# OLBA DVx HEALTHCARE,Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2024/07/01－2025/06/30) (S100WQ48)
> Page: https://vizora.meequs.com/en/company/olba-dvx-healthcare
> Retrieved: 2026-09-30T19:15:10.239Z

## Company

OLBA DVx HEALTHCARE, founded in 1967, is a company in Nursing Care listed on TSE Standard. It has 1,393 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OLBA HEALTHCARE HOLDINGS,Inc. |
| Ticker | 2689 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2689.T) |
| Listing | TSE Standard |
| Head office | 岡山市北区下石井一丁目1番3号 |
| Representative (per filing) | 代表取締役社長 前島 洋平 |
| Founded | Oct 1967 |
| Share capital | ¥607.8M |
| Employees (consolidated) | 1,393 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | June |
| Website | www.olba.co.jp (https://www.olba.co.jp/) |
| Corporate number | 7260001001915 |
| EDINET | E02928 |
| Industries (Vizora) | Nursing Care, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100WQ48, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.7 | 179 |
| Profitability | 26.8 | 185 |
| Cash conversion | 37.2 | 179 |
| Efficiency | 89.5 | 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 93% of OLBA DVx HEALTHCARE's sales come from Medical equipment, with SPD and Care nursing goods making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit -11.1%.

## Company structure

- Segment revenue mix: Medical equipment 93.2%、SPD 4.6%、Care nursing goods 2.3%
- Revenue → net income: ¥122702463000 → ¥1430099000
- Net income → operating cash flow: ¥1430099000 → ¥1626920000（difference ¥196821000）
- Main uses of operating cash flow: CapEx ¥1609137000 / dividends ¥488265000 / buybacks ¥135739000
- Change in cash: ¥678172000
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 | ¥122.7B |  |
| Operating income | ¥1.98B | Margin 1.6% |
| Net income | ¥1.43B | Margin 1.2% |
| Free cash flow | ¥17.8M |  |
| Largest business | Medical equipment | of segment revenue 93.2% |
| Employees (consolidated) | 1,393 |  |
| EPS | ¥183.4 |  |
| Book value per share | ¥917.19 |  |
| Equity ratio | 26.7% |  |
| Shares outstanding | 6,250,000 |  |
| Treasury shares | 70,200 |  |
| Shareholders | 8,128 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 7.5% | Cash ÷ revenue 2.8% |
| Vs. industry median margin | -1.3 pp | Specialty Trading & Wholesale |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 85% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107896793000 | ¥122702463000 | +13.7% |
| Operating income | ¥927027000 | ¥1979954000 | +113.6% |
| Operating margin | 0.9% | 1.6% | +0.8 pp |
| Employees | 1,222 people | 1,393 people | +14.0% |
| Cash and equivalents | ¥1877288000 | ¥3420020000 | +82.2% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 医療器材事業 → 医療器材事業 | 81.5% |
| SPD事業 → SPD事業 | 4.6% |
| SPD事業 → 事業再編・廃止 | 12.0% |
| 介護用品事業 → 介護用品事業 | 2.0% |
| 新設・再編 → 医療器材事業 | 11.7% |
| 新設・再編 → 介護用品事業 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical equipment | 5 years | +5.4% | ¥114336640000 | 1.6% | 2 |
| SPD | 5 years | -20.7% | ¥5588730000 | 2.0% | 2 |
| Care nursing goods | 5 years | +4.9% | ¥2777092000 | 7.4% | 2 |

