# SEKIDO CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/03/21－2026/03/20) (S100YFRE)
> Page: https://vizora.meequs.com/en/company/sekido
> Retrieved: 2026-09-30T20:25:46.914Z

## Company

Sekido, founded in 1963, is a company in Luxury Brands listed on TSE Standard. It has 52 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEKIDO CO.,LTD. |
| Ticker | 9878 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9878.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿三丁目7番1号 |
| Representative (per filing) | 代表取締役社長 関戸正実 |
| Founded | Feb 1963 |
| Share capital | ¥10M |
| Employees (consolidated) | 52 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | March |
| Website | www.sekido.com (https://www.sekido.com/) |
| Corporate number | 6011101056882 |
| EDINET | E03160 |
| Industries (Vizora) | Luxury Brands, Watches, Jewelry & Eyewear, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFRE, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Luxury Brands (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 16.7 | 3 |
| Efficiency | 83.3 | 3 |

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 68% of Sekido's sales come from Fashion retail sales division, with Cosmetic wholesale division and Foreign Investment Department making up much of the rest.
- It lost about ¥12 for every ¥100 of sales at the operating level.
- Revenue changed -23.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.76B |  |
| Operating income | -¥707.9M | Margin -12.3% |
| Net income | -¥1.14B | Margin -19.8% |
| Free cash flow | -¥213.6M |  |
| Largest business | Fashion retail sales division | of segment revenue 68.2% |
| Employees (consolidated) | 52 |  |
| EPS | ¥-414.63 |  |
| Book value per share | ¥13.06 |  |
| Equity ratio | 0.9% |  |
| Shares outstanding | 3,167,000 |  |
| Treasury shares | 3,600 |  |
| Shareholders | 3,971 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 15.7% | Net cash -¥2.08B · Cash ÷ revenue 12.0% |
| Vs. industry median margin | -20.4 pp | Luxury Brands |
| ROA | -24.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 12 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7731914000 | ¥5758136000 | — |
| Operating income | ¥271649000 | ¥-707857000 | — |
| Operating margin | 3.5% | -12.3% | -15.8 pp |
| Employees | 66 people | 52 people | — |
| Cash and equivalents | ¥724470000 | ¥689991000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| ファッション → ファッション | 66.2% |
| 美容 → 美容 | 27.8% |
| 美容 → 事業再編・廃止 | 3.2% |
| 賃貸部門 → 賃貸部門 | 0.6% |
| その他 → 事業再編・廃止 | 2.3% |
| 新設・再編 → ファッション | 2.0% |
| 新設・再編 → 賃貸部門 | 0.0% |
| 新設・再編 → 外商部門 | 3.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fashion retail sales division | — | — | ¥3927690000 | -1.6% | 2 |
| Cosmetic wholesale division | — | — | ¥1599480000 | -10.0% | 2 |
| Foreign Investment Department | — | — | ¥195565000 | 7.8% | 2 |
| Store lease section | — | — | ¥35400000 | 86.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,758 | 100.0% | S100YFRE |
| Cost of revenue | 4,335 | 75.3% | S100YFRE |
| Gross profit | 1,423 | 24.7% | S100YFRE |
| SG&A | 2,131 | 37.0% | S100YFRE |
| Operating income | -708 | -12.3% | S100YFRE |
| Ordinary income | -795 | -13.8% | S100YFRE |
| Pretax income | -1,134 | -19.7% | S100YFRE |
| Income tax | 7 | 0.1% | S100YFRE |
| Net income | -1,141 | -19.8% | S100YFRE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 37 |
| Operating income | -12 |
| (Ref.) Net income | -20 |

