# OAT Agrio 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16期(2025/01/01－2025/12/31) (S100XSHI)
> Page: https://vizora.meequs.com/en/company/oat-agrio
> Retrieved: 2026-09-30T17:49:32.212Z

## Company

OAT Agrio, founded in 2010, is a company in Chemicals listed on TSE Standard. It has 596 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OAT Agrio Co., Ltd. |
| Ticker | 4979 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4979.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田小川町一丁目3番1号 |
| Representative (per filing) | 代表取締役社長 岡尚 |
| Founded | Sep 2010 |
| Share capital | ¥461M |
| Employees (consolidated) | 596 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.oat-agrio.co.jp (https://www.oat-agrio.co.jp/) |
| Corporate number | 2010001135528 |
| EDINET | E30697 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XSHI, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87 | 96 |
| Profitability | 81.5 | 100 |
| Cash conversion | 45.3 | 96 |
| Efficiency | 82.5 | 100 |

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)

- OAT Agrio brought in ¥31.9B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +10.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥31950000000 → ¥2459000000
- Net income → operating cash flow: ¥2459000000 → ¥4900000000（difference ¥2441000000）
- Main uses of operating cash flow: CapEx ¥549000000 / dividends ¥862000000 / buybacks ¥197000000
- Change in cash: ¥37000000
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 | ¥31.9B |  |
| Operating income | ¥3.45B | Margin 10.8% |
| Net income | ¥2.33B | Margin 7.3% |
| Free cash flow | ¥4.35B |  |
| Employees (consolidated) | 596 |  |
| EPS | ¥182.51 |  |
| Book value per share | ¥1374.04 |  |
| Equity ratio | 50.4% |  |
| Shares outstanding | 11,072,000 |  |
| Treasury shares | 985,100 |  |
| Shareholders | 15,309 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | +3.3 pp | Chemicals |
| ROE | 16.9% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, employees -1% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20288000000 | ¥31950000000 | +57.5% |
| Operating income | ¥1512000000 | ¥3450000000 | +128.2% |
| Operating margin | 7.5% | 10.8% | +3.3 pp |
| Employees | 537 people | 596 people | +11.0% |
| Cash and equivalents | ¥3527000000 | ¥4519000000 | +28.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,950 | 100.0% | S100XSHI |
| Cost of revenue | 16,583 | 51.9% | S100XSHI |
| Gross profit | 15,366 | 48.1% | S100XSHI |
| SG&A | 11,916 | 37.3% | S100XSHI |
| Operating income | 3,450 | 10.8% | S100XSHI |
| Ordinary income | 3,583 | 11.2% | S100XSHI |
| Pretax income | 3,518 | 11.0% | S100XSHI |
| Income tax | 1,058 | 3.3% | S100XSHI |
| Net income | 2,459 | 7.7% | S100XSHI |
| Net income attributable to owners | 2,327 | 7.3% | S100XSHI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 37 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 48.1% → Operating margin 10.8% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +10.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.48×
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 | 29,773 | 31,950 | 2,177 | +7.3% |
| Gross profit | 14,442 | 15,366 | 924 | +6.4% |
| Operating income | 3,114 | 3,450 | 336 | +10.8% |
| Net income attributable to owners | 2,077 | 2,327 | 250 | +12.0% |
| Operating cash flow | 3,762 | 4,900 | 1,138 | +30.2% |
| Free cash flow | 3,221 | 4,351 | 1,130 | +35.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 21,909 | 1,077 | 4.9% | 4 | 2,392 | 1,892 | S100L362 |
| FY ending Dec 2020 | 20,288 | 1,512 | 7.5% | 837 | 1,937 | 1,645 | S100NSQZ |
| FY ending Dec 2021 | 22,678 | 2,001 | 8.8% | 1,456 | 3,603 | 3,198 | S100QGCJ |
| FY ending Dec 2022 | 26,960 | 3,346 | 12.4% | 2,261 | 1,416 | 1,008 | S100T4QF |
| FY ending Dec 2023 | 28,988 | 3,766 | 13.0% | 2,488 | 1,789 | 1,270 | S100VG9P |
| FY ending Dec 2024 | 29,773 | 3,114 | 10.5% | 2,077 | 3,762 | 3,221 | S100XSHI |
| FY ending Dec 2025 | 31,950 | 3,450 | 10.8% | 2,327 | 4,900 | 4,351 | S100XSHI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.6M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 556 | 576 | 585 | 601 | 596 |
| Average salary (parent company) | ¥7.5M | ¥7M | ¥7M | ¥6.8M | ¥7M |
| Average age (parent company) | 42.3 years | 42.0 years | 41.7 years | 41.9 years | 42.4 years |
| Average tenure (parent company) | 7.0 years | 7.0 years | 7.7 years | 8.3 years | 8.6 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +7.3%

