# SEC CARBON,LIMITED: 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106期(2025/04/01－2026/03/31) (S100YDCX)
> Page: https://vizora.meequs.com/en/company/sec-carbon
> Retrieved: 2026-09-30T20:25:44.575Z

## Company

SEC Carbon, founded in 1934, is a company in Glass & Ceramics listed on TSE Standard. It has 282 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEC CARBON,LIMITED |
| Ticker | 5304 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5304.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市潮江一丁目2番6号 |
| Representative (per filing) | 代表取締役社長 中島耕 |
| Founded | Oct 1934 |
| Share capital | ¥5.91B |
| Employees (consolidated) | 282 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | sec-carbon.com (https://sec-carbon.com/) |
| Corporate number | 9140001047877 |
| EDINET | E01173 |
| Industries (Vizora) | Glass & Ceramics |

> Profile source: annual securities report (S100YDCX, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.7 | 17 |
| Profitability | 85.3 | 17 |
| Cash conversion | 90.6 | 16 |
| Efficiency | 8.8 | 17 |

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)

- SEC Carbon brought in ¥25.1B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed -19.5% from the prior year, operating profit -41.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25.1B |  |
| Operating income | ¥4.01B | Margin 16.0% |
| Net income | -¥74M | Margin -0.3% |
| Free cash flow | ¥4.17B |  |
| Employees (consolidated) | 282 |  |
| EPS | ¥-4.55 |  |
| Book value per share | ¥3834.2 |  |
| Equity ratio | 89.2% |  |
| Shares outstanding | 20,694,340 |  |
| Treasury shares | 646,600 |  |
| Shareholders | 4,056 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 4.2% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | +5 pp | Glass & Ceramics |
| ROA | -0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21299000000 | ¥25101000000 | +17.9% |
| Operating income | ¥3081000000 | ¥4008000000 | +30.1% |
| Operating margin | 14.5% | 16.0% | +1.5 pp |
| Employees | 257 people | 282 people | +9.7% |
| Cash and equivalents | ¥16385000000 | ¥3613000000 | -77.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,101 | 100.0% | S100YDCX |
| Cost of revenue | 17,279 | 68.8% | S100YDCX |
| Gross profit | 7,821 | 31.2% | S100YDCX |
| SG&A | 3,813 | 15.2% | S100YDCX |
| Operating income | 4,008 | 16.0% | S100YDCX |
| Ordinary income | 5,683 | 22.6% | S100YDCX |
| Pretax income | -423 | -1.7% | S100YDCX |
| Income tax | -349 | -1.4% | S100YDCX |
| Net income | -73 | -0.3% | S100YDCX |
| Net income attributable to owners | -74 | -0.3% | S100YDCX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 15 |
| Operating income | 16 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 31.2% → Operating margin 16.0% → Net margin -0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -19.5%; Core profit growth: -41.3%
Operating leverage (core profit growth ÷ revenue growth): 2.12×
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 | 31,179 | 25,101 | -6,078 | -19.5% |
| Gross profit | 11,092 | 7,821 | -3,271 | -29.5% |
| Operating income | 6,823 | 4,008 | -2,815 | -41.3% |
| Net income attributable to owners | 5,750 | -74 | -5,824 | -101.3% |
| Operating cash flow | 4,548 | 7,766 | 3,218 | +70.8% |
| Free cash flow | -2,015 | 4,166 | 6,181 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,136 | 13,823 | 39.3% | 9,635 | 4,362 | 1,999 | S100LTOC |
| FY ending Mar 2021 | 21,299 | 3,081 | 14.5% | 2,496 | 3,367 | 1,454 | S100OJFR |
| FY ending Mar 2022 | 22,919 | 3,222 | 14.1% | 3,039 | 7,615 | 6,800 | S100RJ93 |
| FY ending Mar 2023 | 30,401 | 6,490 | 21.3% | 5,402 | 2,337 | 34 | S100TW3R |
| FY ending Mar 2024 | 37,307 | 10,217 | 27.4% | 7,299 | 7,794 | 4,536 | S100W4E5 |
| FY ending Mar 2025 | 31,179 | 6,823 | 21.9% | 5,750 | 4,548 | -2,015 | S100YDCX |
| FY ending Mar 2026 | 25,101 | 4,008 | 16.0% | -74 | 7,766 | 4,166 | S100YDCX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89M |
| Operating income per employee (consolidated) | ¥14.2M |
| Net income per employee (consolidated) | -¥262.4K |

