# HODEN SEIMITSU KAKO KENKYUSHO CO.,LTD.: 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65期(2025/03/01－2026/02/28) (S100Y5TC)
> Page: https://vizora.meequs.com/en/company/hoden-seimitsu-kako-kenkyusho
> Retrieved: 2026-09-30T19:58:31.459Z

## Company

Hoden Seimitsu Kako Kenkyusho, founded in 1961, is a company in Machine Tools listed on TSE Standard. It has 641 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HODEN SEIMITSU KAKO KENKYUSHO CO.,LTD. |
| Ticker | 6469 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6469.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市港北区新横浜3丁目17番6号 |
| Representative (per filing) | 代表取締役社長 村田力 |
| Founded | Dec 1961 |
| Share capital | ¥1.89B |
| Employees (consolidated) | 641 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | February |
| Corporate number | 6021001020459 |
| EDINET | E01454 |
| Industries (Vizora) | Machine Tools, Aerospace, Industrial Machinery |

> Profile source: annual securities report (S100Y5TC, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 11 |
| Profitability | 59.1 | 11 |
| Cash conversion | 70 | 5 |
| Efficiency | 88.5 | 13 |

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 69% of Hoden Seimitsu Kako Kenkyusho's sales come from Electrical discharge and surface treatment, with Dies and molds and Machineies equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +63.0%.

## Company structure

- Segment revenue mix: Electrical discharge and surface treatment 69.2%、Dies and molds 23.5%、Machineies equipment 7.3%
- Revenue → net income: ¥14312812000 → ¥852370000
- Net income → operating cash flow: ¥852370000 → ¥2257192000（difference ¥1404822000）
- Main uses of operating cash flow: CapEx ¥801062000 / dividends ¥128119000 / buybacks —
- Change in cash: ¥128697000
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 | ¥14.3B |  |
| Operating income | ¥1.12B | Margin 7.8% |
| Net income | ¥823.1M | Margin 5.8% |
| Free cash flow | ¥1.46B |  |
| Largest business | Electrical discharge and surface treatment | of segment revenue 69.2% |
| Employees (consolidated) | 641 |  |
| EPS | ¥74.21 |  |
| Book value per share | ¥682.19 |  |
| Equity ratio | 45.7% |  |
| Shares outstanding | 10,953,900 |  |
| Treasury shares | 273,100 |  |
| Shareholders | 6,125 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 13.4% | Cash ÷ revenue 17.8% |
| Vs. industry median margin | +29.7 pp | Aerospace |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10927139000 | ¥14312812000 | +31.0% |
| Operating income | ¥-565018000 | ¥1122916000 | — |
| Operating margin | -5.2% | 7.8% | +13 pp |
| Employees | 699 people | 641 people | -8.3% |
| Cash and equivalents | ¥1386739000 | ¥2553999000 | +84.2% |

