# Obara Group Incorporated: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2024/10/01－2025/09/30) (S100XB5N)
> Page: https://vizora.meequs.com/en/company/obara-group
> Retrieved: 2026-09-30T20:26:02.995Z

## Company

Obara Group, founded in 1958, is a company in Electrical Equipment listed on TSE Standard. It has 1,926 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Obara Group Incorporated |
| Ticker | 6877 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6877.T) |
| Listing | TSE Standard |
| Head office | 神奈川県大和市中央林間三丁目2番10号 |
| Representative (per filing) | 取締役社長 小原康嗣 |
| Founded | Dec 1958 |
| Share capital | ¥1.93B |
| Employees (consolidated) | 1,926 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | September |
| Website | www.obara-g.com (https://www.obara-g.com/) |
| Corporate number | 9021001027278 |
| EDINET | E02040 |
| Industries (Vizora) | Electrical Equipment, Semiconductor Equipment, Industrial Machinery |

> Profile source: annual securities report (S100XB5N, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.5 | 110 |
| Profitability | 88.9 | 122 |
| Cash conversion | 21.1 | 116 |
| Efficiency | 20.1 | 122 |

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 55% of Obara Group's sales come from Welding equipment related, with Plane polishing apparatus related and Electrical Component making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +5.5%.

## Company structure

- Segment revenue mix: Welding equipment related 55.2%、Plane polishing apparatus related 37.2%、Electrical Component 7.7%
- Revenue → net income: ¥61682000000 → ¥6771000000
- Net income → operating cash flow: ¥6771000000 → ¥5110000000（difference ¥-1661000000）
- Main uses of operating cash flow: CapEx ¥3603000000 / dividends ¥2440000000 / buybacks ¥4431000000
- Change in cash: ¥-19184000000
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 | ¥61.7B |  |
| Operating income | ¥9.7B | Margin 15.7% |
| Net income | ¥6.76B | Margin 11.0% |
| Free cash flow | ¥1.51B |  |
| Largest business | Welding equipment related | of segment revenue 55.2% |
| Employees (consolidated) | 1,926 |  |
| EPS | ¥438.85 |  |
| Diluted EPS | ¥390.92 |  |
| Book value per share | ¥1893.25 |  |
| Equity ratio | 71.8% |  |
| Shares outstanding | 20,869,380 |  |
| Treasury shares | 5,496,200 |  |
| Shareholders | 1,849 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 29.5% |
| Vs. industry median margin | +8.2 pp | Industrial Machinery |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.8× dividends

