# SEKI CO.,LTD.: 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77期(2025/04/01－2026/03/31) (S100YA1Y)
> Page: https://vizora.meequs.com/en/company/seki
> Retrieved: 2026-09-30T20:24:21.298Z

## Company

Seki, founded in 1949, is a company in Consulting listed on TSE Standard. It has 484 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEKI CO.,LTD. |
| Ticker | 7857 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7857.T) |
| Listing | TSE Standard |
| Head office | 愛媛県松山市湊町七丁目7番地1 |
| Representative (per filing) | 代表取締役社長 関宏孝 |
| Founded | Mar 1949 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 484 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.seki.co.jp (https://www.seki.co.jp/) |
| Corporate number | 9500001002341 |
| EDINET | E00730 |
| Industries (Vizora) | Consulting, Publishing & Bookstores, Theme Parks & Leisure Facilities, Advertising, Printing, Catalog & TV Shopping, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YA1Y, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.3 | 23 |
| Profitability | 8.9 | 28 |
| Efficiency | 8.9 | 28 |

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 74% of Seki's sales come from Printing related, with Catalog sales related and Publishing and advertisement agency related making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -1.4% from the prior year, operating profit -129.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.1B |  |
| Operating income | -¥65.5M | Margin -0.5% |
| Net income | ¥253M | Margin 2.1% |
| Free cash flow | ¥7.6M |  |
| Largest business | Printing related | of segment revenue 73.7% |
| Employees (consolidated) | 484 |  |
| EPS | ¥67.19 |  |
| Book value per share | ¥3459.15 |  |
| Equity ratio | 83.6% |  |
| Shares outstanding | 4,508,000 |  |
| Treasury shares | 342,500 |  |
| Shareholders | 626 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 15.8% | Cash ÷ revenue 25.2% |
| Vs. industry median margin | -4 pp | Printing |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, segment profit share differs by 42 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11620814000 | ¥12132853000 | +4.4% |
| Operating income | ¥114462000 | ¥-65529000 | -157.2% |
| Operating margin | 1.0% | -0.5% | -1.5 pp |
| Employees | 468 people | 484 people | +3.4% |
| Cash and equivalents | ¥4698939000 | ¥3060770000 | -34.9% |

### 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 |
| --- | ---: |
| 印刷関連事業 → 印刷関連事業 | 72.1% |
| 洋紙・板紙販売関連事業 → 洋紙・板紙販売関連事業 | 3.0% |
| 洋紙・板紙販売関連事業 → 事業再編・廃止 | 0.2% |
| 出版・広告代理関連事業 → 出版・広告代理関連事業 | 10.0% |
| 美術館関連事業 → 美術館関連事業 | 0.0% |
| カタログ販売関連事業 → カタログ販売関連事業 | 11.7% |
| カタログ販売関連事業 → 事業再編・廃止 | 3.0% |
| 新設・再編 → 印刷関連事業 | 1.6% |
| 新設・再編 → 出版・広告代理関連事業 | 0.7% |
| 新設・再編 → 美術館関連事業 | 0.0% |
| 新設・再編 → ＥＣコンサルティング関連事業 | 0.9% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Printing related | 5 years | +1.3% | ¥8938852000 | -1.1% | 2 |
| Catalog sales related | 5 years | -3.7% | ¥1416152000 | 3.7% | 2 |
| Publishing and advertisement agency related | 5 years | +2.3% | ¥1308536000 | 3.4% | 2 |
| Paper and paperboard sales related | 5 years | -0.6% | ¥358117000 | 0.3% | 2 |
| Electronic commerce consultants related | — | — | ¥107764000 | -44.4% | 2 |
| Art museum related | 5 years | +8.6% | ¥3430000 | -512.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,133 | 100.0% | S100YA1Y |
| Cost of revenue | 9,403 | 77.5% | S100YA1Y |
| Gross profit | 2,730 | 22.5% | S100YA1Y |
| SG&A | 2,796 | 23.0% | S100YA1Y |
| Operating income | -66 | -0.5% | S100YA1Y |
| Ordinary income | 190 | 1.6% | S100YA1Y |
| Pretax income | 403 | 3.3% | S100YA1Y |
| Income tax | 145 | 1.2% | S100YA1Y |
| Net income | 258 | 2.1% | S100YA1Y |
| Net income attributable to owners | 253 | 2.1% | S100YA1Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 23 |
| Operating income | -1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 22.5% → Operating margin -0.5% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 12,302 | 12,133 | -169 | -1.4% |
| Gross profit | 2,875 | 2,730 | -144 | -5.0% |
| Operating income | 224 | -66 | -290 | -129.2% |
| Net income attributable to owners | 280 | 253 | -27 | -9.8% |
| Operating cash flow | 800 | 516 | -284 | -35.6% |
| Free cash flow | -13 | 8 | 21 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,417 | 123 | 1.0% | 172 | 198 | -739 | S100LJ5C |
| FY ending Mar 2021 | 11,621 | 114 | 1.0% | 202 | 1,517 | 1,331 | S100O8JI |
| FY ending Mar 2022 | 11,165 | 190 | 1.7% | 324 | -493 | -632 | S100QY6Q |
| FY ending Mar 2023 | 11,906 | 441 | 3.7% | 430 | 1,085 | 985 | S100TLFA |
| FY ending Mar 2024 | 11,989 | 260 | 2.2% | 365 | 464 | 152 | S100VWWV |
| FY ending Mar 2025 | 12,302 | 224 | 1.8% | 280 | 800 | -13 | S100YA1Y |
| FY ending Mar 2026 | 12,133 | -66 | -0.5% | 253 | 516 | 8 | S100YA1Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | -¥135.4K |
| Net income per employee (consolidated) | ¥522.8K |

