# seiren 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154期(2025/04/01－2026/03/31) (S100YH1G)
> Page: https://vizora.meequs.com/en/company/seiren
> Retrieved: 2026-09-30T21:00:27.306Z

## Company

seiren, founded in 1911, is a company in Auto Parts listed on TSE Prime. It has 6,506 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIREN CO.,LTD. |
| Ticker | 3569 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3569.T) |
| Listing | TSE Prime |
| Head office | 福井市毛矢1丁目10番1号 |
| Representative (per filing) | 代表取締役 会長 川田達男 |
| Founded | Aug 1911 |
| Share capital | ¥17.5B |
| Employees (consolidated) | 6,506 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.seiren.com (https://www.seiren.com/) |
| Corporate number | 9210001001785 |
| EDINET | E00562 |
| Industries (Vizora) | Auto Parts, Textiles & Fibers, Electronic Components, Cosmetics |

> Profile source: annual securities report (S100YH1G, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.6 | 110 |
| Profitability | 96.8 | 111 |
| Cash conversion | 9.7 | 108 |
| Efficiency | 26.6 | 111 |

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 seiren's sales come from Automotive Interior, with High fashion and Electronics making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit +16.6%.

## Company structure

- Segment revenue mix: Automotive Interior 67.1%、High fashion 12.4%、Electronics 7.8%、Environment and Life Materials 7.7%、Medical 3.9%
- Revenue → net income: ¥171765000000 → ¥15669000000
- Net income → operating cash flow: ¥15669000000 → ¥17771000000（difference ¥2102000000）
- Main uses of operating cash flow: CapEx ¥10439000000 / dividends ¥4462000000 / buybacks —
- Change in cash: ¥-6118000000
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 | ¥171.8B |  |
| Operating income | ¥20.8B | Margin 12.1% |
| Net income | ¥15.6B | Margin 9.1% |
| Free cash flow | ¥7.33B |  |
| Largest business | Automotive Interior | of segment revenue 67.1% |
| Employees (consolidated) | 6,506 |  |
| EPS | ¥246.03 |  |
| Diluted EPS | ¥244.5 |  |
| Book value per share | ¥1583.86 |  |
| Equity ratio | 71.8% |  |
| Shares outstanding | 64,633,646 |  |
| Treasury shares | 5,825,800 |  |
| Shareholders | 6,969 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 15.3% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | +7.4 pp | Auto Parts |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 70% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥98688000000 | ¥171765000000 | +74.0% |
| Operating income | ¥8580000000 | ¥20832000000 | +142.8% |
| Operating margin | 8.7% | 12.1% | +3.4 pp |
| Employees | 5,590 people | 6,506 people | +16.4% |
| Cash and equivalents | ¥39498000000 | ¥34198000000 | -13.4% |

