# Oenon Holdings, Inc.: 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119期(2025/01/01－2025/12/31) (S100XRFQ)
> Page: https://vizora.meequs.com/en/company/oenon-holdings
> Retrieved: 2026-09-30T21:08:43.453Z

## Company

Oenon Holdings is a company in Chemicals listed on TSE Prime. It has 811 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Oenon Holdings, Inc. |
| Ticker | 2533 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2533.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区東駒形一丁目17番6号 |
| Representative (per filing) | 代表取締役社長 西永裕司 |
| Share capital | ¥6.95B |
| Employees (consolidated) | 811 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.oenon.jp (https://www.oenon.jp/) |
| Corporate number | 2010001034770 |
| EDINET | E00397 |
| Industries (Vizora) | Chemicals, Alcoholic Beverages, Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100XRFQ, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Alcoholic Beverages (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 21.4 | 7 |
| Cash conversion | 35.7 | 7 |
| Efficiency | 92.9 | 7 |

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 93% of Oenon Holdings's sales come from Liquor, with Enzymatic medicine and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +20.0%.

## Company structure

- Segment revenue mix: Liquor 93.1%、Enzymatic medicine 5.3%、Real estate 1.5%、Other 0.1%
- Revenue → net income: ¥87630000000 → ¥3066000000
- Net income → operating cash flow: ¥3066000000 → ¥3568000000（difference ¥502000000）
- Main uses of operating cash flow: CapEx ¥1720000000 / dividends ¥576000000 / buybacks ¥503000000
- Change in cash: ¥-3000000
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 | ¥87.6B |  |
| Operating income | ¥4.14B | Margin 4.7% |
| Net income | ¥3.1B | Margin 3.5% |
| Free cash flow | ¥1.85B |  |
| Largest business | Liquor | of segment revenue 93.1% |
| Employees (consolidated) | 811 |  |
| EPS | ¥28.63 |  |
| Book value per share | ¥358.74 |  |
| Equity ratio | 44.2% |  |
| Shares outstanding | 65,586,196 |  |
| Treasury shares | 9,239,700 |  |
| Shareholders | 7,609 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 1.5% | Cash ÷ revenue 1.0% |
| Vs. industry median margin | -1.7 pp | Alcoholic Beverages |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 62% of positive segment profit
- FY2025, segment profit share differs by -31 points
- FY2025, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥77712000000 | ¥87630000000 | +12.8% |
| Operating income | ¥2221000000 | ¥4136000000 | +86.2% |
| Operating margin | 2.9% | 4.7% | +1.9 pp |
| Employees | 908 people | 811 people | -10.7% |
| Cash and equivalents | ¥910000000 | ¥879000000 | -3.4% |

