# OKUMA 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162期(2025/04/01－2026/03/31) (S100YFQC)
> Page: https://vizora.meequs.com/en/company/okuma
> Retrieved: 2026-09-30T19:42:03.518Z

## Company

Okuma, founded in 1979, is a company in Machine Tools listed on TSE Prime. It has 4,101 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKUMA Corporation |
| Ticker | 6103 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6103.T) |
| Listing | TSE Prime |
| Head office | 愛知県丹羽郡大口町下小口5丁目25番地の1 |
| Representative (per filing) | 代表取締役社長 家城淳 |
| Founded | Sep 1979 |
| Share capital | ¥18B |
| Employees (consolidated) | 4,101 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.okuma.co.jp (https://www.okuma.co.jp/) |
| Corporate number | 1180001081319 |
| EDINET | E01481 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YFQC, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.6 | 34 |
| Profitability | 45.6 | 34 |
| Cash conversion | 66.1 | 31 |
| Efficiency | 83.8 | 34 |

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 50% of Okuma's sales come from Japan, with Americas and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +14.1% from the prior year, operating profit +5.8%.

## Company structure

- Segment revenue mix: Japan 49.8%、Americas 29.0%、Europe 14.6%、Asia and Pacific 6.6%
- Revenue → net income: ¥235888000000 → ¥12628000000
- Net income → operating cash flow: ¥12628000000 → ¥23821000000（difference ¥11193000000）
- Main uses of operating cash flow: CapEx ¥29485000000 / dividends ¥6050000000 / buybacks ¥5002000000
- Change in cash: ¥-511000000
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 | ¥235.9B |  |
| Operating income | ¥15.5B | Margin 6.6% |
| Net income | ¥12.6B | Margin 5.3% |
| Free cash flow | -¥5.66B |  |
| Largest business | Japan | of segment revenue 49.8% |
| Employees (consolidated) | 4,101 |  |
| EPS | ¥156.77 |  |
| Book value per share | ¥2829.93 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 67,510,000 |  |
| Treasury shares | 8,239,000 |  |
| Shareholders | 7,668 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | -0.5 pp | Machine Tools |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥123394000000 | ¥235888000000 | +91.2% |
| Operating income | ¥4820000000 | ¥15505000000 | +221.7% |
| Operating margin | 3.9% | 6.6% | +2.7 pp |
| Employees | 3,802 people | 4,101 people | +7.9% |
| Cash and equivalents | ¥54078000000 | ¥47764000000 | -11.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 49.8% |
| 日本 → 事業再編・廃止 | 2.1% |
| 米州 → 米州 | 25.7% |
| 欧州 → 欧州 | 14.2% |
| アジア・パシフィック → アジア・パシフィック | 6.6% |
| アジア・パシフィック → 事業再編・廃止 | 1.5% |
| 新設・再編 → 米州 | 3.3% |
| 新設・再編 → 欧州 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +12.9% | ¥117355000000 | 7.5% | 2 |
| Americas | 5 years | +16.6% | ¥68495000000 | 4.3% | 2 |
| Europe | 5 years | +14.3% | ¥34351000000 | 2.0% | 2 |
| Asia and Pacific | 5 years | +9.3% | ¥15686000000 | 5.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 235,888 | 100.0% | S100YFQC |
| Cost of revenue | 166,586 | 70.6% | S100YFQC |
| Gross profit | 69,302 | 29.4% | S100YFQC |
| SG&A | 53,796 | 22.8% | S100YFQC |
| Operating income | 15,505 | 6.6% | S100YFQC |
| Ordinary income | 16,380 | 6.9% | S100YFQC |
| Pretax income | 17,057 | 7.2% | S100YFQC |
| Income tax | 4,428 | 1.9% | S100YFQC |
| Net income | 12,628 | 5.4% | S100YFQC |
| Net income attributable to owners | 12,554 | 5.3% | S100YFQC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.4% → Operating margin 6.6% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.1%; Core profit growth: +5.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.41×
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 | 206,822 | 235,888 | 29,066 | +14.1% |
| Gross profit | 65,636 | 69,302 | 3,666 | +5.6% |
| Operating income | 14,651 | 15,505 | 854 | +5.8% |
| Net income attributable to owners | 9,590 | 12,554 | 2,964 | +30.9% |
| Operating cash flow | 17,802 | 23,821 | 6,019 | +33.8% |
| Free cash flow | 4,203 | -5,664 | -9,867 | -234.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 172,094 | 14,995 | 8.7% | 10,712 | 10,041 | -1,392 | S100LJYD |
| FY ending Mar 2021 | 123,394 | 4,820 | 3.9% | 2,088 | 18,962 | 14,646 | S100OCBS |
| FY ending Mar 2022 | 172,809 | 14,462 | 8.4% | 11,579 | 16,160 | 9,858 | S100QZOD |
| FY ending Mar 2023 | 227,636 | 24,804 | 10.9% | 19,195 | 16,061 | 6,798 | S100TOL7 |
| FY ending Mar 2024 | 227,994 | 25,364 | 11.1% | 19,381 | 5,251 | -7,633 | S100W043 |
| FY ending Mar 2025 | 206,822 | 14,651 | 7.1% | 9,590 | 17,802 | 4,203 | S100YFQC |
| FY ending Mar 2026 | 235,888 | 15,505 | 6.6% | 12,554 | 23,821 | -5,664 | S100YFQC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.5M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 3,953 | 3,969 | 4,012 | 4,071 | 4,101 |
| Average salary (parent company) | ¥6.1M | ¥7M | ¥7.2M | ¥6.9M | ¥7M |
| Average age (parent company) | 39.0 years | 39.0 years | 39.1 years | 38.9 years | 38.8 years |
| Average tenure (parent company) | 16.8 years | 17.7 years | 16.6 years | 17.0 years | 15.6 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +14.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 117,355 | 49.8% | 8,830 | 7.5% |
| Americas | 68,495 | 29.0% | 2,959 | 4.3% |
| Europe | 34,351 | 14.6% | 677 | 2.0% |
| Asia and Pacific | 15,686 | 6.6% | 862 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 49.8% | 66.3% | 16.5 | 7.5% |
| Americas | 29.0% | 22.2% | -6.8 | 4.3% |
| Europe | 14.6% | 5.1% | -9.5 | 2.0% |
| Asia and Pacific | 6.6% | 6.5% | -0.2 | 5.5% |

