplies finished lots, while FITP designs, manufactures, delivers and installs structural components. These are distinct roles in housing supply.

Asahi Kasei’s 2024 technology story traces fiber expertise into hollow-fiber dialyzers and then Planova filters for pharmaceutical production. In dialysis, waste moves from blood into dialysate; in Planova filtration, useful proteins pass through while viruses are captured. The separation task changes with the application. FY2025 consolidated sales of ¥3.0745tn cover a much broader set of businesses across Material, Homes and Healthcare.

Capacitors help reduce noise and support sudden current demand inside electronic circuits. Murata brings materials and manufacturing capabilities to making these parts. In the year ended March 2026, capacitors grew across applications including servers, while RF and communications revenue fell. Demand differs by component and application, even within the same equipment market.

Cardiac and Vascular is Terumo’s largest business at ¥676.4bn in FY2025. Devices within vessels, oxygenators outside the body, blood and cell collection, and hospital and pharmaceutical products serve different settings. The familiar thermometer opens onto a much broader set of medical jobs.

Brother extended its own sewing-part manufacturing knowledge into machine tools for other factories. Printers followed a separate route through its 1971 Centronics collaboration and subsequent in-house electronic-control and print-head development. FY2025 continuing-operations revenue included ¥570.6bn in Printing & Solutions, ¥83.0bn in Machinery and ¥61.0bn in Personal & Home, which includes sewing and cutting machines. Brother supplies equipment both for everyday tasks and for other manufacturers’ production processes.

Mitsubishi Electric’s control devices connect input signals and programs with equipment actions. Factory Automation Systems, which includes that work, generated ¥798.2bn in the year ended March 2026 and sits alongside ¥875.6bn of Automotive Equipment in Industry & Mobility. With Life at ¥2.3182tn and Infrastructure at ¥1.4634tn, factory control is one concrete supply role within a broader company. Segment revenue includes intersegment sales and does not represent shares of consolidated revenue.

Bridgestone supplies fleet operators with new and retread tires and maintenance services. Toolbox records fitted tires and inspection results; Tirematics monitors pressure and temperature; BASys manages retread production, inspection and inventory. A suitable casing can receive a new tread and return to service. The 2007 Bandag acquisition strengthened this activity. FY2025 Truck & Bus revenue was ¥1.018tn including retread, rather than a separately disclosed retread total.

For the Tung Hsiao project, MHI supplies gas and steam turbines and auxiliary equipment, while CTCI handles construction and balance-of-plant work. The contract was announced in 2025; operation is scheduled to begin in 2030–31. Across MHI, FY2025 order intake was ¥7.6536tn, revenue ¥4.9741tn and year-end backlog ¥13.2376tn. Contracting, revenue recognition, payment and the start of operation are separate points in the life of a large project. Backlog is not guaranteed future revenue.

About 65.1% of Shimadzu’s sales comes from analytical and measuring instruments used in research and quality control. It also supplies X-ray systems for medical facilities, pumps that create a vacuum in semiconductor production, and onboard equipment and spare parts for aircraft. The distinction between people using instruments and those incorporating components makes the breadth of the business clearer.

Calling FY2025 revenue flat misses the differences between Kubota’s businesses and markets. Machinery represented 87.1% of revenue, and even Farm Equipment & Engines and Construction Machinery moved differently within it. Water & Environment accounts for 12.4% of current revenue. Separating each business’s scale from its annual change gives a clearer view of Kubota’s machinery-led portfolio.

DNP gives manufacturers materials for making fine patterns, controlling light and protecting contents. Electronics, which includes masks and optical films, reported FY2025 sales of ¥251.8bn and operating profit of ¥50.7bn. It ranked last by sales and first by operating profit among the three segments, although its profit fell 11.6%. Battery pouches belong to Life & Healthcare. Consolidation includes sales and operating-profit adjustments of negative ¥1.9bn and ¥26.9bn respectively, so segment size and contribution to group results need to be read separately.

Komatsu remains centered on construction and mining equipment. At the jobsite, that equipment sits alongside distinct tasks: monitoring its condition, controlling vehicle operations, and connecting terrain with construction work. The 1,000 commissioned trucks and more than 11.5 billion metric tons moved show operating scale. Broader site coordination and next-generation vehicle platforms also include future ambitions. Distinguishing operating results from future plans clarifies what Komatsu already provides at the jobsite and where it aims to expand.

