# Seibu Giken Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/01/01－2025/12/31) (S100XTV5)
> Page: https://vizora.meequs.com/en/company/seibu-giken
> Retrieved: 2026-09-30T21:46:21.571Z

## Company

Seibu Giken, founded in 1965, is a company in Air Conditioning listed on TSE Standard. It has 785 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Seibu Giken Co.,Ltd. |
| Ticker | 6223 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6223.T) |
| Listing | TSE Standard |
| Head office | 福岡県古賀市青柳3108番地3 |
| Representative (per filing) | 代表取締役 社長執行役員 隈 扶三郎 |
| Founded | Jul 1965 |
| Share capital | ¥711M |
| Employees (consolidated) | 785 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | December |
| Website | seibu-giken.com (https://seibu-giken.com/) |
| Corporate number | 5290001036357 |
| EDINET | E38926 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100XTV5, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 11 |
| Profitability | 68.2 | 11 |
| Cash conversion | 50 | 11 |
| Efficiency | 40.9 | 11 |

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)

- Seibu Giken brought in ¥34.3B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +12.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥34322000000 → ¥3490000000
- Net income → operating cash flow: ¥3490000000 → ¥3464000000（difference ¥-26000000）
- Main uses of operating cash flow: CapEx ¥3351000000 / dividends ¥1434000000 / buybacks ¥999000000
- Change in cash: ¥946000000
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 | ¥34.3B |  |
| Operating income | ¥4.53B | Margin 13.2% |
| Net income | ¥3.46B | Margin 10.1% |
| Free cash flow | ¥113M |  |
| Employees (consolidated) | 785 |  |
| EPS | ¥161.05 |  |
| Book value per share | ¥795.24 |  |
| Equity ratio | 66.6% |  |
| Shares outstanding | 20,500,000 |  |
| Treasury shares | 640,500 |  |
| Shareholders | 7,495 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 31.0% | Cash ÷ revenue 43.6% |
| Vs. industry median margin | +2.5 pp | Air Conditioning |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 31% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24890000000 | ¥34322000000 | +37.9% |
| Operating income | ¥4604000000 | ¥4530000000 | -1.6% |
| Operating margin | 18.5% | 13.2% | -5.3 pp |
| Employees | 720 people | 785 people | +9.0% |
| Cash and equivalents | ¥9517000000 | ¥14958000000 | +57.2% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,322 | 100.0% | S100XTV5 |
| Cost of revenue | 22,650 | 66.0% | S100XTV5 |
| Gross profit | 11,672 | 34.0% | S100XTV5 |
| SG&A | 7,141 | 20.8% | S100XTV5 |
| Operating income | 4,530 | 13.2% | S100XTV5 |
| Ordinary income | 4,494 | 13.1% | S100XTV5 |
| Pretax income | 4,658 | 13.6% | S100XTV5 |
| Income tax | 1,168 | 3.4% | S100XTV5 |
| Net income | 3,490 | 10.2% | S100XTV5 |
| Net income attributable to owners | 3,455 | 10.1% | S100XTV5 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 21 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 34.0% → Operating margin 13.2% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +12.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.77×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 32,069 | 34,322 | 2,253 | +7.0% |
| Gross profit | 10,904 | 11,672 | 768 | +7.0% |
| Operating income | 4,030 | 4,530 | 500 | +12.4% |
| Net income attributable to owners | 3,336 | 3,455 | 119 | +3.6% |
| Operating cash flow | 6,568 | 3,464 | -3,104 | -47.3% |
| Free cash flow | 4,833 | 113 | -4,720 | -97.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 24,890 | 4,604 | 18.5% | 3,908 | 3,349 | 2,769 | S100T7S6 |
| FY ending Dec 2023 | 28,725 | 4,298 | 15.0% | 3,431 | 2,000 | -422 | S100VGYD |
| FY ending Dec 2024 | 32,069 | 4,030 | 12.6% | 3,336 | 6,568 | 4,833 | S100XTV5 |
| FY ending Dec 2025 | 34,322 | 4,530 | 13.2% | 3,455 | 3,464 | 113 | S100XTV5 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.7M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 720 | 758 | 779 | 785 |
| Average salary (parent company) | — | ¥5.8M | ¥6.2M | ¥6.8M |
| Average age (parent company) | — | 40.6 years | 40.5 years | 40.8 years |
| Average tenure (parent company) | — | 12.0 years | 11.3 years | 11.5 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +7.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,464 | 10.1% | S100XTV5 |
| Capital expenditure | 3,351 | 9.8% | S100XTV5 |
| Free cash flow | 113 | 0.3% | 算出 |
| Investing cash flow | -3,172 | -9.2% | S100XTV5 |
| Financing cash flow | 129 | 0.4% | S100XTV5 |
| Dividends paid | 1,434 | 4.2% | S100XTV5 |
| Share buyback | 999 | 2.9% | S100XTV5 |
| Change in cash | 946 | 2.8% | S100XTV5 |
| Cash and equivalents | 14,958 | 43.6% | S100XTV5 |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,517 | 11,417 | 14,012 | 14,958 | S100VGYD, S100XTV5 |
| Total assets | 31,105 | 39,334 | 42,795 | 48,197 | S100T7S6, S100VGYD, S100XTV5 |
| Net assets | 17,748 | 26,795 | 29,957 | 32,224 | S100VGYD, S100XTV5 |
| Share capital | 100 | 711 | 711 | 711 | S100T7S6, S100VGYD, S100XTV5 |
| Property, plant and equipment | 8,181 | 10,216 | 10,937 | 13,766 | S100T7S6, S100VGYD, S100XTV5 |
| Intangible assets excluding goodwill | 299 | 231 | 176 | 116 | S100T7S6, S100VGYD, S100XTV5 |
| Investment securities | 17 | 17 | 501 | 524 | S100T7S6, S100VGYD, S100XTV5 |
| Current assets | 22,178 | 28,377 | 30,710 | 33,207 | S100T7S6, S100VGYD, S100XTV5 |
| Current liabilities | 10,534 | 10,629 | 11,667 | 14,967 | S100T7S6, S100VGYD, S100XTV5 |
| Trade payables | 1,839 | 2,962 | 2,234 | 2,101 | S100T7S6, S100VGYD, S100XTV5 |
| Short-term borrowings | 1,690 | 50 | — | 3,200 | S100T7S6, S100VGYD, S100XTV5 |
| Long-term borrowings | 2,045 | 1,142 | 817 | 566 | S100T7S6, S100VGYD, S100XTV5 |
| Total liabilities | 13,356 | 12,539 | 12,837 | 15,972 | S100T7S6, S100VGYD, S100XTV5 |
| Non-controlling interests | — | — | 45 | 132 | S100XTV5 |
| Equity attributable to owners of parent | 16,562 | 24,702 | 26,808 | 27,819 | S100T7S6, S100VGYD, S100XTV5 |
| Retained earnings | 17,031 | 20,454 | 22,560 | 24,581 | S100T7S6, S100VGYD, S100XTV5 |
| Treasury stock | -569 | — | — | -999 | S100T7S6, S100XTV5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XTV5 |
| Property, plant and equipment | 29% | S100XTV5 |
| Intangibles and goodwill | 0% | S100XTV5 |
| Investment securities | 1% | S100XTV5 |
| Other assets | 39% | S100XTV5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XTV5 |
| Other liabilities | 29% | S100XTV5 |
| Equity | 67% | S100XTV5 |
| Other liabilities | 0% | S100XTV5 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 31,105 | 39,334 | 42,795 | 48,197 |
| Equity | 17,748 | 26,795 | 29,957 | 32,224 |
| Interest-bearing debt | — | — | — | — |
| Cash | 9,517 | 11,417 | 14,012 | 14,958 |

