# OHBA CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第92期(2025/06/01－2026/05/31) (S100YY0T)
> Page: https://vizora.meequs.com/en/company/ohba
> Retrieved: 2026-09-30T20:58:30.885Z

## Company

Ohba, founded in 1947, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 535 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OHBA CO.,LTD. |
| Ticker | 9765 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9765.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田錦町三丁目7番1号 |
| Representative (per filing) | 代表取締役社長執行役員 辻本 茂 |
| Founded | Oct 1947 |
| Share capital | ¥2.13B |
| Employees (consolidated) | 535 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | May |
| Website | www.k-ohba.co.jp (https://www.k-ohba.co.jp/) |
| Corporate number | 9013201001170 |
| EDINET | E04764 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YY0T, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 35 |
| Profitability | 71.3 | 40 |
| Cash conversion | 69.7 | 38 |
| Efficiency | 51.3 | 40 |

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)

- Ohba brought in ¥17B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -6.0% from the prior year, operating profit +1.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17011233000 → ¥1468750000
- Net income → operating cash flow: ¥1468750000 → ¥2065158000（difference ¥596408000）
- Main uses of operating cash flow: CapEx ¥262737000 / dividends ¥683514000 / buybacks ¥172348000
- Change in cash: ¥1123228000
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 | ¥17B |  |
| Operating income | ¥1.97B | Margin 11.6% |
| Net income | ¥1.47B | Margin 8.6% |
| Free cash flow | ¥1.8B |  |
| Employees (consolidated) | 535 |  |
| EPS | ¥89.12 |  |
| Diluted EPS | ¥85.19 |  |
| Book value per share | ¥761.76 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 16,500,000 |  |
| Treasury shares | 677,800 |  |
| Shareholders | 13,807 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 16.5% |
| Vs. industry median margin | +2.8 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15862054000 | ¥17011233000 | +7.2% |
| Operating income | ¥1334093000 | ¥1965476000 | +47.3% |
| Operating margin | 8.4% | 11.6% | +3.1 pp |
| Employees | 519 people | 535 people | +3.1% |
| Cash and equivalents | ¥3002039000 | ¥2812131000 | -6.3% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,011 | 100.0% | S100YY0T |
| Cost of revenue | 11,190 | 65.8% | S100YY0T |
| Gross profit | 5,822 | 34.2% | S100YY0T |
| SG&A | 3,856 | 22.7% | S100YY0T |
| Operating income | 1,965 | 11.6% | S100YY0T |
| Ordinary income | 2,142 | 12.6% | S100YY0T |
| Pretax income | 2,141 | 12.6% | S100YY0T |
| Income tax | 672 | 4.0% | S100YY0T |
| Net income | 1,469 | 8.6% | S100YY0T |
| Net income attributable to owners | 1,469 | 8.6% | S100YY0T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 23 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 34.2% → Operating margin 11.6% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.0%; Core profit growth: +1.5%
Operating leverage (core profit growth ÷ revenue growth): -0.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,097 | 17,011 | -1,085 | -6.0% |
| Gross profit | 5,742 | 5,822 | 80 | +1.4% |
| Operating income | 1,937 | 1,965 | 29 | +1.5% |
| Net income attributable to owners | 1,334 | 1,469 | 134 | +10.1% |
| Operating cash flow | -510 | 2,065 | 2,576 | — |
| Free cash flow | -599 | 1,802 | 2,401 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 15,203 | 1,145 | 7.5% | 824 | 1,260 | 998 | S100MBRC |
| FY ending May 2021 | 15,862 | 1,334 | 8.4% | 852 | 1,994 | 1,199 | S100P2RQ |
| FY ending May 2022 | 15,933 | 1,583 | 9.9% | 1,086 | -346 | -505 | S100RR04 |
| FY ending May 2023 | 15,648 | 1,715 | 11.0% | 1,075 | 2,295 | 2,239 | S100UGK3 |
| FY ending May 2024 | 16,486 | 1,843 | 11.2% | 1,339 | -346 | -552 | S100WKLV |
| FY ending May 2025 | 18,097 | 1,937 | 10.7% | 1,334 | -510 | -599 | S100YY0T |
| FY ending May 2026 | 17,011 | 1,965 | 11.6% | 1,469 | 2,065 | 1,802 | S100YY0T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.8M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 532 | 556 | 550 | 531 | 535 |
| Average salary (parent company) | ¥7.1M | ¥7.3M | ¥7.4M | ¥7.6M | ¥7.8M |
| Average age (parent company) | 41.6 years | 40.8 years | 40.5 years | 39.8 years | 39.5 years |
| Average tenure (parent company) | 14.9 years | 14.2 years | 13.9 years | 13.2 years | 12.5 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -6.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,065 | 12.1% | S100YY0T |
| Capital expenditure | 263 | 1.5% | S100YY0T |
| Free cash flow | 1,802 | 10.6% | 算出 |
| Investing cash flow | -86 | -0.5% | S100YY0T |
| Financing cash flow | -856 | -5.0% | S100YY0T |
| Dividends paid | 684 | 4.0% | S100YY0T |
| Share buyback | 172 | 1.0% | S100YY0T |
| Change in cash | 1,123 | 6.6% | S100YY0T |
| Cash and equivalents | 2,812 | 16.5% | S100YY0T |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,956 | 4,205 | 3,116 | 1,689 | 2,812 | S100UGK3, S100WKLV, S100YY0T |
| Total assets | 14,427 | 16,117 | 17,967 | 17,901 | 20,718 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Net assets | 10,230 | 10,931 | 12,624 | 13,168 | 14,745 | S100UGK3, S100WKLV, S100YY0T |
| Share capital | 2,132 | 2,132 | 2,132 | 2,132 | 2,132 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Property, plant and equipment | 4,266 | 3,312 | 3,204 | 3,191 | 3,190 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Intangible assets excluding goodwill | 113 | 82 | 97 | 59 | 43 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Investment securities | 1,120 | 1,208 | 1,632 | 1,627 | 1,567 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Current assets | 7,623 | 9,643 | 9,973 | 9,474 | 10,620 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Current liabilities | 3,489 | 4,272 | 4,022 | 3,235 | 3,966 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Total liabilities | 4,197 | 5,186 | 5,343 | 4,733 | 5,972 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Equity attributable to owners of parent | 9,316 | 9,859 | 10,662 | 11,219 | 11,896 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Retained earnings | 7,449 | 7,941 | 8,639 | 9,160 | 9,756 | S100RR04, S100UGK3, S100WKLV, S100YY0T |
| Treasury stock | -798 | -746 | -641 | -606 | -524 | S100RR04, S100UGK3, S100WKLV, S100YY0T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YY0T |
| Property, plant and equipment | 15% | S100YY0T |
| Intangibles and goodwill | 0% | S100YY0T |
| Investment securities | 8% | S100YY0T |
| Other assets | 63% | S100YY0T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YY0T |
| Equity | 71% | S100YY0T |
| Other liabilities | 0% | S100YY0T |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,427 | 16,117 | 17,967 | 17,901 | 20,718 |
| Equity | 10,230 | 10,931 | 12,624 | 13,168 | 14,745 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,956 | 4,205 | 3,116 | 1,689 | 2,812 |

