# SEIKO EPSON CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/04/01－2026/03/31) (S100YJ6A)
> Page: https://vizora.meequs.com/en/company/seiko-epson
> Retrieved: 2026-09-30T21:02:22.677Z

## Company

Seiko Epson, founded in 1942, is a company in Robots & Factory Automation listed on TSE Prime. It has 74,619 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKO EPSON CORPORATION |
| Ticker | 6724 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6724.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿四丁目1番6号 (同所は登記上の本店所在地であり、主な業務は「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 吉田 潤吉 |
| Founded | May 1942 |
| Share capital | ¥53.2B |
| Employees (consolidated) | 74,619 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 4011101010841 |
| EDINET | E01873 |
| Industries (Vizora) | Robots & Factory Automation, Printers & Office Equipment, Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100YJ6A, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.2 | 12 |
| Profitability | 22.7 | 11 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 62.5 | 12 |

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 73% of Seiko Epson's sales come from Printing Solutions Segment, with Manufacturing-related and Wearables and Visual Communications Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -34.0%.

## Company structure

- Segment revenue mix: Printing Solutions Segment 73.1%、Manufacturing-related and Wearables 14.0%、Visual Communications Segment 12.9%
- Revenue → net income: ¥1413251000000 → ¥18206000000
- Net income → operating cash flow: ¥18206000000 → ¥112372000000（difference ¥94166000000）
- Main uses of operating cash flow: CapEx ¥60849000000 / dividends ¥23708000000 / buybacks ¥1000000
- Change in cash: ¥21581000000
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 | ¥1.41T |  |
| Operating income | ¥49.6B | Margin 3.5% |
| Net income | ¥18.2B | Margin 1.3% |
| Free cash flow | ¥51.5B |  |
| Largest business | Printing Solutions Segment | of segment revenue 73.1% |
| Employees (consolidated) | 74,619 |  |
| EPS | ¥56.81 |  |
| Diluted EPS | ¥56.81 |  |
| Book value per share | ¥1443.88 |  |
| Equity ratio | 55.6% | Derived from disclosed figures |
| Shares outstanding | 373,573,152 |  |
| Treasury shares | 53,145,400 |  |
| Shareholders | 40,824 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 20.4% |
| Vs. industry median margin | -2.2 pp | Printers & Office Equipment |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.2× net income
- FY2026, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥995940000000 | ¥1413251000000 | +41.9% |
| Operating income | ¥47654000000 | ¥49558000000 | +4.0% |
| Operating margin | 4.8% | 3.5% | -1.3 pp |
| Employees | 79,944 people | 74,619 people | -6.7% |
| Cash and equivalents | ¥304007000000 | ¥288582000000 | -5.1% |

