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

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/06/01－2026/05/31) (S100YXKH)
> Page: https://vizora.meequs.com/en/company/sigmakoki
> Retrieved: 2026-09-30T19:42:02.003Z

## Company

Sigmakoki, founded in 1977, is a company in Cameras & Optics listed on TSE Standard. It has 547 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SIGMAKOKI CO., LTD. |
| Ticker | 7713 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7713.T) |
| Listing | TSE Standard |
| Head office | 埼玉県日高市下高萩新田17番地2 |
| Representative (per filing) | 代表取締役社長 近藤 洋介 |
| Founded | Apr 1977 |
| Share capital | ¥2.62B |
| Employees (consolidated) | 547 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | May |
| Website | www.sigma-koki.com (https://www.sigma-koki.com/) |
| Corporate number | 8030001089741 |
| EDINET | E02323 |
| Industries (Vizora) | Cameras & Optics |

> Profile source: annual securities report (S100YXKH, filed 2026-08-24). As of filing

## Five-axis industry profile

Primary industry: Cameras & Optics (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 7 |
| Profitability | 64.3 | 7 |
| Cash conversion | 8.3 | 6 |
| Efficiency | 31.3 | 8 |

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 86% of Sigmakoki's sales come from Laser Components Business, with Laser System Business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit +4.3%.

## Company structure

- Segment revenue mix: Laser Components Business 85.7%、Laser System Business 14.3%
- Revenue → net income: ¥11439434000 → ¥837450000
- Net income → operating cash flow: ¥837450000 → ¥909058000（difference ¥71608000）
- Main uses of operating cash flow: CapEx ¥260375000 / dividends ¥296737000 / buybacks —
- Change in cash: ¥394560000
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 | ¥11.4B |  |
| Operating income | ¥1.18B | Margin 10.3% |
| Net income | ¥831.2M | Margin 7.3% |
| Free cash flow | ¥648.7M |  |
| Largest business | Laser Components Business | of segment revenue 85.7% |
| Employees (consolidated) | 547 |  |
| EPS | ¥109.29 |  |
| Book value per share | ¥2135 |  |
| Equity ratio | 87.8% |  |
| Shares outstanding | 7,552,000 |  |
| Treasury shares | 470,400 |  |
| Shareholders | 5,984 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 17.4% | Cash ÷ revenue 32.2% |
| Vs. industry median margin | +4.4 pp | Cameras & Optics |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8765878000 | ¥11439434000 | +30.5% |
| Operating income | ¥983539000 | ¥1179358000 | +19.9% |
| Operating margin | 11.2% | 10.3% | -0.9 pp |
| Employees | 507 people | 547 people | +7.9% |
| Cash and equivalents | ¥3247964000 | ¥3679437000 | +13.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 要素部品事業 → 要素部品事業 | 83.0% |
| システム製品事業 → システム製品事業 | 14.3% |
| システム製品事業 → 事業再編・廃止 | 2.7% |
| 新設・再編 → 要素部品事業 | 2.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,439 | 100.0% | S100YXKH |
| Cost of revenue | 7,045 | 61.6% | S100YXKH |
| Gross profit | 4,394 | 38.4% | S100YXKH |
| SG&A | 3,215 | 28.1% | S100YXKH |
| Operating income | 1,179 | 10.3% | S100YXKH |
| Ordinary income | 1,305 | 11.4% | S100YXKH |
| Pretax income | 1,251 | 10.9% | S100YXKH |
| Income tax | 414 | 3.6% | S100YXKH |
| Net income | 837 | 7.3% | S100YXKH |
| Net income attributable to owners | 831 | 7.3% | S100YXKH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 28 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 38.4% → Operating margin 10.3% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.2%; Core profit growth: +4.3%
Operating leverage (core profit growth ÷ revenue growth): -3.51×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,581 | 11,439 | -141 | -1.2% |
| Gross profit | 4,326 | 4,394 | 68 | +1.6% |
| Operating income | 1,131 | 1,179 | 48 | +4.3% |
| Net income attributable to owners | 986 | 831 | -155 | -15.7% |
| Operating cash flow | 380 | 909 | 529 | +139.3% |
| Free cash flow | -74 | 649 | 722 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 8,493 | 712 | 8.4% | 596 | 1,144 | 359 | S100MBUN |
| FY ending May 2021 | 8,766 | 984 | 11.2% | 823 | 1,577 | 1,393 | S100P2FW |
| FY ending May 2022 | 10,354 | 1,438 | 13.9% | 1,170 | 943 | 787 | S100RR6C |
| FY ending May 2023 | 11,368 | 1,504 | 13.2% | 1,493 | 983 | 521 | S100U9F3 |
| FY ending May 2024 | 11,213 | 1,179 | 10.5% | 687 | 1,410 | 129 | S100WKLO |
| FY ending May 2025 | 11,581 | 1,131 | 9.8% | 986 | 380 | -74 | S100YXKH |
| FY ending May 2026 | 11,439 | 1,179 | 10.3% | 831 | 909 | 649 | S100YXKH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.9M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 512 | 520 | 526 | 544 | 547 |
| Average salary (parent company) | ¥5.1M | ¥5M | ¥4.9M | ¥5M | ¥5.1M |
| Average age (parent company) | 40.3 years | 40.2 years | 39.9 years | 40.2 years | 40.3 years |
| Average tenure (parent company) | 13.9 years | 13.9 years | 13.6 years | 13.6 years | 13.8 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Laser Components Business | 9,808 | 85.7% | 1,636 | 16.7% |
| Laser System Business | 1,631 | 14.3% | 111 | 6.8% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Laser Components Business | 85.7% | 93.6% | 7.9 | 16.7% |
| Laser System Business | 14.3% | 6.4% | -7.9 | 6.8% |