### 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 |
| --- | ---: |
| 車輌資材 → 車輌資材 | 59.6% |
| ハイファッション → ハイファッション | 12.4% |
| ハイファッション → 事業再編・廃止 | 4.2% |
| エレクトロニクス → エレクトロニクス | 7.8% |
| エレクトロニクス → 事業再編・廃止 | 1.8% |
| 環境・生活資材 → 環境・生活資材 | 7.4% |
| メディカル → メディカル | 3.9% |
| メディカル → 事業再編・廃止 | 2.0% |
| その他 → その他 | 0.9% |
| 新設・再編 → 車輌資材 | 7.5% |
| 新設・再編 → 環境・生活資材 | 0.3% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 12 (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 Interior | 5 years | +14.4% | ¥115258000000 | 14.1% | 2 |
| High fashion | 5 years | +5.4% | ¥21324000000 | 6.6% | 2 |
| Electronics | 5 years | +7.1% | ¥13388000000 | 23.1% | 2 |
| Environment and Life Materials | 5 years | +12.7% | ¥13284000000 | 7.8% | 2 |
| Medical | 5 years | +2.8% | ¥6676000000 | 11.1% | 2 |
| Other | 5 years | +16.3% | ¥1832000000 | 30.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 171,765 | 100.0% | S100YH1G |
| Cost of revenue | 124,625 | 72.6% | S100YH1G |
| Gross profit | 47,140 | 27.4% | S100YH1G |
| SG&A | 26,307 | 15.3% | S100YH1G |
| Operating income | 20,832 | 12.1% | S100YH1G |
| Ordinary income | 22,005 | 12.8% | S100YH1G |
| Pretax income | 22,342 | 13.0% | S100YH1G |
| Income tax | 6,672 | 3.9% | S100YH1G |
| Net income | 15,669 | 9.1% | S100YH1G |
| Net income attributable to owners | 15,599 | 9.1% | S100YH1G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 15 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 27.4% → Operating margin 12.1% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.6%; Core profit growth: +16.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.19×
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 | 159,653 | 171,765 | 12,112 | +7.6% |
| Gross profit | 44,027 | 47,140 | 3,113 | +7.1% |
| Operating income | 17,865 | 20,832 | 2,967 | +16.6% |
| Net income attributable to owners | 13,887 | 15,599 | 1,712 | +12.3% |
| Operating cash flow | 20,538 | 17,771 | -2,767 | -13.5% |
| Free cash flow | 14,757 | 7,332 | -7,425 | -50.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,258 | 10,502 | 8.7% | 8,551 | 15,356 | 11,359 | S100LME1 |
| FY ending Mar 2021 | 98,688 | 8,580 | 8.7% | 6,252 | 12,958 | 9,732 | S100OIL5 |
| FY ending Mar 2022 | 109,771 | 10,901 | 9.9% | 8,553 | 9,712 | 1,623 | S100QZ2B |
| FY ending Mar 2023 | 132,364 | 12,831 | 9.7% | 11,023 | 12,943 | 4,589 | S100UNLT |
| FY ending Mar 2024 | 141,915 | 14,068 | 9.9% | 12,156 | 13,489 | 9,187 | S100W270 |
| FY ending Mar 2025 | 159,653 | 17,865 | 11.2% | 13,887 | 20,538 | 14,757 | S100YH1G |
| FY ending Mar 2026 | 171,765 | 20,832 | 12.1% | 15,599 | 17,771 | 7,332 | S100YH1G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.4M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 6,341 | 6,200 | 6,108 | 6,228 | 6,506 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.6M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 42.8 years | 43.4 years | 43.8 years | 43.8 years | 43.9 years |
| Average tenure (parent company) | 18.7 years | 19.2 years | 19.6 years | 19.6 years | 19.7 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +7.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive Interior | 115,258 | 67.1% | 16,199 | 14.1% |
| High fashion | 21,324 | 12.4% | 1,411 | 6.6% |
| Electronics | 13,388 | 7.8% | 3,086 | 23.1% |
| Environment and Life Materials | 13,284 | 7.7% | 1,033 | 7.8% |
| Medical | 6,676 | 3.9% | 739 | 11.1% |
| Other | 1,832 | 1.1% | 558 | 30.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive Interior | 67.1% | 70.4% | 3.2 | 14.1% |
| High fashion | 12.4% | 6.1% | -6.3 | 6.6% |
| Electronics | 7.8% | 13.4% | 5.6 | 23.1% |
| Environment and Life Materials | 7.7% | 4.5% | -3.2 | 7.8% |
| Medical | 3.9% | 3.2% | -0.7 | 11.1% |
| Other | 1.1% | 2.4% | 1.4 | 30.5% |

Segment → industry: Automotive Interior → Auto Parts / Automotive Interior → Textiles & Fibers / High fashion → Textiles & Fibers / Electronics → Electronic Components / Environment and Life Materials → Textiles & Fibers / Medical → Textiles & Fibers / Medical → Cosmetics

## 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 | 17,771 | 10.3% | S100YH1G |
| Capital expenditure | 10,439 | 6.1% | S100YH1G |
| Free cash flow | 7,332 | 4.3% | 算出 |
| Investing cash flow | -19,453 | -11.3% | S100YH1G |
| Financing cash flow | -5,680 | -3.3% | S100YH1G |
| Dividends paid | 4,462 | 2.6% | S100YH1G |
| Change in cash | -6,118 | -3.6% | S100YH1G |
| Cash and equivalents | 34,198 | 19.9% | S100YH1G |

