# OHARA INC.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第117期(2024/11/01－2025/10/31) (S100XHTP)
> Page: https://vizora.meequs.com/en/company/ohara
> Retrieved: 2026-09-30T20:20:49.497Z

## Company

Ohara, founded in 1935, is a company in Glass & Ceramics listed on TSE Standard. It has 1,421 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OHARA INC. |
| Ticker | 5218 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5218.T) |
| Listing | TSE Standard |
| Head office | 神奈川県相模原市中央区小山一丁目15番30号 |
| Representative (per filing) | 代表取締役社長執行役員 齋藤 弘和 |
| Founded | Oct 1935 |
| Share capital | ¥5.86B |
| Employees (consolidated) | 1,421 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | October |
| Website | ohara-inc.co.jp (https://ohara-inc.co.jp/) |
| Corporate number | 4021001011600 |
| EDINET | E01170 |
| Industries (Vizora) | Glass & Ceramics, Semiconductor Materials |

> Profile source: annual securities report (S100XHTP, filed 2026-01-29). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.3 | 17 |
| Profitability | 14.7 | 17 |
| Cash conversion | 3.1 | 16 |
| Efficiency | 20.6 | 17 |

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 53% of Ohara's sales come from Optical products, with Electronics making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit -17.6%.

## Company structure

- Segment revenue mix: Optical products 53.0%、Electronics 47.0%
- Revenue → net income: ¥28895673000 → ¥1843209000
- Net income → operating cash flow: ¥1843209000 → ¥1049258000（difference ¥-793951000）
- Main uses of operating cash flow: CapEx ¥1906365000 / dividends ¥562898000 / buybacks —
- Change in cash: ¥-583678000
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 | ¥28.9B |  |
| Operating income | ¥1.79B | Margin 6.2% |
| Net income | ¥1.73B | Margin 6.0% |
| Free cash flow | -¥857.1M |  |
| Largest business | Optical products | of segment revenue 53.0% |
| Employees (consolidated) | 1,421 |  |
| EPS | ¥50.18 |  |
| Book value per share | ¥1224.09 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 25,450,000 |  |
| Treasury shares | 1,085,500 |  |
| Shareholders | 8,981 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 19.5% | Cash ÷ revenue 45.0% |
| Vs. industry median margin | -4.7 pp | Glass & Ceramics |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 53 points

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17873038000 | ¥28895673000 | +61.7% |
| Operating income | ¥-1724684000 | ¥1794267000 | — |
| Operating margin | -9.6% | 6.2% | +15.9 pp |
| Employees | 1,508 people | 1,421 people | -5.8% |
| Cash and equivalents | ¥12553588000 | ¥13011806000 | +3.7% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 光事業 → 光事業 | 53.0% |
| 光事業 → 事業再編・廃止 | 0.3% |
| エレクトロニクス事業 → エレクトロニクス事業 | 46.7% |
| 新設・再編 → エレクトロニクス事業 | 0.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,896 | 100.0% | S100XHTP |
| Cost of revenue | 20,349 | 70.4% | S100XHTP |
| Gross profit | 8,547 | 29.6% | S100XHTP |
| SG&A | 6,752 | 23.4% | S100XHTP |
| Operating income | 1,794 | 6.2% | S100XHTP |
| Ordinary income | 2,290 | 7.9% | S100XHTP |
| Pretax income | 3,066 | 10.6% | S100XHTP |
| Income tax | 1,222 | 4.2% | S100XHTP |
| Net income | 1,843 | 6.4% | S100XHTP |
| Net income attributable to owners | 1,731 | 6.0% | S100XHTP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.6% → Operating margin 6.2% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.5%; Core profit growth: -17.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.98×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,909 | 28,896 | 986 | +3.5% |
| Gross profit | 8,784 | 8,547 | -237 | -2.7% |
| Operating income | 2,178 | 1,794 | -383 | -17.6% |
| Net income attributable to owners | 1,568 | 1,731 | 163 | +10.4% |
| Operating cash flow | 2,736 | 1,049 | -1,687 | -61.7% |
| Free cash flow | 1,101 | -857 | -1,958 | -177.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 23,407 | 901 | 3.8% | 466 | 1,928 | -431 | S100KL7P |
| FY ending Oct 2020 | 17,873 | -1,725 | -9.6% | -4,243 | 2,480 | 1,618 | S100N9YZ |
| FY ending Oct 2021 | 23,522 | 1,368 | 5.8% | 1,460 | 1,938 | 1,086 | S100Q0GV |
| FY ending Oct 2022 | 28,305 | 2,977 | 10.5% | 2,116 | 2,303 | 824 | S100SO0Z |
| FY ending Oct 2023 | 28,123 | 2,234 | 7.9% | 1,572 | 1,837 | 164 | S100V52U |
| FY ending Oct 2024 | 27,909 | 2,178 | 7.8% | 1,568 | 2,736 | 1,101 | S100XHTP |
| FY ending Oct 2025 | 28,896 | 1,794 | 6.2% | 1,731 | 1,049 | -857 | S100XHTP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.3M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,462 | 1,505 | 1,476 | 1,454 | 1,421 |
| Average salary (parent company) | ¥5.6M | ¥6.2M | ¥6.4M | ¥6.3M | ¥6M |
| Average age (parent company) | 42.7 years | 42.7 years | 41.5 years | 41.3 years | 42.8 years |
| Average tenure (parent company) | 17.6 years | 16.5 years | 16.7 years | 16.6 years | 15.6 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Optical products | 15,310 | 53.0% | -800 | -5.2% |
| Electronics | 13,585 | 47.0% | 2,594 | 19.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Optical products | 53.0% | — | — | -5.2% |
| Electronics | 47.0% | 100.0% | 53.0 | 19.1% |