### Margin funnel

Gross margin 24.7% → Operating margin -12.3% → Net margin -19.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,494 | 5,758 | -1,736 | -23.2% |
| Gross profit | 2,253 | 1,423 | -830 | -36.8% |
| Operating income | -277 | -708 | -431 | — |
| Operating cash flow | -107 | -155 | -48 | — |
| Free cash flow | -330 | -214 | 117 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,620 | -380 | -5.7% | -578 | 530 | 467 | S100LJNM |
| FY ending Mar 2021 | 6,774 | 181 | 2.7% | 117 | -183 | -190 | S100LJNM |
| FY ending Mar 2022 | 7,732 | 272 | 3.5% | 486 | -375 | -474 | S100QYHC |
| FY ending Mar 2023 | 7,040 | 109 | 1.6% | -46 | -843 | -917 | S100TNEL |
| FY ending Mar 2024 | 8,480 | 147 | 1.7% | 48 | 8 | — | S100W17F |
| FY ending Mar 2024 | 8,480 | 151 | 1.8% | 48 | 8 | -53 | S100TNEL |
| FY ending Mar 2025 | 7,494 | -277 | -3.7% | -545 | -107 | -330 | S100YFRE |
| FY ending Mar 2026 | 5,758 | -708 | -12.3% | -1,141 | -155 | -214 | S100YFRE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥110.7M |
| Operating income per employee (consolidated) | -¥13.6M |
| Net income per employee (consolidated) | -¥21.9M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 65 | 61 | 61 | 57 | 52 |
| Average salary (parent company) | ¥4.1M | — | ¥4M | ¥4.1M | ¥4M |
| Average age (parent company) | 40.2 years | — | 39.9 years | 39.2 years | 39.4 years |
| Average tenure (parent company) | 13.4 years | — | 13.2 years | 13.1 years | 13.5 years |

Year over year: Employees (consolidated) -8.8% · Revenue (consolidated) -23.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fashion retail sales division | 3,928 | 68.2% | -63 | -1.6% |
| Cosmetic wholesale division | 1,599 | 27.8% | -161 | -10.0% |
| Store lease section | 35 | 0.6% | 31 | 86.8% |
| Foreign Investment Department | 196 | 3.4% | 15 | 7.8% |

### 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 |
| --- | ---: |
| Fashion retail sales division | 68.2% |
| Cosmetic wholesale division | 27.8% |
| Store lease section | 0.6% |
| Foreign Investment Department | 3.4% |

Segment → industry: Fashion retail sales division → Luxury Brands / Fashion retail sales division → Watches, Jewelry & Eyewear / Store lease section → Real Estate Development & Leasing / Foreign Investment Department → Specialty Trading & Wholesale / Cosmetic wholesale division → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -155 | -2.7% | S100YFRE |
| Capital expenditure | 58 | 1.0% | S100YFRE |
| Free cash flow | -214 | -3.7% | 算出 |
| Investing cash flow | -383 | -6.6% | S100YFRE |
| Financing cash flow | 723 | 12.6% | S100YFRE |
| Dividends paid | 1 | 0.0% | S100YFRE |
| Change in cash | 186 | 3.2% | S100YFRE |
| Cash and equivalents | 690 | 12.0% | S100YFRE |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 593 | 409 | 416 | 504 | 690 | S100TNEL, S100YFRE |
| Total assets | 4,945 | 5,304 | 5,314 | 4,770 | 4,389 | S100TNEL, S100W17F, S100YFRE |
| Net assets | 871 | 786 | 935 | 233 | 45 | S100TNEL, S100YFRE |
| Share capital | 60 | 10 | 10 | 10 | 10 | S100TNEL, S100W17F, S100YFRE |
| Property, plant and equipment | 630 | 779 | 779 | 691 | 457 | S100TNEL, S100W17F, S100YFRE |
| Intangible assets excluding goodwill | 22 | 24 | 24 | 14 | — | S100TNEL, S100W17F, S100YFRE |
| Investment securities | 95 | 93 | 108 | 124 | 164 | S100TNEL, S100W17F, S100YFRE |
| Current assets | 3,831 | 4,018 | 4,038 | 3,552 | 3,410 | S100TNEL, S100W17F, S100YFRE |
| Current liabilities | 3,443 | 3,787 | 3,659 | 3,585 | 3,633 | S100TNEL, S100W17F, S100YFRE |
| Trade payables | 632 | — | 750 | — | — | S100TNEL |
| Short-term borrowings | 2,313 | 2,237 | 2,237 | 2,391 | 2,453 | S100TNEL, S100W17F, S100YFRE |
| Long-term borrowings | 200 | 205 | 205 | 321 | 205 | S100TNEL, S100W17F, S100YFRE |
| Bonds | 160 | 120 | 120 | 185 | 115 | S100TNEL, S100W17F, S100YFRE |
| Interest-bearing debt | 2,673 | 2,562 | 2,562 | 2,897 | 2,773 | 算出 |
| Total liabilities | 4,075 | 4,518 | 4,379 | 4,536 | 4,344 | S100TNEL, S100W17F, S100YFRE |
| Equity attributable to owners of parent | 847 | 736 | 874 | 160 | -63 | S100TNEL, S100W17F, S100YFRE |
| Retained earnings | 337 | 227 | 365 | -349 | -1,490 | S100TNEL, S100W17F, S100YFRE |
| Treasury stock | -5 | -5 | -5 | -5 | -5 | S100TNEL, S100W17F, S100YFRE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFRE |
| Property, plant and equipment | 10% | S100YFRE |
| Investment securities | 4% | S100YFRE |
| Other assets | 70% | S100YFRE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 63% | 算出 |
| Other liabilities | 36% | S100YFRE |
| Equity | 1% | S100YFRE |
| Other liabilities | 0% | S100YFRE |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,945 | 5,304 | 5,314 | 4,770 | 4,389 |
| Equity | 871 | 786 | 935 | 233 | 45 |
| Interest-bearing debt | 2,673 | 2,562 | 2,562 | 2,897 | 2,773 |
| Cash | 593 | 409 | 416 | 504 | 690 |

