# SEED 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(2025/04/01－2026/03/31) (S100YGWB)
> Page: https://vizora.meequs.com/en/company/seed
> Retrieved: 2026-09-30T19:41:57.523Z

## Company

Seed, founded in 1957, is a company in Medical Devices listed on TSE Standard. It has 1,048 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEED Co., Ltd. |
| Ticker | 7743 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7743.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区本郷二丁目40番2号 |
| Representative (per filing) | 代表取締役社長 佐藤 隆郎 |
| Founded | Oct 1957 |
| Share capital | ¥3.53B |
| Employees (consolidated) | 1,048 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.seed.co.jp (https://www.seed.co.jp/) |
| Corporate number | 7010001003408 |
| EDINET | E02414 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YGWB, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.6 | 38 |
| Profitability | 19.2 | 39 |
| Cash conversion | 93.4 | 38 |
| Efficiency | 32.1 | 39 |

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 100% of Seed's sales come from contactlenscare solution, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit -7.8%.

## Company structure

- Segment revenue mix: contactlenscare solution 99.7%、Other 0.3%
- Revenue → net income: ¥33942396000 → ¥1133577000
- Net income → operating cash flow: ¥1133577000 → ¥2690672000（difference ¥1557095000）
- Main uses of operating cash flow: CapEx ¥3363068000 / dividends ¥453861000 / buybacks —
- Change in cash: ¥-3034010000
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 | ¥33.9B |  |
| Operating income | ¥1.44B | Margin 4.2% |
| Net income | ¥1.14B | Margin 3.3% |
| Free cash flow | -¥672.4M |  |
| Largest business | contactlenscare solution | of segment revenue 99.7% |
| Employees (consolidated) | 1,048 |  |
| EPS | ¥43.55 |  |
| Book value per share | ¥637.54 |  |
| Equity ratio | 30.8% |  |
| Shares outstanding | 30,265,922 |  |
| Shareholders | 57,930 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | -6.9 pp | Medical Devices |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28617660000 | ¥33942396000 | +18.6% |
| Operating income | ¥1195714000 | ¥1439607000 | +20.4% |
| Operating margin | 4.2% | 4.2% | +0.1 pp |
| Employees | 988 people | 1,048 people | +6.1% |
| Cash and equivalents | ¥3955215000 | ¥4171368000 | +5.5% |

### 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 |
| --- | ---: |
| コンタクトレンズ・ケア用品 → コンタクトレンズ・ケア用品 | 98.2% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.2% |
| 眼鏡 → 事業再編・廃止 | 1.4% |
| 新設・再編 → コンタクトレンズ・ケア用品 | 1.6% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,942 | 100.0% | S100YGWB |
| Cost of revenue | 18,720 | 55.2% | S100YGWB |
| Gross profit | 15,222 | 44.8% | S100YGWB |
| SG&A | 13,783 | 40.6% | S100YGWB |
| Operating income | 1,440 | 4.2% | S100YGWB |
| Ordinary income | 1,406 | 4.1% | S100YGWB |
| Pretax income | 1,487 | 4.4% | S100YGWB |
| Income tax | 353 | 1.0% | S100YGWB |
| Net income | 1,134 | 3.3% | S100YGWB |
| Net income attributable to owners | 1,136 | 3.3% | S100YGWB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 41 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 44.8% → Operating margin 4.2% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.1%; Core profit growth: -7.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.66×
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 | 33,232 | 33,942 | 711 | +2.1% |
| Gross profit | 14,628 | 15,222 | 594 | +4.1% |
| Operating income | 1,562 | 1,440 | -122 | -7.8% |
| Net income attributable to owners | 1,092 | 1,136 | 43 | +4.0% |
| Operating cash flow | 2,979 | 2,691 | -288 | -9.7% |
| Free cash flow | -1,743 | -672 | 1,071 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,793 | 1,733 | 5.5% | 253 | 3,897 | 1,293 | S100LTEX |
| FY ending Mar 2021 | 28,618 | 1,196 | 4.2% | 1,130 | 3,690 | 1,515 | S100OI0B |
| FY ending Mar 2022 | 28,835 | 1,177 | 4.1% | 1,154 | 3,266 | 2,149 | S100R84G |
| FY ending Mar 2023 | 30,594 | 630 | 2.1% | -316 | 3,347 | 2,880 | S100TUAU |
| FY ending Mar 2024 | 32,397 | 2,050 | 6.3% | 1,964 | 6,023 | 2,191 | S100W2QR |
| FY ending Mar 2025 | 33,232 | 1,562 | 4.7% | 1,092 | 2,979 | -1,743 | S100YGWB |
| FY ending Mar 2026 | 33,942 | 1,440 | 4.2% | 1,136 | 2,691 | -672 | S100YGWB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.4M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 985 | 974 | 962 | 985 | 1,048 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.5M | ¥5.8M | ¥6M |
| Average age (parent company) | 35.2 years | 35.6 years | 36.2 years | 36.4 years | 36.8 years |
| Average tenure (parent company) | 11.5 years | 12.1 years | 12.5 years | 12.6 years | 12.8 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| contactlenscare solution | 33,849 | 99.7% | 3,469 | 10.2% |
| Other | 93 | 0.3% | 11 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| contactlenscare solution | 99.7% | 99.7% | -0.1 | 10.2% |
| Other | 0.3% | 0.3% | 0.1 | 12.3% |