### 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 |
| --- | ---: |
| 酒類 → 酒類 | 90.6% |
| 酵素医薬品 → 酵素医薬品 | 4.2% |
| 加工用澱粉 → 事業再編・廃止 | 4.6% |
| 不動産 → 不動産 | 0.5% |
| その他 → その他 | 0.1% |
| 新設・再編 → 酒類 | 2.5% |
| 新設・再編 → 酵素医薬品 | 1.1% |
| 新設・再編 → 不動産 | 1.1% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Liquor | 5 years | +3.0% | ¥81570000000 | 3.1% | 2 |
| Enzymatic medicine | 5 years | +7.1% | ¥4644000000 | 17.4% | 2 |
| Real estate | 5 years | +30.4% | ¥1322000000 | 57.7% | 2 |
| Other | 5 years | +5.0% | ¥92000000 | 9.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 87,630 | 100.0% | S100XRFQ |
| Cost of revenue | 72,168 | 82.4% | S100XRFQ |
| Gross profit | 15,462 | 17.6% | S100XRFQ |
| SG&A | 11,325 | 12.9% | S100XRFQ |
| Operating income | 4,136 | 4.7% | S100XRFQ |
| Ordinary income | 4,291 | 4.9% | S100XRFQ |
| Pretax income | 4,134 | 4.7% | S100XRFQ |
| Income tax | 1,067 | 1.2% | S100XRFQ |
| Net income | 3,066 | 3.5% | S100XRFQ |
| Net income attributable to owners | 3,102 | 3.5% | S100XRFQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.6% → Operating margin 4.7% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +20.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.76×
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 | 84,104 | 87,630 | 3,526 | +4.2% |
| Gross profit | 13,964 | 15,462 | 1,498 | +10.7% |
| Operating income | 3,448 | 4,136 | 688 | +20.0% |
| Net income attributable to owners | 2,729 | 3,102 | 373 | +13.7% |
| Operating cash flow | 4,280 | 3,568 | -712 | -16.6% |
| Free cash flow | 3,219 | 1,848 | -1,371 | -42.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 75,444 | 1,752 | 2.3% | 1,104 | 3,927 | 1,582 | S100KZT4 |
| FY ending Dec 2020 | 77,712 | 2,221 | 2.9% | 1,147 | 4,762 | 1,120 | S100NPBX |
| FY ending Dec 2021 | 78,618 | 1,207 | 1.5% | 299 | 1,550 | -1,051 | S100QE1B |
| FY ending Dec 2022 | 81,120 | -707 | -0.9% | -1,257 | -860 | -4,794 | S100T22Q |
| FY ending Dec 2023 | 84,947 | 3,585 | 4.2% | 3,393 | 4,606 | 3,735 | S100VG4C |
| FY ending Dec 2024 | 84,104 | 3,448 | 4.1% | 2,729 | 4,280 | 3,219 | S100XRFQ |
| FY ending Dec 2025 | 87,630 | 4,136 | 4.7% | 3,102 | 3,568 | 1,848 | S100XRFQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥108.1M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 879 | 803 | 787 | 808 | 811 |
| Average salary (parent company) | ¥7.5M | ¥6.7M | ¥7.1M | ¥7.8M | ¥7.6M |
| Average age (parent company) | 49.0 years | 47.0 years | 47.0 years | 49.0 years | 46.0 years |
| Average tenure (parent company) | 24.0 years | 22.0 years | 22.0 years | 24.0 years | 20.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Liquor | 81,570 | 93.1% | 2,555 | 3.1% |
| Enzymatic medicine | 4,644 | 5.3% | 807 | 17.4% |
| Real estate | 1,322 | 1.5% | 763 | 57.7% |
| Other | 92 | 0.1% | 9 | 9.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Liquor | 93.1% | 61.8% | -31.3 | 3.1% |
| Enzymatic medicine | 5.3% | 19.5% | 14.2 | 17.4% |
| Real estate | 1.5% | 18.5% | 16.9 | 57.7% |
| Other | 0.1% | 0.2% | 0.1 | 9.8% |

Segment → industry: Enzymatic medicine → Chemicals / Liquor → Alcoholic Beverages / Real estate → Real Estate Development & Leasing / Other → Warehouses & Logistics Facilities

## 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 | 3,568 | 4.1% | S100XRFQ |
| Capital expenditure | 1,720 | 2.0% | S100XRFQ |
| Free cash flow | 1,848 | 2.1% | 算出 |
| Investing cash flow | -1,927 | -2.2% | S100XRFQ |
| Financing cash flow | -1,644 | -1.9% | S100XRFQ |
| Dividends paid | 576 | 0.7% | S100XRFQ |
| Share buyback | 503 | 0.6% | S100XRFQ |
| Change in cash | -3 | -0.0% | S100XRFQ |
| Cash and equivalents | 879 | 1.0% | S100XRFQ |