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 122,702 | 100.0% | S100WQ48 |
| Cost of revenue | 108,793 | 88.7% | S100WQ48 |
| Gross profit | 13,909 | 11.3% | S100WQ48 |
| SG&A | 11,929 | 9.7% | S100WQ48 |
| Operating income | 1,980 | 1.6% | S100WQ48 |
| Ordinary income | 1,962 | 1.6% | S100WQ48 |
| Pretax income | 1,920 | 1.6% | S100WQ48 |
| Income tax | 490 | 0.4% | S100WQ48 |
| Net income | 1,430 | 1.2% | S100WQ48 |
| Net income attributable to owners | 1,430 | 1.2% | S100WQ48 |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 10 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 11.3% → Operating margin 1.6% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.5%; Core profit growth: -11.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.18×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 118,565 | 122,702 | 4,138 | +3.5% |
| Gross profit | 13,601 | 13,909 | 308 | +2.3% |
| Operating income | 2,227 | 1,980 | -247 | -11.1% |
| Net income attributable to owners | 1,500 | 1,430 | -70 | -4.7% |
| Operating cash flow | 2,084 | 1,627 | -457 | -21.9% |
| Free cash flow | 1,607 | 18 | -1,589 | -98.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 107,428 | 1,301 | 1.2% | 776 | 137 | -407 | S100JPLY |
| FY ending Jun 2020 | 107,897 | 927 | 0.9% | 326 | 863 | 407 | S100MGY2 |
| FY ending Jun 2021 | 102,072 | 1,541 | 1.5% | 989 | 3,126 | 2,493 | S100P7E8 |
| FY ending Jun 2022 | 107,959 | 2,073 | 1.9% | 1,535 | 2,421 | 1,967 | S100RWIR |
| FY ending Jun 2023 | 110,473 | 2,151 | 1.9% | 1,414 | -660 | -911 | S100UEMJ |
| FY ending Jun 2024 | 118,565 | 2,227 | 1.9% | 1,500 | 2,084 | 1,607 | S100WQ48 |
| FY ending Jun 2025 | 122,702 | 1,980 | 1.6% | 1,430 | 1,627 | 18 | S100WQ48 |

## People and productivity（FY ending Jun 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.1M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,261 | 1,289 | 1,317 | 1,354 | 1,393 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.6M | ¥7M | ¥7.1M |
| Average age (parent company) | 42.8 years | 43.1 years | 43.4 years | 44.6 years | 43.7 years |
| Average tenure (parent company) | 12.6 years | 13.3 years | 13.7 years | 14.8 years | 13.7 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +3.5%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical equipment | 114,337 | 93.2% | 1,774 | 1.6% |
| SPD | 5,589 | 4.6% | 114 | 2.0% |
| Care nursing goods | 2,777 | 2.3% | 205 | 7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical equipment | 93.2% | 84.8% | -8.4 | 1.6% |
| SPD | 4.6% | 5.4% | 0.9 | 2.0% |
| Care nursing goods | 2.3% | 9.8% | 7.5 | 7.4% |

Segment → industry: Care nursing goods → Nursing Care / SPD → Specialty Trading & Wholesale / Medical equipment → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,627 | 1.3% | S100WQ48 |
| Capital expenditure | 1,609 | 1.3% | S100WQ48 |
| Free cash flow | 18 | 0.0% | 算出 |
| Investing cash flow | -1,636 | -1.3% | S100WQ48 |
| Financing cash flow | 687 | 0.6% | S100WQ48 |
| Dividends paid | 488 | 0.4% | S100WQ48 |
| Share buyback | 136 | 0.1% | S100WQ48 |
| Change in cash | 678 | 0.6% | S100WQ48 |
| Cash and equivalents | 3,420 | 2.8% | S100WQ48 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,111 | 3,150 | 2,360 | 2,681 | 3,420 | S100RWIR, S100UEMJ, S100WQ48 |
| Total assets | 36,562 | 39,969 | 40,878 | 43,237 | 45,871 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Net assets | 8,132 | 9,093 | 10,328 | 11,374 | 12,256 | S100RWIR, S100UEMJ, S100WQ48 |
| Share capital | 608 | 608 | 608 | 608 | 608 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Trade receivables | 18,720 | — | — | — | — | S100P7E8 |
| Property, plant and equipment | 4,654 | 4,304 | 4,248 | 4,360 | 5,504 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Intangible assets excluding goodwill | 699 | 815 | 705 | 647 | 626 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Goodwill | — | 23 | 15 | 8 | — | S100RWIR, S100UEMJ, S100WQ48 |
| Investment securities | 238 | 224 | 285 | 358 | 368 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Current assets | 29,105 | 32,908 | 33,741 | 35,586 | 36,924 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Current liabilities | 26,119 | 28,866 | 28,593 | 29,715 | 29,822 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Trade payables | 16,305 | 18,171 | 17,899 | 17,827 | 18,412 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Short-term borrowings | 300 | — | 900 | 600 | — | S100P7E8, S100UEMJ, S100WQ48 |
| Long-term borrowings | 275 | 55 | — | — | 1,517 | S100P7E8, S100RWIR, S100WQ48 |
| Total liabilities | 28,431 | 30,875 | 30,551 | 31,864 | 33,616 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Equity attributable to owners of parent | 7,852 | 8,917 | 10,004 | 10,853 | 11,769 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Retained earnings | 7,144 | 8,369 | 9,416 | 10,481 | 11,383 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |
| Treasury stock | -247 | -376 | -342 | -557 | -551 | S100P7E8, S100RWIR, S100UEMJ, S100WQ48 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100WQ48 |
| Property, plant and equipment | 12% | S100WQ48 |
| Intangibles and goodwill | 1% | S100WQ48 |
| Investment securities | 1% | S100WQ48 |
| Other assets | 78% | S100WQ48 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 40% | S100WQ48 |
| Other liabilities | 33% | S100WQ48 |
| Equity | 27% | S100WQ48 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 36,562 | 39,969 | 40,878 | 43,237 | 45,871 |
| Equity | 8,132 | 9,093 | 10,328 | 11,374 | 12,256 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,111 | 3,150 | 2,360 | 2,681 | 3,420 |

