# SEKICHU CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/02/21－2026/02/20) (S100Y3VC)
> Page: https://vizora.meequs.com/en/company/sekichu
> Retrieved: 2026-09-30T21:00:40.811Z

## Company

Sekichu is a company in Real Estate Development & Leasing listed on TSE Standard. It has 310 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEKICHU CO.,LTD. |
| Ticker | 9976 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9976.T) |
| Listing | TSE Standard |
| Head office | 群馬県高崎市倉賀野町4531番地1 |
| Representative (per filing) | 代表取締役社長 関口忠弘 |
| Share capital | ¥2.92B |
| Employees (consolidated) | 310 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Corporate number | 3070001008818 |
| EDINET | E03219 |
| Industries (Vizora) | Real Estate Development & Leasing, Home Centers |

> Profile source: annual securities report (S100Y3VC, filed 2026-05-14). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 8 |
| Profitability | 35 | 10 |
| Cash conversion | 65 | 10 |
| Efficiency | 75 | 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 97% of Sekichu's sales come from Home center business, with Real estate leasing business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit +5.1%.

## Company structure

- Segment revenue mix: Home center business 97.3%、Real estate leasing business 2.7%
- Revenue → net income: ¥31018934000 → ¥400086000
- Net income → operating cash flow: ¥400086000 → ¥857950000（difference ¥457864000）
- Main uses of operating cash flow: CapEx ¥422617000 / dividends ¥218575000 / buybacks ¥121551000
- Change in cash: ¥-163570000
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 | ¥31B |  |
| Operating income | ¥619.4M | Margin 2.0% |
| Net income | ¥400.1M | Margin 1.3% |
| Free cash flow | ¥435.3M |  |
| Largest business | Home center business | of segment revenue 97.3% |
| Employees (consolidated) | 310 |  |
| EPS | ¥73.04 |  |
| Book value per share | ¥2183.01 |  |
| Equity ratio | 50.6% |  |
| Shares outstanding | 5,586,150 |  |
| Treasury shares | 43,200 |  |
| Shareholders | 1,068 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 3.4% | Cash ÷ revenue 2.5% |
| Vs. industry median margin | -1.2 pp | Home Centers |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, segment profit share differs by -69 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31904942000 | ¥31018934000 | -2.8% |
| Operating income | ¥989268000 | ¥619414000 | -37.4% |
| Operating margin | 3.1% | 2.0% | -1.1 pp |
| Employees | 315 people | 310 people | -1.6% |
| Cash and equivalents | ¥1882292000 | ¥785691000 | -58.3% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ホームセンター事業 → ホームセンター事業 | 97.3% |
| ホームセンター事業 → 事業再編・廃止 | 0.8% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.9% |
| 新設・再編 → 不動産賃貸事業 | 0.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,019 | 100.0% | S100Y3VC |
| Cost of revenue | 22,169 | 71.5% | S100Y3VC |
| Gross profit | 8,850 | 28.5% | S100Y3VC |
| SG&A | 9,078 | 29.3% | S100Y3VC |
| Operating income | 619 | 2.0% | S100Y3VC |
| Ordinary income | 638 | 2.1% | S100Y3VC |
| Pretax income | 591 | 1.9% | S100Y3VC |
| Income tax | 191 | 0.6% | S100Y3VC |
| Net income | 400 | 1.3% | S100Y3VC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 29 |
| Other operating | -3 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 28.5% → Operating margin 2.0% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.9%; Core profit growth: +5.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.70×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,743 | 31,019 | 276 | +0.9% |
| Gross profit | 8,885 | 8,850 | -35 | -0.4% |
| Operating income | 589 | 619 | 30 | +5.1% |
| Operating cash flow | 575 | 858 | 283 | +49.2% |
| Free cash flow | -3,708 | 435 | 4,144 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 30,118 | 469 | 1.6% | 289 | 890 | 638 | S100LBST |
| FY ending Feb 2021 | 31,905 | 989 | 3.1% | 626 | 2,216 | 1,788 | S100O02E |
| FY ending Feb 2022 | 31,120 | 576 | 1.9% | 184 | 177 | -805 | S100QSGV |
| FY ending Feb 2023 | 30,321 | 752 | 2.5% | 478 | 108 | -409 | S100TG3H |
| FY ending Feb 2024 | 29,721 | 730 | 2.5% | 511 | 8 | -1,078 | S100VQT2 |
| FY ending Feb 2025 | 30,743 | 589 | 1.9% | 494 | 575 | -3,708 | S100Y3VC |
| FY ending Feb 2026 | 31,019 | 619 | 2.0% | 400 | 858 | 435 | S100Y3VC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥100.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 312 | 303 | 305 | 312 | 310 |
| Average salary (parent company) | ¥4.1M | ¥5M | ¥4.9M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 41.9 years | 42.4 years | 42.1 years | 41.8 years | 41.9 years |
| Average tenure (parent company) | 15.3 years | 16.0 years | 15.6 years | 15.2 years | 15.9 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home center business | 31,019 | 97.3% | 174 | 0.6% |
| Real estate leasing business | 848 | 2.7% | 445 | 52.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home center business | 97.3% | 28.2% | -69.2 | 0.6% |
| Real estate leasing business | 2.7% | 71.8% | 69.2 | 52.5% |

