# OHKI HEALTHCARE HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/04/01－2026/03/31) (S100YF0K)
> Page: https://vizora.meequs.com/en/company/ohki-net
> Retrieved: 2026-09-30T17:49:32.579Z

## Company

Ohki Healthcare Holdings, founded in 1912, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 685 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OHKI HEALTHCARE HOLDINGS CO.,LTD. |
| Ticker | 3417 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3417.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区音羽二丁目1番4号 |
| Representative (per filing) | 代表取締役社長 松井 秀正 |
| Founded | Oct 1912 |
| Share capital | ¥2.49B |
| Employees (consolidated) | 685 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.ohki-net.co.jp (https://www.ohki-net.co.jp/) |
| Corporate number | 2010001170789 |
| EDINET | E31624 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YF0K, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.9 | 179 |
| Profitability | 4.1 | 185 |
| Cash conversion | 2.5 | 179 |
| Efficiency | 87.3 | 185 |
| Financial strength | 47.5 | 20 |

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)

- Ohki Healthcare Holdings brought in ¥360.4B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +3.1% from the prior year, operating profit -74.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥360.4B |  |
| Operating income | ¥719M | Margin 0.2% |
| Net income | ¥1.34B | Margin 0.4% |
| Free cash flow | -¥2.81B |  |
| Employees (consolidated) | 685 |  |
| EPS | ¥20.96 |  |
| Book value per share | ¥656.26 |  |
| Equity ratio | 23.0% |  |
| Shares outstanding | 14,072,100 |  |
| Treasury shares | 434,100 |  |
| Shareholders | 1,591 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 1.5% | Net cash -¥13.4B · Cash ÷ revenue 0.6% |
| Vs. industry median margin | -2.7 pp | Specialty Trading & Wholesale |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥270927000000 | ¥360358000000 | +33.0% |
| Operating income | ¥2946000000 | ¥719000000 | -75.6% |
| Operating margin | 1.1% | 0.2% | -0.9 pp |
| Employees | 582 people | 685 people | +17.7% |
| Cash and equivalents | ¥2779000000 | ¥2213000000 | -20.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 360,358 | 100.0% | S100YF0K |
| Cost of revenue | 342,739 | 95.1% | S100YF0K |
| Gross profit | 17,619 | 4.9% | S100YF0K |
| SG&A | 16,899 | 4.7% | S100YF0K |
| Operating income | 719 | 0.2% | S100YF0K |
| Ordinary income | 1,964 | 0.5% | S100YF0K |
| Pretax income | 2,221 | 0.6% | S100YF0K |
| Income tax | 941 | 0.3% | S100YF0K |
| Net income | 1,279 | 0.4% | S100YF0K |
| Net income attributable to owners | 1,339 | 0.4% | S100YF0K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 95 |
| SG&A | 5 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 4.9% → Operating margin 0.2% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.1%; Core profit growth: -74.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -23.72×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 349,452 | 360,358 | 10,906 | +3.1% |
| Gross profit | 18,510 | 17,619 | -891 | -4.8% |
| Operating income | 2,768 | 719 | -2,049 | -74.0% |
| Net income attributable to owners | 2,639 | 1,339 | -1,300 | -49.3% |
| Operating cash flow | -9,184 | -1,415 | 7,769 | — |
| Free cash flow | -12,163 | -2,810 | 9,353 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 277,260 | 2,240 | 0.8% | 2,366 | -901 | -1,355 | S100LLUI |
| FY ending Mar 2021 | 270,927 | 2,946 | 1.1% | 2,750 | -4,273 | -4,433 | S100OI0Q |
| FY ending Mar 2022 | 278,162 | 631 | 0.2% | 972 | 1,309 | 1,165 | S100R4XO |
| FY ending Mar 2023 | 304,445 | 2,059 | 0.7% | 2,182 | 96 | -223 | S100TRBD |
| FY ending Mar 2024 | 334,661 | 2,042 | 0.6% | 2,210 | 7,548 | 7,228 | S100W27G |
| FY ending Mar 2025 | 349,452 | 2,768 | 0.8% | 2,639 | -9,184 | -12,163 | S100YF0K |
| FY ending Mar 2026 | 360,358 | 719 | 0.2% | 1,339 | -1,415 | -2,810 | S100YF0K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥526.1M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 578 | 576 | 632 | 648 | 685 |
| Average salary (parent company) | ¥5.7M | ¥5.5M | ¥5.8M | ¥6.3M | ¥6.9M |
| Average age (parent company) | 53.4 years | 48.9 years | 49.1 years | 56.6 years | 57.1 years |
| Average tenure (parent company) | 22.9 years | 19.7 years | 20.3 years | 27.6 years | 26.5 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +3.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,415 | -0.4% | S100YF0K |
| Capital expenditure | 1,395 | 0.4% | S100YF0K |
| Free cash flow | -2,810 | -0.8% | 算出 |
| Investing cash flow | -671 | -0.2% | S100YF0K |
| Financing cash flow | 1,420 | 0.4% | S100YF0K |
| Dividends paid | 353 | 0.1% | S100YF0K |
| Share buyback | 0 | 0.0% | S100YF0K |
| Change in cash | -666 | -0.2% | S100YF0K |
| Cash and equivalents | 2,213 | 0.6% | S100YF0K |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,754 | 3,240 | 8,308 | 2,880 | 2,213 | S100TRBD, S100W27G, S100YF0K |
| Total assets | 113,954 | 122,539 | 138,576 | 139,339 | 148,393 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Net assets | 22,092 | 24,271 | 27,899 | 31,055 | 34,166 | S100TRBD, S100W27G, S100YF0K |
| Share capital | 2,486 | 2,486 | 2,486 | 2,486 | 2,486 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Trade receivables | 62,051 | 66,394 | 74,876 | 72,467 | 75,641 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Inventories | 22,192 | 23,755 | 23,890 | 28,796 | 32,684 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Property, plant and equipment | 5,852 | 5,716 | 5,518 | 8,069 | 8,999 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Intangible assets excluding goodwill | 114 | 169 | 162 | 254 | 254 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Investment securities | 7,132 | 7,503 | 10,284 | 11,670 | 14,535 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Current assets | 97,675 | 104,717 | 118,814 | 115,908 | 122,836 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Current liabilities | 89,615 | 94,367 | 106,393 | 101,988 | 107,534 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Trade payables | 51,979 | 56,944 | 64,965 | 58,018 | 62,307 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Short-term borrowings | 7,180 | 6,617 | 5,421 | 11,086 | 13,096 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Long-term borrowings | 300 | 1,845 | 1,524 | 1,087 | 861 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Bonds | — | — | — | 2,000 | 1,666 | S100YF0K |
| Interest-bearing debt | — | — | — | 14,173 | 15,623 | 算出 |
| Total liabilities | 91,861 | 98,267 | 110,677 | 108,284 | 114,227 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Non-controlling interests | 145 | 146 | 61 | 64 | 4 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Equity attributable to owners of parent | 18,411 | 20,303 | 22,058 | 24,370 | 25,355 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Retained earnings | 14,747 | 16,640 | 18,547 | 20,859 | 21,844 | S100R4XO, S100TRBD, S100W27G, S100YF0K |
| Treasury stock | -255 | -255 | -405 | -405 | -406 | S100R4XO, S100TRBD, S100W27G, S100YF0K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YF0K |
| Receivables | 51% | S100YF0K |
| Inventories | 22% | S100YF0K |
| Property, plant and equipment | 6% | S100YF0K |
| Intangibles and goodwill | 0% | S100YF0K |
| Investment securities | 10% | S100YF0K |
| Other assets | 9% | S100YF0K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 42% | S100YF0K |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 24% | S100YF0K |
| Equity | 23% | S100YF0K |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 113,954 | 122,539 | 138,576 | 139,339 | 148,393 |
| Equity | 22,092 | 24,271 | 27,899 | 31,055 | 34,166 |
| Interest-bearing debt | — | — | — | 14,173 | 15,623 |
| Cash | 2,754 | 3,240 | 8,308 | 2,880 | 2,213 |

