# OCEAN SYSTEM 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48期(2025/04/01－2026/03/31) (S100YKNJ)
> Page: https://vizora.meequs.com/en/company/ocean-system
> Retrieved: 2026-09-30T19:05:59.339Z

## Company

Ocean System is a company in Hotels & Inns listed on TSE Standard. It has 1,029 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OCEAN SYSTEM CORPORATION |
| Ticker | 3096 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3096.T) |
| Listing | TSE Standard |
| Head office | 新潟県三条市西本成寺二丁目26番57号 |
| Representative (per filing) | 代表取締役社長 樋口 勝人 |
| Share capital | ¥801.7M |
| Employees (consolidated) | 1,029 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Website | www.ocean-system.com (https://www.ocean-system.com/) |
| Corporate number | 2110001013962 |
| EDINET | E03524 |
| Industries (Vizora) | Hotels & Inns, Takeout & Delivery Meals, Supermarkets |

> Profile source: annual securities report (S100YKNJ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.7 | 45 |
| Profitability | 25.5 | 49 |
| Cash conversion | 39.4 | 47 |
| Efficiency | 99 | 49 |

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 54% of Ocean System's sales come from Supermarket for retailer business, with Supermarket business and Box lunch and food service business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +2.0%.

## Company structure

- Segment revenue mix: Supermarket for retailer business 54.4%、Supermarket business 28.6%、Box lunch and food service business 11.3%、Ingredients delivery to home business 5.2%、Hotel business and other business sales 0.5%
- Revenue → net income: ¥96055112000 → ¥1144864000
- Net income → operating cash flow: ¥1144864000 → ¥2403130000（difference ¥1258266000）
- Main uses of operating cash flow: CapEx ¥1350218000 / dividends ¥206800000 / buybacks ¥53251000
- Change in cash: ¥-310400000
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 | ¥96.1B |  |
| Operating income | ¥1.79B | Margin 1.9% |
| Net income | ¥1.14B | Margin 1.2% |
| Free cash flow | ¥1.05B |  |
| Largest business | Supermarket for retailer business | of segment revenue 54.4% |
| Employees (consolidated) | 1,029 |  |
| EPS | ¥96.63 |  |
| Book value per share | ¥1109.72 |  |
| Equity ratio | 48.3% |  |
| Shares outstanding | 10,833,000 |  |
| Treasury shares | 1,457,100 |  |
| Shareholders | 12,496 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 17.3% | Cash ÷ revenue 4.5% |
| Vs. industry median margin | -1 pp | Supermarkets |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥66906332000 | ¥96055112000 | +43.6% |
| Operating income | ¥1468247000 | ¥1787088000 | +21.7% |
| Operating margin | 2.2% | 1.9% | -0.3 pp |
| Employees | 941 people | 1,029 people | +9.4% |
| Cash and equivalents | ¥2482754000 | ¥4340760000 | +74.8% |

