# Oki Electric Industry Company, Limited: 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102期(2025/04/01－2026/03/31) (S100YFGL)
> Page: https://vizora.meequs.com/en/company/oki-electric-industry
> Retrieved: 2026-09-30T22:09:08.598Z

## Company

Oki Electric Industry, founded in 1912, is a company in IT Services & System Integration listed on TSE Prime. It has 11,925 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Oki Electric Industry Company, Limited |
| Ticker | 6703 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6703.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門1丁目7番12号 |
| Representative (per filing) | 代表取締役社長執行役員 森 孝廣 |
| Founded | Aug 1912 |
| Share capital | ¥44B |
| Employees (consolidated) | 11,925 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.oki.com (https://www.oki.com/) |
| Corporate number | 7010401006126 |
| EDINET | E01767 |
| Industries (Vizora) | IT Services & System Integration, Electronic Components, Printers & Office Equipment, Defense |

> Profile source: annual securities report (S100YFGL, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.9 | 157 |
| Profitability | 19.1 | 196 |
| Cash conversion | 74.3 | 185 |
| Efficiency | 27.3 | 196 |

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 36% of Oki Electric Industry's sales come from Enterprise Solutions, with Public Solutions and Component Products making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -6.8% from the prior year, operating profit +1.2%.

## Company structure

- Segment revenue mix: Enterprise Solutions 35.7%、Public Solutions 33.1%、Component Products 16.2%、EMS 14.9%、Other 0.1%
- Revenue → net income: ¥421635000000 → ¥21520000000
- Net income → operating cash flow: ¥21520000000 → ¥20649000000（difference ¥-871000000）
- Main uses of operating cash flow: CapEx ¥14548000000 / dividends ¥3886000000 / buybacks —
- Change in cash: ¥-450000000
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 | ¥421.6B |  |
| Operating income | ¥18.8B | Margin 4.5% |
| Net income | ¥21.5B | Margin 5.1% |
| Free cash flow | ¥6.1B |  |
| Largest business | Enterprise Solutions | of segment revenue 35.7% |
| Employees (consolidated) | 11,925 |  |
| EPS | ¥202.01 |  |
| Diluted EPS | ¥201.95 |  |
| Book value per share | ¥1510.01 |  |
| Equity ratio | 40.5% |  |
| Treasury shares | 471,500 |  |
| Shareholders | 43,081 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 8.0% | Cash ÷ revenue 8.5% |
| Vs. industry median margin | -4.4 pp | IT Services & System Integration |
| ROE | 13.9% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 25 points
- FY2026, employees -14% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥392868000000 | ¥421635000000 | +7.3% |
| Operating income | ¥8895000000 | ¥18844000000 | +111.8% |
| Operating margin | 2.3% | 4.5% | +2.2 pp |
| Employees | 15,639 people | 11,925 people | -23.7% |
| Cash and equivalents | ¥41830000000 | ¥35786000000 | -14.4% |