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) | 256 | 263 | 271 | 273 | 282 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥7.4M | ¥7.8M | ¥7.8M |
| Average age (parent company) | 43.2 years | 43.1 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 19.3 years | 19.0 years | 18.8 years | 18.6 years | 18.0 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) -19.5%

## 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 | 7,766 | 30.9% | S100YDCX |
| Capital expenditure | 3,600 | 14.3% | S100YDCX |
| Free cash flow | 4,166 | 16.6% | 算出 |
| Investing cash flow | -7,139 | -28.4% | S100YDCX |
| Financing cash flow | -2,011 | -8.0% | S100YDCX |
| Dividends paid | 2,004 | 8.0% | S100YDCX |
| Change in cash | -1,457 | -5.8% | S100YDCX |
| Cash and equivalents | 3,613 | 14.4% | S100YDCX |

## 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 | 22,188 | 19,087 | 9,424 | 5,070 | 3,613 | S100TW3R, S100W4E5, S100YDCX |
| Total assets | 62,608 | 72,554 | 87,798 | 81,395 | 87,016 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Net assets | 56,063 | 62,411 | 72,894 | 73,801 | 77,628 | S100TW3R, S100W4E5, S100YDCX |
| Share capital | 5,913 | 5,913 | 5,913 | 5,913 | 5,913 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Trade receivables | 6,890 | 11,590 | 13,433 | 9,266 | 9,378 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Property, plant and equipment | 9,245 | 10,550 | 12,405 | 17,623 | 13,316 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Intangible assets excluding goodwill | 44 | 61 | 52 | 46 | 55 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Investment securities | 9,010 | 13,789 | 20,309 | 17,724 | 27,813 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Current assets | 44,095 | 47,960 | 54,866 | 45,824 | 45,663 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Current liabilities | 4,183 | 7,029 | 10,307 | 3,446 | 4,775 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Total liabilities | 6,544 | 10,143 | 14,903 | 7,593 | 9,388 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Non-controlling interests | 9 | 10 | 11 | 13 | 14 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Equity attributable to owners of parent | 51,465 | 55,850 | 61,762 | 64,525 | 62,446 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Retained earnings | 40,990 | 45,377 | 51,294 | 54,701 | 52,621 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |
| Treasury stock | -686 | -687 | -692 | -1,336 | -1,336 | S100RJ93, S100TW3R, S100W4E5, S100YDCX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YDCX |
| Receivables | 11% | S100YDCX |
| Property, plant and equipment | 15% | S100YDCX |
| Intangibles and goodwill | 0% | S100YDCX |
| Investment securities | 32% | S100YDCX |
| Other assets | 38% | S100YDCX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100YDCX |
| Equity | 89% | S100YDCX |

### 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 | 62,608 | 72,554 | 87,798 | 81,395 | 87,016 |
| Equity | 56,063 | 62,411 | 72,894 | 73,801 | 77,628 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,188 | 19,087 | 9,424 | 5,070 | 3,613 |

## 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) | 53.0% | S100YDCX |
| Fixed assets ÷ total assets | 15.3% | S100YDCX |
| Goodwill ÷ parent equity | — | —, S100YDCX |

### 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) | 4.2% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.8% |
| Cash vs. profit gap | 7,840 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 48.1% |
| CapEx intensity (capex ÷ revenue) | 14.3% |
| Investing CF relative to operating CF | 91.9% |

## 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 | 13.3% | 0.37× | 4.9% | 1.22× | 5.9% | S100RJ93 |
| 2023 | 17.8% | 0.45× | 8.0% | 1.26× | 10.1% | S100TW3R |
| 2024 | 19.6% | 0.47× | 9.1% | 1.36× | 12.4% | S100W4E5 |
| 2025 | 18.4% | 0.37× | 6.8% | 1.34× | 9.1% | S100YDCX |
| 2026 | — | —× | -0.1% | —× | — | S100YDCX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大谷製鉄株式会社 | Major shareholder | 19.9% | 2026-03-31 |
| 三菱商事株式会社 | Major shareholder | 9.8% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 日本カーボン株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 公益財団法人大谷教育文化振興財団 | Major shareholder | 3.4% | 2026-03-31 |
| 大 谷 民 明 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 大和工業株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 日鉄エンジニアリング株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YDCX | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDCX,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100W4E5 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4E5,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TW3R | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW3R,, |
| 訂正有価証券報告書－第103期(2022/04/01－2023/03/31) | S100RJ93 | 2023-08-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RJ93,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OJFR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJFR,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LTOC | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTOC,, |

## 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).