# OBIC Co.,Ltd.: 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59期(2025/04/01－2026/03/31) (S100YGBS)
> Page: https://vizora.meequs.com/en/company/obic
> Retrieved: 2026-09-30T18:28:21.927Z

## Company

Obic, founded in 1968, is a company in IT Services & System Integration listed on TSE Prime. It has 2,256 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OBIC Co.,Ltd. |
| Ticker | 4684 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4684.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目4番15号 |
| Representative (per filing) | 代表取締役社長 橘 昇一 |
| Founded | Apr 1968 |
| Share capital | ¥19.2B |
| Employees (consolidated) | 2,256 |
| Average salary (parent only) | ¥11.3M |
| Fiscal year end | March |
| Corporate number | 8010001039574 |
| EDINET | E05025 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YGBS, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.7 | 105 |
| Profitability | 99 | 145 |
| Cash conversion | 31.6 | 128 |
| Efficiency | 1.7 | 145 |

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 53% of Obic's sales come from System support, with System integration and Office automation making up much of the rest.
- Out of every ¥100 of sales, about ¥66 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +13.3%.

## Company structure

- Segment revenue mix: System support 52.9%、System integration 40.9%、Office automation 6.3%
- Revenue → net income: ¥135209000000 → ¥75191000000
- Net income → operating cash flow: ¥75191000000 → ¥73746000000（difference ¥-1445000000）
- Main uses of operating cash flow: CapEx ¥2286000000 / dividends ¥32992000000 / buybacks ¥31411000000
- Change in cash: ¥7319000000
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 | ¥135.2B |  |
| Operating income | ¥88.8B | Margin 65.7% |
| Net income | ¥75.2B | Margin 55.6% |
| Free cash flow | ¥71.5B |  |
| Largest business | System support | of segment revenue 52.9% |
| Employees (consolidated) | 2,256 |  |
| EPS | ¥158.47 |  |
| Book value per share | ¥1023.23 |  |
| Equity ratio | 83.4% |  |
| Shares outstanding | 498,000,000 |  |
| Treasury shares | 64,666,600 |  |
| Shareholders | 19,872 |  |
| Average salary (parent only) | ¥11.3M | Filing company only |
| Cash ratio | 33.5% | Cash ÷ revenue 153.4% |
| Vs. industry median margin | +53.2 pp | Software & SaaS |
| ROE | 20.5% | Derived from disclosed figures |
| ROA | 13.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 66 per ¥100 of revenue
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥83862000000 | ¥135209000000 | +61.2% |
| Operating income | ¥48077000000 | ¥88823000000 | +84.8% |
| Operating margin | 57.3% | 65.7% | +8.4 pp |
| Employees | 2,049 people | 2,256 people | +10.1% |
| Cash and equivalents | ¥150745000000 | ¥207385000000 | +37.6% |

### 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 |
| --- | ---: |
| システムインテグレーション → システムインテグレーション | 40.9% |
| システムインテグレーション → 事業再編・廃止 | 4.5% |
| システムサポート → システムサポート | 43.7% |
| オフィスオートメーション → オフィスオートメーション | 6.3% |
| オフィスオートメーション → 事業再編・廃止 | 4.7% |
| 新設・再編 → システムサポート | 9.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| System support | 5 years | +14.3% | ¥71508000000 | 74.0% | 2 |
| System integration | 5 years | +7.7% | ¥55250000000 | 59.7% | 2 |
| Office automation | 5 years | -1.6% | ¥8451000000 | 34.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 135,209 | 100.0% | S100YGBS |
| Cost of revenue | 29,544 | 21.9% | S100YGBS |
| Gross profit | 105,665 | 78.1% | S100YGBS |
| SG&A | 16,841 | 12.5% | S100YGBS |
| Operating income | 88,823 | 65.7% | S100YGBS |
| Ordinary income | 104,779 | 77.5% | S100YGBS |
| Pretax income | 104,744 | 77.5% | S100YGBS |
| Income tax | 29,553 | 21.9% | S100YGBS |
| Net income | 75,191 | 55.6% | S100YGBS |
| Net income attributable to owners | 75,191 | 55.6% | S100YGBS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 12 |
| Operating income | 66 |
| (Ref.) Net income | 56 |

### Margin funnel

Gross margin 78.1% → Operating margin 65.7% → Net margin 55.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +13.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.16×
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 | 121,240 | 135,209 | 13,969 | +11.5% |
| Gross profit | 94,385 | 105,665 | 11,280 | +12.0% |
| Operating income | 78,378 | 88,823 | 10,445 | +13.3% |
| Net income attributable to owners | 64,621 | 75,191 | 10,570 | +16.4% |
| Operating cash flow | 62,794 | 73,746 | 10,952 | +17.4% |
| Free cash flow | 60,710 | 71,460 | 10,750 | +17.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 80,488 | 43,238 | 53.7% | 35,096 | 31,999 | 19,470 | S100LMXH |
| FY ending Mar 2021 | 83,862 | 48,077 | 57.3% | 38,001 | 41,677 | 40,565 | S100OF9D |
| FY ending Mar 2022 | 89,476 | 54,135 | 60.5% | 43,500 | 38,972 | 37,062 | S100R4R5 |
| FY ending Mar 2023 | 100,167 | 62,490 | 62.4% | 50,116 | 52,960 | 51,801 | S100TVPX |
| FY ending Mar 2024 | 111,590 | 70,910 | 63.5% | 58,007 | 55,831 | 52,069 | S100W1Y7 |
| FY ending Mar 2025 | 121,240 | 78,378 | 64.6% | 64,621 | 62,794 | 60,710 | S100YGBS |
| FY ending Mar 2026 | 135,209 | 88,823 | 65.7% | 75,191 | 73,746 | 71,460 | S100YGBS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.9M |
| Operating income per employee (consolidated) | ¥39.4M |
| Net income per employee (consolidated) | ¥33.3M |

