# SEIKA CORPORATION: 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103期(2025/04/01－2026/03/31) (S100Y935)
> Page: https://vizora.meequs.com/en/company/seika
> Retrieved: 2026-09-30T18:30:15.142Z

## Company

Seika, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,558 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKA CORPORATION |
| Ticker | 8061 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8061.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内三丁目3番1号 |
| Representative (per filing) | 代表取締役社長 櫻井昭彦 |
| Founded | Jul 1947 |
| Share capital | ¥6.73B |
| Employees (consolidated) | 1,558 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | www.seika.com (https://www.seika.com/) |
| Corporate number | 6010001008696 |
| EDINET | E02512 |
| Industries (Vizora) | Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100Y935, filed 2026-06-05). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.1 | 179 |
| Profitability | 91.1 | 185 |
| Cash conversion | 29.9 | 179 |
| Efficiency | 4.6 | 185 |

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 35% of Seika's sales come from Energy business, with Industrial machinery business and Product business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +15.7% from the prior year, operating profit +23.8%.

## Company structure

- Segment revenue mix: Energy business 35.5%、Industrial machinery business 32.8%、Product business 31.7%
- Revenue → net income: ¥108485000000 → ¥7580000000
- Net income → operating cash flow: ¥7580000000 → ¥5426000000（difference ¥-2154000000）
- Main uses of operating cash flow: CapEx ¥1153000000 / dividends ¥2893000000 / buybacks ¥3000000
- Change in cash: ¥2192000000
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 | ¥108.5B |  |
| Operating income | ¥8.03B | Margin 7.4% |
| Net income | ¥7.51B | Margin 6.9% |
| Free cash flow | ¥4.27B |  |
| Largest business | Energy business | of segment revenue 35.5% |
| Employees (consolidated) | 1,558 |  |
| EPS | ¥154.09 |  |
| Diluted EPS | ¥152.72 |  |
| Book value per share | ¥900.24 |  |
| Equity ratio | 27.4% |  |
| Shares outstanding | 36,961,000 |  |
| Treasury shares | 745,400 |  |
| Shareholders | 17,334 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | +4.5 pp | Specialty Trading & Wholesale |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -31 points
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥71933000000 | ¥108485000000 | +50.8% |
| Operating income | ¥2581000000 | ¥8031000000 | +211.2% |
| Operating margin | 3.6% | 7.4% | +3.8 pp |
| Employees | 969 people | 1,558 people | +60.8% |
| Cash and equivalents | ¥14035000000 | ¥18968000000 | +35.1% |

### 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 |
| --- | ---: |
| 電力事業 → 事業再編・廃止 | 16.9% |
| 産業機械事業 → 産業機械事業 | 32.8% |
| 産業機械事業 → 事業再編・廃止 | 18.7% |
| 化学・エネルギー事業 → 事業再編・廃止 | 15.4% |
| グローバル事業 → 事業再編・廃止 | 16.1% |
| 新設・再編 → エネルギー事業 | 35.5% |
| 新設・再編 → プロダクト事業 | 31.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy business | 3 years | +7.2% | ¥38492000000 | 9.3% | 2 |
| Industrial machinery business | 5 years | -0.8% | ¥35595000000 | 0.4% | 2 |
| Product business | 3 years | +8.2% | ¥34397000000 | 12.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 108,485 | 100.0% | S100Y935 |
| Cost of revenue | 80,059 | 73.8% | S100Y935 |
| Gross profit | 28,426 | 26.2% | S100Y935 |
| SG&A | 20,394 | 18.8% | S100Y935 |
| Operating income | 8,031 | 7.4% | S100Y935 |
| Ordinary income | 9,036 | 8.3% | S100Y935 |
| Pretax income | 10,980 | 10.1% | S100Y935 |
| Income tax | 3,400 | 3.1% | S100Y935 |
| Net income | 7,580 | 7.0% | S100Y935 |
| Net income attributable to owners | 7,507 | 6.9% | S100Y935 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 19 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 26.2% → Operating margin 7.4% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.7%; Core profit growth: +23.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.51×
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 | 93,734 | 108,485 | 14,751 | +15.7% |
| Gross profit | 25,261 | 28,426 | 3,165 | +12.5% |
| Operating income | 6,487 | 8,031 | 1,544 | +23.8% |
| Net income attributable to owners | 7,799 | 7,507 | -292 | -3.7% |
| Operating cash flow | 8,074 | 5,426 | -2,648 | -32.8% |
| Free cash flow | 7,364 | 4,273 | -3,091 | -42.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 140,677 | 2,809 | 2.0% | -1,262 | 3,400 | 2,952 | S100LR2Z |
| FY ending Mar 2021 | 71,933 | 2,581 | 3.6% | 2,721 | 4,137 | 3,523 | S100PHVM |
| FY ending Mar 2022 | 85,307 | 3,824 | 4.5% | 2,246 | 4,971 | 4,446 | S100R7XF |
| FY ending Mar 2023 | 93,311 | 4,636 | 5.0% | 5,001 | -731 | -3,172 | S100TWFG |
| FY ending Mar 2024 | 86,785 | 5,580 | 6.4% | 4,489 | 2,541 | 1,895 | S100VYSS |
| FY ending Mar 2025 | 93,734 | 6,487 | 6.9% | 7,799 | 8,074 | 7,364 | S100Y935 |
| FY ending Mar 2026 | 108,485 | 8,031 | 7.4% | 7,507 | 5,426 | 4,273 | S100Y935 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.6M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 977 | 1,012 | 1,040 | 1,077 | 1,558 |
| Average salary (parent company) | ¥8.2M | ¥8.6M | ¥9.2M | ¥9.7M | ¥10.1M |
| Average age (parent company) | 41.7 years | 41.8 years | 42.1 years | 41.8 years | 41.2 years |
| Average tenure (parent company) | 17.1 years | 17.2 years | 16.1 years | 15.6 years | 14.9 years |

