# MK SEIKO 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70期(2025/03/21－2026/03/20) (S100YA6U)
> Page: https://vizora.meequs.com/en/company/mk-seiko
> Retrieved: 2026-09-30T21:35:23.049Z

## Company

MK Seiko, founded in 1956, is a company in Home Appliances listed on TSE Standard. It has 1,258 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MK SEIKO CO., LTD. |
| Ticker | 5906 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5906.T) |
| Listing | TSE Standard |
| Head office | 長野県千曲市大字雨宮1825番地 |
| Representative (per filing) | 代表取締役社長 丸山 将一 |
| Founded | Dec 1956 |
| Share capital | ¥3.37B |
| Employees (consolidated) | 1,258 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.mkseiko.co.jp (https://www.mkseiko.co.jp/) |
| Corporate number | 2100001006100 |
| EDINET | E02409 |
| Industries (Vizora) | Home Appliances, Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100YA6U, filed 2026-06-11). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.2 | 110 |
| Profitability | 61.1 | 122 |
| Cash conversion | 30.6 | 116 |
| Efficiency | 92.2 | 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 69% of MK Seiko's sales come from Mobility and Service, with Life and support and Building materials making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +36.6%.

## Company structure

- Segment revenue mix: Mobility and Service 69.1%、Life and support 20.8%、Building materials 9.3%、Other business 0.7%
- Revenue → net income: ¥29788221000 → ¥2354276000
- Net income → operating cash flow: ¥2354276000 → ¥1990637000（difference ¥-363639000）
- Main uses of operating cash flow: CapEx ¥648576000 / dividends ¥147188000 / buybacks ¥360766000
- Change in cash: ¥29083000
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 | ¥29.8B |  |
| Operating income | ¥2.72B | Margin 9.1% |
| Net income | ¥2.35B | Margin 7.9% |
| Free cash flow | ¥1.34B |  |
| Largest business | Mobility and Service | of segment revenue 69.1% |
| Employees (consolidated) | 1,258 |  |
| EPS | ¥136.06 |  |
| Book value per share | ¥1121.59 |  |
| Equity ratio | 68.5% |  |
| Shares outstanding | 15,595,050 |  |
| Treasury shares | 1,669,200 |  |
| Shareholders | 3,383 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 8.5% |
| Vs. industry median margin | +1.6 pp | Industrial Machinery |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.5× dividends
- FY2026, one segment accounts for 70% of positive segment profit
- FY2026, employees 0% while operating income rose 37%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25633426000 | ¥29788221000 | +16.2% |
| Operating income | ¥1507629000 | ¥2723078000 | +80.6% |
| Operating margin | 5.9% | 9.1% | +3.3 pp |
| Employees | 1,304 people | 1,258 people | -3.5% |
| Cash and equivalents | ¥1805974000 | ¥2544256000 | +40.9% |

