# SEIKO 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124期(2025/04/01－2026/03/31) (S100YHL2)
> Page: https://vizora.meequs.com/en/company/seiko
> Retrieved: 2026-09-30T21:31:52.979Z

## Company

Seiko, founded in 1939, is a company in Auto Parts listed on TSE Standard. It has 892 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKO CORPORATION |
| Ticker | 6286 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6286.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市清水区天神二丁目8番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 鈴木 孝典 |
| Founded | May 1939 |
| Share capital | ¥100M |
| Employees (consolidated) | 892 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.seiko-co.com (https://www.seiko-co.com/) |
| Corporate number | 5080001008518 |
| EDINET | E01684 |
| Industries (Vizora) | Auto Parts, Plant Engineering & Building Services, Real Estate Development & Leasing, Specialty Trading & Wholesale, Industrial Machinery, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YHL2, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.1 | 18 |
| Profitability | 65.9 | 22 |
| Cash conversion | 77.5 | 20 |
| Efficiency | 43.2 | 22 |

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 56% of Seiko's sales come from Automotive relations, with Industrial machinery and Electric apparatus making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit +25.0%.

## Company structure

- Segment revenue mix: Automotive relations 55.6%、Industrial machinery 21.2%、Electric apparatus 19.4%、Cold forging 3.5%、Property rental 0.3%
- Revenue → net income: ¥44895426000 → ¥1231464000
- Net income → operating cash flow: ¥1231464000 → ¥2784265000（difference ¥1552801000）
- Main uses of operating cash flow: CapEx ¥2400554000 / dividends ¥141860000 / buybacks ¥44000
- Change in cash: ¥238296000
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 | ¥44.9B |  |
| Operating income | ¥1.79B | Margin 4.0% |
| Net income | ¥1.23B | Margin 2.7% |
| Free cash flow | ¥383.7M |  |
| Largest business | Automotive relations | of segment revenue 55.6% |
| Employees (consolidated) | 892 |  |
| EPS | ¥122.85 |  |
| Book value per share | ¥1796.31 |  |
| Equity ratio | 58.7% |  |
| Shares outstanding | 6,483,323 |  |
| Treasury shares | 25,000 |  |
| Shareholders | 2,905 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 16.0% |
| Vs. industry median margin | +0.8 pp | Car Dealers & Used Cars |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, segment profit share differs by -40 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31666615000 | ¥44895426000 | +41.8% |
| Operating income | ¥778100000 | ¥1786896000 | +129.6% |
| Operating margin | 2.5% | 4.0% | +1.5 pp |
| Employees | 812 people | 892 people | +9.9% |
| Cash and equivalents | ¥6348526000 | ¥7184364000 | +13.2% |