## 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 | 986 | 894 | 824 | 882 | 879 | S100T22Q, S100VG4C, S100XRFQ |
| Total assets | 52,280 | 55,511 | 55,431 | 55,739 | 59,235 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Net assets | 22,045 | 19,604 | 22,227 | 24,478 | 26,976 | S100T22Q, S100VG4C, S100XRFQ |
| Share capital | 6,946 | 6,946 | 6,946 | 6,946 | 6,946 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Trade receivables | 16,295 | 16,955 | 16,754 | 16,733 | 19,727 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Property, plant and equipment | 23,763 | 25,623 | 24,660 | 24,458 | 24,033 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Intangible assets excluding goodwill | 298 | 554 | 508 | 429 | 314 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Goodwill | 7 | 5 | 3 | 1 | — | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Investment securities | 1,404 | 1,545 | 3,104 | 3,654 | 4,361 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Current assets | 25,596 | 27,038 | 26,081 | 26,175 | 29,473 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Current liabilities | 25,350 | 28,476 | 26,292 | 24,897 | 26,577 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Trade payables | 4,699 | 5,035 | 4,981 | 4,928 | 5,136 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Short-term borrowings | 3,700 | 6,950 | 3,200 | 1,850 | 1,950 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Long-term borrowings | — | 2,400 | 1,800 | 1,200 | 600 | S100T22Q, S100VG4C, S100XRFQ |
| Total liabilities | 30,235 | 35,906 | 33,204 | 31,260 | 32,259 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Non-controlling interests | 2,032 | 1,837 | 846 | 840 | 793 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Equity attributable to owners of parent | 19,532 | 17,494 | 20,601 | 22,399 | 24,505 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Retained earnings | 8,563 | 6,873 | 9,973 | 12,230 | 14,755 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |
| Treasury stock | -1,578 | -1,927 | -1,954 | -2,414 | -2,836 | S100QE1B, S100T22Q, S100VG4C, S100XRFQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100XRFQ |
| Receivables | 33% | S100XRFQ |
| Property, plant and equipment | 41% | S100XRFQ |
| Intangibles and goodwill | 1% | S100XRFQ |
| Investment securities | 7% | S100XRFQ |
| Other assets | 17% | S100XRFQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XRFQ |
| Other liabilities | 46% | S100XRFQ |
| Equity | 45% | S100XRFQ |

### 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 | 52,280 | 55,511 | 55,431 | 55,739 | 59,235 |
| Equity | 22,045 | 19,604 | 22,227 | 24,478 | 26,976 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 986 | 894 | 824 | 882 | 879 |

## 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) | 27.4% | S100XRFQ |
| Fixed assets ÷ total assets | 40.6% | S100XRFQ |
| Goodwill ÷ parent equity | — | —, S100XRFQ |

### 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) | 1.5% |
| Cash ÷ revenue | 1.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.3% |
| Cash vs. profit gap | 466 JPY mn (of net income 15.0%) |
| Shareholder returns / net income | 34.8% |
| Shareholder returns / FCF | 58.4% |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 31.2% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 54.0% |

## 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 | 0.4% | 1.50× | 0.6% | 2.68× | 1.5% | S100QE1B |
| 2022 | — | —× | -2.3% | —× | — | S100T22Q |
| 2023 | 4.0% | 1.53× | 6.1% | 2.91× | 17.8% | S100VG4C |
| 2024 | 3.2% | 1.51× | 4.9% | 2.59× | 12.7% | S100XRFQ |
| 2025 | 3.5% | 1.52× | 5.4% | 2.45× | 13.2% | S100XRFQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221-623793（常任代理人 香港上海銀行東京支店） | Major shareholder | 23.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.1% | 2025-12-31 |
| 第一生命保険株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.4% | 2025-12-31 |
| オエノンホールディングス従業員持株会 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社南悠商社 | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社北洋銀行 | Major shareholder | 3.1% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.3% | 2025-12-31 |
| J.P. MORGAN SE - LUXEMBOURG BRANCH 381639（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第119期(2025/01/01－2025/12/31) | S100XRFQ | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRFQ,, |
| 有価証券報告書－第118期(2024/01/01－2024/12/31) | S100VG4C | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG4C,, |
| 有価証券報告書－第117期(2023/01/01－2023/12/31) | S100T22Q | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T22Q,, |
| 有価証券報告書－第116期(2022/01/01－2022/12/31) | S100QE1B | 2023-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QE1B,, |
| 有価証券報告書－第115期(令和3年1月1日－令和3年12月31日) | S100NPBX | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPBX,, |
| 有価証券報告書－第114期(令和2年1月1日－令和2年12月31日) | S100KZT4 | 2021-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZT4,, |

## 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).