# ODAWARA ENGINEERING 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) (S100XSNC)
> Page: https://vizora.meequs.com/en/company/odawara-engineering
> Retrieved: 2026-09-30T22:08:12.148Z

## Company

Odawara Engineering, founded in 1979, is a company in Air Conditioning listed on TSE Standard. It has 425 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Odawara Engineering Co., Ltd. |
| Ticker | 6149 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6149.T) |
| Listing | TSE Standard |
| Head office | 神奈川県足柄上郡松田町松田惣領1577番地 |
| Representative (per filing) | 代表取締役社長 保科雅彦 |
| Founded | May 1979 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 425 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | odawara-eng.co.jp (https://odawara-eng.co.jp/) |
| Corporate number | 6021001034104 |
| EDINET | E01692 |
| Industries (Vizora) | Air Conditioning, Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100XSNC, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 110 |
| Profitability | 90.6 | 122 |
| Cash conversion | 6.5 | 116 |
| Efficiency | 43 | 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 74% of Odawara Engineering's sales come from Coil winding machine, with Blower and housing equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +38.4% from the prior year, operating profit +162.2%.

## Company structure

- Segment revenue mix: Coil winding machine 74.5%、Blower and housing equipment 25.5%
- Revenue → net income: ¥18238272000 → ¥2315350000
- Net income → operating cash flow: ¥2315350000 → ¥108684000（difference ¥-2206666000）
- Main uses of operating cash flow: CapEx ¥1464958000 / dividends ¥284734000 / buybacks ¥184000
- Change in cash: ¥-2139405000
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 | ¥18.2B |  |
| Operating income | ¥3.05B | Margin 16.7% |
| Net income | ¥2.32B | Margin 12.7% |
| Free cash flow | -¥1.36B |  |
| Largest business | Coil winding machine | of segment revenue 74.5% |
| Employees (consolidated) | 425 |  |
| EPS | ¥398.05 |  |
| Book value per share | ¥2797.1 |  |
| Equity ratio | 74.5% |  |
| Shares outstanding | 6,392,736 |  |
| Treasury shares | 671,100 |  |
| Shareholders | 3,991 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 33.1% | Cash ÷ revenue 45.1% |
| Vs. industry median margin | +9.2 pp | Industrial Machinery |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, segment profit share differs by -22 points
- FY2025, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11208914000 | ¥18238272000 | +62.7% |
| Operating income | ¥572707000 | ¥3051610000 | +432.8% |
| Operating margin | 5.1% | 16.7% | +11.6 pp |
| Employees | 471 people | 425 people | -9.8% |
| Cash and equivalents | ¥5945249000 | ¥8225222000 | +38.3% |

### 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 |
| --- | ---: |
| 巻線機事業 → 巻線機事業 | 64.9% |
| 送風機・住設関連事業 → 送風機・住設関連事業 | 25.5% |
| 送風機・住設関連事業 → 事業再編・廃止 | 9.5% |
| 新設・再編 → 巻線機事業 | 9.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,238 | 100.0% | S100XSNC |
| Cost of revenue | 12,336 | 67.6% | S100XSNC |
| Gross profit | 5,902 | 32.4% | S100XSNC |
| SG&A | 2,851 | 15.6% | S100XSNC |
| Operating income | 3,052 | 16.7% | S100XSNC |
| Ordinary income | 3,183 | 17.5% | S100XSNC |
| Pretax income | 3,184 | 17.5% | S100XSNC |
| Income tax | 869 | 4.8% | S100XSNC |
| Net income | 2,315 | 12.7% | S100XSNC |
| Net income attributable to owners | 2,315 | 12.7% | S100XSNC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 15 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 32.4% → Operating margin 16.7% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +38.4%; Core profit growth: +162.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.22×
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 | 13,176 | 18,238 | 5,063 | +38.4% |
| Gross profit | 3,861 | 5,902 | 2,042 | +52.9% |
| Operating income | 1,164 | 3,052 | 1,888 | +162.2% |
| Net income attributable to owners | 865 | 2,315 | 1,450 | +167.6% |
| Operating cash flow | 3,289 | 109 | -3,180 | -96.7% |
| Free cash flow | 2,453 | -1,356 | -3,810 | -155.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 13,274 | 1,297 | 9.8% | 1,011 | -136 | -959 | S100L0MH |
| FY ending Dec 2020 | 11,209 | 573 | 5.1% | 451 | 1,914 | 525 | S100NREL |
| FY ending Dec 2021 | 13,556 | 1,059 | 7.8% | 926 | 1,341 | 1,033 | S100QHG3 |
| FY ending Dec 2022 | 14,087 | 967 | 6.9% | 802 | 1,992 | 1,493 | S100T50N |
| FY ending Dec 2023 | 14,703 | 2,012 | 13.7% | 1,529 | 3,810 | 3,580 | S100VHL4 |
| FY ending Dec 2024 | 13,176 | 1,164 | 8.8% | 865 | 3,289 | 2,453 | S100XSNC |
| FY ending Dec 2025 | 18,238 | 3,052 | 16.7% | 2,315 | 109 | -1,356 | S100XSNC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.9M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 468 | 460 | 436 | 416 | 425 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥7M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 36.3 years | 37.0 years | 37.8 years | 39.3 years | 39.0 years |
| Average tenure (parent company) | 10.3 years | 10.6 years | 11.0 years | 11.7 years | 11.2 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +38.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Coil winding machine | 13,583 | 74.5% | 3,332 | 24.5% |
| Blower and housing equipment | 4,655 | 25.5% | 136 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Coil winding machine | 74.5% | 96.1% | 21.6 | 24.5% |
| Blower and housing equipment | 25.5% | 3.9% | -21.6 | 2.9% |