### 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 |
| --- | ---: |
| ソリューションシステム → 事業再編・廃止 | 48.6% |
| コンポーネント＆プラットフォーム → 事業再編・廃止 | 51.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → パブリックソリューション | 33.1% |
| 新設・再編 → エンタープライズソリューション | 35.7% |
| 新設・再編 → コンポーネントプロダクツ | 16.2% |
| 新設・再編 → ＥＭＳ | 14.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Enterprise Solutions | 3 years | +10.1% | ¥150573000000 | 6.8% | 2 |
| Public Solutions | 3 years | +13.4% | ¥139711000000 | 13.0% | 2 |
| Component Products | 3 years | -7.0% | ¥68155000000 | 2.9% | 2 |
| EMS | 3 years | -5.9% | ¥62732000000 | 1.6% | 2 |
| Other | 5 years | -6.2% | ¥462000000 | -342.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 421,635 | 100.0% | S100YFGL |
| Cost of revenue | 316,476 | 75.1% | S100YFGL |
| Gross profit | 105,158 | 24.9% | S100YFGL |
| SG&A | 86,313 | 20.5% | S100YFGL |
| Operating income | 18,844 | 4.5% | S100YFGL |
| Ordinary income | 20,774 | 4.9% | S100YFGL |
| Pretax income | 26,866 | 6.4% | S100YFGL |
| Income tax | 5,345 | 1.3% | S100YFGL |
| Net income | 21,520 | 5.1% | S100YFGL |
| Net income attributable to owners | 21,510 | 5.1% | S100YFGL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 24.9% → Operating margin 4.5% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.8%; Core profit growth: +1.2%
Operating leverage (core profit growth ÷ revenue growth): -0.17×
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 | 452,457 | 421,635 | -30,822 | -6.8% |
| Gross profit | 113,361 | 105,158 | -8,203 | -7.2% |
| Operating income | 18,627 | 18,844 | 217 | +1.2% |
| Net income attributable to owners | 12,479 | 21,510 | 9,031 | +72.4% |
| Operating cash flow | 39,261 | 20,649 | -18,612 | -47.4% |
| Free cash flow | 22,419 | 6,101 | -16,318 | -72.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 457,223 | 16,829 | 3.7% | 14,086 | 32,547 | 16,266 | S100LT41 |
| FY ending Mar 2021 | 392,868 | 8,895 | 2.3% | -819 | 17,398 | -8,408 | S100OG8E |
| FY ending Mar 2022 | 352,064 | 5,864 | 1.7% | 2,065 | 5,921 | -15,779 | S100R4I6 |
| FY ending Mar 2023 | 369,096 | 2,403 | 0.7% | -2,800 | -3,148 | -19,681 | S100TOON |
| FY ending Mar 2024 | 421,854 | 18,692 | 4.4% | 25,649 | 24,721 | 7,738 | S100W0R4 |
| FY ending Mar 2025 | 452,457 | 18,627 | 4.1% | 12,479 | 39,261 | 22,419 | S100YFGL |
| FY ending Mar 2026 | 421,635 | 18,844 | 4.5% | 21,510 | 20,649 | 6,101 | S100YFGL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 14,850 | 14,452 | 14,439 | 13,906 | 11,925 |
| Average salary (parent company) | ¥7.4M | ¥7.3M | ¥7.5M | ¥7.8M | ¥7.8M |
| Average age (parent company) | 44.7 years | 44.8 years | 44.5 years | 44.2 years | 43.6 years |
| Average tenure (parent company) | 20.7 years | 19.9 years | 19.6 years | 19.1 years | 18.4 years |

Year over year: Employees (consolidated) -14.2% · Revenue (consolidated) -6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Public Solutions | 139,711 | 33.1% | 18,141 | 13.0% |
| Enterprise Solutions | 150,573 | 35.7% | 10,303 | 6.8% |
| Component Products | 68,155 | 16.2% | 1,970 | 2.9% |
| EMS | 62,732 | 14.9% | 986 | 1.6% |
| Other | 462 | 0.1% | -1,582 | -342.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Public Solutions | 33.1% | 57.8% | 24.6 | 13.0% |
| Enterprise Solutions | 35.7% | 32.8% | -2.9 | 6.8% |
| Component Products | 16.2% | 6.3% | -9.9 | 2.9% |
| EMS | 14.9% | 3.1% | -11.7 | 1.6% |
| Other | 0.1% | — | — | -342.4% |

Loss-making segment (excluded from profit shares): Other -1,582 JPY mn

Segment → industry: Enterprise Solutions → IT Services & System Integration / Public Solutions → IT Services & System Integration / EMS → Electronic Components / Component Products → Printers & Office Equipment / Public Solutions → Defense

## 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 | 20,649 | 4.9% | S100YFGL |
| Capital expenditure | 14,548 | 3.5% | S100YFGL |
| Free cash flow | 6,101 | 1.4% | 算出 |
| Investing cash flow | -10,279 | -2.4% | S100YFGL |
| Financing cash flow | -11,872 | -2.8% | S100YFGL |
| Dividends paid | 3,886 | 0.9% | S100YFGL |
| Change in cash | -450 | -0.1% | S100YFGL |
| Cash and equivalents | 35,786 | 8.5% | S100YFGL |