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) | 2,054 | 2,082 | 2,107 | 2,189 | 2,256 |
| Average salary (parent company) | ¥9.6M | ¥10.1M | ¥10.8M | ¥11M | ¥11.3M |
| Average age (parent company) | 36.2 years | 36.1 years | 36.1 years | 35.9 years | 35.8 years |
| Average tenure (parent company) | 13.2 years | 13.2 years | 13.2 years | 13.0 years | 12.9 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System integration | 55,250 | 40.9% | 32,982 | 59.7% |
| System support | 71,508 | 52.9% | 52,896 | 74.0% |
| Office automation | 8,451 | 6.3% | 2,944 | 34.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System integration | 40.9% | 37.1% | -3.7 | 59.7% |
| System support | 52.9% | 59.6% | 6.7 | 74.0% |
| Office automation | 6.3% | 3.3% | -2.9 | 34.8% |

Segment → industry: Office automation → IT Services & System Integration / System support → Software & SaaS / System integration → Software & SaaS

## 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 | 73,746 | 54.5% | S100YGBS |
| Capital expenditure | 2,286 | 1.7% | S100YGBS |
| Free cash flow | 71,460 | 52.9% | 算出 |
| Investing cash flow | -2,022 | -1.5% | S100YGBS |
| Financing cash flow | -64,404 | -47.6% | S100YGBS |
| Dividends paid | 32,992 | 24.4% | S100YGBS |
| Share buyback | 31,411 | 23.2% | S100YGBS |
| Change in cash | 7,319 | 5.4% | S100YGBS |
| Cash and equivalents | 207,385 | 153.4% | S100YGBS |

## 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 | 122,699 | 156,321 | 170,244 | 200,065 | 207,385 | S100TVPX, S100W1Y7, S100YGBS |
| Total assets | 323,927 | 366,708 | 462,165 | 500,375 | 618,796 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Net assets | 293,567 | 327,864 | 398,692 | 433,850 | 516,011 | S100TVPX, S100W1Y7, S100YGBS |
| Share capital | 19,178 | 19,178 | 19,178 | 19,178 | 19,178 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Property, plant and equipment | 56,121 | 55,279 | 56,809 | 56,117 | 55,450 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Intangible assets excluding goodwill | 154 | 144 | 122 | 85 | 152 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Investment securities | 118,570 | 137,226 | 215,787 | 221,988 | 332,375 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Current assets | 136,150 | 171,746 | 187,132 | 219,589 | 227,866 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Current liabilities | 21,066 | 27,067 | 28,534 | 30,795 | 34,852 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Total liabilities | 30,359 | 38,843 | 63,473 | 66,525 | 102,784 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Equity attributable to owners of parent | 277,131 | 306,671 | 325,077 | 360,752 | 371,663 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Retained earnings | 265,985 | 295,484 | 329,547 | 365,137 | 407,335 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |
| Treasury stock | -27,562 | -27,558 | -43,305 | -43,295 | -74,690 | S100R4R5, S100TVPX, S100W1Y7, S100YGBS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YGBS |
| Property, plant and equipment | 9% | S100YGBS |
| Intangibles and goodwill | 0% | S100YGBS |
| Investment securities | 54% | S100YGBS |
| Other assets | 4% | S100YGBS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YGBS |
| Equity | 83% | S100YGBS |
| Other liabilities | 0% | S100YGBS |

### 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 | 323,927 | 366,708 | 462,165 | 500,375 | 618,796 |
| Equity | 293,567 | 327,864 | 398,692 | 433,850 | 516,011 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 122,699 | 156,321 | 170,244 | 200,065 | 207,385 |

## 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) | 41.0% | S100YGBS |
| Fixed assets ÷ total assets | 9.0% | S100YGBS |
| Goodwill ÷ parent equity | — | —, S100YGBS |

### 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) | 33.5% |
| Cash ÷ revenue | 153.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.0% |
| Cash vs. profit gap | -1,445 JPY mn (of net income -1.9%) |
| Shareholder returns / net income | 85.7% |
| Shareholder returns / FCF | 90.1% |
| Shareholder payments — dividends / net income | 43.9% |
| Shareholder payments — dividends / FCF | 46.2% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 2.7% |

## 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 | 48.6% | 0.28× | 13.4% | 1.17× | 15.7% | S100R4R5 |
| 2023 | 50.0% | 0.29× | 14.5% | 1.18× | 17.2% | S100TVPX |
| 2024 | 52.0% | 0.27× | 14.0% | 1.31× | 18.4% | S100W1Y7 |
| 2025 | 53.3% | 0.25× | 13.4% | 1.40× | 18.8% | S100YGBS |
| 2026 | 55.6% | 0.24× | 13.4% | 1.53× | 20.5% | S100YGBS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＭＮホールディングス | Major shareholder | 19.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 15.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 5.2% | 2026-03-31 |
| 野田 順弘 | Major shareholder | 3.3% | 2026-03-31 |
| 野田 みづき | Major shareholder | 3.2% | 2026-03-31 |
| ステートストリートバンクアンド トラストカンパニー505103 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| ステートストリートバンクアンド トラストカンパニー505001 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| ステートストリートバンクアンド トラストカンパニー505223 （常任代理人 (株)みずほ銀行決済営業部 | Major shareholder | 1.9% | 2026-03-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 1.5% | 2026-03-31 |
| ザチェースマンハッタンバンク エヌエイロンドン エスエルオムニバスアカウント （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YGBS | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGBS,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W1Y7 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1Y7,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TVPX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVPX,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R4R5 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4R5,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OF9D | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF9D,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LMXH | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMXH,, |

## 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).