Loss-making segment (excluded from profit shares): Optical products -800 JPY mn

Segment → industry: Electronics → Glass & Ceramics / Optical products → Glass & Ceramics / Electronics → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,049 | 3.6% | S100XHTP |
| Capital expenditure | 1,906 | 6.6% | S100XHTP |
| Free cash flow | -857 | -3.0% | 算出 |
| Investing cash flow | -854 | -3.0% | S100XHTP |
| Financing cash flow | -943 | -3.3% | S100XHTP |
| Dividends paid | 563 | 1.9% | S100XHTP |
| Change in cash | -584 | -2.0% | S100XHTP |
| Cash and equivalents | 13,012 | 45.0% | S100XHTP |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,967 | 14,135 | 13,935 | 13,595 | 13,012 | S100SO0Z, S100V52U, S100XHTP |
| Total assets | 53,606 | 60,678 | 61,840 | 65,112 | 66,885 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Net assets | 40,112 | 45,262 | 47,311 | 50,834 | 52,347 | S100SO0Z, S100V52U, S100XHTP |
| Share capital | 5,855 | 5,855 | 5,855 | 5,855 | 5,855 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Trade receivables | 6,410 | 7,023 | 6,718 | 7,163 | 7,607 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Property, plant and equipment | 15,880 | 16,568 | 16,766 | 17,123 | 18,098 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Intangible assets excluding goodwill | 380 | 351 | 284 | 207 | 141 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Investment securities | 5,347 | 6,543 | 6,555 | 7,839 | 7,260 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Current assets | 31,411 | 36,635 | 37,583 | 39,055 | 40,260 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Current liabilities | 8,385 | 9,495 | 9,690 | 9,739 | 9,978 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Trade payables | 1,527 | 1,935 | 1,223 | 1,386 | 1,536 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Short-term borrowings | 3,053 | 3,193 | 4,264 | 4,012 | 4,200 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Long-term borrowings | 1,779 | 1,547 | 1,373 | 1,157 | 854 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Total liabilities | 13,494 | 15,416 | 14,529 | 14,279 | 14,538 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Non-controlling interests | 133 | 238 | 261 | 328 | 415 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Equity attributable to owners of parent | 37,139 | 38,888 | 39,986 | 41,065 | 42,233 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Retained earnings | 24,814 | 26,564 | 27,646 | 28,725 | 29,893 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |
| Treasury stock | -1,490 | -1,493 | -1,477 | -1,477 | -1,470 | S100Q0GV, S100SO0Z, S100V52U, S100XHTP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XHTP |
| Receivables | 11% | S100XHTP |
| Property, plant and equipment | 27% | S100XHTP |
| Intangibles and goodwill | 0% | S100XHTP |
| Investment securities | 11% | S100XHTP |
| Other assets | 31% | S100XHTP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XHTP |
| Other liabilities | 20% | S100XHTP |
| Equity | 78% | S100XHTP |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 53,606 | 60,678 | 61,840 | 65,112 | 66,885 |
| Equity | 40,112 | 45,262 | 47,311 | 50,834 | 52,347 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,967 | 14,135 | 13,935 | 13,595 | 13,012 |

## 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) | 62.6% | S100XHTP |
| Fixed assets ÷ total assets | 27.1% | S100XHTP |
| Goodwill ÷ parent equity | — | —, S100XHTP |

### 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) | 19.5% |
| Cash ÷ revenue | 45.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 58.5% |
| Cash vs. profit gap | -682 JPY mn (of net income -39.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 81.4% |

## 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 | 6.2% | 0.44× | 2.7% | 1.44× | 3.9% | S100Q0GV |
| 2022 | 7.5% | 0.50× | 3.7% | 1.50× | 5.6% | S100SO0Z |
| 2023 | 5.6% | 0.46× | 2.6% | 1.55× | 4.0% | S100V52U |
| 2024 | 5.6% | 0.44× | 2.5% | 1.57× | 3.9% | S100XHTP |
| 2025 | 6.0% | 0.44× | 2.6% | 1.58× | 4.2% | S100XHTP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| キヤノン株式会社 | Major shareholder | 19.3% | 2025-10-31 |
| セイコーグループ株式会社 | Major shareholder | 19.3% | 2025-10-31 |
| 京橋起業株式会社 | Major shareholder | 19.2% | 2025-10-31 |
| 三光起業株式会社 | Major shareholder | 6.8% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.9% | 2025-10-31 |
| 株式会社トプコン | Major shareholder | 2.8% | 2025-10-31 |
| セイコーインスツル株式会社 | Major shareholder | 2.5% | 2025-10-31 |
| オリンパス株式会社 | Major shareholder | 1.6% | 2025-10-31 |
| オハラ従業員持株会 | Major shareholder | 0.5% | 2025-10-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.5% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2024/11/01－2025/10/31) | S100XHTP | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHTP,, |
| 有価証券報告書－第116期(2023/11/01－2024/10/31) | S100V52U | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V52U,, |
| 有価証券報告書－第115期(2022/11/01－2023/10/31) | S100SO0Z | 2024-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SO0Z,, |
| 有価証券報告書－第114期(2021/11/01－2022/10/31) | S100Q0GV | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0GV,, |
| 有価証券報告書－第113期(令和2年11月1日－令和3年10月31日) | S100N9YZ | 2022-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9YZ,, |
| 有価証券報告書－第112期(令和1年11月1日－令和2年10月31日) | S100KL7P | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL7P,, |

## 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).