# TAKAGI SEIKO CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2025/04/01－2026/03/31) (S100YGHA)
> Page: https://vizora.meequs.com/en/company/takagi-seiko
> Retrieved: 2026-09-30T22:16:42.375Z

## Company

Takagi Seiko, founded in 1959, is a company in Auto Parts listed on TSE Standard. It has 1,849 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKAGI SEIKO CORPORATION |
| Ticker | 4242 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4242.T) |
| Listing | TSE Standard |
| Head office | 富山県高岡市二塚322番地の3 |
| Representative (per filing) | 代表取締役社長 高木章裕 |
| Founded | Aug 1959 |
| Share capital | ¥2.16B |
| Employees (consolidated) | 1,849 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.takagi-seiko.co.jp (https://www.takagi-seiko.co.jp/) |
| Corporate number | 4230001010335 |
| EDINET | E00871 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YGHA, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.5 | 110 |
| Profitability | 53.6 | 111 |
| Cash conversion | 4.2 | 108 |
| Efficiency | 82.4 | 111 |

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 56% of Takagi Seiko's sales come from Japan, with Southeast Asia and China making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -6.4% from the prior year, operating profit +84.5%.

## Company structure

- Segment revenue mix: Japan 55.7%、Southeast Asia 29.9%、China 14.5%
- Revenue → net income: ¥41477000000 → ¥2162000000
- Net income → operating cash flow: ¥2162000000 → ¥1144000000（difference ¥-1018000000）
- Main uses of operating cash flow: CapEx ¥1712000000 / dividends ¥123000000 / buybacks —
- Change in cash: ¥-1323000000
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 | ¥41.5B |  |
| Operating income | ¥2.15B | Margin 5.2% |
| Net income | ¥1.61B | Margin 3.9% |
| Free cash flow | -¥568M |  |
| Largest business | Japan | of segment revenue 55.7% |
| Employees (consolidated) | 1,849 |  |
| EPS | ¥590.96 |  |
| Book value per share | ¥3164.01 |  |
| Equity ratio | 38.4% |  |
| Shares outstanding | 2,822,472 |  |
| Treasury shares | 23,400 |  |
| Shareholders | 1,205 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | +0.4 pp | Auto Parts |
| ROE | 17.0% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -21% while operating income rose 85%
- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by 34 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37144000000 | ¥41477000000 | +11.7% |
| Operating income | ¥950000000 | ¥2146000000 | +125.9% |
| Operating margin | 2.6% | 5.2% | +2.6 pp |
| Employees | 2,948 people | 1,849 people | -37.3% |
| Cash and equivalents | ¥3872000000 | ¥3920000000 | +1.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 52.4% |
| 中国 → 中国 | 14.5% |
| 中国 → 事業再編・廃止 | 18.9% |
| 東南アジア → 東南アジア | 14.3% |
| 新設・再編 → 日本 | 3.3% |
| 新設・再編 → 東南アジア | 15.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.5% | ¥23084000000 | 3.6% | 2 |
| Southeast Asia | 5 years | +18.5% | ¥12392000000 | 11.9% | 2 |
| China | 5 years | -13.5% | ¥6000000000 | -2.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,477 | 100.0% | S100YGHA |
| Cost of revenue | 34,306 | 82.7% | S100YGHA |
| Gross profit | 7,170 | 17.3% | S100YGHA |
| SG&A | 5,024 | 12.1% | S100YGHA |
| Operating income | 2,146 | 5.2% | S100YGHA |
| Ordinary income | 2,383 | 5.7% | S100YGHA |
| Pretax income | 2,481 | 6.0% | S100YGHA |
| Income tax | 318 | 0.8% | S100YGHA |
| Net income | 2,162 | 5.2% | S100YGHA |
| Net income attributable to owners | 1,615 | 3.9% | S100YGHA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.3% → Operating margin 5.2% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.4%; Core profit growth: +84.5%
Operating leverage (core profit growth ÷ revenue growth): -13.29×
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 | 44,293 | 41,477 | -2,816 | -6.4% |
| Gross profit | 6,728 | 7,170 | 442 | +6.6% |
| Operating income | 1,163 | 2,146 | 983 | +84.5% |
| Net income attributable to owners | -2,250 | 1,615 | 3,865 | — |
| Operating cash flow | 2,208 | 1,144 | -1,064 | -48.2% |
| Free cash flow | 349 | -568 | -917 | -262.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,030 | 2,456 | 5.2% | 1,131 | 4,804 | 2,570 | S100LPDK |
| FY ending Mar 2021 | 37,144 | 950 | 2.6% | -654 | 2,599 | 812 | S100OOBT |
| FY ending Mar 2022 | 47,332 | 2,650 | 5.6% | 1,006 | 4,612 | 1,883 | S100R75T |
| FY ending Mar 2023 | 48,162 | 2,018 | 4.2% | 700 | 4,679 | 2,402 | S100TTHK |
| FY ending Mar 2024 | 51,066 | 2,400 | 4.7% | 1,189 | 4,315 | 2,616 | S100W4ZZ |
| FY ending Mar 2025 | 44,293 | 1,163 | 2.6% | -2,250 | 2,208 | 349 | S100YGHA |
| FY ending Mar 2026 | 41,477 | 2,146 | 5.2% | 1,615 | 1,144 | -568 | S100YGHA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.4M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥873.4K |

