# OCHI HOLDINGS 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16期(2025/04/01－2026/03/31) (S100YFNF)
> Page: https://vizora.meequs.com/en/company/ochi-holdings
> Retrieved: 2026-09-30T20:31:49.166Z

## Company

Ochi Holdings, founded in 2010, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 1,742 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OCHI HOLDINGS CO.,LTD. |
| Ticker | 3166 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3166.T) |
| Listing | TSE Standard |
| Head office | 福岡市中央区那の津三丁目12番20号 (上記は登記上の本店所在地であり、実際の業務は下記「最寄りの連絡場所」で 行なっております。) |
| Representative (per filing) | 代表取締役 社長執行役員 越智通広 |
| Founded | Oct 2010 |
| Share capital | ¥400M |
| Employees (consolidated) | 1,742 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.ochiholdings.co.jp (https://www.ochiholdings.co.jp/) |
| Corporate number | 8290001047005 |
| EDINET | E24536 |
| Industries (Vizora) | Housing Equipment & Building Materials, General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFNF, 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 | 32.1 | 179 |
| Profitability | 20.8 | 185 |
| Cash conversion | 93 | 179 |
| Efficiency | 61.4 | 185 |
| Financial strength | 97.5 | 20 |

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 58% of Ochi Holdings's sales come from Construction materials business, with Air-conditioning,heating and cooling, and household products and Precut lumber business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +13.5%.

## Company structure

- Segment revenue mix: Construction materials business 58.1%、Air-conditioning,heating and cooling, and household products 14.3%、Precut lumber business 12.2%、Engineering business 11.8%、Other 3.5%
- Revenue → net income: ¥120432000000 → ¥1311000000
- Net income → operating cash flow: ¥1311000000 → ¥4542000000（difference ¥3231000000）
- Main uses of operating cash flow: CapEx ¥984000000 / dividends ¥707000000 / buybacks —
- Change in cash: ¥1624000000
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 | ¥120.4B |  |
| Operating income | ¥1.67B | Margin 1.4% |
| Net income | ¥1.31B | Margin 1.1% |
| Free cash flow | ¥3.56B |  |
| Largest business | Construction materials business | of segment revenue 58.1% |
| Employees (consolidated) | 1,742 |  |
| EPS | ¥130.96 |  |
| Book value per share | ¥1036.7 |  |
| Equity ratio | 35.5% |  |
| Shares outstanding | 13,610,970 |  |
| Treasury shares | 474,100 |  |
| Shareholders | 26,979 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 23.9% | Net cash ¥10.5B · Cash ÷ revenue 13.8% |
| Vs. industry median margin | -1.5 pp | Specialty Trading & Wholesale |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, segment profit share differs by -38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥101842000000 | ¥120432000000 | +18.3% |
| Operating income | ¥1943000000 | ¥1669000000 | -14.1% |
| Operating margin | 1.9% | 1.4% | -0.5 pp |
| Employees | 1,295 people | 1,742 people | +34.5% |
| Cash and equivalents | ¥10711000000 | ¥16561000000 | +54.6% |

