# Chuo Seisakusho,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第119期(2025/04/01－2026/03/31) (S100YJMI)
> Page: https://vizora.meequs.com/en/company/chuo-seisakusho
> Retrieved: 2026-09-30T21:05:29.235Z

## Company

Chuo Seisakusho, founded in 1936, is a company in Machine Tools listed on Nagoya. It has 196 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chuo Seisakusho, Ltd. |
| Ticker | 6846 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6846.T) |
| Listing | Nagoya |
| Head office | 名古屋市瑞穂区内浜町24番1号 |
| Representative (per filing) | 代表取締役社長 後藤邦之 |
| Founded | Apr 1936 |
| Share capital | ¥503M |
| Employees (consolidated) | 196 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.chuo-seisakusho.co.jp (https://www.chuo-seisakusho.co.jp/) |
| Corporate number | 8180001010551 |
| EDINET | E01940 |
| Industries (Vizora) | Machine Tools, Electrical Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YJMI, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 17.6 | 122 |
| Cash conversion | 1.3 | 116 |
| Efficiency | 61.9 | 122 |

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 38% of Chuo Seisakusho's sales come from Surface treatment processor, with Power supply equipment and Electric welder making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -17.8% from the prior year, operating profit -44.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.02B |  |
| Operating income | ¥130.6M | Margin 3.3% |
| Net income | ¥201.3M | Margin 5.0% |
| Free cash flow | -¥808.6M |  |
| Largest business | Surface treatment processor | of segment revenue 38.4% |
| Employees (consolidated) | 196 |  |
| EPS | ¥260.52 |  |
| Book value per share | ¥3299.73 |  |
| Equity ratio | 48.2% |  |
| Shares outstanding | 784,300 |  |
| Treasury shares | 11,700 |  |
| Shareholders | 460 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 18.0% | Cash ÷ revenue 23.8% |
| Vs. industry median margin | -4.3 pp | Industrial Machinery |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3907565000 | ¥4016813000 | — |
| Operating income | ¥-32873000 | ¥130634000 | — |
| Operating margin | -0.8% | 3.3% | +4.1 pp |
| Employees | 206 people | 196 people | — |
| Cash and equivalents | ¥1363623000 | ¥954901000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 新設・再編 → 電源機器 | 37.6% |
| 新設・再編 → 表面処理装置 | 38.4% |
| 新設・再編 → 電気溶接機 | 14.3% |
| 新設・再編 → その他 | 9.8% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Surface treatment processor | — | — | ¥1541823000 | 26.0% | 2 |
| Power supply equipment | — | — | ¥1508685000 | 26.8% | 2 |
| Electric welder | — | — | ¥573783000 | 19.4% | 2 |
| Other | — | — | ¥392521000 | 33.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,017 | 100.0% | S100YJMI |
| Cost of revenue | 2,933 | 73.0% | S100YJMI |
| Gross profit | 1,084 | 27.0% | S100YJMI |
| SG&A | 953 | 23.7% | S100YJMI |
| Operating income | 131 | 3.3% | S100YJMI |
| Ordinary income | 138 | 3.4% | S100YJMI |
| Pretax income | 186 | 4.6% | S100YJMI |
| Income tax | -15 | -0.4% | S100YJMI |
| Net income | 201 | 5.0% | S100YJMI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 24 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 27.0% → Operating margin 3.3% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -17.8%; Core profit growth: -44.6%
Operating leverage (core profit growth ÷ revenue growth): 2.50×
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 | 4,889 | 4,017 | -872 | -17.8% |
| Gross profit | 1,237 | 1,084 | -153 | -12.4% |
| Operating income | 236 | 131 | -105 | -44.6% |
| Operating cash flow | 531 | -300 | -831 | -156.5% |
| Free cash flow | 286 | -809 | -1,094 | -383.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,351 | 10 | 0.2% | 38 | 290 | 257 | S100LPSO |
| FY ending Mar 2021 | 3,255 | -92 | -2.8% | -48 | -120 | -177 | S100OEEF |
| FY ending Mar 2022 | 3,908 | -33 | -0.8% | 5 | 186 | — | S100R6BX |
| FY ending Mar 2022 | 3,974 | -17 | -0.4% | 6 | 186 | 118 | S100OEEF |
| FY ending Mar 2023 | 3,125 | -303 | -9.7% | -262 | -370 | -409 | S100TSXD |
| FY ending Mar 2024 | 3,904 | 137 | 3.5% | 182 | 9 | -27 | S100W6P2 |
| FY ending Mar 2025 | 4,889 | 236 | 4.8% | 221 | 531 | 286 | S100YJMI |
| FY ending Mar 2026 | 4,017 | 131 | 3.3% | 201 | -300 | -809 | S100YJMI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.5M |
| Operating income per employee (consolidated) | ¥666.5K |
| Net income per employee (consolidated) | ¥1M |

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) | 209 | 197 | 196 | 197 | 196 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.6M | ¥6M | ¥6.1M |
| Average age (parent company) | 43.7 years | 44.2 years | 44.0 years | 44.5 years | 44.5 years |
| Average tenure (parent company) | 18.8 years | 19.3 years | 19.0 years | 19.1 years | 19.0 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) -17.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power supply equipment | 1,509 | 37.6% | 404 | 26.8% |
| Surface treatment processor | 1,542 | 38.4% | 400 | 26.0% |
| Electric welder | 574 | 14.3% | 111 | 19.4% |
| Other | 393 | 9.8% | 132 | 33.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Power supply equipment | 37.6% | 38.6% | 1.0 | 26.8% |
| Surface treatment processor | 38.4% | 38.2% | -0.2 | 26.0% |
| Electric welder | 14.3% | 10.6% | -3.7 | 19.4% |
| Other | 9.8% | 12.6% | 2.9 | 33.7% |

