# MUTO SEIKO CO.: 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66期(2025/04/01－2026/03/31) (S100YGVG)
> Page: https://vizora.meequs.com/en/company/muto-seiko
> Retrieved: 2026-09-30T21:18:25.539Z

## Company

Muto Seiko, founded in 1961, is a company in Electronic Components listed on TSE Standard. It has 2,975 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MUTO SEIKO CO. |
| Ticker | 7927 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7927.T) |
| Listing | TSE Standard |
| Head office | 岐阜県各務原市鵜沼川崎町一丁目60番地の1 |
| Representative (per filing) | 代表取締役社長 田中肇 |
| Founded | Jan 1961 |
| Share capital | ¥2.19B |
| Employees (consolidated) | 2,975 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.muto.co.jp (https://www.muto.co.jp/) |
| Corporate number | 8200001007025 |
| EDINET | E01032 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YGVG, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.3 | 53 |
| Profitability | 63.4 | 56 |
| Cash conversion | 59.4 | 48 |
| Efficiency | 74.1 | 56 |

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 97% of Muto Seiko's sales come from Plastic molding, with Printed circuit board making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +13.6%.

## Company structure

- Segment revenue mix: Plastic molding 97.2%、Printed circuit board 2.8%
- Revenue → net income: ¥29688405000 → ¥2051637000
- Net income → operating cash flow: ¥2051637000 → ¥3703316000（difference ¥1651679000）
- Main uses of operating cash flow: CapEx ¥1369598000 / dividends ¥733967000 / buybacks ¥130097000
- Change in cash: ¥740879000
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 | ¥29.7B |  |
| Operating income | ¥2.33B | Margin 7.8% |
| Net income | ¥1.99B | Margin 6.7% |
| Free cash flow | ¥2.33B |  |
| Largest business | Plastic molding | of segment revenue 97.2% |
| Employees (consolidated) | 2,975 |  |
| EPS | ¥225.91 |  |
| Book value per share | ¥1349.67 |  |
| Equity ratio | 64.3% |  |
| Shares outstanding | 7,739,548 |  |
| Treasury shares | 793,500 |  |
| Shareholders | 6,844 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 27.7% | Cash ÷ revenue 30.4% |
| Vs. industry median margin | +1.9 pp | Electronic Components |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, parent-company salary changed +21% over five years
- FY2026, employees -4% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19217210000 | ¥29688405000 | +54.5% |
| Operating income | ¥1138931000 | ¥2325743000 | +104.2% |
| Operating margin | 5.9% | 7.8% | +1.9 pp |
| Employees | 3,757 people | 2,975 people | -20.8% |
| Cash and equivalents | ¥6913417000 | ¥9025817000 | +30.6% |

### 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 |
| --- | ---: |
| プラスチック成形事業 → プラスチック成形事業 | 93.7% |
| 精密プレス部品事業 → 事業再編・廃止 | 4.9% |
| プリント基板事業 → プリント基板事業 | 1.4% |
| 新設・再編 → プラスチック成形事業 | 3.5% |
| 新設・再編 → プリント基板事業 | 1.4% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,688 | 100.0% | S100YGVG |
| Cost of revenue | 23,778 | 80.1% | S100YGVG |
| Gross profit | 5,911 | 19.9% | S100YGVG |
| SG&A | 3,585 | 12.1% | S100YGVG |
| Operating income | 2,326 | 7.8% | S100YGVG |
| Ordinary income | 2,769 | 9.3% | S100YGVG |
| Pretax income | 2,784 | 9.4% | S100YGVG |
| Income tax | 733 | 2.5% | S100YGVG |
| Net income | 2,052 | 6.9% | S100YGVG |
| Net income attributable to owners | 1,990 | 6.7% | S100YGVG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 12 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 19.9% → Operating margin 7.8% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +13.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.77×
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 | 27,574 | 29,688 | 2,114 | +7.7% |
| Gross profit | 5,551 | 5,911 | 360 | +6.5% |
| Operating income | 2,048 | 2,326 | 278 | +13.6% |
| Net income attributable to owners | 1,511 | 1,990 | 480 | +31.8% |
| Operating cash flow | 2,274 | 3,703 | 1,429 | +62.9% |
| Free cash flow | -445 | 2,334 | 2,779 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,831 | 1,082 | 5.2% | 626 | 2,304 | 1,044 | S100LNFF |
| FY ending Mar 2021 | 19,217 | 1,139 | 5.9% | 265 | 1,995 | 1,079 | S100P6CR |
| FY ending Mar 2022 | 20,226 | 639 | 3.2% | 521 | 1,427 | 99 | S100R0LB |
| FY ending Mar 2023 | 26,170 | 1,747 | 6.7% | 1,300 | 2,588 | 1,207 | S100TNVB |
| FY ending Mar 2024 | 26,316 | 1,827 | 6.9% | 1,773 | 3,859 | 1,063 | S100W2GU |
| FY ending Mar 2025 | 27,574 | 2,048 | 7.4% | 1,511 | 2,274 | -445 | S100YGVG |
| FY ending Mar 2026 | 29,688 | 2,326 | 7.8% | 1,990 | 3,703 | 2,334 | S100YGVG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10M |
| Operating income per employee (consolidated) | ¥781.8K |
| Net income per employee (consolidated) | ¥669.1K |

