# SEIGAKUSHA 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40期(2025/04/01－2026/03/31) (S100YCFW)
> Page: https://vizora.meequs.com/en/company/seigakusha
> Retrieved: 2026-09-30T20:59:32.705Z

## Company

Seigakusha, founded in 1982, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 841 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIGAKUSHA CO.,LTD. |
| Ticker | 2179 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2179.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市北区中崎西三丁目1番2号 |
| Representative (per filing) | 代表取締役社長 永井 博 |
| Founded | Jul 1982 |
| Share capital | ¥100M |
| Employees (consolidated) | 841 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.kaisei-group.co.jp (https://www.kaisei-group.co.jp/) |
| Corporate number | 6120001140744 |
| EDINET | E21514 |
| Industries (Vizora) | Real Estate Development & Leasing, Education, Restaurants & Pubs |

> Profile source: annual securities report (S100YCFW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.7 | 26 |
| Profitability | 45 | 30 |
| Cash conversion | 55.4 | 28 |
| Efficiency | 88.3 | 30 |

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 99% of Seigakusha's sales come from Education related, with Restaurant and Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +25.8%.

## Company structure

- Segment revenue mix: Education related 99.3%、Restaurant 0.4%、Leasing 0.3%
- Revenue → net income: ¥15156867000 → ¥583806000
- Net income → operating cash flow: ¥583806000 → ¥1041783000（difference ¥457977000）
- Main uses of operating cash flow: CapEx ¥401180000 / dividends ¥113567000 / buybacks —
- Change in cash: ¥406376000
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 | ¥15.2B |  |
| Operating income | ¥978.9M | Margin 6.5% |
| Net income | ¥583.8M | Margin 3.9% |
| Free cash flow | ¥640.6M |  |
| Largest business | Education related | of segment revenue 99.3% |
| Employees (consolidated) | 841 |  |
| EPS | ¥96.68 |  |
| Book value per share | ¥753.38 |  |
| Equity ratio | 43.7% |  |
| Shares outstanding | 5,876,000 |  |
| Treasury shares | 328,100 |  |
| Shareholders | 7,247 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 26.0% | Cash ÷ revenue 17.0% |
| Vs. industry median margin | -0.9 pp | Education |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11641859000 | ¥15156867000 | +30.2% |
| Operating income | ¥25363000 | ¥978869000 | +3759.4% |
| Operating margin | 0.2% | 6.5% | +6.2 pp |
| Employees | 738 people | 841 people | +14.0% |
| Cash and equivalents | ¥1368873000 | ¥2573779000 | +88.0% |

### 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 |
| --- | ---: |
| 教育関連事業 → 教育関連事業 | 99.1% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.3% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 飲食事業 → 飲食事業 | 0.4% |
| 飲食事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 教育関連事業 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Education related | 5 years | +5.5% | ¥15050165000 | 6.7% | 2 |
| Restaurant | 5 years | +3.0% | ¥67253000 | -7.0% | 2 |
| Leasing | 5 years | -1.1% | ¥39448000 | 56.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,157 | 100.0% | S100YCFW |
| Cost of revenue | 11,633 | 76.8% | S100YCFW |
| Gross profit | 3,523 | 23.2% | S100YCFW |
| SG&A | 2,545 | 16.8% | S100YCFW |
| Operating income | 979 | 6.5% | S100YCFW |
| Ordinary income | 965 | 6.4% | S100YCFW |
| Pretax income | 870 | 5.7% | S100YCFW |
| Income tax | 286 | 1.9% | S100YCFW |
| Net income | 584 | 3.9% | S100YCFW |
| Net income attributable to owners | 584 | 3.9% | S100YCFW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.2% → Operating margin 6.5% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +25.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.23×
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 | 14,287 | 15,157 | 870 | +6.1% |
| Gross profit | 3,130 | 3,523 | 393 | +12.6% |
| Operating income | 778 | 979 | 201 | +25.8% |
| Net income attributable to owners | 461 | 584 | 122 | +26.5% |
| Operating cash flow | 1,013 | 1,042 | 29 | +2.9% |
| Free cash flow | 473 | 641 | 168 | +35.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,220 | 272 | 2.2% | 33 | 325 | -127 | S100LREG |
| FY ending Mar 2021 | 11,642 | 25 | 0.2% | -107 | 260 | -25 | S100OCPM |
| FY ending Mar 2022 | 12,334 | 640 | 5.2% | 332 | 1,043 | 707 | S100QZQE |
| FY ending Mar 2023 | 12,671 | 712 | 5.6% | 422 | 802 | 425 | S100TOLA |
| FY ending Mar 2024 | 13,102 | 703 | 5.4% | 434 | 1,039 | 578 | S100W228 |
| FY ending Mar 2025 | 14,287 | 778 | 5.4% | 461 | 1,013 | 473 | S100YCFW |
| FY ending Mar 2026 | 15,157 | 979 | 6.5% | 584 | 1,042 | 641 | S100YCFW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥694.2K |

