# FUJI SEIKO LIMITED: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/03/01－2026/02/28) (S100Y6NR)
> Page: https://vizora.meequs.com/en/company/fuji-seiko
> Retrieved: 2026-09-30T22:12:17.348Z

## Company

Fuji Seiko, founded in 1982, is a company in Auto Parts listed on Nagoya. It has 1,169 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI SEIKO LIMITED |
| Ticker | 6142 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6142.T) |
| Listing | Nagoya |
| Head office | 愛知県豊田市吉原町平子26番地 |
| Representative (per filing) | 代表取締役社長 森 仁志 |
| Founded | Mar 1982 |
| Share capital | ¥2.88B |
| Employees (consolidated) | 1,169 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | February |
| Website | www.c-max.co.jp (https://www.c-max.co.jp/) |
| Corporate number | 5180301019188 |
| EDINET | E01503 |
| Industries (Vizora) | Auto Parts, Machine Tools |

> Profile source: annual securities report (S100Y6NR, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.9 | 34 |
| Profitability | 13.2 | 34 |
| Cash conversion | 98.4 | 31 |
| Efficiency | 89.7 | 34 |

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 42% of Fuji Seiko's sales come from Japan, with Asia and North America and Central America making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +4.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Japan 41.6%、Asia 24.4%、North America and Central America 17.3%、Oceania 12.8%、Europe 3.9%
- Revenue → net income: ¥20465054000 → ¥723881000
- Net income → operating cash flow: ¥723881000 → ¥1003970000（difference ¥280089000）
- Main uses of operating cash flow: CapEx ¥897349000 / dividends ¥92905000 / buybacks ¥467849000
- Change in cash: ¥712454000
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 | ¥20.5B |  |
| Operating income | ¥233.8M | Margin 1.1% |
| Net income | ¥693M | Margin 3.4% |
| Free cash flow | ¥106.6M |  |
| Largest business | Japan | of segment revenue 41.6% |
| Employees (consolidated) | 1,169 |  |
| EPS | ¥318.25 |  |
| Book value per share | ¥4157.47 |  |
| Equity ratio | 73.4% |  |
| Shares outstanding | 4,306,778 |  |
| Treasury shares | 1,113,300 |  |
| Shareholders | 1,428 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 33.8% | Cash ÷ revenue 46.7% |
| Vs. industry median margin | -3.6 pp | Auto Parts |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.0× dividends
- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, segment profit share differs by 57 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17354371000 | ¥20465054000 | +17.9% |
| Operating income | ¥-69299000 | ¥233849000 | — |
| Operating margin | -0.4% | 1.1% | +1.5 pp |
| Employees | 1,555 people | 1,169 people | -24.8% |
| Cash and equivalents | ¥8189607000 | ¥9556969000 | +16.7% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 41.6% |
| 日本 → 事業再編・廃止 | 7.1% |
| アジア → アジア | 24.4% |
| アジア → 事業再編・廃止 | 4.7% |
| 北米・中米 → 北米・中米 | 10.1% |
| オセアニア → オセアニア | 9.4% |
| その他 → 事業再編・廃止 | 2.8% |
