Seibu Electric & Machinery Co., Ltd.

西部電機株式会社

Industrials · Specialty Industrial Machinery

Seibu Electric & Machinery Co., Ltd. manufactures and sells mechatronics in Japan. The company operates through Conveyor Machine, Industrial Machinery, and Precision Machinery Business Segments. Its products include distribution equipment, such as automated warehousing systems, conveyor and handling systems, factory automation systems, automated case picking systems, and piece picking systems; valve and gate actuators; ultra-precision and high-precision wire electric discharge machines; and high-precision compact NC lathes and grinding machines. Its products are used in various fields comprising automobiles, electrical equipment, precision machines, dies, petrochemistry, foodstuffs, civil engineering and construction, shipbuilding, and other fields. The company was formerly known as Seibu Electric MFG. Co., Ltd. and changed its name to Seibu Electric & Machinery Co., Ltd. in 1986. Seibu Electric & Machinery Co., Ltd. was founded in 1927 and is headquartered in Koga, Japan.

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Price

¥2,849

Market Cap

¥43.2B

Ent. Value

¥35.1B

Net Cash

¥8.0B

Shares Out.

15.1M

P / E

18.3×

EV / EBIT

11.0×

P / Book

1.40×

P / NCAV

5.54×

Div. Yield

2.95%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥33.4B	¥31.9B	¥28.5B	¥26.3B
Cost of Sales	¥24.0B	¥23.3B	¥20.7B	¥18.7B
Gross Profit	¥9.3B	¥8.6B	¥7.8B	¥7.6B
SG&A	¥6.2B	¥5.8B	¥5.4B	¥4.9B
Operating Income	¥3.2B	¥2.8B	¥2.4B	¥2.7B
Non-Operating Income	¥147M	¥137M	¥128M	¥111M
Dividend Income	¥107M	¥101M	¥90M	¥76M
Interest Income	¥1M	¥0M	¥0M	¥0M
Non-Operating Expenses	¥68M	¥43M	¥9M	¥9M
Interest Expense	¥5M	¥4M	¥4M	¥5M
Ordinary Income	¥3.3B	¥2.9B	¥2.5B	¥2.8B
Pre-tax Income	¥3.3B	¥2.8B	¥2.5B	¥2.8B
Income Taxes	¥948M	¥833M	¥679M	¥906M
Current Tax	¥905M	¥822M	¥543M	¥930M
Deferred Tax	¥43M	¥10M	¥136M	¥-24M
Net Income (owners)	¥2.4B	¥2.0B	¥1.8B	¥1.9B
Comprehensive Income	¥1.2B	¥2.7B	¥1.8B	¥2.3B
EBITDA	¥4.2B	¥3.7B	¥3.2B	¥3.4B
EPS	¥155.61	¥130.95	¥119.65	¥128.69
Shares Outstanding	15.1M	15.1M	15.1M	15.1M
Shares Issued (total)	15.2M	15.2M	15.2M	15.2M
Treasury Shares	0.0M	0.0M	0.0M	0.0M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥46.4B	¥50.1B	¥45.1B	¥43.3B
Current Assets	¥23.4B	¥26.9B	¥25.1B	¥25.4B
Cash & Deposits	¥8.4B	¥11.9B	¥11.1B	¥13.8B
Trade Receivables	¥8.4B	¥7.6B	¥8.1B	¥7.0B
Non-Current Assets	¥23.0B	¥23.2B	¥20.0B	¥17.8B
PP&E	¥15.0B	¥13.9B	¥12.3B	¥10.3B
Intangible Assets	¥622M	¥579M	¥243M	¥70M
Investment Securities	¥5.6B	¥6.8B	¥5.9B	¥5.8B
Deferred Tax Assets	¥40M	¥42M	¥39M	¥38M
Total Liabilities	¥15.6B	¥19.6B	¥16.7B	¥15.9B
Current Liabilities	¥11.8B	¥15.3B	¥12.7B	¥11.9B
Accounts Payable	¥2.4B	¥2.5B	¥2.3B	¥2.0B
ST Debt	¥416M	¥416M	¥416M	¥416M
Taxes Payable	¥815M	¥627M	¥564M	¥789M
Non-Current Liabilities	¥3.8B	¥4.3B	¥4.0B	¥4.1B
Pension Obligations	¥1.1B	¥1.1B	¥1.1B	¥1.1B
Deferred Tax Liab.	¥688M	¥1.1B	¥743M	¥625M
Total Equity	¥30.8B	¥30.5B	¥28.4B	¥27.3B
Capital Stock	¥2.7B	¥2.7B	¥2.7B	¥2.7B
Capital Surplus	¥2.6B	¥2.6B	¥2.6B	¥2.6B
Retained Earnings	¥19.1B	¥17.7B	¥16.3B	¥15.2B
Treasury Stock	¥-52M	¥-58M	¥-63M	¥-64M
AOCI	¥6.5B	¥7.6B	¥6.9B	¥6.9B
Equity (owners)	¥24.3B	¥22.9B	¥21.5B	¥20.4B

Total Interest-Bearing Debt ⓘ	¥416M	¥416M	¥416M	¥416M
Net Cash ⓘ	¥8.0B	¥11.5B	¥10.7B	¥13.4B
NCAV ⓘ	¥7.8B	¥7.3B	¥8.4B	¥9.5B
NCAV/Share	¥514	¥483	¥552	¥625
BV/Share	¥1,607	¥1,513	¥1,422	¥1,348