### 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 |
| --- | ---: |
| モビリティ＆サービス事業 → モビリティ＆サービス事業 | 64.0% |
| ライフ＆サポート事業 → ライフ＆サポート事業 | 20.8% |
| ライフ＆サポート事業 → 事業再編・廃止 | 5.9% |
| 住設機器事業 → 住設機器事業 | 9.0% |
| その他の事業 → その他の事業 | 0.3% |
| 新設・再編 → モビリティ＆サービス事業 | 5.2% |
| 新設・再編 → 住設機器事業 | 0.3% |
| 新設・再編 → その他の事業 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobility and Service | 5 years | +4.7% | ¥20592168000 | 14.4% | 2 |
| Life and support | 5 years | -1.9% | ¥6209092000 | 16.0% | 2 |
| Building materials | 5 years | +3.8% | ¥2773808000 | 5.7% | 2 |
| Other business | 5 years | +20.9% | ¥213153000 | 60.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,788 | 100.0% | S100YA6U |
| Cost of revenue | 19,533 | 65.6% | S100YA6U |
| Gross profit | 10,255 | 34.4% | S100YA6U |
| SG&A | 7,532 | 25.3% | S100YA6U |
| Operating income | 2,723 | 9.1% | S100YA6U |
| Ordinary income | 2,922 | 9.8% | S100YA6U |
| Pretax income | 3,116 | 10.5% | S100YA6U |
| Income tax | 762 | 2.6% | S100YA6U |
| Net income | 2,354 | 7.9% | S100YA6U |
| Net income attributable to owners | 2,354 | 7.9% | S100YA6U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 25 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 34.4% → Operating margin 9.1% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +36.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.81×
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 | 28,268 | 29,788 | 1,520 | +5.4% |
| Gross profit | 9,176 | 10,255 | 1,079 | +11.8% |
| Operating income | 1,993 | 2,723 | 730 | +36.6% |
| Net income attributable to owners | 1,335 | 2,354 | 1,020 | +76.4% |
| Operating cash flow | 517 | 1,991 | 1,474 | +285.4% |
| Free cash flow | 291 | 1,342 | 1,051 | +361.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,385 | 1,012 | 4.1% | 437 | 1,355 | 725 | S100LIRT |
| FY ending Mar 2021 | 25,633 | 1,508 | 5.9% | 522 | 1,804 | 1,343 | S100O8CW |
| FY ending Mar 2022 | 24,856 | 1,081 | 4.3% | 566 | 437 | 66 | S100QXCJ |
| FY ending Mar 2023 | 27,328 | 1,694 | 6.2% | 1,168 | 2,269 | 1,978 | S100TMWM |
| FY ending Mar 2024 | 28,474 | 2,127 | 7.5% | 714 | 2,458 | 2,175 | S100VX2E |
| FY ending Mar 2025 | 28,268 | 1,993 | 7.1% | 1,335 | 517 | 291 | S100YA6U |
| FY ending Mar 2026 | 29,788 | 2,723 | 9.1% | 2,354 | 1,991 | 1,342 | S100YA6U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.7M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,327 | 1,312 | 1,259 | 1,260 | 1,258 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.8M | ¥5.8M | ¥6M |
| Average age (parent company) | 45.2 years | 45.1 years | 45.3 years | 45.2 years | 45.6 years |
| Average tenure (parent company) | 17.3 years | 16.7 years | 16.9 years | 16.8 years | 17.5 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobility and Service | 20,592 | 69.1% | 2,971 | 14.4% |
| Life and support | 6,209 | 20.8% | 993 | 16.0% |
| Building materials | 2,774 | 9.3% | 158 | 5.7% |
| Other business | 213 | 0.7% | 130 | 60.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobility and Service | 69.1% | 69.9% | 0.7 | 14.4% |
| Life and support | 20.8% | 23.4% | 2.5 | 16.0% |
| Building materials | 9.3% | 3.7% | -5.6 | 5.7% |
| Other business | 0.7% | 3.0% | 2.3 | 60.8% |

Segment → industry: Life and support → Home Appliances / Building materials → Housing Equipment & Building Materials / Mobility and Service → 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 | 1,991 | 6.7% | S100YA6U |
| Capital expenditure | 649 | 2.2% | S100YA6U |
| Free cash flow | 1,342 | 4.5% | 算出 |
| Investing cash flow | -439 | -1.5% | S100YA6U |
| Financing cash flow | -1,516 | -5.1% | S100YA6U |
| Dividends paid | 147 | 0.5% | S100YA6U |
| Share buyback | 361 | 1.2% | S100YA6U |
| Change in cash | 29 | 0.1% | S100YA6U |
| Cash and equivalents | 2,544 | 8.5% | S100YA6U |

