# SE 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45期(2025/04/01－2026/03/31) (S100YG2M)
> Page: https://vizora.meequs.com/en/company/se
> Retrieved: 2026-09-30T18:18:12.638Z

## Company

SE, founded in 1967, is a company in Cement & Concrete listed on TSE Standard. It has 559 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | S E Corporation |
| Ticker | 3423 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3423.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目5番1号 |
| Representative (per filing) | 代表取締役社長 宮原 一郎 |
| Founded | Aug 1967 |
| Share capital | ¥1.23B |
| Employees (consolidated) | 559 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.se-corp.com (https://www.se-corp.com/) |
| Corporate number | 4011101042505 |
| EDINET | E01298 |
| Industries (Vizora) | Cement & Concrete, Disaster Prevention & Infrastructure Maintenance, Housing Equipment & Building Materials, General Contractors |

> Profile source: annual securities report (S100YG2M, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.7 | 35 |
| Profitability | 8.8 | 40 |
| Cash conversion | 93.4 | 38 |
| Efficiency | 58.8 | 40 |

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 47% of SE's sales come from Construction Material and Equipment Business, with Architectural Construction Material Business and Repair and Reinforcement Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit -29.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25.4B |  |
| Operating income | ¥599M | Margin 2.4% |
| Net income | -¥434.9M | Margin -1.7% |
| Free cash flow | ¥386.2M |  |
| Largest business | Construction Material and Equipment Business | of segment revenue 47.3% |
| Employees (consolidated) | 559 |  |
| EPS | ¥-13.52 |  |
| Book value per share | ¥200.91 |  |
| Equity ratio | 42.6% |  |
| Shares outstanding | 31,256,600 |  |
| Treasury shares | 1,048,500 |  |
| Shareholders | 6,706 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 19.8% | Cash ÷ revenue 19.2% |
| Vs. industry median margin | -5.8 pp | Cement & Concrete |
| ROA | -1.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22801019000 | ¥25401038000 | +11.4% |
| Operating income | ¥1185787000 | ¥599001000 | -49.5% |
| Operating margin | 5.2% | 2.4% | -2.8 pp |
| Employees | 526 people | 559 people | +6.3% |
| Cash and equivalents | ¥4239579000 | ¥4868762000 | +14.8% |

### 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 |
| --- | ---: |
| 建設用資機材の製造・販売事業 → 建設用資機材の製造・販売事業 | 47.3% |
| 建設用資機材の製造・販売事業 → 事業再編・廃止 | 6.4% |
| 建築用資材の製造・販売事業 → 建築用資材の製造・販売事業 | 36.3% |
| 建設コンサルタント事業 → 建設コンサルタント事業 | 1.4% |
| 補修・補強工事業 → 補修・補強工事業 | 8.5% |
| 新設・再編 → 建築用資材の製造・販売事業 | 2.5% |
| 新設・再編 → 建設コンサルタント事業 | 1.3% |
| 新設・再編 → 補修・補強工事業 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction Material and Equipment Business | 5 years | -0.4% | ¥12019559000 | 6.0% | 2 |
| Architectural Construction Material Business | 5 years | +3.5% | ¥9860310000 | 4.2% | 2 |
| Repair and Reinforcement Business | 5 years | +7.8% | ¥2834007000 | 8.8% | 2 |
| Construction Consulting Business | 5 years | +16.3% | ¥687161000 | 5.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,401 | 100.0% | S100YG2M |
| Cost of revenue | 18,599 | 73.2% | S100YG2M |
| Gross profit | 6,802 | 26.8% | S100YG2M |
| SG&A | 6,203 | 24.4% | S100YG2M |
| Operating income | 599 | 2.4% | S100YG2M |
| Ordinary income | 592 | 2.3% | S100YG2M |
| Pretax income | 587 | 2.3% | S100YG2M |
| Income tax | 1,015 | 4.0% | S100YG2M |
| Net income | -428 | -1.7% | S100YG2M |
| Net income attributable to owners | -435 | -1.7% | S100YG2M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 25 |
| Operating income | 2 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 26.8% → Operating margin 2.4% → Net margin -1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.9%; Core profit growth: -29.5%
Operating leverage (core profit growth ÷ revenue growth): 15.70×
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 | 25,887 | 25,401 | -486 | -1.9% |
| Gross profit | 6,917 | 6,802 | -114 | -1.7% |
| Operating income | 850 | 599 | -251 | -29.5% |
| Net income attributable to owners | 544 | -435 | -979 | -180.0% |
| Operating cash flow | 1,705 | 1,146 | -559 | -32.8% |
| Free cash flow | 880 | 386 | -494 | -56.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,839 | 1,065 | 4.7% | 270 | -135 | -1,190 | S100LS81 |
| FY ending Mar 2021 | 22,801 | 1,186 | 5.2% | 632 | 2,134 | 1,562 | S100OGU5 |
| FY ending Mar 2022 | 24,150 | 1,982 | 8.2% | 1,614 | 2,309 | 1,658 | S100R44P |
| FY ending Mar 2023 | 25,452 | 1,337 | 5.3% | 870 | -638 | -1,589 | S100TSFB |
| FY ending Mar 2024 | 26,475 | 1,365 | 5.2% | 970 | 2,115 | 965 | S100VZ0R |
| FY ending Mar 2025 | 25,887 | 850 | 3.3% | 544 | 1,705 | 880 | S100YG2M |
| FY ending Mar 2026 | 25,401 | 599 | 2.4% | -435 | 1,146 | 386 | S100YG2M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | -¥778.1K |

