# OKAYA&CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第90期(2025/03/01－2026/02/28) (S100Y5YH)
> Page: https://vizora.meequs.com/en/company/okaya-and
> Retrieved: 2026-09-30T21:04:46.240Z

## Company

Okaya& is a company in Specialty Trading & Wholesale listed on Nagoya. It has 6,536 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKAYA&CO.,LTD. |
| Ticker | 7485 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7485.T) |
| Listing | Nagoya |
| Head office | 名古屋市中区栄二丁目4番18号 |
| Representative (per filing) | 取締役社長 岡谷健広 |
| Share capital | ¥9.13B |
| Employees (consolidated) | 6,536 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | February |
| Website | www.okaya.co.jp (https://www.okaya.co.jp/) |
| Corporate number | 7180001034964 |
| EDINET | E02553 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y5YH, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.8 | 179 |
| Profitability | 63 | 185 |
| Cash conversion | 62.8 | 179 |
| Efficiency | 28.4 | 185 |

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 33% of Okaya&'s sales come from Iron and steel, with Information and electronics and Industrial machinery and materials making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +8.3%.

## Company structure

- Segment revenue mix: Iron and steel 32.7%、Information and electronics 32.0%、Industrial machinery and materials 27.9%、Living related products 7.4%
- Revenue → net income: ¥1155774000000 → ¥32362000000
- Net income → operating cash flow: ¥32362000000 → ¥47999000000（difference ¥15637000000）
- Main uses of operating cash flow: CapEx ¥7020000000 / dividends ¥2889000000 / buybacks ¥1000000
- Change in cash: ¥3466000000
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 | ¥1.16T |  |
| Operating income | ¥40.5B | Margin 3.5% |
| Net income | ¥30.5B | Margin 2.6% |
| Free cash flow | ¥41B |  |
| Largest business | Iron and steel | of segment revenue 32.7% |
| Employees (consolidated) | 6,536 |  |
| EPS | ¥1184.47 |  |
| Book value per share | ¥19447.97 |  |
| Equity ratio | 49.6% |  |
| Shares outstanding | 19,440,000 |  |
| Treasury shares | 228,300 |  |
| Shareholders | 5,177 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 1.8% | Cash ÷ revenue 1.6% |
| Vs. industry median margin | +0.6 pp | Specialty Trading & Wholesale |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥760443000000 | ¥1155774000000 | +52.0% |
| Operating income | ¥13584000000 | ¥40457000000 | +197.8% |
| Operating margin | 1.8% | 3.5% | +1.7 pp |
| Employees | 5,126 people | 6,536 people | +27.5% |
| Cash and equivalents | ¥9669000000 | ¥18281000000 | +89.1% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 鉄鋼 → 鉄鋼 | 32.7% |
| 鉄鋼 → 事業再編・廃止 | 8.3% |
| 情報・電機 → 情報・電機 | 21.3% |
| 産業資材 → 産業資材 | 27.9% |
| 産業資材 → 事業再編・廃止 | 2.5% |
| 生活産業 → 生活産業 | 7.3% |
| 新設・再編 → 情報・電機 | 10.7% |
| 新設・再編 → 生活産業 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Iron and steel | 5 years | +3.9% | ¥377823000000 | 2.9% | 2 |
| Information and electronics | 5 years | +18.0% | ¥370348000000 | 3.6% | 2 |
| Industrial machinery and materials | 5 years | +6.8% | ¥321930000000 | 3.4% | 2 |
| Living related products | 5 years | +9.1% | ¥85671000000 | 4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,155,774 | 100.0% | S100Y5YH |
| Cost of revenue | 1,049,850 | 90.8% | S100Y5YH |
| Gross profit | 105,923 | 9.2% | S100Y5YH |
| SG&A | 65,466 | 5.7% | S100Y5YH |
| Operating income | 40,457 | 3.5% | S100Y5YH |
| Ordinary income | 45,485 | 3.9% | S100Y5YH |
| Pretax income | 46,233 | 4.0% | S100Y5YH |
| Income tax | 13,871 | 1.2% | S100Y5YH |
| Net income | 32,362 | 2.8% | S100Y5YH |
| Net income attributable to owners | 30,506 | 2.6% | S100Y5YH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 9.2% → Operating margin 3.5% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +8.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.73×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,121,764 | 1,155,774 | 34,010 | +3.0% |
| Gross profit | 93,213 | 105,923 | 12,710 | +13.6% |
| Operating income | 37,369 | 40,457 | 3,088 | +8.3% |
| Net income attributable to owners | 27,070 | 30,506 | 3,436 | +12.7% |
| Operating cash flow | 4,489 | 47,999 | 43,510 | +969.3% |
| Free cash flow | -4,537 | 40,979 | 45,516 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 875,623 | 19,032 | 2.2% | 15,670 | 34,365 | 29,803 | S100LE6M |
| FY ending Feb 2021 | 760,443 | 13,584 | 1.8% | 12,429 | 24,135 | 17,420 | S100O482 |
| FY ending Feb 2022 | 960,809 | 22,719 | 2.4% | 19,321 | -28,110 | -40,235 | S100QS6K |
| FY ending Feb 2023 | 962,016 | 29,448 | 3.1% | 23,520 | -18,753 | -26,460 | S100THB9 |
| FY ending Feb 2024 | 1,111,934 | 32,412 | 2.9% | 23,659 | 26,555 | 20,533 | S100VTLU |
| FY ending Feb 2025 | 1,121,764 | 37,369 | 3.3% | 27,070 | 4,489 | -4,537 | S100Y5YH |
| FY ending Feb 2026 | 1,155,774 | 40,457 | 3.5% | 30,506 | 47,999 | 40,979 | S100Y5YH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥176.8M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥4.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,246 | 5,554 | 5,626 | 6,477 | 6,536 |
| Average salary (parent company) | ¥8.3M | ¥8.6M | ¥8.9M | ¥8.9M | ¥9.2M |
| Average age (parent company) | 39.0 years | 39.1 years | 39.2 years | 38.9 years | 38.8 years |
| Average tenure (parent company) | 13.5 years | 13.5 years | 14.2 years | 13.6 years | 13.1 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Iron and steel | 377,823 | 32.7% | 11,016 | 2.9% |
| Information and electronics | 370,348 | 32.0% | 13,435 | 3.6% |
| Industrial machinery and materials | 321,930 | 27.9% | 11,071 | 3.4% |
| Living related products | 85,671 | 7.4% | 3,776 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Iron and steel | 32.7% | 28.0% | -4.7 | 2.9% |
| Information and electronics | 32.0% | 34.2% | 2.1 | 3.6% |
| Industrial machinery and materials | 27.9% | 28.2% | 0.3 | 3.4% |
| Living related products | 7.4% | 9.6% | 2.2 | 4.4% |

