# SEIYU KOGYO Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2024/10/01－2025/09/30) (S100XB94)
> Page: https://vizora.meequs.com/en/company/seiyu-kogyo
> Retrieved: 2026-09-30T22:17:42.158Z

## Company

Seiyu Kogyo, founded in 1975, is a company in General Contractors listed on Nagoya. It has 368 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIYU KOGYO Co.,Ltd. |
| Ticker | 9170 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9170.T) |
| Listing | Nagoya |
| Head office | 東京都あきる野市草花1141番地1 (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 細沼 順人 |
| Founded | Mar 1975 |
| Share capital | ¥375.4M |
| Employees (consolidated) | 368 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | September |
| Website | www.seiyukogyo.co.jp (https://www.seiyukogyo.co.jp/) |
| Corporate number | 5013101000994 |
| EDINET | E38906 |
| Industries (Vizora) | General Contractors, Waste Management & Recycling |

> Profile source: annual securities report (S100XB94, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 24 |
| Profitability | 54 | 25 |
| Cash conversion | 90 | 25 |
| Efficiency | 58 | 25 |
| Financial strength | 31.8 | 11 |

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 55% of Seiyu Kogyo's sales come from Environment business, with Construction business and Environment engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +11.6% from the prior year, operating profit +38.5%.

## Company structure

- Segment revenue mix: Environment business 54.7%、Construction business 38.2%、Environment engineering 4.3%、Other 2.8%
- Revenue → net income: ¥15308721000 → ¥660210000
- Net income → operating cash flow: ¥660210000 → ¥1791645000（difference ¥1131435000）
- Main uses of operating cash flow: CapEx ¥109568000 / dividends ¥84292000 / buybacks —
- Change in cash: ¥280006000
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 | ¥15.3B |  |
| Operating income | ¥1.14B | Margin 7.5% |
| Net income | ¥603.3M | Margin 3.9% |
| Free cash flow | ¥1.68B |  |
| Largest business | Environment business | of segment revenue 54.7% |
| Employees (consolidated) | 368 |  |
| EPS | ¥206.91 |  |
| Diluted EPS | ¥200.36 |  |
| Book value per share | ¥1886.13 |  |
| Equity ratio | 33.0% |  |
| Shares outstanding | 2,818,853 |  |
| Treasury shares | 500 |  |
| Shareholders | 360 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 15.6% | Net cash -¥3.06B · Cash ÷ revenue 16.7% |
| Vs. industry median margin | +0.3 pp | Waste Management & Recycling |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.0× net income
- FY2025, one segment accounts for 73% of positive segment profit

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11071170000 | ¥15308721000 | +38.3% |
| Operating income | ¥366449000 | ¥1141234000 | +211.4% |
| Operating margin | 3.3% | 7.5% | +4.1 pp |
| Employees | 247 people | 368 people | +49.0% |
| Cash and equivalents | ¥1187287000 | ¥2560625000 | +115.7% |