Segment → industry: Real estate leasing business → Real Estate Development & Leasing / Home center business → Home Centers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 858 | 2.8% | S100Y3VC |
| Capital expenditure | 423 | 1.4% | S100Y3VC |
| Free cash flow | 435 | 1.4% | 算出 |
| Investing cash flow | -239 | -0.8% | S100Y3VC |
| Financing cash flow | -782 | -2.5% | S100Y3VC |
| Dividends paid | 219 | 0.7% | S100Y3VC |
| Share buyback | 122 | 0.4% | S100Y3VC |
| Change in cash | -164 | -0.5% | S100Y3VC |
| Cash and equivalents | 786 | 2.5% | S100Y3VC |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,113 | 853 | 884 | 949 | 786 | S100TG3H, S100VQT2, S100Y3VC |
| Total assets | 18,437 | 18,489 | 19,717 | 23,516 | 23,439 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Net assets | 10,298 | 10,648 | 11,073 | 11,532 | 11,852 | S100TG3H, S100VQT2, S100Y3VC |
| Share capital | 2,922 | 2,922 | 2,922 | 2,922 | 2,922 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Property, plant and equipment | 5,213 | 5,128 | 5,696 | 9,489 | 9,441 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Intangible assets excluding goodwill | 191 | 257 | 386 | 335 | 283 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Investment securities | 483 | 492 | 652 | 700 | 941 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Current assets | 8,463 | 8,784 | 9,478 | 9,856 | 9,886 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Current liabilities | 7,374 | 7,073 | 7,714 | 7,080 | 7,294 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Short-term borrowings | 800 | 900 | 1,800 | 600 | 600 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Long-term borrowings | — | — | — | 3,156 | 2,630 | S100Y3VC |
| Total liabilities | 8,139 | 7,841 | 8,644 | 11,983 | 11,587 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Equity attributable to owners of parent | 10,137 | 10,484 | 10,833 | 11,253 | 11,401 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Retained earnings | 3,863 | 4,210 | 4,559 | 4,891 | 5,073 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |
| Treasury stock | -206 | -206 | -206 | -131 | -160 | S100QSGV, S100TG3H, S100VQT2, S100Y3VC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y3VC |
| Property, plant and equipment | 40% | S100Y3VC |
| Intangibles and goodwill | 1% | S100Y3VC |
| Investment securities | 4% | S100Y3VC |
| Other assets | 51% | S100Y3VC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100Y3VC |
| Equity | 51% | S100Y3VC |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,437 | 18,489 | 19,717 | 23,516 | 23,439 |
| Equity | 10,298 | 10,648 | 11,073 | 11,532 | 11,852 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,113 | 853 | 884 | 949 | 786 |

## 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) | 30.4% | S100Y3VC |
| Fixed assets ÷ total assets | 40.3% | S100Y3VC |
| Goodwill ÷ parent equity | — | —, S100Y3VC |

### 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) | 3.4% |
| Cash ÷ revenue | 2.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.5% |
| Cash vs. profit gap | 458 JPY mn (of net income 114.4%) |
| Shareholder returns / net income | 85.0% |
| Shareholder returns / FCF | 78.1% |
| Shareholder payments — dividends / net income | 54.6% |
| Shareholder payments — dividends / FCF | 50.2% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 27.9% |

## 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 | 0.6% | 1.69× | 1.0% | 1.82× | 1.8% | S100QSGV |
| 2023 | 1.6% | 1.64× | 2.6% | 1.79× | 4.6% | S100TG3H |
| 2024 | 1.7% | 1.56× | 2.7% | 1.79× | 4.8% | S100VQT2 |
| 2025 | 1.6% | 1.42× | 2.3% | 1.96× | 4.5% | S100Y3VC |
| 2026 | 1.3% | 1.32× | 1.7% | 2.07× | 3.5% | S100Y3VC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社サウス企画 | Major shareholder | 45.2% | 2026-02-20 |
| セキチュー取引先持株会 | Major shareholder | 9.4% | 2026-02-20 |
| セキチュー従業員持株会 | Major shareholder | 5.1% | 2026-02-20 |
| 株式会社しまむら | Major shareholder | 5.0% | 2026-02-20 |
| アトム総業株式会社 | Major shareholder | 4.2% | 2026-02-20 |
| 関 口 忠 弘 | Major shareholder | 3.0% | 2026-02-20 |
| 関 口 礼 子 | Major shareholder | 2.7% | 2026-02-20 |
| 菊屋株式会社 | Major shareholder | 2.5% | 2026-02-20 |
| 野村信託銀行株式会社 (セキチュー従業員持株会専用信託口) | Major shareholder | 2.1% | 2026-02-20 |
| 関 口 完 | Major shareholder | 1.6% | 2026-02-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/02/21－2026/02/20) | S100Y3VC | 2026-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y3VC,, |
| 有価証券報告書－第74期(2024/02/21－2025/02/20) | S100VQT2 | 2025-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VQT2,, |
| 有価証券報告書－第73期(2023/02/21－2024/02/20) | S100TG3H | 2024-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TG3H,, |
| 有価証券報告書－第72期(2022/02/21－2023/02/20) | S100QSGV | 2023-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSGV,, |
| 有価証券報告書－第71期(令和3年2月21日－令和4年2月20日) | S100O02E | 2022-05-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O02E,, |
| 有価証券報告書－第70期(令和2年2月21日－令和3年2月20日) | S100LBST | 2021-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LBST,, |

## 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).