### 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 |
| --- | ---: |
| 産業機械事業 → 産業機械事業 | 21.2% |
| 産業機械事業 → 事業再編・廃止 | 2.3% |
| 冷間鍛造事業 → 冷間鍛造事業 | 3.5% |
| 冷間鍛造事業 → 事業再編・廃止 | 1.4% |
| 電機機器事業 → 電機機器事業 | 17.5% |
| 車両関係事業 → 車両関係事業 | 53.7% |
| 不動産等賃貸事業 → 不動産等賃貸事業 | 0.3% |
| 不動産等賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 電機機器事業 | 1.9% |
| 新設・再編 → 車両関係事業 | 1.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive relations | 5 years | +8.0% | ¥24959068000 | 1.7% | 2 |
| Industrial machinery | 5 years | +5.0% | ¥9527236000 | 15.8% | 2 |
| Electric apparatus | 5 years | +9.5% | ¥8706771000 | 7.3% | 2 |
| Cold forging | 5 years | +0.0% | ¥1557164000 | 8.5% | 2 |
| Property rental | 5 years | +3.5% | ¥145184000 | 108.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,895 | 100.0% | S100YHL2 |
| Cost of revenue | 35,337 | 78.7% | S100YHL2 |
| Gross profit | 9,559 | 21.3% | S100YHL2 |
| SG&A | 7,772 | 17.3% | S100YHL2 |
| Operating income | 1,787 | 4.0% | S100YHL2 |
| Ordinary income | 1,630 | 3.6% | S100YHL2 |
| Pretax income | 1,803 | 4.0% | S100YHL2 |
| Income tax | 571 | 1.3% | S100YHL2 |
| Net income | 1,231 | 2.7% | S100YHL2 |
| Net income attributable to owners | 1,231 | 2.7% | S100YHL2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.3% → Operating margin 4.0% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.0%; Core profit growth: +25.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.09×
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 | 40,100 | 44,895 | 4,796 | +12.0% |
| Gross profit | 8,811 | 9,559 | 747 | +8.5% |
| Operating income | 1,429 | 1,787 | 358 | +25.0% |
| Net income attributable to owners | 1,045 | 1,231 | 186 | +17.8% |
| Operating cash flow | 3,116 | 2,784 | -332 | -10.7% |
| Free cash flow | 834 | 384 | -450 | -54.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,328 | 400 | 1.2% | 268 | 1,106 | -701 | S100LOQC |
| FY ending Mar 2021 | 31,667 | 778 | 2.5% | -847 | 2,512 | 1,304 | S100OFCS |
| FY ending Mar 2022 | 31,401 | 560 | 1.8% | 751 | 1,746 | 347 | S100R3WW |
| FY ending Mar 2023 | 34,535 | 548 | 1.6% | 331 | 790 | -502 | S100TSD4 |
| FY ending Mar 2024 | 36,103 | 883 | 2.4% | 780 | 1,677 | 934 | S100W3WA |
| FY ending Mar 2025 | 40,100 | 1,429 | 3.6% | 1,045 | 3,116 | 834 | S100YHL2 |
| FY ending Mar 2026 | 44,895 | 1,787 | 4.0% | 1,231 | 2,784 | 384 | S100YHL2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.3M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 797 | 843 | 875 | 887 | 892 |
| Average salary (parent company) | ¥5.5M | ¥5.4M | ¥5.4M | ¥5.7M | ¥6M |
| Average age (parent company) | 39.0 years | 39.0 years | 40.0 years | 40.0 years | 39.0 years |
| Average tenure (parent company) | 15.0 years | 16.0 years | 16.0 years | 16.0 years | 15.0 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +12.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial machinery | 9,527 | 21.2% | 1,502 | 15.8% |
| Cold forging | 1,557 | 3.5% | 133 | 8.5% |
| Electric apparatus | 8,707 | 19.4% | 633 | 7.3% |
| Automotive relations | 24,959 | 55.6% | 433 | 1.7% |
| Property rental | 145 | 0.3% | 157 | 108.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial machinery | 21.2% | 52.6% | 31.3 | 15.8% |
| Cold forging | 3.5% | 4.6% | 1.2 | 8.5% |
| Electric apparatus | 19.4% | 22.1% | 2.8 | 7.3% |
| Automotive relations | 55.6% | 15.1% | -40.4 | 1.7% |
| Property rental | 0.3% | 5.5% | 5.2 | 108.3% |

Segment → industry: Cold forging → Auto Parts / Electric apparatus → Plant Engineering & Building Services / Property rental → Real Estate Development & Leasing / Electric apparatus → Specialty Trading & Wholesale / Industrial machinery → Industrial Machinery / Automotive relations → Car Dealers & Used Cars

## 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 | 2,784 | 6.2% | S100YHL2 |
| Capital expenditure | 2,401 | 5.3% | S100YHL2 |
| Free cash flow | 384 | 0.9% | 算出 |
| Investing cash flow | -2,133 | -4.8% | S100YHL2 |
| Financing cash flow | -413 | -0.9% | S100YHL2 |
| Dividends paid | 142 | 0.3% | S100YHL2 |
| Share buyback | 0 | 0.0% | S100YHL2 |
| Change in cash | 238 | 0.5% | S100YHL2 |
| Cash and equivalents | 7,184 | 16.0% | S100YHL2 |

