# SEIKAGAKU 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80期(2025/04/01－2026/03/31) (S100YDGT)
> Page: https://vizora.meequs.com/en/company/seikagaku
> Retrieved: 2026-09-30T20:31:18.733Z

## Company

Seikagaku, founded in 1947, is a company in Medical Devices listed on TSE Prime. It has 1,142 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKAGAKU CORPORATION |
| Ticker | 4548 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4548.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目6番1号 |
| Representative (per filing) | 代表取締役社長 水谷 建 |
| Founded | Jun 1947 |
| Share capital | ¥3.84B |
| Employees (consolidated) | 1,142 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.seikagaku.co.jp (https://www.seikagaku.co.jp/) |
| Corporate number | 9010001048285 |
| EDINET | E00970 |
| Industries (Vizora) | Medical Devices, Pharmaceuticals |

> Profile source: annual securities report (S100YDGT, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 18 |
| Profitability | 11.4 | 22 |
| Efficiency | 26.6 | 32 |

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 67% of Seikagaku's sales come from Pharmaceutical, with LAL making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.6B |  |
| Operating income | -¥660M | Margin -1.8% |
| Net income | ¥1.47B | Margin 4.0% |
| Free cash flow | -¥7.37B |  |
| Largest business | Pharmaceutical | of segment revenue 66.8% |
| Employees (consolidated) | 1,142 |  |
| EPS | ¥13.5 |  |
| Book value per share | ¥1100.14 |  |
| Equity ratio | 87.2% |  |
| Shares outstanding | 56,814,000 |  |
| Treasury shares | 2,211,300 |  |
| Shareholders | 12,397 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 32.9% |
| Vs. industry median margin | -9 pp | Pharmaceuticals |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 67 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27734000000 | ¥36645000000 | +32.1% |
| Operating income | ¥2248000000 | ¥-660000000 | -129.4% |
| Operating margin | 8.1% | -1.8% | -9.9 pp |
| Employees | 913 people | 1,142 people | +25.1% |
| Cash and equivalents | ¥15767000000 | ¥12059000000 | -23.5% |

### 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 |
| --- | ---: |
| 医薬品 → 医薬品 | 66.8% |
| 医薬品 → 事業再編・廃止 | 8.1% |
| ＬＡＬ → ＬＡＬ | 25.0% |
| 新設・再編 → ＬＡＬ | 8.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,645 | 100.0% | S100YDGT |
| Cost of revenue | 20,673 | 56.4% | S100YDGT |
| Gross profit | 15,972 | 43.6% | S100YDGT |
| SG&A | 16,632 | 45.4% | S100YDGT |
| Operating income | -660 | -1.8% | S100YDGT |
| Ordinary income | 1,679 | 4.6% | S100YDGT |
| Pretax income | 1,510 | 4.1% | S100YDGT |
| Income tax | 36 | 0.1% | S100YDGT |
| Net income | 1,473 | 4.0% | S100YDGT |
| Net income attributable to owners | 1,473 | 4.0% | S100YDGT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 45 |
| Operating income | -2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 43.6% → Operating margin -1.8% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 39,374 | 36,645 | -2,729 | -6.9% |
| Gross profit | 19,153 | 15,972 | -3,181 | -16.6% |
| Operating income | 1,333 | -660 | -1,993 | -149.5% |
| Net income attributable to owners | 1,214 | 1,473 | 259 | +21.3% |
| Operating cash flow | 4,429 | -1,347 | -5,776 | -130.4% |
| Free cash flow | -179 | -7,371 | -7,192 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,642 | 1,960 | 6.8% | -10,839 | 8,670 | 6,696 | S100LTSE |
| FY ending Mar 2021 | 27,734 | 2,248 | 8.1% | 4,262 | 1,257 | -800 | S100OID4 |
| FY ending Mar 2022 | 34,851 | 4,495 | 12.9% | 3,733 | 8,192 | 6,142 | S100R98T |
| FY ending Mar 2023 | 33,456 | 2,114 | 6.3% | 2,236 | 1,574 | -478 | S100TW7J |
| FY ending Mar 2024 | 36,213 | 433 | 1.2% | 2,186 | 513 | -4,047 | S100W2GP |
| FY ending Mar 2025 | 39,374 | 1,333 | 3.4% | 1,214 | 4,429 | -179 | S100YDGT |
| FY ending Mar 2026 | 36,645 | -660 | -1.8% | 1,473 | -1,347 | -7,371 | S100YDGT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.1M |
| Operating income per employee (consolidated) | -¥577.9K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 937 | 976 | 988 | 1,075 | 1,142 |
| Average salary (parent company) | ¥8.2M | ¥8.2M | ¥8.5M | ¥8.9M | ¥8.7M |
| Average age (parent company) | 41.1 years | 40.8 years | 40.6 years | 40.2 years | 40.2 years |
| Average tenure (parent company) | 14.3 years | 14.2 years | 13.7 years | 12.3 years | 11.5 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) -6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical | 24,493 | 66.8% | -1,635 | -6.7% |
| LAL | 12,152 | 33.2% | 975 | 8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical | 66.8% | — | — | -6.7% |
| LAL | 33.2% | 100.0% | 66.8 | 8.0% |

