# OKAMURA 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91期(2025/04/01－2026/03/31) (S100YFDV)
> Page: https://vizora.meequs.com/en/company/okamura
> Retrieved: 2026-09-30T21:32:06.465Z

## Company

Okamura, founded in 1946, is a company in Air Conditioning listed on TSE Prime. It has 6,082 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKAMURA CORPORATION |
| Ticker | 7994 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7994.T) |
| Listing | TSE Prime |
| Head office | 横浜市西区北幸二丁目7番18号 (上記は登記上の本店所在地であり、実際の業務は「最寄 りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役 社長執行役員 中村雅行 |
| Founded | Jul 1946 |
| Share capital | ¥18.7B |
| Employees (consolidated) | 6,082 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | okamura.co.jp (https://okamura.co.jp/) |
| Corporate number | 3020001030157 |
| EDINET | E02369 |
| Industries (Vizora) | Air Conditioning, Industrial Machinery, Stationery & Office Supplies |

> Profile source: annual securities report (S100YFDV, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.1 | 16 |
| Profitability | 71.9 | 16 |
| Cash conversion | 73.1 | 13 |
| Efficiency | 71.9 | 16 |

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 58% of Okamura's sales come from Office Furniture business, with Store Displays business and Material Handling Systems business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit +0.9%.

## Company structure

- Segment revenue mix: Office Furniture business 58.3%、Store Displays business 35.3%、Material Handling Systems business 4.5%、Other 1.9%
- Revenue → net income: ¥329031000000 → ¥22630000000
- Net income → operating cash flow: ¥22630000000 → ¥27218000000（difference ¥4588000000）
- Main uses of operating cash flow: CapEx ¥10774000000 / dividends ¥9567000000 / buybacks ¥1000000
- Change in cash: ¥6450000000
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 | ¥329B |  |
| Operating income | ¥24.1B | Margin 7.3% |
| Net income | ¥22.4B | Margin 6.8% |
| Free cash flow | ¥16.4B |  |
| Largest business | Office Furniture business | of segment revenue 58.3% |
| Employees (consolidated) | 6,082 |  |
| EPS | ¥237.38 |  |
| Book value per share | ¥1956.07 |  |
| Equity ratio | 67.6% |  |
| Shares outstanding | 100,621,021 |  |
| Treasury shares | 6,203,600 |  |
| Shareholders | 20,071 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 10.6% | Net cash ¥2.89B · Cash ÷ revenue 9.7% |
| Vs. industry median margin | +2.8 pp | Stationery & Office Supplies |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by 30 points
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥244454000000 | ¥329031000000 | +34.6% |
| Operating income | ¥14175000000 | ¥24144000000 | +70.3% |
| Operating margin | 5.8% | 7.3% | +1.5 pp |
| Employees | 5,204 people | 6,082 people | +16.9% |
| Cash and equivalents | ¥44419000000 | ¥31861000000 | -28.3% |