## 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 | 4,900 | 15.3% | S100XSHI |
| Capital expenditure | 549 | 1.7% | S100XSHI |
| Free cash flow | 4,351 | 13.6% | 算出 |
| Investing cash flow | -1,537 | -4.8% | S100XSHI |
| Financing cash flow | -3,327 | -10.4% | S100XSHI |
| Dividends paid | 862 | 2.7% | S100XSHI |
| Share buyback | 197 | 0.6% | S100XSHI |
| Change in cash | 37 | 0.1% | S100XSHI |
| Cash and equivalents | 4,519 | 14.1% | S100XSHI |

## 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 | 3,514 | 3,371 | 3,716 | 4,481 | 4,519 | S100T4QF, S100VG9P, S100XSHI |
| Total assets | 28,346 | 31,009 | 34,000 | 34,663 | 37,308 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Net assets | 9,096 | 11,949 | 14,872 | 17,104 | 19,956 | S100T4QF, S100VG9P, S100XSHI |
| Share capital | 461 | 461 | 461 | 461 | 461 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Trade receivables | 5,275 | — | — | — | — | S100QGCJ |
| Property, plant and equipment | 3,708 | 3,779 | 3,979 | 4,139 | 4,429 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Intangible assets excluding goodwill | 9,193 | 9,177 | 9,230 | 8,604 | 8,883 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Goodwill | 6,085 | 5,960 | 5,915 | 5,474 | 5,433 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Investment securities | 370 | 428 | 522 | 484 | 733 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Current assets | 14,513 | 16,920 | 19,586 | 20,669 | 22,203 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Current liabilities | 10,392 | 11,617 | 15,233 | 13,533 | 14,561 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Trade payables | 3,076 | 2,954 | 2,189 | 2,245 | 3,056 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Short-term borrowings | 4,728 | 5,865 | 9,949 | 8,525 | 7,784 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Long-term borrowings | 7,401 | 5,951 | 2,355 | 2,447 | 1,390 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Total liabilities | 19,250 | 19,060 | 19,127 | 17,559 | 17,351 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Non-controlling interests | 825 | 917 | 983 | 1,151 | 1,145 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Equity attributable to owners of parent | 8,314 | 10,371 | 11,832 | 13,147 | 14,393 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Retained earnings | 5,882 | 7,906 | 9,918 | 11,431 | 12,895 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |
| Treasury stock | -433 | -408 | -973 | -1,193 | -1,403 | S100QGCJ, S100T4QF, S100VG9P, S100XSHI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XSHI |
| Property, plant and equipment | 12% | S100XSHI |
| Intangibles and goodwill | 38% | S100XSHI |
| Investment securities | 2% | S100XSHI |
| Other assets | 36% | S100XSHI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XSHI |
| Other liabilities | 38% | S100XSHI |
| Equity | 54% | S100XSHI |
| Other liabilities | 0% | S100XSHI |

### 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 | 28,346 | 31,009 | 34,000 | 34,663 | 37,308 |
| Equity | 9,096 | 11,949 | 14,872 | 17,104 | 19,956 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,514 | 3,371 | 3,716 | 4,481 | 4,519 |

## 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) | 13.9% | S100XSHI |
| Fixed assets ÷ total assets | 11.9% | S100XSHI |
| Goodwill ÷ parent equity | 37.7% | S100XSHI |

Goodwill over 4 years: 6,085 → 5,433 JPY; total investing cash flow: -3,025 JPY. This does not imply causation.

### 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) | 12.1% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 142.0% |
| Cash vs. profit gap | 2,573 JPY mn (of net income 110.6%) |
| Shareholder returns / net income | 45.5% |
| Shareholder returns / FCF | 24.3% |
| Shareholder payments — dividends / net income | 37.0% |
| Shareholder payments — dividends / FCF | 19.8% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 31.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.4% | 0.80× | 5.1% | 3.41× | 17.5% | S100QGCJ |
| 2022 | 8.4% | 0.91× | 7.6% | 3.18× | 24.2% | S100T4QF |
| 2023 | 8.6% | 0.89× | 7.7% | 2.93× | 22.4% | S100VG9P |
| 2024 | 7.0% | 0.87× | 6.0% | 2.75× | 16.6% | S100XSHI |
| 2025 | 7.3% | 0.89× | 6.5% | 2.61× | 16.9% | S100XSHI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.5% | 2025-12-31 |
| 伊藤忠ケミカルフロンティア株式会社 | Major shareholder | 5.3% | 2025-12-31 |
| 大塚化学株式会社 | Major shareholder | 5.1% | 2025-12-31 |
| 株式会社グローカルジャパン | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社りそな銀行 | Major shareholder | 4.6% | 2025-12-31 |
| 丸善薬品産業株式会社 | Major shareholder | 4.6% | 2025-12-31 |
| ＯＡＴアグリオ社員持株会 | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社エス・ディー・エスバイオテック | Major shareholder | 3.1% | 2025-12-31 |
| ハイケム株式会社 | Major shareholder | 2.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XSHI | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSHI,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VG9P | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG9P,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T4QF | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4QF,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QGCJ | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGCJ,, |
| 有価証券報告書－第12期(令和3年1月1日－令和3年12月31日) | S100NSQZ | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSQZ,, |
| 有価証券報告書－第11期(令和2年1月1日－令和2年12月31日) | S100L362 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L362,, |

## 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).