# FUJI SEIKI CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/01/01－2025/12/31) (S100XUJ9)
> Page: https://vizora.meequs.com/en/company/fuji-seiki
> Retrieved: 2026-09-30T19:52:51.002Z

## Company

Fuji Seiki, founded in 1965, is a company in Chemicals listed on TSE Standard. It has 792 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI SEIKI CO.,LTD. |
| Ticker | 6400 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6400.T) |
| Listing | TSE Standard |
| Head office | 大阪市生野区巽東四丁目4番37号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 伊井 剛 |
| Founded | Jul 1965 |
| Share capital | ¥500M |
| Employees (consolidated) | 792 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Corporate number | 3120001018670 |
| EDINET | E02462 |
| Industries (Vizora) | Chemicals, Industrial Machinery |

> Profile source: annual securities report (S100XUJ9, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.5 | 96 |
| Profitability | 32.5 | 100 |
| Cash conversion | 66.1 | 96 |
| Efficiency | 83.5 | 100 |

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 65% of Fuji Seiki's sales come from INJECTION, with MOLD making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +17.1%.

## Company structure

- Segment revenue mix: INJECTION 64.6%、MOLD 35.4%
- Revenue → net income: ¥8719263000 → ¥230783000
- Net income → operating cash flow: ¥230783000 → ¥927903000（difference ¥697120000）
- Main uses of operating cash flow: CapEx ¥625444000 / dividends ¥51520000 / buybacks —
- Change in cash: ¥409837000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.72B |  |
| Operating income | ¥474.1M | Margin 5.4% |
| Net income | ¥230.8M | Margin 2.6% |
| Free cash flow | ¥302.5M |  |
| Largest business | INJECTION | of segment revenue 64.6% |
| Employees (consolidated) | 792 |  |
| EPS | ¥0.75 |  |
| Book value per share | ¥163.56 |  |
| Equity ratio | 37.8% |  |
| Shares outstanding | 9,054,000 |  |
| Treasury shares | 957,500 |  |
| Shareholders | 5,255 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 19.1% | Cash ÷ revenue 21.4% |
| Vs. industry median margin | -2.1 pp | Chemicals |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.0× net income
- FY2025, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5912744000 | ¥8719263000 | +47.5% |
| Operating income | ¥283107000 | ¥474118000 | +67.5% |
| Operating margin | 4.8% | 5.4% | +0.6 pp |
| Employees | 501 people | 792 people | +58.1% |
| Cash and equivalents | ¥758946000 | ¥1867942000 | +146.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 射出成形用精密金型及び成形システム事業 → 射出成形用精密金型及び成形システム事業 | 35.4% |
| 射出成形用精密金型及び成形システム事業 → 事業再編・廃止 | 3.9% |
| 精密成形品その他事業 → 精密成形品その他事業 | 60.7% |
| 新設・再編 → 精密成形品その他事業 | 3.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,719 | 100.0% | S100XUJ9 |
| Cost of revenue | 6,918 | 79.3% | S100XUJ9 |
| Gross profit | 1,801 | 20.7% | S100XUJ9 |
| SG&A | 1,327 | 15.2% | S100XUJ9 |
| Operating income | 474 | 5.4% | S100XUJ9 |
| Ordinary income | 418 | 4.8% | S100XUJ9 |
| Pretax income | 367 | 4.2% | S100XUJ9 |
| Income tax | 136 | 1.6% | S100XUJ9 |
| Net income | 231 | 2.6% | S100XUJ9 |
| Net income attributable to owners | 231 | 2.6% | S100XUJ9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 15 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 20.7% → Operating margin 5.4% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +17.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.02×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,251 | 8,719 | 468 | +5.7% |
| Gross profit | 1,601 | 1,801 | 200 | +12.5% |
| Operating income | 405 | 474 | 69 | +17.1% |
| Net income attributable to owners | 139 | 231 | 92 | +65.8% |
| Operating cash flow | 856 | 928 | 72 | +8.4% |
| Free cash flow | 169 | 302 | 134 | +79.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,593 | 387 | 5.9% | 290 | 728 | 7 | S100KZHN |
| FY ending Dec 2020 | 5,913 | 283 | 4.8% | 99 | 689 | -42 | S100NR98 |
| FY ending Dec 2021 | 7,468 | 606 | 8.1% | 506 | 886 | 374 | S100QHQT |
| FY ending Dec 2022 | 7,833 | 483 | 6.2% | 339 | 593 | 121 | S100T58C |
| FY ending Dec 2023 | 8,264 | 425 | 5.1% | 233 | 1,097 | 581 | S100VHCQ |
| FY ending Dec 2024 | 8,251 | 405 | 4.9% | 139 | 856 | 169 | S100XUJ9 |
| FY ending Dec 2025 | 8,719 | 474 | 5.4% | 231 | 928 | 302 | S100XUJ9 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11M |
| Operating income per employee (consolidated) | ¥598.6K |
| Net income per employee (consolidated) | ¥291.4K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 533 | 758 | 753 | 750 | 792 |
| Average salary (parent company) | ¥5.9M | ¥5M | ¥4.7M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 43.5 years | 42.2 years | 40.7 years | 41.3 years | 39.6 years |
| Average tenure (parent company) | 17.6 years | 16.9 years | 15.9 years | 15.4 years | 13.8 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +5.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MOLD | 3,090 | 35.4% | 166 | 5.4% |
| INJECTION | 5,629 | 64.6% | 318 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| MOLD | 35.4% | 34.2% | -1.2 | 5.4% |
| INJECTION | 64.6% | 65.8% | 1.2 | 5.7% |

