# O-WELL 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84期(2025/04/01－2026/03/31) (S100YFWA)
> Page: https://vizora.meequs.com/en/company/o-well
> Retrieved: 2026-09-30T21:00:37.534Z

## Company

O-Well, founded in 1943, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 618 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | O-WELL CORPORATION |
| Ticker | 7670 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7670.T) |
| Listing | TSE Standard |
| Head office | 大阪市西淀川区御幣島五丁目13番9号 |
| Representative (per filing) | 代表取締役社長 川戸 康晴 |
| Founded | Nov 1943 |
| Share capital | ¥857M |
| Employees (consolidated) | 618 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.owell.co.jp (https://www.owell.co.jp/) |
| Corporate number | 6120001049291 |
| EDINET | E34470 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFWA, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.9 | 179 |
| Profitability | 29.5 | 185 |
| Cash conversion | 3.1 | 179 |
| Efficiency | 52.7 | 185 |

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 70% of O-Well's sales come from Paint-related Business, with Electrical and Electronics Components Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit +1.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥68.3B |  |
| Operating income | ¥1.26B | Margin 1.8% |
| Net income | ¥1.8B | Margin 2.6% |
| Free cash flow | -¥1.67B |  |
| Largest business | Paint-related Business | of segment revenue 70.1% |
| Employees (consolidated) | 618 |  |
| EPS | ¥160.97 |  |
| Book value per share | ¥1937.21 |  |
| Equity ratio | 53.4% |  |
| Shares outstanding | 10,500,000 |  |
| Treasury shares | 439,600 |  |
| Shareholders | 4,209 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 5.8% |
| Vs. industry median margin | -1 pp | Specialty Trading & Wholesale |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, employees 0% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54621000000 | ¥68268000000 | +25.0% |
| Operating income | ¥-74000000 | ¥1261000000 | — |
| Operating margin | -0.1% | 1.8% | +2 pp |
| Employees | 653 people | 618 people | -5.4% |
| Cash and equivalents | ¥6067000000 | ¥3970000000 | -34.6% |

### 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 |
| --- | ---: |
| コーティング関連事業 → コーティング関連事業 | 70.1% |
| コーティング関連事業 → 事業再編・廃止 | 5.3% |
| エレクトロニクス関連事業 → エレクトロニクス関連事業 | 24.6% |
| 新設・再編 → エレクトロニクス関連事業 | 5.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,268 | 100.0% | S100YFWA |
| Cost of revenue | 59,094 | 86.6% | S100YFWA |
| Gross profit | 9,174 | 13.4% | S100YFWA |
| SG&A | 7,913 | 11.6% | S100YFWA |
| Operating income | 1,261 | 1.8% | S100YFWA |
| Ordinary income | 1,680 | 2.5% | S100YFWA |
| Pretax income | 2,547 | 3.7% | S100YFWA |
| Income tax | 752 | 1.1% | S100YFWA |
| Net income | 1,795 | 2.6% | S100YFWA |
| Net income attributable to owners | 1,798 | 2.6% | S100YFWA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 12 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.4% → Operating margin 1.8% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.7%; Core profit growth: +1.8%
Operating leverage (core profit growth ÷ revenue growth): -1.07×
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 | 69,416 | 68,268 | -1,148 | -1.7% |
| Gross profit | 9,134 | 9,174 | 40 | +0.4% |
| Operating income | 1,239 | 1,261 | 22 | +1.8% |
| Net income attributable to owners | 1,779 | 1,798 | 19 | +1.1% |
| Operating cash flow | 624 | -1,515 | -2,139 | -342.8% |
| Free cash flow | 471 | -1,673 | -2,144 | -455.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 64,508 | 736 | 1.1% | 521 | -1,577 | -1,924 | S100LMSL |
| FY ending Mar 2021 | 54,621 | -74 | -0.1% | 398 | 1,684 | 1,320 | S100OBLJ |
| FY ending Mar 2022 | 56,945 | 229 | 0.4% | 261 | -1,176 | -1,576 | S100R0TI |
| FY ending Mar 2023 | 64,329 | 691 | 1.1% | 650 | 563 | 224 | S100TPMM |
| FY ending Mar 2024 | 71,049 | 930 | 1.3% | 1,526 | 1,919 | 1,626 | S100W1DY |
| FY ending Mar 2025 | 69,416 | 1,239 | 1.8% | 1,779 | 624 | 471 | S100YFWA |
| FY ending Mar 2026 | 68,268 | 1,261 | 1.8% | 1,798 | -1,515 | -1,673 | S100YFWA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥110.5M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 646 | 624 | 637 | 619 | 618 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥6.6M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 43.3 years | 43.9 years | 44.5 years | 44.6 years | 45.1 years |
| Average tenure (parent company) | 14.8 years | 15.3 years | 15.6 years | 15.9 years | 15.9 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paint-related Business | 47,861 | 70.1% | 2,253 | 4.7% |
| Electrical and Electronics Components Business | 20,407 | 29.9% | 761 | 3.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paint-related Business | 70.1% | 74.8% | 4.6 | 4.7% |
| Electrical and Electronics Components Business | 29.9% | 25.2% | -4.6 | 3.7% |

