# OKAMOTO GLASS 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80期(2025/04/01－2026/03/31) (S100YL4M)
> Page: https://vizora.meequs.com/en/company/okamoto-glass
> Retrieved: 2026-09-30T22:27:53.488Z

## Company

Okamoto Glass, founded in 1947, is a company in Cameras & Optics listed on TSE Standard. It has 232 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKAMOTO GLASS CO., LTD. |
| Ticker | 7746 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7746.T) |
| Listing | TSE Standard |
| Head office | 千葉県柏市十余二380番地 |
| Representative (per filing) | 代表取締役会長 岡本 毅 |
| Founded | Mar 1947 |
| Share capital | ¥1.48B |
| Employees (consolidated) | 232 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.ogc-jp.com (https://www.ogc-jp.com/) |
| Corporate number | 2040001065334 |
| EDINET | E01221 |
| Industries (Vizora) | Cameras & Optics, Glass & Ceramics |

> Profile source: annual securities report (S100YL4M, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Cameras & Optics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 7.1 | 7 |
| Efficiency | 18.8 | 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)

- About 44% of Okamoto Glass's sales come from Optics, with Functional Thin Film and Glass segment and Other making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +1.0% from the prior year, operating profit -161.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.73B |  |
| Operating income | -¥78.1M | Margin -1.6% |
| Net income | -¥149.3M | Margin -3.2% |
| Free cash flow | ¥122.5M |  |
| Largest business | Optics | of segment revenue 43.5% |
| Employees (consolidated) | 232 |  |
| EPS | ¥-7.05 |  |
| Book value per share | ¥80.8 |  |
| Equity ratio | 30.1% |  |
| Shares outstanding | 29,121,000 |  |
| Treasury shares | 29,900 |  |
| Shareholders | 41,367 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 24.7% | Cash ÷ revenue 45.6% |
| Vs. industry median margin | -7.6 pp | Cameras & Optics |
| ROA | -1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4409262000 | ¥4731307000 | +7.3% |
| Operating income | ¥-506575000 | ¥-78055000 | — |
| Operating margin | -11.5% | -1.6% | +9.8 pp |
| Employees | 278 people | 232 people | -16.5% |
| Cash and equivalents | ¥2320952000 | ¥2158893000 | -7.0% |

### 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 |
| --- | ---: |
| 光学事業 → 光学事業 | 40.0% |
| 照明事業 → 照明事業 | 9.3% |
| 照明事業 → 事業再編・廃止 | 3.3% |
| 機能性薄膜・ガラス事業 → 機能性薄膜・ガラス事業 | 28.3% |
| 機能性薄膜・ガラス事業 → 事業再編・廃止 | 0.9% |
| その他 → その他 | 18.2% |
| 新設・再編 → 光学事業 | 3.5% |
| 新設・再編 → その他 | 0.7% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Optics | 5 years | +3.1% | ¥2060241000 | 10.3% | 2 |
| Functional Thin Film and Glass segment | 5 years | +0.8% | ¥1338463000 | 0.2% | 2 |
| Other | 5 years | +2.2% | ¥894272000 | 24.9% | 2 |
| Lighting | 5 years | -4.6% | ¥438329000 | 1.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,731 | 100.0% | S100YL4M |
| Cost of revenue | 3,277 | 69.3% | S100YL4M |
| Gross profit | 1,454 | 30.7% | S100YL4M |
| SG&A | 1,532 | 32.4% | S100YL4M |
| Operating income | -78 | -1.6% | S100YL4M |
| Ordinary income | -83 | -1.7% | S100YL4M |
| Pretax income | -107 | -2.3% | S100YL4M |
| Income tax | 42 | 0.9% | S100YL4M |
| Net income | -149 | -3.2% | S100YL4M |
| Net income attributable to owners | -149 | -3.2% | S100YL4M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 33 |
| Operating income | -2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 30.7% → Operating margin -1.6% → Net margin -3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 4,687 | 4,731 | 45 | +1.0% |
| Gross profit | 1,575 | 1,454 | -120 | -7.6% |
| Operating income | 126 | -78 | -204 | -161.9% |
| Net income attributable to owners | 89 | -149 | -238 | -267.8% |
| Operating cash flow | 370 | 336 | -34 | -9.2% |
| Free cash flow | -386 | 123 | 508 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,489 | 36 | 0.7% | -190 | 572 | 340 | S100LS6N |
| FY ending Mar 2021 | 4,409 | -507 | -11.5% | -858 | -7 | -132 | S100OGBL |
| FY ending Mar 2022 | 5,069 | 225 | 4.4% | -88 | 374 | 281 | S100R2MA |
| FY ending Mar 2023 | 4,887 | 133 | 2.7% | 215 | 424 | 109 | S100TY24 |
| FY ending Mar 2024 | 4,583 | 62 | 1.3% | 102 | 338 | -234 | S100W8PS |
| FY ending Mar 2025 | 4,687 | 126 | 2.7% | 89 | 370 | -386 | S100YL4M |
| FY ending Mar 2026 | 4,731 | -78 | -1.6% | -149 | 336 | 123 | S100YL4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.4M |
| Operating income per employee (consolidated) | -¥336.4K |
| Net income per employee (consolidated) | -¥643.7K |