## 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 | 7,517 | 8,257 | 8,481 | 6,936 | 7,184 | S100TSD4, S100W3WA, S100YHL2 |
| Total assets | 27,046 | 27,199 | 28,364 | 27,680 | 29,734 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Net assets | 13,822 | 14,204 | 15,223 | 15,949 | 17,453 | S100TSD4, S100W3WA, S100YHL2 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Property, plant and equipment | 7,786 | 7,867 | 7,768 | 8,891 | 9,986 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Intangible assets excluding goodwill | 324 | 269 | 208 | 142 | 123 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Goodwill | 67 | 46 | 26 | 5 | — | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Investment securities | 1,959 | 1,994 | 3,035 | 2,736 | 3,029 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Current assets | 16,622 | 16,712 | 17,041 | 15,545 | 16,234 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Current liabilities | 11,781 | 10,618 | 11,023 | 10,204 | 11,009 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Trade payables | 4,238 | 3,582 | 3,133 | 3,640 | 3,577 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Short-term borrowings | 3,218 | 3,534 | 3,743 | 2,153 | 2,253 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Long-term borrowings | 588 | 1,545 | 1,198 | 680 | 318 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Total liabilities | 13,224 | 12,996 | 13,141 | 11,731 | 12,280 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Equity attributable to owners of parent | 13,081 | 13,423 | 14,099 | 15,028 | 16,117 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Retained earnings | 9,938 | 10,169 | 10,845 | 11,774 | 12,864 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |
| Treasury stock | -109 | -6 | -6 | -6 | -6 | S100R3WW, S100TSD4, S100W3WA, S100YHL2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YHL2 |
| Property, plant and equipment | 34% | S100YHL2 |
| Intangibles and goodwill | 0% | S100YHL2 |
| Investment securities | 10% | S100YHL2 |
| Other assets | 32% | S100YHL2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YHL2 |
| Other liabilities | 29% | S100YHL2 |
| Equity | 59% | S100YHL2 |
| Other liabilities | 0% | S100YHL2 |

### 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 | 27,046 | 27,199 | 28,364 | 27,680 | 29,734 |
| Equity | 13,822 | 14,204 | 15,223 | 15,949 | 17,453 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,517 | 8,257 | 8,481 | 6,936 | 7,184 |

## 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) | 22.2% | S100YHL2 |
| Fixed assets ÷ total assets | 33.6% | S100YHL2 |
| Goodwill ÷ parent equity | — | —, S100YHL2 |

### 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) | 24.2% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 155.8% |
| Cash vs. profit gap | 1,553 JPY mn (of net income 126.1%) |
| Shareholder returns / net income | 11.5% |
| Shareholder returns / FCF | 37.0% |
| Shareholder payments — dividends / net income | 11.5% |
| Shareholder payments — dividends / FCF | 37.0% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 76.6% |

## 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 | 2.4% | 1.16× | 2.8% | 2.07× | 5.7% | S100R3WW |
| 2023 | 1.0% | 1.27× | 1.2% | 2.05× | 2.5% | S100TSD4 |
| 2024 | 2.2% | 1.30× | 2.8% | 2.02× | 5.7% | S100W3WA |
| 2025 | 2.6% | 1.43× | 3.7% | 1.92× | 7.2% | S100YHL2 |
| 2026 | 2.7% | 1.56× | 4.3% | 1.84× | 7.9% | S100YHL2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴与ホールディングス株式会社 | Major shareholder | 28.4% | 2026-03-31 |
| 有限会社テイ・エム・ケイ | Major shareholder | 8.4% | 2026-03-31 |
| 鈴木 孝典 | Major shareholder | 7.4% | 2026-03-31 |
| 鈴木 惠子 | Major shareholder | 6.6% | 2026-03-31 |
| 株式会社静岡銀行 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社清水銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 靜甲従業員持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 清水食品株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 鈴与自動車運送株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 清水運送株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100YHL2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHL2,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100W3WA | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3WA,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TSD4 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSD4,, |
| 有価証券報告書－第121期(2022/04/01－2023/03/31) | S100R3WW | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3WW,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100OFCS | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFCS,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LOQC | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOQC,, |

## 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).