# Seria 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39期(2025/04/01－2026/03/31) (S100YH2R)
> Page: https://vizora.meequs.com/en/company/seria
> Retrieved: 2026-09-30T19:42:04.434Z

## Company

Seria, founded in 1987, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Standard. It has 566 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Seria Co., Ltd. |
| Ticker | 2782 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2782.T) |
| Listing | TSE Standard |
| Head office | 岐阜県大垣市外渕2丁目38番地 |
| Representative (per filing) | 代表取締役社長 河合 映治 |
| Founded | Oct 1987 |
| Share capital | ¥1.28B |
| Employees (consolidated) | 566 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.seria-group.com (https://www.seria-group.com/) |
| Corporate number | 4200001013662 |
| EDINET | E03418 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YH2R, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.9 | 14 |
| Profitability | 69.4 | 18 |
| Cash conversion | 44.1 | 17 |
| Efficiency | 80.6 | 18 |

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)

- Seria brought in ¥255.7B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +24.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥255695000000 → ¥14696000000
- Net income → operating cash flow: ¥14696000000 → ¥19016000000（difference ¥4320000000）
- Main uses of operating cash flow: CapEx ¥7839000000 / dividends ¥4826000000 / buybacks ¥25135000000
- Change in cash: ¥-15978000000
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 | ¥255.7B |  |
| Operating income | ¥21B | Margin 8.2% |
| Net income | ¥14.7B | Margin 5.7% |
| Free cash flow | ¥11.2B |  |
| Employees (consolidated) | 566 |  |
| EPS | ¥219.08 |  |
| Book value per share | ¥1481.33 |  |
| Equity ratio | 72.1% |  |
| Shares outstanding | 75,840,000 |  |
| Treasury shares | 13,168,400 |  |
| Shareholders | 7,716 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 29.6% | Cash ÷ revenue 14.9% |
| Vs. industry median margin | +3.9 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.2× dividends
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥200682000000 | ¥255695000000 | +27.4% |
| Operating income | ¥21269000000 | ¥20968000000 | -1.4% |
| Operating margin | 10.6% | 8.2% | -2.4 pp |
| Employees | 470 people | 566 people | +20.4% |
| Cash and equivalents | ¥49771000000 | ¥38049000000 | -23.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 255,695 | 100.0% | S100YH2R |
| Cost of revenue | 148,981 | 58.3% | 算出 |
| Gross profit | 106,714 | 41.7% | S100YH2R |
| SG&A | 85,746 | 33.5% | S100YH2R |
| Operating income | 20,968 | 8.2% | S100YH2R |
| Ordinary income | 21,287 | 8.3% | S100YH2R |
| Pretax income | 20,824 | 8.1% | S100YH2R |
| Income tax | 6,128 | 2.4% | S100YH2R |
| Net income | 14,696 | 5.7% | S100YH2R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 34 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 41.7% → Operating margin 8.2% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +24.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.99×
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 | 236,327 | 255,695 | 19,368 | +8.2% |
| Gross profit | 97,937 | 106,714 | 8,777 | +9.0% |
| Operating income | 16,836 | 20,968 | 4,132 | +24.5% |
| Operating cash flow | 16,004 | 19,016 | 3,012 | +18.8% |
| Free cash flow | 10,752 | 11,177 | 425 | +4.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 181,476 | 17,604 | 9.7% | 12,070 | 16,202 | 11,103 | S100LMD2 |
| FY ending Mar 2021 | 200,682 | 21,269 | 10.6% | 14,726 | 19,447 | 14,780 | S100OD1M |
| FY ending Mar 2022 | 208,084 | 20,918 | 10.1% | 14,301 | 17,650 | 13,365 | S100QZZZ |
| FY ending Mar 2023 | 212,359 | 15,445 | 7.3% | 10,254 | 11,337 | 6,691 | S100TX0A |
| FY ending Mar 2024 | 223,202 | 15,121 | 6.8% | 9,823 | 12,235 | 6,920 | S100W43L |
| FY ending Mar 2025 | 236,327 | 16,836 | 7.1% | 11,218 | 16,004 | 10,752 | S100YH2R |
| FY ending Mar 2026 | 255,695 | 20,968 | 8.2% | 14,696 | 19,016 | 11,177 | S100YH2R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥451.8M |
| Operating income per employee (consolidated) | ¥37M |
| Net income per employee (consolidated) | ¥26M |