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) | 448 | 429 | 456 | 463 | 484 |
| Average salary (parent company) | ¥4.2M | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.6M |
| Average age (parent company) | 41.7 years | 42.9 years | 42.4 years | 41.7 years | 41.0 years |
| Average tenure (parent company) | 18.0 years | 18.8 years | 17.6 years | 16.8 years | 15.7 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Printing related | 8,939 | 73.7% | -97 | -1.1% |
| Paper and paperboard sales related | 358 | 3.0% | 1 | 0.3% |
| Publishing and advertisement agency related | 1,309 | 10.8% | 45 | 3.4% |
| Art museum related | 3 | 0.0% | -18 | -512.0% |
| Catalog sales related | 1,416 | 11.7% | 52 | 3.7% |
| Electronic commerce consultants related | 108 | 0.9% | -48 | -44.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Printing related | 73.7% | — | — | -1.1% |
| Paper and paperboard sales related | 3.0% | 1.0% | -2.0 | 0.3% |
| Publishing and advertisement agency related | 10.8% | 45.8% | 35.0 | 3.4% |
| Art museum related | 0.0% | — | — | -512.0% |
| Catalog sales related | 11.7% | 53.3% | 41.6 | 3.7% |
| Electronic commerce consultants related | 0.9% | — | — | -44.4% |

Loss-making segment (excluded from profit shares): Printing related -97 JPY mn

Loss-making segment (excluded from profit shares): Art museum related -18 JPY mn

Loss-making segment (excluded from profit shares): Electronic commerce consultants related -48 JPY mn

Segment → industry: Electronic commerce consultants related → Consulting / Publishing and advertisement agency related → Publishing & Bookstores / Art museum related → Theme Parks & Leisure Facilities / Publishing and advertisement agency related → Advertising / Printing related → Printing / Catalog sales related → Catalog & TV Shopping / Paper and paperboard sales related → Specialty Trading & Wholesale

## 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 | 516 | 4.2% | S100YA1Y |
| Capital expenditure | 508 | 4.2% | S100YA1Y |
| Free cash flow | 8 | 0.1% | 算出 |
| Investing cash flow | -905 | -7.5% | S100YA1Y |
| Financing cash flow | -168 | -1.4% | S100YA1Y |
| Dividends paid | 108 | 0.9% | S100YA1Y |
| Change in cash | -557 | -4.6% | S100YA1Y |
| Cash and equivalents | 3,061 | 25.2% | S100YA1Y |

