# SEIWA ELECTRIC MFG. CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/01/01－2025/12/31) (S100XVH2)
> Page: https://vizora.meequs.com/en/company/seiwa-electric-mfg
> Retrieved: 2026-09-30T23:17:31.322Z

## Company

Seiwa Electric MFG., founded in 1949, is a company in Electrical Equipment listed on TSE Standard. It has 637 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIWA ELECTRIC MFG. CO., LTD. |
| Ticker | 6748 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6748.T) |
| Listing | TSE Standard |
| Head office | 京都府城陽市寺田新池36番地 |
| Representative (per filing) | 取締役社長 増山 晃章 |
| Founded | Jan 1949 |
| Share capital | ¥3.65B |
| Employees (consolidated) | 637 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | www.seiwa.co.jp (https://www.seiwa.co.jp/) |
| Corporate number | 1130001038463 |
| EDINET | E01984 |
| Industries (Vizora) | Electrical Equipment, Electronic Components, Home Appliances |

> Profile source: annual securities report (S100XVH2, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 55 | 10 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 65 | 10 |

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 39% of Seiwa Electric MFG.'s sales come from Lighting, with InformationSystem and Component making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Lighting 39.0%、InformationSystem 37.5%、Component 21.4%、Other 2.1%
- Revenue → net income: ¥25385622000 → ¥1232629000
- Net income → operating cash flow: ¥1232629000 → ¥2106858000（difference ¥874229000）
- Main uses of operating cash flow: CapEx ¥416141000 / dividends ¥235368000 / buybacks —
- Change in cash: ¥-413190000
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 | ¥25.4B |  |
| Operating income | ¥1.65B | Margin 6.5% |
| Net income | ¥1.23B | Margin 4.9% |
| Free cash flow | ¥1.69B |  |
| Largest business | Lighting | of segment revenue 39.0% |
| Employees (consolidated) | 637 |  |
| EPS | ¥96.63 |  |
| Book value per share | ¥1254.26 |  |
| Equity ratio | 63.1% |  |
| Shares outstanding | 13,238,700 |  |
| Treasury shares | 304,600 |  |
| Shareholders | 3,556 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | +0.8 pp | Home Appliances |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18297958000 | ¥25385622000 | +38.7% |
| Operating income | ¥695251000 | ¥1648596000 | +137.1% |
| Operating margin | 3.8% | 6.5% | +2.7 pp |
| Employees | 606 people | 637 people | +5.1% |
| Cash and equivalents | ¥1960183000 | ¥3196784000 | +63.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 情報機器 → 情報機器 | 37.5% |
| 情報機器 → 事業再編・廃止 | 6.6% |
| 照明機器 → 照明機器 | 32.1% |
| コンポーネント → コンポーネント | 21.4% |
| コンポーネント → 事業再編・廃止 | 0.7% |
| その他 → その他 | 1.6% |
| 新設・再編 → 照明機器 | 6.9% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lighting | 5 years | +11.0% | ¥9905605000 | 20.1% | 2 |
| InformationSystem | 5 years | +3.4% | ¥9531636000 | 13.8% | 2 |
| Component | 5 years | +6.1% | ¥5420810000 | 6.1% | 2 |
| Other | 5 years | +12.5% | ¥527570000 | 5.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,386 | 100.0% | S100XVH2 |
| Cost of revenue | 19,308 | 76.1% | S100XVH2 |
| Gross profit | 6,077 | 23.9% | S100XVH2 |
| SG&A | 4,429 | 17.4% | S100XVH2 |
| Operating income | 1,649 | 6.5% | S100XVH2 |
| Ordinary income | 1,741 | 6.9% | S100XVH2 |
| Pretax income | 1,750 | 6.9% | S100XVH2 |
| Income tax | 517 | 2.0% | S100XVH2 |
| Net income | 1,233 | 4.9% | S100XVH2 |
| Net income attributable to owners | 1,232 | 4.9% | S100XVH2 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 17 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.9% → Operating margin 6.5% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -7.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.32×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,215 | 25,386 | 170 | +0.7% |
| Gross profit | 6,168 | 6,077 | -90 | -1.5% |
| Operating income | 1,772 | 1,649 | -124 | -7.0% |
| Net income attributable to owners | 1,350 | 1,232 | -118 | -8.8% |
| Operating cash flow | 981 | 2,107 | 1,126 | +114.7% |
| Free cash flow | 405 | 1,691 | 1,286 | +317.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,092 | 1,289 | 4.9% | 1,105 | -1,436 | -1,898 | S100L24H |
| FY ending Dec 2020 | 18,298 | 695 | 3.8% | 612 | 1,117 | 506 | S100NSGU |
| FY ending Dec 2021 | 26,230 | 1,480 | 5.6% | 909 | 47 | -852 | S100QI3A |
| FY ending Dec 2022 | 23,430 | 1,543 | 6.6% | 1,102 | 4,499 | 4,020 | S100T6I5 |
| FY ending Dec 2023 | 23,761 | 1,041 | 4.4% | 794 | 530 | 176 | S100VJ1L |
| FY ending Dec 2024 | 25,215 | 1,772 | 7.0% | 1,350 | 981 | 405 | S100XVH2 |
| FY ending Dec 2025 | 25,386 | 1,649 | 6.5% | 1,232 | 2,107 | 1,691 | S100XVH2 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 635 | 633 | 620 | 620 | 637 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥6.2M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 43.4 years | 43.8 years | 44.3 years | 44.4 years | 44.1 years |
| Average tenure (parent company) | 17.2 years | 17.6 years | 18.1 years | 18.1 years | 17.4 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +0.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| InformationSystem | 9,532 | 37.5% | 1,313 | 13.8% |
| Lighting | 9,906 | 39.0% | 1,987 | 20.1% |
| Component | 5,421 | 21.4% | 333 | 6.1% |
| Other | 528 | 2.1% | 30 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| InformationSystem | 37.5% | 35.9% | -1.7 | 13.8% |
| Lighting | 39.0% | 54.3% | 15.2 | 20.1% |
| Component | 21.4% | 9.1% | -12.3 | 6.1% |
| Other | 2.1% | 0.8% | -1.3 | 5.6% |