### 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 |
| --- | ---: |
| 放電加工・表面処理 → 放電加工・表面処理 | 53.3% |
| 金型 → 金型 | 23.5% |
| 金型 → 事業再編・廃止 | 13.2% |
| 機械装置等 → 機械装置等 | 7.3% |
| 機械装置等 → 事業再編・廃止 | 2.8% |
| 新設・再編 → 放電加工・表面処理 | 16.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electrical discharge and surface treatment | 5 years | +11.2% | ¥9906432000 | 20.4% | 2 |
| Dies and molds | 5 years | -3.4% | ¥3367068000 | 8.8% | 2 |
| Machineies equipment | 5 years | -1.1% | ¥1039311000 | 3.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,313 | 100.0% | S100Y5TC |
| Cost of revenue | 10,686 | 74.7% | S100Y5TC |
| Gross profit | 3,627 | 25.3% | S100Y5TC |
| SG&A | 2,504 | 17.5% | S100Y5TC |
| Operating income | 1,123 | 7.8% | S100Y5TC |
| Ordinary income | 1,039 | 7.3% | S100Y5TC |
| Pretax income | 944 | 6.6% | S100Y5TC |
| Income tax | 92 | 0.6% | S100Y5TC |
| Net income | 852 | 6.0% | S100Y5TC |
| Net income attributable to owners | 823 | 5.8% | S100Y5TC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.3% → Operating margin 7.8% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +63.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.74×
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 | 12,898 | 14,313 | 1,415 | +11.0% |
| Gross profit | 3,096 | 3,627 | 530 | +17.1% |
| Operating income | 689 | 1,123 | 434 | +63.0% |
| Net income attributable to owners | 583 | 823 | 240 | +41.1% |
| Operating cash flow | 415 | 2,257 | 1,842 | +443.9% |
| Free cash flow | -306 | 1,456 | 1,762 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 11,127 | -190 | -1.7% | -190 | 465 | -2,292 | S100LDQS |
| FY ending Feb 2021 | 10,927 | -565 | -5.2% | -2,836 | 584 | -473 | S100O42Q |
| FY ending Feb 2022 | 12,977 | 634 | 4.9% | 1,413 | 1,883 | 484 | S100QTMD |
| FY ending Feb 2023 | 11,680 | -312 | -2.7% | -1,288 | -129 | -1,000 | S100TH4K |
| FY ending Feb 2024 | 12,161 | 230 | 1.9% | 232 | 1,016 | 158 | S100VS5P |
| FY ending Feb 2025 | 12,898 | 689 | 5.3% | 583 | 415 | -306 | S100Y5TC |
| FY ending Feb 2026 | 14,313 | 1,123 | 7.8% | 823 | 2,257 | 1,456 | S100Y5TC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 659 | 663 | 649 | 610 | 641 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥5.7M | ¥6M | ¥6M |
| Average age (parent company) | 39.7 years | 40.5 years | 40.9 years | 41.3 years | 40.9 years |
| Average tenure (parent company) | 12.1 years | 12.4 years | 12.5 years | 13.1 years | 12.1 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +11.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical discharge and surface treatment | 9,906 | 69.2% | 2,025 | 20.4% |
| Dies and molds | 3,367 | 23.5% | 297 | 8.8% |
| Machineies equipment | 1,039 | 7.3% | 34 | 3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electrical discharge and surface treatment | 69.2% | 85.9% | 16.7 | 20.4% |
| Dies and molds | 23.5% | 12.6% | -10.9 | 8.8% |
| Machineies equipment | 7.3% | 1.4% | -5.8 | 3.2% |

Segment → industry: Dies and molds → Machine Tools / Electrical discharge and surface treatment → Aerospace / Machineies equipment → Industrial Machinery

## 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 | 2,257 | 15.8% | S100Y5TC |
| Capital expenditure | 801 | 5.6% | S100Y5TC |
| Free cash flow | 1,456 | 10.2% | 算出 |
| Investing cash flow | -803 | -5.6% | S100Y5TC |
| Financing cash flow | -1,398 | -9.8% | S100Y5TC |
| Dividends paid | 128 | 0.9% | S100Y5TC |
| Change in cash | 129 | 0.9% | S100Y5TC |
| Cash and equivalents | 2,554 | 17.8% | S100Y5TC |

