# SEIHYO CO.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第115期(2025/03/01－2026/02/28) (S100Y621)
> Page: https://vizora.meequs.com/en/company/seihyo
> Retrieved: 2026-09-30T22:08:18.638Z

## Company

Seihyo, founded in 1916, is a company in Processed Foods listed on TSE Standard. It has 108 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIHYO CO.,LTD. |
| Ticker | 2872 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2872.T) |
| Listing | TSE Standard |
| Head office | 新潟市北区島見町2434番地10(同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 飯塚 周一 |
| Founded | Mar 1916 |
| Share capital | ¥417.3M |
| Employees (consolidated) | 108 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | February |
| Website | www.seihyo.co.jp (https://www.seihyo.co.jp/) |
| Corporate number | 3110001002790 |
| EDINET | E00447 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100Y621, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.3 | 56 |
| Profitability | 10.8 | 60 |
| Cash conversion | 55.3 | 57 |
| Efficiency | 59.2 | 60 |
| Financial strength | 12.5 | 4 |

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)

- Seihyo brought in ¥4.8B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit -63.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4796658000 → ¥11476000
- Net income → operating cash flow: ¥11476000 → ¥44843000（difference ¥33367000）
- Main uses of operating cash flow: CapEx ¥571901000 / dividends ¥24705000 / buybacks ¥122000
- Change in cash: ¥-94918000
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 | ¥4.8B |  |
| Operating income | ¥35.4M | Margin 0.7% |
| Net income | ¥11.5M | Margin 0.2% |
| Free cash flow | -¥527.1M |  |
| Employees (consolidated) | 108 |  |
| EPS | ¥8.19 |  |
| Book value per share | ¥1069.28 |  |
| Equity ratio | 37.6% |  |
| Shares outstanding | 1,620,993 |  |
| Treasury shares | 217,500 |  |
| Shareholders | 3,386 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 5.9% | Net cash -¥645.5M · Cash ÷ revenue 4.9% |
| Vs. industry median margin | -3.3 pp | Processed Foods |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.9× net income
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3502405000 | ¥4796658000 | +37.0% |
| Operating income | ¥17327000 | ¥35373000 | +104.1% |
| Operating margin | 0.5% | 0.7% | +0.2 pp |
| Employees | 85 people | 108 people | +27.1% |
| Cash and equivalents | ¥99070000 | ¥234513000 | +136.7% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,797 | 100.0% | S100Y621 |
| Cost of revenue | 3,952 | 82.4% | S100Y621 |
| Gross profit | 845 | 17.6% | S100Y621 |
| SG&A | 809 | 16.9% | S100Y621 |
| Operating income | 35 | 0.7% | S100Y621 |
| Ordinary income | 55 | 1.1% | S100Y621 |
| Pretax income | 64 | 1.3% | S100Y621 |
| Income tax | 53 | 1.1% | S100Y621 |
| Net income | 11 | 0.2% | S100Y621 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 17 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 17.6% → Operating margin 0.7% → Net margin 0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.0%; Core profit growth: -63.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.09×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,485 | 4,797 | 312 | +7.0% |
| Gross profit | 868 | 845 | -23 | -2.7% |
| Operating income | 96 | 35 | -61 | -63.3% |
| Operating cash flow | 35 | 45 | 10 | +29.3% |
| Free cash flow | -47 | -527 | -481 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,734 | -73 | -2.0% | -67 | -169 | -305 | S100LEN3 |
| FY ending Feb 2021 | 3,502 | 17 | 0.5% | 47 | 486 | 403 | S100O50Z |
| FY ending Feb 2022 | 3,958 | 57 | 1.4% | 63 | 253 | 161 | S100QTNZ |
| FY ending Feb 2023 | 4,193 | 11 | 0.3% | 21 | 210 | 38 | S100TIPX |
| FY ending Feb 2024 | 4,256 | 55 | 1.3% | 61 | 169 | -363 | S100VU8B |
| FY ending Feb 2025 | 4,485 | 96 | 2.1% | 120 | 35 | -47 | S100Y621 |
| FY ending Feb 2026 | 4,797 | 35 | 0.7% | 11 | 45 | -527 | S100Y621 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥327.5K |
| Net income per employee (consolidated) | ¥106.3K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 86 | 91 | 90 | 89 | 108 |
| Average salary (parent company) | ¥3.7M | ¥4M | ¥4M | ¥4.4M | ¥4.5M |
| Average age (parent company) | 39.9 years | 39.9 years | 39.8 years | 39.7 years | 40.5 years |
| Average tenure (parent company) | 11.5 years | 11.0 years | 11.3 years | 10.5 years | 9.3 years |