## 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 | 33,379 | 37,498 | 34,422 | 36,237 | 35,786 | S100TOON, S100W0R4, S100YFGL |
| Total assets | 369,170 | 390,425 | 423,399 | 410,965 | 445,211 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Net assets | 107,635 | 99,279 | 141,314 | 145,745 | 180,415 | S100TOON, S100W0R4, S100YFGL |
| Share capital | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Property, plant and equipment | 57,653 | 60,959 | 60,569 | 60,288 | 56,144 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Intangible assets excluding goodwill | 14,027 | 16,349 | 15,924 | 18,153 | 16,079 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Investment securities | 34,495 | 34,115 | 43,336 | 38,380 | 50,740 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Current assets | 211,837 | 230,191 | 239,687 | 231,878 | 244,558 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Current liabilities | 157,958 | 205,252 | 188,369 | 166,992 | 171,755 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Trade payables | 56,691 | 60,653 | 64,030 | 61,429 | 60,746 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Short-term borrowings | 43,337 | 86,714 | 60,012 | 41,390 | 40,787 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Long-term borrowings | 43,838 | 31,268 | 50,017 | 56,773 | 53,230 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Total liabilities | 261,535 | 291,146 | 282,084 | 265,219 | 264,796 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Non-controlling interests | 60 | 69 | 65 | 78 | 85 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Equity attributable to owners of parent | 117,241 | 111,858 | 135,820 | 145,728 | 163,325 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Retained earnings | 55,103 | 49,705 | 73,622 | 83,501 | 101,069 | S100R4I6, S100TOON, S100W0R4, S100YFGL |
| Treasury stock | -869 | -841 | -761 | -713 | -663 | S100R4I6, S100TOON, S100W0R4, S100YFGL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YFGL |
| Property, plant and equipment | 13% | S100YFGL |
| Intangibles and goodwill | 4% | S100YFGL |
| Investment securities | 11% | S100YFGL |
| Other assets | 64% | S100YFGL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YFGL |
| Other liabilities | 46% | S100YFGL |
| Equity | 40% | S100YFGL |

### 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 | 369,170 | 390,425 | 423,399 | 410,965 | 445,211 |
| Equity | 107,635 | 99,279 | 141,314 | 145,745 | 180,415 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,379 | 37,498 | 34,422 | 36,237 | 35,786 |

## 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) | 13.3% | S100YFGL |
| Fixed assets ÷ total assets | 12.6% | S100YFGL |
| Goodwill ÷ parent equity | — | —, S100YFGL |

### 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) | 8.0% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.6% |
| Cash vs. profit gap | -861 JPY mn (of net income -4.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.1% |
| Shareholder payments — dividends / FCF | 63.7% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 49.8% |

## 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 | 0.6% | 0.95× | 0.6% | 3.15× | 1.8% | S100R4I6 |
| 2023 | — | —× | -0.7% | —× | — | S100TOON |
| 2024 | 6.1% | 1.04× | 6.3% | 3.29× | 20.7% | S100W0R4 |
| 2025 | 2.8% | 1.08× | 3.0% | 2.96× | 8.9% | S100YFGL |
| 2026 | 5.1% | 0.98× | 5.0% | 2.77× | 13.9% | S100YFGL |

## 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 | 16.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.1% | 2026-03-31 |
| 沖電気グループ従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG／２S／JASDEC／FIM／LUXEMBOURG FUNDS／UCITS ASSETS （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 came to ¥421.6B, down -6.8% from ¥452.5B a year earlier.
- Operating income still edged up to ¥18.8B (+1.2%).
- Net income attributable to owners rose from ¥12.5B to ¥21.5B (+72.4%).
- Operating cash flow dropped from ¥39.3B to ¥20.6B (-47.4%).

### Drivers

- Enterprise Solutions lost the large ATM-related orders it had the year before, so both its sales and profit fell
- Public Solutions grew sales and profit on stronger social infrastructure work, which kept overall operating income steady
- A gain from moving printer development and production into ETRIA lifted net income

### Risks

- In defense, parts shortages and a tight labor market could delay deliveries and cap how much of the rising demand OKI can capture
- Banking and retail terminals face tougher competition on service and maintenance, which could push prices and market share down
- Printers and office phone systems (PBX) are shrinking markets, and the company expects those businesses to get smaller

Cited: Annual Securities Report (102nd 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 (102nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YFGL | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFGL,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W0R4 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0R4,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TOON | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOON,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R4I6 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4I6,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OG8E | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG8E,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LT41 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT41,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | 沖電気工業の製品を加賀電子が販売（販売特約店契約） | S100YNQJ |

## 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).