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Seiwa Electric MFG.SEIWA ELECTRIC MFG. CO., LTD.6748東証スタンダード電気機器FY ending Dec 2025, consolidated, J-GAAP

Seiwa Electric MFG. revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed +0.7% from the prior year, operating profit -7.0%.

Five-year trend

Revenue¥25.4B
FY ending Dec 2021: ¥26.2B¥26.2BFY ending Dec 2022: ¥23.4B¥23.4BFY ending Dec 2023: ¥23.8B¥23.8BFY ending Dec 2024: ¥25.2B¥25.2BFY ending Dec 2025: ¥25.4B¥25.4BFY21FY22FY23FY24FY25
Operating income¥1.65B
FY ending Dec 2021: ¥1.48B¥1.48BFY ending Dec 2022: ¥1.54B¥1.54BFY ending Dec 2023: ¥1.04B¥1.04BFY ending Dec 2024: ¥1.77B¥1.77BFY ending Dec 2025: ¥1.65B¥1.65BFY21FY22FY23FY24FY25
Operating margin6.5%
FY ending Dec 2021: 5.6%5.6%FY ending Dec 2022: 6.6%6.6%FY ending Dec 2023: 4.4%4.4%FY ending Dec 2024: 7.0%7.0%FY ending Dec 2025: 6.5%6.5%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin4.9%
Asset turnover0.84×
ROA4.1%
ROA4.1%
Financial leverage2.05×
ROE8.3%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin4.9%
2021: 3.5%3.5%2022: 4.7%4.7%2023: 3.3%3.3%2024: 5.4%5.4%2025: 4.9%4.9%2122232425
Asset turnover0.84×
2021: 0.87×0.87×2022: 0.80×0.80×2023: 0.84×0.84×2024: 0.86×0.86×2025: 0.84×0.84×2122232425
ROA4.1%
2021: 3.0%3.0%2022: 3.8%3.8%2023: 2.8%2.8%2024: 4.6%4.6%2025: 4.1%4.1%2122232425
Financial leverage2.05×
2021: 2.57×2.57×2022: 2.39×2.39×2023: 2.17×2.17×2024: 2.11×2.11×2025: 2.05×2.05×2122232425
ROE8.3%
2021: 7.7%7.7%2022: 9.0%9.0%2023: 6.1%6.1%2024: 9.8%9.8%2025: 8.3%8.3%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20213.5%0.87×3.0%2.57×7.7%
20224.7%0.80×3.8%2.39×9.0%
20233.3%0.84×2.8%2.17×6.1%
20245.4%0.86×4.6%2.11×9.8%
20254.9%0.84×4.1%2.05×8.3%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue12.2%
2020: 16.5%16.5%2021: 12.5%12.5%2022: 13.7%13.7%2023: 12.7%12.7%2024: 12.5%12.5%2025: 12.2%12.2%202122232425
PPE ÷ total assets10.2%
2020: 11.0%11.0%2021: 10.9%10.9%2022: 11.3%11.3%2023: 10.8%10.8%2024: 10.3%10.3%2025: 10.2%10.2%202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥551.6M
2020: ¥290.6M¥290.6M2021: ¥456.9M¥456.9M2022: ¥610.5M¥610.5M2023: ¥560.2M¥560.2M2024: ¥585.8M¥585.8M2025: ¥551.6M¥551.6M202122232425
R&D / revenue2.2%
2020: 1.6%1.6%2021: 1.7%1.7%2022: 2.6%2.6%2023: 2.4%2.4%2024: 2.3%2.3%2025: 2.2%2.2%202122232425
Receivable days—
2020: 233d233d2021: 177d177d202122232425
Payable days28d
2020: 47d47d2021: 35d35d2022: 34d34d2023: 32d32d2024: 33d33d2025: 28d28d202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue26,23023,43023,76125,21525,386
Cost of revenue20,81817,85818,53619,04819,308
Gross profit5,4125,5725,2256,1686,077
SG&A3,9334,0294,1844,3964,429
Operating income1,4801,5431,0411,7721,649
Pretax income1,4371,6001,1611,9771,750
Income tax525497366626517
Net income attributable to owners9091,1027941,3501,232
Operating margin5.6%6.6%4.4%7.0%6.5%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 11%
Property, plant and equipment 10%
1%
Investment securities 13%
Other assets 65%

Funding

5%
Other liabilities 32%
Equity 63%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥2.19B¥3.36B¥2.59B¥3.61B¥3.2B
Total assets¥30.1B¥28.3B¥27.9B¥30.4B¥30.2B
Net assets¥13.2B¥14.1B¥15.6B¥17.3B¥19.1B
Share capital¥3.65B¥3.65B¥3.65B¥3.65B¥3.65B
Trade receivables¥12.7B————
Property, plant and equipment¥3.27B¥3.2B¥3.01B¥3.14B¥3.1B
Intangible assets excluding goodwill¥643.4M¥637.5M¥570.9M¥523.3M¥458.3M
Investment securities¥2.69B¥2.4B¥2.94B¥3.23B¥3.91B
Current assets¥21.6B¥20.2B¥19.2B¥20.9B¥19.7B
Current liabilities¥15.6B¥12.5B¥10.6B¥10.4B¥8.45B
Trade payables¥2.02B¥1.65B¥1.64B¥1.71B¥1.51B
Short-term borrowings¥7.8B¥4.4B¥4.2B¥3.5B¥2B
Long-term borrowings¥647.5M¥1.05B¥692.5M¥1.54B¥993.4M
Total liabilities¥16.9B¥14.2B¥12.3B¥13.1B¥11.1B
Non-controlling interests¥26.8M¥29M¥30.3M¥30.9M¥31.5M
Equity attributable to owners of parent¥11.7B¥12.7B¥13.3B¥14.3B¥15.3B
Retained earnings¥4.21B¥5.15B¥5.75B¥6.86B¥7.86B
Treasury stock-¥62.5M-¥62.5M-¥62.5M-¥102.9M-¥177.7M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第78期(2025/01/01－2025/12/31)

    ID S100XVH22026-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第77期(2024/01/01－2024/12/31)

    ID S100VJ1L2025-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2023/01/01－2023/12/31)

    ID S100T6I52024-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(2022/01/01－2022/12/31)

    ID S100QI3A2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(令和3年1月1日－令和3年12月31日)

    ID S100NSGU2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(令和2年4月1日－令和2年12月31日)

    ID S100L24H2021-03-29Open

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