# Star seeds Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2025/03/01－2026/02/28) (S100Y7XS)
> Page: https://vizora.meequs.com/en/company/star-seeds
> Retrieved: 2026-09-30T20:27:36.054Z

## Company

Star seeds, founded in 1989, is a company in PCs & Peripherals listed on TSE Standard. It has 145 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STARSEEDS Co.,Ltd. |
| Ticker | 3083 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3083.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋四丁目21番3号 |
| Representative (per filing) | 代表取締役社長 鈴木 雅順 |
| Founded | Mar 1989 |
| Share capital | ¥1.42B |
| Employees (consolidated) | 145 |
| Average salary (parent only) | ¥3.7M |
| Fiscal year end | February |
| Website | www.starseeds.co.jp (https://www.starseeds.co.jp/) |
| Corporate number | 6010001072528 |
| EDINET | E03498 |
| Industries (Vizora) | PCs & Peripherals, Electric Power & Gas, Apparel |

> Profile source: annual securities report (S100Y7XS, filed 2026-06-01). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 36.9 | 61 |
| Cash conversion | 13.8 | 47 |
| Efficiency | 97.5 | 61 |

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 51% of Star seeds's sales come from Apparel, with GPU Server Business and Grid Battery Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +103.2% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.4B |  |
| Operating income | ¥184.8M | Margin 1.8% |
| Net income | ¥58.7M | Margin 0.6% |
| Free cash flow | -¥623.1M |  |
| Largest business | Apparel | of segment revenue 50.5% |
| Employees (consolidated) | 145 |  |
| EPS | ¥23.74 |  |
| Book value per share | ¥342.12 |  |
| Equity ratio | 42.6% |  |
| Shares outstanding | 8,379,100 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,936 |  |
| Average salary (parent only) | ¥3.7M | Filing company only |
| Cash ratio | 28.3% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -1.3 pp | Apparel |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, segment profit share differs by 67 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2718160000 | ¥10382417000 | — |
| Operating income | ¥-191725000 | ¥184807000 | — |
| Operating margin | -7.1% | 1.8% | +8.8 pp |
| Employees | 100 people | 145 people | — |
| Cash and equivalents | ¥572357000 | ¥1832352000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → 衣料品等事業 | 50.5% |
| 新設・再編 → 系統用蓄電池事業 | 21.5% |
| 新設・再編 → GPUサーバー等事業 | 28.0% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel | — | — | ¥5246075000 | -2.4% | 2 |
| GPU Server Business | — | — | ¥2902260000 | 2.1% | 2 |
| Grid Battery Business | — | — | ¥2234080000 | 21.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,382 | 100.0% | S100Y7XS |
| Cost of revenue | 6,891 | 66.4% | S100Y7XS |
| Gross profit | 3,491 | 33.6% | S100Y7XS |
| SG&A | 3,306 | 31.8% | S100Y7XS |
| Operating income | 185 | 1.8% | S100Y7XS |
| Ordinary income | 161 | 1.6% | S100Y7XS |
| Pretax income | 169 | 1.6% | S100Y7XS |
| Income tax | 70 | 0.7% | S100Y7XS |
| Net income | 98 | 0.9% | S100Y7XS |
| Net income attributable to owners | 59 | 0.6% | S100Y7XS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 32 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 33.6% → Operating margin 1.8% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 5,110 | 10,382 | 5,272 | +103.2% |
| Gross profit | 2,761 | 3,491 | 730 | +26.4% |
| Operating income | -282 | 185 | 467 | — |
| Net income attributable to owners | -531 | 59 | 589 | — |
| Operating cash flow | -296 | -130 | 166 | — |
| Free cash flow | -326 | -623 | -297 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,626 | -74 | -2.0% | -165 | 45 | -37 | S100LGWU |
| FY ending Feb 2021 | 2,718 | -192 | -7.1% | -347 | -128 | -139 | S100LGWU |
| FY ending Feb 2022 | 4,164 | -183 | -4.4% | 176 | -80 | -114 | S100QTMM |
| FY ending Feb 2023 | 6,306 | -257 | -4.1% | -302 | -604 | -614 | S100THOW |
| FY ending Feb 2024 | 5,530 | -103 | -1.9% | -333 | -150 | -151 | S100VSWU |
| FY ending Feb 2025 | 5,110 | -282 | -5.5% | -531 | -296 | -326 | S100Y7XS |
| FY ending Feb 2026 | 10,382 | 185 | 1.8% | 59 | -130 | -623 | S100Y7XS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71.6M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥404.8K |

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) | 141 | 241 | 209 | 187 | 145 |
| Average salary (parent company) | ¥3.3M | ¥3.5M | ¥3.8M | ¥3.7M | ¥3.7M |
| Average age (parent company) | 42.2 years | 42.0 years | 43.4 years | 45.6 years | 49.0 years |
| Average tenure (parent company) | 12.2 years | 9.8 years | 9.8 years | 10.0 years | 10.9 years |

Year over year: Employees (consolidated) -22.5% · Revenue (consolidated) +103.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel | 5,246 | 50.5% | -125 | -2.4% |
| Grid Battery Business | 2,234 | 21.5% | 478 | 21.4% |
| GPU Server Business | 2,902 | 28.0% | 61 | 2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Apparel | 50.5% | — | — | -2.4% |
| Grid Battery Business | 21.5% | 88.6% | 67.1 | 21.4% |
| GPU Server Business | 28.0% | 11.4% | -16.6 | 2.1% |