## 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 | 1,816 | 1,530 | 3,975 | 2,425 | 2,554 | S100TH4K, S100VS5P, S100Y5TC |
| Total assets | 15,547 | 14,831 | 17,975 | 17,552 | 19,018 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Net assets | 6,257 | 4,883 | 7,229 | 8,265 | 9,689 | S100TH4K, S100VS5P, S100Y5TC |
| Share capital | 889 | 889 | 1,889 | 1,889 | 1,889 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Trade receivables | 2,527 | — | — | — | — | S100O42Q |
| Property, plant and equipment | 7,725 | 8,010 | 8,374 | 9,121 | 10,001 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Intangible assets excluding goodwill | 140 | 126 | 110 | 91 | 66 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Investment securities | 217 | 187 | 230 | 280 | 681 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Current assets | 6,345 | 6,299 | 9,031 | 7,794 | 8,075 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Current liabilities | 4,842 | 6,083 | 6,731 | 5,603 | 5,038 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Trade payables | 1,288 | 1,442 | 730 | 446 | 633 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Short-term borrowings | 2,084 | 3,601 | 3,995 | 3,209 | 1,974 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Long-term borrowings | 2,353 | 1,786 | 1,853 | 1,445 | 1,709 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Total liabilities | 9,291 | 9,948 | 10,746 | 9,287 | 9,329 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Non-controlling interests | 648 | 748 | 791 | 909 | 1,003 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Equity attributable to owners of parent | 5,781 | 4,256 | 6,356 | 6,873 | 7,575 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Retained earnings | 4,225 | 2,792 | 2,881 | 3,390 | 4,085 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |
| Treasury stock | -111 | -200 | -189 | -185 | -183 | S100QTMD, S100TH4K, S100VS5P, S100Y5TC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Y5TC |
| Property, plant and equipment | 53% | S100Y5TC |
| Intangibles and goodwill | 0% | S100Y5TC |
| Investment securities | 4% | S100Y5TC |
| Other assets | 30% | S100Y5TC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y5TC |
| Other liabilities | 46% | S100Y5TC |
| Equity | 51% | S100Y5TC |
| Other liabilities | 0% | S100Y5TC |

### 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 | 15,547 | 14,831 | 17,975 | 17,552 | 19,018 |
| Equity | 6,257 | 4,883 | 7,229 | 8,265 | 9,689 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,816 | 1,530 | 3,975 | 2,425 | 2,554 |

## 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) | 69.9% | S100Y5TC |
| Fixed assets ÷ total assets | 52.6% | S100Y5TC |
| Goodwill ÷ parent equity | — | —, S100Y5TC |

### 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) | 13.4% |
| Cash ÷ revenue | 17.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 201.0% |
| Cash vs. profit gap | 1,434 JPY mn (of net income 174.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.6% |
| Shareholder payments — dividends / FCF | 8.8% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 35.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 10.9% | 0.83× | 9.1% | 2.69× | 24.4% | S100QTMD |
| 2023 | — | —× | -8.5% | —× | — | S100TH4K |
| 2024 | 1.9% | 0.74× | 1.4% | 3.09× | 4.4% | S100VS5P |
| 2025 | 4.5% | 0.73× | 3.3% | 2.69× | 8.8% | S100Y5TC |
| 2026 | 5.8% | 0.78× | 4.5% | 2.53× | 11.4% | S100Y5TC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱重工業株式会社 | Major shareholder | 35.1% | 2026-02-28 |
| 東京中小企業投資育成株式会社 | Major shareholder | 6.9% | 2026-02-28 |
| 株式会社日本カストディ銀行 | Major shareholder | 3.8% | 2026-02-28 |
| 株式会社二村 | Major shareholder | 3.6% | 2026-02-28 |
| 放電精密加工研究所社員持株会 | Major shareholder | 3.5% | 2026-02-28 |
| 二村山林有限会社 | Major shareholder | 2.5% | 2026-02-28 |
| 二村 勝彦 | Major shareholder | 2.3% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 細江 廣太郎 | Major shareholder | 1.7% | 2026-02-28 |
| 日本碍子株式会社 | Major shareholder | 1.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/03/01－2026/02/28) | S100Y5TC | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5TC,, |
| 有価証券報告書－第64期(2024/03/01－2025/02/28) | S100VS5P | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VS5P,, |
| 有価証券報告書－第63期(2023/03/01－2024/02/29) | S100TH4K | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH4K,, |
| 有価証券報告書－第62期(2022/03/01－2023/02/28) | S100QTMD | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTMD,, |
| 有価証券報告書－第61期(令和3年3月1日－令和4年2月28日) | S100O42Q | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O42Q,, |
| 有価証券報告書－第60期(令和2年3月1日－令和3年2月28日) | S100LDQS | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDQS,, |

## 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).