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44230000000 | ¥61682000000 | +39.5% |
| Operating income | ¥6754000000 | ¥9699000000 | +43.6% |
| Operating margin | 15.3% | 15.7% | +0.5 pp |
| Employees | 1,761 people | 1,926 people | +9.4% |
| Cash and equivalents | ¥16220000000 | ¥18217000000 | +12.3% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 溶接機器関連事業 → 溶接機器関連事業 | 55.2% |
| 溶接機器関連事業 → 事業再編・廃止 | 1.4% |
| 平面研磨装置関連事業 → 平面研磨装置関連事業 | 37.2% |
| 平面研磨装置関連事業 → 事業再編・廃止 | 6.3% |
| 新設・再編 → 電気機器関連事業 | 7.7% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Welding equipment related | 5 years | +6.3% | ¥34019000000 | 16.0% | 2 |
| Plane polishing apparatus related | 5 years | +3.6% | ¥22917000000 | 18.4% | 2 |
| Electrical Component | — | — | ¥4745000000 | 7.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,682 | 100.0% | S100XB5N |
| Cost of revenue | 41,327 | 67.0% | S100XB5N |
| Gross profit | 20,355 | 33.0% | S100XB5N |
| SG&A | 10,655 | 17.3% | S100XB5N |
| Operating income | 9,699 | 15.7% | S100XB5N |
| Ordinary income | 10,176 | 16.5% | S100XB5N |
| Pretax income | 10,122 | 16.4% | S100XB5N |
| Income tax | 3,351 | 5.4% | S100XB5N |
| Net income | 6,771 | 11.0% | S100XB5N |
| Net income attributable to owners | 6,762 | 11.0% | S100XB5N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 17 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 33.0% → Operating margin 15.7% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +5.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.58×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 56,391 | 61,682 | 5,291 | +9.4% |
| Gross profit | 17,935 | 20,355 | 2,420 | +13.5% |
| Operating income | 9,195 | 9,699 | 504 | +5.5% |
| Net income attributable to owners | 6,724 | 6,762 | 38 | +0.6% |
| Operating cash flow | 8,355 | 5,110 | -3,245 | -38.8% |
| Free cash flow | 5,125 | 1,507 | -3,618 | -70.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 51,727 | 9,619 | 18.6% | 7,476 | 7,050 | 5,599 | S100KDH7 |
| FY ending Sep 2020 | 44,230 | 6,754 | 15.3% | 5,103 | 8,090 | 6,682 | S100N38C |
| FY ending Sep 2021 | 45,475 | 7,321 | 16.1% | 5,993 | 9,881 | 8,296 | S100PT63 |
| FY ending Sep 2022 | 50,282 | 8,497 | 16.9% | 6,197 | 6,656 | 4,990 | S100SHBX |
| FY ending Sep 2023 | 55,209 | 9,014 | 16.3% | 7,211 | 5,305 | 4,365 | S100UYOP |
| FY ending Sep 2024 | 56,391 | 9,195 | 16.3% | 6,724 | 8,355 | 5,125 | S100XB5N |
| FY ending Sep 2025 | 61,682 | 9,699 | 15.7% | 6,762 | 5,110 | 1,507 | S100XB5N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,704 | 1,689 | 1,729 | 1,711 | 1,926 |
| Average salary (parent company) | ¥8.2M | ¥8.3M | ¥8.4M | ¥8.5M | ¥8.2M |
| Average age (parent company) | 50.8 years | 51.8 years | 53.9 years | 52.1 years | 53.3 years |
| Average tenure (parent company) | 15.9 years | 16.9 years | 18.9 years | 18.0 years | 19.3 years |

Year over year: Employees (consolidated) +12.6% · Revenue (consolidated) +9.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Welding equipment related | 34,019 | 55.2% | 5,442 | 16.0% |
| Plane polishing apparatus related | 22,917 | 37.2% | 4,210 | 18.4% |
| Electrical Component | 4,745 | 7.7% | 358 | 7.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Welding equipment related | 55.2% | 54.4% | -0.8 | 16.0% |
| Plane polishing apparatus related | 37.2% | 42.1% | 4.9 | 18.4% |
| Electrical Component | 7.7% | 3.6% | -4.1 | 7.5% |

