# SEIKOH GIKEN Co.,Ltd.: 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54期(2025/04/01－2026/03/31) (S100YB9C)
> Page: https://vizora.meequs.com/en/company/seikoh-giken
> Retrieved: 2026-09-30T21:08:35.425Z

## Company

Seikoh Giken, founded in 1972, is a company in Auto Parts listed on TSE Standard. It has 1,231 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKOH GIKEN Co., Ltd. |
| Ticker | 6834 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6834.T) |
| Listing | TSE Standard |
| Head office | 千葉県松戸市松飛台296番地の1 |
| Representative (per filing) | 代表取締役社長 上野 淳 |
| Founded | Jun 1972 |
| Share capital | ¥6.79B |
| Employees (consolidated) | 1,231 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Corporate number | 6040001035845 |
| EDINET | E01717 |
| Industries (Vizora) | Auto Parts, Smartphones & Communications Equipment, Electronic Components |

> Profile source: annual securities report (S100YB9C, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85 | 10 |
| Profitability | 87.5 | 12 |
| Cash conversion | 13.6 | 11 |
| Efficiency | 54.2 | 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 67% of Seikoh Giken's sales come from Optical related products, with Precision machinery related products making up much of the rest.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +50.6% from the prior year, operating profit +174.5%.

## Company structure

- Segment revenue mix: Optical related products 66.9%、Precision machinery related products 33.1%
- Revenue → net income: ¥30087881000 → ¥6264527000
- Net income → operating cash flow: ¥6264527000 → ¥5484736000（difference ¥-779791000）
- Main uses of operating cash flow: CapEx ¥971712000 / dividends ¥674213000 / buybacks ¥1724000
- Change in cash: ¥3935089000
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 | ¥30.1B |  |
| Operating income | ¥7.73B | Margin 25.7% |
| Net income | ¥6.21B | Margin 20.6% |
| Free cash flow | ¥4.51B |  |
| Largest business | Optical related products | of segment revenue 66.9% |
| Employees (consolidated) | 1,231 |  |
| EPS | ¥524.95 |  |
| Book value per share | ¥3199.27 |  |
| Equity ratio | 81.2% |  |
| Shares outstanding | 9,333,654 |  |
| Treasury shares | 325,500 |  |
| Shareholders | 3,605 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 27.0% | Cash ÷ revenue 37.4% |
| Vs. industry median margin | +20.4 pp | Smartphones & Communications Equipment |
| ROE | 21.7% | Derived from disclosed figures |
| ROA | 16.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, parent-company salary changed +32% over five years
- FY2026, operating income keeps 26 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14818029000 | ¥30087881000 | +103.0% |
| Operating income | ¥1324727000 | ¥7733176000 | +483.8% |
| Operating margin | 8.9% | 25.7% | +16.8 pp |
| Employees | 870 people | 1,231 people | +41.5% |
| Cash and equivalents | ¥4877382000 | ¥11255535000 | +130.8% |

### 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 |
| --- | ---: |
| 精機関連 → 精機関連 | 33.1% |
| 精機関連 → 事業再編・廃止 | 25.4% |
| 光製品関連 → 光製品関連 | 41.5% |
| 新設・再編 → 光製品関連 | 25.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,088 | 100.0% | S100YB9C |
| Cost of revenue | 16,037 | 53.3% | S100YB9C |
| Gross profit | 14,051 | 46.7% | S100YB9C |
| SG&A | 6,318 | 21.0% | S100YB9C |
| Operating income | 7,733 | 25.7% | S100YB9C |
| Ordinary income | 8,139 | 27.1% | S100YB9C |
| Pretax income | 8,233 | 27.4% | S100YB9C |
| Income tax | 1,968 | 6.5% | S100YB9C |
| Net income | 6,265 | 20.8% | S100YB9C |
| Net income attributable to owners | 6,211 | 20.6% | S100YB9C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 21 |
| Operating income | 26 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 46.7% → Operating margin 25.7% → Net margin 20.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +50.6%; Core profit growth: +174.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.45×
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 | 19,983 | 30,088 | 10,105 | +50.6% |
| Gross profit | 7,288 | 14,051 | 6,763 | +92.8% |
| Operating income | 2,817 | 7,733 | 4,916 | +174.5% |
| Net income attributable to owners | 2,225 | 6,211 | 3,985 | +179.1% |
| Operating cash flow | 3,068 | 5,485 | 2,416 | +78.7% |
| Free cash flow | 2,536 | 4,513 | 1,977 | +78.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,730 | 1,614 | 10.3% | 1,153 | 2,226 | 472 | S100LJ4V |
| FY ending Mar 2021 | 14,818 | 1,325 | 8.9% | 984 | 2,374 | 1,540 | S100OASY |
| FY ending Mar 2022 | 16,189 | 1,525 | 9.4% | 1,150 | 1,869 | 239 | S100S1TW |
| FY ending Mar 2023 | 16,283 | 1,391 | 8.5% | 1,082 | 2,300 | 1,353 | S100U6AA |
| FY ending Mar 2024 | 15,786 | 1,052 | 6.7% | 761 | 1,798 | 1,298 | S100VYS0 |
| FY ending Mar 2025 | 19,983 | 2,817 | 14.1% | 2,225 | 3,068 | 2,536 | S100YB9C |
| FY ending Mar 2026 | 30,088 | 7,733 | 25.7% | 6,211 | 5,485 | 4,513 | S100YB9C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.4M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥5M |

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) | 941 | 914 | 752 | 936 | 1,231 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥5.9M | ¥6.5M | ¥7.8M |
| Average age (parent company) | 43.5 years | 43.6 years | 44.3 years | 44.5 years | 44.7 years |
| Average tenure (parent company) | 17.1 years | 17.6 years | 18.6 years | 18.8 years | 19.3 years |

