# CONSEC CORPORATION: 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59期(2025/04/01－2026/03/31) (S100YI0I)
> Page: https://vizora.meequs.com/en/company/consec
> Retrieved: 2026-09-30T19:48:22.300Z

## Company

Consec, founded in 1967, is a company in Machine Tools listed on TSE Standard. It has 324 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CONSEC CORPORATION |
| Ticker | 9895 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9895.T) |
| Listing | TSE Standard |
| Head office | 広島市西区商工センター四丁目6番8号 |
| Representative (per filing) | 代表取締役社長 福田 多喜二 |
| Founded | Nov 1967 |
| Share capital | ¥4.09B |
| Employees (consolidated) | 324 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | consec.co.jp (https://consec.co.jp/) |
| Corporate number | 8240001003540 |
| EDINET | E01686 |
| Industries (Vizora) | Machine Tools, Electrical Equipment, General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YI0I, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.2 | 179 |
| Profitability | 3 | 185 |
| Efficiency | 7.3 | 185 |

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 Consec's sales come from Construction, life-related article business, with Cutting implement business and Special construction business making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -4.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.89B |  |
| Operating income | -¥7.8M | Margin -0.1% |
| Net income | -¥141.4M | Margin -1.4% |
| Free cash flow | -¥4.3M |  |
| Largest business | Construction, life-related article business | of segment revenue 37.9% |
| Employees (consolidated) | 324 |  |
| EPS | ¥-113.17 |  |
| Book value per share | ¥3857.09 |  |
| Equity ratio | 64.0% |  |
| Shares outstanding | 1,864,000 |  |
| Treasury shares | 105,300 |  |
| Shareholders | 3,371 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 18.5% |
| Vs. industry median margin | -3 pp | Specialty Trading & Wholesale |
| ROA | -1.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9844439000 | ¥9889984000 | +0.5% |
| Operating income | ¥106772000 | ¥-7842000 | -107.3% |
| Operating margin | 1.1% | -0.1% | -1.2 pp |
| Employees | 422 people | 324 people | -23.2% |
| Cash and equivalents | ¥1484080000 | ¥1825523000 | +23.0% |

### 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 |
| --- | ---: |
| 切削機具事業 → 切削機具事業 | 35.6% |
| 特殊工事事業 → 特殊工事事業 | 15.7% |
| 特殊工事事業 → 事業再編・廃止 | 1.3% |
| 建設・生活関連品事業 → 建設・生活関連品事業 | 33.6% |
| 工場設備関連事業 → 工場設備関連事業 | 7.4% |
| 介護事業 → 事業再編・廃止 | 3.8% |
| ＩＴ関連事業 → 事業再編・廃止 | 2.5% |
| 新設・再編 → 切削機具事業 | 1.2% |
| 新設・再編 → 建設・生活関連品事業 | 4.3% |
| 新設・再編 → 工場設備関連事業 | 2.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction, life-related article business | 5 years | +2.5% | ¥3745959000 | 3.8% | 2 |
| Cutting implement business | 5 years | +0.7% | ¥3641452000 | 5.9% | 2 |
| Special construction business | 5 years | -1.5% | ¥1550716000 | 4.6% | 2 |
| Plant equipment allied enterprise | 5 years | +5.5% | ¥951858000 | 7.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,890 | 100.0% | S100YI0I |
| Cost of revenue | 7,471 | 75.5% | S100YI0I |
| Gross profit | 2,419 | 24.5% | S100YI0I |
| SG&A | 2,427 | 24.5% | S100YI0I |
| Operating income | -8 | -0.1% | S100YI0I |
| Ordinary income | 92 | 0.9% | S100YI0I |
| Pretax income | -14 | -0.1% | S100YI0I |
| Income tax | 118 | 1.2% | S100YI0I |
| Net income | -132 | -1.3% | S100YI0I |
| Net income attributable to owners | -141 | -1.4% | S100YI0I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 24 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 24.5% → Operating margin -0.1% → Net margin -1.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,297 | 9,890 | -407 | -4.0% |
| Gross profit | 2,349 | 2,419 | 70 | +3.0% |
| Operating income | -3 | -8 | -5 | — |
| Net income attributable to owners | -208 | -141 | 67 | — |
| Operating cash flow | -539 | 153 | 692 | — |
| Free cash flow | -764 | -4 | 759 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,758 | 212 | 2.0% | 123 | -57 | -218 | S100LPKO |
| FY ending Mar 2021 | 9,844 | 107 | 1.1% | 71 | 412 | 323 | S100OGXT |
| FY ending Mar 2022 | 10,081 | 325 | 3.2% | 60 | 201 | 158 | S100R57K |
| FY ending Mar 2023 | 9,696 | 51 | 0.5% | -2 | 51 | -17 | S100U6UA |
| FY ending Mar 2024 | 10,380 | 46 | 0.4% | 210 | 660 | 545 | S100W4F5 |
| FY ending Mar 2025 | 10,297 | -3 | -0.0% | -208 | -539 | -764 | S100YI0I |
| FY ending Mar 2026 | 9,890 | -8 | -0.1% | -141 | 153 | -4 | S100YI0I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | -¥24.2K |
| Net income per employee (consolidated) | -¥436.3K |

