# SIIX Corp.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/01/01－2025/12/31) (S100XUJ0)
> Page: https://vizora.meequs.com/en/company/siix
> Retrieved: 2026-09-30T21:32:51.718Z

## Company

Siix, founded in 1992, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 8,712 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SIIX Corp. |
| Ticker | 7613 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7613.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区備後町一丁目4番9号 |
| Representative (per filing) | CEO兼COO 代表取締役 社長執行役員平 岡和也 |
| Founded | Jul 1992 |
| Share capital | ¥2.14B |
| Employees (consolidated) | 8,712 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.siix.co.jp (https://www.siix.co.jp/) |
| Corporate number | 7120001080989 |
| EDINET | E02900 |
| Industries (Vizora) | Specialty Trading & Wholesale, Electronic Components |

> Profile source: annual securities report (S100XUJ0, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.8 | 179 |
| Profitability | 53.8 | 185 |
| Cash conversion | 94.7 | 179 |
| Efficiency | 40.3 | 185 |
| Financial strength | 52.5 | 20 |

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 32% of Siix's sales come from South-East Asia, with Americas and China Area making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -4.2% from the prior year, operating profit +3.4%.

## Company structure

- Segment revenue mix: South-East Asia 32.3%、Americas 20.8%、China Area 19.9%、Japan 19.6%、Europe 7.4%
- Revenue → net income: ¥289491000000 → ¥2476000000
- Net income → operating cash flow: ¥2476000000 → ¥26539000000（difference ¥24063000000）
- Main uses of operating cash flow: CapEx ¥3376000000 / dividends ¥2259000000 / buybacks —
- Change in cash: ¥8023000000
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 | ¥289.5B |  |
| Operating income | ¥8.85B | Margin 3.1% |
| Net income | ¥2.49B | Margin 0.9% |
| Free cash flow | ¥23.2B |  |
| Largest business | South-East Asia | of segment revenue 32.3% |
| Employees (consolidated) | 8,712 |  |
| EPS | ¥21.21 |  |
| Diluted EPS | ¥21.2 |  |
| Book value per share | ¥358.9 |  |
| Equity ratio | 49.7% |  |
| Shares outstanding | 50,400,000 |  |
| Treasury shares | 3,262,300 |  |
| Shareholders | 48,204 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 14.3% | Net cash -¥9.95B · Cash ÷ revenue 10.3% |
| Vs. industry median margin | +0.2 pp | Specialty Trading & Wholesale |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 10.7× net income
- FY2025, employees -9% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥181598000000 | ¥289491000000 | +59.4% |
| Operating income | ¥4452000000 | ¥8853000000 | +98.9% |
| Operating margin | 2.5% | 3.1% | +0.6 pp |
| Employees | 11,257 people | 8,712 people | -22.6% |
| Cash and equivalents | ¥22968000000 | ¥29793000000 | +29.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 19.6% |
| 日本 → 事業再編・廃止 | 3.6% |
| 中華圏 → 中華圏 | 19.9% |
| 中華圏 → 事業再編・廃止 | 6.7% |
| 東南アジア → 東南アジア | 28.6% |
| 欧州 → 欧州 | 5.4% |
| 米州 → 米州 | 16.3% |
| 新設・再編 → 東南アジア | 3.7% |
| 新設・再編 → 欧州 | 2.0% |
| 新設・再編 → 米州 | 4.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| South-East Asia | 5 years | +12.4% | ¥93122000000 | 5.0% | 2 |
| Americas | 5 years | +15.3% | ¥60098000000 | 7.1% | 2 |
| China Area | 5 years | +3.5% | ¥57467000000 | 1.4% | 2 |
| Japan | 5 years | +6.1% | ¥56647000000 | 1.6% | 2 |
| Europe | 5 years | +17.0% | ¥21403000000 | -6.1% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 289,491 | 100.0% | S100XUJ0 |
| Cost of revenue | 261,281 | 90.3% | S100XUJ0 |
| Gross profit | 28,210 | 9.7% | S100XUJ0 |
| SG&A | 19,356 | 6.7% | S100XUJ0 |
| Operating income | 8,853 | 3.1% | S100XUJ0 |
| Ordinary income | 9,232 | 3.2% | S100XUJ0 |
| Pretax income | 6,618 | 2.3% | S100XUJ0 |
| Income tax | 4,141 | 1.4% | S100XUJ0 |
| Net income | 2,476 | 0.9% | S100XUJ0 |
| Net income attributable to owners | 2,488 | 0.9% | S100XUJ0 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 7 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.7% → Operating margin 3.1% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.2%; Core profit growth: +3.4%
Operating leverage (core profit growth ÷ revenue growth): -0.81×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 302,314 | 289,491 | -12,823 | -4.2% |
| Gross profit | 28,607 | 28,210 | -397 | -1.4% |
| Operating income | 8,559 | 8,853 | 294 | +3.4% |
| Net income attributable to owners | 3,754 | 2,488 | -1,266 | -33.7% |
| Operating cash flow | 23,097 | 26,539 | 3,442 | +14.9% |
| Free cash flow | 15,370 | 23,163 | 7,793 | +50.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 223,037 | 5,506 | 2.5% | 3,695 | 8,945 | -595 | S100L2HL |
| FY ending Dec 2020 | 181,598 | 4,452 | 2.5% | 1,724 | 13,280 | 7,144 | S100NS12 |
| FY ending Dec 2021 | 226,833 | 4,954 | 2.2% | 4,561 | -8,106 | -16,237 | S100QHUE |
| FY ending Dec 2022 | 277,031 | 8,929 | 3.2% | 4,733 | 5,567 | -3,538 | S100T4RE |
| FY ending Dec 2023 | 309,768 | 12,254 | 4.0% | 8,185 | 19,796 | 9,468 | S100VHVB |
| FY ending Dec 2024 | 302,314 | 8,559 | 2.8% | 3,754 | 23,097 | 15,370 | S100XUJ0 |
| FY ending Dec 2025 | 289,491 | 8,853 | 3.1% | 2,488 | 26,539 | 23,163 | S100XUJ0 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.2M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥285.6K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 12,354 | 12,734 | 11,052 | 9,538 | 8,712 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.2M | ¥7M | ¥7.4M |
| Average age (parent company) | 37.5 years | 37.1 years | 36.8 years | 36.5 years | 37.6 years |
| Average tenure (parent company) | 8.1 years | 8.0 years | 7.8 years | 7.6 years | 8.2 years |