Segment → industry: InformationSystem → Electrical Equipment / Component → Electronic Components / Lighting → Home Appliances

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,107 | 8.3% | S100XVH2 |
| Capital expenditure | 416 | 1.6% | S100XVH2 |
| Free cash flow | 1,691 | 6.7% | 算出 |
| Investing cash flow | -128 | -0.5% | S100XVH2 |
| Financing cash flow | -2,400 | -9.5% | S100XVH2 |
| Dividends paid | 235 | 0.9% | S100XVH2 |
| Change in cash | -413 | -1.6% | S100XVH2 |
| Cash and equivalents | 3,197 | 12.6% | S100XVH2 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,192 | 3,358 | 2,588 | 3,610 | 3,197 | S100T6I5, S100VJ1L, S100XVH2 |
| Total assets | 30,144 | 28,308 | 27,939 | 30,379 | 30,222 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Net assets | 13,203 | 14,111 | 15,647 | 17,271 | 19,090 | S100T6I5, S100VJ1L, S100XVH2 |
| Share capital | 3,648 | 3,648 | 3,648 | 3,648 | 3,648 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Trade receivables | 12,694 | — | — | — | — | S100QI3A |
| Property, plant and equipment | 3,271 | 3,204 | 3,010 | 3,140 | 3,097 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Intangible assets excluding goodwill | 643 | 638 | 571 | 523 | 458 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Investment securities | 2,688 | 2,396 | 2,944 | 3,233 | 3,912 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Current assets | 21,582 | 20,238 | 19,191 | 20,915 | 19,715 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Current liabilities | 15,616 | 12,524 | 10,582 | 10,371 | 8,453 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Trade payables | 2,019 | 1,648 | 1,637 | 1,708 | 1,506 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Short-term borrowings | 7,800 | 4,400 | 4,200 | 3,500 | 2,000 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Long-term borrowings | 648 | 1,053 | 693 | 1,538 | 993 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Total liabilities | 16,941 | 14,197 | 12,292 | 13,108 | 11,132 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Non-controlling interests | 27 | 29 | 30 | 31 | 31 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Equity attributable to owners of parent | 11,739 | 12,678 | 13,274 | 14,348 | 15,270 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Retained earnings | 4,210 | 5,148 | 5,745 | 6,859 | 7,855 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |
| Treasury stock | -62 | -62 | -62 | -103 | -178 | S100QI3A, S100T6I5, S100VJ1L, S100XVH2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XVH2 |
| Property, plant and equipment | 10% | S100XVH2 |
| Intangibles and goodwill | 1% | S100XVH2 |
| Investment securities | 13% | S100XVH2 |
| Other assets | 65% | S100XVH2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XVH2 |
| Other liabilities | 32% | S100XVH2 |
| Equity | 63% | S100XVH2 |
| Other liabilities | 0% | S100XVH2 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 30,144 | 28,308 | 27,939 | 30,379 | 30,222 |
| Equity | 13,203 | 14,111 | 15,647 | 17,271 | 19,090 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,192 | 3,358 | 2,588 | 3,610 | 3,197 |

## 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) | 12.2% | S100XVH2 |
| Fixed assets ÷ total assets | 10.2% | S100XVH2 |
| Goodwill ÷ parent equity | — | —, S100XVH2 |

### 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) | 10.6% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 127.8% |
| Cash vs. profit gap | 875 JPY mn (of net income 71.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.1% |
| Shareholder payments — dividends / FCF | 13.9% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 6.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.5% | 0.87× | 3.0% | 2.57× | 7.7% | S100QI3A |
| 2022 | 4.7% | 0.80× | 3.8% | 2.39× | 9.0% | S100T6I5 |
| 2023 | 3.3% | 0.84× | 2.8% | 2.17× | 6.1% | S100VJ1L |
| 2024 | 5.4% | 0.86× | 4.6% | 2.11× | 9.8% | S100XVH2 |
| 2025 | 4.9% | 0.84× | 4.1% | 2.05× | 8.3% | S100XVH2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 星和電機取引先持株会 | Major shareholder | 14.5% | 2025-12-31 |
| 公益財団法人 京都青少年育成スポーツ財団 | Major shareholder | 7.7% | 2025-12-31 |
| 株式会社京都銀行 | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社タチバナ | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社滋賀銀行 | Major shareholder | 3.3% | 2025-12-31 |
| 星和電機社員持株会 | Major shareholder | 3.2% | 2025-12-31 |
| 増山 晃章 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社ＧＳユアサ | Major shareholder | 2.1% | 2025-12-31 |
| ヨシダ トモヒロ | Major shareholder | 2.0% | 2025-12-31 |
| 吉岡 徹治 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/01/01－2025/12/31) | S100XVH2 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVH2,, |
| 有価証券報告書－第77期(2024/01/01－2024/12/31) | S100VJ1L | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ1L,, |
| 有価証券報告書－第76期(2023/01/01－2023/12/31) | S100T6I5 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6I5,, |
| 有価証券報告書－第75期(2022/01/01－2022/12/31) | S100QI3A | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI3A,, |
| 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) | S100NSGU | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSGU,, |
| 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) | S100L24H | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L24H,, |

## 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).