Toray materials support structures, separate through membranes, and become fibers and films. The company describes four core technologies behind that breadth. Application variety and revenue scale are different measures: Fibers accounts for 41% and Performance Chemicals 35% of FY2025 revenue, alongside the more conspicuous aircraft and water applications.

Olympus supplies healthcare professionals with endoscopes and treatment devices, and provides installation checks, operating instruction, in-use support, inspection and repair. Medical Service represented about 30% of the GI division's ¥697.4bn revenue for the year ended March 2026. This is a divisional revenue share, not a group share or a measure of subscription revenue or profitability. Supporting equipment in use forms part of the medical business.

Canon generated ¥4.625tn of net sales in 2025. Printing contributed ¥2.494tn, or 54%, Imaging ¥1.055tn, or 23%, Medical ¥580.6bn, or 13%, and Industrial ¥361.1bn, or 8%. Imaging includes cameras and network cameras, etc.; Printing is roughly 2.4 times its size by sales. Founded as a camera maker in 1937, Canon expanded from the 1960s into office equipment, optical devices and medical equipment, and now operates four industry-oriented groups. The more important connection is technological: materials know-how from printer photoreceptors is being applied to perovskite solar-cell materials, while optical and image-processing technologies are being applied to automated iPS-cell production.

KOKUYO’s furniture history includes adapting an office-table height-adjustment handle for a study desk. It also opened its Osaka headquarters to visitors, who could see employees using its furniture. In 2025, Furniture generated about 2.06 times Stationery’s sales and 3.69 times its segment operating income. Business Supply Distribution is substantial too, but intersegment transactions and reconciliation prevent treating these figures as direct shares of the group total. The ¥500bn sales goal for 2030 remains a future target.

Lumada connects data-generating products and systems with services that improve their operation. Its FY2025 revenue mix was 56% Digitalized Assets and 44% Digital Services. HMAX is a recurring-service subset combining domain knowledge and AI. Hitachi aims to apply expertise from supplying and maintaining equipment to a broader range of customer assets.

YKK supplies fasteners for clothing and bags, and windows and other products for buildings. In fiscal 2025, Architectural Products sales of ¥557.6bn exceeded Fastening’s ¥431.4bn, while operating profit was ¥39.2bn for Fastening and ¥12.0bn for AP. Business sales include intersegment transactions. Aluminum-alloy production and processing know-how linked the businesses, but they now face different demand and cost conditions. Aluminum casting and extrusion began in 1959; manufacture and sales of aluminum building products began in 1963. The relationship becomes clearer when the products’ uses and the businesses’ earnings are considered together.

AGC brought soda ash and refractory-brick production in-house when glass-making inputs became difficult to import, laying the foundations for Chemicals and Ceramics. Today Chemicals supplies essential and performance materials to many industries through wholesalers and its own sales bases. Its external sales were ¥579.5bn in 2025. Architectural Glass and Automotive together generated ¥959.1bn, about 46.6% of consolidated sales. That combination is a site calculation covering two segments, rather than a measure of all AGC glass-product sales.

In FY2025, the year ended March 2026, five Astellas Strategic Brands generated ¥480.3bn, up 43%. They are marketed medicines for conditions including cancers, an eye disease and menopausal symptoms. XTANDI remained the largest product at ¥960.8bn, about 44.9% of group revenue. Alongside selling medicines, Astellas conducts R&D internally and with pharmaceutical, biotech and academic partners. R&D expense was ¥314.8bn. The roughly ¥1 trillion of mid-2030s pipeline sales potential in its plan is an ambition, not current revenue or a guarantee of regulatory approval.

Alongside water-related products, TOTO supplies ceramic components to equipment manufacturers. Electrostatic chucks hold wafers, AD coatings protect equipment surfaces, and engineering ceramics support precise motion. Their functions and production methods differ. Engineering ceramics draw on sanitary-ware forming and firing control and faucet polishing. The Advanced Ceramics Business generated ¥50.3bn in sales and ¥20.4bn in operating profit in FY2024, then reported record sales and profit in FY2025. In April 2026, TOTO said it had decided on about ¥30bn of investment to expand electrostatic-chuck and AD-component R&D and production capacity.