Loss-making segment (excluded from profit shares): Apparel -125 JPY mn

Segment → industry: GPU Server Business → PCs & Peripherals / Grid Battery Business → Electric Power & Gas / Apparel → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -130 | -1.3% | S100Y7XS |
| Capital expenditure | 493 | 4.7% | S100Y7XS |
| Free cash flow | -623 | -6.0% | 算出 |
| Investing cash flow | -530 | -5.1% | S100Y7XS |
| Financing cash flow | 2,198 | 21.2% | S100Y7XS |
| Change in cash | 1,550 | 14.9% | S100Y7XS |
| Cash and equivalents | 1,832 | 17.6% | S100Y7XS |

## 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 | 701 | 478 | 350 | 282 | 1,832 | S100THOW, S100VSWU, S100Y7XS |
| Total assets | 2,045 | 2,428 | 1,900 | 2,264 | 6,471 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Net assets | 1,154 | 851 | 484 | 589 | 2,838 | S100THOW, S100VSWU, S100Y7XS |
| Share capital | 50 | 50 | 50 | 326 | 1,423 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Trade receivables | 136 | — | — | — | — | S100PCVZ |
| Property, plant and equipment | 1 | 5 | 2 | 85 | 507 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Intangible assets excluding goodwill | 1 | 77 | 1 | 51 | 25 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Goodwill | — | 77 | — | 39 | 15 | S100THOW, S100Y7XS |
| Investment securities | 4 | — | 2 | 127 | 30 | S100PCVZ, S100VSWU, S100Y7XS |
| Current assets | 1,550 | 1,750 | 1,409 | 1,527 | 5,470 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Current liabilities | 606 | 1,055 | 856 | 1,049 | 3,304 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Trade payables | 118 | — | — | — | — | S100PCVZ |
| Short-term borrowings | — | 258 | 243 | 257 | 500 | S100THOW, S100VSWU, S100Y7XS |
| Long-term borrowings | 36 | 120 | 111 | 252 | 31 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Total liabilities | 891 | 1,577 | 1,416 | 1,675 | 3,633 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Non-controlling interests | — | — | — | 17 | 76 | S100Y7XS |
| Equity attributable to owners of parent | 1,119 | 817 | 484 | 504 | 2,758 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Retained earnings | 170 | -133 | -466 | -531 | 43 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QTMM, S100THOW, S100VSWU, S100Y7XS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y7XS |
| Property, plant and equipment | 8% | S100Y7XS |
| Intangibles and goodwill | 1% | S100Y7XS |
| Investment securities | 0% | S100Y7XS |
| Other assets | 63% | S100Y7XS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Y7XS |
| Equity | 44% | S100Y7XS |
| Other liabilities | 0% | S100Y7XS |

### 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 | 2,045 | 2,428 | 1,900 | 2,264 | 6,471 |
| Equity | 1,154 | 851 | 484 | 589 | 2,838 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 701 | 478 | 350 | 282 | 1,832 |

## 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) | 4.9% | S100Y7XS |
| Fixed assets ÷ total assets | 7.8% | S100Y7XS |
| Goodwill ÷ parent equity | 0.6% | S100Y7XS |

### 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) | 28.3% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -70.5% |
| Cash vs. profit gap | -189 JPY mn (of net income -322.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.2% | 2.04× | 8.6% | 1.83× | 15.8% | S100QTMM |
| 2023 | — | —× | -13.5% | —× | — | S100THOW |
| 2024 | — | —× | -15.4% | —× | — | S100VSWU |
| 2025 | — | —× | -25.5% | —× | — | S100Y7XS |
| 2026 | 0.6% | 2.38× | 1.3% | 2.68× | 3.6% | S100Y7XS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サステナブルエナジー投資事業有限 責任組合 | Major shareholder | 19.1% | 2026-02-28 |
| 株式会社Ｂｌｕｅ ｌａｇｏｏｎ | Major shareholder | 11.1% | 2026-02-28 |
| みらい再生支援機構合同会社 | Major shareholder | 5.8% | 2026-02-28 |
| 株式会社光輝ＥＮＥＲＧＹ | Major shareholder | 4.8% | 2026-02-28 |
| 小林 祥浩 | Major shareholder | 2.5% | 2026-02-28 |
| 江川 源 | Major shareholder | 2.4% | 2026-02-28 |
| 辛 源 | Major shareholder | 2.4% | 2026-02-28 |
| 齊藤 和伸 | Major shareholder | 2.4% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 2.2% | 2026-02-28 |
| Ｍａｘｉｍｕｓ合同会社 | Major shareholder | 1.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/03/01－2026/02/28) | S100Y7XS | 2026-06-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7XS,, |
| 有価証券報告書－第36期(2024/03/01－2025/02/28) | S100VSWU | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSWU,, |
| 有価証券報告書－第35期(2023/03/01－2024/02/29) | S100THOW | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THOW,, |
| 有価証券報告書－第34期(2022/03/01－2023/02/28) | S100QTMM | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTMM,, |
| 訂正有価証券報告書－第33期(令和3年3月1日－令和4年2月28日) | S100PCVZ | 2022-10-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PCVZ,, |
| 訂正有価証券報告書－第32期(令和2年3月1日－令和3年2月28日) | S100LGWU | 2021-06-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LGWU,, |

## 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).