| 新設・再編 → 北米・中米 | 7.2% |
| 新設・再編 → オセアニア | 3.4% |
| 新設・再編 → 欧州 | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +0.2% | ¥8505230000 | -3.1% | 2 |
| Asia | 5 years | -0.2% | ¥4993986000 | -2.8% | 2 |
| North America and Central America | 5 years | +15.1% | ¥3547392000 | 12.1% | 2 |
| Oceania | 5 years | +9.9% | ¥2610852000 | 5.3% | 2 |
| Europe | 4 years | +4.2% | ¥807591000 | 1.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,465 | 100.0% | S100Y6NR |
| Cost of revenue | 15,737 | 76.9% | S100Y6NR |
| Gross profit | 4,728 | 23.1% | S100Y6NR |
| SG&A | 4,494 | 22.0% | S100Y6NR |
| Operating income | 234 | 1.1% | S100Y6NR |
| Ordinary income | 481 | 2.4% | S100Y6NR |
| Pretax income | 1,120 | 5.5% | S100Y6NR |
| Income tax | 396 | 1.9% | S100Y6NR |
| Net income | 724 | 3.5% | S100Y6NR |
| Net income attributable to owners | 693 | 3.4% | S100Y6NR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 22 |
| Operating income | 1 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 23.1% → Operating margin 1.1% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,648 | 20,465 | 817 | +4.2% |
| Gross profit | 4,131 | 4,728 | 597 | +14.4% |
| Operating income | -368 | 234 | 602 | — |
| Net income attributable to owners | -3,762 | 693 | 4,455 | — |
| Operating cash flow | 1,114 | 1,004 | -110 | -9.9% |
| Free cash flow | 100 | 107 | 7 | +6.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 21,382 | 1,065 | 5.0% | 795 | 3,056 | 1,796 | S100LD8A |
| FY ending Feb 2021 | 17,354 | -69 | -0.4% | -25 | 1,449 | 389 | S100O325 |
| FY ending Feb 2022 | 20,101 | 360 | 1.8% | 666 | 2,136 | 1,422 | S100QTGK |
| FY ending Feb 2023 | 19,747 | 59 | 0.3% | 189 | 918 | 283 | S100TJ0L |
| FY ending Feb 2024 | 21,425 | 431 | 2.0% | 174 | 1,525 | 254 | S100VU31 |
| FY ending Feb 2025 | 19,648 | -368 | -1.9% | -3,762 | 1,114 | 100 | S100Y6NR |
| FY ending Feb 2026 | 20,465 | 234 | 1.1% | 693 | 1,004 | 107 | S100Y6NR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | ¥200K |
| Net income per employee (consolidated) | ¥592.8K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,541 | 1,493 | 1,438 | 1,215 | 1,169 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.8M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 42.7 years | 43.5 years | 43.4 years | 43.6 years | 43.8 years |
| Average tenure (parent company) | 20.9 years | 21.6 years | 21.3 years | 21.2 years | 21.4 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 8,505 | 41.6% | -261 | -3.1% |
| Asia | 4,994 | 24.4% | -140 | -2.8% |
| North America and Central America | 3,547 | 17.3% | 430 | 12.1% |
| Oceania | 2,611 | 12.8% | 137 | 5.3% |
| Europe | 808 | 3.9% | 14 | 1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 41.6% | — | — | -3.1% |
| Asia | 24.4% | — | — | -2.8% |
| North America and Central America | 17.3% | 74.0% | 56.6 | 12.1% |
| Oceania | 12.8% | 23.6% | 10.8 | 5.3% |
| Europe | 3.9% | 2.5% | -1.5 | 1.8% |

Loss-making segment (excluded from profit shares): Japan -261 JPY mn

Loss-making segment (excluded from profit shares): Asia -140 JPY mn

Segment → industry: Japan → Auto Parts / Europe → Machine Tools / Oceania → Machine Tools / North America and Central America → Machine Tools / Asia → Machine Tools / Japan → Machine Tools

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,004 | 4.9% | S100Y6NR |
| Capital expenditure | 897 | 4.4% | S100Y6NR |
| Free cash flow | 107 | 0.5% | 算出 |
| Investing cash flow | -175 | -0.9% | S100Y6NR |
| Financing cash flow | -317 | -1.5% | S100Y6NR |
| Dividends paid | 93 | 0.5% | S100Y6NR |
| Share buyback | 468 | 2.3% | S100Y6NR |
| Change in cash | 712 | 3.5% | S100Y6NR |
| Cash and equivalents | 9,557 | 46.7% | S100Y6NR |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,691 | 8,276 | 9,043 | 8,845 | 9,557 | S100TJ0L, S100VU31, S100Y6NR |
| Total assets | 26,909 | 28,142 | 28,704 | 25,116 | 28,277 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Net assets | 22,260 | 23,756 | 24,416 | 20,427 | 22,343 | S100TJ0L, S100VU31, S100Y6NR |
| Share capital | 2,882 | 2,882 | 2,882 | 2,882 | 2,882 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Trade receivables | 2,897 | 2,992 | 3,202 | 2,680 | 2,892 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Property, plant and equipment | 8,300 | 8,313 | 7,924 | 5,804 | 6,292 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Intangible assets excluding goodwill | 470 | 614 | 816 | 56 | 73 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Investment securities | 1,245 | 1,595 | 1,895 | 1,758 | 3,288 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Current assets | 16,208 | 16,559 | 17,186 | 15,995 | 16,422 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Current liabilities | 3,237 | 3,291 | 3,199 | 2,982 | 3,191 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Trade payables | 981 | 959 | 1,005 | 834 | 769 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Short-term borrowings | 389 | 434 | 454 | 587 | 820 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Long-term borrowings | 129 | 83 | 62 | 126 | 129 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Total liabilities | 4,649 | 4,385 | 4,288 | 4,688 | 5,934 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Non-controlling interests | 2,402 | 2,574 | 2,404 | 1,509 | 1,585 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Equity attributable to owners of parent | 19,893 | 19,891 | 19,886 | 15,504 | 15,639 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Retained earnings | 13,891 | 13,918 | 13,914 | 9,973 | 10,577 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |
| Treasury stock | -1,042 | -1,043 | -1,044 | -1,044 | -1,512 | S100QTGK, S100TJ0L, S100VU31, S100Y6NR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100Y6NR |
| Receivables | 10% | S100Y6NR |
| Property, plant and equipment | 22% | S100Y6NR |
| Intangibles and goodwill | 0% | S100Y6NR |
| Investment securities | 12% | S100Y6NR |
| Other assets | 22% | S100Y6NR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y6NR |
| Other liabilities | 18% | S100Y6NR |
| Equity | 79% | S100Y6NR |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,909 | 28,142 | 28,704 | 25,116 | 28,277 |
| Equity | 22,260 | 23,756 | 24,416 | 20,427 | 22,343 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,691 | 8,276 | 9,043 | 8,845 | 9,557 |

## 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) | 30.7% | S100Y6NR |
| Fixed assets ÷ total assets | 22.3% | S100Y6NR |
| Goodwill ÷ parent equity | — | —, S100Y6NR |

### 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) | 33.8% |
| Cash ÷ revenue | 46.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 429.3% |
| Cash vs. profit gap | 311 JPY mn (of net income 44.9%) |
| Shareholder returns / net income | 80.9% |
| Shareholder returns / FCF | 525.9% |
| Shareholder payments — dividends / net income | 13.4% |
| Shareholder payments — dividends / FCF | 87.1% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 17.4% |

## 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 | 3.3% | 0.75× | 2.5% | 1.35× | 3.3% | S100QTGK |
| 2023 | 1.0% | 0.72× | 0.7% | 1.38× | 0.9% | S100TJ0L |
| 2024 | 0.8% | 0.75× | 0.6% | 1.43× | 0.9% | S100VU31 |
| 2025 | — | —× | -14.0% | —× | — | S100Y6NR |
| 2026 | 3.4% | 0.77× | 2.6% | 1.71× | 4.5% | S100Y6NR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社シーマックス | Major shareholder | 7.4% | 2026-02-28 |
| 株式会社晃永 | Major shareholder | 6.6% | 2026-02-28 |
| 森 誠 | Major shareholder | 4.2% | 2026-02-28 |
| 内藤 征吾 | Major shareholder | 4.0% | 2026-02-28 |
| 岡 秀朋 | Major shareholder | 3.9% | 2026-02-28 |
| 森 仁志 | Major shareholder | 2.9% | 2026-02-28 |
| 富士精工従業員持株会 | Major shareholder | 2.7% | 2026-02-28 |
| 明治安田生命保険相互会社 | Major shareholder | 1.8% | 2026-02-28 |
| 株式会社ユーエフツール | Major shareholder | 1.5% | 2026-02-28 |
| 株式会社DMM．com証券 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/03/01－2026/02/28) | S100Y6NR | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6NR,, |
| 有価証券報告書－第67期(2024/03/01－2025/02/28) | S100VU31 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU31,, |
| 有価証券報告書－第66期(2023/03/01－2024/02/29) | S100TJ0L | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ0L,, |
| 有価証券報告書－第65期(2022/03/01－2023/02/28) | S100QTGK | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTGK,, |
| 有価証券報告書－第64期(令和3年3月1日－令和4年2月28日) | S100O325 | 2022-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O325,, |
| 有価証券報告書－第63期(令和2年3月1日－令和3年2月28日) | S100LD8A | 2021-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LD8A,, |

## 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).