Segment → industry: Laser System Business → Cameras & Optics / Laser Components Business → Cameras & Optics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 909 | 7.9% | S100YXKH |
| Capital expenditure | 260 | 2.3% | S100YXKH |
| Free cash flow | 649 | 5.7% | 算出 |
| Investing cash flow | -248 | -2.2% | S100YXKH |
| Financing cash flow | -444 | -3.9% | S100YXKH |
| Dividends paid | 297 | 2.6% | S100YXKH |
| Change in cash | 395 | 3.4% | S100YXKH |
| Cash and equivalents | 3,679 | 32.2% | S100YXKH |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,135 | 4,331 | 3,904 | 3,285 | 3,679 | S100U9F3, S100WKLO, S100YXKH |
| Total assets | 18,510 | 20,634 | 20,945 | 20,340 | 21,206 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Net assets | 14,966 | 16,332 | 17,142 | 17,769 | 18,732 | S100U9F3, S100WKLO, S100YXKH |
| Share capital | 2,623 | 2,623 | 2,623 | 2,623 | 2,623 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Property, plant and equipment | 3,579 | 3,881 | 4,756 | 4,746 | 4,709 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Intangible assets excluding goodwill | 103 | 80 | 63 | 70 | 75 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Investment securities | 842 | 870 | 1,141 | 1,032 | 1,598 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Current assets | 11,589 | 13,252 | 12,534 | 11,944 | 12,371 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Current liabilities | 2,534 | 3,042 | 2,769 | 1,756 | 1,717 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Trade payables | 623 | 515 | 550 | 422 | 534 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Short-term borrowings | 244 | 284 | 230 | 153 | 54 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Long-term borrowings | 162 | 343 | 204 | 51 | 5 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Total liabilities | 3,544 | 4,302 | 3,803 | 2,571 | 2,474 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Non-controlling interests | 84 | 90 | 95 | 101 | 119 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Equity attributable to owners of parent | 14,215 | 15,425 | 15,807 | 16,495 | 17,029 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Retained earnings | 9,133 | 10,343 | 10,726 | 11,414 | 11,948 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |
| Treasury stock | -634 | -634 | -634 | -634 | -634 | S100RR6C, S100U9F3, S100WKLO, S100YXKH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YXKH |
| Property, plant and equipment | 22% | S100YXKH |
| Intangibles and goodwill | 0% | S100YXKH |
| Investment securities | 8% | S100YXKH |
| Other assets | 53% | S100YXKH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YXKH |
| Other liabilities | 9% | S100YXKH |
| Equity | 88% | S100YXKH |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,510 | 20,634 | 20,945 | 20,340 | 21,206 |
| Equity | 14,966 | 16,332 | 17,142 | 17,769 | 18,732 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,135 | 4,331 | 3,904 | 3,285 | 3,679 |

## 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) | 41.2% | S100YXKH |
| Fixed assets ÷ total assets | 22.2% | S100YXKH |
| Goodwill ÷ parent equity | — | —, S100YXKH |

### 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) | 17.4% |
| Cash ÷ revenue | 32.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.1% |
| Cash vs. profit gap | 78 JPY mn (of net income 9.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.7% |
| Shareholder payments — dividends / FCF | 45.7% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 27.3% |

## 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 | 11.3% | 0.56× | 6.3% | 1.30× | 8.2% | S100RR6C |
| 2023 | 13.1% | 0.58× | 7.6% | 1.32× | 10.1% | S100U9F3 |
| 2024 | 6.1% | 0.54× | 3.3% | 1.33× | 4.4% | S100WKLO |
| 2025 | 8.5% | 0.56× | 4.8% | 1.28× | 6.1% | S100YXKH |
| 2026 | 7.3% | 0.55× | 4.0% | 1.24× | 5.0% | S100YXKH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 浜松ホトニクス株式会社 | Major shareholder | 14.1% | 2026-05-31 |
| シグマ光機取引先持株会 | Major shareholder | 7.2% | 2026-05-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.8% | 2026-05-31 |
| 株式会社ツシマ | Major shareholder | 3.2% | 2026-05-31 |
| シグマ光機従業員持株会 | Major shareholder | 3.0% | 2026-05-31 |
| 富国生命保険相互会社 (常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.8% | 2026-05-31 |
| 株式会社サンライズクリエート | Major shareholder | 2.1% | 2026-05-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 1.8% | 2026-05-31 |
| 杉山 大樹 | Major shareholder | 1.6% | 2026-05-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/06/01－2026/05/31) | S100YXKH | 2026-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXKH,, |
| 有価証券報告書－第50期(2024/06/01－2025/05/31) | S100WKLO | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKLO,, |
| 有価証券報告書－第49期(2023/06/01－2024/05/31) | S100U9F3 | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9F3,, |
| 有価証券報告書－第48期(2022/06/01－2023/05/31) | S100RR6C | 2023-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR6C,, |
| 有価証券報告書－第47期(令和3年6月1日－令和4年5月31日) | S100P2FW | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2FW,, |
| 有価証券報告書－第46期(令和2年6月1日－令和3年5月31日) | S100MBUN | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MBUN,, |

## 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).