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) | 515 | 550 | 551 | 565 | 566 |
| Average salary (parent company) | ¥6.1M | ¥5.6M | ¥5.4M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 39.6 years | 39.3 years | 39.4 years | 40.3 years | 40.8 years |
| Average tenure (parent company) | 8.9 years | 8.7 years | 8.8 years | 9.1 years | 9.5 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +8.2%

## 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 | 19,016 | 7.4% | S100YH2R |
| Capital expenditure | 7,839 | 3.1% | S100YH2R |
| Free cash flow | 11,177 | 4.4% | 算出 |
| Investing cash flow | -4,474 | -1.7% | S100YH2R |
| Financing cash flow | -30,520 | -11.9% | S100YH2R |
| Dividends paid | 4,826 | 1.9% | S100YH2R |
| Share buyback | 25,135 | 9.8% | S100YH2R |
| Change in cash | -15,978 | -6.2% | S100YH2R |
| Cash and equivalents | 38,049 | 14.9% | S100YH2R |

## 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 | 57,340 | 56,112 | 56,225 | 54,028 | 38,049 | S100TX0A, S100W43L, S100YH2R |
| Total assets | 122,699 | 126,857 | 132,705 | 141,496 | 128,681 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Net assets | 92,458 | 97,447 | 102,038 | 108,002 | 92,837 | S100TX0A, S100W43L, S100YH2R |
| Share capital | 1,278 | 1,278 | 1,278 | 1,278 | 1,278 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Property, plant and equipment | 22,034 | 23,317 | 23,645 | 25,411 | 27,306 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Intangible assets excluding goodwill | 100 | 116 | 220 | 513 | 782 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Investment securities | 336 | 339 | 385 | 406 | 528 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Current assets | 85,067 | 87,242 | 91,837 | 97,898 | 82,154 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Current liabilities | 23,365 | 21,948 | 23,218 | 25,052 | 27,732 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Total liabilities | 30,241 | 29,410 | 30,666 | 33,493 | 35,843 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Equity attributable to owners of parent | 92,476 | 97,463 | 102,020 | 107,971 | 92,704 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Retained earnings | 91,518 | 96,506 | 101,062 | 107,014 | 116,883 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |
| Treasury stock | -1,740 | -1,740 | -1,740 | -1,740 | -26,876 | S100QZZZ, S100TX0A, S100W43L, S100YH2R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YH2R |
| Property, plant and equipment | 21% | S100YH2R |
| Intangibles and goodwill | 1% | S100YH2R |
| Investment securities | 0% | S100YH2R |
| Other assets | 48% | S100YH2R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YH2R |
| Equity | 72% | S100YH2R |
| Other liabilities | 0% | S100YH2R |

### 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 | 122,699 | 126,857 | 132,705 | 141,496 | 128,681 |
| Equity | 92,458 | 97,447 | 102,038 | 108,002 | 92,837 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 57,340 | 56,112 | 56,225 | 54,028 | 38,049 |

## 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) | 10.7% | S100YH2R |
| Fixed assets ÷ total assets | 21.2% | S100YH2R |
| Goodwill ÷ parent equity | — | —, S100YH2R |

### 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) | 29.6% |
| Cash ÷ revenue | 14.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.7% |
| Cash vs. profit gap | 4,320 JPY mn (of net income 29.4%) |
| Shareholder returns / net income | 203.9% |
| Shareholder returns / FCF | 268.1% |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | 43.2% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 23.5% |

## 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 | 6.9% | 1.70× | 11.7% | 1.33× | 15.5% | S100QZZZ |
| 2023 | 4.8% | 1.70× | 8.2% | 1.31× | 10.8% | S100TX0A |
| 2024 | 4.4% | 1.72× | 7.6% | 1.30× | 9.8% | S100W43L |
| 2025 | 4.7% | 1.72× | 8.2% | 1.31× | 10.7% | S100YH2R |
| 2026 | 5.7% | 1.89× | 10.9% | 1.35× | 14.6% | S100YH2R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヒロコーポレーション | Major shareholder | 16.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１ （常任代理人 みずほ銀行決済営業部） | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社Ｋアセット | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５１０３ （常任代理人 みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| 伊藤 二作 | Major shareholder | 2.8% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５１６６ （常任代理人 みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 2.2% | 2026-03-31 |
| エイチエスビーシー ホンコン トレジャリー サービシィズ アカウント アジアン エキュイティーズ デリバティブス （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.1% | 2026-03-31 |
| 河合 秋代 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YH2R | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH2R,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W43L | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W43L,, |
| 訂正有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TX0A | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX0A,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100QZZZ | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZZZ,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OD1M | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD1M,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LMD2 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMD2,, |

## 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).