# ODAWARA AUTO-MACHINE MFG.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47期(2025/01/01－2025/12/31) (S100XT5I)
> Page: https://vizora.meequs.com/en/company/odawara-auto-machine-mfg
> Retrieved: 2026-09-30T22:11:28.407Z

## Company

Odawara Auto-Machine MFG., founded in 1950, is a company in IT Services & System Integration listed on TSE Standard. It has 224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ODAWARA AUTO-MACHINE MFG.CO.,LTD. |
| Ticker | 7314 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7314.T) |
| Listing | TSE Standard |
| Head office | 神奈川県小田原市中町一丁目11番3号 |
| Representative (per filing) | 代表取締役社長 津川 直樹 |
| Founded | Oct 1950 |
| Share capital | ¥366M |
| Employees (consolidated) | 224 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Corporate number | 6021001032396 |
| EDINET | E22554 |
| Industries (Vizora) | IT Services & System Integration, Industrial Machinery |

> Profile source: annual securities report (S100XT5I, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.9 | 110 |
| Profitability | 10.2 | 122 |
| Cash conversion | 98.7 | 116 |
| Efficiency | 79.9 | 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 92% of Odawara Auto-Machine MFG.'s sales come from Fare collection equipment business, with System development business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +25.6% from the prior year, operating profit -60.1%.

## Company structure

- Segment revenue mix: Fare collection equipment business 91.6%、System development business 8.4%
- Revenue → net income: ¥7672954000 → ¥96621000
- Net income → operating cash flow: ¥96621000 → ¥1453297000（difference ¥1356676000）
- Main uses of operating cash flow: CapEx ¥90630000 / dividends ¥88760000 / buybacks —
- Change in cash: ¥-1054559000
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 | ¥7.67B |  |
| Operating income | ¥155.7M | Margin 2.0% |
| Net income | ¥96.6M | Margin 1.3% |
| Free cash flow | ¥1.36B |  |
| Largest business | Fare collection equipment business | of segment revenue 91.6% |
| Employees (consolidated) | 224 |  |
| EPS | ¥-2.38 |  |
| Book value per share | ¥1141.08 |  |
| Equity ratio | 57.0% |  |
| Shares outstanding | 3,201,300 |  |
| Treasury shares | 3,957 |  |
| Shareholders | 7,807 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 19.5% |
| Vs. industry median margin | -5.5 pp | Industrial Machinery |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 15.0× net income
- FY2025, revenue is 2.1× its level five years ago
- FY2025, segment profit share differs by -34 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4780320000 | ¥7672954000 | +60.5% |
| Operating income | ¥188337000 | ¥155680000 | -17.3% |
| Operating margin | 3.9% | 2.0% | -1.9 pp |
| Employees | 206 people | 224 people | +8.7% |
| Cash and equivalents | ¥1868041000 | ¥1494583000 | -20.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 運賃収受機器事業 → 運賃収受機器事業 | 91.6% |
| 運賃収受機器事業 → 事業再編・廃止 | 1.8% |
| システム開発事業 → システム開発事業 | 6.6% |
| 新設・再編 → システム開発事業 | 1.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,673 | 100.0% | S100XT5I |
| Cost of revenue | 5,820 | 75.8% | S100XT5I |
| Gross profit | 1,853 | 24.2% | S100XT5I |
| SG&A | 1,698 | 22.1% | S100XT5I |
| Operating income | 156 | 2.0% | S100XT5I |
| Ordinary income | 200 | 2.6% | S100XT5I |
| Pretax income | 220 | 2.9% | S100XT5I |
| Income tax | 124 | 1.6% | S100XT5I |
| Net income | 97 | 1.3% | S100XT5I |
| Net income attributable to owners | 97 | 1.3% | S100XT5I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 22 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 24.2% → Operating margin 2.0% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +25.6%; Core profit growth: -60.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.35×
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 | 6,110 | 7,673 | 1,563 | +25.6% |
| Gross profit | 2,064 | 1,853 | -211 | -10.2% |
| Operating income | 390 | 156 | -235 | -60.1% |
| Net income attributable to owners | 293 | 97 | -197 | -67.1% |
| Operating cash flow | -1,140 | 1,453 | 2,593 | — |
| Free cash flow | -1,282 | 1,363 | 2,645 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,218 | 252 | 4.1% | 195 | 1,413 | 1,319 | S100L0DB |
| FY ending Dec 2020 | 4,780 | 188 | 3.9% | 133 | 33 | -3 | S100NQ5B |
| FY ending Dec 2021 | 3,584 | 168 | 4.7% | 100 | 132 | -213 | S100QFNE |
| FY ending Dec 2022 | 4,687 | 25 | 0.5% | -43 | 375 | 156 | S100TM5F |
| FY ending Dec 2023 | 3,930 | 209 | 5.3% | 192 | -1,053 | -1,098 | S100VGZU |
| FY ending Dec 2024 | 6,110 | 390 | 6.4% | 293 | -1,140 | -1,282 | S100XT5I |
| FY ending Dec 2025 | 7,673 | 156 | 2.0% | 97 | 1,453 | 1,363 | S100XT5I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.3M |
| Operating income per employee (consolidated) | ¥695K |
| Net income per employee (consolidated) | ¥431.3K |

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) | 203 | 190 | 185 | 211 | 224 |
| Average salary (parent company) | ¥5.8M | ¥5.6M | ¥6.6M | ¥6.9M | ¥6.5M |
| Average age (parent company) | 42.6 years | 43.6 years | 42.9 years | 41.1 years | 41.6 years |
| Average tenure (parent company) | 10.8 years | 10.9 years | 10.5 years | 9.3 years | 8.9 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) +25.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fare collection equipment business | 7,026 | 91.6% | 51 | 0.7% |
| System development business | 647 | 8.4% | 37 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fare collection equipment business | 91.6% | 58.0% | -33.5 | 0.7% |
| System development business | 8.4% | 42.0% | 33.5 | 5.7% |