### Change in segment revenue mix

Span: FY ending Sep 2022 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 環境事業 → 環境事業 | 53.8% |
| 建設事業 → 建設事業 | 38.2% |
| 建設事業 → 事業再編・廃止 | 2.2% |
| 環境エンジニアリング事業 → 環境エンジニアリング事業 | 2.9% |
| その他 → その他 | 2.8% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 環境事業 | 0.9% |
| 新設・再編 → 環境エンジニアリング事業 | 1.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environment business | 3 years | +12.0% | ¥8373261000 | 18.2% | 2 |
| Construction business | 3 years | +9.4% | ¥5845981000 | 8.6% | 2 |
| Environment engineering | 3 years | +27.1% | ¥653712000 | 4.8% | 2 |
| Other | 3 years | +9.6% | ¥435766000 | 4.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,309 | 100.0% | S100XB94 |
| Cost of revenue | 12,491 | 81.6% | S100XB94 |
| Gross profit | 2,818 | 18.4% | S100XB94 |
| SG&A | 1,676 | 11.0% | S100XB94 |
| Operating income | 1,141 | 7.5% | S100XB94 |
| Ordinary income | 1,025 | 6.7% | S100XB94 |
| Pretax income | 1,056 | 6.9% | S100XB94 |
| Income tax | 395 | 2.6% | S100XB94 |
| Net income | 660 | 4.3% | S100XB94 |
| Net income attributable to owners | 603 | 3.9% | S100XB94 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.4% → Operating margin 7.5% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.6%; Core profit growth: +38.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.32×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,719 | 15,309 | 1,590 | +11.6% |
| Gross profit | 1,864 | 2,818 | 954 | +51.2% |
| Operating income | 824 | 1,141 | 317 | +38.5% |
| Net income attributable to owners | 478 | 603 | 125 | +26.1% |
| Operating cash flow | 726 | 1,792 | 1,065 | +146.7% |
| Free cash flow | 95 | 1,682 | 1,587 | +1668.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 11,071 | 366 | 3.3% | 279 | 515 | 468 | S100SJ61 |
| FY ending Sep 2023 | 12,262 | 592 | 4.8% | 359 | 423 | 266 | S100UZL1 |
| FY ending Sep 2024 | 13,719 | 824 | 6.0% | 478 | 726 | 95 | S100XB94 |
| FY ending Sep 2025 | 15,309 | 1,141 | 7.5% | 603 | 1,792 | 1,682 | S100XB94 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.6M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 247 | 242 | 323 | 368 |
| Average salary (parent company) | — | ¥5.9M | ¥6M | ¥6.2M |
| Average age (parent company) | — | 41.0 years | 41.3 years | 41.0 years |
| Average tenure (parent company) | — | 8.6 years | 9.1 years | 9.3 years |

Year over year: Employees (consolidated) +13.9% · Revenue (consolidated) +11.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environment business | 8,373 | 54.7% | 1,525 | 18.2% |
| Construction business | 5,846 | 38.2% | 503 | 8.6% |
| Environment engineering | 654 | 4.3% | 31 | 4.8% |
| Other | 436 | 2.8% | 21 | 4.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Environment business | 54.7% | 73.3% | 18.6 | 18.2% |
| Construction business | 38.2% | 24.2% | -14.0 | 8.6% |
| Environment engineering | 4.3% | 1.5% | -2.8 | 4.8% |
| Other | 2.8% | 1.0% | -1.9 | 4.7% |

Segment → industry: Construction business → General Contractors / Environment engineering → Waste Management & Recycling / Environment business → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,792 | 11.7% | S100XB94 |
| Capital expenditure | 110 | 0.7% | S100XB94 |
| Free cash flow | 1,682 | 11.0% | 算出 |
| Investing cash flow | -745 | -4.9% | S100XB94 |
| Financing cash flow | -767 | -5.0% | S100XB94 |
| Dividends paid | 84 | 0.6% | S100XB94 |
| Change in cash | 280 | 1.8% | S100XB94 |
| Cash and equivalents | 2,561 | 16.7% | S100XB94 |