Shiseido reaches regional consumers and travellers with cosmetics and fragrances. Japan Business accounted for 30.4% of FY2025 sales and China & Travel Retail for 35.3%. The 69.6% outside Japan Business is calculated from reportable segments, not a geographic overseas-sales ratio. The duty-free channel, including Fukuoka Airport, makes that distinction concrete. Improving margins in Asia Pacific, the Americas and EMEA is also part of its 2030 strategy.

Daikin combines equipment and services for customers installing, operating and replacing air conditioning. Its FY2025 Solutions ratio of 28% includes equipment sales and engineering in replacement projects. The denominator excludes Chemicals, Filters and other businesses, so it differs from both group sales and the reported Air Conditioning and Refrigeration Equipment segment, which includes Filters. Daikin brings refrigerant and other technologies together with global sales and service networks, and plans to extend its work toward entire HVAC systems and buildings. The 40% ratio for FY2030 is a future projection.

Kao generated ¥1.6886 trillion in sales and ¥164.1 billion in operating income in FY2025. Fabric & Home Care contributed ¥389.1 billion, about 23.0% of group sales by site calculation, and is part of Hygiene Living Care. On an external-customer basis, the five businesses account for 32.5% (Hygiene Living Care), 25.7% (Health Beauty Care), 15.5% (Cosmetics), 2.3% (Business Connected) and 24.0% (Chemical). Kao serves consumers with everyday products, companies and organizations with professional hygiene solutions, and manufacturers with industrial materials. A concrete additive illustrates the last role: customers use Kao’s chemicals in making their own products.

Zojirushi provides containers that keep food and drinks hot or cold, appliances that apply heat to cook, and prepared meals. FY2025 sales were ¥91.151bn and operating profit ¥7.436bn. Cooking appliances generated ¥64.384bn, about 70.6% of sales, with ¥42.6bn of rice-cooker sales included within them. Living products, lifestyle appliances and other businesses serve different purposes. Food service is small at ¥0.6bn, but extends the business from selling a product for customers to use to preparing and serving food at a shop. Its FY2028 plan sets different growth targets for rice cookers, microwave ovens and living products.

FANUC supplies CNCs for other companies’ machine tools, its own processing machines and robots that handle parts, then maintains products after installation. In FY2025, the year ended March 2026, sales were ¥857.8 billion and operating income ¥183.8 billion. Division sales were ¥208.5 billion for FA, ¥378.6 billion for Robot, ¥129.6 billion for Robomachine and ¥141.1 billion for Service. Robot was largest at 44.1%; the other three divisions totaled 55.9% by site calculation, although Service includes support for robots. Sales outside Japan were 87.1% by site calculation. More than 280 service locations support products used in over 100 countries.

KEYENCE sales engineers propose applications to customers and return firsthand information from their sites to product planning. Planning and development aim for general-purpose products usable across industries. Partner factories make the products, and domestic and overseas warehouses ship them to customers. In FY2025, the year ended March 20, 2026, sales were ¥1.1693 trillion and operating income ¥595.8 billion. Overseas sales accounted for 66.6% by site calculation. Sales work that uncovers individual customer problems connects with products that can be sold to many customers.

UNIQLO checks each store’s sales and stock daily and dispatches goods accordingly. Merchandising and production teams use in-season sales to instruct partner factories to increase or decrease output. In FY2025, international revenue was about 1.86 times Japan’s by site calculation, while North America and Europe grew and Greater China declined. Connecting stores worldwide requires decisions about where to send clothes, how many to make and what to improve next.

ASICS sells running shoes and lifestyle footwear through specialist retailers, wholesale retail partners, owned stores and other routes. Performance Running was its largest FY2025 category at ¥363.5bn in sales. SportStyle and Onitsuka Tiger together generated ¥277.8bn in sales and ¥92.7bn in site-calculated category profit, above Performance Running’s ¥86.0bn. Foreign markets accounted for 80.5% of sales, and OneASICS membership reached 23.13 million, adding different geographic and customer relationships to the picture.