### 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 |
| --- | ---: |
| プリンティングソリューションズ事業 → プリンティングソリューションズ事業 | 61.1% |
| ビジュアルコミュニケーション事業 → ビジュアルコミュニケーション事業 | 12.5% |
| ウエアラブル・産業プロダクツ事業 → 事業再編・廃止 | 12.4% |
| マニュファクチャリング関連・ウエアラブル事業 → マニュファクチャリング関連・ウエアラブル事業 | 13.9% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → プリンティングソリューションズ事業 | 12.0% |
| 新設・再編 → ビジュアルコミュニケーション事業 | 0.4% |
| 新設・再編 → マニュファクチャリング関連・ウエアラブル事業 | 0.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Printing Solutions Segment | 5 years | +8.3% | ¥1029483000000 | 11.7% | 2 |
| Manufacturing-related and Wearables | 5 years | +4.6% | ¥196868000000 | 5.5% | 2 |
| Visual Communications Segment | 5 years | +5.1% | ¥181388000000 | 6.8% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,413,251 | 100.0% | S100YJ6A |
| Cost of revenue | 912,499 | 64.6% | S100YJ6A |
| Gross profit | 500,751 | 35.4% | S100YJ6A |
| SG&A | 416,962 | 29.5% | S100YJ6A |
| Operating income | 49,558 | 3.5% | S100YJ6A |
| Pretax income | 50,023 | 3.5% | S100YJ6A |
| Income tax | 31,817 | 2.3% | S100YJ6A |
| Net income | 18,206 | 1.3% | S100YJ6A |
| Net income attributable to owners | 18,201 | 1.3% | S100YJ6A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 29 |
| Other operating | 2 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 35.4% → Operating margin 3.5% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -34.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.22×
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 | 1,362,944 | 1,413,251 | 50,307 | +3.7% |
| Gross profit | 493,026 | 500,751 | 7,725 | +1.6% |
| Operating income | 75,108 | 49,558 | -25,550 | -34.0% |
| Net income attributable to owners | 55,177 | 18,201 | -36,976 | -67.0% |
| Operating cash flow | 138,075 | 112,372 | -25,703 | -18.6% |
| Free cash flow | 67,809 | 51,523 | -16,286 | -24.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,024,856 | — | — | 48,320 | 96,873 | — | S100LNQK |
| FY ending Mar 2018 | 1,102,116 | — | — | 41,836 | 84,279 | — | S100OKHT |
| FY ending Mar 2019 | 1,089,676 | — | — | 53,710 | 76,961 | — | S100R6JP |
| FY ending Mar 2020 | 1,043,600 | 39,479 | 3.8% | 7,733 | 102,324 | 26,617 | S100LNQK |
| FY ending Mar 2021 | 995,940 | 47,654 | 4.8% | 30,922 | 133,222 | 77,347 | S100OKHT |
| FY ending Mar 2022 | 1,128,914 | 94,479 | 8.4% | 92,288 | 110,801 | 66,957 | S100R6JP |
| FY ending Mar 2023 | 1,330,331 | 97,044 | 7.3% | 75,043 | 61,311 | 2,215 | S100TSY2 |
| FY ending Mar 2024 | 1,313,998 | 57,533 | 4.4% | 52,616 | 165,570 | 108,977 | S100W55U |
| FY ending Mar 2025 | 1,362,944 | 75,108 | 5.5% | 55,177 | 138,075 | 67,809 | S100YJ6A |
| FY ending Mar 2026 | 1,413,251 | 49,558 | 3.5% | 18,201 | 112,372 | 51,523 | S100YJ6A |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.9M |
| Operating income per employee (consolidated) | ¥664.1K |
| Net income per employee (consolidated) | ¥243.9K |

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) | 77,642 | 79,906 | 74,464 | 75,352 | 74,619 |
| Average salary (parent company) | ¥7.7M | ¥8.1M | ¥8M | ¥7.9M | ¥8.1M |
| Average age (parent company) | 43.8 years | 43.7 years | 43.4 years | 43.2 years | 42.9 years |
| Average tenure (parent company) | 19.3 years | 19.0 years | 18.6 years | 18.3 years | 18.1 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +3.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Printing Solutions Segment | 1,029,483 | 73.1% | 120,572 | 11.7% |
| Visual Communications Segment | 181,388 | 12.9% | 12,253 | 6.8% |
| Manufacturing-related and Wearables | 196,868 | 14.0% | 10,797 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Printing Solutions Segment | 73.1% | 84.0% | 10.8 | 11.7% |
| Visual Communications Segment | 12.9% | 8.5% | -4.4 | 6.8% |
| Manufacturing-related and Wearables | 14.0% | 7.5% | -6.5 | 5.5% |

Segment → industry: Manufacturing-related and Wearables → Robots & Factory Automation / Visual Communications Segment → Printers & Office Equipment / Printing Solutions Segment → Printers & Office Equipment / Manufacturing-related and Wearables → Watches, Jewelry & Eyewear

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 112,372 | 8.0% | S100YJ6A |
| Capital expenditure | 60,849 | 4.3% | S100YJ6A |
| Free cash flow | 51,523 | 3.6% | 算出 |
| Investing cash flow | -65,561 | -4.6% | S100YJ6A |
| Financing cash flow | -39,604 | -2.8% | S100YJ6A |
| Dividends paid | 23,708 | 1.7% | S100YJ6A |
| Share buyback | 1 | 0.0% | S100YJ6A |
| Change in cash | 21,581 | 1.5% | S100YJ6A |
| Cash and equivalents | 288,582 | 20.4% | S100YJ6A |

