# Ishikawa Seisakusho, 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125期(2025/04/01－2026/03/31) (S100YDE9)
> Page: https://vizora.meequs.com/en/company/ishikawa-seisakusho
> Retrieved: 2026-09-30T20:00:02.059Z

## Company

Ishikawa Seisakusho, founded in 1921, is a company in Defense listed on TSE Standard. It has 538 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ishikawa Seisakusho, Ltd. |
| Ticker | 6208 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6208.T) |
| Listing | TSE Standard |
| Head office | 石川県白山市福留町200番地 |
| Representative (per filing) | 代表取締役社長 野口 俊和 |
| Founded | Oct 1921 |
| Share capital | ¥2B |
| Employees (consolidated) | 538 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.ishiss.co.jp (https://www.ishiss.co.jp/) |
| Corporate number | 6220001007685 |
| EDINET | E01518 |
| Industries (Vizora) | Defense, Industrial Machinery |

> Profile source: annual securities report (S100YDE9, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Defense (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 5 |
| Profitability | 50 | 5 |
| Cash conversion | 10 | 5 |
| Efficiency | 90 | 5 |

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 77% of Ishikawa Seisakusho's sales come from Defense equipment, with Paper converting machinery and Manufacture on assignment making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit +88.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.5B |  |
| Operating income | ¥1.31B | Margin 7.1% |
| Net income | ¥637.8M | Margin 3.5% |
| Free cash flow | -¥4.14B |  |
| Largest business | Defense equipment | of segment revenue 76.8% |
| Employees (consolidated) | 538 |  |
| EPS | ¥29.01 |  |
| Book value per share | ¥651.39 |  |
| Equity ratio | 22.7% |  |
| Shares outstanding | 6,385,000 |  |
| Treasury shares | 7,200 |  |
| Shareholders | 8,659 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 2.6% | Cash ÷ revenue 3.8% |
| Vs. industry median margin | 0 pp | Defense |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.9× dividends
- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11383366000 | ¥18473180000 | +62.3% |
| Operating income | ¥160417000 | ¥1306820000 | +714.6% |
| Operating margin | 1.4% | 7.1% | +5.7 pp |
| Employees | 534 people | 538 people | +0.7% |
| Cash and equivalents | ¥850904000 | ¥694756000 | -18.4% |

### 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 |
| --- | ---: |
| 紙工機械 → 紙工機械 | 14.6% |
| 紙工機械 → 事業再編・廃止 | 8.5% |
| 防衛機器 → 防衛機器 | 64.1% |
| 受託生産 → 受託生産 | 6.0% |
| 受託生産 → 事業再編・廃止 | 1.6% |
| その他 → その他 | 2.6% |
| その他 → 事業再編・廃止 | 2.5% |
| 新設・再編 → 防衛機器 | 12.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Defense equipment | 5 years | +14.2% | ¥14190684000 | 14.8% | 2 |
| Paper converting machinery | 5 years | +0.5% | ¥2694754000 | -0.9% | 2 |
| Manufacture on assignment | 5 years | +5.0% | ¥1112902000 | 7.1% | 2 |
| Other | 5 years | -4.0% | ¥474840000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,473 | 100.0% | S100YDE9 |
| Cost of revenue | 15,238 | 82.5% | S100YDE9 |
| Gross profit | 3,235 | 17.5% | S100YDE9 |
| SG&A | 1,929 | 10.4% | S100YDE9 |
| Operating income | 1,307 | 7.1% | S100YDE9 |
| Ordinary income | 1,187 | 6.4% | S100YDE9 |
| Pretax income | 1,017 | 5.5% | S100YDE9 |
| Income tax | 379 | 2.1% | S100YDE9 |
| Net income | 638 | 3.5% | S100YDE9 |
| Net income attributable to owners | 638 | 3.5% | S100YDE9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 10 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.5% → Operating margin 7.1% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.0%; Core profit growth: +88.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.33×
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 | 16,204 | 18,473 | 2,269 | +14.0% |
| Gross profit | 2,497 | 3,235 | 738 | +29.6% |
| Operating income | 693 | 1,307 | 614 | +88.7% |
| Net income attributable to owners | 424 | 638 | 214 | +50.6% |
| Operating cash flow | -2,165 | -3,438 | -1,272 | — |
| Free cash flow | -2,754 | -4,137 | -1,383 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,228 | 202 | 1.7% | 149 | -2,206 | -2,307 | S100LN9J |
| FY ending Mar 2021 | 11,383 | 160 | 1.4% | 124 | 198 | -34 | S100OF3Y |
| FY ending Mar 2022 | 12,080 | 181 | 1.5% | 143 | 1,890 | 1,452 | S100R6MR |
| FY ending Mar 2023 | 12,593 | 207 | 1.6% | 167 | 1,286 | 1,084 | S100TTJN |
| FY ending Mar 2024 | 13,598 | 254 | 1.9% | 252 | -1,896 | -2,270 | S100VZHX |
| FY ending Mar 2025 | 16,204 | 693 | 4.3% | 424 | -2,165 | -2,754 | S100YDE9 |
| FY ending Mar 2026 | 18,473 | 1,307 | 7.1% | 638 | -3,438 | -4,137 | S100YDE9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.3M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 517 | 510 | 511 | 526 | 538 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.5M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 42.8 years | 42.4 years | 41.8 years | 41.5 years | 41.8 years |
| Average tenure (parent company) | 16.9 years | 16.8 years | 16.3 years | 15.4 years | 15.1 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +14.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paper converting machinery | 2,695 | 14.6% | -23 | -0.9% |
| Defense equipment | 14,191 | 76.8% | 2,101 | 14.8% |
| Manufacture on assignment | 1,113 | 6.0% | 79 | 7.1% |
| Other | 475 | 2.6% | 22 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paper converting machinery | 14.6% | — | — | -0.9% |
| Defense equipment | 76.8% | 95.4% | 18.6 | 14.8% |
| Manufacture on assignment | 6.0% | 3.6% | -2.4 | 7.1% |
| Other | 2.6% | 1.0% | -1.6 | 4.6% |