Segment → industry: Electrical Component → Electrical Equipment / Plane polishing apparatus related → Semiconductor Equipment / Welding equipment related → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,110 | 8.3% | S100XB5N |
| Capital expenditure | 3,603 | 5.8% | S100XB5N |
| Free cash flow | 1,507 | 2.4% | 算出 |
| Investing cash flow | -18,522 | -30.0% | S100XB5N |
| Financing cash flow | -6,096 | -9.9% | S100XB5N |
| Dividends paid | 2,440 | 4.0% | S100XB5N |
| Share buyback | 4,431 | 7.2% | S100XB5N |
| Change in cash | -19,184 | -31.1% | S100XB5N |
| Cash and equivalents | 18,217 | 29.5% | S100XB5N |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 20,553 | 26,401 | 34,697 | 37,401 | 18,217 | S100SHBX, S100UYOP, S100XB5N |
| Total assets | 78,414 | 92,347 | 94,623 | 100,808 | 103,830 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Net assets | 54,174 | 63,656 | 74,111 | 73,800 | 74,679 | S100SHBX, S100UYOP, S100XB5N |
| Share capital | 1,925 | 1,925 | 1,925 | 1,925 | 1,925 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Trade receivables | 12,326 | — | — | — | — | S100PT63 |
| Property, plant and equipment | 14,278 | 15,711 | 15,457 | 17,242 | 22,768 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Intangible assets excluding goodwill | 686 | 543 | 451 | 389 | 5,760 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Goodwill | 171 | 74 | — | — | 3,862 | S100PT63, S100SHBX, S100XB5N |
| Investment securities | 1,489 | 1,202 | 1,155 | 1,442 | 1,681 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Current assets | 55,948 | 72,831 | 75,383 | 79,806 | 69,243 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Current liabilities | 13,328 | 17,458 | 14,888 | 15,651 | 16,838 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Trade payables | 4,340 | 4,829 | 3,983 | 4,580 | 5,634 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Long-term borrowings | 666 | 572 | 475 | 382 | 289 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Total liabilities | 24,240 | 28,691 | 20,512 | 27,007 | 29,150 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Non-controlling interests | 70 | 69 | 75 | 71 | 146 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Equity attributable to owners of parent | 51,346 | 54,699 | 64,118 | 64,294 | 64,183 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Retained earnings | 65,450 | 69,897 | 74,027 | 77,884 | 82,205 | S100PT63, S100SHBX, S100UYOP, S100XB5N |
| Treasury stock | -16,031 | -17,125 | -11,835 | -15,515 | -19,947 | S100PT63, S100SHBX, S100UYOP, S100XB5N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XB5N |
| Property, plant and equipment | 22% | S100XB5N |
| Intangibles and goodwill | 9% | S100XB5N |
| Investment securities | 2% | S100XB5N |
| Other assets | 50% | S100XB5N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XB5N |
| Other liabilities | 23% | S100XB5N |
| Equity | 72% | S100XB5N |
| Other liabilities | 0% | S100XB5N |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 78,414 | 92,347 | 94,623 | 100,808 | 103,830 |
| Equity | 54,174 | 63,656 | 74,111 | 73,800 | 74,679 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,553 | 26,401 | 34,697 | 37,401 | 18,217 |

## 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) | 36.9% | S100XB5N |
| Fixed assets ÷ total assets | 21.9% | S100XB5N |
| Goodwill ÷ parent equity | 6.0% | S100XB5N |

Goodwill over 4 years: 171 → 3,862 JPY; total investing cash flow: -17,588 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) | 17.5% |
| Cash ÷ revenue | 29.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.7% |
| Cash vs. profit gap | -1,652 JPY mn (of net income -24.4%) |
| Shareholder returns / net income | 101.6% |
| Shareholder returns / FCF | 455.9% |
| Shareholder payments — dividends / net income | 36.1% |
| Shareholder payments — dividends / FCF | 161.9% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 362.5% |

## 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 | 13.2% | 0.58× | 7.6% | 1.53× | 11.7% | S100PT63 |
| 2022 | 12.3% | 0.59× | 7.3% | 1.61× | 11.7% | S100SHBX |
| 2023 | 13.1% | 0.59× | 7.7% | 1.57× | 12.1% | S100UYOP |
| 2024 | 11.9% | 0.58× | 6.9% | 1.52× | 10.5% | S100XB5N |
| 2025 | 11.0% | 0.60× | 6.6% | 1.59× | 10.5% | S100XB5N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社馬込興産 | Major shareholder | 24.1% | 2025-09-30 |
| 小原 康嗣 | Major shareholder | 16.7% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.3% | 2025-09-30 |
| JP MORGAN CHASE BANK 385632（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 8.8% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2025-09-30 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2025-09-30 |
| JPMCB USA RESIDENTS PENSION JASDEC LEND 385051（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2025-09-30 |
| 小原 範子 | Major shareholder | 2.0% | 2025-09-30 |
| 吉田 史子 | Major shareholder | 1.4% | 2025-09-30 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2024/10/01－2025/09/30) | S100XB5N | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB5N,, |
| 有価証券報告書－第66期(2023/10/01－2024/09/30) | S100UYOP | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYOP,, |
| 有価証券報告書－第65期(2022/10/01－2023/09/30) | S100SHBX | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHBX,, |
| 有価証券報告書－第64期(令和3年10月1日－令和4年9月30日) | S100PT63 | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PT63,, |
| 有価証券報告書－第63期(令和2年10月1日－令和3年9月30日) | S100N38C | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N38C,, |
| 有価証券報告書－第62期(令和1年10月1日－令和2年9月30日) | S100KDH7 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDH7,, |

## 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).