Year over year: Employees (consolidated) +44.7% · Revenue (consolidated) +15.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy business | 38,492 | 35.5% | 3,584 | 9.3% |
| Industrial machinery business | 35,595 | 32.8% | 146 | 0.4% |
| Product business | 34,397 | 31.7% | 4,299 | 12.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy business | 35.5% | 44.6% | 9.2 | 9.3% |
| Industrial machinery business | 32.8% | 1.8% | -31.0 | 0.4% |
| Product business | 31.7% | 53.5% | 21.8 | 12.5% |

Segment → industry: Product business → Specialty Trading & Wholesale / Industrial machinery business → Specialty Trading & Wholesale / Energy business → Specialty Trading & Wholesale / Industrial machinery business → Industrial Machinery

## 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 | 5,426 | 5.0% | S100Y935 |
| Capital expenditure | 1,153 | 1.1% | S100Y935 |
| Free cash flow | 4,273 | 3.9% | 算出 |
| Investing cash flow | -19,148 | -17.7% | S100Y935 |
| Financing cash flow | 15,434 | 14.2% | S100Y935 |
| Dividends paid | 2,893 | 2.7% | S100Y935 |
| Share buyback | 3 | 0.0% | S100Y935 |
| Change in cash | 2,192 | 2.0% | S100Y935 |
| Cash and equivalents | 18,968 | 17.5% | S100Y935 |

## 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 | 17,000 | 10,653 | 10,428 | 16,775 | 18,968 | S100TWFG, S100VYSS, S100Y935 |
| Total assets | 104,865 | 79,990 | 118,543 | 129,533 | 197,520 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Net assets | 31,101 | 35,736 | 43,180 | 47,667 | 54,784 | S100TWFG, S100VYSS, S100Y935 |
| Share capital | 6,728 | 6,728 | 6,728 | 6,728 | 6,728 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Property, plant and equipment | 2,743 | 4,591 | 4,658 | 4,994 | 12,075 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Intangible assets excluding goodwill | 793 | 698 | 642 | 423 | 11,922 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Goodwill | 346 | 253 | 156 | 63 | 11,464 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Investment securities | 10,439 | 12,052 | 16,413 | 16,922 | 21,736 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Current assets | 89,746 | 61,429 | 95,599 | 105,833 | 149,762 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Current liabilities | 70,409 | 40,473 | 70,146 | 77,119 | 117,237 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Trade payables | 31,602 | 31,417 | 44,588 | 55,287 | 55,866 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Short-term borrowings | 5,506 | 2,006 | 7 | 11 | 8 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Long-term borrowings | 27 | 23 | 18 | 21 | 19,577 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Total liabilities | 73,764 | 44,254 | 75,362 | 81,865 | 142,736 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Non-controlling interests | 713 | 524 | 666 | 455 | 390 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Equity attributable to owners of parent | 26,994 | 31,146 | 34,345 | 39,793 | 44,435 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Retained earnings | 18,734 | 22,813 | 25,992 | 31,613 | 36,208 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |
| Treasury stock | -564 | -435 | -415 | -645 | -608 | S100R7XF, S100TWFG, S100VYSS, S100Y935 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y935 |
| Property, plant and equipment | 6% | S100Y935 |
| Intangibles and goodwill | 12% | S100Y935 |
| Investment securities | 11% | S100Y935 |
| Other assets | 61% | S100Y935 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 28% | S100Y935 |
| Other liabilities | 44% | S100Y935 |
| Equity | 28% | S100Y935 |

### 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 | 104,865 | 79,990 | 118,543 | 129,533 | 197,520 |
| Equity | 31,101 | 35,736 | 43,180 | 47,667 | 54,784 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,000 | 10,653 | 10,428 | 16,775 | 18,968 |

## 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) | 11.1% | S100Y935 |
| Fixed assets ÷ total assets | 6.1% | S100Y935 |
| Goodwill ÷ parent equity | 25.8% | S100Y935 |

Goodwill over 4 years: 346 → 11,464 JPY; total investing cash flow: -18,367 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) | 9.6% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.6% |
| Cash vs. profit gap | -2,081 JPY mn (of net income -27.7%) |
| Shareholder returns / net income | 38.6% |
| Shareholder returns / FCF | 67.8% |
| Shareholder payments — dividends / net income | 38.5% |
| Shareholder payments — dividends / FCF | 67.7% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 352.9% |

## 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 | 2.6% | 0.81× | 2.1% | 3.88× | 8.3% | S100R7XF |
| 2023 | 5.4% | 1.01× | 5.4% | 3.18× | 17.2% | S100TWFG |
| 2024 | 5.2% | 0.87× | 4.5% | 3.03× | 13.7% | S100VYSS |
| 2025 | 8.3% | 0.76× | 6.3% | 3.35× | 21.0% | S100Y935 |
| 2026 | 6.9% | 0.66× | 4.6% | 3.88× | 17.8% | S100Y935 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 信託口 | Major shareholder | 12.2% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社日本カストディ銀行信託口 | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社UH Partners 2 | Major shareholder | 6.5% | 2026-03-31 |
| 三菱重工業株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社鶴見製作所 | Major shareholder | 2.2% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE－AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| 太平電業株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 日機装株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 西華産業従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100Y935 | 2026-06-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y935,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100VYSS | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYSS,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TWFG | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWFG,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R7XF | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7XF,, |
| 訂正有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100PHVM | 2022-11-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PHVM,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LR2Z | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR2Z,, |

## 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).