## 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 Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,187 | 1,469 | 2,281 | 2,561 | S100UZL1, S100XB94 |
| Total assets | 10,521 | 11,602 | 15,879 | 16,426 | S100SJ61, S100UZL1, S100XB94 |
| Net assets | 3,675 | 3,984 | 4,999 | 5,585 | S100UZL1, S100XB94 |
| Share capital | 294 | 294 | 371 | 375 | S100SJ61, S100UZL1, S100XB94 |
| Trade receivables | 1,284 | 1,979 | 1,542 | 1,617 | S100SJ61, S100UZL1, S100XB94 |
| Property, plant and equipment | 6,609 | 6,663 | 8,443 | 8,997 | S100SJ61, S100UZL1, S100XB94 |
| Intangible assets excluding goodwill | 5 | 4 | 947 | 891 | S100SJ61, S100UZL1, S100XB94 |
| Goodwill | — | — | 940 | 885 | S100XB94 |
| Investment securities | 3 | 5 | 8 | 12 | S100SJ61, S100UZL1, S100XB94 |
| Current assets | 3,755 | 4,750 | 6,153 | 6,186 | S100SJ61, S100UZL1, S100XB94 |
| Current liabilities | 3,564 | 3,722 | 4,556 | 5,018 | S100SJ61, S100UZL1, S100XB94 |
| Trade payables | 1,165 | 1,282 | 1,216 | 1,145 | S100SJ61, S100UZL1, S100XB94 |
| Short-term borrowings | 500 | 300 | 650 | 500 | S100SJ61, S100UZL1, S100XB94 |
| Long-term borrowings | 3,078 | 2,907 | 5,106 | 4,520 | S100SJ61, S100UZL1, S100XB94 |
| Bonds | — | 600 | 622 | 603 | S100UZL1, S100XB94 |
| Interest-bearing debt | — | 3,807 | 6,378 | 5,623 | 算出 |
| Total liabilities | 6,846 | 7,617 | 10,880 | 10,841 | S100SJ61, S100UZL1, S100XB94 |
| Non-controlling interests | — | — | 109 | 166 | S100XB94 |
| Equity attributable to owners of parent | 3,675 | 3,983 | 4,889 | 5,416 | S100SJ61, S100UZL1, S100XB94 |
| Retained earnings | 3,359 | 3,668 | 4,084 | 4,603 | S100SJ61, S100UZL1, S100XB94 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XB94 |
| Receivables | 10% | S100XB94 |
| Property, plant and equipment | 55% | S100XB94 |
| Intangibles and goodwill | 11% | S100XB94 |
| Investment securities | 0% | S100XB94 |
| Other assets | 9% | S100XB94 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XB94 |
| Interest-bearing debt | 34% | 算出 |
| Other liabilities | 25% | S100XB94 |
| Equity | 34% | S100XB94 |
| Other liabilities | 0% | S100XB94 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 10,521 | 11,602 | 15,879 | 16,426 |
| Equity | 3,675 | 3,984 | 4,999 | 5,585 |
| Interest-bearing debt | — | 3,807 | 6,378 | 5,623 |
| Cash | 1,187 | 1,469 | 2,281 | 2,561 |

## 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) | 58.8% | S100XB94 |
| Fixed assets ÷ total assets | 54.8% | S100XB94 |
| Goodwill ÷ parent equity | 16.3% | S100XB94 |

### 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) | 15.6% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | -¥3.06B |
| Net debt ÷ operating cash flow | 1.71× |
| Cash conversion (operating CF ÷ operating income) | 157.0% |
| Cash vs. profit gap | 1,188 JPY mn (of net income 197.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.0% |
| Shareholder payments — dividends / FCF | 5.0% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 41.6% |

## 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 | 2.5% | 1.05× | 2.7% | 2.86× | 7.6% | S100SJ61 |
| 2023 | 2.9% | 1.11× | 3.2% | 2.89× | 9.4% | S100UZL1 |
| 2024 | 3.5% | 1.00× | 3.5% | 3.10× | 10.8% | S100XB94 |
| 2025 | 3.9% | 0.95× | 3.7% | 3.14× | 11.7% | S100XB94 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社細沼 | Major shareholder | 45.7% | 2025-09-30 |
| 細沼 順人 | Major shareholder | 23.8% | 2025-09-30 |
| 細沼 菜穂子 | Major shareholder | 9.4% | 2025-09-30 |
| 株式会社大岳カンパニー | Major shareholder | 7.0% | 2025-09-30 |
| 株式会社山崎砂利商店 | Major shareholder | 4.7% | 2025-09-30 |
| 成友興業従業員持株会 | Major shareholder | 2.6% | 2025-09-30 |
| 細沼 理恵 | Major shareholder | 1.2% | 2025-09-30 |
| 西武信用金庫 | Major shareholder | 1.1% | 2025-09-30 |
| 多摩信用金庫 | Major shareholder | 0.3% | 2025-09-30 |
| 三好 昌武 | Major shareholder | 0.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2024/10/01－2025/09/30) | S100XB94 | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB94,, |
| 有価証券報告書－第50期(2023/10/01－2024/09/30) | S100UZL1 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZL1,, |
| 有価証券報告書－第49期(2022/10/01－2023/09/30) | S100SJ61 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ61,, |

## 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).