## 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 | 35,451 | 34,141 | 37,545 | 40,317 | 34,198 | S100UNLT, S100W270, S100YH1G |
| Total assets | 155,493 | 167,795 | 187,458 | 199,223 | 223,926 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Net assets | 91,845 | 105,785 | 124,689 | 143,882 | 161,787 | S100UNLT, S100W270, S100YH1G |
| Share capital | 17,520 | 17,520 | 17,520 | 17,520 | 17,520 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Property, plant and equipment | 49,553 | 54,167 | 55,334 | 56,228 | 70,560 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Intangible assets excluding goodwill | 3,941 | 3,102 | 3,497 | 3,415 | 3,134 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Goodwill | 801 | 638 | 477 | 318 | 159 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Investment securities | 5,663 | 7,117 | 9,619 | 10,364 | 18,461 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Current assets | 93,513 | 101,068 | 117,083 | 127,064 | 129,682 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Current liabilities | 29,607 | 30,307 | 36,676 | 40,513 | 37,113 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Trade payables | 15,648 | 17,450 | 20,676 | 23,492 | 20,918 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Short-term borrowings | 3,813 | 2,061 | 2,061 | 4,816 | 1,344 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Long-term borrowings | 10,609 | 8,563 | 6,517 | 5,516 | 7,871 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Total liabilities | 63,648 | 62,009 | 62,769 | 55,340 | 62,139 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Non-controlling interests | 610 | 709 | 544 | 511 | 505 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Equity attributable to owners of parent | 86,873 | 95,167 | 107,688 | 122,611 | 134,132 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Retained earnings | 66,952 | 75,669 | 85,359 | 95,792 | 106,928 | S100QZ2B, S100UNLT, S100W270, S100YH1G |
| Treasury stock | -14,385 | -14,830 | -13,223 | -10,677 | -10,357 | S100QZ2B, S100UNLT, S100W270, S100YH1G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YH1G |
| Property, plant and equipment | 32% | S100YH1G |
| Intangibles and goodwill | 1% | S100YH1G |
| Investment securities | 8% | S100YH1G |
| Other assets | 44% | S100YH1G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YH1G |
| Other liabilities | 19% | S100YH1G |
| Equity | 72% | S100YH1G |

### 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 | 155,493 | 167,795 | 187,458 | 199,223 | 223,926 |
| Equity | 91,845 | 105,785 | 124,689 | 143,882 | 161,787 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,451 | 34,141 | 37,545 | 40,317 | 34,198 |

## 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) | 41.1% | S100YH1G |
| Fixed assets ÷ total assets | 31.5% | S100YH1G |
| Goodwill ÷ parent equity | 0.1% | S100YH1G |

Goodwill over 4 years: 801 → 159 JPY; total investing cash flow: -54,808 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) | 15.3% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.3% |
| Cash vs. profit gap | 2,172 JPY mn (of net income 13.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.6% |
| Shareholder payments — dividends / FCF | 60.9% |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| Investing CF relative to operating CF | 109.5% |

## 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 | 7.8% | 0.71× | 5.5% | 1.79× | 9.8% | S100QZ2B |
| 2023 | 8.3% | 0.82× | 6.8% | 1.78× | 12.1% | S100UNLT |
| 2024 | 8.6% | 0.80× | 6.8% | 1.75× | 12.0% | S100W270 |
| 2025 | 8.7% | 0.83× | 7.2% | 1.68× | 12.1% | S100YH1G |
| 2026 | 9.1% | 0.81× | 7.4% | 1.65× | 12.2% | S100YH1G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.9% | 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 | 12.5% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 4.0% | 2026-03-31 |
| SG/UCITS V/INV （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.5% | 2026-03-31 |
| セーレン共栄会 | Major shareholder | 3.4% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.8% | 2026-03-31 |
| 旭化成株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.6% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 久光製薬株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第154期(2025/04/01－2026/03/31) | S100YH1G | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH1G,, |
| 有価証券報告書－第153期(2024/04/01－2025/03/31) | S100W270 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W270,, |
| 訂正有価証券報告書－第152期(2023/04/01－2024/03/31) | S100UNLT | 2024-11-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UNLT,, |
| 有価証券報告書－第151期(2022/04/01－2023/03/31) | S100QZ2B | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ2B,, |
| 訂正有価証券報告書－第150期(令和3年4月1日－令和4年3月31日) | S100OIL5 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIL5,, |
| 有価証券報告書－第149期(令和2年4月1日－令和3年3月31日) | S100LME1 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LME1,, |

## 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).