## 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) | 2.5% | S100YF0K |
| Fixed assets ÷ total assets | 6.1% | S100YF0K |
| Goodwill ÷ parent equity | — | —, S100YF0K |

### 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 | 0.6% |
| Net cash (cash − interest-bearing debt) | -¥13.4B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -196.8% |
| Cash vs. profit gap | -2,754 JPY mn (of net income -205.7%) |
| Shareholder returns / net income | 26.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | — |

## 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 | 0.3% | 2.44× | 0.9% | 6.19× | 5.3% | S100R4XO |
| 2023 | 0.7% | 2.57× | 1.8% | 6.11× | 11.3% | S100TRBD |
| 2024 | 0.7% | 2.56× | 1.7% | 6.16× | 10.4% | S100W27G |
| 2025 | 0.8% | 2.51× | 1.9% | 5.99× | 11.4% | S100YF0K |
| 2026 | 0.4% | 2.50× | 0.9% | 5.79× | 5.4% | S100YF0K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ロート製薬株式会社 | Major shareholder | 12.9% | 2026-03-31 |
| 東邦ホールディングス株式会社 | Major shareholder | 10.4% | 2026-03-31 |
| 国分グループ本社株式会社 | Major shareholder | 7.3% | 2026-03-31 |
| 大木ヘルスケアホールディングス取引先持株会 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社ツムラ | Major shareholder | 4.1% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 久光製薬株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社明治 | Major shareholder | 2.3% | 2026-03-31 |
| ＤＢＳ ＢＡＮＫ ＬＴＤ ７００１７０（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥360.4B, up +3.1% from ¥349.5B.
- Gross profit, however, slipped -4.8% to ¥17.6B, and operating income fell -74.0% from ¥2.77B to ¥719M.
- Net income attributable to owners dropped -49.3% to ¥1.34B.
- Operating cash flow stayed negative at -¥1.42B, after -¥9.18B the year before.

### Drivers

- Sales rose on growth in categories such as household goods and light clothing
- Renegotiated terms with consolidating large retailers and slow pass-through of supplier price increases squeezed margins
- Higher labor and logistics costs, up-front spending on digital systems, one-off costs of moving head-office functions and inventory clean-up at a subsidiary added to expenses

### Risks

- Changes to manufacturers' sales incentives, or to the logistics fees (center fees) that big retailers charge wholesalers, could hit earnings
- Customers, mainly drugstores and pharmacies, could run into financial trouble and delay payment
- If a supplier fails, returnable inventory could become unreturnable and lose value

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YF0K | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF0K,, |
| 有価証券報告書－第10期(2024/04/01－2025/03/31) | S100W27G | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W27G,, |
| 有価証券報告書－第9期(2023/04/01－2024/03/31) | S100TRBD | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRBD,, |
| 有価証券報告書－第8期(2022/04/01－2023/03/31) | S100R4XO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4XO,, |
| 有価証券報告書－第7期(令和3年4月1日－令和4年3月31日) | S100OI0Q | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI0Q,, |
| 有価証券報告書－第6期(令和2年4月1日－令和3年3月31日) | S100LLUI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLUI,, |

## 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).