# OKADA AIYON CORPORATION: 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67期(2025/04/01－2026/03/31) (S100YBL0)
> Page: https://vizora.meequs.com/en/company/okada-aiyon
> Retrieved: 2026-09-30T19:50:35.601Z

## Company

Okada Aiyon, founded in 1960, is a company in Construction & Farm Machinery listed on TSE Prime. It has 497 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKADA AIYON CORPORATION |
| Ticker | 6294 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6294.T) |
| Listing | TSE Prime |
| Head office | 大阪市港区海岸通4丁目1番18号 |
| Representative (per filing) | 代表取締役社長 岡田 祐司 |
| Founded | Sep 1960 |
| Share capital | ¥2.22B |
| Employees (consolidated) | 497 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | okadaaiyon.com (https://okadaaiyon.com/) |
| Corporate number | 3120001028645 |
| EDINET | E01696 |
| Industries (Vizora) | Construction & Farm Machinery |

> Profile source: annual securities report (S100YBL0, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.6 | 17 |
| Profitability | 46.9 | 16 |
| Cash conversion | 10 | 15 |
| Efficiency | 44.1 | 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 77% of Okada Aiyon's sales come from Domestic, with Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit -0.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥27B |  |
| Operating income | ¥2.26B | Margin 8.4% |
| Net income | ¥1.49B | Margin 5.5% |
| Free cash flow | -¥3.59B |  |
| Largest business | Domestic | of segment revenue 76.6% |
| Employees (consolidated) | 497 |  |
| EPS | ¥121.22 |  |
| Diluted EPS | ¥116.77 |  |
| Book value per share | ¥1392.62 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 8,378,000 |  |
| Treasury shares | 321,300 |  |
| Shareholders | 8,705 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 20.4% |
| Vs. industry median margin | -0.2 pp | Construction & Farm Machinery |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17591769000 | ¥26991439000 | +53.4% |
| Operating income | ¥1377110000 | ¥2261269000 | +64.2% |
| Operating margin | 7.8% | 8.4% | +0.5 pp |
| Employees | 451 people | 497 people | +10.2% |
| Cash and equivalents | ¥4274283000 | ¥5492875000 | +28.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 国内 → 国内 | 72.3% |
| 海外 → 海外 | 14.3% |
| 南星 → 事業再編・廃止 | 13.4% |
| 新設・再編 → 国内 | 4.2% |
| 新設・再編 → 海外 | 9.2% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,991 | 100.0% | S100YBL0 |
| Cost of revenue | 18,999 | 70.4% | S100YBL0 |
| Gross profit | 7,993 | 29.6% | S100YBL0 |
| SG&A | 5,731 | 21.2% | S100YBL0 |
| Operating income | 2,261 | 8.4% | S100YBL0 |
| Ordinary income | 2,344 | 8.7% | S100YBL0 |
| Pretax income | 2,263 | 8.4% | S100YBL0 |
| Income tax | 771 | 2.9% | S100YBL0 |
| Net income | 1,492 | 5.5% | S100YBL0 |
| Net income attributable to owners | 1,492 | 5.5% | S100YBL0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.6% → Operating margin 8.4% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.5%; Core profit growth: -0.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.51×
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 | 26,583 | 26,991 | 409 | +1.5% |
| Gross profit | 7,859 | 7,993 | 134 | +1.7% |
| Operating income | 2,279 | 2,261 | -18 | -0.8% |
| Net income attributable to owners | 1,475 | 1,492 | 17 | +1.1% |
| Operating cash flow | -8 | -191 | -183 | — |
| Free cash flow | -1,276 | -3,588 | -2,312 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,958 | 1,369 | 7.6% | 885 | 310 | -281 | S100LOFD |
| FY ending Mar 2021 | 17,592 | 1,377 | 7.8% | 919 | 2,171 | 1,173 | S100O9XN |
| FY ending Mar 2022 | 20,307 | 1,772 | 8.7% | 1,191 | 970 | -656 | S100R1CZ |
| FY ending Mar 2023 | 23,576 | 1,965 | 8.3% | 1,414 | -658 | -1,769 | S100TN6N |
| FY ending Mar 2024 | 27,096 | 2,720 | 10.0% | 1,887 | 2,007 | 1,220 | S100VYA7 |
| FY ending Mar 2025 | 26,583 | 2,279 | 8.6% | 1,475 | -8 | -1,276 | S100YBL0 |
| FY ending Mar 2026 | 26,991 | 2,261 | 8.4% | 1,492 | -191 | -3,588 | S100YBL0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.3M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3M |

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) | 459 | 487 | 491 | 497 | 497 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥7M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 13.0 years | 13.0 years | 12.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +1.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic | 20,665 | 76.6% | 1,988 | 9.6% |
| Overseas | 6,327 | 23.4% | 277 | 4.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic | 76.6% | 87.8% | 11.2 | 9.6% |
| Overseas | 23.4% | 12.2% | -11.2 | 4.4% |

