# LEC,INC.: 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44期(2025/04/01－2026/03/31) (S100YIJB)
> Page: https://vizora.meequs.com/en/company/lec
> Retrieved: 2026-09-30T21:31:01.389Z

## Company

LEC, founded in 1983, is a company in Toiletries & Household Products listed on TSE Prime. It has 956 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LEC,INC. |
| Ticker | 7874 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7874.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目1番3号 |
| Representative (per filing) | 代表取締役会長兼社長 青木光男 |
| Founded | Mar 1983 |
| Share capital | ¥5.49B |
| Employees (consolidated) | 956 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.lecinc.co.jp (https://www.lecinc.co.jp/) |
| Corporate number | 7010001128155 |
| EDINET | E02444 |
| Industries (Vizora) | Toiletries & Household Products |

> Profile source: annual securities report (S100YIJB, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85 | 10 |
| Profitability | 61.1 | 9 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 35 | 10 |

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)

- LEC brought in ¥68.3B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +48.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥68294000000 → ¥3014000000
- Net income → operating cash flow: ¥3014000000 → ¥9030000000（difference ¥6016000000）
- Main uses of operating cash flow: CapEx ¥2563000000 / dividends ¥670000000 / buybacks —
- Change in cash: ¥10470000000
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 | ¥68.3B |  |
| Operating income | ¥4.14B | Margin 6.1% |
| Net income | ¥2.98B | Margin 4.4% |
| Free cash flow | ¥6.47B |  |
| Employees (consolidated) | 956 |  |
| EPS | ¥110.64 |  |
| Diluted EPS | ¥109.81 |  |
| Book value per share | ¥1103 |  |
| Equity ratio | 40.0% |  |
| Shares outstanding | 38,165,340 |  |
| Treasury shares | 4,558,100 |  |
| Shareholders | 34,603 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 35.4% |
| Vs. industry median margin | +1.5 pp | Toiletries & Household Products |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49684000000 | ¥68294000000 | +37.5% |
| Operating income | ¥5277000000 | ¥4136000000 | -21.6% |
| Operating margin | 10.6% | 6.1% | -4.6 pp |
| Employees | 848 people | 956 people | +12.7% |
| Cash and equivalents | ¥13921000000 | ¥24178000000 | +73.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,294 | 100.0% | S100YIJB |
| Cost of revenue | 47,605 | 69.7% | S100YIJB |
| Gross profit | 20,688 | 30.3% | S100YIJB |
| SG&A | 16,551 | 24.2% | S100YIJB |
| Operating income | 4,136 | 6.1% | S100YIJB |
| Ordinary income | 4,429 | 6.5% | S100YIJB |
| Pretax income | 4,486 | 6.6% | S100YIJB |
| Income tax | 1,472 | 2.2% | S100YIJB |
| Net income | 3,014 | 4.4% | S100YIJB |
| Net income attributable to owners | 2,978 | 4.4% | S100YIJB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 24 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.3% → Operating margin 6.1% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +48.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.25×
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 | 66,304 | 68,294 | 1,990 | +3.0% |
| Gross profit | 17,426 | 20,688 | 3,262 | +18.7% |
| Operating income | 2,780 | 4,136 | 1,356 | +48.8% |
| Net income attributable to owners | 1,667 | 2,978 | 1,311 | +78.6% |
| Operating cash flow | 4,213 | 9,030 | 4,817 | +114.3% |
| Free cash flow | 2,701 | 6,467 | 3,766 | +139.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,211 | 4,129 | 8.6% | 2,519 | 6,962 | 2,194 | S100LTFV |
| FY ending Mar 2021 | 49,684 | 5,277 | 10.6% | 4,168 | 5,606 | -2,964 | S100OJ4A |
| FY ending Mar 2022 | 51,423 | 3,206 | 6.2% | 2,282 | 3,349 | -5,329 | S100R5O8 |
| FY ending Mar 2023 | 55,461 | 911 | 1.6% | 942 | 3,370 | 654 | S100TU4G |
| FY ending Mar 2024 | 60,783 | 1,628 | 2.7% | 796 | 5,941 | 3,163 | S100W6L2 |
| FY ending Mar 2025 | 66,304 | 2,780 | 4.2% | 1,667 | 4,213 | 2,701 | S100YIJB |
| FY ending Mar 2026 | 68,294 | 4,136 | 6.1% | 2,978 | 9,030 | 6,467 | S100YIJB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| 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) | 926 | 928 | 946 | 924 | 956 |
| Average salary (parent company) | ¥5.5M | ¥5.3M | ¥5.3M | ¥5.2M | ¥5.7M |
| Average age (parent company) | 38.7 years | 39.0 years | 39.1 years | 38.8 years | 38.6 years |
| Average tenure (parent company) | 10.8 years | 11.2 years | 11.4 years | 11.2 years | 11.1 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +3.0%

