# OKINAWA CELLULAR TELEPHONE COMPANY: 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35期(2025/04/01－2026/03/31) (S100Y9T5)
> Page: https://vizora.meequs.com/en/company/okinawa-cellular-telephone
> Retrieved: 2026-09-30T23:28:53.958Z

## Company

Okinawa Cellular Telephone Company, founded in 1990, is a company in Telecom Carriers listed on TSE Standard. It has 545 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKINAWA CELLULAR TELEPHONE COMPANY |
| Ticker | 9436 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9436.T) |
| Listing | TSE Standard |
| Head office | 沖縄県那覇市松山1丁目2番1号 |
| Representative (per filing) | 代表取締役社長 宮倉 康彰 |
| Founded | Oct 1990 |
| Share capital | ¥1.41B |
| Employees (consolidated) | 545 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | okinawa-cellular.jp (https://okinawa-cellular.jp/) |
| Corporate number | 5360001000413 |
| EDINET | E04460 |
| Industries (Vizora) | Telecom Carriers |

> Profile source: annual securities report (S100Y9T5, filed 2026-06-09). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 8 |
| Profitability | 95.5 | 11 |
| Cash conversion | 35 | 10 |
| Efficiency | 31.8 | 11 |

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)

- Okinawa Cellular Telephone Company brought in ¥86.3B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit +5.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥86348000000 → ¥13525000000
- Net income → operating cash flow: ¥13525000000 → ¥16329000000（difference ¥2804000000）
- Main uses of operating cash flow: CapEx ¥5985000000 / dividends ¥5997000000 / buybacks ¥5024000000
- Change in cash: ¥-88000000
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 | ¥86.3B |  |
| Operating income | ¥18.7B | Margin 21.6% |
| Net income | ¥13.2B | Margin 15.3% |
| Free cash flow | ¥10.3B |  |
| Employees (consolidated) | 545 |  |
| EPS | ¥132.26 |  |
| Book value per share | ¥993.66 |  |
| Equity ratio | 82.2% |  |
| Shares outstanding | 94,178,804 |  |
| Treasury shares | 1,875,500 |  |
| Shareholders | 32,058 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 2.8% | Cash ÷ revenue 4.0% |
| Vs. industry median margin | +9.8 pp | Telecom Carriers |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74191000000 | ¥86348000000 | +16.4% |
| Operating income | ¥14450000000 | ¥18693000000 | +29.4% |
| Operating margin | 19.5% | 21.6% | +2.2 pp |
| Employees | 384 people | 545 people | +41.9% |
| Cash and equivalents | ¥3097000000 | ¥3418000000 | +10.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 86,348 | 100.0% | S100Y9T5 |
| Operating income | 18,693 | 21.6% | S100Y9T5 |
| Ordinary income | 18,864 | 21.8% | S100Y9T5 |
| Pretax income | 18,864 | 21.8% | S100Y9T5 |
| Income tax | 5,339 | 6.2% | S100Y9T5 |
| Net income | 13,525 | 15.7% | S100Y9T5 |
| Net income attributable to owners | 13,217 | 15.3% | S100Y9T5 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 78 |
| Operating income | 22 |
| (Ref.) Net income | 15 |

### Margin funnel

Operating margin 21.6% → Net margin 15.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.4%; Core profit growth: +5.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.18×
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 | 84,314 | 86,348 | 2,034 | +2.4% |
| Operating income | 17,761 | 18,693 | 932 | +5.2% |
| Net income attributable to owners | 12,402 | 13,217 | 815 | +6.6% |
| Operating cash flow | 15,092 | 16,329 | 1,237 | +8.2% |
| Free cash flow | 9,431 | 10,344 | 913 | +9.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 68,051 | 13,966 | 20.5% | 9,874 | 14,872 | 3,375 | S100TLJA |
| FY ending Mar 2021 | 74,191 | 14,450 | 19.5% | 10,522 | 19,066 | 9,566 | S100VWV1 |
| FY ending Mar 2022 | 73,426 | 15,222 | 20.7% | 10,660 | 18,774 | 10,491 | S100Y9T5 |
| FY ending Mar 2023 | 77,299 | 15,932 | 20.6% | 10,852 | 14,642 | 6,661 | S100Y9T5 |
| FY ending Mar 2024 | 77,990 | 17,014 | 21.8% | 12,129 | 11,330 | 1,756 | S100Y9T5 |
| FY ending Mar 2025 | 84,314 | 17,761 | 21.1% | 12,402 | 15,092 | 9,431 | S100Y9T5 |
| FY ending Mar 2026 | 86,348 | 18,693 | 21.6% | 13,217 | 16,329 | 10,344 | S100Y9T5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥158.4M |
| Operating income per employee (consolidated) | ¥34.3M |
| Net income per employee (consolidated) | ¥24.3M |

