# SEIKO ELECTRIC CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第122期(2025/01/01－2025/12/31) (S100XU9B)
> Page: https://vizora.meequs.com/en/company/seiko-electric
> Retrieved: 2026-09-30T21:02:27.250Z

## Company

Seiko Electric, founded in 1930, is a company in Robots & Factory Automation listed on TSE Prime. It has 971 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKO ELECTRIC CO., LTD. |
| Ticker | 6653 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6653.T) |
| Listing | TSE Prime |
| Head office | 福岡市博多区東光二丁目7番25号 |
| Representative (per filing) | 代表取締役社長 添田 英俊 |
| Founded | Jul 1930 |
| Share capital | ¥3.32B |
| Employees (consolidated) | 971 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.seiko-denki.co.jp (https://www.seiko-denki.co.jp/) |
| Corporate number | 6290001014089 |
| EDINET | E01760 |
| Industries (Vizora) | Robots & Factory Automation, IT Services & System Integration, Software & SaaS, Electrical Equipment, Plant Engineering & Building Services |

> Profile source: annual securities report (S100XU9B, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 24 |
| Profitability | 47.9 | 24 |
| Cash conversion | 84.8 | 23 |
| Efficiency | 82 | 25 |

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 41% of Seiko Electric's sales come from Environmental energy and control systems business unit, with Power systems business unit and Services and Engineering Business Unit making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +29.7%.