Segment → industry: Electrical and Electronics Components Business → Specialty Trading & Wholesale / Paint-related Business → Specialty Trading & Wholesale

## 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 | -1,515 | -2.2% | S100YFWA |
| Capital expenditure | 158 | 0.2% | S100YFWA |
| Free cash flow | -1,673 | -2.5% | 算出 |
| Investing cash flow | -640 | -0.9% | S100YFWA |
| Financing cash flow | -432 | -0.6% | S100YFWA |
| Dividends paid | 452 | 0.7% | S100YFWA |
| Change in cash | -2,575 | -3.8% | S100YFWA |
| Cash and equivalents | 3,970 | 5.8% | S100YFWA |

## 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 | 4,416 | 4,360 | 6,393 | 6,545 | 3,970 | S100TPMM, S100W1DY, S100YFWA |
| Total assets | 41,646 | 45,470 | 48,425 | 45,820 | 42,415 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Net assets | 18,091 | 19,318 | 21,002 | 21,539 | 22,824 | S100TPMM, S100W1DY, S100YFWA |
| Share capital | 857 | 857 | 857 | 857 | 857 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Inventories | 5,345 | 6,179 | 6,021 | 6,183 | 5,627 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Property, plant and equipment | 3,437 | 3,696 | 3,650 | 3,628 | 3,586 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Intangible assets excluding goodwill | 603 | 478 | 395 | 294 | 202 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Goodwill | 22 | 17 | 11 | 5 | — | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Investment securities | 9,480 | 10,500 | 11,410 | 10,419 | 10,547 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Current assets | 26,951 | 29,657 | 31,530 | 29,945 | 25,292 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Current liabilities | 18,472 | 21,978 | 22,790 | 19,710 | 15,907 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Trade payables | 14,286 | 15,668 | 14,084 | 13,211 | 10,647 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Short-term borrowings | 2,092 | 2,014 | 2,976 | 2,109 | 2,239 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Long-term borrowings | 2,300 | 1,150 | 1,450 | 1,600 | 700 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Total liabilities | 23,554 | 26,151 | 27,422 | 24,280 | 19,591 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Non-controlling interests | 129 | 153 | 155 | 171 | 172 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Equity attributable to owners of parent | 12,737 | 13,211 | 14,448 | 15,617 | 16,978 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Retained earnings | 11,299 | 11,756 | 12,976 | 14,326 | 15,672 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |
| Treasury stock | -181 | -163 | -151 | -340 | -328 | S100R0TI, S100TPMM, S100W1DY, S100YFWA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YFWA |
| Inventories | 13% | S100YFWA |
| Property, plant and equipment | 8% | S100YFWA |
| Intangibles and goodwill | 1% | S100YFWA |
| Investment securities | 25% | S100YFWA |
| Other assets | 44% | S100YFWA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YFWA |
| Other liabilities | 21% | S100YFWA |
| Equity | 54% | S100YFWA |

### 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 | 41,646 | 45,470 | 48,425 | 45,820 | 42,415 |
| Equity | 18,091 | 19,318 | 21,002 | 21,539 | 22,824 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,416 | 4,360 | 6,393 | 6,545 | 3,970 |

## 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) | 5.3% | S100YFWA |
| Fixed assets ÷ total assets | 8.5% | S100YFWA |
| Goodwill ÷ parent equity | — | —, S100YFWA |

### 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) | 9.4% |
| Cash ÷ revenue | 5.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -120.1% |
| Cash vs. profit gap | -3,313 JPY mn (of net income -184.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 | 0.5% | 1.37× | 0.6% | 3.27× | 2.0% | S100R0TI |
| 2023 | 1.0% | 1.48× | 1.5% | 3.36× | 5.0% | S100TPMM |
| 2024 | 2.1% | 1.51× | 3.3% | 3.39× | 11.0% | S100W1DY |
| 2025 | 2.6% | 1.47× | 3.8% | 3.13× | 11.8% | S100YFWA |
| 2026 | 2.6% | 1.55× | 4.1% | 2.71× | 11.0% | S100YFWA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| オーウエル従業員持株会 | Major shareholder | 13.5% | 2026-03-31 |
| 日本ペイント㈱ | Major shareholder | 8.9% | 2026-03-31 |
| 関西ペイント㈱ | Major shareholder | 7.0% | 2026-03-31 |
| 大日本塗料㈱ | Major shareholder | 5.5% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 宮本 文義 | Major shareholder | 2.6% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 1.5% | 2026-03-31 |
| 飛戸 克治 | Major shareholder | 1.2% | 2026-03-31 |
| 豊田 みどり | Major shareholder | 1.2% | 2026-03-31 |
| 片山 武宏 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YFWA | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFWA,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W1DY | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1DY,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TPMM | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPMM,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R0TI | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0TI,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OBLJ | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBLJ,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LMSL | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMSL,, |

## 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).