Segment → industry: contactlenscare solution → Medical Devices

## 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 | 2,691 | 7.9% | S100YGWB |
| Capital expenditure | 3,363 | 9.9% | S100YGWB |
| Free cash flow | -672 | -2.0% | 算出 |
| Investing cash flow | -3,840 | -11.3% | S100YGWB |
| Financing cash flow | -1,908 | -5.6% | S100YGWB |
| Dividends paid | 454 | 1.3% | S100YGWB |
| Change in cash | -3,034 | -8.9% | S100YGWB |
| Cash and equivalents | 4,171 | 12.3% | S100YGWB |

## 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 | 3,878 | 4,939 | 9,853 | 7,078 | 4,171 | S100TUAU, S100W2QR, S100YGWB |
| Total assets | 41,786 | 40,011 | 49,575 | 51,761 | 62,500 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Net assets | 12,532 | 12,145 | 17,651 | 18,385 | 19,602 | S100TUAU, S100W2QR, S100YGWB |
| Share capital | 1,841 | 1,841 | 3,532 | 3,532 | 3,532 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Trade receivables | 4,455 | 4,288 | 4,429 | 4,628 | 5,114 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Property, plant and equipment | 20,396 | 19,173 | 23,990 | 27,827 | 36,826 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Intangible assets excluding goodwill | 1,869 | 1,203 | 1,042 | 924 | 1,617 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Goodwill | 845 | 480 | 435 | 374 | 1,069 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Investment securities | 741 | 753 | 816 | 1,032 | 970 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Current assets | 17,329 | 17,619 | 22,322 | 20,677 | 21,816 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Current liabilities | 16,406 | 17,324 | 19,566 | 18,139 | 27,659 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Trade payables | 587 | 688 | 754 | 694 | 356 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Short-term borrowings | 11,504 | 12,609 | 13,499 | 12,289 | 13,895 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Long-term borrowings | 6,736 | 5,041 | 4,894 | 6,799 | 5,592 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Total liabilities | 29,254 | 27,866 | 31,924 | 33,376 | 42,899 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Non-controlling interests | 275 | 284 | 293 | 322 | 330 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Equity attributable to owners of parent | 12,031 | 11,415 | 16,441 | 17,079 | 17,726 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Retained earnings | 7,086 | 6,470 | 8,134 | 8,772 | 9,419 | S100R84G, S100TUAU, S100W2QR, S100YGWB |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R84G, S100TUAU, S100W2QR, S100YGWB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YGWB |
| Receivables | 8% | S100YGWB |
| Property, plant and equipment | 59% | S100YGWB |
| Intangibles and goodwill | 4% | S100YGWB |
| Investment securities | 2% | S100YGWB |
| Other assets | 20% | S100YGWB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YGWB |
| Other liabilities | 68% | S100YGWB |
| Equity | 31% | S100YGWB |

### 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 | 41,786 | 40,011 | 49,575 | 51,761 | 62,500 |
| Equity | 12,532 | 12,145 | 17,651 | 18,385 | 19,602 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,878 | 4,939 | 9,853 | 7,078 | 4,171 |

## 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) | 108.5% | S100YGWB |
| Fixed assets ÷ total assets | 58.9% | S100YGWB |
| Goodwill ÷ parent equity | 6.0% | S100YGWB |

Goodwill over 4 years: 845 → 1,069 JPY; total investing cash flow: -13,501 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) | 6.7% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.9% |
| Cash vs. profit gap | 1,555 JPY mn (of net income 136.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| Investing CF relative to operating CF | 142.7% |

## 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 | 4.0% | 0.69× | 2.8% | 3.47× | 9.6% | S100R84G |
| 2023 | — | —× | -0.8% | —× | — | S100TUAU |
| 2024 | 6.1% | 0.72× | 4.4% | 3.22× | 14.1% | S100W2QR |
| 2025 | 3.3% | 0.66× | 2.2% | 3.02× | 6.5% | S100YGWB |
| 2026 | 3.3% | 0.59× | 2.0% | 3.28× | 6.5% | S100YGWB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 管理信託（A001）受託者 株式会社ＳＭＢＣ 信託銀行 | Major shareholder | 18.0% | 2026-03-31 |
| みずほ信託銀行 有価証券管理信託0700026 | Major shareholder | 14.3% | 2026-03-31 |
| 野村信託銀行株式会社（信託口2052116） | Major shareholder | 11.9% | 2026-03-31 |
| 三井住友信託銀行株式会社（信託口 甲１号） | Major shareholder | 4.6% | 2026-03-31 |
| 浦壁 昌広 | Major shareholder | 2.0% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| シード社員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 井上 忠 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2026-03-31 |
| ＰＨＩＬＬＩＰ ＳＥＣＵＲＩＴＩＥＳ（ＨＯＮＧ ＫＯＮＧ）ＬＩＭＩＴＥＤ （常任代理人 フィリップ証券株式会社） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YGWB | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGWB,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W2QR | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2QR,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TUAU | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUAU,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R84G | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R84G,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OI0B | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI0B,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LTEX | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTEX,, |

## 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).