# SEIKO GROUP 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165期(2025/04/01－2026/03/31) (S100YHM2)
> Page: https://vizora.meequs.com/en/company/seiko-group
> Retrieved: 2026-09-30T21:35:52.540Z

## Company

Seiko Group, founded in 1892, is a company in IT Services & System Integration listed on TSE Prime. It has 11,326 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKO GROUP CORPORATION |
| Ticker | 8050 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8050.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座4丁目5番11号 |
| Representative (per filing) | 代表取締役社長 高橋 修司 |
| Founded | Mar 1892 |
| Share capital | ¥10B |
| Employees (consolidated) | 11,326 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.seiko.co.jp (https://www.seiko.co.jp/) |
| Corporate number | 9010001034797 |
| EDINET | E02280 |
| Industries (Vizora) | IT Services & System Integration, Electronic Components, Watches, Jewelry & Eyewear, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YHM2, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.5 | 20 |
| Profitability | 67.5 | 20 |
| Cash conversion | 60.5 | 19 |
| Efficiency | 35.7 | 21 |

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 65% of Seiko Group's sales come from Emotional Value Solutions Business, with Devices Solutions Business and Systems Solutions Business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +10.2% from the prior year, operating profit +45.4%.

## Company structure

- Segment revenue mix: Emotional Value Solutions Business 65.1%、Devices Solutions Business 17.9%、Systems Solutions Business 16.4%、Other 0.7%
- Revenue → net income: ¥335686000000 → ¥22076000000
- Net income → operating cash flow: ¥22076000000 → ¥36769000000（difference ¥14693000000）
- Main uses of operating cash flow: CapEx ¥13947000000 / dividends ¥4754000000 / buybacks ¥4000000
- Change in cash: ¥4176000000
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 | ¥335.7B |  |
| Operating income | ¥30.9B | Margin 9.2% |
| Net income | ¥22B | Margin 6.5% |
| Free cash flow | ¥22.8B |  |
| Largest business | Emotional Value Solutions Business | of segment revenue 65.1% |
| Employees (consolidated) | 11,326 |  |
| EPS | ¥82.74 |  |
| Book value per share | ¥721.91 |  |
| Equity ratio | 45.8% |  |
| Shares outstanding | 41,404,261 |  |
| Treasury shares | 114,200 |  |
| Shareholders | 9,156 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 11.3% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | +2.6 pp | Watches, Jewelry & Eyewear |
| ROE | 17.9% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, employees 0% while operating income rose 45%
- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥202671000000 | ¥335686000000 | +65.6% |
| Operating income | ¥2194000000 | ¥30873000000 | +1307.2% |
| Operating margin | 1.1% | 9.2% | +8.1 pp |
| Employees | 12,092 people | 11,326 people | -6.3% |
| Cash and equivalents | ¥32340000000 | ¥43487000000 | +34.5% |

