# O.B.System Inc.: 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54期(2025/04/01－2026/03/31) (S100YC6U)
> Page: https://vizora.meequs.com/en/company/o-b-system
> Retrieved: 2026-09-30T18:50:51.631Z

## Company

O.B.System, founded in 1972, is a company in IT Services & System Integration listed on TSE Standard. It has 624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | O.B.System Inc. |
| Ticker | 5576 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5576.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区平野町二丁目3番7号 |
| Representative (per filing) | 代表取締役社長 豊田 利雄 |
| Founded | Aug 1972 |
| Share capital | ¥190.4M |
| Employees (consolidated) | 624 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.obs.co.jp (https://www.obs.co.jp/) |
| Corporate number | 5120001030401 |
| EDINET | E38645 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YC6U, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 40.1 | 196 |
| Cash conversion | 16.5 | 185 |
| Efficiency | 46.7 | 196 |

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)

- O.B.System brought in ¥8.66B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +12.6% from the prior year, operating profit +19.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8655781000 → ¥599736000
- Net income → operating cash flow: ¥599736000 → ¥329436000（difference ¥-270300000）
- Main uses of operating cash flow: CapEx ¥15207000 / dividends ¥208367000 / buybacks ¥260000
- Change in cash: ¥203745000
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 | ¥8.66B |  |
| Operating income | ¥672.4M | Margin 7.8% |
| Net income | ¥599.7M | Margin 6.9% |
| Free cash flow | ¥314.2M |  |
| Employees (consolidated) | 624 |  |
| EPS | ¥249.73 |  |
| Book value per share | ¥2471.2 |  |
| Equity ratio | 74.8% |  |
| Shares outstanding | 2,367,000 |  |
| Treasury shares | 41,100 |  |
| Shareholders | 1,098 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 29.4% | Cash ÷ revenue 25.9% |
| Vs. industry median margin | -1.1 pp | IT Services & System Integration |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 29% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5992188000 | ¥8655781000 | — |
| Operating income | ¥413650000 | ¥672439000 | — |
| Operating margin | 6.9% | 7.8% | +0.9 pp |
| Employees | 440 people | 624 people | — |
| Cash and equivalents | ¥1908277000 | ¥2242260000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,656 | 100.0% | S100YC6U |
| Cost of revenue | 6,980 | 80.6% | S100YC6U |
| Gross profit | 1,676 | 19.4% | S100YC6U |
| SG&A | 1,004 | 11.6% | S100YC6U |
| Operating income | 672 | 7.8% | S100YC6U |
| Ordinary income | 727 | 8.4% | S100YC6U |
| Pretax income | 846 | 9.8% | S100YC6U |
| Income tax | 246 | 2.8% | S100YC6U |
| Net income | 600 | 6.9% | S100YC6U |
| Net income attributable to owners | 600 | 6.9% | S100YC6U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 19.4% → Operating margin 7.8% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.6%; Core profit growth: +19.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.54×
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 | 7,685 | 8,656 | 971 | +12.6% |
| Gross profit | 1,449 | 1,676 | 227 | +15.7% |
| Operating income | 563 | 672 | 110 | +19.5% |
| Net income attributable to owners | 485 | 600 | 114 | +23.6% |
| Operating cash flow | 462 | 329 | -133 | -28.7% |
| Free cash flow | 432 | 314 | -117 | -27.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 5,992 | 414 | 6.9% | 339 | 211 | 203 | S100R9M0 |
| FY ending Mar 2023 | 6,164 | 502 | 8.1% | 497 | 306 | 298 | S100TP0W |
| FY ending Mar 2024 | 6,897 | 591 | 8.6% | 442 | 31 | 25 | S100TP0W |
| FY ending Mar 2025 | 7,685 | 563 | 7.3% | 485 | 462 | 432 | S100YC6U |
| FY ending Mar 2026 | 8,656 | 672 | 7.8% | 600 | 329 | 314 | S100YC6U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.9M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥961.1K |

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) | 440 | 443 | 448 | 513 | 624 |
| Average salary (parent company) | — | ¥5.7M | ¥5.7M | ¥5.7M | ¥5.7M |
| Average age (parent company) | — | 39.2 years | 39.8 years | 39.4 years | 38.8 years |
| Average tenure (parent company) | — | 14.4 years | 14.5 years | 14.1 years | 13.4 years |

Year over year: Employees (consolidated) +21.6% · Revenue (consolidated) +12.6%

## 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 | 329 | 3.8% | S100YC6U |
| Capital expenditure | 15 | 0.2% | S100YC6U |
| Free cash flow | 314 | 3.6% | 算出 |
| Investing cash flow | 146 | 1.7% | S100YC6U |
| Financing cash flow | -272 | -3.1% | S100YC6U |
| Dividends paid | 208 | 2.4% | S100YC6U |
| Share buyback | 0 | 0.0% | S100YC6U |
| Change in cash | 204 | 2.4% | S100YC6U |
| Cash and equivalents | 2,242 | 25.9% | S100YC6U |