## 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 | 3,456 | 4,125 | 3,776 | 3,618 | 3,061 | S100TLFA, S100VWWV, S100YA1Y |
| Total assets | 17,444 | 17,752 | 18,577 | 18,738 | 19,401 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Net assets | 14,444 | 14,733 | 15,550 | 15,780 | 16,465 | S100TLFA, S100VWWV, S100YA1Y |
| Share capital | 1,202 | 1,202 | 1,202 | 1,202 | 1,202 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Property, plant and equipment | 6,058 | 5,619 | 5,465 | 5,897 | 5,823 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Intangible assets excluding goodwill | 31 | 20 | 24 | 19 | 533 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Goodwill | — | — | — | — | 515 | S100YA1Y |
| Investment securities | 3,472 | 3,607 | 4,635 | 4,804 | 5,667 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Current assets | 7,508 | 8,163 | 8,071 | 7,631 | 7,000 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Current liabilities | 1,985 | 2,125 | 1,985 | 1,943 | 1,742 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Trade payables | 1,011 | 940 | 947 | 958 | 940 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Short-term borrowings | 50 | 50 | — | — | — | S100QY6Q, S100TLFA |
| Long-term borrowings | 358 | 296 | 216 | 162 | 108 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Total liabilities | 3,000 | 3,020 | 3,027 | 2,959 | 2,936 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Non-controlling interests | 418 | 430 | 453 | 247 | 250 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Equity attributable to owners of parent | 13,655 | 13,985 | 14,250 | 14,626 | 14,770 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Retained earnings | 11,624 | 11,953 | 12,218 | 12,391 | 12,535 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |
| Treasury stock | -503 | -503 | -503 | -503 | -503 | S100QY6Q, S100TLFA, S100VWWV, S100YA1Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YA1Y |
| Property, plant and equipment | 30% | S100YA1Y |
| Intangibles and goodwill | 5% | S100YA1Y |
| Investment securities | 29% | S100YA1Y |
| Other assets | 20% | S100YA1Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YA1Y |
| Other liabilities | 10% | S100YA1Y |
| Equity | 85% | S100YA1Y |

### 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 | 17,444 | 17,752 | 18,577 | 18,738 | 19,401 |
| Equity | 14,444 | 14,733 | 15,550 | 15,780 | 16,465 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,456 | 4,125 | 3,776 | 3,618 | 3,061 |

## 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) | 48.0% | S100YA1Y |
| Fixed assets ÷ total assets | 30.0% | S100YA1Y |
| Goodwill ÷ parent equity | 3.5% | S100YA1Y |

### 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) | 15.8% |
| Cash ÷ revenue | 25.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 263 JPY mn (of net income 103.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.8% |
| Shareholder payments — dividends / FCF | 1421.1% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 175.5% |

## 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 | 2.9% | 0.64× | 1.9% | 1.28× | 2.4% | S100QY6Q |
| 2023 | 3.6% | 0.68× | 2.4% | 1.27× | 3.1% | S100TLFA |
| 2024 | 3.0% | 0.66× | 2.0% | 1.29× | 2.6% | S100VWWV |
| 2025 | 2.3% | 0.66× | 1.5% | 1.29× | 1.9% | S100YA1Y |
| 2026 | 2.1% | 0.64× | 1.3% | 1.30× | 1.7% | S100YA1Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 関 啓 三 | Major shareholder | 20.5% | 2026-03-31 |
| 有限会社宏栄興産 | Major shareholder | 11.8% | 2026-03-31 |
| 公益財団法人関奉仕財団 | Major shareholder | 6.5% | 2026-03-31 |
| セキ従業員持株会 | Major shareholder | 5.1% | 2026-03-31 |
| ㈱伊予銀行 | Major shareholder | 5.0% | 2026-03-31 |
| セキ取引先持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社愛媛銀行 | Major shareholder | 4.0% | 2026-03-31 |
| ㈱フジシールインターナショナル | Major shareholder | 3.6% | 2026-03-31 |
| 関 一 | Major shareholder | 2.1% | 2026-03-31 |
| 藤 田 多 嘉 子 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YA1Y | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA1Y,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100VWWV | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWWV,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TLFA | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLFA,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100QY6Q | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY6Q,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100O8JI | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8JI,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LJ5C | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ5C,, |

## 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).