### 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 |
| --- | ---: |
| ウオッチ事業 → 事業再編・廃止 | 50.9% |
| 電子デバイス事業 → 事業再編・廃止 | 22.2% |
| システムソリューション事業 → システムソリューション事業 | 16.0% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 10.2% |
| 新設・再編 → エモーショナルバリューソリューション事業 | 65.1% |
| 新設・再編 → デバイスソリューション事業 | 17.9% |
| 新設・再編 → システムソリューション事業 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Emotional Value Solutions Business | 4 years | +10.2% | ¥218009000000 | 13.1% | 2 |
| Devices Solutions Business | 4 years | +1.4% | ¥59846000000 | 6.4% | 2 |
| Systems Solutions Business | 5 years | +11.1% | ¥55063000000 | 10.0% | 2 |
| Other | 5 years | -36.9% | ¥2202000000 | 11.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 335,686 | 100.0% | S100YHM2 |
| Cost of revenue | 180,483 | 53.8% | S100YHM2 |
| Gross profit | 155,203 | 46.2% | S100YHM2 |
| SG&A | 124,329 | 37.0% | S100YHM2 |
| Operating income | 30,873 | 9.2% | S100YHM2 |
| Ordinary income | 33,119 | 9.9% | S100YHM2 |
| Pretax income | 31,807 | 9.5% | S100YHM2 |
| Income tax | 9,730 | 2.9% | S100YHM2 |
| Net income | 22,076 | 6.6% | S100YHM2 |
| Net income attributable to owners | 21,980 | 6.5% | S100YHM2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 37 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 46.2% → Operating margin 9.2% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.2%; Core profit growth: +45.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.47×
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 | 304,744 | 335,686 | 30,942 | +10.2% |
| Gross profit | 137,068 | 155,203 | 18,135 | +13.2% |
| Operating income | 21,240 | 30,873 | 9,633 | +45.4% |
| Net income attributable to owners | 13,316 | 21,980 | 8,664 | +65.1% |
| Operating cash flow | 32,609 | 36,769 | 4,160 | +12.8% |
| Free cash flow | 18,938 | 22,822 | 3,884 | +20.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 239,150 | 6,134 | 2.6% | 3,394 | 2,704 | -6,148 | S100LT8N |
| FY ending Mar 2021 | 202,671 | 2,194 | 1.1% | 3,475 | 2,874 | -14,861 | S100OIX1 |
| FY ending Mar 2022 | 237,382 | 8,770 | 3.7% | 6,415 | 20,358 | 11,561 | S100R7BJ |
| FY ending Mar 2023 | 260,504 | 11,233 | 4.3% | 5,028 | 9,261 | -2,921 | S100TUHU |
| FY ending Mar 2024 | 276,807 | 14,737 | 5.3% | 10,051 | 32,726 | 21,703 | S100W5ES |
| FY ending Mar 2025 | 304,744 | 21,240 | 7.0% | 13,316 | 32,609 | 18,938 | S100YHM2 |
| FY ending Mar 2026 | 335,686 | 30,873 | 9.2% | 21,980 | 36,769 | 22,822 | S100YHM2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.6M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 11,984 | 11,843 | 11,740 | 11,367 | 11,326 |
| Average salary (parent company) | ¥7.4M | ¥8M | ¥8.3M | ¥8.8M | ¥9.4M |
| Average age (parent company) | 45.7 years | 45.4 years | 44.3 years | 43.8 years | 44.2 years |
| Average tenure (parent company) | 20.6 years | 19.7 years | 18.3 years | 16.4 years | 15.8 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Emotional Value Solutions Business | 218,009 | 65.1% | 28,590 | 13.1% |
| Devices Solutions Business | 59,846 | 17.9% | 3,816 | 6.4% |
| Systems Solutions Business | 55,063 | 16.4% | 5,500 | 10.0% |
| Other | 2,202 | 0.7% | 249 | 11.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Emotional Value Solutions Business | 65.1% | 74.9% | 9.9 | 13.1% |
| Devices Solutions Business | 17.9% | 10.0% | -7.9 | 6.4% |
| Systems Solutions Business | 16.4% | 14.4% | -2.0 | 10.0% |
| Other | 0.7% | 0.7% | -0.0 | 11.3% |

Segment → industry: Systems Solutions Business → IT Services & System Integration / Devices Solutions Business → Electronic Components / Emotional Value Solutions Business → Watches, Jewelry & Eyewear / Other → Real Estate Development & Leasing

## 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 | 36,769 | 11.0% | S100YHM2 |
| Capital expenditure | 13,947 | 4.2% | S100YHM2 |
| Free cash flow | 22,822 | 6.8% | 算出 |
| Investing cash flow | -14,794 | -4.4% | S100YHM2 |
| Financing cash flow | -20,455 | -6.1% | S100YHM2 |
| Dividends paid | 4,754 | 1.4% | S100YHM2 |
| Share buyback | 4 | 0.0% | S100YHM2 |
| Change in cash | 4,176 | 1.2% | S100YHM2 |
| Cash and equivalents | 43,487 | 13.0% | S100YHM2 |

## 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 | 30,738 | 36,209 | 32,683 | 39,429 | 43,487 | S100TUHU, S100W5ES, S100YHM2 |
| Total assets | 327,533 | 355,915 | 376,262 | 369,236 | 383,881 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Net assets | 121,624 | 131,748 | 151,334 | 158,014 | 177,502 | S100TUHU, S100W5ES, S100YHM2 |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Property, plant and equipment | 105,100 | 111,149 | 116,037 | 112,995 | 114,365 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Intangible assets excluding goodwill | 14,844 | 15,522 | 18,189 | 17,989 | 20,012 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Goodwill | 6,453 | 6,901 | 8,029 | 6,375 | 6,091 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Investment securities | 43,536 | 45,490 | 56,374 | 53,123 | 49,545 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Current assets | 154,786 | 173,410 | 174,694 | 174,183 | 187,914 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Current liabilities | 154,413 | 162,157 | 165,460 | 149,628 | 156,616 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Trade payables | 21,027 | 18,790 | 21,500 | 26,847 | 28,322 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Short-term borrowings | 63,709 | 72,598 | 64,350 | 50,547 | 42,569 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Long-term borrowings | 28,752 | 37,525 | 31,674 | 33,996 | 24,308 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Bonds | 300 | — | — | — | — | S100R7BJ |
| Interest-bearing debt | 92,761 | — | — | — | — | 算出 |
| Total liabilities | 205,908 | 224,166 | 224,927 | 211,221 | 206,378 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Non-controlling interests | 1,557 | 1,956 | 2,234 | 2,042 | 1,719 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Equity attributable to owners of parent | 96,028 | 98,517 | 104,126 | 114,039 | 131,124 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Retained earnings | 79,075 | 81,520 | 88,465 | 98,164 | 115,182 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |
| Treasury stock | -292 | -248 | -1,584 | -1,381 | -1,318 | S100R7BJ, S100TUHU, S100W5ES, S100YHM2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YHM2 |
| Property, plant and equipment | 30% | S100YHM2 |
| Intangibles and goodwill | 7% | S100YHM2 |
| Investment securities | 13% | S100YHM2 |
| Other assets | 39% | S100YHM2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YHM2 |
| Other liabilities | 47% | S100YHM2 |
| Equity | 46% | S100YHM2 |
| Other liabilities | 0% | S100YHM2 |