Segment → industry: Living related products → Specialty Trading & Wholesale / Industrial machinery and materials → Specialty Trading & Wholesale / Information and electronics → Specialty Trading & Wholesale / Iron and steel → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 47,999 | 4.2% | S100Y5YH |
| Capital expenditure | 7,020 | 0.6% | S100Y5YH |
| Free cash flow | 40,979 | 3.5% | 算出 |
| Investing cash flow | -9,387 | -0.8% | S100Y5YH |
| Financing cash flow | -36,035 | -3.1% | S100Y5YH |
| Dividends paid | 2,889 | 0.2% | S100Y5YH |
| Share buyback | 1 | 0.0% | S100Y5YH |
| Change in cash | 3,466 | 0.3% | S100Y5YH |
| Cash and equivalents | 18,281 | 1.6% | S100Y5YH |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,711 | 16,910 | 16,759 | 14,815 | 18,281 | S100THB9, S100VTLU, S100Y5YH |
| Total assets | 600,853 | 716,785 | 837,005 | 861,185 | 1,001,164 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Net assets | 278,887 | 304,975 | 404,327 | 402,679 | 517,680 | S100THB9, S100VTLU, S100Y5YH |
| Share capital | 9,128 | 9,128 | 9,128 | 9,128 | 9,128 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Trade receivables | 192,084 | — | — | — | — | S100QS6K |
| Property, plant and equipment | 53,907 | 58,866 | 62,092 | 78,452 | 80,598 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Intangible assets excluding goodwill | 2,182 | 2,885 | 2,840 | 5,018 | 7,093 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Goodwill | — | 929 | 834 | 796 | 589 | S100THB9, S100VTLU, S100Y5YH |
| Investment securities | 155,729 | 156,742 | 241,558 | 220,719 | 321,926 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Current assets | 355,947 | 466,615 | 474,623 | 508,041 | 521,939 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Current liabilities | 260,224 | 351,644 | 334,855 | 349,036 | 338,989 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Trade payables | 100,580 | 127,337 | 126,304 | 126,861 | 135,772 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Short-term borrowings | 114,008 | 152,369 | 135,828 | 150,744 | 124,998 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Long-term borrowings | 15,302 | 14,363 | 19,035 | 40,838 | 36,032 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Total liabilities | 321,965 | 411,810 | 432,678 | 458,506 | 483,484 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Non-controlling interests | 11,607 | 16,502 | 18,049 | 19,103 | 21,417 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Equity attributable to owners of parent | 186,394 | 207,593 | 228,840 | 253,309 | 281,010 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Retained earnings | 169,965 | 191,174 | 212,426 | 236,895 | 264,511 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |
| Treasury stock | -500 | -515 | -516 | -516 | -518 | S100QS6K, S100THB9, S100VTLU, S100Y5YH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100Y5YH |
| Property, plant and equipment | 8% | S100Y5YH |
| Intangibles and goodwill | 1% | S100Y5YH |
| Investment securities | 32% | S100Y5YH |
| Other assets | 57% | S100Y5YH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100Y5YH |
| Other liabilities | 35% | S100Y5YH |
| Equity | 52% | S100Y5YH |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 600,853 | 716,785 | 837,005 | 861,185 | 1,001,164 |
| Equity | 278,887 | 304,975 | 404,327 | 402,679 | 517,680 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,711 | 16,910 | 16,759 | 14,815 | 18,281 |

