# LECIP HOLDINGS CORPORATION: 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74期(2025/04/01－2026/03/31) (S100YCPI)
> Page: https://vizora.meequs.com/en/company/lecip-holdings
> Retrieved: 2026-09-30T17:56:58.426Z

## Company

Lecip Holdings, founded in 1953, is a company in Auto Parts listed on TSE Standard. It has 721 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LECIP HOLDINGS CORPORATION |
| Ticker | 7213 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7213.T) |
| Listing | TSE Standard |
| Head office | 岐阜県本巣市上保1260番地の2 |
| Representative (per filing) | 代表取締役社長 杉本 眞 |
| Founded | Mar 1953 |
| Share capital | ¥1.72B |
| Employees (consolidated) | 721 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.lecip.com (https://www.lecip.com/) |
| Corporate number | 7200001010392 |
| EDINET | E02105 |
| Industries (Vizora) | Auto Parts, Electrical Equipment |

> Profile source: annual securities report (S100YCPI, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 110 |
| Profitability | 55.4 | 111 |
| Cash conversion | 86.6 | 108 |
| Efficiency | 74.3 | 111 |

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 84% of Lecip Holdings's sales come from Transport Equipment Operations, with Industrial Equipment Operations and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -7.8% from the prior year, operating profit -64.1%.

## Company structure

- Segment revenue mix: Transport Equipment Operations 83.8%、Industrial Equipment Operations 16.0%、Other 0.2%
- Revenue → net income: ¥23898213000 → ¥1177940000
- Net income → operating cash flow: ¥1177940000 → ¥3603193000（difference ¥2425253000）
- Main uses of operating cash flow: CapEx ¥573051000 / dividends ¥313937000 / buybacks ¥81000
- Change in cash: ¥2310085000
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 | ¥23.9B |  |
| Operating income | ¥1.27B | Margin 5.3% |
| Net income | ¥1.18B | Margin 4.9% |
| Free cash flow | ¥3.03B |  |
| Largest business | Transport Equipment Operations | of segment revenue 83.8% |
| Employees (consolidated) | 721 |  |
| EPS | ¥44.7 |  |
| Book value per share | ¥341.08 |  |
| Equity ratio | 50.6% |  |
| Shares outstanding | 15,891,500 |  |
| Treasury shares | 119,600 |  |
| Shareholders | 15,457 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | +0.5 pp | Auto Parts |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15553636000 | ¥23898213000 | +53.7% |
| Operating income | ¥-40097000 | ¥1268730000 | — |
| Operating margin | -0.3% | 5.3% | +5.6 pp |
| Employees | 623 people | 721 people | +15.7% |
| Cash and equivalents | ¥3333858000 | ¥4383854000 | +31.5% |

### 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 |
| --- | ---: |
| 輸送機器事業 → 事業再編・廃止 | 66.8% |
| 産業機器事業 → 事業再編・廃止 | 32.9% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 輸送機器事業 | 83.8% |
| 新設・再編 → 産業機器事業 | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transport Equipment Operations | 3 years | +25.7% | ¥20034922000 | 5.9% | 2 |
| Industrial Equipment Operations | 3 years | -2.6% | ¥3825961000 | 3.6% | 2 |
| Other | 5 years | -2.2% | ¥37328000 | 10.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,898 | 100.0% | S100YCPI |
| Cost of revenue | 17,503 | 73.2% | S100YCPI |
| Gross profit | 6,395 | 26.8% | S100YCPI |
| SG&A | 5,126 | 21.5% | S100YCPI |
| Operating income | 1,269 | 5.3% | S100YCPI |
| Ordinary income | 1,509 | 6.3% | S100YCPI |
| Pretax income | 1,784 | 7.5% | S100YCPI |
| Income tax | 606 | 2.5% | S100YCPI |
| Net income | 1,178 | 4.9% | S100YCPI |
| Net income attributable to owners | 1,178 | 4.9% | S100YCPI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 22 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.8% → Operating margin 5.3% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.8%; Core profit growth: -64.1%
Operating leverage (core profit growth ÷ revenue growth): 8.17×
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 | 25,932 | 23,898 | -2,034 | -7.8% |
| Gross profit | 8,632 | 6,395 | -2,237 | -25.9% |
| Operating income | 3,532 | 1,269 | -2,263 | -64.1% |
| Net income attributable to owners | 2,255 | 1,178 | -1,078 | -47.8% |
| Operating cash flow | 1,183 | 3,603 | 2,420 | +204.5% |
| Free cash flow | -335 | 3,030 | 3,365 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,051 | 1,855 | 7.1% | 891 | 2,876 | 2,186 | S100LKZ5 |
| FY ending Mar 2021 | 15,554 | -40 | -0.3% | -124 | -1,130 | -1,612 | S100OA1N |
| FY ending Mar 2022 | 14,076 | 150 | 1.1% | 53 | 2,301 | 2,103 | S100R0WU |
| FY ending Mar 2023 | 14,254 | -310 | -2.2% | -249 | -1,495 | -1,708 | S100TN0P |
| FY ending Mar 2024 | 22,685 | 3,164 | 13.9% | 2,417 | 2,337 | 1,894 | S100W0R5 |
| FY ending Mar 2025 | 25,932 | 3,532 | 13.6% | 2,255 | 1,183 | -335 | S100YCPI |
| FY ending Mar 2026 | 23,898 | 1,269 | 5.3% | 1,178 | 3,603 | 3,030 | S100YCPI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 600 | 590 | 600 | 633 | 721 |
| Average salary (parent company) | ¥5.5M | ¥4.8M | ¥4.6M | ¥5.4M | ¥4.9M |
| Average age (parent company) | 39.5 years | 37.7 years | 37.8 years | 36.3 years | 35.5 years |
| Average tenure (parent company) | 10.6 years | 9.0 years | 7.5 years | 7.5 years | 6.7 years |

