# Nihon Seimitsu 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48期(2025/04/01－2026/03/31) (S100YKSP)
> Page: https://vizora.meequs.com/en/company/nihon-seimitsu
> Retrieved: 2026-09-30T21:32:13.126Z

## Company

Nihon Seimitsu is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 1,700 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nihon Seimitsu Co., Ltd. |
| Ticker | 7771 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7771.T) |
| Listing | TSE Standard |
| Head office | 埼玉県川口市本町四丁目1番8号 |
| Representative (per filing) | 代表取締役社長 井藤秀雄 |
| Share capital | ¥2.12B |
| Employees (consolidated) | 1,700 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.nihon-s.co.jp (https://www.nihon-s.co.jp/) |
| Corporate number | 6030001076535 |
| EDINET | E02325 |
| Industries (Vizora) | Watches, Jewelry & Eyewear, Sporting Goods & Fitness |

> Profile source: annual securities report (S100YKSP, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.5 | 20 |
| Profitability | 42.5 | 20 |
| Cash conversion | 34.2 | 19 |
| Efficiency | 83.3 | 21 |

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 74% of Nihon Seimitsu's sales come from Watch segment, Reportable segments, with Fishing parts and Applied products and Glasses frame making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.3% from the prior year, operating profit +36.0%.

## Company structure

- Segment revenue mix: Watch segment, Reportable segments 74.4%、Fishing parts and Applied products 14.7%、Glasses frame 10.8%
- Revenue → net income: ¥7895825000 → ¥350632000
- Net income → operating cash flow: ¥350632000 → ¥191489000（difference ¥-159143000）
- Main uses of operating cash flow: CapEx ¥54479000 / dividends — / buybacks —
- Change in cash: ¥63805000
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 | ¥7.9B |  |
| Operating income | ¥375M | Margin 4.7% |
| Net income | ¥350.6M | Margin 4.4% |
| Free cash flow | ¥137M |  |
| Largest business | Watch segment, Reportable segments | of segment revenue 74.4% |
| Employees (consolidated) | 1,700 |  |
| EPS | ¥2.5 |  |
| Book value per share | ¥62.83 |  |
| Equity ratio | 33.9% |  |
| Shares outstanding | 24,180,047 |  |
| Treasury shares | 209,700 |  |
| Shareholders | 31,774 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 11.8% |
| Vs. industry median margin | -1.9 pp | Watches, Jewelry & Eyewear |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 36%
- FY2026, segment profit share differs by 36 points
- 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 | ¥4767963000 | ¥7895825000 | +65.6% |
| Operating income | ¥-481212000 | ¥374982000 | — |
| Operating margin | -10.1% | 4.7% | +14.8 pp |
| Employees | 2,382 people | 1,700 people | -28.6% |
| Cash and equivalents | ¥683667000 | ¥929663000 | +36.0% |

### 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 |
| --- | ---: |
| 時計関連 → 時計関連 | 74.4% |
| 時計関連 → 事業再編・廃止 | 3.8% |
| メガネフレーム → メガネフレーム | 10.8% |
| メガネフレーム → 事業再編・廃止 | 10.9% |
| 新設・再編 → 釣具・応用品 | 14.7% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Watch segment, Reportable segments | 5 years | +13.4% | ¥5878107000 | 3.0% | 2 |
| Fishing parts and Applied products | 4 years | +8.2% | ¥1162781000 | 16.5% | 2 |
| Glasses frame | 5 years | -0.4% | ¥854935000 | 1.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,896 | 100.0% | S100YKSP |
| Cost of revenue | 6,238 | 79.0% | S100YKSP |
| Gross profit | 1,658 | 21.0% | S100YKSP |
| SG&A | 1,283 | 16.3% | S100YKSP |
| Operating income | 375 | 4.7% | S100YKSP |
| Ordinary income | 534 | 6.8% | S100YKSP |
| Pretax income | 535 | 6.8% | S100YKSP |
| Income tax | 184 | 2.3% | S100YKSP |
| Net income | 351 | 4.4% | S100YKSP |
| Net income attributable to owners | 351 | 4.4% | S100YKSP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 16 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 21.0% → Operating margin 4.7% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.3%; Core profit growth: +36.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.50×
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 | 7,158 | 7,896 | 737 | +10.3% |
| Gross profit | 1,502 | 1,658 | 156 | +10.4% |
| Operating income | 276 | 375 | 99 | +36.0% |
| Net income attributable to owners | -20 | 351 | 371 | — |
| Operating cash flow | 253 | 191 | -62 | -24.3% |
| Free cash flow | 139 | 137 | -2 | -1.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,690 | -201 | -3.0% | -544 | 80 | 6 | S100LM7O |
| FY ending Mar 2021 | 4,768 | -481 | -10.1% | -632 | -305 | -385 | S100OAPZ |
| FY ending Mar 2022 | 5,740 | 81 | 1.4% | -128 | -174 | -214 | S100QZOG |
| FY ending Mar 2023 | 6,901 | 181 | 2.6% | 176 | 218 | 201 | S100TNIF |
| FY ending Mar 2024 | 6,728 | 252 | 3.8% | 391 | 476 | 416 | S100VZHW |
| FY ending Mar 2025 | 7,158 | 276 | 3.9% | -20 | 253 | 139 | S100YKSP |
| FY ending Mar 2026 | 7,896 | 375 | 4.7% | 351 | 191 | 137 | S100YKSP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥4.6M |
| Operating income per employee (consolidated) | ¥220.6K |
| Net income per employee (consolidated) | ¥206.3K |

