# OKASAN SECURITIES GROUP INC.: 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88期(2025/04/01－2026/03/31) (S100YDTC)
> Page: https://vizora.meequs.com/en/company/okasan-securities-group
> Retrieved: 2026-09-30T20:42:21.426Z

## Company

Okasan Securities Group, founded in 1923, is a company in Securities & Asset Management listed on TSE Prime. It has 3,472 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKASAN SECURITIES GROUP INC. |
| Ticker | 8609 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8609.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋室町二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 新芝 宏之 |
| Founded | Apr 1923 |
| Share capital | ¥18.6B |
| Employees (consolidated) | 3,472 |
| Average salary (parent only) | ¥11.3M |
| Fiscal year end | March |
| Website | www.okasan.jp (https://www.okasan.jp/) |
| Corporate number | 1010001034747 |
| EDINET | E03756 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YDTC, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Okasan Securities Group brought in ¥95.6B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +16.7% from the prior year, operating profit +45.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥95595000000 → ¥21360000000
- Net income → operating cash flow: ¥21360000000 → ¥62847000000（difference ¥41487000000）
- Main uses of operating cash flow: CapEx ¥3538000000 / dividends ¥6019000000 / buybacks ¥1501000000
- Change in cash: ¥33511000000
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 | ¥95.6B |  |
| Operating income | ¥18.7B | Margin 19.6% |
| Net income | ¥21.4B | Margin 22.3% |
| Free cash flow | ¥59.3B |  |
| Employees (consolidated) | 3,472 |  |
| EPS | ¥64.63 |  |
| Diluted EPS | ¥64.48 |  |
| Book value per share | ¥665.6 |  |
| Equity ratio | 16.5% |  |
| Shares outstanding | 231,217,000 |  |
| Treasury shares | 31,144,300 |  |
| Shareholders | 31,745 |  |
| Average salary (parent only) | ¥11.3M | Filing company only |
| Cash ratio | 5.6% | Cash ÷ revenue 81.9% |
| Vs. industry median margin | -1.1 pp | Securities & Asset Management |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥67259000000 | ¥95595000000 | +42.1% |
| Operating income | ¥5106000000 | ¥18730000000 | +266.8% |
| Operating margin | 7.6% | 19.6% | +12 pp |
| Employees | 3,607 people | 3,472 people | -3.7% |
| Cash and equivalents | ¥62517000000 | ¥78257000000 | +25.2% |

### 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 |
| --- | ---: |
| 証券ビジネス → 事業再編・廃止 | 85.0% |
| アセットマネジメントビジネス → 事業再編・廃止 | 13.4% |
| サポートビジネス → 事業再編・廃止 | 1.5% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 95,595 | 100.0% | S100YDTC |
| SG&A | 73,105 | 76.5% | S100YDTC |
| Operating income | 18,730 | 19.6% | S100YDTC |
| Ordinary income | 22,867 | 23.9% | S100YDTC |
| Pretax income | 27,860 | 29.1% | S100YDTC |
| Income tax | 6,499 | 6.8% | S100YDTC |
| Net income | 21,360 | 22.3% | S100YDTC |
| Net income attributable to owners | 21,360 | 22.3% | S100YDTC |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 80 |
| Operating income | 20 |
| (Ref.) Net income | 22 |

### Margin funnel

Operating margin 19.6% → Net margin 22.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.7%; Core profit growth: +45.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.75×
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 | 81,936 | 95,595 | 13,659 | +16.7% |
| Operating income | 12,838 | 18,730 | 5,892 | +45.9% |
| Net income attributable to owners | 11,652 | 21,360 | 9,708 | +83.3% |
| Operating cash flow | -20,688 | 62,847 | 83,535 | — |
| Free cash flow | -24,215 | 59,309 | 83,524 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 65,038 | 2,072 | 3.2% | 3,626 | 8,453 | 6,289 | S100LUXD |
| FY ending Mar 2021 | 67,259 | 5,106 | 7.6% | 6,017 | -40,941 | -43,796 | S100P2KQ |
| FY ending Mar 2022 | 73,949 | 5,148 | 7.0% | 10,073 | -4,200 | -6,409 | S100RAAJ |
| FY ending Mar 2023 | 66,551 | -1,034 | -1.6% | 529 | -1,359 | -9,144 | S100RAAJ |
| FY ending Mar 2024 | 84,509 | 16,111 | 19.1% | 13,167 | -4,761 | -6,479 | S100YDTC |
| FY ending Mar 2025 | 81,936 | 12,838 | 15.7% | 11,652 | -20,688 | -24,215 | S100YDTC |
| FY ending Mar 2026 | 95,595 | 18,730 | 19.6% | 21,360 | 62,847 | 59,309 | S100YDTC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.5M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 3,609 | 3,358 | 3,281 | 3,343 | 3,472 |
| Average salary (parent company) | ¥11.8M | ¥11.9M | ¥10.5M | ¥12.1M | ¥11.3M |
| Average age (parent company) | 53.0 years | 52.0 years | 49.0 years | 47.0 years | 45.0 years |
| Average tenure (parent company) | 2.0 years | 3.0 years | 2.0 years | 16.0 years | 14.0 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +16.7%