### 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 | 327,533 | 355,915 | 376,262 | 369,236 | 383,881 |
| Equity | 121,624 | 131,748 | 151,334 | 158,014 | 177,502 |
| Interest-bearing debt | 92,761 | — | — | — | — |
| Cash | 30,738 | 36,209 | 32,683 | 39,429 | 43,487 |

## 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) | 34.1% | S100YHM2 |
| Fixed assets ÷ total assets | 29.8% | S100YHM2 |
| Goodwill ÷ parent equity | 4.6% | S100YHM2 |

Goodwill over 4 years: 6,453 → 6,091 JPY; total investing cash flow: -63,862 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) | 11.3% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.1% |
| Cash vs. profit gap | 14,789 JPY mn (of net income 67.3%) |
| Shareholder returns / net income | 21.6% |
| Shareholder returns / FCF | 20.8% |
| Shareholder payments — dividends / net income | 21.6% |
| Shareholder payments — dividends / FCF | 20.8% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 40.2% |

## 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 | 2.7% | 0.72× | 2.0% | 3.41× | 6.7% | S100R7BJ |
| 2023 | 1.9% | 0.76× | 1.5% | 3.51× | 5.2% | S100TUHU |
| 2024 | 3.6% | 0.76× | 2.7% | 3.61× | 9.9% | S100W5ES |
| 2025 | 4.4% | 0.82× | 3.6% | 3.42× | 12.2% | S100YHM2 |
| 2026 | 6.5% | 0.89× | 5.8% | 3.07× | 17.9% | S100YHM2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三光起業株式会社 | Major shareholder | 10.7% | 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 | 9.1% | 2026-03-31 |
| 服部 悦子 | Major shareholder | 8.7% | 2026-03-31 |
| 服部 真二 | Major shareholder | 5.5% | 2026-03-31 |
| 服部 秀生 | Major shareholder | 3.9% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| J.P. MORGAN BANK LUXEMBOURG S.A. 384513（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥335.7B, up +10.2% from ¥304.7B.
- Operating income jumped +45.4% to ¥30.9B from ¥21.2B, and net income rose +65.1% to ¥22B from ¥13.3B.
- Gross profit grew +13.2%, faster than revenue, so each sale kept more of its price after costs.
- Operating cash flow reached ¥36.8B (+12.8%) and free cash flow ¥22.8B (+20.5%).

### Drivers

- In Japan, steady consumer spending and inbound tourists lifted sales of watches and at the Wako store.
- Overseas, especially in the US, both Grand Seiko and Seiko global brand lines sold well.
- Medical silver-oxide batteries and inkjet heads grew in the devices unit, while IT infrastructure, security, restaurant ordering systems and taxi payments grew in the systems unit.
- Foreign exchange gains from large swings in the yen also improved non-operating results.

### Risks

- The watch business relies heavily on one particular supplier, so a change in its terms could hit results hard.
- Many products depend on consumer spending, so economic conditions at home and abroad matter a lot.
- A large share of production and sales is overseas, leaving prices, sourcing costs and translated earnings exposed to exchange rates.

Cited: Annual Securities Report (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 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/04/01－2026/03/31) | S100YHM2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHM2,, |
| 有価証券報告書－第164期(2024/04/01－2025/03/31) | S100W5ES | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5ES,, |
| 有価証券報告書－第163期(2023/04/01－2024/03/31) | S100TUHU | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUHU,, |
| 有価証券報告書－第162期(2022/04/01－2023/03/31) | S100R7BJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7BJ,, |
| 有価証券報告書－第161期(令和3年4月1日－令和4年3月31日) | S100OIX1 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIX1,, |
| 有価証券報告書－第160期(令和2年4月1日－令和3年3月31日) | S100LT8N | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT8N,, |

## 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).