Segment → industry: Electric welder → Machine Tools / Power supply equipment → Electrical Equipment / Surface treatment processor → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -300 | -7.5% | S100YJMI |
| Capital expenditure | 509 | 12.7% | S100YJMI |
| Free cash flow | -809 | -20.1% | 算出 |
| Investing cash flow | -460 | -11.5% | S100YJMI |
| Financing cash flow | 349 | 8.7% | S100YJMI |
| Dividends paid | 32 | 0.8% | S100YJMI |
| Share buyback | 0 | 0.0% | S100YJMI |
| Change in cash | -411 | -10.2% | S100YJMI |
| Cash and equivalents | 955 | 23.8% | S100YJMI |

## 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 | 1,417 | 979 | 1,065 | 1,366 | 955 | S100OEEF, S100W6P2, S100YJMI |
| Total assets | 4,698 | 4,307 | 5,013 | 5,010 | 5,294 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Net assets | 2,258 | 1,951 | 2,201 | 2,357 | 2,549 | S100OEEF, S100W6P2, S100YJMI |
| Share capital | 503 | 503 | 503 | 503 | 503 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Trade receivables | 854 | — | — | — | — | S100OEEF |
| Property, plant and equipment | 288 | 283 | 289 | 522 | 940 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Intangible assets excluding goodwill | 70 | 55 | 38 | 20 | 10 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Investment securities | 287 | 274 | 367 | 318 | 345 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Current assets | 3,737 | 3,386 | 3,878 | 3,751 | 3,594 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Current liabilities | 1,954 | 1,908 | 2,435 | 2,293 | 2,162 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Trade payables | 783 | — | — | — | — | S100OEEF |
| Short-term borrowings | 740 | 740 | 740 | 740 | 840 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Long-term borrowings | 40 | — | — | — | 244 | S100OEEF, S100YJMI |
| Total liabilities | 2,439 | 2,356 | 2,812 | 2,653 | 2,744 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Equity attributable to owners of parent | 2,098 | 1,812 | 1,994 | 2,188 | 2,357 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Retained earnings | 1,386 | 1,101 | 1,282 | 1,476 | 1,645 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |
| Treasury stock | -16 | -17 | -17 | -17 | -17 | S100OEEF, S100TSXD, S100W6P2, S100YJMI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YJMI |
| Property, plant and equipment | 18% | S100YJMI |
| Intangibles and goodwill | 0% | S100YJMI |
| Investment securities | 6% | S100YJMI |
| Other assets | 58% | S100YJMI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YJMI |
| Equity | 48% | S100YJMI |
| Other liabilities | 0% | S100YJMI |

### 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 | 4,698 | 4,307 | 5,013 | 5,010 | 5,294 |
| Equity | 2,258 | 1,951 | 2,201 | 2,357 | 2,549 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,417 | 979 | 1,065 | 1,366 | 955 |

## 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) | 23.4% | S100YJMI |
| Fixed assets ÷ total assets | 17.8% | S100YJMI |
| Goodwill ÷ parent equity | — | —, S100YJMI |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 18.0% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -229.6% |
| Cash vs. profit gap | -501 JPY mn (of net income -249.0%) |
| Shareholder returns / net income | 16.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.7% |
| Investing CF relative to operating CF | — |

## 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 | 0.1% | 0.85× | 0.1% | 2.24× | 0.3% | S100OEEF |
| 2023 | — | —× | -6.1% | —× | — | S100TSXD |
| 2024 | 4.7% | 0.84× | 3.9% | 2.45× | 9.5% | S100W6P2 |
| 2025 | 4.5% | 0.98× | 4.4% | 2.40× | 10.6% | S100YJMI |
| 2026 | 5.0% | 0.78× | 3.9% | 2.27× | 8.9% | S100YJMI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 後藤邦之 | Major shareholder | 10.8% | 2026-03-31 |
| 株式会社日工 | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社ヤマサンコーポレーション | Major shareholder | 6.1% | 2026-03-31 |
| 三浦重剛 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社エヌエフホールディングス | Major shareholder | 4.0% | 2026-03-31 |
| 公益財団法人後藤報恩会 | Major shareholder | 3.9% | 2026-03-31 |
| 谷澤美恵 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ミヨシ | Major shareholder | 3.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第119期(2025/04/01－2026/03/31) | S100YJMI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJMI,, |
| 有価証券報告書－第118期(2024/04/01－2025/03/31) | S100W6P2 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6P2,, |
| 有価証券報告書－第117期(2023/04/01－2024/03/31) | S100TSXD | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSXD,, |
| 有価証券報告書－第116期(2022/04/01－2023/03/31) | S100R6BX | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6BX,, |
| 有価証券報告書－第115期(令和3年4月1日－令和4年3月31日) | S100OEEF | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEEF,, |
| 有価証券報告書－第114期(令和2年4月1日－令和3年3月31日) | S100LPSO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSO,, |

## 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).