# SEIRYO ELECTRIC 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60期(2025/04/01－2026/03/31) (S100YFFX)
> Page: https://vizora.meequs.com/en/company/seiryo-electric
> Retrieved: 2026-09-30T21:02:35.452Z

## Company

Seiryo Electric, founded in 1966, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 606 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIRYO ELECTRIC CORPORATION |
| Ticker | 4341 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4341.T) |
| Listing | TSE Standard |
| Head office | 兵庫県伊丹市藤ノ木三丁目5番33号 (同所は登記上の本店所在地で実際の業務は「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 西井 希伊 |
| Founded | Dec 1966 |
| Share capital | ¥523M |
| Employees (consolidated) | 606 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.seiryodenki.co.jp (https://www.seiryodenki.co.jp/) |
| Corporate number | 1140001078509 |
| EDINET | E05262 |
| Industries (Vizora) | Smartphones & Communications Equipment, IT Services & System Integration, Electronics Retailers |

> Profile source: annual securities report (S100YFFX, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.1 | 157 |
| Profitability | 11.5 | 196 |
| Cash conversion | 92.2 | 185 |
| Efficiency | 79.3 | 196 |

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 57% of Seiryo Electric's sales come from Telecommunication system, with Telecommunication terminal making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +36.2%.

## Company structure

- Segment revenue mix: Telecommunication system 57.0%、Telecommunication terminal 43.0%
- Revenue → net income: ¥20675000000 → ¥244000000
- Net income → operating cash flow: ¥244000000 → ¥624000000（difference ¥380000000）
- Main uses of operating cash flow: CapEx ¥182000000 / dividends ¥80000000 / buybacks ¥176000000
- Change in cash: ¥215000000
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 | ¥20.7B |  |
| Operating income | ¥380M | Margin 1.8% |
| Net income | ¥244M | Margin 1.2% |
| Free cash flow | ¥442M |  |
| Largest business | Telecommunication system | of segment revenue 57.0% |
| Employees (consolidated) | 606 |  |
| EPS | ¥62.7 |  |
| Book value per share | ¥1423.02 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 3,500,000 |  |
| Treasury shares | 116,400 |  |
| Shareholders | 1,800 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 9.3% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | -3.5 pp | Smartphones & Communications Equipment |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, buybacks were 2.2× dividends
- FY2026, one segment accounts for 63% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18155000000 | ¥20675000000 | +13.9% |
| Operating income | ¥291000000 | ¥380000000 | +30.6% |
| Operating margin | 1.6% | 1.8% | +0.2 pp |
| Employees | 648 people | 606 people | -6.5% |
| Cash and equivalents | ¥929000000 | ¥1120000000 | +20.6% |

### 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 |
| --- | ---: |
| 情報通信端末事業 → 情報通信端末事業 | 40.6% |
| 情報通信システム事業 → 情報通信システム事業 | 57.0% |
| 情報通信システム事業 → 事業再編・廃止 | 2.2% |
| ＩｏＴ事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 情報通信端末事業 | 2.4% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,675 | 100.0% | S100YFFX |
| Cost of revenue | 14,920 | 72.2% | S100YFFX |
| Gross profit | 5,754 | 27.8% | S100YFFX |
| SG&A | 5,374 | 26.0% | S100YFFX |
| Operating income | 380 | 1.8% | S100YFFX |
| Ordinary income | 404 | 2.0% | S100YFFX |
| Pretax income | 453 | 2.2% | S100YFFX |
| Income tax | 209 | 1.0% | S100YFFX |
| Net income | 244 | 1.2% | S100YFFX |
| Net income attributable to owners | 244 | 1.2% | S100YFFX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 26 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 27.8% → Operating margin 1.8% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +36.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.07×
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 | 19,296 | 20,675 | 1,379 | +7.1% |
| Gross profit | 5,178 | 5,754 | 576 | +11.1% |
| Operating income | 279 | 380 | 101 | +36.2% |
| Net income attributable to owners | 81 | 244 | 163 | +201.2% |
| Operating cash flow | 241 | 624 | 383 | +158.9% |
| Free cash flow | 99 | 442 | 343 | +346.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,539 | 367 | 1.8% | 251 | -109 | -299 | S100LPFE |
| FY ending Mar 2021 | 18,155 | 291 | 1.6% | 232 | 829 | 686 | S100OJU6 |
| FY ending Mar 2022 | 17,222 | 276 | 1.6% | 198 | 1,037 | 871 | S100R8G4 |
| FY ending Mar 2023 | 17,024 | 10 | 0.1% | -326 | -805 | -1,004 | S100TUKN |
| FY ending Mar 2024 | 18,489 | 195 | 1.1% | 284 | 130 | 74 | S100W7OG |
| FY ending Mar 2025 | 19,296 | 279 | 1.4% | 81 | 241 | 99 | S100YFFX |
| FY ending Mar 2026 | 20,675 | 380 | 1.8% | 244 | 624 | 442 | S100YFFX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.1M |
| Operating income per employee (consolidated) | ¥627.1K |
| Net income per employee (consolidated) | ¥402.6K |