### 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 |
| --- | ---: |
| 建材事業 → 建材事業 | 58.1% |
| 建材事業 → 事業再編・廃止 | 8.3% |
| 環境アメニティ事業 → 環境アメニティ事業 | 14.3% |
| 環境アメニティ事業 → 事業再編・廃止 | 0.5% |
| 加工事業 → 加工事業 | 12.2% |
| 加工事業 → 事業再編・廃止 | 0.8% |
| エンジニアリング事業 → エンジニアリング事業 | 2.8% |
| その他 → その他 | 2.9% |
| 新設・再編 → エンジニアリング事業 | 9.0% |
| 新設・再編 → その他 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction materials business | 5 years | +0.7% | ¥70007000000 | 0.8% | 2 |
| Air-conditioning,heating and cooling, and household products | 5 years | +2.7% | ¥17226000000 | 1.8% | 2 |
| Precut lumber business | 5 years | +2.1% | ¥14747000000 | 3.6% | 2 |
| Engineering business | 5 years | +38.2% | ¥14190000000 | 8.1% | 2 |
| Other | 5 years | +7.5% | ¥4259000000 | 4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 120,432 | 100.0% | S100YFNF |
| Cost of revenue | 103,271 | 85.8% | S100YFNF |
| Gross profit | 17,160 | 14.2% | S100YFNF |
| SG&A | 15,491 | 12.9% | S100YFNF |
| Operating income | 1,669 | 1.4% | S100YFNF |
| Ordinary income | 2,242 | 1.9% | S100YFNF |
| Pretax income | 2,362 | 2.0% | S100YFNF |
| Income tax | 1,051 | 0.9% | S100YFNF |
| Net income | 1,311 | 1.1% | S100YFNF |
| Net income attributable to owners | 1,309 | 1.1% | S100YFNF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 13 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 14.2% → Operating margin 1.4% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +13.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.71×
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 | 117,084 | 120,432 | 3,348 | +2.9% |
| Gross profit | 16,253 | 17,160 | 907 | +5.6% |
| Operating income | 1,471 | 1,669 | 198 | +13.5% |
| Net income attributable to owners | 1,040 | 1,309 | 269 | +25.9% |
| Operating cash flow | 1,878 | 4,542 | 2,664 | +141.9% |
| Free cash flow | 939 | 3,558 | 2,619 | +278.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 104,219 | 2,036 | 2.0% | 1,426 | 3,157 | 2,600 | S100LPY1 |
| FY ending Mar 2021 | 101,842 | 1,943 | 1.9% | 1,793 | 2,193 | 1,835 | S100PCFN |
| FY ending Mar 2022 | 111,875 | 3,064 | 2.7% | 3,451 | 3,428 | 2,954 | S100RREL |
| FY ending Mar 2023 | 115,613 | 2,946 | 2.5% | 2,484 | 1,856 | 1,663 | S100TSGP |
| FY ending Mar 2024 | 113,366 | 2,155 | 1.9% | 2,093 | 3,385 | 1,297 | S100W1IG |
| FY ending Mar 2025 | 117,084 | 1,471 | 1.3% | 1,040 | 1,878 | 939 | S100YFNF |
| FY ending Mar 2026 | 120,432 | 1,669 | 1.4% | 1,309 | 4,542 | 3,558 | S100YFNF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.1M |
| Operating income per employee (consolidated) | ¥958.1K |
| Net income per employee (consolidated) | ¥751.4K |

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) | 1,347 | 1,487 | 1,624 | 1,716 | 1,742 |
| Average salary (parent company) | ¥7.7M | ¥8.3M | ¥9M | ¥8.2M | ¥7.6M |
| Average age (parent company) | 55.9 years | 56.0 years | 57.3 years | 54.2 years | 53.8 years |
| Average tenure (parent company) | 7.9 years | 8.3 years | 8.1 years | 6.8 years | 7.3 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction materials business | 70,007 | 58.1% | 546 | 0.8% |
| Air-conditioning,heating and cooling, and household products | 17,226 | 14.3% | 303 | 1.8% |
| Precut lumber business | 14,747 | 12.2% | 528 | 3.6% |
| Engineering business | 14,190 | 11.8% | 1,152 | 8.1% |
| Other | 4,259 | 3.5% | 188 | 4.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction materials business | 58.1% | 20.1% | -38.0 | 0.8% |
| Air-conditioning,heating and cooling, and household products | 14.3% | 11.2% | -3.2 | 1.8% |
| Precut lumber business | 12.2% | 19.4% | 7.2 | 3.6% |
| Engineering business | 11.8% | 42.4% | 30.6 | 8.1% |
| Other | 3.5% | 6.9% | 3.4 | 4.4% |

Segment → industry: Precut lumber business → Housing Equipment & Building Materials / Engineering business → General Contractors / Air-conditioning,heating and cooling, and household products → Specialty Trading & Wholesale / Construction materials 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 | 4,542 | 3.8% | S100YFNF |
| Capital expenditure | 984 | 0.8% | S100YFNF |
| Free cash flow | 3,558 | 3.0% | 算出 |
| Investing cash flow | -278 | -0.2% | S100YFNF |
| Financing cash flow | -2,639 | -2.2% | S100YFNF |
| Dividends paid | 707 | 0.6% | S100YFNF |
| Change in cash | 1,624 | 1.3% | S100YFNF |
| Cash and equivalents | 16,561 | 13.8% | S100YFNF |

