# TEIKOKU SEN-I Co.,Ltd.: 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100期(2025/01/01－2025/12/31) (S100XQYR)
> Page: https://vizora.meequs.com/en/company/teikoku-sen-i
> Retrieved: 2026-09-30T21:09:53.606Z

## Company

Teikoku Sen-I, founded in 1907, is a company in Textiles & Fibers listed on TSE Prime. It has 362 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEIKOKU SEN-I Co.,Ltd. |
| Ticker | 3302 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3302.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目5番1号 |
| Representative (per filing) | 代表取締役会長執行役員 白岩 強 |
| Founded | Jul 1907 |
| Share capital | ¥1.69B |
| Employees (consolidated) | 362 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | December |
| Website | www.teisen.co.jp (https://www.teisen.co.jp/) |
| Corporate number | 7010001034840 |
| EDINET | E00559 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XQYR, filed 2026-03-17). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 35 |
| Profitability | 73.8 | 40 |
| Cash conversion | 38.2 | 38 |
| Efficiency | 1.3 | 40 |

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 81% of Teikoku Sen-I's sales come from Disaster Prevention and Preparedness, with Textile and Real Estate making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +17.2%.

## Company structure

- Segment revenue mix: Disaster Prevention and Preparedness 81.0%、Textile 17.3%、Real Estate 1.6%
- Revenue → net income: ¥33639887000 → ¥3742171000
- Net income → operating cash flow: ¥3742171000 → ¥2905444000（difference ¥-836727000）
- Main uses of operating cash flow: CapEx ¥670985000 / dividends ¥1323367000 / buybacks ¥1538433000
- Change in cash: ¥-870599000
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 | ¥33.6B |  |
| Operating income | ¥4.06B | Margin 12.1% |
| Net income | ¥3.74B | Margin 11.1% |
| Free cash flow | ¥2.23B |  |
| Largest business | Disaster Prevention and Preparedness | of segment revenue 81.0% |
| Employees (consolidated) | 362 |  |
| EPS | ¥118.7 |  |
| Diluted EPS | ¥118.03 |  |
| Book value per share | ¥2488.05 |  |
| Equity ratio | 79.1% |  |
| Shares outstanding | 27,584,400 |  |
| Treasury shares | 1,420,900 |  |
| Shareholders | 9,683 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 13.0% | Cash ÷ revenue 35.3% |
| Vs. industry median margin | +3.3 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.2× dividends
- FY2025, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32332494000 | ¥33639887000 | +4.0% |
| Operating income | ¥4189982000 | ¥4055474000 | -3.2% |
| Operating margin | 13.0% | 12.1% | -0.9 pp |
| Employees | 340 people | 362 people | +6.5% |
| Cash and equivalents | ¥11897885000 | ¥11872987000 | -0.2% |