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) | 2,857 | 2,644 | 2,505 | 2,340 | 1,849 |
| Average salary (parent company) | ¥4.6M | ¥4.9M | ¥5.4M | ¥5.1M | ¥5.5M |
| Average age (parent company) | 44.9 years | 45.0 years | 44.7 years | 44.4 years | 43.9 years |
| Average tenure (parent company) | 20.5 years | 20.5 years | 20.0 years | 19.8 years | 19.4 years |

Year over year: Employees (consolidated) -21.0% · Revenue (consolidated) -6.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 23,084 | 55.7% | 834 | 3.6% |
| China | 6,000 | 14.5% | -154 | -2.6% |
| Southeast Asia | 12,392 | 29.9% | 1,470 | 11.9% |

### 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 | 55.7% | 36.2% | -19.5 | 3.6% |
| China | 14.5% | — | — | -2.6% |
| Southeast Asia | 29.9% | 63.8% | 33.9 | 11.9% |

Loss-making segment (excluded from profit shares): China -154 JPY mn

Segment → industry: Southeast Asia → Auto Parts / China → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,144 | 2.8% | S100YGHA |
| Capital expenditure | 1,712 | 4.1% | S100YGHA |
| Free cash flow | -568 | -1.4% | 算出 |
| Investing cash flow | -2,656 | -6.4% | S100YGHA |
| Financing cash flow | 259 | 0.6% | S100YGHA |
| Dividends paid | 123 | 0.3% | S100YGHA |
| Change in cash | -1,323 | -3.2% | S100YGHA |
| Cash and equivalents | 3,920 | 9.5% | S100YGHA |

## 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 | 3,810 | 4,752 | 5,271 | 5,243 | 3,920 | S100TTHK, S100W4ZZ, S100YGHA |
| Total assets | 38,343 | 39,397 | 39,901 | 36,674 | 32,939 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Net assets | 14,015 | 15,578 | 18,173 | 15,638 | 16,058 | S100TTHK, S100W4ZZ, S100YGHA |
| Share capital | 2,139 | 2,151 | 2,163 | 2,163 | 2,163 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Inventories | 4,596 | 4,638 | 4,224 | 3,899 | 4,134 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Property, plant and equipment | 16,769 | 16,225 | 15,863 | 13,625 | 12,276 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Intangible assets excluding goodwill | 231 | 242 | 248 | 139 | 112 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Investment securities | 725 | 860 | 1,207 | 1,479 | 2,101 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Current assets | 19,866 | 21,020 | 21,661 | 20,709 | 17,820 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Current liabilities | 16,906 | 17,468 | 17,007 | 15,496 | 12,338 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Trade payables | 3,971 | 4,155 | 3,594 | 3,278 | 2,628 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Short-term borrowings | 3,373 | 3,647 | 3,802 | 3,953 | 4,517 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Long-term borrowings | 3,351 | 2,401 | 1,443 | 2,278 | 1,578 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Total liabilities | 24,327 | 23,819 | 21,727 | 21,035 | 16,880 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Non-controlling interests | 4,245 | 4,617 | 4,982 | 4,224 | 3,421 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Equity attributable to owners of parent | 9,326 | 9,981 | 11,104 | 8,762 | 10,268 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Retained earnings | 5,383 | 6,015 | 7,113 | 4,756 | 6,246 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |
| Treasury stock | -55 | -55 | -55 | -46 | -30 | S100R75T, S100TTHK, S100W4ZZ, S100YGHA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGHA |
| Inventories | 13% | S100YGHA |
| Property, plant and equipment | 37% | S100YGHA |
| Intangibles and goodwill | 0% | S100YGHA |
| Investment securities | 6% | S100YGHA |
| Other assets | 32% | S100YGHA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YGHA |
| Other liabilities | 43% | S100YGHA |
| Equity | 49% | S100YGHA |
| Other liabilities | 0% | S100YGHA |

### 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 | 38,343 | 39,397 | 39,901 | 36,674 | 32,939 |
| Equity | 14,015 | 15,578 | 18,173 | 15,638 | 16,058 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,810 | 4,752 | 5,271 | 5,243 | 3,920 |

## 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) | 29.6% | S100YGHA |
| Fixed assets ÷ total assets | 37.3% | S100YGHA |
| Goodwill ÷ parent equity | — | —, S100YGHA |

### 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) | 11.9% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.3% |
| Cash vs. profit gap | -471 JPY mn (of net income -29.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 232.2% |

## 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 | 2.1% | 1.23× | 2.6% | 4.11× | 10.8% | S100R75T |
| 2023 | 1.5% | 1.24× | 1.8% | 4.03× | 7.3% | S100TTHK |
| 2024 | 2.3% | 1.29× | 3.0% | 3.76× | 11.3% | S100W4ZZ |
| 2025 | — | —× | -5.9% | —× | — | S100YGHA |
| 2026 | 3.9% | 1.19× | 4.6% | 3.66× | 17.0% | S100YGHA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 高木 章裕 | Major shareholder | 11.2% | 2026-03-31 |
| タカギセイコー従業員持株会 | Major shareholder | 4.8% | 2026-03-31 |
| トナミホールディングス㈱ | Major shareholder | 4.6% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券㈱ | Major shareholder | 4.6% | 2026-03-31 |
| ㈱みずほ銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| ㈱北國銀行 | Major shareholder | 3.5% | 2026-03-31 |
| ＴＳＫ持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 高木 弘美 | Major shareholder | 3.0% | 2026-03-31 |
| ㈱北陸銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 松木 教子 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YGHA | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGHA,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W4ZZ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ZZ,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TTHK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTHK,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R75T | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R75T,, |
| 訂正有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OOBT | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOBT,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LPDK | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPDK,, |

## 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).