Segment → industry: Overseas → Construction & Farm Machinery / Domestic → Construction & Farm Machinery

## 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 | -191 | -0.7% | S100YBL0 |
| Capital expenditure | 3,397 | 12.6% | S100YBL0 |
| Free cash flow | -3,588 | -13.3% | 算出 |
| Investing cash flow | -3,089 | -11.4% | S100YBL0 |
| Financing cash flow | 4,065 | 15.1% | S100YBL0 |
| Dividends paid | 595 | 2.2% | S100YBL0 |
| Share buyback | 0 | 0.0% | S100YBL0 |
| Change in cash | 826 | 3.1% | S100YBL0 |
| Cash and equivalents | 5,493 | 20.4% | S100YBL0 |

## 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 | 3,574 | 3,096 | 4,293 | 4,667 | 5,493 | S100TN6N, S100VYA7, S100YBL0 |
| Total assets | 25,516 | 30,595 | 34,008 | 35,995 | 39,984 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Net assets | 12,545 | 13,961 | 16,020 | 17,239 | 18,083 | S100TN6N, S100VYA7, S100YBL0 |
| Share capital | 2,221 | 2,221 | 2,221 | 2,221 | 2,221 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Property, plant and equipment | 7,576 | 8,232 | 8,715 | 9,812 | 12,972 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Intangible assets excluding goodwill | 449 | 662 | 478 | 414 | 361 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Goodwill | 21 | 192 | 173 | 135 | 88 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Investment securities | 353 | 362 | 513 | 523 | 567 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Current assets | 16,440 | 20,615 | 23,487 | 24,504 | 25,382 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Current liabilities | 9,637 | 13,906 | 16,099 | 15,682 | 17,116 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Trade payables | 4,076 | 4,246 | 3,231 | 1,610 | 1,370 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Short-term borrowings | 2,644 | 6,589 | 8,303 | 9,435 | 11,151 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Long-term borrowings | 2,565 | 1,980 | 1,140 | 2,332 | 2,488 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Total liabilities | 12,972 | 16,633 | 17,988 | 18,756 | 21,902 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Equity attributable to owners of parent | 12,341 | 13,509 | 15,102 | 16,029 | 16,937 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Retained earnings | 8,086 | 9,244 | 10,826 | 11,739 | 12,635 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |
| Treasury stock | -242 | -237 | -230 | -221 | -215 | S100R1CZ, S100TN6N, S100VYA7, S100YBL0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YBL0 |
| Property, plant and equipment | 33% | S100YBL0 |
| Intangibles and goodwill | 1% | S100YBL0 |
| Investment securities | 1% | S100YBL0 |
| Other assets | 51% | S100YBL0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YBL0 |
| Other liabilities | 51% | S100YBL0 |
| Equity | 45% | S100YBL0 |

### 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 | 25,516 | 30,595 | 34,008 | 35,995 | 39,984 |
| Equity | 12,545 | 13,961 | 16,020 | 17,239 | 18,083 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,574 | 3,096 | 4,293 | 4,667 | 5,493 |

## 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) | 48.1% | S100YBL0 |
| Fixed assets ÷ total assets | 32.4% | S100YBL0 |
| Goodwill ÷ parent equity | 0.5% | S100YBL0 |

Goodwill over 4 years: 21 → 88 JPY; total investing cash flow: -9,700 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) | 13.7% |
| Cash ÷ revenue | 20.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -8.4% |
| Cash vs. profit gap | -1,683 JPY mn (of net income -112.8%) |
| Shareholder returns / net income | 39.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.6% |
| 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 | 5.9% | 0.80× | 4.7% | 2.07× | 9.6% | S100R1CZ |
| 2023 | 6.0% | 0.84× | 5.0% | 2.17× | 10.9% | S100TN6N |
| 2024 | 7.0% | 0.84× | 5.8% | 2.26× | 13.2% | S100VYA7 |
| 2025 | 5.5% | 0.76× | 4.2% | 2.25× | 9.5% | S100YBL0 |
| 2026 | 5.5% | 0.71× | 3.9% | 2.30× | 9.1% | S100YBL0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.1% | 2026-03-31 |
| 岡田 眞一郎 | Major shareholder | 3.9% | 2026-03-31 |
| 極東開発工業株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 岡田 町子 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社テイサク | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社池﨑鉄工所 | Major shareholder | 2.2% | 2026-03-31 |
| 萱岡 和夫 成年後見人 田中 吉昭 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YBL0 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBL0,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100VYA7 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYA7,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TN6N | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN6N,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R1CZ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1CZ,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100O9XN | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9XN,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LOFD | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOFD,, |

## 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).