Year over year: Employees (consolidated) +21.3% · Revenue (consolidated) +7.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 45 | 0.9% | S100Y621 |
| Capital expenditure | 572 | 11.9% | S100Y621 |
| Free cash flow | -527 | -11.0% | 算出 |
| Investing cash flow | -128 | -2.7% | S100Y621 |
| Financing cash flow | -12 | -0.2% | S100Y621 |
| Dividends paid | 25 | 0.5% | S100Y621 |
| Share buyback | 0 | 0.0% | S100Y621 |
| Change in cash | -95 | -2.0% | S100Y621 |
| Cash and equivalents | 235 | 4.9% | S100Y621 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 214 | 573 | 215 | 329 | 235 | S100TIPX, S100VU8B, S100Y621 |
| Total assets | 2,091 | 2,879 | 2,920 | 3,289 | 3,989 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Net assets | 1,098 | 1,502 | 1,279 | 1,395 | 1,501 | S100TIPX, S100VU8B, S100Y621 |
| Share capital | 216 | 416 | 417 | 417 | 417 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Property, plant and equipment | 1,059 | 1,117 | 1,476 | 1,494 | 1,821 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Intangible assets excluding goodwill | 13 | 15 | 17 | 16 | 14 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Investment securities | 56 | 69 | 91 | 116 | 260 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Current assets | 922 | 1,580 | 1,250 | 1,588 | 1,816 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Current liabilities | 688 | 1,046 | 1,346 | 1,492 | 1,401 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Short-term borrowings | 340 | 400 | 735 | 850 | 450 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Long-term borrowings | — | — | — | — | 370 | S100Y621 |
| Bonds | — | — | — | 80 | 60 | S100Y621 |
| Interest-bearing debt | — | — | — | — | 880 | 算出 |
| Total liabilities | 993 | 1,377 | 1,641 | 1,894 | 2,489 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Equity attributable to owners of parent | 1,077 | 1,472 | 1,233 | 1,332 | 1,340 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Retained earnings | 892 | 889 | 925 | 1,021 | 1,007 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |
| Treasury stock | -54 | -56 | -333 | -331 | -318 | S100QTNZ, S100TIPX, S100VU8B, S100Y621 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y621 |
| Property, plant and equipment | 46% | S100Y621 |
| Intangibles and goodwill | 0% | S100Y621 |
| Investment securities | 6% | S100Y621 |
| Other assets | 42% | S100Y621 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 40% | S100Y621 |
| Equity | 38% | S100Y621 |
| Other liabilities | 0% | S100Y621 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,091 | 2,879 | 2,920 | 3,289 | 3,989 |
| Equity | 1,098 | 1,502 | 1,279 | 1,395 | 1,501 |
| Interest-bearing debt | — | — | — | — | 880 |
| Cash | 214 | 573 | 215 | 329 | 235 |

## 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) | 38.0% | S100Y621 |
| Fixed assets ÷ total assets | 45.7% | S100Y621 |
| Goodwill ÷ parent equity | — | —, S100Y621 |

### 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) | 5.9% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | -¥645.5M |
| Net debt ÷ operating cash flow | 14.39× |
| Cash conversion (operating CF ÷ operating income) | 126.8% |
| Cash vs. profit gap | 33 JPY mn (of net income 290.8%) |
| Shareholder returns / net income | 216.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 215.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.9% |
| Investing CF relative to operating CF | 285.0% |

## 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 | 1.6% | 1.89× | 3.0% | 1.94× | 5.9% | S100QTNZ |
| 2023 | 0.5% | 1.69× | 0.8% | 1.95× | 1.6% | S100TIPX |
| 2024 | 1.4% | 1.47× | 2.1% | 2.14× | 4.5% | S100VU8B |
| 2025 | 2.7% | 1.44× | 3.8% | 2.42× | 9.3% | S100Y621 |
| 2026 | 0.2% | 1.32× | 0.3% | 2.72× | 0.9% | S100Y621 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大協リース株式会社 | Major shareholder | 12.8% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.4% | 2026-02-28 |
| 株式会社第四北越銀行 | Major shareholder | 4.4% | 2026-02-28 |
| セイヒョー取引先持株会 | Major shareholder | 2.8% | 2026-02-28 |
| 井嶋 孝 | Major shareholder | 2.2% | 2026-02-28 |
| 山津水産株式会社 | Major shareholder | 2.1% | 2026-02-28 |
| 飯塚 周一 | Major shareholder | 1.8% | 2026-02-28 |
| 荒川 恒夫 | Major shareholder | 1.1% | 2026-02-28 |
| 丸七商事株式会社 | Major shareholder | 0.9% | 2026-02-28 |
| 山田 明 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/03/01－2026/02/28) | S100Y621 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y621,, |
| 有価証券報告書－第114期(2024/03/01－2025/02/28) | S100VU8B | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU8B,, |
| 有価証券報告書－第113期(2023/03/01－2024/02/29) | S100TIPX | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIPX,, |
| 有価証券報告書－第112期(2022/03/01－2023/02/28) | S100QTNZ | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTNZ,, |
| 有価証券報告書－第111期(令和3年3月1日－令和4年2月28日) | S100O50Z | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O50Z,, |
| 有価証券報告書－第110期(令和2年3月1日－令和3年2月28日) | S100LEN3 | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEN3,, |

## 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).