## 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 | 1,908 | 2,089 | 2,206 | 2,039 | 2,242 | S100TP0W, S100YC6U |
| Total assets | 4,837 | 5,219 | 5,879 | 6,471 | 7,620 | S100R9M0, S100TP0W, S100YC6U |
| Net assets | 3,371 | 3,829 | 4,712 | 5,114 | 5,699 | S100TP0W, S100YC6U |
| Share capital | 75 | 75 | 190 | 190 | 190 | S100R9M0, S100TP0W, S100YC6U |
| Property, plant and equipment | 14 | 16 | 24 | 27 | 26 | S100R9M0, S100TP0W, S100YC6U |
| Intangible assets excluding goodwill | 19 | 15 | 9 | 339 | 1,037 | S100R9M0, S100TP0W, S100YC6U |
| Goodwill | — | — | — | 189 | 615 | S100YC6U |
| Investment securities | 433 | 510 | 1,578 | 2,012 | 2,506 | S100R9M0, S100TP0W, S100YC6U |
| Current assets | 4,207 | 4,403 | 4,121 | 3,937 | 3,834 | S100R9M0, S100TP0W, S100YC6U |
| Current liabilities | 800 | 1,247 | 940 | 1,052 | 1,239 | S100R9M0, S100TP0W, S100YC6U |
| Trade payables | — | — | — | 268 | 311 | S100YC6U |
| Long-term borrowings | — | — | — | — | 174 | S100YC6U |
| Total liabilities | 1,466 | 1,390 | 1,167 | 1,357 | 1,922 | S100R9M0, S100TP0W, S100YC6U |
| Equity attributable to owners of parent | 3,186 | 3,580 | 4,137 | 4,446 | 4,890 | S100R9M0, S100TP0W, S100YC6U |
| Retained earnings | 3,110 | 3,503 | 3,770 | 4,071 | 4,462 | S100R9M0, S100TP0W, S100YC6U |
| Treasury stock | -58 | -58 | -165 | -156 | -103 | S100R9M0, S100TP0W, S100YC6U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YC6U |
| Property, plant and equipment | 0% | S100YC6U |
| Intangibles and goodwill | 22% | S100YC6U |
| Investment securities | 33% | S100YC6U |
| Other assets | 16% | S100YC6U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YC6U |
| Other liabilities | 21% | S100YC6U |
| Equity | 75% | S100YC6U |

### 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 | 4,837 | 5,219 | 5,879 | 6,471 | 7,620 |
| Equity | 3,371 | 3,829 | 4,712 | 5,114 | 5,699 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,908 | 2,089 | 2,206 | 2,039 | 2,242 |

## 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) | 0.3% | S100YC6U |
| Fixed assets ÷ total assets | 0.3% | S100YC6U |
| Goodwill ÷ parent equity | 12.6% | S100YC6U |

### 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) | 29.4% |
| Cash ÷ revenue | 25.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 49.0% |
| Cash vs. profit gap | -270 JPY mn (of net income -45.1%) |
| Shareholder returns / net income | 34.8% |
| Shareholder returns / FCF | 66.4% |
| Shareholder payments — dividends / net income | 34.7% |
| Shareholder payments — dividends / FCF | 66.3% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 44.4% |

## 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 | 5.6% | 1.24× | 7.0% | 1.52× | 10.6% | S100R9M0 |
| 2023 | 8.1% | 1.23× | 9.9% | 1.49× | 14.7% | S100TP0W |
| 2024 | 6.4% | 1.24× | 8.0% | 1.44× | 11.4% | S100TP0W |
| 2025 | 6.3% | 1.19× | 7.5% | 1.46× | 10.9% | S100YC6U |
| 2026 | 6.9% | 1.23× | 8.5% | 1.51× | 12.8% | S100YC6U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱オービック | Major shareholder | 28.4% | 2026-03-31 |
| 山田 孝 | Major shareholder | 23.9% | 2026-03-31 |
| ㈱ニュードリーム | Major shareholder | 8.6% | 2026-03-31 |
| オービーシステム従業員持株会 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.6% | 2026-03-31 |
| 豊田 利雄 | Major shareholder | 1.4% | 2026-03-31 |
| 小島 一翁 | Major shareholder | 1.3% | 2026-03-31 |
| 西村 正巳 | Major shareholder | 1.2% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 1.0% | 2026-03-31 |
| 峰尾 欽士 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YC6U | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC6U,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W1GR | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1GR,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TP0W | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP0W,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R9M0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9M0,, |

## 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).