Year over year: Employees (consolidated) -8.7% · Revenue (consolidated) -4.2%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 56,647 | 19.6% | 901 | 1.6% |
| China Area | 57,467 | 19.9% | 787 | 1.4% |
| South-East Asia | 93,122 | 32.3% | 4,670 | 5.0% |
| Europe | 21,403 | 7.4% | -1,297 | -6.1% |
| Americas | 60,098 | 20.8% | 4,283 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 19.6% | 8.5% | -11.2 | 1.6% |
| China Area | 19.9% | 7.4% | -12.5 | 1.4% |
| South-East Asia | 32.3% | 43.9% | 11.6 | 5.0% |
| Europe | 7.4% | — | — | -6.1% |
| Americas | 20.8% | 40.2% | 19.4 | 7.1% |

Loss-making segment (excluded from profit shares): Europe -1,297 JPY mn

Segment → industry: Japan → Specialty Trading & Wholesale / Japan → Electronic Components / China Area → Specialty Trading & Wholesale / China Area → Electronic Components / South-East Asia → Specialty Trading & Wholesale / South-East Asia → Electronic Components / Europe → Specialty Trading & Wholesale / Europe → Electronic Components / Americas → Specialty Trading & Wholesale / Americas → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 26,539 | 9.2% | S100XUJ0 |
| Capital expenditure | 3,376 | 1.2% | S100XUJ0 |
| Free cash flow | 23,163 | 8.0% | 算出 |
| Investing cash flow | -2,257 | -0.8% | S100XUJ0 |
| Financing cash flow | -16,399 | -5.7% | S100XUJ0 |
| Dividends paid | 2,259 | 0.8% | S100XUJ0 |
| Change in cash | 8,023 | 2.8% | S100XUJ0 |
| Cash and equivalents | 29,793 | 10.3% | S100XUJ0 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,315 | 13,652 | 18,059 | 21,769 | 29,793 | S100T4RE, S100VHVB, S100XUJ0 |
| Total assets | 169,921 | 205,170 | 216,838 | 217,484 | 207,862 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Net assets | 66,369 | 77,389 | 89,545 | 101,033 | 103,784 | S100T4RE, S100VHVB, S100XUJ0 |
| Share capital | 2,144 | 2,144 | 2,144 | 2,144 | 2,144 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Trade receivables | 47,278 | — | — | — | — | S100QHUE |
| Property, plant and equipment | 37,764 | 45,358 | 49,026 | 48,907 | 42,685 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Intangible assets excluding goodwill | 2,590 | 2,520 | 2,118 | 2,626 | 2,063 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Goodwill | — | — | — | 94 | 81 | S100XUJ0 |
| Investment securities | 2,385 | 2,227 | 2,306 | 2,427 | 2,757 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Current assets | 122,797 | 150,275 | 157,621 | 156,211 | 152,751 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Current liabilities | 79,833 | 96,598 | 88,653 | 78,469 | 71,606 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Short-term borrowings | 31,561 | 36,136 | 28,103 | 16,386 | 14,602 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Long-term borrowings | 8,446 | 15,125 | 22,139 | 16,479 | 10,145 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Bonds | 10,000 | 10,000 | 10,000 | 15,000 | 15,000 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Interest-bearing debt | 50,007 | 61,261 | 60,242 | 47,865 | 39,747 | 算出 |
| Total liabilities | 103,551 | 127,780 | 127,292 | 116,451 | 104,077 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Non-controlling interests | 412 | 430 | 446 | 539 | 538 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Equity attributable to owners of parent | 58,902 | 62,261 | 68,813 | 70,145 | 70,400 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Retained earnings | 57,074 | 60,389 | 67,273 | 68,579 | 68,807 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |
| Treasury stock | -5,945 | -5,866 | -6,185 | -6,157 | -6,064 | S100QHUE, S100T4RE, S100VHVB, S100XUJ0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XUJ0 |
| Property, plant and equipment | 21% | S100XUJ0 |
| Intangibles and goodwill | 1% | S100XUJ0 |
| Investment securities | 1% | S100XUJ0 |
| Other assets | 63% | S100XUJ0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 31% | S100XUJ0 |
| Equity | 50% | S100XUJ0 |
| Other liabilities | 0% | S100XUJ0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 169,921 | 205,170 | 216,838 | 217,484 | 207,862 |
| Equity | 66,369 | 77,389 | 89,545 | 101,033 | 103,784 |
| Interest-bearing debt | 50,007 | 61,261 | 60,242 | 47,865 | 39,747 |
| Cash | 9,315 | 13,652 | 18,059 | 21,769 | 29,793 |

## 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) | 14.7% | S100XUJ0 |
| Fixed assets ÷ total assets | 20.5% | S100XUJ0 |
| Goodwill ÷ parent equity | 0.1% | S100XUJ0 |

### 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) | 14.3% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | -¥9.95B |
| Net debt ÷ operating cash flow | 0.38× |
| Cash conversion (operating CF ÷ operating income) | 299.8% |
| Cash vs. profit gap | 24,051 JPY mn (of net income 966.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 90.8% |
| Shareholder payments — dividends / FCF | 9.8% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 8.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.0% | 1.33× | 2.7% | 2.88× | 7.7% | S100QHUE |
| 2022 | 1.7% | 1.48× | 2.5% | 3.10× | 7.8% | S100T4RE |
| 2023 | 2.6% | 1.47× | 3.9% | 3.22× | 12.5% | S100VHVB |
| 2024 | 1.2% | 1.39× | 1.7% | 3.13× | 5.4% | S100XUJ0 |
| 2025 | 0.9% | 1.36× | 1.2% | 3.03× | 3.5% | S100XUJ0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サカタインクス株式会社 | Major shareholder | 22.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.7% | 2025-12-31 |
| 有限会社フォーティ・シックス | Major shareholder | 5.1% | 2025-12-31 |
| 株式会社りそな銀行 | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.6% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ (常代 株式会社みずほ銀行決済営業部) | Major shareholder | 2.5% | 2025-12-31 |
| 一般財団法人村井シークス財団 | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口４) | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/01/01－2025/12/31) | S100XUJ0 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUJ0,, |
| 有価証券報告書－第33期(2024/01/01－2024/12/31) | S100VHVB | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHVB,, |
| 有価証券報告書－第32期(2023/01/01－2023/12/31) | S100T4RE | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4RE,, |
| 有価証券報告書－第31期(2022/01/01－2022/12/31) | S100QHUE | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHUE,, |
| 有価証券報告書－第30期(令和3年1月1日－令和3年12月31日) | S100NS12 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS12,, |
| 有価証券報告書－第29期(令和2年1月1日－令和2年12月31日) | S100L2HL | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2HL,, |

## 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).