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) | 253 | 238 | 232 | 231 | 232 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.2M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 44.8 years | 44.9 years | 47.5 years | 47.8 years | 48.6 years |
| Average tenure (parent company) | 18.6 years | 18.8 years | 18.8 years | 18.3 years | 19.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Optics | 2,060 | 43.5% | 212 | 10.3% |
| Lighting | 438 | 9.3% | 5 | 1.2% |
| Functional Thin Film and Glass segment | 1,338 | 28.3% | 3 | 0.2% |
| Other | 894 | 18.9% | 222 | 24.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Optics | 43.5% | 47.9% | 4.4 | 10.3% |
| Lighting | 9.3% | 1.2% | -8.1 | 1.2% |
| Functional Thin Film and Glass segment | 28.3% | 0.6% | -27.7 | 0.2% |
| Other | 18.9% | 50.3% | 31.4 | 24.9% |

Segment → industry: Optics → Cameras & Optics / Other → Glass & Ceramics / Functional Thin Film and Glass segment → Glass & Ceramics / Lighting → Glass & Ceramics / Optics → Glass & Ceramics

## 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 | 336 | 7.1% | S100YL4M |
| Capital expenditure | 213 | 4.5% | S100YL4M |
| Free cash flow | 123 | 2.6% | 算出 |
| Investing cash flow | -252 | -5.3% | S100YL4M |
| Financing cash flow | 242 | 5.1% | S100YL4M |
| Share buyback | 0 | 0.0% | S100YL4M |
| Change in cash | 357 | 7.5% | S100YL4M |
| Cash and equivalents | 2,159 | 45.6% | S100YL4M |

## 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 | 1,658 | 1,532 | 1,665 | 1,802 | 2,159 | S100TY24, S100W8PS, S100YL4M |
| Total assets | 7,667 | 7,591 | 7,988 | 8,680 | 8,746 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Net assets | 1,287 | 1,534 | 1,694 | 1,804 | 2,632 | S100TY24, S100W8PS, S100YL4M |
| Share capital | 2,496 | 2,496 | 2,496 | 1,000 | 1,484 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Property, plant and equipment | 3,469 | 3,503 | 3,619 | 4,134 | 3,587 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Intangible assets excluding goodwill | 83 | 49 | 24 | 10 | 8 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Investment securities | 53 | 31 | 35 | 161 | 144 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Current assets | 3,910 | 3,818 | 4,124 | 4,192 | 4,771 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Current liabilities | 2,403 | 2,221 | 2,510 | 3,107 | 1,990 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Trade payables | 310 | 338 | 315 | 151 | 45 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Short-term borrowings | 990 | 820 | 1,039 | 1,218 | 540 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Long-term borrowings | 3,426 | 3,398 | 3,408 | 3,382 | 3,291 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Total liabilities | 6,380 | 6,057 | 6,294 | 6,877 | 6,115 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Equity attributable to owners of parent | 1,243 | 1,458 | 1,560 | 1,649 | 2,467 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Retained earnings | -1,987 | -1,772 | -1,670 | 290 | 140 | S100R2MA, S100TY24, S100W8PS, S100YL4M |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R2MA, S100TY24, S100W8PS, S100YL4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YL4M |
| Property, plant and equipment | 41% | S100YL4M |
| Intangibles and goodwill | 0% | S100YL4M |
| Investment securities | 2% | S100YL4M |
| Other assets | 32% | S100YL4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YL4M |
| Other liabilities | 69% | S100YL4M |
| Equity | 30% | S100YL4M |

### 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 | 7,667 | 7,591 | 7,988 | 8,680 | 8,746 |
| Equity | 1,287 | 1,534 | 1,694 | 1,804 | 2,632 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,658 | 1,532 | 1,665 | 1,802 | 2,159 |

## 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) | 75.8% | S100YL4M |
| Fixed assets ÷ total assets | 41.0% | S100YL4M |
| Goodwill ÷ parent equity | — | —, S100YL4M |

### 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) | 24.7% |
| Cash ÷ revenue | 45.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 485 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 75.0% |

## 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 | — | —× | -1.1% | —× | — | S100R2MA |
| 2023 | 4.4% | 0.64× | 2.8% | 5.65× | 15.9% | S100TY24 |
| 2024 | 2.2% | 0.59× | 1.3% | 5.16× | 6.8% | S100W8PS |
| 2025 | 1.9% | 0.56× | 1.1% | 5.20× | 5.5% | S100YL4M |
| 2026 | — | —× | -1.7% | —× | — | S100YL4M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社オー・ジー・シー | Major shareholder | 14.9% | 2026-03-31 |
| 岡本興産有限会社 | Major shareholder | 2.9% | 2026-03-31 |
| 岡本 毅 | Major shareholder | 2.7% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.6% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 岡本 峻 | Major shareholder | 0.9% | 2026-03-31 |
| 窪寺 敏幸 | Major shareholder | 0.8% | 2026-03-31 |
| 岡本硝子社員持株会 | Major shareholder | 0.7% | 2026-03-31 |
| 小松 秀輝 | Major shareholder | 0.7% | 2026-03-31 |
| 川口 喜正 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YL4M | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL4M,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W8PS | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8PS,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TY24 | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY24,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R2MA | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2MA,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OGBL | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGBL,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LS6N | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS6N,, |

## 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).