### 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 |
| --- | ---: |
| 防災 → 防災 | 78.2% |
| 繊維 → 繊維 | 17.3% |
| 繊維 → 事業再編・廃止 | 2.7% |
| 不動産賃貸 → 不動産賃貸 | 1.6% |
| 不動産賃貸 → 事業再編・廃止 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 防災 | 2.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Disaster Prevention and Preparedness | 5 years | +1.5% | ¥27257578000 | 15.8% | 2 |
| Textile | 5 years | -2.0% | ¥5835460000 | 17.0% | 2 |
| Real Estate | 5 years | +0.5% | ¥546849000 | 75.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,640 | 100.0% | S100XQYR |
| Cost of revenue | 24,004 | 71.4% | S100XQYR |
| Gross profit | 9,636 | 28.6% | S100XQYR |
| SG&A | 5,580 | 16.6% | S100XQYR |
| Operating income | 4,055 | 12.1% | S100XQYR |
| Ordinary income | 5,308 | 15.8% | S100XQYR |
| Pretax income | 5,305 | 15.8% | S100XQYR |
| Income tax | 1,563 | 4.6% | S100XQYR |
| Net income | 3,742 | 11.1% | S100XQYR |
| Net income attributable to owners | 3,742 | 11.1% | S100XQYR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 17 |
| Operating income | 12 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 28.6% → Operating margin 12.1% → Net margin 11.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +17.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.51×
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 | 31,482 | 33,640 | 2,158 | +6.9% |
| Gross profit | 8,633 | 9,636 | 1,002 | +11.6% |
| Operating income | 3,460 | 4,055 | 596 | +17.2% |
| Net income attributable to owners | 3,253 | 3,742 | 489 | +15.0% |
| Operating cash flow | 1,952 | 2,905 | 954 | +48.9% |
| Free cash flow | 1,326 | 2,234 | 909 | +68.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 35,394 | 5,612 | 15.9% | 4,257 | 1,894 | 1,321 | S100L0LY |
| FY ending Dec 2020 | 32,332 | 4,190 | 13.0% | 3,379 | 6,099 | 3,131 | S100NQQW |
| FY ending Dec 2021 | 32,993 | 4,911 | 14.9% | 3,979 | 19 | -3,350 | S100QGYX |
| FY ending Dec 2022 | 29,905 | 4,459 | 14.9% | 3,659 | 9,446 | 6,671 | S100T4PS |
| FY ending Dec 2023 | 28,033 | 2,585 | 9.2% | 2,445 | -933 | -1,457 | S100VH74 |
| FY ending Dec 2024 | 31,482 | 3,460 | 11.0% | 3,253 | 1,952 | 1,326 | S100XQYR |
| FY ending Dec 2025 | 33,640 | 4,055 | 12.1% | 3,742 | 2,905 | 2,234 | S100XQYR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.9M |
| Operating income per employee (consolidated) | ¥11.2M |
| Net income per employee (consolidated) | ¥10.3M |

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) | 359 | 354 | 331 | 344 | 362 |
| Average salary (parent company) | ¥7M | ¥6.9M | ¥6.8M | ¥7.2M | ¥7.7M |
| Average age (parent company) | 40.5 years | 40.7 years | 40.8 years | 40.8 years | 40.9 years |
| Average tenure (parent company) | 11.9 years | 11.6 years | 11.4 years | 11.4 years | 11.1 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Disaster Prevention and Preparedness | 27,258 | 81.0% | 4,296 | 15.8% |
| Textile | 5,835 | 17.3% | 992 | 17.0% |
| Real Estate | 547 | 1.6% | 411 | 75.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Disaster Prevention and Preparedness | 81.0% | 75.4% | -5.6 | 15.8% |
| Textile | 17.3% | 17.4% | 0.1 | 17.0% |
| Real Estate | 1.6% | 7.2% | 5.6 | 75.2% |

Segment → industry: Textile → Textiles & Fibers / Real Estate → Real Estate Development & Leasing / Disaster Prevention and Preparedness → Disaster Prevention & Infrastructure Maintenance

## 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 | 2,905 | 8.6% | S100XQYR |
| Capital expenditure | 671 | 2.0% | S100XQYR |
| Free cash flow | 2,234 | 6.6% | 算出 |
| Investing cash flow | -848 | -2.5% | S100XQYR |
| Financing cash flow | -2,928 | -8.7% | S100XQYR |
| Dividends paid | 1,323 | 3.9% | S100XQYR |
| Share buyback | 1,538 | 4.6% | S100XQYR |
| Change in cash | -871 | -2.6% | S100XQYR |
| Cash and equivalents | 11,873 | 35.3% | S100XQYR |