## 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) | 7.0% | S100Y5YH |
| Fixed assets ÷ total assets | 8.1% | S100Y5YH |
| Goodwill ÷ parent equity | 0.2% | S100Y5YH |

### 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) | 1.8% |
| Cash ÷ revenue | 1.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.6% |
| Cash vs. profit gap | 17,493 JPY mn (of net income 57.3%) |
| Shareholder returns / net income | 9.5% |
| Shareholder returns / FCF | 7.1% |
| Shareholder payments — dividends / net income | 9.5% |
| Shareholder payments — dividends / FCF | 7.0% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 19.6% |

## 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 | 2.0% | 1.60× | 3.2% | 3.22× | 10.4% | S100QS6K |
| 2023 | 2.4% | 1.46× | 3.6% | 3.34× | 11.9% | S100THB9 |
| 2024 | 2.1% | 1.43× | 3.0% | 3.56× | 10.8% | S100VTLU |
| 2025 | 2.4% | 1.32× | 3.2% | 3.52× | 11.2% | S100Y5YH |
| 2026 | 2.6% | 1.24× | 3.3% | 3.49× | 11.4% | S100Y5YH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡谷不動産㈱ | Major shareholder | 12.6% | 2026-02-28 |
| 岡 谷 篤 一 | Major shareholder | 5.0% | 2026-02-28 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 4.8% | 2026-02-28 |
| 日本製鉄㈱ | Major shareholder | 4.5% | 2026-02-28 |
| 三井住友信託銀行㈱ | Major shareholder | 4.2% | 2026-02-28 |
| ㈱りそな銀行 | Major shareholder | 2.8% | 2026-02-28 |
| 損害保険ジャパン㈱ | Major shareholder | 1.9% | 2026-02-28 |
| オークマ㈱ | Major shareholder | 1.7% | 2026-02-28 |
| 岡谷鋼機社員持株会 | Major shareholder | 1.7% | 2026-02-28 |
| ㈱あいち銀行 | Major shareholder | 1.6% | 2026-02-28 |

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

- Revenue for the FY ending Feb 2026 was ¥1.16T, up 3.0% from ¥1.12T.
- Profits grew faster: gross profit reached ¥105.9B (+13.6%), operating income ¥40.5B (+8.3%) and net income ¥30.5B (+12.7%).
- Operating cash flow jumped from ¥4.49B to ¥48B, and free cash flow swung from a negative figure to ¥41B.

### Drivers

- Information and electronics sold more for data and communications infrastructure, car parts and auto-related non-ferrous metals, helped by higher material prices.
- Living related products grew thanks to a piping equipment company added to the group and more imports of seafood and meat.
- Iron and steel sales fell as construction demand weakened and shipments to Europe and the US declined. Cash flow improved on pretax profit and higher trade payables.

### Risks

- If the company fails to keep up with swings in the market prices of steel and other goods it handles, results could suffer.
- It trades in foreign currencies and its overseas units borrow in them, so exchange-rate moves can hit earnings.
- It extends credit to customers through receivables, loans and guarantees, so a customer going bankrupt could cause losses.

Cited: Annual Securities Report (90th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (90th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/03/01－2026/02/28) | S100Y5YH | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5YH,, |
| 有価証券報告書－第89期(2024/03/01－2025/02/28) | S100VTLU | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTLU,, |
| 有価証券報告書－第88期(2023/03/01－2024/02/29) | S100THB9 | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THB9,, |
| 有価証券報告書－第87期(2022/03/01－2023/02/28) | S100QS6K | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QS6K,, |
| 有価証券報告書－第86期(令和3年3月1日－令和4年2月28日) | S100O482 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O482,, |
| 有価証券報告書－第85期(令和2年3月1日－令和3年2月28日) | S100LE6M | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE6M,, |

## 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).