## 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) | 4.5% | S100WQ48 |
| Fixed assets ÷ total assets | 12.0% | S100WQ48 |
| Goodwill ÷ parent equity | — | —, S100WQ48 |

### 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) | 7.5% |
| Cash ÷ revenue | 2.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.2% |
| Cash vs. profit gap | 197 JPY mn (of net income 13.8%) |
| Shareholder returns / net income | 43.6% |
| Shareholder returns / FCF | 3509.0% |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | 2745.7% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 100.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.0% | 2.79× | 2.7% | 4.66× | 12.6% | S100P7E8 |
| 2022 | 1.4% | 2.82× | 4.0% | 4.56× | 18.3% | S100RWIR |
| 2023 | 1.3% | 2.73× | 3.5% | 4.27× | 14.9% | S100UEMJ |
| 2024 | 1.3% | 2.82× | 3.6% | 4.03× | 14.4% | S100WQ48 |
| 2025 | 1.2% | 2.75× | 3.2% | 3.94× | 12.6% | S100WQ48 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マスプ | Major shareholder | 13.9% | 2025-06-30 |
| 前 島 達 也 | Major shareholder | 7.9% | 2025-06-30 |
| オルバヘルスケア従業員持株会 | Major shareholder | 6.3% | 2025-06-30 |
| 株式会社山陰合同銀行 | Major shareholder | 4.5% | 2025-06-30 |
| 株式会社中国銀行 | Major shareholder | 4.5% | 2025-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2025-06-30 |
| 光通信株式会社 | Major shareholder | 2.7% | 2025-06-30 |
| 株式会社伊予銀行 | Major shareholder | 2.7% | 2025-06-30 |
| 有限会社ティ・エム・テラオカ | Major shareholder | 2.4% | 2025-06-30 |
| 権 瓶 和 雄 | Major shareholder | 2.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2024/07/01－2025/06/30) | S100WQ48 | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ48,, |
| 有価証券報告書－第75期(2023/07/01－2024/06/30) | S100UEMJ | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEMJ,, |
| 有価証券報告書－第74期(2022/07/01－2023/06/30) | S100RWIR | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWIR,, |
| 有価証券報告書－第73期(令和3年7月1日－令和4年6月30日) | S100P7E8 | 2022-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P7E8,, |
| 有価証券報告書－第72期(令和2年7月1日－令和3年6月30日) | S100MGY2 | 2021-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MGY2,, |
| 有価証券報告書－第71期(令和1年7月1日－令和2年6月30日) | S100JPLY | 2020-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JPLY,, |

## 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).