### 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 |
| --- | ---: |
| オフィス環境事業 → オフィス環境事業 | 53.5% |
| 商環境事業 → 商環境事業 | 35.3% |
| 商環境事業 → 事業再編・廃止 | 3.3% |
| 物流システム事業 → 物流システム事業 | 4.5% |
| 物流システム事業 → 事業再編・廃止 | 1.6% |
| その他 → その他 | 1.9% |
| 新設・再編 → オフィス環境事業 | 4.8% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Office Furniture business | 5 years | +8.0% | ¥191852000000 | 11.8% | 2 |
| Store Displays business | 5 years | +4.3% | ¥116171000000 | 2.4% | 2 |
| Material Handling Systems business | 5 years | -0.1% | ¥14702000000 | -10.0% | 2 |
| Other | 5 years | +6.6% | ¥6304000000 | 2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 329,031 | 100.0% | S100YFDV |
| Cost of revenue | 215,059 | 65.4% | S100YFDV |
| Gross profit | 113,971 | 34.6% | S100YFDV |
| SG&A | 89,827 | 27.3% | S100YFDV |
| Operating income | 24,144 | 7.3% | S100YFDV |
| Ordinary income | 25,839 | 7.9% | S100YFDV |
| Pretax income | 29,503 | 9.0% | S100YFDV |
| Income tax | 6,873 | 2.1% | S100YFDV |
| Net income | 22,630 | 6.9% | S100YFDV |
| Net income attributable to owners | 22,416 | 6.8% | S100YFDV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 27 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 34.6% → Operating margin 7.3% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.6%; Core profit growth: +0.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.19×
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 | 314,527 | 329,031 | 14,504 | +4.6% |
| Gross profit | 105,529 | 113,971 | 8,442 | +8.0% |
| Operating income | 23,935 | 24,144 | 209 | +0.9% |
| Net income attributable to owners | 22,045 | 22,416 | 371 | +1.7% |
| Operating cash flow | 983 | 27,218 | 26,235 | +2668.9% |
| Free cash flow | -17,842 | 16,444 | 34,286 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 253,170 | 13,391 | 5.3% | 9,851 | 14,501 | 8,201 | S100LRRJ |
| FY ending Mar 2021 | 244,454 | 14,175 | 5.8% | 11,971 | 26,921 | 21,147 | S100OFDE |
| FY ending Mar 2022 | 261,175 | 15,972 | 6.1% | 14,992 | 5,328 | -729 | S100R355 |
| FY ending Mar 2023 | 277,015 | 17,372 | 6.3% | 15,906 | 13,491 | 111 | S100TRLV |
| FY ending Mar 2024 | 298,295 | 24,036 | 8.1% | 20,280 | 21,351 | 4,293 | S100W3JI |
| FY ending Mar 2025 | 314,527 | 23,935 | 7.6% | 22,045 | 983 | -17,842 | S100YFDV |
| FY ending Mar 2026 | 329,031 | 24,144 | 7.3% | 22,416 | 27,218 | 16,444 | S100YFDV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.1M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 5,406 | 5,492 | 5,491 | 5,687 | 6,082 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.4M | ¥8.1M | ¥8.5M |
| Average age (parent company) | 42.9 years | 43.0 years | 43.0 years | 42.2 years | 42.1 years |
| Average tenure (parent company) | 17.4 years | 17.4 years | 17.0 years | 17.2 years | 17.3 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) +4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Office Furniture business | 191,852 | 58.3% | 22,630 | 11.8% |
| Store Displays business | 116,171 | 35.3% | 2,798 | 2.4% |
| Material Handling Systems business | 14,702 | 4.5% | -1,467 | -10.0% |
| Other | 6,304 | 1.9% | 182 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Office Furniture business | 58.3% | 88.4% | 30.1 | 11.8% |
| Store Displays business | 35.3% | 10.9% | -24.4 | 2.4% |
| Material Handling Systems business | 4.5% | — | — | -10.0% |
| Other | 1.9% | 0.7% | -1.2 | 2.9% |

Loss-making segment (excluded from profit shares): Material Handling Systems business -1,467 JPY mn

Segment → industry: Store Displays business → Air Conditioning / Material Handling Systems business → Industrial Machinery / Office Furniture business → Stationery & Office Supplies

## 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 | 27,218 | 8.3% | S100YFDV |
| Capital expenditure | 10,774 | 3.3% | S100YFDV |
| Free cash flow | 16,444 | 5.0% | 算出 |
| Investing cash flow | -5,359 | -1.6% | S100YFDV |
| Financing cash flow | -16,159 | -4.9% | S100YFDV |
| Dividends paid | 9,567 | 2.9% | S100YFDV |
| Share buyback | 1 | 0.0% | S100YFDV |
| Change in cash | 6,450 | 2.0% | S100YFDV |
| Cash and equivalents | 31,861 | 9.7% | S100YFDV |

## 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 | 39,186 | 36,999 | 38,215 | 25,410 | 31,861 | S100TRLV, S100W3JI, S100YFDV |
| Total assets | 245,372 | 252,914 | 282,118 | 289,144 | 301,877 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Net assets | 144,121 | 152,702 | 174,795 | 186,795 | 206,089 | S100TRLV, S100W3JI, S100YFDV |
| Share capital | 18,670 | 18,670 | 18,670 | 18,670 | 18,670 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Property, plant and equipment | 59,517 | 66,349 | 76,766 | 86,856 | 87,541 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Intangible assets excluding goodwill | 5,548 | 5,213 | 5,910 | 10,883 | 17,058 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Goodwill | 2,408 | 2,161 | 2,528 | 5,975 | 9,020 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Investment securities | 41,225 | 36,975 | 47,027 | 43,971 | 42,344 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Current assets | 132,009 | 137,443 | 144,990 | 139,618 | 146,490 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Current liabilities | 70,274 | 66,470 | 76,291 | 53,723 | 51,289 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Trade payables | 29,213 | 28,906 | 29,611 | 28,230 | 26,794 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Short-term borrowings | 6,072 | 6,314 | 6,192 | 6,171 | 3,715 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Long-term borrowings | 4,830 | 3,650 | 4,468 | 17,816 | 15,258 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Bonds | 5,000 | 10,000 | 5,000 | 10,000 | 10,000 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Interest-bearing debt | 15,902 | 19,964 | 15,660 | 33,987 | 28,973 | 算出 |
| Total liabilities | 101,250 | 100,211 | 107,322 | 102,349 | 95,787 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Non-controlling interests | 1,489 | 1,946 | 2,440 | 1,652 | 1,960 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Equity attributable to owners of parent | 132,173 | 139,891 | 152,952 | 166,640 | 179,539 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Retained earnings | 100,367 | 112,162 | 125,234 | 138,933 | 151,770 | S100R355, S100TRLV, S100W3JI, S100YFDV |
| Treasury stock | -3,634 | -7,711 | -7,722 | -7,734 | -7,701 | S100R355, S100TRLV, S100W3JI, S100YFDV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YFDV |
| Property, plant and equipment | 29% | S100YFDV |
| Intangibles and goodwill | 9% | S100YFDV |
| Investment securities | 14% | S100YFDV |
| Other assets | 38% | S100YFDV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YFDV |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 13% | S100YFDV |
| Equity | 68% | S100YFDV |
| Other liabilities | 0% | S100YFDV |