## Company structure

- Segment revenue mix: Environmental energy and control systems business unit 41.4%、Power systems business unit 26.3%、Services and Engineering Business Unit 19.6%、Other 7.7%、IT system solutions business unit 5.0%
- Revenue → net income: ¥31380000000 → ¥2036000000
- Net income → operating cash flow: ¥2036000000 → ¥3808000000（difference ¥1772000000）
- Main uses of operating cash flow: CapEx ¥1695000000 / dividends ¥608000000 / buybacks ¥0
- Change in cash: ¥91000000
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 | ¥31.4B |  |
| Operating income | ¥2.62B | Margin 8.3% |
| Net income | ¥2.04B | Margin 6.5% |
| Free cash flow | ¥2.11B |  |
| Largest business | Environmental energy and control systems business unit | of segment revenue 41.4% |
| Employees (consolidated) | 971 |  |
| EPS | ¥136.15 |  |
| Book value per share | ¥1235.05 |  |
| Equity ratio | 52.1% |  |
| Shares outstanding | 13,908,000 |  |
| Treasury shares | 383,100 |  |
| Shareholders | 8,867 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 10.4% |
| Vs. industry median margin | -0.1 pp | Electrical Equipment |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -1% while operating income rose 30%
- FY2025, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23383000000 | ¥31380000000 | +34.2% |
| Operating income | ¥1325000000 | ¥2615000000 | +97.4% |
| Operating margin | 5.7% | 8.3% | +2.7 pp |
| Employees | 989 people | 971 people | -1.8% |
| Cash and equivalents | ¥1820000000 | ¥3252000000 | +78.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電力部門 → 電力部門 | 25.4% |
| 環境エネルギー部門 → 環境エネルギー部門 | 41.4% |
| 環境エネルギー部門 → 事業再編・廃止 | 8.8% |
| 情報部門 → 情報部門 | 5.0% |
| 情報部門 → 事業再編・廃止 | 0.3% |
| サービス部門 → サービス部門 | 12.5% |
| その他 → その他 | 6.6% |
| 新設・再編 → 電力部門 | 0.8% |
| 新設・再編 → サービス部門 | 7.1% |
| 新設・再編 → その他 | 1.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environmental energy and control systems business unit | 5 years | +2.1% | ¥12994000000 | 5.7% | 2 |
| Power systems business unit | 5 years | +6.7% | ¥8247000000 | 15.0% | 2 |
| Services and Engineering Business Unit | 5 years | +16.0% | ¥6141000000 | 2.2% | 2 |
| Other | 5 years | +9.6% | ¥2426000000 | 16.0% | 2 |
| IT system solutions business unit | 5 years | +4.9% | ¥1570000000 | 7.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,380 | 100.0% | S100XU9B |
| Cost of revenue | 25,428 | 81.0% | S100XU9B |
| Gross profit | 5,951 | 19.0% | S100XU9B |
| SG&A | 3,336 | 10.6% | S100XU9B |
| Operating income | 2,615 | 8.3% | S100XU9B |
| Ordinary income | 3,126 | 10.0% | S100XU9B |
| Pretax income | 3,126 | 10.0% | S100XU9B |
| Income tax | 1,089 | 3.5% | S100XU9B |
| Net income | 2,036 | 6.5% | S100XU9B |
| Net income attributable to owners | 2,036 | 6.5% | S100XU9B |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 19.0% → Operating margin 8.3% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +29.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.79×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 29,099 | 31,380 | 2,281 | +7.8% |
| Gross profit | 5,194 | 5,951 | 757 | +14.6% |
| Operating income | 2,016 | 2,615 | 599 | +29.7% |
| Net income attributable to owners | 1,536 | 2,036 | 500 | +32.6% |
| Operating cash flow | 339 | 3,808 | 3,469 | +1023.3% |
| Free cash flow | -60 | 2,113 | 2,173 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 24,514 | 907 | 3.7% | 700 | 1,718 | 1,373 | S100L2DR |
| FY ending Dec 2020 | 23,383 | 1,325 | 5.7% | 1,039 | -644 | -1,263 | S100NQST |
| FY ending Dec 2021 | 24,596 | 1,406 | 5.7% | 1,056 | 1,638 | -112 | S100QGYM |
| FY ending Dec 2022 | 25,007 | 1,440 | 5.8% | 1,082 | -79 | -626 | S100UOL1 |
| FY ending Dec 2023 | 27,071 | 1,622 | 6.0% | 1,202 | 3,190 | 2,238 | S100VHDC |
| FY ending Dec 2024 | 29,099 | 2,016 | 6.9% | 1,536 | 339 | -60 | S100XU9B |
| FY ending Dec 2025 | 31,380 | 2,615 | 8.3% | 2,036 | 3,808 | 2,113 | S100XU9B |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 993 | 1,007 | 1,001 | 985 | 971 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.4M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 45.8 years | 45.9 years | 46.1 years | 42.3 years | 42.3 years |
| Average tenure (parent company) | 18.1 years | 17.7 years | 18.2 years | 16.5 years | 16.5 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +7.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power systems business unit | 8,247 | 26.3% | 1,237 | 15.0% |
| Environmental energy and control systems business unit | 12,994 | 41.4% | 739 | 5.7% |
| IT system solutions business unit | 1,570 | 5.0% | 113 | 7.2% |
| Services and Engineering Business Unit | 6,141 | 19.6% | 135 | 2.2% |
| Other | 2,426 | 7.7% | 388 | 16.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Power systems business unit | 26.3% | 47.4% | 21.1 | 15.0% |
| Environmental energy and control systems business unit | 41.4% | 28.3% | -13.1 | 5.7% |
| IT system solutions business unit | 5.0% | 4.3% | -0.7 | 7.2% |
| Services and Engineering Business Unit | 19.6% | 5.2% | -14.4 | 2.2% |
| Other | 7.7% | 14.9% | 7.1 | 16.0% |