## 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) | 40.1% | S100XTV5 |
| Fixed assets ÷ total assets | 28.6% | S100XTV5 |
| Goodwill ÷ parent equity | — | —, S100XTV5 |

### 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) | 31.0% |
| Cash ÷ revenue | 43.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.5% |
| Cash vs. profit gap | 9 JPY mn (of net income 0.3%) |
| Shareholder returns / net income | 70.4% |
| Shareholder returns / FCF | 2153.1% |
| Shareholder payments — dividends / net income | 41.5% |
| Shareholder payments — dividends / FCF | 1269.0% |
| CapEx intensity (capex ÷ revenue) | 9.8% |
| Investing CF relative to operating CF | 91.6% |

## 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 | 15.7% | 0.80× | 12.6% | 1.88× | 23.6% | S100T7S6 |
| 2023 | 11.9% | 0.82× | 9.7% | 1.71× | 16.6% | S100VGYD |
| 2024 | 10.4% | 0.78× | 8.1% | 1.59× | 13.0% | S100XTV5 |
| 2025 | 10.1% | 0.75× | 7.6% | 1.67× | 12.6% | S100XTV5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社グリーンフューチャー | Major shareholder | 34.4% | 2025-12-31 |
| 公益財団法人 隈科学技術・文化振興会 | Major shareholder | 15.1% | 2025-12-31 |
| 西部技研社員持株会 | Major shareholder | 6.4% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.9% | 2025-12-31 |
| 下薗 誠 | Major shareholder | 1.9% | 2025-12-31 |
| 隈 扶三郎 | Major shareholder | 1.9% | 2025-12-31 |
| 特定有価証券信託受託者 株式会社SMBC信託銀行 | Major shareholder | 1.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2025-12-31 |
| 平川 美和 | Major shareholder | 1.0% | 2025-12-31 |
| 喜田 桂祐 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/01/01－2025/12/31) | S100XTV5 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTV5,, |
| 有価証券報告書－第60期(2024/01/01－2024/12/31) | S100VGYD | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGYD,, |
| 訂正有価証券報告書－第59期(2023/01/01－2023/12/31) | S100T7S6 | 2024-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T7S6,, |

## 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).