Segment → industry: INJECTION → Chemicals / MOLD → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 928 | 10.6% | S100XUJ9 |
| Capital expenditure | 625 | 7.2% | S100XUJ9 |
| Free cash flow | 302 | 3.5% | 算出 |
| Investing cash flow | -627 | -7.2% | S100XUJ9 |
| Financing cash flow | 114 | 1.3% | S100XUJ9 |
| Dividends paid | 52 | 0.6% | S100XUJ9 |
| Change in cash | 410 | 4.7% | S100XUJ9 |
| Cash and equivalents | 1,868 | 21.4% | S100XUJ9 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 899 | 939 | 1,162 | 1,458 | 1,868 | S100T58C, S100VHCQ, S100XUJ9 |
| Total assets | 8,178 | 8,791 | 8,501 | 9,437 | 9,798 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Net assets | 2,196 | 2,801 | 3,179 | 3,512 | 3,703 | S100T58C, S100VHCQ, S100XUJ9 |
| Share capital | 500 | 500 | 500 | 500 | 500 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Trade receivables | 1,201 | — | — | — | — | S100QHQT |
| Property, plant and equipment | 3,628 | 3,784 | 3,787 | 4,087 | 4,104 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Intangible assets excluding goodwill | 105 | 125 | 168 | 165 | 143 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Goodwill | 31 | 27 | 23 | 19 | 16 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Investment securities | 184 | 142 | 185 | 213 | 192 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Current assets | 4,038 | 4,578 | 4,180 | 4,783 | 5,172 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Current liabilities | 4,833 | 4,139 | 3,660 | 4,017 | 3,724 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Trade payables | 960 | 1,004 | 762 | 779 | 727 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Short-term borrowings | 2,561 | 1,887 | 1,864 | 1,796 | 1,624 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Long-term borrowings | 836 | 1,591 | 1,395 | 1,596 | 2,049 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Total liabilities | 5,983 | 5,990 | 5,323 | 5,925 | 6,094 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Equity attributable to owners of parent | 1,805 | 2,111 | 2,287 | 2,369 | 2,544 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Retained earnings | 834 | 1,093 | 1,269 | 1,352 | 1,526 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |
| Treasury stock | -268 | -233 | -233 | -233 | -233 | S100QHQT, S100T58C, S100VHCQ, S100XUJ9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XUJ9 |
| Property, plant and equipment | 42% | S100XUJ9 |
| Intangibles and goodwill | 2% | S100XUJ9 |
| Investment securities | 2% | S100XUJ9 |
| Other assets | 35% | S100XUJ9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XUJ9 |
| Other liabilities | 55% | S100XUJ9 |
| Equity | 38% | S100XUJ9 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,178 | 8,791 | 8,501 | 9,437 | 9,798 |
| Equity | 2,196 | 2,801 | 3,179 | 3,512 | 3,703 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 899 | 939 | 1,162 | 1,458 | 1,868 |

## 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) | 47.1% | S100XUJ9 |
| Fixed assets ÷ total assets | 41.9% | S100XUJ9 |
| Goodwill ÷ parent equity | 0.6% | S100XUJ9 |

Goodwill over 4 years: 31 → 16 JPY; total investing cash flow: -2,627 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) | 19.1% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 195.7% |
| Cash vs. profit gap | 697 JPY mn (of net income 302.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.3% |
| Shareholder payments — dividends / FCF | 17.0% |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 67.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.8% | 0.91× | 6.2% | 4.53× | 28.0% | S100QHQT |
| 2022 | 4.3% | 0.92× | 4.0% | 4.33× | 17.3% | S100T58C |
| 2023 | 2.8% | 0.96× | 2.7% | 3.93× | 10.6% | S100VHCQ |
| 2024 | 1.7% | 0.92× | 1.6% | 3.85× | 6.0% | S100XUJ9 |
| 2025 | 2.6% | 0.91× | 2.4% | 3.92× | 9.4% | S100XUJ9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人千尋会 | Major shareholder | 11.8% | 2025-12-31 |
| PHILLIP SECURITIES (HONG KONG) LIMITED LIM WAH SAI （常任代理人 フィリップ証券 株式会社） | Major shareholder | 4.8% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-12-31 |
| 伊井 剛 | Major shareholder | 1.4% | 2025-12-31 |
| 伊井 千尋 | Major shareholder | 1.2% | 2025-12-31 |
| 伊井 珠美 | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社南都銀行 （常任代理人 日本マスター トラスト信託銀行株式会社） | Major shareholder | 1.2% | 2025-12-31 |
| 青森 佳信 | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/01/01－2025/12/31) | S100XUJ9 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUJ9,, |
| 有価証券報告書－第60期(2024/01/01－2024/12/31) | S100VHCQ | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHCQ,, |
| 有価証券報告書－第59期(2023/01/01－2023/12/31) | S100T58C | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T58C,, |
| 有価証券報告書－第58期(2022/01/01－2022/12/31) | S100QHQT | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHQT,, |
| 有価証券報告書－第57期(令和3年1月1日－令和3年12月31日) | S100NR98 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR98,, |
| 有価証券報告書－第56期(令和2年1月1日－令和2年12月31日) | S100KZHN | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZHN,, |

## 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).