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) | 3,454 | 3,526 | 3,126 | 3,102 | 2,975 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.4M | ¥5.7M | ¥6M |
| Average age (parent company) | 43.3 years | 43.6 years | 43.9 years | 44.4 years | 44.7 years |
| Average tenure (parent company) | 15.9 years | 16.3 years | 16.6 years | 17.0 years | 16.6 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) +7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Plastic molding | 28,856 | 97.2% | 1,872 | 6.5% |
| Printed circuit board | 833 | 2.8% | 453 | 54.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Plastic molding | 97.2% | 80.5% | -16.7 | 6.5% |
| Printed circuit board | 2.8% | 19.5% | 16.7 | 54.4% |

Segment → industry: Printed circuit board → Electronic Components / Plastic molding → Electronic Components

## 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 | 3,703 | 12.5% | S100YGVG |
| Capital expenditure | 1,370 | 4.6% | S100YGVG |
| Free cash flow | 2,334 | 7.9% | 算出 |
| Investing cash flow | -1,137 | -3.8% | S100YGVG |
| Financing cash flow | -2,570 | -8.7% | S100YGVG |
| Dividends paid | 734 | 2.5% | S100YGVG |
| Share buyback | 130 | 0.4% | S100YGVG |
| Change in cash | 741 | 2.5% | S100YGVG |
| Cash and equivalents | 9,026 | 30.4% | S100YGVG |

## 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 | 6,749 | 8,026 | 8,335 | 8,285 | 9,026 | S100TNVB, S100W2GU, S100YGVG |
| Total assets | 24,569 | 25,940 | 29,478 | 31,027 | 32,563 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Net assets | 14,397 | 16,223 | 18,913 | 19,310 | 21,929 | S100TNVB, S100W2GU, S100YGVG |
| Share capital | 2,189 | 2,189 | 2,189 | 2,189 | 2,189 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Trade receivables | 3,791 | 4,668 | 4,528 | 4,742 | 4,609 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Property, plant and equipment | 7,238 | 7,271 | 8,985 | 10,293 | 10,529 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Intangible assets excluding goodwill | 202 | 207 | 220 | 237 | 338 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Investment securities | 162 | 175 | 268 | 303 | 572 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Current assets | 16,632 | 17,997 | 19,669 | 19,910 | 20,775 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Current liabilities | 7,807 | 7,647 | 7,483 | 8,073 | 7,532 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Trade payables | 2,511 | 2,342 | 2,045 | 1,842 | 2,458 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Short-term borrowings | 2,786 | 2,837 | 2,208 | 3,370 | 2,249 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Long-term borrowings | 1,481 | 1,073 | 2,000 | 2,317 | 1,859 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Total liabilities | 10,172 | 9,718 | 10,565 | 11,717 | 10,634 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Non-controlling interests | 795 | 879 | 951 | 935 | 978 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Equity attributable to owners of parent | 12,806 | 13,894 | 15,123 | 15,755 | 16,889 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Retained earnings | 8,769 | 9,937 | 11,160 | 11,905 | 13,164 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |
| Treasury stock | -398 | -478 | -475 | -592 | -719 | S100R0LB, S100TNVB, S100W2GU, S100YGVG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YGVG |
| Receivables | 14% | S100YGVG |
| Property, plant and equipment | 32% | S100YGVG |
| Intangibles and goodwill | 1% | S100YGVG |
| Investment securities | 2% | S100YGVG |
| Other assets | 23% | S100YGVG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YGVG |
| Other liabilities | 25% | S100YGVG |
| Equity | 67% | S100YGVG |
| Other liabilities | 0% | S100YGVG |

### 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 | 24,569 | 25,940 | 29,478 | 31,027 | 32,563 |
| Equity | 14,397 | 16,223 | 18,913 | 19,310 | 21,929 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,749 | 8,026 | 8,335 | 8,285 | 9,026 |

## 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) | 35.5% | S100YGVG |
| Fixed assets ÷ total assets | 32.3% | S100YGVG |
| Goodwill ÷ parent equity | — | —, S100YGVG |

### 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) | 27.7% |
| Cash ÷ revenue | 30.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 159.2% |
| Cash vs. profit gap | 1,713 JPY mn (of net income 86.1%) |
| Shareholder returns / net income | 43.4% |
| Shareholder returns / FCF | 37.0% |
| Shareholder payments — dividends / net income | 36.9% |
| Shareholder payments — dividends / FCF | 31.5% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 30.7% |

## 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 | 2.6% | 0.82× | 2.1% | 1.92× | 4.1% | S100R0LB |
| 2023 | 5.0% | 1.04× | 5.1% | 1.89× | 9.7% | S100TNVB |
| 2024 | 6.7% | 0.95× | 6.4% | 1.91× | 12.2% | S100W2GU |
| 2025 | 5.5% | 0.91× | 5.0% | 1.96× | 9.8% | S100YGVG |
| 2026 | 6.7% | 0.93× | 6.3% | 1.95× | 12.2% | S100YGVG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 肇 | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 国立大学法人東海国立大学機構 | Major shareholder | 2.9% | 2026-03-31 |
| ムトー精工従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.7% | 2026-03-31 |
| 公益財団法人ソニー教育財団 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YGVG | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGVG,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W2GU | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GU,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TNVB | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNVB,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R0LB | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0LB,, |
| 訂正有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100P6CR | 2022-09-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P6CR,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LNFF | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNFF,, |

## 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).