# OKABE 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82期(2025/01/01－2025/12/31) (S100XUL3)
> Page: https://vizora.meequs.com/en/company/okabe
> Retrieved: 2026-09-30T19:05:53.989Z

## Company

Okabe, founded in 1944, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 966 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKABE CO., LTD. |
| Ticker | 5959 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5959.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区押上二丁目8番2号 |
| Representative (per filing) | 代表取締役社長執行役員 河瀬 博英 |
| Founded | Feb 1944 |
| Share capital | ¥6.91B |
| Employees (consolidated) | 966 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.okabe.co.jp (https://www.okabe.co.jp/) |
| Corporate number | 7010601009878 |
| EDINET | E01412 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XUL3, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.4 | 56 |
| Profitability | 69.8 | 58 |
| Cash conversion | 15 | 50 |
| Efficiency | 44 | 58 |
| Financial strength | 56.3 | 8 |

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)

- Okabe brought in ¥69.8B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +13.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥69758000000 → ¥3286000000
- Net income → operating cash flow: ¥3286000000 → ¥2420000000（difference ¥-866000000）
- Main uses of operating cash flow: CapEx ¥2854000000 / dividends ¥1846000000 / buybacks ¥600000000
- Change in cash: ¥-2900000000
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 | ¥69.8B |  |
| Operating income | ¥4.76B | Margin 6.8% |
| Net income | ¥3.29B | Margin 4.7% |
| Free cash flow | -¥434M |  |
| Employees (consolidated) | 966 |  |
| EPS | ¥48.74 |  |
| Book value per share | ¥1160.06 |  |
| Equity ratio | 72.8% |  |
| Shares outstanding | 47,290,000 |  |
| Treasury shares | 1,416,400 |  |
| Shareholders | 27,867 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 10.0% | Net cash ¥2.24B · Cash ÷ revenue 12.1% |
| Vs. industry median margin | +2.4 pp | Housing Equipment & Building Materials |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63127000000 | ¥69758000000 | +10.5% |
| Operating income | ¥4496000000 | ¥4762000000 | +5.9% |
| Operating margin | 7.1% | 6.8% | -0.3 pp |
| Employees | 1,103 people | 966 people | -12.4% |
| Cash and equivalents | ¥21982000000 | ¥8463000000 | -61.5% |

### 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 |
| --- | ---: |
| 建設関連製品事業 → 事業再編・廃止 | 87.7% |
| 自動車関連製品事業 → 事業再編・廃止 | 12.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,758 | 100.0% | S100XUL3 |
| Cost of revenue | 48,044 | 68.9% | S100XUL3 |
| Gross profit | 21,714 | 31.1% | S100XUL3 |
| SG&A | 16,951 | 24.3% | S100XUL3 |
| Operating income | 4,762 | 6.8% | S100XUL3 |
| Ordinary income | 5,081 | 7.3% | S100XUL3 |
| Pretax income | 4,979 | 7.1% | S100XUL3 |
| Income tax | 1,693 | 2.4% | S100XUL3 |
| Net income | 3,286 | 4.7% | S100XUL3 |
| Net income attributable to owners | 3,285 | 4.7% | S100XUL3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.1% → Operating margin 6.8% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +13.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.70×
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 | 67,806 | 69,758 | 1,952 | +2.9% |
| Gross profit | 21,160 | 21,714 | 554 | +2.6% |
| Operating income | 4,194 | 4,762 | 568 | +13.5% |
| Net income attributable to owners | -874 | 3,285 | 4,159 | — |
| Operating cash flow | 3,729 | 2,420 | -1,309 | -35.1% |
| Free cash flow | 717 | -434 | -1,151 | -160.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 65,409 | 5,294 | 8.1% | 3,342 | 3,963 | 2,033 | S100L1AY |
| FY ending Dec 2020 | 63,127 | 4,496 | 7.1% | 2,685 | 4,881 | 3,006 | S100NRSZ |
| FY ending Dec 2021 | 64,829 | 4,334 | 6.7% | 2,627 | 5,504 | 4,496 | S100QHW5 |
| FY ending Dec 2022 | 76,854 | 5,271 | 6.9% | 3,848 | 1,975 | -859 | S100TCVC |
| FY ending Dec 2023 | 78,152 | 4,082 | 5.2% | -5,472 | 6,202 | 4,420 | S100VI9Y |
| FY ending Dec 2024 | 67,806 | 4,194 | 6.2% | -874 | 3,729 | 717 | S100XUL3 |
| FY ending Dec 2025 | 69,758 | 4,762 | 6.8% | 3,285 | 2,420 | -434 | S100XUL3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.2M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 1,124 | 1,126 | 915 | 941 | 966 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.7M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 40.5 years | 40.5 years | 40.8 years | 40.6 years | 40.5 years |
| Average tenure (parent company) | 15.2 years | 15.3 years | 15.4 years | 14.9 years | 14.7 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +2.9%

## 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 | 2,420 | 3.5% | S100XUL3 |
| Capital expenditure | 2,854 | 4.1% | S100XUL3 |
| Free cash flow | -434 | -0.6% | 算出 |
| Investing cash flow | -2,575 | -3.7% | S100XUL3 |
| Financing cash flow | -2,773 | -4.0% | S100XUL3 |
| Dividends paid | 1,846 | 2.6% | S100XUL3 |
| Share buyback | 600 | 0.9% | S100XUL3 |
| Change in cash | -2,900 | -4.2% | S100XUL3 |
| Cash and equivalents | 8,463 | 12.1% | S100XUL3 |

