SeikagakuSEIKAGAKU CORPORATION4548東証プライム医薬品FY ending Mar 2026, consolidated, J-GAAP

Seikagaku revenue and profit

It lost about ¥2 for every ¥100 of sales at the operating level. Revenue changed -6.9% from the prior year, operating profit -149.5%.

Five-year trend

Revenue¥36.6B
FY ending Mar 2022: ¥34.9B¥34.9BFY ending Mar 2023: ¥33.5B¥33.5BFY ending Mar 2024: ¥36.2B¥36.2BFY ending Mar 2025: ¥39.4B¥39.4BFY ending Mar 2026: ¥36.6B¥36.6BFY22FY23FY24FY25FY26
Operating income-¥660M
FY ending Mar 2022: ¥4.5B¥4.5BFY ending Mar 2023: ¥2.11B¥2.11BFY ending Mar 2024: ¥433M¥433MFY ending Mar 2025: ¥1.33B¥1.33BFY ending Mar 2026: -¥660M-¥660MFY22FY23FY24FY25FY26
Operating margin-1.8%
FY ending Mar 2022: 12.9%12.9%FY ending Mar 2023: 6.3%6.3%FY ending Mar 2024: 1.2%1.2%FY ending Mar 2025: 3.4%3.4%FY ending Mar 2026: -1.8%-1.8%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin4.0%
Asset turnover0.43×
ROA1.7%
ROA1.7%
Financial leverage1.39×
ROE2.4%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin4.0%
2022: 10.7%10.7%2023: 6.7%6.7%2024: 6.0%6.0%2025: 3.1%3.1%2026: 4.0%4.0%2223242526
Asset turnover0.43×
2022: 0.46×0.46×2023: 0.44×0.44×2024: 0.46×0.46×2025: 0.48×0.48×2026: 0.43×0.43×2223242526
ROA1.7%
2022: 5.0%5.0%2023: 3.0%3.0%2024: 2.8%2.8%2025: 1.5%1.5%2026: 1.7%1.7%2223242526
Financial leverage1.39×
2022: 1.22×1.22×2023: 1.23×1.23×2024: 1.29×1.29×2025: 1.35×1.35×2026: 1.39×1.39×2223242526
ROE2.4%
2022: 6.1%6.1%2023: 3.7%3.7%2024: 3.6%3.6%2025: 2.0%2.0%2026: 2.4%2.4%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202210.7%0.46×5.0%1.22×6.1%
20236.7%0.44×3.0%1.23×3.7%
20246.0%0.46×2.8%1.29×3.6%
20253.1%0.48×1.5%1.35×2.0%
20264.0%0.43×1.7%1.39×2.4%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue61.7%
2021: 29.9%29.9%2022: 28.8%28.8%2023: 33.9%33.9%2024: 42.0%42.0%2025: 46.9%46.9%2026: 61.7%61.7%212223242526
PPE ÷ total assets26.2%
2021: 11.9%11.9%2022: 13.3%13.3%2023: 15.0%15.0%2024: 18.6%18.6%2025: 22.0%22.0%2026: 26.2%26.2%212223242526
Goodwill ÷ parent equity3.0%
2021: 2.6%2.6%2022: 3.4%3.4%2023: 3.4%3.4%2024: 3.4%3.4%2025: 3.2%3.2%2026: 3.0%3.0%212223242526
Goodwill balance¥1.85B
2021: ¥1.53B¥1.53B2022: ¥2.09B¥2.09B2023: ¥2.09B¥2.09B2024: ¥2.11B¥2.11B2025: ¥1.97B¥1.97B2026: ¥1.85B¥1.85B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥7.01B
2021: ¥7.21B¥7.21B2022: ¥9.01B¥9.01B2023: ¥7.95B¥7.95B2024: ¥7.48B¥7.48B2025: ¥7.64B¥7.64B2026: ¥7.01B¥7.01B212223242526
R&D / revenue19.1%
2021: 26.0%26.0%2022: 25.8%25.8%2023: 23.8%23.8%2024: 20.7%20.7%2025: 19.4%19.4%2026: 19.1%19.1%212223242526
Receivable days—
2021: 93d93d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue34,85133,45636,21339,37436,645
Cost of revenue14,32315,43219,33620,22120,673
Gross profit20,52818,02416,87719,15315,972
SG&A16,03315,91016,44417,81916,632
Operating income4,4952,1144331,333-660
Pretax income5,3953,0691,6911,9331,510
Income tax1,661832-49571836
Net income attributable to owners3,7332,2362,1861,2141,473
Operating margin12.9%6.3%1.2%3.4%-1.8%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 14%
Property, plant and equipment 26%
6%
Investment securities 18%
Other assets 36%

Funding

Other liabilities 13%
Equity 87%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥23.4B¥25.8B¥18.7B¥18.3B¥12.1B
Total assets¥75.2B¥75.6B¥81.8B¥83.9B¥86.3B
Net assets¥66.3B¥67.2B¥72.3B¥73.2B¥75.3B
Share capital¥3.84B¥3.84B¥3.84B¥3.84B¥3.84B
Property, plant and equipment¥10B¥11.3B¥15.2B¥18.5B¥22.6B
Intangible assets excluding goodwill¥2.93B¥3.23B¥3.2B¥3.15B¥2.94B
Goodwill¥2.09B¥2.09B¥2.11B¥1.97B¥1.85B
Investment securities¥12.7B¥13.2B¥18.8B¥19B¥15.7B
Current assets¥48.6B¥46.7B¥41.5B¥39.6B¥40.6B
Current liabilities¥7.53B¥6.7B¥7.2B¥7.9B¥7.59B
Short-term borrowings¥300M¥300M¥300M¥300M¥300M
Total liabilities¥8.9B¥8.41B¥9.51B¥10.7B¥11B
Equity attributable to owners of parent¥61.6B¥60.8B¥61.6B¥61.3B¥61.2B
Retained earnings¥53.3B¥54B¥54.7B¥54.4B¥54.2B
Treasury stock-¥802M-¥2.28B-¥2.26B-¥2.24B-¥2.22B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第80期(2025/04/01-2026/03/31)

    ID S100YDGT2026-06-18Open
  • EDINET (FSA Japan)

    有価証券報告書-第79期(2024/04/01-2025/03/31)

    ID S100W2GP2025-06-23Open
  • EDINET (FSA Japan)

    有価証券報告書-第78期(2023/04/01-2024/03/31)

    ID S100TW7J2024-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第77期(2022/04/01-2023/03/31)

    ID S100R98T2023-06-29Open
  • EDINET (FSA Japan)

    有価証券報告書-第76期(令和3年4月1日-令和4年3月31日)

    ID S100OID42022-06-28Open
  • EDINET (FSA Japan)

    有価証券報告書-第75期(令和2年4月1日-令和3年3月31日)

    ID S100LTSE2021-06-29Open

Extracted from XBRL: 48 / Derived from other figures: 1

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