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) | 538 | 535 | 558 | 570 | 559 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.5M | ¥7M | ¥7.1M |
| Average age (parent company) | 42.9 years | 43.0 years | 43.3 years | 43.7 years | 44.1 years |
| Average tenure (parent company) | 12.3 years | 12.8 years | 13.1 years | 13.5 years | 14.1 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Material and Equipment Business | 12,020 | 47.3% | 718 | 6.0% |
| Architectural Construction Material Business | 9,860 | 38.8% | 414 | 4.2% |
| Construction Consulting Business | 687 | 2.7% | 36 | 5.3% |
| Repair and Reinforcement Business | 2,834 | 11.2% | 249 | 8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction Material and Equipment Business | 47.3% | 50.6% | 3.3 | 6.0% |
| Architectural Construction Material Business | 38.8% | 29.2% | -9.6 | 4.2% |
| Construction Consulting Business | 2.7% | 2.6% | -0.2 | 5.3% |
| Repair and Reinforcement Business | 11.2% | 17.6% | 6.4 | 8.8% |

Segment → industry: Construction Material and Equipment Business → Cement & Concrete / Repair and Reinforcement Business → Disaster Prevention & Infrastructure Maintenance / Construction Consulting Business → Disaster Prevention & Infrastructure Maintenance / Construction Material and Equipment Business → Disaster Prevention & Infrastructure Maintenance / Architectural Construction Material Business → Housing Equipment & Building Materials / Repair and Reinforcement Business → General Contractors

## 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 | 1,146 | 4.5% | S100YG2M |
| Capital expenditure | 760 | 3.0% | S100YG2M |
| Free cash flow | 386 | 1.5% | 算出 |
| Investing cash flow | -793 | -3.1% | S100YG2M |
| Financing cash flow | -367 | -1.4% | S100YG2M |
| Dividends paid | 391 | 1.5% | S100YG2M |
| Change in cash | -12 | -0.0% | S100YG2M |
| Cash and equivalents | 4,869 | 19.2% | S100YG2M |