Shimano combines components such as shifters and brakes to design how riders control a bicycle. Precision metal processing supports both reliable bicycle shifting and smooth fishing-reel operation. Bicycle Components generated 76.1% of FY2025 sales and 82.9% of operating income. Group sales rose 3.4%, while operating income fell 20.6%, showing why advances in product function and earnings growth need to be considered separately.

Unicharm combines a large human-care business with pet toiletries and food. Processing technologies for nonwoven fabrics and absorbent materials support diapers and toiletry products; food has a different role, providing nutrition suited to a pet’s age and condition. Pet plus wellness care represented 38% of FY2025 sales, while 44% by FY2030 is a target. Geographic reach and the ability to grow sales and profit in each market are separate questions.

Sony participates in producing works, reaching audiences and supplying equipment and imaging components. Games, Music and Pictures together generated ¥8.31tn in FY2025 segment sales before intersegment eliminations; ET&S generated ¥2.26tn and I&SS ¥2.15tn. Anime production and distribution illustrate one connection within the group, rather than a single production chain shared by every business.

Yakult combines making products with distribution through home delivery and stores. In calendar 2025, Yakult Ladies accounted for 41.2% of overseas sales volume and stores for 58.8%. Retailers are a substantial route alongside home delivery. Built around local production and local sales, overseas food-and-beverage operations reported sales of ¥240.0bn and operating profit of ¥36.3bn in the year ended March 2026. Regional operations and multiple routes to consumers underpin the roughly 38 million dairy bottles consumed worldwide each day.

Bandai Namco’s IP axis strategy coordinates products and services, regions and timing around a property. Gundam sales reached ¥254.3bn in FY2026; the company attributes its expansion to a new visual work, the Expo pavilion and initiatives across businesses. IP sales and segment sales are different views and cannot be added together. Reading the size and profit differences between Toys and Hobby and Digital alongside that example reveals how one IP can involve businesses with different economics.

Nitori extends its retail operations into raw-material sourcing, manufacturing at its own factories, production supervision at supplier factories, imports and logistics. IT supports operations and sales. The NITORI business generated ¥816.1bn in sales for the year ended March 2026. The group had 1,069 stores at March 31, 2026; in mainland China, three openings and 25 closures reduced the network from 100 to 78. The 1,212-store figure for March 2027 is a plan.

Nikon supplies optics and precision technologies for researchers’ observations, photographers’ and filmmakers’ work, and manufacturers’ production processes. Microscopes preceded cameras, while acquisitions including Optos and SLM also shaped the portfolio. Imaging accounted for 42.8% of revenue in the year ended March 2026. The new plan proposes investing cash from three businesses into Precision Equipment and Digital Manufacturing. That planned allocation sits alongside a ¥112.4bn group operating loss for the year, including a ¥90.6bn impairment in Digital Manufacturing.

At TDK, thin-film process technology used to make HDD heads also serves thin-film inductors in power circuits. Energy Application Products accounted for 54.7% of ¥2.505 trillion in sales for the year ended March 2026; Passive Components, Sensors and Magnetic Applications remain substantial, and roughly 90% of sales are overseas. Applications spread from cassettes into multilayer components and batteries, while acquisitions also broadened the portfolio. TDK still calls its approach “Evolve the Ferrite Tree.”

JR East moves people by rail, sells goods through group shops, rents out premises and operates hotels. Transportation accounted for about 66% of FY2026 revenue. The three non-transportation segments generated about ¥1.039 trillion of revenue and a simple sum of ¥226.4 billion in segment profit, above Transportation’s ¥194.4 billion. Consolidated operating income differs because of adjustments. JR East plans to expand property development, sales and management, and to connect Mobility and Lifestyle Solutions through Suica and data. The scale of the existing businesses should be read separately from those intended connections.

HOYA’s mask blanks enter semiconductor circuit-patterning processes; its HDD glass substrates become the bases of magnetic disks. The company emphasizes customer-specific technical alignment in the first business and consistent high-volume production in the second. Revenue was ¥947.7bn in the year ended March 2026, with a company-reported mix of 62% Life Care and 38% Information Technology. Supplying lenses to optical retailers and operating Eyecity stores are also important parts of the group. Initial-phase investment in two new EUV and HDD plants is planned at roughly ¥92bn combined. Looking at customer processes and supply requirements helps explain the strengths of the businesses that expanded from optical glass.