## 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 | 335,239 | 267,380 | 328,481 | 267,000 | 288,582 | S100TSY2, S100W55U, S100YJ6A |
| Total assets | 1,266,420 | 1,341,575 | 1,413,094 | 1,456,461 | 1,534,870 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Net assets | 665,740 | 727,477 | 811,134 | 804,891 | 853,648 | S100TSY2, S100W55U, S100YJ6A |
| Share capital | 53,204 | 53,204 | 53,204 | 53,204 | 53,204 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Property, plant and equipment | 343,172 | 360,866 | 377,333 | 379,712 | 392,795 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Goodwill | 5,163 | 5,387 | 5,830 | 41,894 | 20,116 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Current assets | 834,469 | 892,505 | 933,487 | 880,855 | 967,933 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Total liabilities | 600,680 | 614,097 | 601,960 | 651,569 | 681,222 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Equity attributable to owners of parent | 665,628 | 727,352 | 810,992 | 804,752 | 853,503 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Retained earnings | 480,154 | 526,299 | 557,025 | 572,710 | 569,907 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |
| Treasury stock | -40,808 | -55,586 | -55,455 | -70,260 | -70,150 | S100R6JP, S100TSY2, S100W55U, S100YJ6A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YJ6A |
| Property, plant and equipment | 26% | S100YJ6A |
| Intangibles and goodwill | 1% | — |
| Other assets | 54% | S100YJ6A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YJ6A |
| Equity | 56% | S100YJ6A |

### 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 | 1,266,420 | 1,341,575 | 1,413,094 | 1,456,461 | 1,534,870 |
| Equity | 665,740 | 727,477 | 811,134 | 804,891 | 853,648 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 335,239 | 267,380 | 328,481 | 267,000 | 288,582 |

## 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) | 27.8% | S100YJ6A |
| Fixed assets ÷ total assets | 25.6% | S100YJ6A |
| Goodwill ÷ parent equity | 2.4% | S100YJ6A |

Goodwill over 4 years: 5,163 → 20,116 JPY; total investing cash flow: -381,014 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) | 18.8% |
| Cash ÷ revenue | 20.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 226.7% |
| Cash vs. profit gap | 94,171 JPY mn (of net income 517.4%) |
| Shareholder returns / net income | 130.3% |
| Shareholder returns / FCF | 46.0% |
| Shareholder payments — dividends / net income | 130.3% |
| Shareholder payments — dividends / FCF | 46.0% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 58.3% |

## 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 | 8.2% | 0.89× | 7.3% | 1.90× | 13.9% | S100R6JP |
| 2023 | 5.6% | 1.02× | 5.8% | 1.87× | 10.8% | S100TSY2 |
| 2024 | 4.0% | 0.95× | 3.8% | 1.79× | 6.8% | S100W55U |
| 2025 | 4.0% | 0.95× | 3.8% | 1.78× | 6.8% | S100YJ6A |
| 2026 | 1.3% | 0.94× | 1.2% | 1.80× | 2.2% | S100YJ6A |

## 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 | 23.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 8.9% | 2026-03-31 |
| セイコーグループ株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| エプソングループ従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 服部 悦子 | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.41T, up +3.7% from ¥1.36T.
- Profit went the other way: operating income fell -34.0% from ¥75.1B to ¥49.6B, and net income fell -67.0% from ¥55.2B to ¥18.2B.
- Operating cash flow also dropped -18.6%, to ¥112.4B.

### Drivers

- Sales grew in printers and in the robotics and quartz device businesses
- US tariffs raised costs and cut profit in the printer business
- Epson wrote down part of the goodwill on its Fiery subsidiary after demand in commercial printing weakened, which pulled operating income down sharply
- Projector sales and profit fell, hit by a weaker Chinese market and lower sales to schools in Europe and the US

### Risks

- Much of the revenue and profit depends on printers and their supplies, so swings there hit results hard
- Cheaper third-party ink could take share from genuine Epson ink and reduce its sales and profit
- A large part of revenue is in US dollars, euros and other currencies, so exchange rates affect results

Cited: Annual Securities Report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YJ6A | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ6A,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W55U | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W55U,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TSY2 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSY2,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R6JP | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6JP,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OKHT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKHT,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LNQK | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNQK,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | セイコーエプソンの半導体等を加賀電子が仕入れ（取引基本契約） | S100YNQJ |
| HP Inc. | Co-development | 情報関連機器の特許の相互実施許諾 | S100YJ6A |
| International Business Machines Corporation | Co-development | 情報関連機器の特許の相互実施許諾 | S100YJ6A |
| Microsoft Corporation | Co-development | 情報関連機器・ソフトウエアの特許の相互実施許諾 | S100YJ6A |
| Eastman Kodak Company | Co-development | 情報関連機器の特許の相互実施許諾 | S100YJ6A |
| Xerox Corporation | Co-development | 電子写真・インクジェットプリンターの特許の相互実施許諾 | S100YJ6A |
| キヤノン | Co-development | 情報関連機器の特許の相互実施許諾 | S100YJ6A |
| ブラザー工業 | Co-development | 情報関連機器の特許の相互実施許諾 | S100YJ6A |

## 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).