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥541M	¥3.7B	¥1.3B	¥3.6B
Interest Paid	¥-5M	¥-4M	¥-4M	¥-5M
Interest Received	¥114M	¥101M	¥93M	¥73M
D&A	¥983M	¥967M	¥836M	¥626M
Investing CF	¥-3.1B	¥-2.2B	¥-3.3B	¥-240M
CapEx	¥2.4B	¥2.0B	¥3.2B	¥232M
Purchase Investments	¥-77M	¥-1M	¥-7M	¥-2M
Financing CF	¥-976M	¥-640M	¥-717M	¥-558M
Dividends Paid	¥-938M	¥-605M	¥-680M	¥-521M
Share Buybacks	¥0M	—	—	¥-0M
Free Cash Flow	¥-1.9B	¥1.8B	¥-1.9B	¥3.4B
Net Change in Cash	¥-3.5B	¥864M	¥-2.7B	¥2.8B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.7%	6.7%	6.5%	7.4%
ROA	4.9%	4.2%	4.1%	4.5%
EPS	¥155.61	¥130.95	¥119.65	¥128.69
DPS	¥84.00	¥40.00	¥40.00	¥40.00
BPS	¥2,038.43	¥2,022.88	¥1,882.01	¥1,809.62
FCF/Share	¥-123	¥116	¥-124	¥224
NCAV/Share	¥514	¥483	¥552	¥625
Payout Ratio	54.0%	30.5%	33.4%	31.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 1

Date	Activist	Stake	Event	Flag	Demands	Source
2023-12-20	Simplex Asset Management Co., Ltd.	25.8%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	YASKAWA Electric Corporation 株式会社安川電機	2,630	17.36%
2	CGML PB CLIENTACCOUNT/COLLATERAL CGML PB CLIENTACCOUNT/COLLATERAL（常任代理人シティバンク、エヌ・エイ東京支店）	1,711	11.29%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	1,530	10.09%
4	Toyota Industries Corporation 株式会社豊田自動織機	1,106	7.30%
5	MSIP CLIENT SECURITIES MSIP CLIENT SECURITIES（常任代理人モルガン・スタンレーＭＵＦＧ証券株式会社）	698	4.60%
6	MUFG Bank 株式会社三菱ＵＦＪ銀行	650	4.29%
7	THE BANK OF FUKUOKA, LTD. 株式会社福岡銀行	633	4.17%
8	Mizuho Trust & Banking みずほ信託銀行株式会社	626	4.13%
9	株式会社西日本シティ銀行	589	3.88%
10	Employee Stock Ownership Plan 西部電機従業員持株会	414	2.73%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

14.2%

-0.1% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

55.6%

-0.0% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
YASKAWA Electric Corporation 式会社安川電機	17.36%	17.36%	17.36%
CGML PB CLIENTACCOUNT/COLLATERAL	11.19%	11.23%	11.29% +0.06%
Japan Custody Bank 日本カストディ銀行	9.94%	10.19%	10.09% -0.10%
Toyota Industries Corporation 式会社豊田自動織機	7.30%	7.30%	7.30%
MSIP CLIENT SECURITIES	4.58%	4.66%	4.60% -0.06%
MUFG Bank 式会社三菱ＵＦＪ銀行	4.29%	4.29%	4.29%
THE BANK OF FUKUOKA, LTD. 式会社福岡銀行	4.17%	4.17%	4.17%
Mizuho Trust & Banking みずほ信託銀行	4.13%	4.13%	4.13%
式会社西日本シティ銀行	3.88%	3.88%	3.88%
Employee Stock Ownership Plan 西部電機従業員持株会	2.65%	2.74%	2.73% -0.01%
Concentration (HHI) ⓘ	675	682	680

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥5,227M -10% since 2023

Holdings 13

Trend 2 building vs 2023

Held Company	FY2025 ¥5,227M total		FY2023 ¥5,799M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
YASKAWA Electric Corporation ㈱安川電機	2,121	568,670	3,281	568,670	M
Fukuoka Financial Group, Inc. ㈱ふくおかフィナンシャルグループ	831	211,428	538	211,428
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	813	404,520	342	404,520
Enertork Ltd.	685	1,161,715	1,184	1,161,715
譬ｪ蠑丈ｼ夂､ｾ隘ｿ譌･譛ｬ繝輔ぅ繝翫Φ繧ｷ繝｣繝ｫ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ㈱西日本フィナンシャルホールディングス	297	142,289	154	142,289
Kao Corporation 花王㈱	198	30,700	158	30,700
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	139	34,541	64	34,541
Showa Manufacturing Co.,Ltd. 昭和鉄工㈱	48	12,450	23	12,450	M
Maezawa Industries Co., Ltd. 前澤工業㈱	44	32,760	21	32,760	M
SEIKO ELECTRIC CO., LTD. ㈱正興電機製作所	23	20,416	20	20,416	M
okano valve mfg.co.ltd. 岡野バルブ製造㈱	17	+12.8% ↑ 3,218	8	2,852
Yamaguchi Finacial Group,Inc. ㈱山口フィナンシャルグループ	8	5,000	4	5,000
TSUBAKIMOTO KOGYO CO.,LTD. 椿本興業㈱	3	+200.0% ↑ 1,920	2	640
Portfolio total	5,227		5,799

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding