# HIRANO TECSEED CO.,LTD.: 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102期(2025/04/01－2026/03/31) (S100YIRK)
> Page: https://vizora.meequs.com/en/company/hirano-tecseed
> Retrieved: 2026-09-30T20:26:38.738Z

## Company

Hirano Tecseed, founded in 1956, is a company in Industrial Machinery listed on TSE Standard. It has 417 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIRANO TECSEED Co.,Ltd. |
| Ticker | 6245 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6245.T) |
| Listing | TSE Standard |
| Head office | 奈良県北葛城郡河合町大字川合101番地の1 |
| Representative (per filing) | 取締役社長 安居宗則 |
| Founded | Mar 1956 |
| Share capital | ¥1.85B |
| Employees (consolidated) | 417 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.hirano-tec.co.jp (https://www.hirano-tec.co.jp/) |
| Corporate number | 9150001013309 |
| EDINET | E01548 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YIRK, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.5 | 110 |
| Profitability | 27.5 | 122 |
| Cash conversion | 88.4 | 116 |
| Efficiency | 11.9 | 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 82% of Hirano Tecseed's sales come from Coating and laminating machinery, with Industrial machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -33.2% from the prior year, operating profit -4.9%.

## Company structure

- Segment revenue mix: Coating and laminating machinery 82.2%、Industrial machinery 17.8%
- Revenue → net income: ¥32285374000 → ¥1313426000
- Net income → operating cash flow: ¥1313426000 → ¥4703688000（difference ¥3390262000）
- Main uses of operating cash flow: CapEx ¥797150000 / dividends ¥1315933000 / buybacks —
- Change in cash: ¥375951000
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 | ¥32.3B |  |
| Operating income | ¥1.6B | Margin 5.0% |
| Net income | ¥1.31B | Margin 4.1% |
| Free cash flow | ¥3.91B |  |
| Largest business | Coating and laminating machinery | of segment revenue 82.2% |
| Employees (consolidated) | 417 |  |
| EPS | ¥69.3 |  |
| Book value per share | ¥1876.07 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 15,394,379 |  |
| Treasury shares | 256,500 |  |
| Shareholders | 6,673 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | -2.6 pp | Industrial Machinery |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25800869000 | ¥32285374000 | +25.1% |
| Operating income | ¥2560116000 | ¥1599007000 | -37.5% |
| Operating margin | 9.9% | 5.0% | -5 pp |
| Employees | 376 people | 417 people | +10.9% |
| Cash and equivalents | ¥13548342000 | ¥11628482000 | -14.2% |

### 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 |
| --- | ---: |
| 塗工機関連機器 → 塗工機関連機器 | 63.4% |
| 化工機関連機器 → 化工機関連機器 | 17.8% |
| 化工機関連機器 → 事業再編・廃止 | 18.8% |
| 新設・再編 → 塗工機関連機器 | 18.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,285 | 100.0% | S100YIRK |
| Cost of revenue | 26,646 | 82.5% | S100YIRK |
| Gross profit | 5,639 | 17.5% | S100YIRK |
| SG&A | 4,040 | 12.5% | S100YIRK |
| Operating income | 1,599 | 5.0% | S100YIRK |
| Ordinary income | 1,707 | 5.3% | S100YIRK |
| Pretax income | 1,707 | 5.3% | S100YIRK |
| Income tax | 393 | 1.2% | S100YIRK |
| Net income | 1,313 | 4.1% | S100YIRK |
| Net income attributable to owners | 1,313 | 4.1% | S100YIRK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.5% → Operating margin 5.0% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -33.2%; Core profit growth: -4.9%
Operating leverage (core profit growth ÷ revenue growth): 0.15×
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 | 48,356 | 32,285 | -16,070 | -33.2% |
| Gross profit | 6,522 | 5,639 | -883 | -13.5% |
| Operating income | 1,682 | 1,599 | -83 | -4.9% |
| Net income attributable to owners | 906 | 1,313 | 408 | +45.0% |
| Operating cash flow | -724 | 4,704 | 5,428 | — |
| Free cash flow | -1,258 | 3,907 | 5,165 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,682 | 3,685 | 11.6% | 2,352 | -3,091 | -5,590 | S100LS2E |
| FY ending Mar 2021 | 25,801 | 2,560 | 9.9% | 1,786 | 1,971 | 1,220 | S100OIPE |
| FY ending Mar 2022 | 37,867 | 3,987 | 10.5% | 3,104 | 2,300 | 1,486 | S100R6Y5 |
| FY ending Mar 2023 | 42,424 | 3,094 | 7.3% | 2,243 | -10,250 | -11,322 | S100TX1B |
| FY ending Mar 2024 | 46,946 | 3,236 | 6.9% | 2,438 | 5,531 | 4,879 | S100W4YX |
| FY ending Mar 2025 | 48,356 | 1,682 | 3.5% | 906 | -724 | -1,258 | S100YIRK |
| FY ending Mar 2026 | 32,285 | 1,599 | 5.0% | 1,313 | 4,704 | 3,907 | S100YIRK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.4M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 388 | 394 | 413 | 419 | 417 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.5M | ¥6.6M | ¥7M |
| Average age (parent company) | 38.9 years | 38.8 years | 39.1 years | 39.1 years | 39.3 years |
| Average tenure (parent company) | 14.2 years | 14.4 years | 14.1 years | 14.2 years | 14.4 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) -33.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Coating and laminating machinery | 25,349 | 82.2% | 2,555 | 10.1% |
| Industrial machinery | 5,478 | 17.8% | 962 | 17.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Coating and laminating machinery | 82.2% | 72.6% | -9.6 | 10.1% |
| Industrial machinery | 17.8% | 27.4% | 9.6 | 17.6% |

