# SEIWA HOLDINGS Co., Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第6期(2025/06/01－2026/05/31) (S100YYKB)
> Page: https://vizora.meequs.com/en/company/seiwa-holdings
> Retrieved: 2026-09-30T20:00:09.404Z

## Company

Seiwa Holdings, founded in 2021, is a company in Industrial Machinery listed on TSE Growth. It has 351 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIWA HOLDINGS Co., Ltd. |
| Ticker | 523A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/523A.T) |
| Listing | TSE Growth |
| Head office | 愛知県名古屋市中区錦一丁目8番11号 |
| Representative (per filing) | 代表取締役社長 野見山 勇大 |
| Founded | Jan 2021 |
| Share capital | ¥82M |
| Employees (consolidated) | 351 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | May |
| Website | seiwaholdings.co.jp (https://seiwaholdings.co.jp/) |
| Corporate number | 4180001144361 |
| EDINET | E41409 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YYKB, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.1 | 110 |
| Profitability | 93 | 122 |
| Cash conversion | 34.1 | 116 |
| Efficiency | 21.7 | 122 |

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)

- Seiwa Holdings brought in ¥8.01B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +114.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8011000000 → ¥1080000000
- Net income → operating cash flow: ¥1080000000 → ¥1159000000（difference ¥79000000）
- Main uses of operating cash flow: CapEx ¥119000000 / dividends — / buybacks —
- Change in cash: ¥3266000000
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 | ¥8.01B |  |
| Operating income | ¥1.5B | Margin 18.7% |
| Net income | ¥1.08B | Margin 13.5% |
| Free cash flow | ¥1.04B |  |
| Employees (consolidated) | 351 |  |
| EPS | ¥68.43 |  |
| Diluted EPS | ¥63.52 |  |
| Book value per share | ¥288.21 |  |
| Equity ratio | 42.6% | Derived from disclosed figures |
| Shares outstanding | 19,106,700 |  |
| Shareholders | 4,547 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 41.9% | Cash ÷ revenue 77.0% |
| Vs. industry median margin | +11.2 pp | Industrial Machinery |
| ROE | 30.4% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 115%
- FY2026, cash is 42% of total assets

## What changed in 2 years

| Metric | FY ending May 2024 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7276000000 | ¥8011000000 | +10.1% |
| Employees | 299 people | 351 people | +17.4% |
| Cash and equivalents | ¥1312000000 | ¥6170000000 | +370.3% |

### Change in segment revenue mix

Span: FY ending May 2024 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending May 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,011 | 100.0% | S100YYKB |
| Cost of revenue | 5,161 | 64.4% | S100YYKB |
| Gross profit | 2,850 | 35.6% | S100YYKB |
| SG&A | 1,695 | 21.2% | S100YYKB |
| Operating income | 1,502 | 18.7% | S100YYKB |
| Pretax income | 1,364 | 17.0% | S100YYKB |
| Income tax | 283 | 3.5% | S100YYKB |
| Net income | 1,080 | 13.5% | S100YYKB |
| Net income attributable to owners | 1,080 | 13.5% | S100YYKB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 21 |
| Other operating | -4 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 35.6% → Operating margin 18.7% → Net margin 13.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +114.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 36.78×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,769 | 8,011 | 242 | +3.1% |
| Gross profit | 2,359 | 2,850 | 491 | +20.8% |
| Operating income | 700 | 1,502 | 802 | +114.6% |
| Net income attributable to owners | 327 | 1,080 | 753 | +230.3% |
| Operating cash flow | 1,358 | 1,159 | -199 | -14.7% |
| Free cash flow | 593 | 1,040 | 447 | +75.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2024 | 7,276 | — | — | 281 | 838 | — | S100YYKB |
| FY ending May 2025 | 7,769 | 700 | 9.0% | 327 | 1,358 | 593 | S100YYKB |
| FY ending May 2026 | 8,011 | 1,502 | 18.7% | 1,080 | 1,159 | 1,040 | S100YYKB |

## People and productivity（FY ending May 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.8M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 299 | 355 | 351 |
| Average salary (parent company) | — | — | ¥5.9M |
| Average age (parent company) | — | — | 40.4 years |
| Average tenure (parent company) | — | — | 2.7 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +3.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,159 | 14.5% | S100YYKB |
| Capital expenditure | 119 | 1.5% | S100YYKB |
| Free cash flow | 1,040 | 13.0% | 算出 |
| Investing cash flow | -402 | -5.0% | S100YYKB |
| Financing cash flow | 2,510 | 31.3% | S100YYKB |
| Change in cash | 3,266 | 40.8% | S100YYKB |
| Cash and equivalents | 6,170 | 77.0% | S100YYKB |

## 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 May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,312 | 2,903 | 6,170 | S100YYKB |
| Total assets | 7,914 | 11,274 | 14,719 | S100YYKB |
| Net assets | -174 | 842 | 6,266 | S100YYKB |
| Share capital | — | 100 | 82 | S100YYKB |
| Property, plant and equipment | — | 2,432 | 2,878 | S100YYKB |
| Goodwill | — | 1,464 | 1,464 | S100YYKB |
| Current assets | — | 5,006 | 8,207 | S100YYKB |
| Total liabilities | — | 10,431 | 8,453 | S100YYKB |
| Equity attributable to owners of parent | — | 842 | 6,266 | S100YYKB |
| Retained earnings | — | -147 | 933 | S100YYKB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YYKB |
| Property, plant and equipment | 19% | S100YYKB |
| Intangibles and goodwill | 10% | — |
| Other assets | 29% | S100YYKB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YYKB |
| Equity | 43% | S100YYKB |

### Balance sheet history

| Metric | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 7,914 | 11,274 | 14,719 |
| Equity | -174 | 842 | 6,266 |
| Interest-bearing debt | — | — | — |
| Cash | 1,312 | 2,903 | 6,170 |

## 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) | 35.9% | S100YYKB |
| Fixed assets ÷ total assets | 19.6% | S100YYKB |
| Goodwill ÷ parent equity | 23.4% | S100YYKB |

### 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) | 41.9% |
| Cash ÷ revenue | 77.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.2% |
| Cash vs. profit gap | 79 JPY mn (of net income 7.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 34.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | 3.6% | —× | — | S100YYKB |
| 2025 | 4.2% | 0.81× | 3.4% | 11.39× | 38.8% | S100YYKB |
| 2026 | 13.5% | 0.62× | 8.3% | 3.66× | 30.4% | S100YYKB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野見山 勇大 | Major shareholder | 54.6% | 2026-05-31 |
| 石田 克史 | Major shareholder | 7.1% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-05-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 4.0% | 2026-05-31 |
| DBC1号投資事業有限責任組合 | Major shareholder | 2.5% | 2026-05-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.4% | 2026-05-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.9% | 2026-05-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 1.5% | 2026-05-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-05-31 |
| BNP PARIBAS FINANCIAL MARKETS （常任代理人 BNPパリバ証券株式会社） | Major shareholder | 0.8% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2025/06/01－2026/05/31) | S100YYKB | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYKB,, |

## 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).