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) | 2,301 | 2,075 | 1,626 | 1,714 | 1,700 |
| Average salary (parent company) | ¥5M | ¥5.6M | ¥5.5M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 47.4 years | 49.6 years | 49.6 years | 50.0 years | 49.0 years |
| Average tenure (parent company) | 10.0 years | 11.3 years | 12.3 years | 13.0 years | 12.0 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +10.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Watch segment, Reportable segments | 5,878 | 74.4% | 174 | 3.0% |
| Glasses frame | 855 | 10.8% | 15 | 1.8% |
| Fishing parts and Applied products | 1,163 | 14.7% | 192 | 16.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Watch segment, Reportable segments | 74.4% | 45.8% | -28.7 | 3.0% |
| Glasses frame | 10.8% | 3.9% | -6.9 | 1.8% |
| Fishing parts and Applied products | 14.7% | 50.3% | 35.6 | 16.5% |

Segment → industry: Glasses frame → Watches, Jewelry & Eyewear / Watch segment, Reportable segments → Watches, Jewelry & Eyewear / Fishing parts and Applied products → Sporting Goods & Fitness

## 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 | 191 | 2.4% | S100YKSP |
| Capital expenditure | 54 | 0.7% | S100YKSP |
| Free cash flow | 137 | 1.7% | 算出 |
| Investing cash flow | -57 | -0.7% | S100YKSP |
| Financing cash flow | -104 | -1.3% | S100YKSP |
| Change in cash | 64 | 0.8% | S100YKSP |
| Cash and equivalents | 930 | 11.8% | S100YKSP |

## 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 | 486 | 591 | 955 | 866 | 930 | S100TNIF, S100VZHW, S100YKSP |
| Total assets | 5,366 | 5,302 | 5,795 | 5,640 | 6,019 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Net assets | 1,178 | 1,262 | 1,471 | 1,470 | 2,038 | S100TNIF, S100VZHW, S100YKSP |
| Share capital | 2,018 | 2,018 | 2,018 | 2,018 | 2,118 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Trade receivables | — | 561 | 722 | 667 | 800 | S100TNIF, S100VZHW, S100YKSP |
| Property, plant and equipment | 2,096 | 2,019 | 2,035 | 1,939 | 1,944 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Intangible assets excluding goodwill | 383 | 391 | 405 | 399 | 412 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Investment securities | 26 | 30 | 30 | 28 | 34 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Current assets | 2,800 | 2,807 | 3,258 | 3,209 | 3,562 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Current liabilities | 3,440 | 3,515 | 3,829 | 3,244 | 3,388 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Trade payables | 568 | 510 | 814 | 861 | 710 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Short-term borrowings | 1,346 | 2,502 | 2,671 | 2,035 | 2,052 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Long-term borrowings | 646 | 424 | 389 | 821 | 486 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Total liabilities | 4,188 | 4,040 | 4,324 | 4,170 | 3,981 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Equity attributable to owners of parent | 1,289 | 1,464 | 1,855 | 1,835 | 2,386 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Retained earnings | -2,689 | -2,514 | -2,123 | -2,143 | -1,792 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |
| Treasury stock | -42 | -42 | -42 | -42 | -42 | S100QZOG, S100TNIF, S100VZHW, S100YKSP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YKSP |
| Receivables | 13% | S100YKSP |
| Property, plant and equipment | 32% | S100YKSP |
| Intangibles and goodwill | 7% | S100YKSP |
| Investment securities | 1% | S100YKSP |
| Other assets | 32% | S100YKSP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YKSP |
| Other liabilities | 54% | S100YKSP |
| Equity | 34% | S100YKSP |
| Other liabilities | 0% | S100YKSP |

### 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 | 5,366 | 5,302 | 5,795 | 5,640 | 6,019 |
| Equity | 1,178 | 1,262 | 1,471 | 1,470 | 2,038 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 486 | 591 | 955 | 866 | 930 |

## 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) | 24.6% | S100YKSP |
| Fixed assets ÷ total assets | 32.3% | S100YKSP |
| Goodwill ÷ parent equity | — | —, S100YKSP |

### 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) | 15.4% |
| Cash ÷ revenue | 11.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.1% |
| Cash vs. profit gap | -159 JPY mn (of net income -45.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 29.5% |

## 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 | — | —× | -2.4% | —× | — | S100QZOG |
| 2023 | 2.5% | 1.29× | 3.3% | 3.87× | 12.8% | S100TNIF |
| 2024 | 5.8% | 1.21× | 7.0% | 3.34× | 23.5% | S100VZHW |
| 2025 | — | —× | -0.4% | —× | — | S100YKSP |
| 2026 | 4.4% | 1.35× | 6.0% | 2.76× | 16.6% | S100YKSP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ジエンコ(常任代理人 長木裕史) | Major shareholder | 21.1% | 2026-03-31 |
| 株式会社キュロホールディングス(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 10.5% | 2026-03-31 |
| 權 經 訓 | Major shareholder | 8.1% | 2026-03-31 |
| キュキャピタルパートナーズ株式会社(常任代理人 リーディング証券株式会社) | Major shareholder | 4.7% | 2026-03-31 |
| 宮 里 英 助 | Major shareholder | 2.9% | 2026-03-31 |
| 井 藤 秀 雄 | Major shareholder | 1.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 尾 家 繁 樹 | Major shareholder | 0.9% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| 齋 藤 麗 夫 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YKSP | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKSP,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100VZHW | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZHW,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TNIF | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNIF,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100QZOG | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZOG,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OAPZ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAPZ,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LM7O | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM7O,, |

## 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).