Segment → industry: Industrial machinery → Industrial Machinery / Coating and laminating machinery → Industrial Machinery

## 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 | 4,704 | 14.6% | S100YIRK |
| Capital expenditure | 797 | 2.5% | S100YIRK |
| Free cash flow | 3,907 | 12.1% | 算出 |
| Investing cash flow | -839 | -2.6% | S100YIRK |
| Financing cash flow | -3,420 | -10.6% | S100YIRK |
| Dividends paid | 1,316 | 4.1% | S100YIRK |
| Change in cash | 376 | 1.2% | S100YIRK |
| Cash and equivalents | 11,628 | 36.0% | S100YIRK |

## 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 | 13,801 | 13,162 | 13,742 | 11,253 | 11,628 | S100TX1B, S100W4YX, S100YIRK |
| Total assets | 50,462 | 60,522 | 62,930 | 61,693 | 57,785 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Net assets | 34,464 | 35,997 | 38,562 | 38,241 | 39,400 | S100TX1B, S100W4YX, S100YIRK |
| Share capital | 1,848 | 1,848 | 1,848 | 1,848 | 1,848 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Property, plant and equipment | 6,756 | 7,409 | 7,511 | 7,437 | 7,959 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Intangible assets excluding goodwill | 596 | 672 | 560 | 417 | 372 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Investment securities | 3,379 | 3,630 | 4,483 | 4,482 | 5,604 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Current assets | 38,954 | 48,159 | 49,639 | 48,505 | 42,896 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Current liabilities | 15,104 | 23,429 | 22,965 | 22,506 | 17,019 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Trade payables | 3,225 | 3,443 | 4,681 | 9,163 | 4,369 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Short-term borrowings | — | 10,100 | 6,000 | 6,000 | 3,500 | S100TX1B, S100W4YX, S100YIRK |
| Long-term borrowings | 309 | 493 | 491 | 329 | 583 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Total liabilities | 15,998 | 24,525 | 24,367 | 23,453 | 18,385 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Equity attributable to owners of parent | 33,515 | 34,930 | 36,604 | 35,944 | 35,962 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Retained earnings | 30,700 | 32,099 | 33,693 | 33,012 | 33,009 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |
| Treasury stock | -386 | -377 | -327 | -314 | -298 | S100R6Y5, S100TX1B, S100W4YX, S100YIRK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YIRK |
| Property, plant and equipment | 14% | S100YIRK |
| Intangibles and goodwill | 0% | S100YIRK |
| Investment securities | 10% | S100YIRK |
| Other assets | 56% | S100YIRK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YIRK |
| Other liabilities | 24% | S100YIRK |
| Equity | 68% | S100YIRK |
| Other liabilities | 0% | S100YIRK |

### 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 | 50,462 | 60,522 | 62,930 | 61,693 | 57,785 |
| Equity | 34,464 | 35,997 | 38,562 | 38,241 | 39,400 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,801 | 13,162 | 13,742 | 11,253 | 11,628 |

## 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) | 24.7% | S100YIRK |
| Fixed assets ÷ total assets | 13.8% | S100YIRK |
| Goodwill ÷ parent equity | — | —, S100YIRK |

### 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) | 20.1% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 294.2% |
| Cash vs. profit gap | 3,390 JPY mn (of net income 258.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 100.2% |
| Shareholder payments — dividends / FCF | 33.7% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 17.8% |

## 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 | 8.2% | 0.75× | 6.2% | 1.51× | 9.3% | S100R6Y5 |
| 2023 | 5.3% | 0.76× | 4.0% | 1.62× | 6.6% | S100TX1B |
| 2024 | 5.2% | 0.76× | 4.0% | 1.73× | 6.8% | S100W4YX |
| 2025 | 1.9% | 0.78× | 1.5% | 1.72× | 2.5% | S100YIRK |
| 2026 | 4.1% | 0.54× | 2.2% | 1.66× | 3.7% | S100YIRK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 9.6% | 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 | 9.6% | 2026-03-31 |
| ヒラノ会 | Major shareholder | 9.2% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 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 | 3.0% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| ヒラノテクシード従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社紀陽銀行 （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 | 1.5% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YIRK | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIRK,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W4YX | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4YX,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TX1B | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX1B,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R6Y5 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6Y5,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OIPE | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIPE,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LS2E | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS2E,, |

## 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).