## 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 | 4,936 | 4,396 | 5,116 | 4,881 | 4,869 | S100TSFB, S100VZ0R, S100YG2M |
| Total assets | 23,665 | 25,494 | 26,433 | 25,471 | 24,561 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Net assets | 9,954 | 10,429 | 11,025 | 11,222 | 10,490 | S100TSFB, S100VZ0R, S100YG2M |
| Share capital | 1,228 | 1,228 | 1,228 | 1,228 | 1,228 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Property, plant and equipment | 6,437 | 6,845 | 7,411 | 7,880 | 7,626 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Intangible assets excluding goodwill | 214 | 182 | 153 | 153 | 163 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Goodwill | 119 | 73 | 35 | 6 | 1 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Investment securities | 218 | 215 | 266 | 298 | 414 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Current assets | 15,793 | 17,231 | 17,557 | 16,094 | 15,820 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Current liabilities | 9,511 | 10,040 | 9,880 | 9,076 | 8,937 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Trade payables | 3,618 | 3,769 | 3,748 | 3,669 | 3,105 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Short-term borrowings | 301 | 601 | 311 | 200 | 350 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Long-term borrowings | 2,635 | 3,468 | 3,923 | 3,591 | 3,480 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Total liabilities | 13,712 | 15,065 | 15,408 | 14,249 | 14,072 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Non-controlling interests | 39 | 43 | 40 | 25 | 32 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Equity attributable to owners of parent | 9,840 | 10,321 | 10,898 | 11,049 | 10,221 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Retained earnings | 7,810 | 8,259 | 8,836 | 8,987 | 8,159 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |
| Treasury stock | -211 | -193 | -193 | -193 | -193 | S100R44P, S100TSFB, S100VZ0R, S100YG2M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YG2M |
| Property, plant and equipment | 31% | S100YG2M |
| Intangibles and goodwill | 0% | S100YG2M |
| Investment securities | 2% | S100YG2M |
| Other assets | 47% | S100YG2M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YG2M |
| Other liabilities | 45% | S100YG2M |
| Equity | 43% | S100YG2M |
| Other liabilities | 0% | S100YG2M |

### 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 | 23,665 | 25,494 | 26,433 | 25,471 | 24,561 |
| Equity | 9,954 | 10,429 | 11,025 | 11,222 | 10,490 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,936 | 4,396 | 5,116 | 4,881 | 4,869 |

## 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) | 30.0% | S100YG2M |
| Fixed assets ÷ total assets | 31.1% | S100YG2M |
| Goodwill ÷ parent equity | 0.0% | S100YG2M |

Goodwill over 4 years: 119 → 1 JPY; total investing cash flow: -3,861 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) | 19.8% |
| Cash ÷ revenue | 19.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 191.4% |
| Cash vs. profit gap | 1,581 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 101.3% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 69.2% |

## 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 | 6.7% | 1.02× | 6.8% | 2.41× | 16.4% | S100R44P |
| 2023 | 3.4% | 1.04× | 3.5% | 2.44× | 8.6% | S100TSFB |
| 2024 | 3.7% | 1.02× | 3.7% | 2.45× | 9.1% | S100VZ0R |
| 2025 | 2.1% | 1.00× | 2.1% | 2.36× | 5.0% | S100YG2M |
| 2026 | — | —× | -1.7% | —× | — | S100YG2M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エヌセック | Major shareholder | 36.3% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 3.2% | 2026-03-31 |
| 松本 美枝子 | Major shareholder | 2.8% | 2026-03-31 |
| 大津 哲夫 | Major shareholder | 2.4% | 2026-03-31 |
| 岡本 みち子 | Major shareholder | 1.7% | 2026-03-31 |
| 岡本 美也子 | Major shareholder | 1.6% | 2026-03-31 |
| 高橋 謙雄 | Major shareholder | 1.4% | 2026-03-31 |
| 佐藤 広幸 | Major shareholder | 1.2% | 2026-03-31 |
| 串田 信行 | Major shareholder | 1.0% | 2026-03-31 |
| 糸岡 潔史 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YG2M | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG2M,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100VZ0R | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ0R,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TSFB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSFB,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R44P | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R44P,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OGU5 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGU5,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LS81 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS81,, |

## 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).