## 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) | 7.9% | S100YFRE |
| Fixed assets ÷ total assets | 10.4% | S100YFRE |
| Goodwill ÷ parent equity | — | —, S100YFRE |

### 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) | 15.7% |
| Cash ÷ revenue | 12.0% |
| Net cash (cash − interest-bearing debt) | -¥2.08B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 986 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -0.9% | —× | — | S100TNEL |
| 2024 | 0.6% | 1.60× | 0.9% | 7.21× | 6.5% | S100YFRE, S100W17F |
| 2024 | 0.6% | 1.60× | 0.9% | 6.08× | 5.5% | S100TNEL |
| 2025 | — | —× | -11.4% | —× | — | S100YFRE |
| 2026 | — | —× | -24.9% | —× | — | S100YFRE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社関戸興産 | Major shareholder | 9.5% | 2026-03-20 |
| 関戸 正実 | Major shareholder | 6.3% | 2026-03-20 |
| BNB PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY 常任代理人 香港上海銀行 東京支店 | Major shareholder | 4.6% | 2026-03-20 |
| 都田 幸男 | Major shareholder | 1.9% | 2026-03-20 |
| 関戸 薫子 | Major shareholder | 1.6% | 2026-03-20 |
| セキド従業員持株会 | Major shareholder | 1.3% | 2026-03-20 |
| セキド役員持株会 | Major shareholder | 1.0% | 2026-03-20 |
| 西村 英子 | Major shareholder | 0.6% | 2026-03-20 |
| 飛田 康雄 | Major shareholder | 0.5% | 2026-03-20 |
| 楽天証券株式会社 | Major shareholder | 0.5% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/03/21－2026/03/20) | S100YFRE | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFRE,, |
| 有価証券報告書－第63期(2024/03/21－2025/03/20) | S100W17F | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W17F,, |
| 有価証券報告書－第62期(2023/03/21－2024/03/20) | S100TNEL | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNEL,, |
| 有価証券報告書－第61期(2022/03/21－2023/03/20) | S100QYHC | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYHC,, |
| 有価証券報告書－第60期(令和3年3月21日－令和4年3月20日) | S100OAXL | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAXL,, |
| 有価証券報告書－第59期(令和2年3月21日－令和3年3月20日) | S100LJNM | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJNM,, |

## 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).