### 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 | 245,372 | 252,914 | 282,118 | 289,144 | 301,877 |
| Equity | 144,121 | 152,702 | 174,795 | 186,795 | 206,089 |
| Interest-bearing debt | 15,902 | 19,964 | 15,660 | 33,987 | 28,973 |
| Cash | 39,186 | 36,999 | 38,215 | 25,410 | 31,861 |

## 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) | 26.6% | S100YFDV |
| Fixed assets ÷ total assets | 29.0% | S100YFDV |
| Goodwill ÷ parent equity | 5.0% | S100YFDV |

Goodwill over 4 years: 2,408 → 9,020 JPY; total investing cash flow: -40,801 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) | 10.6% |
| Cash ÷ revenue | 9.7% |
| Net cash (cash − interest-bearing debt) | ¥2.89B |
| Net debt ÷ operating cash flow | -0.11× |
| Cash conversion (operating CF ÷ operating income) | 112.7% |
| Cash vs. profit gap | 4,802 JPY mn (of net income 21.4%) |
| Shareholder returns / net income | 42.7% |
| Shareholder returns / FCF | 58.2% |
| Shareholder payments — dividends / net income | 42.7% |
| Shareholder payments — dividends / FCF | 58.2% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 19.7% |

## 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 | 5.7% | 1.06× | 6.1% | 1.86× | 11.3% | S100R355 |
| 2023 | 5.7% | 1.11× | 6.4% | 1.83× | 11.7% | S100TRLV |
| 2024 | 6.8% | 1.12× | 7.6% | 1.83× | 13.9% | S100W3JI |
| 2025 | 7.0% | 1.10× | 7.7% | 1.79× | 13.8% | S100YFDV |
| 2026 | 6.8% | 1.11× | 7.6% | 1.71× | 13.0% | S100YFDV |

## 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 | 11.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| オカムラグループ従業員持株会 | Major shareholder | 6.1% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| オカムラ協力会持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| オカムラディ―ラ―共栄会 | Major shareholder | 1.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥329B, up +4.6% from ¥314.5B.
- Gross profit grew +8.0%, but operating income barely moved, rising +0.9% from ¥23.9B to ¥24.1B, and net income rose +1.7% to ¥22.4B.
- Operating cash flow jumped from ¥983M to ¥27.2B, and free cash flow swung from -¥17.8B to a positive ¥16.4B.

### Drivers

- Steady demand for office moves and renovations lifted the Office Furniture business to record revenue and profit
- Higher purchase prices and wage increases pushed up both cost of revenue and SG&A
- In Store Displays, a larger workforce and an office relocation raised fixed costs, and both revenue and profit fell
- In Material Handling Systems, design engineers were tied up with existing projects, new orders dropped, and the segment moved into a loss

### Risks

- Most sales are in Japan, so a domestic slowdown that makes companies cut capital spending could shrink demand
- Rising material prices or trouble sourcing raw materials could add costs if not handled well
- Competitors could copy its designs and technology at lower prices, or win share with stronger designs of their own

Cited: Annual Securities Report (Management's discussion and analysis); Annual Securities Report (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/04/01－2026/03/31) | S100YFDV | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFDV,, |
| 有価証券報告書－第90期(2024/04/01－2025/03/31) | S100W3JI | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3JI,, |
| 有価証券報告書－第89期(2023/04/01－2024/03/31) | S100TRLV | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRLV,, |
| 有価証券報告書－第88期(2022/04/01－2023/03/31) | S100R355 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R355,, |
| 有価証券報告書－第87期(令和3年4月1日－令和4年3月31日) | S100OFDE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFDE,, |
| 有価証券報告書－第86期(令和2年4月1日－令和3年3月31日) | S100LRRJ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRRJ,, |

## 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).