Segment → industry: Blower and housing equipment → Air Conditioning / Blower and housing equipment → Housing Equipment & Building Materials / Coil winding machine → 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 | 109 | 0.6% | S100XSNC |
| Capital expenditure | 1,465 | 8.0% | S100XSNC |
| Free cash flow | -1,356 | -7.4% | 算出 |
| Investing cash flow | -1,966 | -10.8% | S100XSNC |
| Financing cash flow | -287 | -1.6% | S100XSNC |
| Dividends paid | 285 | 1.6% | S100XSNC |
| Share buyback | 0 | 0.0% | S100XSNC |
| Change in cash | -2,139 | -11.7% | S100XSNC |
| Cash and equivalents | 8,225 | 45.1% | S100XSNC |

## 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 | 6,308 | 7,591 | 8,044 | 10,365 | 8,225 | S100T50N, S100VHL4, S100XSNC |
| Total assets | 22,784 | 24,015 | 26,729 | 27,909 | 24,857 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Net assets | 13,506 | 14,170 | 15,677 | 16,441 | 18,528 | S100T50N, S100VHL4, S100XSNC |
| Share capital | 1,251 | 1,251 | 1,251 | 1,251 | 1,251 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Trade receivables | 3,007 | 2,152 | 2,758 | 2,249 | 1,752 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Property, plant and equipment | 4,798 | 4,917 | 4,802 | 5,199 | 6,411 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Intangible assets excluding goodwill | 77 | 67 | 67 | 70 | 64 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Investment securities | 408 | 351 | 427 | 502 | 615 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Current assets | 16,739 | 18,206 | 20,942 | 21,655 | 17,096 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Current liabilities | 8,909 | 9,596 | 10,793 | 11,203 | 6,084 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Trade payables | 1,808 | 2,579 | 3,204 | 899 | 1,011 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Short-term borrowings | 3,000 | 3,000 | — | — | — | S100QHG3, S100T50N |
| Total liabilities | 9,278 | 9,845 | 11,052 | 11,468 | 6,328 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Equity attributable to owners of parent | 13,520 | 14,168 | 15,576 | 16,183 | 18,241 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Retained earnings | 11,418 | 12,050 | 13,437 | 14,017 | 16,047 | S100QHG3, S100T50N, S100VHL4, S100XSNC |
| Treasury stock | -992 | -979 | -962 | -941 | -920 | S100QHG3, S100T50N, S100VHL4, S100XSNC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XSNC |
| Receivables | 7% | S100XSNC |
| Property, plant and equipment | 26% | S100XSNC |
| Intangibles and goodwill | 0% | S100XSNC |
| Investment securities | 3% | S100XSNC |
| Other assets | 31% | S100XSNC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XSNC |
| Other liabilities | 21% | S100XSNC |
| Equity | 75% | S100XSNC |

### 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 | 22,784 | 24,015 | 26,729 | 27,909 | 24,857 |
| Equity | 13,506 | 14,170 | 15,677 | 16,441 | 18,528 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,308 | 7,591 | 8,044 | 10,365 | 8,225 |

## 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) | 35.2% | S100XSNC |
| Fixed assets ÷ total assets | 25.8% | S100XSNC |
| Goodwill ÷ parent equity | — | —, S100XSNC |

### 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) | 33.1% |
| Cash ÷ revenue | 45.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 3.6% |
| Cash vs. profit gap | -2,207 JPY mn (of net income -95.3%) |
| Shareholder returns / net income | 12.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.0% |
| Investing CF relative to operating CF | 1808.9% |

## 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 | 6.8% | 0.59× | 4.1% | 1.69× | 6.8% | S100QHG3 |
| 2022 | 5.7% | 0.60× | 3.4% | 1.69× | 5.8% | S100T50N |
| 2023 | 10.4% | 0.58× | 6.0% | 1.71× | 10.3% | S100VHL4 |
| 2024 | 6.6% | 0.48× | 3.2% | 1.72× | 5.4% | S100XSNC |
| 2025 | 12.7% | 0.69× | 8.8% | 1.53× | 13.5% | S100XSNC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人津川モーター研究財団 | Major shareholder | 17.5% | 2025-12-31 |
| 津 川 洋 子 | Major shareholder | 9.4% | 2025-12-31 |
| 津 川 晃 弘 | Major shareholder | 6.5% | 2025-12-31 |
| 株式会社横浜銀行（常任代理人株式会社日本カストディ銀行） | Major shareholder | 4.9% | 2025-12-31 |
| 佐 川 晶 彦 | Major shareholder | 2.7% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.4% | 2025-12-31 |
| 津 川 智 子 | Major shareholder | 2.2% | 2025-12-31 |
| 小田原エンジニアリング従業員持株会 | Major shareholder | 2.1% | 2025-12-31 |
| 西 村 昌 泰 | Major shareholder | 1.7% | 2025-12-31 |
| 関 東 財 務 局 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/01/01－2025/12/31) | S100XSNC | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSNC,, |
| 有価証券報告書－第46期(2024/01/01－2024/12/31) | S100VHL4 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHL4,, |
| 有価証券報告書－第45期(2023/01/01－2023/12/31) | S100T50N | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T50N,, |
| 有価証券報告書－第44期(2022/01/01－2022/12/31) | S100QHG3 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHG3,, |
| 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) | S100NREL | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NREL,, |
| 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) | S100L0MH | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0MH,, |

## 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).