### 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 |
| --- | ---: |
| スーパーマーケット事業 → スーパーマーケット事業 | 28.6% |
| スーパーマーケット事業 → 事業再編・廃止 | 7.9% |
| 業務スーパー事業 → 業務スーパー事業 | 44.3% |
| 弁当給食事業 → 弁当給食事業 | 11.3% |
| 弁当給食事業 → 事業再編・廃止 | 0.4% |
| 食材宅配事業 → 食材宅配事業 | 5.2% |
| 食材宅配事業 → 事業再編・廃止 | 1.9% |
| 旅館、その他事業 → 旅館、その他事業 | 0.5% |
| 新設・再編 → 業務スーパー事業 | 10.1% |
| 新設・再編 → 旅館、その他事業 | 0.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Supermarket for retailer business | 5 years | +12.0% | ¥52267392000 | 3.4% | 2 |
| Supermarket business | 5 years | +2.4% | ¥27472315000 | 2.8% | 2 |
| Box lunch and food service business | 5 years | +6.8% | ¥10828866000 | 2.1% | 2 |
| Ingredients delivery to home business | 5 years | +0.9% | ¥4960507000 | -0.1% | 2 |
| Hotel business and other business sales | 5 years | +11.4% | ¥526030000 | -27.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 96,055 | 100.0% | S100YKNJ |
| Cost of revenue | 74,892 | 78.0% | S100YKNJ |
| Gross profit | 21,163 | 22.0% | S100YKNJ |
| SG&A | 19,376 | 20.2% | S100YKNJ |
| Operating income | 1,787 | 1.9% | S100YKNJ |
| Ordinary income | 1,902 | 2.0% | S100YKNJ |
| Pretax income | 1,635 | 1.7% | S100YKNJ |
| Income tax | 490 | 0.5% | S100YKNJ |
| Net income | 1,145 | 1.2% | S100YKNJ |
| Net income attributable to owners | 1,145 | 1.2% | S100YKNJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.0% → Operating margin 1.9% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +2.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.36×
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 | 91,062 | 96,055 | 4,993 | +5.5% |
| Gross profit | 20,134 | 21,163 | 1,029 | +5.1% |
| Operating income | 1,752 | 1,787 | 35 | +2.0% |
| Net income attributable to owners | 1,050 | 1,145 | 95 | +9.1% |
| Operating cash flow | 1,901 | 2,403 | 502 | +26.4% |
| Free cash flow | 1,291 | 1,053 | -238 | -18.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 62,000 | 1,278 | 2.1% | 836 | 2,254 | 1,836 | S100LP1V |
| FY ending Mar 2021 | 66,906 | 1,468 | 2.2% | 858 | 1,661 | 703 | S100OE5N |
| FY ending Mar 2022 | 72,700 | 1,419 | 2.0% | 799 | 1,559 | 541 | S100R7Z6 |
| FY ending Mar 2023 | 77,711 | 1,129 | 1.5% | 358 | 1,276 | 162 | S100TUJL |
| FY ending Mar 2024 | 85,900 | 1,919 | 2.2% | 1,337 | 3,456 | 2,747 | S100W5MR |
| FY ending Mar 2025 | 91,062 | 1,752 | 1.9% | 1,050 | 1,901 | 1,291 | S100YKNJ |
| FY ending Mar 2026 | 96,055 | 1,787 | 1.9% | 1,145 | 2,403 | 1,053 | S100YKNJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93.3M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 952 | 980 | 1,026 | 1,004 | 1,029 |
| Average salary (parent company) | ¥3.8M | ¥3.8M | ¥4.1M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 40.9 years | 40.8 years | 41.2 years | 42.1 years | 42.4 years |
| Average tenure (parent company) | 9.4 years | 9.2 years | 9.5 years | 9.8 years | 9.6 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket business | 27,472 | 28.6% | 761 | 2.8% |
| Supermarket for retailer business | 52,267 | 54.4% | 1,775 | 3.4% |
| Box lunch and food service business | 10,829 | 11.3% | 228 | 2.1% |
| Ingredients delivery to home business | 4,961 | 5.2% | -7 | -0.1% |
| Hotel business and other business sales | 526 | 0.5% | -144 | -27.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Supermarket business | 28.6% | 27.5% | -1.1 | 2.8% |
| Supermarket for retailer business | 54.4% | 64.2% | 9.8 | 3.4% |
| Box lunch and food service business | 11.3% | 8.3% | -3.0 | 2.1% |
| Ingredients delivery to home business | 5.2% | — | — | -0.1% |
| Hotel business and other business sales | 0.5% | — | — | -27.4% |

Loss-making segment (excluded from profit shares): Ingredients delivery to home business -7 JPY mn

Loss-making segment (excluded from profit shares): Hotel business and other business sales -144 JPY mn

Segment → industry: Hotel business and other business sales → Hotels & Inns / Ingredients delivery to home business → Takeout & Delivery Meals / Box lunch and food service business → Takeout & Delivery Meals / Supermarket for retailer business → Supermarkets / Supermarket business → Supermarkets

## 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 | 2,403 | 2.5% | S100YKNJ |
| Capital expenditure | 1,350 | 1.4% | S100YKNJ |
| Free cash flow | 1,053 | 1.1% | 算出 |
| Investing cash flow | -2,130 | -2.2% | S100YKNJ |
| Financing cash flow | -584 | -0.6% | S100YKNJ |
| Dividends paid | 207 | 0.2% | S100YKNJ |
| Share buyback | 53 | 0.1% | S100YKNJ |
| Change in cash | -310 | -0.3% | S100YKNJ |
| Cash and equivalents | 4,341 | 4.5% | S100YKNJ |