Segment → industry: Asia and Pacific → Machine Tools / Europe → Machine Tools / Americas → Machine Tools / Japan → Machine Tools

## 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 | 23,821 | 10.1% | S100YFQC |
| Capital expenditure | 29,485 | 12.5% | S100YFQC |
| Free cash flow | -5,664 | -2.4% | 算出 |
| Investing cash flow | -29,233 | -12.4% | S100YFQC |
| Financing cash flow | 2,925 | 1.2% | S100YFQC |
| Dividends paid | 6,050 | 2.6% | S100YFQC |
| Share buyback | 5,002 | 2.1% | S100YFQC |
| Change in cash | -511 | -0.2% | S100YFQC |
| Cash and equivalents | 47,764 | 20.2% | S100YFQC |

## 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 | 60,954 | 64,696 | 49,242 | 48,276 | 47,764 | S100TOL7, S100W043, S100YFQC |
| Total assets | 258,985 | 287,538 | 297,774 | 298,168 | 340,386 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Net assets | 193,656 | 212,850 | 237,846 | 238,065 | 255,919 | S100TOL7, S100W043, S100YFQC |
| Share capital | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Inventories | 63,396 | 79,141 | 81,844 | 85,631 | 82,108 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Property, plant and equipment | 48,436 | 50,375 | 53,544 | 54,419 | 74,466 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Intangible assets excluding goodwill | 6,187 | 7,543 | 10,795 | 14,874 | 16,970 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Goodwill | 1,060 | 1,040 | 1,065 | 1,053 | 1,067 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Investment securities | 23,743 | 26,937 | 35,909 | 34,033 | 45,128 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Current assets | 174,263 | 196,017 | 187,776 | 184,600 | 190,649 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Current liabilities | 55,639 | 65,364 | 46,814 | 42,737 | 52,203 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Trade payables | 16,618 | 18,788 | 11,233 | 15,510 | 14,710 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Long-term borrowings | — | — | — | 5,000 | 20,000 | S100YFQC |
| Bonds | 5,000 | 5,000 | 5,000 | 5,000 | — | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Total liabilities | 65,328 | 74,688 | 59,928 | 60,103 | 84,467 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Non-controlling interests | 8,536 | 9,333 | 9,890 | 10,565 | 10,910 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Equity attributable to owners of parent | 173,725 | 186,077 | 195,999 | 198,355 | 199,903 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Retained earnings | 124,658 | 139,321 | 152,835 | 156,362 | 162,866 | S100QZOD, S100TOL7, S100W043, S100YFQC |
| Treasury stock | -10,648 | -12,960 | -16,614 | -17,805 | -22,778 | S100QZOD, S100TOL7, S100W043, S100YFQC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YFQC |
| Inventories | 24% | S100YFQC |
| Property, plant and equipment | 22% | S100YFQC |
| Intangibles and goodwill | 5% | S100YFQC |
| Investment securities | 13% | S100YFQC |
| Other assets | 22% | S100YFQC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YFQC |
| Other liabilities | 21% | S100YFQC |
| Equity | 75% | S100YFQC |

### 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 | 258,985 | 287,538 | 297,774 | 298,168 | 340,386 |
| Equity | 193,656 | 212,850 | 237,846 | 238,065 | 255,919 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 60,954 | 64,696 | 49,242 | 48,276 | 47,764 |

## 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) | 31.6% | S100YFQC |
| Fixed assets ÷ total assets | 21.9% | S100YFQC |
| Goodwill ÷ parent equity | 0.5% | S100YFQC |

Goodwill over 4 years: 1,060 → 1,067 JPY; total investing cash flow: -72,306 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) | 14.0% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.6% |
| Cash vs. profit gap | 11,267 JPY mn (of net income 89.7%) |
| Shareholder returns / net income | 88.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.5% |
| Investing CF relative to operating CF | 122.7% |

## 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 | 6.7% | 0.67× | 4.5% | 1.49× | 6.7% | S100QZOD |
| 2023 | 8.4% | 0.83× | 7.0% | 1.52× | 10.7% | S100TOL7 |
| 2024 | 8.5% | 0.78× | 6.6% | 1.53× | 10.1% | S100W043 |
| 2025 | 4.6% | 0.69× | 3.2% | 1.51× | 4.9% | S100YFQC |
| 2026 | 5.3% | 0.74× | 3.9% | 1.60× | 6.3% | S100YFQC |

## 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 | 20.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.9% | 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 | 7.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 3.7% | 2026-03-31 |
| オークマ取引先持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 岡谷鋼機株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| オークマ共栄会 | Major shareholder | 1.9% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| オークマ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YFQC | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFQC,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100W043 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W043,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TOL7 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOL7,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100QZOD | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZOD,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OCBS | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCBS,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LJYD | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJYD,, |

## 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).