## 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) | 18.8% | S100YY0T |
| Fixed assets ÷ total assets | 15.4% | S100YY0T |
| Goodwill ÷ parent equity | — | —, S100YY0T |

### 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) | 13.6% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.1% |
| Cash vs. profit gap | 596 JPY mn (of net income 40.6%) |
| Shareholder returns / net income | 58.3% |
| Shareholder returns / FCF | 47.5% |
| Shareholder payments — dividends / net income | 46.5% |
| Shareholder payments — dividends / FCF | 37.9% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 4.2% |

## 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 | 6.8% | 1.10× | 7.5% | 1.55× | 11.7% | S100RR04 |
| 2023 | 6.9% | 1.02× | 7.0% | 1.59× | 11.2% | S100UGK3 |
| 2024 | 8.1% | 0.97× | 7.9% | 1.66× | 13.1% | S100WKLV |
| 2025 | 7.4% | 1.01× | 7.4% | 1.64× | 12.2% | S100YY0T |
| 2026 | 8.6% | 0.88× | 7.6% | 1.67× | 12.7% | S100YY0T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井不動産株式会社 | Major shareholder | 4.6% | 2026-05-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.2% | 2026-05-31 |
| パシフィックコンサルタンツ株式会社 | Major shareholder | 4.0% | 2026-05-31 |
| オオバ取引先持株会 | Major shareholder | 3.1% | 2026-05-31 |
| 大塲 明憲 | Major shareholder | 2.9% | 2026-05-31 |
| 大塲 重憲 | Major shareholder | 2.6% | 2026-05-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-05-31 |
| 辻本 茂 | Major shareholder | 1.8% | 2026-05-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.8% | 2026-05-31 |
| 株式会社デベロツパー三信 | Major shareholder | 1.5% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/06/01－2026/05/31) | S100YY0T | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY0T,, |
| 有価証券報告書－第91期(2024/06/01－2025/05/31) | S100WKLV | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKLV,, |
| 訂正有価証券報告書－第90期(2023/06/01－2024/05/31) | S100UGK3 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGK3,, |
| 有価証券報告書－第89期(2022/06/01－2023/05/31) | S100RR04 | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR04,, |
| 有価証券報告書－第88期(令和3年6月1日－令和4年5月31日) | S100P2RQ | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2RQ,, |
| 有価証券報告書－第87期(令和2年6月1日－令和3年5月31日) | S100MBRC | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MBRC,, |

## 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).