Year over year: Employees (consolidated) +13.9% · Revenue (consolidated) -7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transport Equipment Operations | 20,035 | 83.8% | 1,191 | 5.9% |
| Industrial Equipment Operations | 3,826 | 16.0% | 138 | 3.6% |
| Other | 37 | 0.2% | 4 | 10.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transport Equipment Operations | 83.8% | 89.4% | 5.5 | 5.9% |
| Industrial Equipment Operations | 16.0% | 10.4% | -5.7 | 3.6% |
| Other | 0.2% | 0.3% | 0.1 | 10.5% |

Segment → industry: Transport Equipment Operations → Auto Parts / Industrial Equipment Operations → Electrical Equipment / Transport Equipment Operations → Electrical Equipment

## 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 | 3,603 | 15.1% | S100YCPI |
| Capital expenditure | 573 | 2.4% | S100YCPI |
| Free cash flow | 3,030 | 12.7% | 算出 |
| Investing cash flow | -314 | -1.3% | S100YCPI |
| Financing cash flow | -1,040 | -4.4% | S100YCPI |
| Dividends paid | 314 | 1.3% | S100YCPI |
| Share buyback | 0 | 0.0% | S100YCPI |
| Change in cash | 2,310 | 9.7% | S100YCPI |
| Cash and equivalents | 4,384 | 18.3% | S100YCPI |

## 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 | 4,095 | 3,179 | 2,964 | 2,074 | 4,384 | S100TN0P, S100W0R5, S100YCPI |
| Total assets | 14,450 | 14,856 | 19,949 | 20,403 | 21,715 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Net assets | 4,775 | 4,689 | 6,881 | 10,100 | 10,977 | S100TN0P, S100W0R5, S100YCPI |
| Share capital | 1,191 | 1,191 | 1,191 | 1,718 | 1,718 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Property, plant and equipment | 1,536 | 1,435 | 1,584 | 2,628 | 2,683 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Intangible assets excluding goodwill | 588 | 468 | 403 | 294 | 321 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Investment securities | 558 | 668 | 763 | 750 | 929 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Current assets | 11,282 | 11,826 | 16,473 | 16,088 | 16,858 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Current liabilities | 8,420 | 9,106 | 11,901 | 9,401 | 9,721 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Trade payables | 1,183 | 1,368 | 1,783 | 1,089 | 1,074 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Short-term borrowings | 3,206 | 4,074 | 1,687 | 586 | 40 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Long-term borrowings | 499 | 586 | 561 | 389 | 383 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Total liabilities | 9,675 | 10,168 | 13,067 | 10,303 | 10,738 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Equity attributable to owners of parent | 4,627 | 4,582 | 6,969 | 10,180 | 11,086 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Retained earnings | 2,773 | 2,455 | 4,802 | 6,940 | 7,804 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |
| Treasury stock | -549 | -282 | -251 | -226 | -188 | S100R0WU, S100TN0P, S100W0R5, S100YCPI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YCPI |
| Property, plant and equipment | 12% | S100YCPI |
| Intangibles and goodwill | 2% | S100YCPI |
| Investment securities | 4% | S100YCPI |
| Other assets | 62% | S100YCPI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YCPI |
| Other liabilities | 44% | S100YCPI |
| Equity | 51% | S100YCPI |

### 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 | 14,450 | 14,856 | 19,949 | 20,403 | 21,715 |
| Equity | 4,775 | 4,689 | 6,881 | 10,100 | 10,977 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,095 | 3,179 | 2,964 | 2,074 | 4,384 |

## 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) | 11.2% | S100YCPI |
| Fixed assets ÷ total assets | 12.4% | S100YCPI |
| Goodwill ÷ parent equity | — | —, S100YCPI |

### 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) | 20.2% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 284.0% |
| Cash vs. profit gap | 2,425 JPY mn (of net income 205.9%) |
| Shareholder returns / net income | 26.7% |
| Shareholder returns / FCF | 10.4% |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | 10.4% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 8.7% |

## 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 | 0.4% | 0.97× | 0.4% | 3.12× | 1.2% | S100R0WU |
| 2023 | — | —× | -1.7% | —× | — | S100TN0P |
| 2024 | 10.7% | 1.30× | 13.9% | 3.01× | 41.8% | S100W0R5 |
| 2025 | 8.7% | 1.29× | 11.2% | 2.35× | 26.3% | S100YCPI |
| 2026 | 4.9% | 1.13× | 5.6% | 1.98× | 11.1% | S100YCPI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| レシップ社員持株会 | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 杉本 眞 | Major shareholder | 2.9% | 2026-03-31 |
| レシップ取引先持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(役員報酬ＢＩＰ信託口) | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 0.9% | 2026-03-31 |
| 共栄ライフパートナーズ株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YCPI | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCPI,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W0R5 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0R5,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TN0P | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN0P,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R0WU | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0WU,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OA1N | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA1N,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LKZ5 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKZ5,, |

## 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).