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) | 642 | 639 | 622 | 598 | 606 |
| Average salary (parent company) | ¥6M | ¥5.6M | ¥5.7M | ¥6.1M | ¥6.4M |
| Average age (parent company) | 42.0 years | 42.0 years | 42.6 years | 42.9 years | 42.5 years |
| Average tenure (parent company) | 15.0 years | 14.9 years | 15.6 years | 15.7 years | 15.6 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Telecommunication terminal | 8,893 | 43.0% | 911 | 10.2% |
| Telecommunication system | 11,782 | 57.0% | 1,529 | 13.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Telecommunication terminal | 43.0% | 37.3% | -5.7 | 10.2% |
| Telecommunication system | 57.0% | 62.7% | 5.7 | 13.0% |

Segment → industry: Telecommunication system → Smartphones & Communications Equipment / Telecommunication system → IT Services & System Integration / Telecommunication terminal → Electronics Retailers

## 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 | 624 | 3.0% | S100YFFX |
| Capital expenditure | 182 | 0.9% | S100YFFX |
| Free cash flow | 442 | 2.1% | 算出 |
| Investing cash flow | -150 | -0.7% | S100YFFX |
| Financing cash flow | -259 | -1.3% | S100YFFX |
| Dividends paid | 80 | 0.4% | S100YFFX |
| Share buyback | 176 | 0.9% | S100YFFX |
| Change in cash | 215 | 1.0% | S100YFFX |
| Cash and equivalents | 1,120 | 5.4% | S100YFFX |

## 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 | 1,278 | 975 | 1,059 | 905 | 1,120 | S100TUKN, S100W7OG, S100YFFX |
| Total assets | 10,941 | 10,675 | 11,661 | 12,140 | 12,013 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Net assets | 5,560 | 5,157 | 5,476 | 5,434 | 5,528 | S100TUKN, S100W7OG, S100YFFX |
| Share capital | 523 | 523 | 523 | 523 | 523 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Property, plant and equipment | 938 | 822 | 801 | 765 | 837 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Intangible assets excluding goodwill | 205 | 200 | 166 | 151 | 85 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Investment securities | 46 | 54 | 93 | 118 | 152 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Current assets | 8,867 | 8,745 | 9,717 | 10,513 | 10,285 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Current liabilities | 5,217 | 5,234 | 5,954 | 6,455 | 6,245 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Trade payables | 3,489 | 2,907 | 3,226 | 4,035 | 3,345 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Short-term borrowings | 200 | 1,000 | 1,000 | 900 | 900 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Total liabilities | 5,381 | 5,518 | 6,184 | 6,706 | 6,484 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Equity attributable to owners of parent | 5,561 | 5,147 | 5,431 | 5,373 | 5,443 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Retained earnings | 4,540 | 4,126 | 4,411 | 4,352 | 4,514 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |
| Treasury stock | -1 | -1 | -1 | -1 | -92 | S100R8G4, S100TUKN, S100W7OG, S100YFFX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YFFX |
| Property, plant and equipment | 7% | S100YFFX |
| Intangibles and goodwill | 1% | S100YFFX |
| Investment securities | 1% | S100YFFX |
| Other assets | 82% | S100YFFX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 28% | S100YFFX |
| Other liabilities | 26% | S100YFFX |
| Equity | 46% | S100YFFX |
| Other liabilities | 0% | S100YFFX |

### 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 | 10,941 | 10,675 | 11,661 | 12,140 | 12,013 |
| Equity | 5,560 | 5,157 | 5,476 | 5,434 | 5,528 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,278 | 975 | 1,059 | 905 | 1,120 |

## 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) | 4.0% | S100YFFX |
| Fixed assets ÷ total assets | 7.0% | S100YFFX |
| Goodwill ÷ parent equity | — | —, S100YFFX |

### 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) | 9.3% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.2% |
| Cash vs. profit gap | 380 JPY mn (of net income 155.7%) |
| Shareholder returns / net income | 104.9% |
| Shareholder returns / FCF | 57.9% |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | 18.1% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 24.0% |

## 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 | 1.1% | 1.57× | 1.8% | 1.97× | 3.6% | S100R8G4 |
| 2023 | — | —× | -3.0% | —× | — | S100TUKN |
| 2024 | 1.5% | 1.66× | 2.5% | 2.11× | 5.4% | S100W7OG |
| 2025 | 0.4% | 1.62× | 0.7% | 2.20× | 1.5% | S100YFFX |
| 2026 | 1.2% | 1.71× | 2.0% | 2.23× | 4.5% | S100YFFX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ニシオカ | Major shareholder | 23.6% | 2026-03-31 |
| 三菱電機株式会社 | Major shareholder | 20.7% | 2026-03-31 |
| 西菱電機従業員持株会 | Major shareholder | 5.6% | 2026-03-31 |
| 西岡 伸明 | Major shareholder | 3.1% | 2026-03-31 |
| 海山 智 | Major shareholder | 2.5% | 2026-03-31 |
| 西井 希伊 | Major shareholder | 1.5% | 2026-03-31 |
| アトム電子株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 秦 康明 | Major shareholder | 1.2% | 2026-03-31 |
| 西岡 奈津子 | Major shareholder | 1.2% | 2026-03-31 |
| 吉田 政功 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YFFX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFFX,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W7OG | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7OG,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TUKN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUKN,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R8G4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8G4,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OJU6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJU6,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LPFE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPFE,, |

## 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).