Segment → industry: System development business → IT Services & System Integration / Fare collection equipment business → Industrial Machinery

## 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 | 1,453 | 18.9% | S100XT5I |
| Capital expenditure | 91 | 1.2% | S100XT5I |
| Free cash flow | 1,363 | 17.8% | 算出 |
| Investing cash flow | -26 | -0.3% | S100XT5I |
| Financing cash flow | -2,482 | -32.3% | S100XT5I |
| Dividends paid | 89 | 1.2% | S100XT5I |
| Change in cash | -1,055 | -13.7% | S100XT5I |
| Cash and equivalents | 1,495 | 19.5% | S100XT5I |

## 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 | 2,125 | 1,919 | 2,318 | 2,549 | 1,495 | S100TM5F, S100VGZU, S100XT5I |
| Total assets | 6,024 | 5,417 | 7,670 | 9,852 | 7,296 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Net assets | 3,904 | 3,736 | 3,940 | 4,139 | 4,157 | S100TM5F, S100VGZU, S100XT5I |
| Share capital | 330 | 333 | 337 | 350 | 366 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Trade receivables | 1,505 | 1,413 | 2,297 | 1,950 | 2,354 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Property, plant and equipment | 666 | 760 | 730 | 740 | 713 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Intangible assets excluding goodwill | 158 | 120 | 97 | 102 | 115 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Goodwill | 67 | 35 | 28 | 22 | 16 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Investment securities | 164 | 186 | 264 | 211 | 166 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Current assets | 4,913 | 4,253 | 6,475 | 8,648 | 6,206 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Current liabilities | 1,489 | 1,142 | 3,403 | 5,418 | 2,859 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Trade payables | 166 | 248 | 414 | 492 | 292 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Short-term borrowings | 630 | 280 | 2,050 | 3,680 | 1,300 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Long-term borrowings | 276 | 222 | 31 | 19 | 7 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Total liabilities | 2,120 | 1,681 | 3,731 | 5,712 | 3,140 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Equity attributable to owners of parent | 3,853 | 3,670 | 3,821 | 4,059 | 4,099 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Retained earnings | 3,213 | 3,024 | 3,169 | 3,380 | 3,388 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QFNE, S100TM5F, S100VGZU, S100XT5I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XT5I |
| Receivables | 32% | S100XT5I |
| Property, plant and equipment | 10% | S100XT5I |
| Intangibles and goodwill | 2% | S100XT5I |
| Investment securities | 2% | S100XT5I |
| Other assets | 33% | S100XT5I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XT5I |
| Other liabilities | 39% | S100XT5I |
| Equity | 57% | S100XT5I |

### 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 | 6,024 | 5,417 | 7,670 | 9,852 | 7,296 |
| Equity | 3,904 | 3,736 | 3,940 | 4,139 | 4,157 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,125 | 1,919 | 2,318 | 2,549 | 1,495 |

## 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) | 9.3% | S100XT5I |
| Fixed assets ÷ total assets | 9.8% | S100XT5I |
| Goodwill ÷ parent equity | 0.4% | S100XT5I |

Goodwill over 4 years: 67 → 16 JPY; total investing cash flow: -601 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) | 20.5% |
| Cash ÷ revenue | 19.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 933.5% |
| Cash vs. profit gap | 1,357 JPY mn (of net income 1404.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 91.9% |
| Shareholder payments — dividends / FCF | 6.5% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 1.8% |

## 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 | 2.8% | 0.59× | 1.7% | 1.56× | 2.6% | S100QFNE |
| 2022 | — | —× | -0.7% | —× | — | S100TM5F |
| 2023 | 4.9% | 0.60× | 2.9% | 1.75× | 5.1% | S100VGZU |
| 2024 | 4.8% | 0.70× | 3.3% | 2.22× | 7.4% | S100XT5I |
| 2025 | 1.3% | 0.89× | 1.1% | 2.10× | 2.4% | S100XT5I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 津川 直樹 | Major shareholder | 26.2% | 2025-12-31 |
| 株式会社正英 | Major shareholder | 11.2% | 2025-12-31 |
| 津川 佳代子 | Major shareholder | 11.2% | 2025-12-31 |
| 小田原機器社員持株会 | Major shareholder | 5.3% | 2025-12-31 |
| 丸山 美紀 | Major shareholder | 1.2% | 2025-12-31 |
| 佐藤 誠 | Major shareholder | 0.9% | 2025-12-31 |
| 入山 圭司 | Major shareholder | 0.9% | 2025-12-31 |
| 佐藤 健一 | Major shareholder | 0.8% | 2025-12-31 |
| 関 正道 | Major shareholder | 0.8% | 2025-12-31 |
| 井上 博之 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/01/01－2025/12/31) | S100XT5I | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT5I,, |
| 有価証券報告書－第46期(2024/01/01－2024/12/31) | S100VGZU | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGZU,, |
| 訂正有価証券報告書－第45期(2023/01/01－2023/12/31) | S100TM5F | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM5F,, |
| 有価証券報告書－第44期(2022/01/01－2022/12/31) | S100QFNE | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFNE,, |
| 有価証券報告書－第43期(令和3年1月1日－令和3年12月31日) | S100NQ5B | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ5B,, |
| 有価証券報告書－第42期(令和2年1月1日－令和2年12月31日) | S100L0DB | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0DB,, |

## 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).