Loss-making segment (excluded from profit shares): Pharmaceutical -1,635 JPY mn

Segment → industry: LAL → Medical Devices / Pharmaceutical → Pharmaceuticals

## 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 | -1,347 | -3.7% | S100YDGT |
| Capital expenditure | 6,024 | 16.4% | S100YDGT |
| Free cash flow | -7,371 | -20.1% | 算出 |
| Investing cash flow | -3,508 | -9.6% | S100YDGT |
| Financing cash flow | -1,677 | -4.6% | S100YDGT |
| Dividends paid | 1,637 | 4.5% | S100YDGT |
| Change in cash | -6,263 | -17.1% | S100YDGT |
| Cash and equivalents | 12,059 | 32.9% | S100YDGT |

## 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 | 23,367 | 25,798 | 18,701 | 18,322 | 12,059 | S100TW7J, S100W2GP, S100YDGT |
| Total assets | 75,244 | 75,625 | 81,795 | 83,872 | 86,344 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Net assets | 66,340 | 67,216 | 72,282 | 73,187 | 75,299 | S100TW7J, S100W2GP, S100YDGT |
| Share capital | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Property, plant and equipment | 10,021 | 11,325 | 15,219 | 18,452 | 22,621 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Intangible assets excluding goodwill | 2,926 | 3,231 | 3,200 | 3,149 | 2,943 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Goodwill | 2,093 | 2,094 | 2,107 | 1,965 | 1,846 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Investment securities | 12,733 | 13,232 | 18,790 | 19,038 | 15,722 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Current assets | 48,625 | 46,710 | 41,546 | 39,631 | 40,574 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Current liabilities | 7,533 | 6,699 | 7,198 | 7,899 | 7,594 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Short-term borrowings | 300 | 300 | 300 | 300 | 300 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Total liabilities | 8,904 | 8,408 | 9,512 | 10,685 | 11,045 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Equity attributable to owners of parent | 61,645 | 60,837 | 61,620 | 61,322 | 61,173 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Retained earnings | 53,305 | 53,975 | 54,738 | 54,422 | 54,249 | S100R98T, S100TW7J, S100W2GP, S100YDGT |
| Treasury stock | -802 | -2,279 | -2,259 | -2,242 | -2,217 | S100R98T, S100TW7J, S100W2GP, S100YDGT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YDGT |
| Property, plant and equipment | 26% | S100YDGT |
| Intangibles and goodwill | 6% | S100YDGT |
| Investment securities | 18% | S100YDGT |
| Other assets | 36% | S100YDGT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YDGT |
| Equity | 87% | S100YDGT |

### 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 | 75,244 | 75,625 | 81,795 | 83,872 | 86,344 |
| Equity | 66,340 | 67,216 | 72,282 | 73,187 | 75,299 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,367 | 25,798 | 18,701 | 18,322 | 12,059 |

## 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) | 61.7% | S100YDGT |
| Fixed assets ÷ total assets | 26.2% | S100YDGT |
| Goodwill ÷ parent equity | 3.0% | S100YDGT |

Goodwill over 4 years: 2,093 → 1,846 JPY; total investing cash flow: -10,022 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) | 14.0% |
| Cash ÷ revenue | 32.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -2,820 JPY mn (of net income -191.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 111.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.4% |
| Investing CF relative to operating CF | — |

## 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 | 10.7% | 0.46× | 5.0% | 1.22× | 6.1% | S100R98T |
| 2023 | 6.7% | 0.44× | 3.0% | 1.23× | 3.7% | S100TW7J |
| 2024 | 6.0% | 0.46× | 2.8% | 1.29× | 3.6% | S100W2GP |
| 2025 | 3.1% | 0.48× | 1.5% | 1.35× | 2.0% | S100YDGT |
| 2026 | 4.0% | 0.43× | 1.7% | 1.39× | 2.4% | S100YDGT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社開生社 | Major shareholder | 18.5% | 2026-03-31 |
| 新業株式会社 | Major shareholder | 14.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-03-31 |
| 科研製薬株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| 公益財団法人水谷糖質科学振興財団（公益口） | Major shareholder | 1.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |
| ハイアール株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YDGT | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDGT,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W2GP | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GP,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TW7J | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW7J,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R98T | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R98T,, |
| 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) | S100OID4 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OID4,, |
| 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) | S100LTSE | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTSE,, |

## 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).