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) | 745 | 752 | 764 | 804 | 841 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.6M | ¥4.8M | ¥5M |
| Average age (parent company) | 39.1 years | 39.7 years | 39.7 years | 38.4 years | 38.5 years |
| Average tenure (parent company) | 7.5 years | 8.1 years | 8.3 years | 7.5 years | 7.8 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education related | 15,050 | 99.3% | 1,006 | 6.7% |
| Leasing | 39 | 0.3% | 22 | 56.5% |
| Restaurant | 67 | 0.4% | -5 | -7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Education related | 99.3% | 97.8% | -1.5 | 6.7% |
| Leasing | 0.3% | 2.2% | 1.9 | 56.5% |
| Restaurant | 0.4% | — | — | -7.0% |

Loss-making segment (excluded from profit shares): Restaurant -5 JPY mn

Segment → industry: Leasing → Real Estate Development & Leasing / Education related → Education / Restaurant → Restaurants & Pubs

## 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 | 1,042 | 6.9% | S100YCFW |
| Capital expenditure | 401 | 2.6% | S100YCFW |
| Free cash flow | 641 | 4.2% | 算出 |
| Investing cash flow | -432 | -2.9% | S100YCFW |
| Financing cash flow | -208 | -1.4% | S100YCFW |
| Dividends paid | 114 | 0.7% | S100YCFW |
| Change in cash | 406 | 2.7% | S100YCFW |
| Cash and equivalents | 2,574 | 17.0% | S100YCFW |

## 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 | 1,467 | 1,399 | 1,657 | 2,167 | 2,574 | S100TOLA, S100W228, S100YCFW |
| Total assets | 8,488 | 8,513 | 8,863 | 9,473 | 9,912 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Net assets | 2,815 | 3,152 | 3,474 | 3,859 | 4,330 | S100TOLA, S100W228, S100YCFW |
| Share capital | 235 | 235 | 235 | 100 | 100 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Property, plant and equipment | 3,833 | 3,797 | 3,885 | 3,990 | 3,939 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Intangible assets excluding goodwill | 199 | 187 | 190 | 320 | 295 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Goodwill | 20 | 16 | 10 | 148 | 123 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Investment securities | 11 | 11 | 11 | 11 | 11 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Current assets | 3,259 | 3,272 | 3,519 | 3,848 | 4,323 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Current liabilities | 3,133 | 3,153 | 3,389 | 3,479 | 3,484 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Long-term borrowings | 1,958 | 1,615 | 1,384 | 1,470 | 1,413 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Total liabilities | 5,673 | 5,361 | 5,389 | 5,613 | 5,582 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Equity attributable to owners of parent | 2,829 | 3,176 | 3,512 | 3,871 | 4,341 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Retained earnings | 2,681 | 3,028 | 3,365 | 3,723 | 4,193 | S100QZQE, S100TOLA, S100W228, S100YCFW |
| Treasury stock | -266 | -266 | -266 | -266 | -266 | S100QZQE, S100TOLA, S100W228, S100YCFW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YCFW |
| Property, plant and equipment | 40% | S100YCFW |
| Intangibles and goodwill | 4% | S100YCFW |
| Investment securities | 0% | S100YCFW |
| Other assets | 30% | S100YCFW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YCFW |
| Equity | 44% | S100YCFW |
| Other liabilities | 0% | S100YCFW |

### 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 | 8,488 | 8,513 | 8,863 | 9,473 | 9,912 |
| Equity | 2,815 | 3,152 | 3,474 | 3,859 | 4,330 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,467 | 1,399 | 1,657 | 2,167 | 2,574 |

## 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) | 26.0% | S100YCFW |
| Fixed assets ÷ total assets | 39.7% | S100YCFW |
| Goodwill ÷ parent equity | 2.8% | S100YCFW |

Goodwill over 4 years: 20 → 123 JPY; total investing cash flow: -1,920 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) | 26.0% |
| Cash ÷ revenue | 17.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.4% |
| Cash vs. profit gap | 458 JPY mn (of net income 78.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | 17.7% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 41.5% |

## 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 | 2.7% | 1.45× | 3.9% | 3.00× | 11.7% | S100QZQE |
| 2023 | 3.3% | 1.49× | 5.0% | 2.83× | 14.0% | S100TOLA |
| 2024 | 3.3% | 1.51× | 5.0% | 2.60× | 13.0% | S100W228 |
| 2025 | 3.2% | 1.56× | 5.0% | 2.48× | 12.5% | S100YCFW |
| 2026 | 3.9% | 1.56× | 6.0% | 2.36× | 14.2% | S100YCFW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太田 明弘 | Major shareholder | 26.5% | 2026-03-31 |
| 株式会社オーシャス | Major shareholder | 21.2% | 2026-03-31 |
| 学校法人高宮学園 | Major shareholder | 5.0% | 2026-03-31 |
| 成学社従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社くふうカンパニーホールディングス | Major shareholder | 4.5% | 2026-03-31 |
| 太田 貴美子 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社さなる | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社仙台進学プラザ | Major shareholder | 2.1% | 2026-03-31 |
| 永井 博 | Major shareholder | 1.9% | 2026-03-31 |
| 有限会社日本作文指導協会 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YCFW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCFW,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W228 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W228,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TOLA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOLA,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100QZQE | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZQE,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OCPM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCPM,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LREG | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LREG,, |

## 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).