## 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 | 3,493 | 3,377 | 4,768 | 4,651 | 4,341 | S100TUJL, S100W5MR, S100YKNJ |
| Total assets | 21,378 | 22,017 | 23,649 | 24,082 | 25,138 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Net assets | 8,853 | 9,073 | 10,357 | 11,205 | 12,141 | S100TUJL, S100W5MR, S100YKNJ |
| Share capital | 802 | 802 | 802 | 802 | 802 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Property, plant and equipment | 9,845 | 10,008 | 10,121 | 9,870 | 10,063 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Intangible assets excluding goodwill | 311 | 264 | 241 | 230 | 263 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Goodwill | 55 | 17 | 13 | 3 | 1 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Investment securities | 619 | 605 | 613 | 579 | 924 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Current assets | 8,654 | 9,000 | 10,664 | 11,172 | 11,399 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Current liabilities | 8,551 | 7,637 | 8,848 | 9,073 | 9,268 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Short-term borrowings | 1,248 | 946 | 738 | 709 | 725 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Long-term borrowings | 2,002 | 3,274 | 2,536 | 1,835 | 1,810 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Total liabilities | 12,525 | 12,943 | 13,292 | 12,878 | 12,997 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Equity attributable to owners of parent | 8,460 | 8,687 | 9,892 | 10,763 | 11,647 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Retained earnings | 8,461 | 8,688 | 9,893 | 10,764 | 11,702 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |
| Treasury stock | -1,170 | -1,170 | -1,170 | -1,170 | -1,223 | S100R7Z6, S100TUJL, S100W5MR, S100YKNJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKNJ |
| Property, plant and equipment | 40% | S100YKNJ |
| Intangibles and goodwill | 1% | S100YKNJ |
| Investment securities | 4% | S100YKNJ |
| Other assets | 38% | S100YKNJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YKNJ |
| Equity | 48% | S100YKNJ |

### 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 | 21,378 | 22,017 | 23,649 | 24,082 | 25,138 |
| Equity | 8,853 | 9,073 | 10,357 | 11,205 | 12,141 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,493 | 3,377 | 4,768 | 4,651 | 4,341 |

## 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) | 10.5% | S100YKNJ |
| Fixed assets ÷ total assets | 40.0% | S100YKNJ |
| Goodwill ÷ parent equity | 0.0% | S100YKNJ |

Goodwill over 4 years: 55 → 1 JPY; total investing cash flow: -6,059 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) | 17.3% |
| Cash ÷ revenue | 4.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.5% |
| Cash vs. profit gap | 1,258 JPY mn (of net income 109.9%) |
| Shareholder returns / net income | 22.7% |
| Shareholder returns / FCF | 24.7% |
| Shareholder payments — dividends / net income | 18.1% |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 88.6% |

## 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 | 1.1% | 3.40× | 3.7% | 2.53× | 9.4% | S100R7Z6 |
| 2023 | 0.5% | 3.58× | 1.7% | 2.53× | 4.2% | S100TUJL |
| 2024 | 1.6% | 3.76× | 5.9% | 2.46× | 14.4% | S100W5MR |
| 2025 | 1.2% | 3.82× | 4.4% | 2.31× | 10.2% | S100YKNJ |
| 2026 | 1.2% | 3.90× | 4.7% | 2.20× | 10.2% | S100YKNJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ひぐち | Major shareholder | 28.9% | 2026-03-31 |
| 樋口 勤 | Major shareholder | 7.7% | 2026-03-31 |
| 樋口 智明 | Major shareholder | 1.9% | 2026-03-31 |
| オーシャンシステム 従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 日本マスタートラスト 信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 堀口 美花 | Major shareholder | 1.4% | 2026-03-31 |
| 樋口 小百合 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ＨＫＹ | Major shareholder | 0.5% | 2026-03-31 |
| 新潟酒販株式会社 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YKNJ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKNJ,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W5MR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5MR,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TUJL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUJL,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R7Z6 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7Z6,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OE5N | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE5N,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LP1V | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP1V,, |

## 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).