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) | 402 | 439 | 468 | 521 | 545 |
| Average salary (parent company) | ¥7.3M | ¥7.3M | ¥7.1M | ¥7.2M | ¥7.2M |
| Average age (parent company) | 40.6 years | 40.8 years | 39.8 years | 39.2 years | 39.2 years |
| Average tenure (parent company) | 11.7 years | 11.4 years | 10.4 years | 9.7 years | 9.4 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +2.4%

## 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 | 16,329 | 18.9% | S100Y9T5 |
| Capital expenditure | 5,985 | 6.9% | S100Y9T5 |
| Free cash flow | 10,344 | 12.0% | 算出 |
| Investing cash flow | -5,377 | -6.2% | S100Y9T5 |
| Financing cash flow | -11,039 | -12.8% | S100Y9T5 |
| Dividends paid | 5,997 | 6.9% | S100Y9T5 |
| Share buyback | 5,024 | 5.8% | S100Y9T5 |
| Change in cash | -88 | -0.1% | S100Y9T5 |
| Cash and equivalents | 3,418 | 4.0% | S100Y9T5 |

## 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 | 3,193 | 3,263 | 3,162 | 3,506 | 3,418 | S100TLJA, S100VWV1, S100Y9T5 |
| Total assets | 118,609 | 119,651 | 115,573 | 118,266 | 120,457 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Net assets | 100,190 | 101,121 | 97,481 | 99,193 | 101,914 | S100TLJA, S100VWV1, S100Y9T5 |
| Share capital | 1,414 | 1,414 | 1,414 | 1,414 | 1,414 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Investment securities | 260 | 384 | 448 | 981 | 1,142 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Current assets | 70,505 | 68,902 | 67,983 | 71,233 | 73,529 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Current liabilities | 15,630 | 16,359 | 16,002 | 16,936 | 16,399 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Total liabilities | 18,419 | 18,529 | 18,091 | 19,073 | 18,543 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Non-controlling interests | 3,772 | 2,244 | 2,395 | 2,650 | 2,947 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Equity attributable to owners of parent | 96,383 | 98,767 | 94,848 | 96,209 | 98,458 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Retained earnings | 93,559 | 99,818 | 94,768 | 98,413 | 100,629 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |
| Treasury stock | -209 | -4,130 | -3,000 | -5,284 | -5,251 | S100QY64, S100TLJA, S100VWV1, S100Y9T5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100Y9T5 |
| Investment securities | 1% | S100Y9T5 |
| Other assets | 96% | S100Y9T5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100Y9T5 |
| Equity | 85% | S100Y9T5 |

### 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 | 118,609 | 119,651 | 115,573 | 118,266 | 120,457 |
| Equity | 100,190 | 101,121 | 97,481 | 99,193 | 101,914 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,193 | 3,263 | 3,162 | 3,506 | 3,418 |

### 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) | 2.8% |
| Cash ÷ revenue | 4.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.4% |
| Cash vs. profit gap | 3,112 JPY mn (of net income 23.5%) |
| Shareholder returns / net income | 83.4% |
| Shareholder returns / FCF | 106.5% |
| Shareholder payments — dividends / net income | 45.4% |
| Shareholder payments — dividends / FCF | 58.0% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 32.9% |

## 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 | 14.5% | 0.62× | 9.0% | 1.23× | 11.1% | S100QY64, S100Y9T5 |
| 2023 | 14.0% | 0.65× | 9.1% | 1.22× | 11.1% | S100TLJA, S100Y9T5 |
| 2024 | 15.6% | 0.66× | 10.3% | 1.21× | 12.5% | S100VWV1, S100Y9T5 |
| 2025 | 14.7% | 0.72× | 10.6% | 1.22× | 13.0% | S100Y9T5 |
| 2026 | 15.3% | 0.72× | 11.1% | 1.23× | 13.6% | S100Y9T5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＫＤＤＩ株式会社 | Major shareholder | 54.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 沖縄電力株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 琉球放送株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ （常任代理人 シティバンク、エヌ・エイ 東京支店） | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＢＢＨＴＳＩＬ ＮＥＵＢＥＲＧＥＲ ＢＥＲＭＡＮ ＩＮＶＥＳＴＭＥＮＴ ＦＵＮＤＳ ＰＬＣ－ＮＥＵＢＥＲＧＥＲ ＢＥＲＭＡＮ ＪＡＰＡＮ ＥＱＵＩＴＹ ＥＮＧＡＧＥＭＥＮＴ ＦＵＮＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.8% | 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 | 0.8% | 2026-03-31 |
| 沖縄セルラー電話社員持株会 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100Y9T5 | 2026-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9T5,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100VWV1 | 2025-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWV1,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TLJA | 2024-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLJA,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100QY64 | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY64,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100O9AL | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9AL,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LJM7 | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJM7,, |

## 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).