## 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 | 23,575 | 18,156 | 12,539 | 11,364 | 8,463 | S100TCVC, S100VI9Y, S100XUL3 |
| Total assets | 92,018 | 103,894 | 89,885 | 86,993 | 85,030 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Net assets | 60,369 | 67,111 | 62,060 | 59,541 | 61,906 | S100TCVC, S100VI9Y, S100XUL3 |
| Share capital | 6,911 | 6,911 | 6,911 | 6,911 | 6,911 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Trade receivables | 16,277 | — | — | — | — | S100QHW5 |
| Property, plant and equipment | 21,600 | 27,968 | 21,937 | 22,558 | 22,373 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Intangible assets excluding goodwill | 2,448 | 4,168 | 2,029 | 1,929 | 2,712 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Goodwill | 2,089 | 3,811 | 1,721 | 1,550 | 1,379 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Investment securities | 7,387 | 6,094 | 11,218 | 8,344 | 9,834 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Current assets | 58,825 | 63,515 | 51,236 | 48,824 | 46,777 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Current liabilities | 21,712 | 26,402 | 18,177 | 18,329 | 14,747 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Trade payables | 5,181 | 5,085 | 4,169 | 3,781 | 3,856 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Short-term borrowings | 4,318 | 5,865 | 1,035 | 680 | 1,124 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Long-term borrowings | 4,997 | 4,605 | 4,133 | 3,700 | 3,352 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Bonds | 1,000 | 1,750 | 1,750 | 1,750 | 1,750 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Interest-bearing debt | 10,315 | 12,220 | 6,918 | 6,130 | 6,226 | 算出 |
| Total liabilities | 31,648 | 36,783 | 27,824 | 27,452 | 23,124 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Non-controlling interests | 15 | 18 | 18 | 18 | 18 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Equity attributable to owners of parent | 57,666 | 59,656 | 55,184 | 53,100 | 54,006 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Retained earnings | 46,724 | 48,536 | 44,571 | 42,419 | 42,382 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |
| Treasury stock | -1,953 | -1,774 | -2,289 | -2,225 | -1,271 | S100QHW5, S100TCVC, S100VI9Y, S100XUL3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XUL3 |
| Property, plant and equipment | 26% | S100XUL3 |
| Intangibles and goodwill | 5% | S100XUL3 |
| Investment securities | 12% | S100XUL3 |
| Other assets | 47% | S100XUL3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XUL3 |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 15% | S100XUL3 |
| Equity | 73% | S100XUL3 |

### 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 | 92,018 | 103,894 | 89,885 | 86,993 | 85,030 |
| Equity | 60,369 | 67,111 | 62,060 | 59,541 | 61,906 |
| Interest-bearing debt | 10,315 | 12,220 | 6,918 | 6,130 | 6,226 |
| Cash | 23,575 | 18,156 | 12,539 | 11,364 | 8,463 |

## 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) | 32.1% | S100XUL3 |
| Fixed assets ÷ total assets | 26.3% | S100XUL3 |
| Goodwill ÷ parent equity | 2.6% | S100XUL3 |

Goodwill over 4 years: 2,089 → 1,379 JPY; total investing cash flow: -15,665 JPY. This does not imply causation.

### 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) | 10.0% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | ¥2.24B |
| Net debt ÷ operating cash flow | -0.92× |
| Cash conversion (operating CF ÷ operating income) | 50.8% |
| Cash vs. profit gap | -865 JPY mn (of net income -26.3%) |
| Shareholder returns / net income | 74.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 56.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 106.4% |

## 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 | 4.1% | 0.70× | 2.9% | 1.60× | 4.6% | S100QHW5 |
| 2022 | 5.0% | 0.78× | 3.9% | 1.67× | 6.6% | S100TCVC |
| 2023 | — | —× | -5.6% | —× | — | S100VI9Y |
| 2024 | — | —× | -1.0% | —× | — | S100XUL3 |
| 2025 | 4.7% | 0.81× | 3.8% | 1.61× | 6.1% | S100XUL3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トルク株式会社 | Major shareholder | 11.7% | 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 | 10.0% | 2025-12-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 3.0% | 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 | 2.5% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.2% | 2025-12-31 |
| 岡部 和子 | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 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 | 1.9% | 2025-12-31 |
| エムエム建材株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/01/01－2025/12/31) | S100XUL3 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUL3,, |
| 有価証券報告書－第81期(2024/01/01－2024/12/31) | S100VI9Y | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI9Y,, |
| 訂正有価証券報告書－第80期(2023/01/01－2023/12/31) | S100TCVC | 2024-05-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCVC,, |
| 有価証券報告書－第79期(2022/01/01－2022/12/31) | S100QHW5 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHW5,, |
| 有価証券報告書－第78期(令和3年1月1日－令和3年12月31日) | S100NRSZ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRSZ,, |
| 有価証券報告書－第77期(令和2年1月1日－令和2年12月31日) | S100L1AY | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1AY,, |

## 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).