Kikkoman manufactures and sells soy sauce and other foods, while JFC supplies restaurants and retailers with a broad Japanese and Asian assortment. In FY2026, overseas wholesale revenue was ¥432.9bn and manufacturing-and-sales revenue was ¥173.5bn, with business-profit margins of about 7.1% and 23.6%. Comparing reported segment revenue, which includes intersegment transactions, with profit after costs shows the different economics of those jobs.

ORIX expanded from leasing equipment to businesses into operations and investment. FY2026 capital gains of ¥265.2bn measure profit; Cash In of ¥1.1tn and Cash Out of ¥800bn measure capital recoupment and new investment. Greenko’s ¥95.0bn includes sale and valuation gains. Decisions about what to own, where to take part in operations and when to recover capital connect the group’s varied businesses.

Ajinomoto develops ABF with package-substrate manufacturers and supplies it through in-group varnish production and outsourced coating and storage. Analysis and quality-assurance technologies developed through food also support the work. In the year ended March 2026, two food segments represented 77.5% of sales, while Healthcare and Others, including electronic materials and pharmaceuticals, earned ¥66.2bn in business profit.

Fujifilm combines technologies developed for photography with acquired businesses and manufacturing capacity. Alongside office and printing products, medical systems, photography and semiconductor materials, its Bio CDMO develops and manufactures drugs for pharmaceutical customers. The 12/16 U.S. figure describes capacity covered by contracts and informal agreements on planned manufacturing volumes, rather than sales of manufacturing equipment.

Staffing revenue includes temporary-staff personnel costs, while Indeed earns from paid services supporting employers’ recruiting. The 37.7% and 5.9% EBITDA+S margins need to be read alongside these revenue and cost structures. In Japan, MMT also earns through services supporting bookings and business operations.

Capcom develops new games while continuing to sell earlier titles. Its 83.7% catalog share in FY2026 measures units sold, rather than revenue or profit. Its stated approach combines digital distribution and pricing with media, esports and other IP uses to expand purchase opportunities and awareness of its series.

Zensho’s network includes directly operated restaurants and takeaway-sushi outlets run by franchisees. Franchisees’ checkout sales and Zensho’s consolidated revenue cover different transactions. Group procurement, manufacturing and logistics companies support food supply, with arrangements varying by format and region and hygiene still essential at each location.

Yamaha supplies instruments to players, reaches venues through installers and rental companies, and provides vehicle makers with hardware and cabin-specific sound design. Music Connect aims to extend its musician relationships into practice and learning after the purchase.

ROUND ONE combines several activities in one venue and refreshes prizes and campaigns while maintaining reception, staffing and inventory operations. Amusement represented 60.2% of FY2026 revenue, but that share does not measure campaign effects. Its adjacent Japanese Food Hall format and separately managed Round One Delicious restaurants are distinct plans.

Ryohin Keikaku gives its retail network additional roles: a venue for local vendors and a place to return used products. In accommodation, company-operated MUJI BASE differs from MUJI room’s renovation of existing facilities, while stores are positioned as local hubs. Activities and operating arrangements vary; the activity and collection counts do not measure their contribution to revenue.

PPIH combines pricing and assortment with stores designed for tourist shopping and everyday food purchases. Rising same-store sales do not mean that same-store and business-wide gross margins move together. Robin Hood still has to turn early traffic gains into a profitable operating model. The long-term plan for 250 additional domestic stores extends this work on store formats.

Oriental Land is an independent Japanese company operating parks and hotels under license from Disney. It offers more experience choices and overnight stays while bearing personnel, maintenance and capital-investment costs. Higher sales per guest did not produce higher park profit in the year ended March 2026. Its planned extension beyond Maihama into cruises also comes with a ¥330bn investment plan.

Sanrio earns revenue by selling its own products and licensing characters to other businesses. Its merchandising and licensing gross profit in Japan and overseas is disclosed in separate Hello Kitty, multi-character and other-character categories. Planned games and animation would add more ways for people to encounter its characters.

Nintendo expands hardware ownership and sells games for those systems. Original Switch and Switch 2 software sales overlapped in FY2026, while a game released in 2017 kept selling. As development takes longer, existing titles remain on sale alongside work on the next releases.