## 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 | 7,104 | 15,170 | 12,046 | 12,744 | 11,873 | S100T4PS, S100VH74, S100XQYR |
| Total assets | 74,281 | 72,133 | 79,204 | 82,850 | 91,344 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Net assets | 57,645 | 58,024 | 64,977 | 66,536 | 72,389 | S100T4PS, S100VH74, S100XQYR |
| Share capital | 1,552 | 1,583 | 1,583 | 1,636 | 1,690 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Trade receivables | 12,615 | — | — | — | — | S100QGYX |
| Property, plant and equipment | 10,305 | 12,443 | 12,171 | 12,108 | 11,945 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Intangible assets excluding goodwill | 396 | 69 | 32 | 47 | 59 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Investment securities | 22,391 | 21,497 | 30,087 | 29,768 | 37,105 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Current assets | 40,842 | 37,732 | 36,397 | 40,258 | 41,045 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Current liabilities | 9,297 | 6,944 | 4,477 | 6,708 | 6,485 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Trade payables | 6,038 | 4,328 | 2,933 | — | — | S100QGYX, S100T4PS |
| Short-term borrowings | 1,000 | — | — | — | — | S100QGYX |
| Long-term borrowings | 45 | — | — | 56 | 12 | S100QGYX, S100XQYR |
| Total liabilities | 16,636 | 14,108 | 14,228 | 16,314 | 18,955 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Equity attributable to owners of parent | 42,749 | 44,510 | 45,543 | 47,600 | 48,612 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Retained earnings | 40,648 | 42,950 | 44,071 | 45,999 | 48,411 | S100QGYX, S100T4PS, S100VH74, S100XQYR |
| Treasury stock | -377 | -980 | -1,067 | -1,063 | -2,589 | S100QGYX, S100T4PS, S100VH74, S100XQYR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XQYR |
| Property, plant and equipment | 13% | S100XQYR |
| Intangibles and goodwill | 0% | S100XQYR |
| Investment securities | 41% | S100XQYR |
| Other assets | 33% | S100XQYR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100XQYR |
| Equity | 79% | S100XQYR |
| Other liabilities | 0% | S100XQYR |

### 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 | 74,281 | 72,133 | 79,204 | 82,850 | 91,344 |
| Equity | 57,645 | 58,024 | 64,977 | 66,536 | 72,389 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,104 | 15,170 | 12,046 | 12,744 | 11,873 |

## 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) | 35.5% | S100XQYR |
| Fixed assets ÷ total assets | 13.1% | S100XQYR |
| Goodwill ÷ parent equity | — | —, S100XQYR |

### 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) | 13.0% |
| Cash ÷ revenue | 35.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.6% |
| Cash vs. profit gap | -837 JPY mn (of net income -22.4%) |
| Shareholder returns / net income | 76.5% |
| Shareholder returns / FCF | 128.1% |
| Shareholder payments — dividends / net income | 35.4% |
| Shareholder payments — dividends / FCF | 59.2% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 29.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.1% | 0.44× | 5.4% | 1.74× | 9.3% | S100QGYX |
| 2022 | 12.2% | 0.41× | 5.0% | 1.68× | 8.4% | S100T4PS |
| 2023 | 8.7% | 0.37× | 3.2% | 1.68× | 5.4% | S100VH74 |
| 2024 | 10.3% | 0.39× | 4.0% | 1.74× | 7.0% | S100XQYR |
| 2025 | 11.1% | 0.39× | 4.3% | 1.81× | 7.8% | S100XQYR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 10.3% | 2025-12-31 |
| NIPPON ACTIVE VALUE FUND PLC (常任代理人 香港上海銀行東京支店 カストディ業務部) | Major shareholder | 5.7% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.9% | 2025-12-31 |
| 西松建設株式会社 | Major shareholder | 3.8% | 2025-12-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2025-12-31 |
| ヒューリック株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社モリタホールディングス | Major shareholder | 3.0% | 2025-12-31 |
| 東京建物株式会社 | Major shareholder | 2.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/01/01－2025/12/31) | S100XQYR | 2026-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQYR,, |
| 有価証券報告書－第99期(2024/01/01－2024/12/31) | S100VH74 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH74,, |
| 有価証券報告書－第98期(2023/01/01－2023/12/31) | S100T4PS | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4PS,, |
| 有価証券報告書－第97期(2022/01/01－2022/12/31) | S100QGYX | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGYX,, |
| 有価証券報告書－第96期(令和3年1月1日－令和3年12月31日) | S100NQQW | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQQW,, |
| 有価証券報告書－第95期(令和2年1月1日－令和2年12月31日) | S100L0LY | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0LY,, |

## 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).