## 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 | 9,030 | 13.2% | S100YIJB |
| Capital expenditure | 2,563 | 3.8% | S100YIJB |
| Free cash flow | 6,467 | 9.5% | 算出 |
| Investing cash flow | 2,504 | 3.7% | S100YIJB |
| Financing cash flow | -1,107 | -1.6% | S100YIJB |
| Dividends paid | 670 | 1.0% | S100YIJB |
| Change in cash | 10,470 | 15.3% | S100YIJB |
| Cash and equivalents | 24,178 | 35.4% | S100YIJB |

## 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 | 11,483 | 14,405 | 20,394 | 13,708 | 24,178 | S100TU4G, S100W6L2, S100YIJB |
| Total assets | 74,602 | 84,316 | 89,244 | 88,928 | 93,805 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Net assets | 35,753 | 36,279 | 37,593 | 35,984 | 38,805 | S100TU4G, S100W6L2, S100YIJB |
| Share capital | 5,491 | 5,491 | 5,491 | 5,491 | 5,491 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Trade receivables | 8,055 | 9,713 | 10,686 | 10,904 | 10,484 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Property, plant and equipment | 25,679 | 24,922 | 23,296 | 20,681 | 19,998 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Intangible assets excluding goodwill | 953 | 683 | 465 | 2,427 | 2,222 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Goodwill | 265 | 117 | 4 | 1,150 | 1,025 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Investment securities | 4,188 | 5,031 | 6,645 | 9,026 | 10,761 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Current assets | 41,704 | 52,185 | 57,455 | 55,449 | 59,136 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Current liabilities | 12,060 | 11,479 | 12,111 | 9,761 | 14,397 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Trade payables | 2,477 | 2,288 | 2,242 | 2,634 | 2,547 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Short-term borrowings | 200 | 200 | 400 | — | 1,000 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Long-term borrowings | 25,204 | 34,055 | 37,030 | 40,900 | 37,750 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Total liabilities | 38,848 | 48,037 | 51,650 | 52,943 | 54,999 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Non-controlling interests | 1,570 | 1,640 | 1,828 | 1,406 | 1,120 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Equity attributable to owners of parent | 31,929 | 32,169 | 32,415 | 30,188 | 32,649 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Retained earnings | 21,445 | 21,573 | 21,655 | 22,652 | 24,960 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |
| Treasury stock | -2,240 | -2,107 | -1,967 | -5,366 | -5,134 | S100R5O8, S100TU4G, S100W6L2, S100YIJB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YIJB |
| Receivables | 11% | S100YIJB |
| Property, plant and equipment | 21% | S100YIJB |
| Intangibles and goodwill | 3% | S100YIJB |
| Investment securities | 12% | S100YIJB |
| Other assets | 27% | S100YIJB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YIJB |
| Other liabilities | 56% | S100YIJB |
| Equity | 41% | S100YIJB |
| Other liabilities | 0% | S100YIJB |

### 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 | 74,602 | 84,316 | 89,244 | 88,928 | 93,805 |
| Equity | 35,753 | 36,279 | 37,593 | 35,984 | 38,805 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,483 | 14,405 | 20,394 | 13,708 | 24,178 |

## 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) | 29.3% | S100YIJB |
| Fixed assets ÷ total assets | 21.3% | S100YIJB |
| Goodwill ÷ parent equity | 3.1% | S100YIJB |

Goodwill over 4 years: 265 → 1,025 JPY; total investing cash flow: -27,515 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) | 25.8% |
| Cash ÷ revenue | 35.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 218.3% |
| Cash vs. profit gap | 6,052 JPY mn (of net income 203.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.5% |
| Shareholder payments — dividends / FCF | 10.4% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 27.7% |

## 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 | 4.4% | 0.69× | 3.1% | 2.34× | 7.1% | S100R5O8 |
| 2023 | 1.7% | 0.70× | 1.2% | 2.48× | 2.9% | S100TU4G |
| 2024 | 1.3% | 0.70× | 0.9% | 2.69× | 2.5% | S100W6L2 |
| 2025 | 2.5% | 0.74× | 1.9% | 2.85× | 5.3% | S100YIJB |
| 2026 | 4.4% | 0.75× | 3.3% | 2.91× | 9.5% | S100YIJB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.4% | 2026-03-31 |
| 株式会社エスエヌ興産 | Major shareholder | 9.8% | 2026-03-31 |
| 青 木 光 男 | Major shareholder | 7.1% | 2026-03-31 |
| 永 守 貴 樹 | Major shareholder | 5.9% | 2026-03-31 |
| 福山通運株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社中西製作所 | Major shareholder | 3.8% | 2026-03-31 |
| 高 林 滋 | Major shareholder | 3.6% | 2026-03-31 |
| 青 木 勇 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YIJB | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIJB,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W6L2 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6L2,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TU4G | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU4G,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R5O8 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5O8,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OJ4A | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ4A,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LTFV | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTFV,, |

## 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).