## 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 | 1,485 | 1,900 | 2,418 | 2,515 | 2,544 | S100TMWM, S100VX2E, S100YA6U |
| Total assets | 25,501 | 26,454 | 26,777 | 26,285 | 28,329 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Net assets | 12,406 | 13,787 | 15,032 | 16,690 | 19,397 | S100TMWM, S100VX2E, S100YA6U |
| Share capital | 3,374 | 3,374 | 3,374 | 3,374 | 3,374 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Trade receivables | 4,924 | — | — | — | — | S100QXCJ |
| Property, plant and equipment | 6,090 | 5,892 | 4,963 | 5,072 | 5,263 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Intangible assets excluding goodwill | 1,511 | 1,299 | 998 | 779 | 631 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Goodwill | 577 | 420 | 232 | 102 | 19 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Investment securities | 1,678 | 1,746 | 2,209 | 2,420 | 3,334 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Current assets | 15,320 | 16,582 | 17,444 | 16,844 | 17,517 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Current liabilities | 10,235 | 10,235 | 9,901 | 7,082 | 6,081 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Trade payables | 1,383 | 1,415 | 1,292 | 930 | 893 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Short-term borrowings | 3,030 | 2,040 | 1,600 | 1,280 | 490 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Long-term borrowings | 2,013 | 1,657 | 1,033 | 1,490 | 1,554 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Total liabilities | 13,095 | 12,667 | 11,746 | 9,595 | 8,932 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Equity attributable to owners of parent | 12,045 | 13,204 | 13,789 | 15,023 | 16,885 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Retained earnings | 6,199 | 7,342 | 7,909 | 9,126 | 11,333 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |
| Treasury stock | -474 | -451 | -429 | -409 | -756 | S100QXCJ, S100TMWM, S100VX2E, S100YA6U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YA6U |
| Property, plant and equipment | 19% | S100YA6U |
| Intangibles and goodwill | 2% | S100YA6U |
| Investment securities | 12% | S100YA6U |
| Other assets | 58% | S100YA6U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YA6U |
| Other liabilities | 28% | S100YA6U |
| Equity | 69% | S100YA6U |
| Other liabilities | 0% | S100YA6U |

### 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 | 25,501 | 26,454 | 26,777 | 26,285 | 28,329 |
| Equity | 12,406 | 13,787 | 15,032 | 16,690 | 19,397 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,485 | 1,900 | 2,418 | 2,515 | 2,544 |

## 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) | 17.7% | S100YA6U |
| Fixed assets ÷ total assets | 18.6% | S100YA6U |
| Goodwill ÷ parent equity | 0.1% | S100YA6U |

Goodwill over 4 years: 577 → 19 JPY; total investing cash flow: -2,194 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) | 9.0% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.1% |
| Cash vs. profit gap | -364 JPY mn (of net income -15.4%) |
| Shareholder returns / net income | 21.6% |
| Shareholder returns / FCF | 37.8% |
| Shareholder payments — dividends / net income | 6.3% |
| Shareholder payments — dividends / FCF | 11.0% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 22.1% |

## 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 | 2.3% | 0.97× | 2.2% | 2.12× | 4.7% | S100QXCJ |
| 2023 | 4.3% | 1.05× | 4.5% | 2.06× | 9.3% | S100TMWM |
| 2024 | 2.5% | 1.07× | 2.7% | 1.97× | 5.3% | S100VX2E |
| 2025 | 4.7% | 1.07× | 5.0% | 1.84× | 9.3% | S100YA6U |
| 2026 | 7.9% | 1.09× | 8.6% | 1.71× | 14.8% | S100YA6U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京中小企業投資育成株式会社 | Major shareholder | 8.4% | 2026-03-20 |
| 丸山 はる代 | Major shareholder | 5.9% | 2026-03-20 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.9% | 2026-03-20 |
| 株式会社八十二長野銀行 （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 | 4.9% | 2026-03-20 |
| エムケー精工従業員持株会 | Major shareholder | 4.5% | 2026-03-20 |
| 丸山 将一 | Major shareholder | 4.0% | 2026-03-20 |
| 丸山 誠二 | Major shareholder | 3.5% | 2026-03-20 |
| 丸山 繁夫 | Major shareholder | 3.3% | 2026-03-20 |
| 早川 和弘 | Major shareholder | 2.9% | 2026-03-20 |
| 昭和商事株式会社 | Major shareholder | 2.0% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/03/21－2026/03/20) | S100YA6U | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA6U,, |
| 有価証券報告書－第69期(2024/03/21－2025/03/20) | S100VX2E | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX2E,, |
| 有価証券報告書－第68期(2023/03/21－2024/03/20) | S100TMWM | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMWM,, |
| 有価証券報告書－第67期(2022/03/21－2023/03/20) | S100QXCJ | 2023-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXCJ,, |
| 有価証券報告書－第66期(令和3年3月21日－令和4年3月20日) | S100O8CW | 2022-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8CW,, |
| 有価証券報告書－第65期(令和2年3月21日－令和3年3月20日) | S100LIRT | 2021-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIRT,, |

## 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).