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) | 406 | 426 | 387 | 330 | 324 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥4.7M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 44.9 years | 44.4 years | 44.8 years | 45.2 years | 46.3 years |
| Average tenure (parent company) | 17.6 years | 17.0 years | 17.3 years | 17.6 years | 18.6 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) -4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cutting implement business | 3,641 | 36.8% | 215 | 5.9% |
| Special construction business | 1,551 | 15.7% | 72 | 4.6% |
| Construction, life-related article business | 3,746 | 37.9% | 141 | 3.8% |
| Plant equipment allied enterprise | 952 | 9.6% | 67 | 7.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Cutting implement business | 36.8% | 43.4% | 6.5 | 5.9% |
| Special construction business | 15.7% | 14.5% | -1.2 | 4.6% |
| Construction, life-related article business | 37.9% | 28.5% | -9.4 | 3.8% |
| Plant equipment allied enterprise | 9.6% | 13.6% | 4.0 | 7.1% |

Segment → industry: Cutting implement business → Machine Tools / Plant equipment allied enterprise → Electrical Equipment / Special construction business → General Contractors / Construction, life-related article business → Specialty Trading & Wholesale

## 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 | 153 | 1.5% | S100YI0I |
| Capital expenditure | 157 | 1.6% | S100YI0I |
| Free cash flow | -4 | -0.0% | 算出 |
| Investing cash flow | -45 | -0.5% | S100YI0I |
| Financing cash flow | 229 | 2.3% | S100YI0I |
| Dividends paid | 47 | 0.5% | S100YI0I |
| Share buyback | 0 | 0.0% | S100YI0I |
| Change in cash | 344 | 3.5% | S100YI0I |
| Cash and equivalents | 1,826 | 18.5% | S100YI0I |

## 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 | 1,469 | 1,254 | 1,870 | 1,481 | 1,826 | S100U6UA, S100W4F5, S100YI0I |
| Total assets | 11,756 | 11,640 | 12,578 | 11,963 | 12,367 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Net assets | 7,748 | 7,723 | 8,238 | 8,140 | 8,142 | S100U6UA, S100W4F5, S100YI0I |
| Share capital | 4,090 | 4,090 | 4,090 | 4,090 | 4,090 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Property, plant and equipment | 4,763 | 4,661 | 4,541 | 4,384 | 4,045 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Intangible assets excluding goodwill | 34 | 35 | 87 | 123 | 136 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Goodwill | 13 | 8 | 37 | 26 | 19 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Investment securities | 649 | 819 | 1,142 | 1,461 | 1,620 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Current assets | 5,702 | 5,515 | 6,068 | 5,270 | 5,656 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Current liabilities | 2,801 | 2,841 | 3,270 | 2,696 | 2,962 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Trade payables | 1,154 | 1,244 | 1,102 | 860 | 780 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Short-term borrowings | 515 | 516 | 557 | 1,020 | 1,213 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Long-term borrowings | 682 | 579 | 468 | 439 | 526 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Total liabilities | 4,008 | 3,918 | 4,339 | 3,822 | 4,225 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Non-controlling interests | 159 | 155 | 158 | 212 | 227 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Equity attributable to owners of parent | 7,364 | 7,307 | 7,473 | 7,136 | 6,947 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Retained earnings | 747 | 691 | 857 | 604 | 415 | S100R57K, S100U6UA, S100W4F5, S100YI0I |
| Treasury stock | -103 | -103 | -103 | -141 | -141 | S100R57K, S100U6UA, S100W4F5, S100YI0I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YI0I |
| Property, plant and equipment | 33% | S100YI0I |
| Intangibles and goodwill | 1% | S100YI0I |
| Investment securities | 13% | S100YI0I |
| Other assets | 38% | S100YI0I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YI0I |
| Other liabilities | 28% | S100YI0I |
| Equity | 66% | S100YI0I |

### 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 | 11,756 | 11,640 | 12,578 | 11,963 | 12,367 |
| Equity | 7,748 | 7,723 | 8,238 | 8,140 | 8,142 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,469 | 1,254 | 1,870 | 1,481 | 1,826 |

## 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) | 40.9% | S100YI0I |
| Fixed assets ÷ total assets | 32.7% | S100YI0I |
| Goodwill ÷ parent equity | 0.3% | S100YI0I |

Goodwill over 4 years: 13 → 19 JPY; total investing cash flow: -368 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) | 14.8% |
| Cash ÷ revenue | 18.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 294 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 29.3% |

## 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 | 0.6% | 0.86× | 0.5% | 1.60× | 0.8% | S100R57K |
| 2023 | — | —× | -0.0% | —× | — | S100U6UA |
| 2024 | 2.0% | 0.86× | 1.7% | 1.64× | 2.8% | S100W4F5 |
| 2025 | — | —× | -1.7% | —× | — | S100YI0I |
| 2026 | — | —× | -1.2% | —× | — | S100YI0I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐々木 秀隆 | Major shareholder | 11.5% | 2026-03-31 |
| 日本鉱泉株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 公益財団法人秀里会 | Major shareholder | 8.6% | 2026-03-31 |
| 株式会社ライフステージやまと | Major shareholder | 7.4% | 2026-03-31 |
| コンセック従業員持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 朝日生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| ＨＭＧ ＪＡＰＡＮ ＦＵＮＤ （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2026-03-31 |
| 肥田 亘 | Major shareholder | 1.7% | 2026-03-31 |
| 松浦 行子 | Major shareholder | 1.7% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YI0I | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI0I,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W4F5 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4F5,, |
| 訂正有価証券報告書－第57期(2023/04/01－2024/03/31) | S100U6UA | 2024-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U6UA,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R57K | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R57K,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OGXT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGXT,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LPKO | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPKO,, |

## 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).