## 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 | 12,158 | 14,004 | 14,560 | 14,936 | 16,561 | S100TSGP, S100W1IG, S100YFNF |
| Total assets | 62,834 | 64,531 | 66,337 | 70,043 | 69,181 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Net assets | 19,814 | 21,557 | 23,345 | 23,531 | 24,628 | S100TSGP, S100W1IG, S100YFNF |
| Share capital | 400 | 400 | 400 | 400 | 400 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Property, plant and equipment | 12,757 | 12,822 | 14,673 | 15,900 | 15,591 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Intangible assets excluding goodwill | 1,303 | 1,616 | 1,424 | 1,925 | 1,357 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Goodwill | 579 | 1,021 | 1,035 | 1,573 | 1,114 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Investment securities | 1,894 | 1,903 | 2,192 | 1,954 | 2,534 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Current assets | 43,231 | 44,644 | 43,947 | 46,142 | 45,273 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Current liabilities | 38,673 | 38,497 | 37,921 | 39,356 | 38,452 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Trade payables | 15,479 | 14,650 | 13,577 | 14,794 | 13,547 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Short-term borrowings | 3,223 | 3,837 | 4,051 | 3,799 | 3,389 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Long-term borrowings | 1,663 | 2,017 | 1,906 | 3,852 | 2,476 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Bonds | — | — | 144 | 150 | 150 | S100W1IG, S100YFNF |
| Interest-bearing debt | — | — | 6,101 | 7,801 | 6,015 | 算出 |
| Total liabilities | 43,019 | 42,974 | 42,992 | 46,511 | 44,552 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Non-controlling interests | 40 | 27 | 29 | 31 | 33 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Equity attributable to owners of parent | 19,392 | 21,150 | 22,596 | 22,983 | 23,638 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Retained earnings | 18,786 | 20,483 | 21,867 | 22,198 | 22,798 | S100RREL, S100TSGP, S100W1IG, S100YFNF |
| Treasury stock | -791 | -731 | -669 | -612 | -558 | S100RREL, S100TSGP, S100W1IG, S100YFNF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YFNF |
| Property, plant and equipment | 22% | S100YFNF |
| Intangibles and goodwill | 4% | S100YFNF |
| Investment securities | 4% | S100YFNF |
| Other assets | 46% | S100YFNF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 19% | S100YFNF |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 36% | S100YFNF |
| Equity | 36% | S100YFNF |
| Other liabilities | 0% | S100YFNF |

### 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 | 62,834 | 64,531 | 66,337 | 70,043 | 69,181 |
| Equity | 19,814 | 21,557 | 23,345 | 23,531 | 24,628 |
| Interest-bearing debt | — | — | 6,101 | 7,801 | 6,015 |
| Cash | 12,158 | 14,004 | 14,560 | 14,936 | 16,561 |

## 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) | 12.9% | S100YFNF |
| Fixed assets ÷ total assets | 22.5% | S100YFNF |
| Goodwill ÷ parent equity | 4.7% | S100YFNF |

Goodwill over 4 years: 579 → 1,114 JPY; total investing cash flow: -3,209 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) | 23.9% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | ¥10.5B |
| Net debt ÷ operating cash flow | -2.32× |
| Cash conversion (operating CF ÷ operating income) | 272.1% |
| Cash vs. profit gap | 3,233 JPY mn (of net income 247.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.0% |
| Shareholder payments — dividends / FCF | 19.9% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 6.1% |

## 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 | 3.1% | 1.78× | 5.5% | 3.24× | 17.8% | S100RREL |
| 2023 | 2.1% | 1.82× | 3.9% | 3.14× | 12.3% | S100TSGP |
| 2024 | 1.8% | 1.73× | 3.2% | 2.99× | 9.6% | S100W1IG |
| 2025 | 0.9% | 1.72× | 1.5% | 2.99× | 4.6% | S100YFNF |
| 2026 | 1.1% | 1.73× | 1.9% | 2.99× | 5.6% | S100YFNF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 越 智 通 広 | Major shareholder | 21.9% | 2026-03-31 |
| オチワークサービス株式会社 | Major shareholder | 8.4% | 2026-03-31 |
| 公益財団法人広智奨学会 | Major shareholder | 3.8% | 2026-03-31 |
| ＳＭＢ建材株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 伊藤忠建材株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 住友林業株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 吉野石膏株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| ＯＣＨＩホールディングス社員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| ＯＣＨＩホールディングス取引先持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/04/01－2026/03/31) | S100YFNF | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFNF,, |
| 有価証券報告書－第15期(2024/04/01－2025/03/31) | S100W1IG | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1IG,, |
| 有価証券報告書－第14期(2023/04/01－2024/03/31) | S100TSGP | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSGP,, |
| 訂正有価証券報告書－第13期(2022/04/01－2023/03/31) | S100RREL | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RREL,, |
| 訂正有価証券報告書－第12期(令和3年4月1日－令和4年3月31日) | S100PCFN | 2022-10-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PCFN,, |
| 有価証券報告書－第11期(令和2年4月1日－令和3年3月31日) | S100LPY1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPY1,, |

## 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).