Loss-making segment (excluded from profit shares): Paper converting machinery -23 JPY mn

Segment → industry: Defense equipment → Defense / Manufacture on assignment → Industrial Machinery / Paper converting 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 | -3,438 | -18.6% | S100YDE9 |
| Capital expenditure | 699 | 3.8% | S100YDE9 |
| Free cash flow | -4,137 | -22.4% | 算出 |
| Investing cash flow | -698 | -3.8% | S100YDE9 |
| Financing cash flow | 3,897 | 21.1% | S100YDE9 |
| Dividends paid | 64 | 0.3% | S100YDE9 |
| Share buyback | 246 | 1.3% | S100YDE9 |
| Change in cash | -238 | -1.3% | S100YDE9 |
| Cash and equivalents | 695 | 3.8% | S100YDE9 |

## 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 | 922 | 1,128 | 955 | 933 | 695 | S100TTJN, S100VZHX, S100YDE9 |
| Total assets | 16,405 | 15,033 | 16,799 | 20,839 | 27,015 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Net assets | 4,162 | 4,366 | 4,903 | 5,386 | 6,125 | S100TTJN, S100VZHX, S100YDE9 |
| Share capital | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Property, plant and equipment | 2,549 | 2,559 | 2,671 | 2,942 | 3,051 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Intangible assets excluding goodwill | 65 | 158 | 235 | 334 | 432 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Investment securities | 883 | 900 | 1,313 | 1,414 | 2,015 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Current assets | 12,782 | 11,275 | 12,448 | 15,992 | 21,312 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Current liabilities | 10,121 | 8,823 | 10,304 | 13,136 | 17,743 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Trade payables | 2,761 | 2,666 | 2,388 | 2,165 | 2,910 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Short-term borrowings | 3,710 | 3,070 | 5,440 | 7,510 | 11,100 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Long-term borrowings | 1,025 | 785 | 545 | 1,178 | 1,657 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Total liabilities | 12,243 | 10,667 | 11,896 | 15,453 | 20,890 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Equity attributable to owners of parent | 3,683 | 3,850 | 4,102 | 4,525 | 4,854 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Retained earnings | 1,655 | 1,822 | 2,074 | 2,497 | 3,071 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |
| Treasury stock | -8 | -8 | -8 | -8 | -254 | S100R6MR, S100TTJN, S100VZHX, S100YDE9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YDE9 |
| Property, plant and equipment | 11% | S100YDE9 |
| Intangibles and goodwill | 2% | S100YDE9 |
| Investment securities | 7% | S100YDE9 |
| Other assets | 77% | S100YDE9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YDE9 |
| Other liabilities | 66% | S100YDE9 |
| Equity | 23% | S100YDE9 |
| Other liabilities | 0% | S100YDE9 |

### 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 | 16,405 | 15,033 | 16,799 | 20,839 | 27,015 |
| Equity | 4,162 | 4,366 | 4,903 | 5,386 | 6,125 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 922 | 1,128 | 955 | 933 | 695 |

## 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) | 16.5% | S100YDE9 |
| Fixed assets ÷ total assets | 11.3% | S100YDE9 |
| Goodwill ÷ parent equity | — | —, S100YDE9 |

### 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) | 2.6% |
| Cash ÷ revenue | 3.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -263.0% |
| Cash vs. profit gap | -4,075 JPY mn (of net income -639.0%) |
| Shareholder returns / net income | 48.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | — |

## 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 | 1.2% | 0.74× | 0.9% | 4.45× | 3.9% | S100R6MR |
| 2023 | 1.3% | 0.80× | 1.1% | 4.17× | 4.4% | S100TTJN |
| 2024 | 1.9% | 0.85× | 1.6% | 4.00× | 6.3% | S100VZHX |
| 2025 | 2.6% | 0.86× | 2.3% | 4.36× | 9.8% | S100YDE9 |
| 2026 | 3.5% | 0.77× | 2.7% | 5.10× | 13.6% | S100YDE9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| レンゴー株式会社 | Major shareholder | 20.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| 石川フレンド会 | Major shareholder | 2.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ信託銀行(信託口) | Major shareholder | 2.4% | 2026-03-31 |
| 清水 慶治 | Major shareholder | 2.2% | 2026-03-31 |
| UBS AG SINGAPORE(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.6% | 2026-03-31 |
| 直山 泰 | Major shareholder | 1.5% | 2026-03-31 |
| BCSL CLIENT RE BBPLC NYBR (常任代理人 バークレイズ証券株式会社) | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2025/04/01－2026/03/31) | S100YDE9 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDE9,, |
| 有価証券報告書－第124期(2024/04/01－2025/03/31) | S100VZHX | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZHX,, |
| 有価証券報告書－第123期(2023/04/01－2024/03/31) | S100TTJN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTJN,, |
| 有価証券報告書－第122期(2022/04/01－2023/03/31) | S100R6MR | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6MR,, |
| 有価証券報告書－第121期(令和3年4月1日－令和4年3月31日) | S100OF3Y | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF3Y,, |
| 有価証券報告書－第120期(令和2年4月1日－令和3年3月31日) | S100LN9J | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN9J,, |

## 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).