## 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 | 62,847 | 65.7% | S100YDTC |
| Capital expenditure | 3,538 | 3.7% | S100YDTC |
| Free cash flow | 59,309 | 62.0% | 算出 |
| Investing cash flow | 4,757 | 5.0% | S100YDTC |
| Financing cash flow | -35,011 | -36.6% | S100YDTC |
| Dividends paid | 6,019 | 6.3% | S100YDTC |
| Share buyback | 1,501 | 1.6% | S100YDTC |
| Change in cash | 33,511 | 35.1% | S100YDTC |
| Cash and equivalents | 78,257 | 81.9% | S100YDTC |

## 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 | 79,789 | 84,037 | 77,771 | 44,745 | 78,257 | S100TUCN, S100Y16Q, S100YDTC |
| Total assets | 816,567 | 876,057 | 1,207,779 | 1,379,738 | 1,401,090 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Net assets | 189,860 | 185,638 | 214,156 | 208,232 | 230,972 | S100TUCN, S100Y16Q, S100YDTC |
| Share capital | 18,589 | 18,589 | 18,589 | 18,589 | 18,589 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Property, plant and equipment | 18,071 | 16,991 | 16,495 | 16,817 | 16,814 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Intangible assets excluding goodwill | 4,098 | 9,224 | 6,861 | 6,545 | 5,289 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Investment securities | 51,326 | 57,663 | 83,996 | 75,520 | 85,668 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Current assets | 735,086 | 785,227 | 1,091,843 | 1,271,956 | 1,282,515 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Current liabilities | 595,610 | 660,017 | 960,485 | 1,142,917 | 1,131,038 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Short-term borrowings | 138,513 | 152,897 | 157,191 | 158,928 | 124,363 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Long-term borrowings | 11,802 | 10,000 | 6,728 | 3,916 | 11,900 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Total liabilities | 626,706 | 690,418 | 993,623 | 1,171,505 | 1,170,118 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Non-controlling interests | 21,528 | 12,199 | 14,990 | — | — | S100RAAJ, S100TUCN, S100Y16Q |
| Equity attributable to owners of parent | 159,689 | 162,940 | 171,072 | 182,735 | 196,892 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Retained earnings | 120,984 | 118,548 | 127,612 | 133,012 | 148,332 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |
| Treasury stock | -3,733 | -11,470 | -13,089 | -14,209 | -15,311 | S100RAAJ, S100TUCN, S100Y16Q, S100YDTC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YDTC |
| Property, plant and equipment | 1% | S100YDTC |
| Intangibles and goodwill | 0% | S100YDTC |
| Investment securities | 6% | S100YDTC |
| Other assets | 87% | S100YDTC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 84% | S100YDTC |
| Equity | 16% | S100YDTC |

### 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 | 816,567 | 876,057 | 1,207,779 | 1,379,738 | 1,401,090 |
| Equity | 189,860 | 185,638 | 214,156 | 208,232 | 230,972 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 79,789 | 84,037 | 77,771 | 44,745 | 78,257 |

## 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) | 17.6% | S100YDTC |
| Fixed assets ÷ total assets | 1.2% | S100YDTC |
| Goodwill ÷ parent equity | — | —, S100YDTC |

### 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) | 5.6% |
| Cash ÷ revenue | 81.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 335.5% |
| Cash vs. profit gap | 41,487 JPY mn (of net income 194.2%) |
| Shareholder returns / net income | 35.2% |
| Shareholder returns / FCF | 12.7% |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 10.1% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 7.6% |

## 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 | 13.6% | 0.09× | 1.2% | 5.11× | 6.3% | S100RAAJ |
| 2023 | 0.8% | 0.08× | 0.1% | 5.25× | 0.3% | S100TUCN, S100RAAJ |
| 2024 | 15.6% | 0.08× | 1.3% | 6.24× | 7.9% | S100Y16Q, S100YDTC |
| 2025 | 14.2% | 0.06× | 0.9% | 7.31× | 6.6% | S100YDTC |
| 2026 | 22.3% | 0.07× | 1.5% | 7.33× | 11.3% | S100YDTC |

## 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 | 9.8% | 2026-03-31 |
| 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 | 4.9% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 4.9% | 2026-03-31 |
| 三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.4% | 2026-03-31 |
| 大同生命保険株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.3% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社(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 | 2.9% | 2026-03-31 |
| 有限会社藤精 | Major shareholder | 2.6% | 2026-03-31 |
| 三東株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 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% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YDTC | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDTC,, |
| 訂正有価証券報告書－第87期(2024/04/01－2025/03/31) | S100Y16Q | 2026-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y16Q,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TUCN | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUCN,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100RAAJ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAAJ,, |
| 訂正有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100P2KQ | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2KQ,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LUXD | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUXD,, |

## 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).