Year over year: Employees (consolidated) +31.5% · Revenue (consolidated) +50.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precision machinery related products | 9,963 | 33.1% | 1,065 | 10.7% |
| Optical related products | 20,125 | 66.9% | 6,668 | 33.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precision machinery related products | 33.1% | 13.8% | -19.3 | 10.7% |
| Optical related products | 66.9% | 86.2% | 19.3 | 33.1% |

Segment → industry: Precision machinery related products → Auto Parts / Optical related products → Smartphones & Communications Equipment / Optical related products → Electronic Components / Precision machinery related products → Electronic Components

## 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 | 5,485 | 18.2% | S100YB9C |
| Capital expenditure | 972 | 3.2% | S100YB9C |
| Free cash flow | 4,513 | 15.0% | 算出 |
| Investing cash flow | -879 | -2.9% | S100YB9C |
| Financing cash flow | -712 | -2.4% | S100YB9C |
| Dividends paid | 674 | 2.2% | S100YB9C |
| Share buyback | 2 | 0.0% | S100YB9C |
| Change in cash | 3,935 | 13.1% | S100YB9C |
| Cash and equivalents | 11,256 | 37.4% | S100YB9C |

## 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 | 4,198 | 5,194 | 5,066 | 7,320 | 11,256 | S100U6AA, S100VYS0, S100YB9C |
| Total assets | 30,339 | 31,343 | 32,226 | 34,383 | 41,692 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Net assets | 25,494 | 26,476 | 27,186 | 28,144 | 34,042 | S100U6AA, S100VYS0, S100YB9C |
| Share capital | 6,792 | 6,792 | 6,792 | 6,792 | 6,792 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Property, plant and equipment | 7,950 | 8,152 | 7,803 | 8,133 | 8,564 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Intangible assets excluding goodwill | 587 | 205 | 85 | 502 | 460 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Goodwill | 463 | 164 | 67 | 485 | 435 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Investment securities | 72 | 76 | 365 | 504 | 572 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Current assets | 20,636 | 21,759 | 22,738 | 24,042 | 30,864 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Current liabilities | 3,367 | 3,311 | 3,426 | 4,787 | 6,257 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Total liabilities | 4,845 | 4,867 | 5,040 | 6,239 | 7,650 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Non-controlling interests | 24 | 29 | 28 | 151 | 200 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Equity attributable to owners of parent | 24,722 | 25,343 | 25,642 | 25,824 | 31,452 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Retained earnings | 7,862 | 8,483 | 8,782 | 10,222 | 15,758 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |
| Treasury stock | -556 | -539 | -539 | -1,797 | -1,822 | S100S1TW, S100U6AA, S100VYS0, S100YB9C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YB9C |
| Property, plant and equipment | 21% | S100YB9C |
| Intangibles and goodwill | 2% | S100YB9C |
| Investment securities | 1% | S100YB9C |
| Other assets | 49% | S100YB9C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YB9C |
| Equity | 82% | S100YB9C |
| Other liabilities | 0% | S100YB9C |

### 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 | 30,339 | 31,343 | 32,226 | 34,383 | 41,692 |
| Equity | 25,494 | 26,476 | 27,186 | 28,144 | 34,042 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,198 | 5,194 | 5,066 | 7,320 | 11,256 |

## 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) | 28.5% | S100YB9C |
| Fixed assets ÷ total assets | 20.5% | S100YB9C |
| Goodwill ÷ parent equity | 1.4% | S100YB9C |

Goodwill over 4 years: 463 → 435 JPY; total investing cash flow: -4,645 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) | 27.0% |
| Cash ÷ revenue | 37.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.9% |
| Cash vs. profit gap | -726 JPY mn (of net income -11.7%) |
| Shareholder returns / net income | 10.9% |
| Shareholder returns / FCF | 15.0% |
| Shareholder payments — dividends / net income | 10.9% |
| Shareholder payments — dividends / FCF | 14.9% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 16.0% |

## 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 | 7.1% | 0.53× | 3.8% | 1.23× | 4.7% | S100S1TW |
| 2023 | 6.6% | 0.53× | 3.5% | 1.23× | 4.3% | S100U6AA |
| 2024 | 4.8% | 0.50× | 2.4% | 1.25× | 3.0% | S100VYS0 |
| 2025 | 11.1% | 0.60× | 6.7% | 1.29× | 8.6% | S100YB9C |
| 2026 | 20.6% | 0.79× | 16.3% | 1.33× | 21.7% | S100YB9C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上野 昌利 | Major shareholder | 9.7% | 2026-03-31 |
| 有限会社 高志 | Major shareholder | 7.3% | 2026-03-31 |
| 木村 保 | Major shareholder | 6.7% | 2026-03-31 |
| 有限会社 光研 | Major shareholder | 6.5% | 2026-03-31 |
| 上野 淳 | Major shareholder | 3.9% | 2026-03-31 |
| 吉田 智恵 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （リテール信託口820079279） | Major shareholder | 3.7% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.6% | 2026-03-31 |
| 管理信託（A033）受託者 株式会社SMBC信託銀行 | Major shareholder | 3.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YB9C | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB9C,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100VYS0 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYS0,, |
| 訂正有価証券報告書－第52期(2023/04/01－2024/03/31) | S100U6AA | 2024-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U6AA,, |
| 訂正有価証券報告書－第51期(2022/04/01－2023/03/31) | S100S1TW | 2023-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S1TW,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OASY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OASY,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LJ4V | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ4V,, |

## 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).