Segment → industry: Other → Robots & Factory Automation / IT system solutions business unit → IT Services & System Integration / IT system solutions business unit → Software & SaaS / Environmental energy and control systems business unit → Electrical Equipment / Power systems business unit → Electrical Equipment / Other → Plant Engineering & Building Services / Services and Engineering Business Unit → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,808 | 12.1% | S100XU9B |
| Capital expenditure | 1,695 | 5.4% | S100XU9B |
| Free cash flow | 2,113 | 6.7% | 算出 |
| Investing cash flow | -1,300 | -4.1% | S100XU9B |
| Financing cash flow | -2,422 | -7.7% | S100XU9B |
| Dividends paid | 608 | 1.9% | S100XU9B |
| Share buyback | 0 | 0.0% | S100XU9B |
| Change in cash | 91 | 0.3% | S100XU9B |
| Cash and equivalents | 3,252 | 10.4% | S100XU9B |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,845 | 2,319 | 2,248 | 3,160 | 3,252 | S100UOL1, S100VHDC, S100XU9B |
| Total assets | 25,793 | 28,055 | 28,755 | 30,331 | 34,715 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Net assets | 10,940 | 11,565 | 13,212 | 15,882 | 18,089 | S100UOL1, S100VHDC, S100XU9B |
| Share capital | 2,607 | 2,607 | 2,607 | 3,323 | 3,323 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Trade receivables | 12,155 | — | — | — | — | S100QGYM |
| Property, plant and equipment | 5,399 | 5,276 | 5,768 | 5,773 | 7,445 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Intangible assets excluding goodwill | 174 | 232 | 226 | 211 | 220 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Investment securities | 3,142 | 3,047 | 4,140 | 4,131 | 5,215 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Current assets | 16,945 | 19,365 | 18,480 | 20,060 | 21,612 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Current liabilities | 11,252 | 13,167 | 12,271 | 11,574 | 13,373 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Trade payables | 4,459 | 4,484 | 5,548 | 4,620 | 6,106 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Short-term borrowings | 2,475 | 4,253 | 2,466 | 2,162 | 655 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Long-term borrowings | 1,237 | 1,009 | 780 | 552 | 323 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Total liabilities | 14,853 | 16,490 | 15,542 | 14,448 | 16,626 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Equity attributable to owners of parent | 9,910 | 10,594 | 11,428 | 13,970 | 15,434 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Retained earnings | 5,570 | 6,229 | 7,036 | 8,116 | 9,544 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |
| Treasury stock | -225 | -215 | -204 | -193 | -179 | S100QGYM, S100UOL1, S100VHDC, S100XU9B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XU9B |
| Property, plant and equipment | 21% | S100XU9B |
| Intangibles and goodwill | 1% | S100XU9B |
| Investment securities | 15% | S100XU9B |
| Other assets | 54% | S100XU9B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100XU9B |
| Other liabilities | 30% | S100XU9B |
| Equity | 52% | S100XU9B |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,793 | 28,055 | 28,755 | 30,331 | 34,715 |
| Equity | 10,940 | 11,565 | 13,212 | 15,882 | 18,089 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,845 | 2,319 | 2,248 | 3,160 | 3,252 |

## 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) | 23.7% | S100XU9B |
| Fixed assets ÷ total assets | 21.4% | S100XU9B |
| Goodwill ÷ parent equity | — | —, S100XU9B |

### 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) | 9.4% |
| Cash ÷ revenue | 10.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.6% |
| Cash vs. profit gap | 1,772 JPY mn (of net income 87.0%) |
| Shareholder returns / net income | 29.9% |
| Shareholder returns / FCF | 28.8% |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 28.8% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 34.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.3% | 0.95× | 4.1% | 2.60× | 10.7% | S100QGYM |
| 2022 | 4.3% | 0.93× | 4.0% | 2.63× | 10.6% | S100UOL1 |
| 2023 | 4.4% | 0.95× | 4.2% | 2.58× | 10.9% | S100VHDC |
| 2024 | 5.3% | 0.98× | 5.2% | 2.33× | 12.1% | S100XU9B |
| 2025 | 6.5% | 0.96× | 6.3% | 2.21× | 13.8% | S100XU9B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| みずほ信託銀行株式会社 退職給付信託 九州電力口及び九州電力送配電口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 8.8% | 2025-12-31 |
| みずほ信託銀行株式会社 退職給付信託 西日本鉄道口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 6.9% | 2025-12-31 |
| 株式会社クラフティア | Major shareholder | 6.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(三井住友信託銀行再信託分・西部瓦斯株式会社退職給付信託口) | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社日立製作所 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社福岡銀行 | Major shareholder | 2.3% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB)（常設代理人 野村證券株式会社） | Major shareholder | 2.3% | 2025-12-31 |
| 土屋直知 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/01/01－2025/12/31) | S100XU9B | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU9B,, |
| 有価証券報告書－第121期(2024/01/01－2024/12/31) | S100VHDC | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHDC,, |
| 訂正有価証券報告書－第120期(2023/01/01－2023/12/31) | S100UOL1 | 2024-11-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UOL1,, |
| 有価証券報告書－第119期(2022/01/01－2022/12/31) | S100QGYM | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGYM,, |
| 有価証券報告書－第118期(令和3年1月1日－令和3年12月31日) | S100NQST | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQST,, |
| 有価証券報告書－第117期(令和2年1月1日－令和2年12月31日) | S100L2DR | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2DR,, |

## 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).