# ONEX Corporation: 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74期(2024/07/01－2025/06/30) (S100WRVO)
> Page: https://vizora.meequs.com/en/company/onex
> Retrieved: 2026-09-30T19:41:57.370Z

## Company

Onex, founded in 1951, is a company in Steel listed on TSE Standard. It has 244 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ONEX Corporation |
| Ticker | 5987 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5987.T) |
| Listing | TSE Standard |
| Head office | 東京都町田市森野一丁目7番23号 |
| Representative (per filing) | 代表取締役社長 木田 周太郎 |
| Founded | Aug 1951 |
| Share capital | ¥878.4M |
| Employees (consolidated) | 244 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | June |
| Website | www.onex.jp (https://www.onex.jp/) |
| Corporate number | 2021001019513 |
| EDINET | E01446 |
| Industries (Vizora) | Steel, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100WRVO, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: Steel (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.5 | 33 |
| Profitability | 7.1 | 35 |
| Efficiency | 18.6 | 35 |

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 88% of Onex's sales come from Metal heat treatment and processing business, with Transportation business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +1.7% from the prior year, operating profit -184.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.05B |  |
| Operating income | -¥47.3M | Margin -0.9% |
| Net income | ¥2.9M | Margin 0.1% |
| Free cash flow | ¥484.3M |  |
| Largest business | Metal heat treatment and processing business | of segment revenue 88.1% |
| Employees (consolidated) | 244 |  |
| EPS | ¥-6.65 |  |
| Book value per share | ¥3284.03 |  |
| Equity ratio | 60.5% |  |
| Shares outstanding | 1,660,000 |  |
| Treasury shares | 4,300 |  |
| Shareholders | 419 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 33.8% | Cash ÷ revenue 58.0% |
| Vs. industry median margin | -4.4 pp | Steel |
| ROE | 0.1% | Derived from disclosed figures |
| ROA | 0.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 241.6× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 88 points

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5317067000 | ¥5053326000 | -5.0% |
| Operating income | ¥19878000 | ¥-47309000 | -338.0% |
| Operating margin | 0.4% | -0.9% | -1.3 pp |
| Employees | 282 people | 244 people | -13.5% |
| Cash and equivalents | ¥2428249000 | ¥2928701000 | +20.6% |

### 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 |
| --- | ---: |
| 金属熱処理加工事業 → 金属熱処理加工事業 | 87.7% |
| 運送事業 → 運送事業 | 11.9% |
| 運送事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 金属熱処理加工事業 | 0.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,053 | 100.0% | S100WRVO |
| Cost of revenue | 4,057 | 80.3% | S100WRVO |
| Gross profit | 996 | 19.7% | S100WRVO |
| SG&A | 1,044 | 20.7% | S100WRVO |
| Operating income | -47 | -0.9% | S100WRVO |
| Ordinary income | -26 | -0.5% | S100WRVO |
| Pretax income | 14 | 0.3% | S100WRVO |
| Income tax | 11 | 0.2% | S100WRVO |
| Net income | 3 | 0.1% | S100WRVO |
| Net income attributable to owners | 3 | 0.1% | S100WRVO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 21 |
| Operating income | -1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 19.7% → Operating margin -0.9% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 4,967 | 5,053 | 86 | +1.7% |
| Gross profit | 1,031 | 996 | -34 | -3.3% |
| Operating income | 56 | -47 | -103 | -184.5% |
| Net income attributable to owners | -377 | 3 | 380 | — |
| Operating cash flow | 826 | 698 | -128 | -15.5% |
| Free cash flow | 537 | 484 | -52 | -9.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 6,253 | 253 | 4.0% | 162 | 654 | 149 | S100JSWR |
| FY ending Jun 2020 | 5,317 | 20 | 0.4% | 13 | 889 | 506 | S100MIBF |
| FY ending Jun 2021 | 5,066 | -111 | -2.2% | -202 | 595 | 172 | S100P9JG |
| FY ending Jun 2022 | 5,303 | 113 | 2.1% | 162 | 416 | -67 | S100RXN6 |
| FY ending Jun 2023 | 5,365 | 75 | 1.4% | 221 | 665 | 303 | S100UG24 |
| FY ending Jun 2024 | 4,967 | 56 | 1.1% | -377 | 826 | 537 | S100WRVO |
| FY ending Jun 2025 | 5,053 | -47 | -0.9% | 3 | 698 | 484 | S100WRVO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | -¥193.9K |
| Net income per employee (consolidated) | ¥11.8K |

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) | 267 | 277 | 263 | 247 | 244 |
| Average salary (parent company) | ¥4.9M | ¥4.6M | ¥4.9M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 42.8 years | 41.9 years | 41.1 years | 43.3 years | 43.4 years |
| Average tenure (parent company) | 16.2 years | 15.8 years | 16.1 years | 16.4 years | 16.1 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Metal heat treatment and processing business | 4,450 | 88.1% | -102 | -2.3% |
| Transportation business | 603 | 11.9% | 34 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Metal heat treatment and processing business | 88.1% | — | — | -2.3% |
| Transportation business | 11.9% | 100.0% | 88.1 | 5.6% |

Loss-making segment (excluded from profit shares): Metal heat treatment and processing business -102 JPY mn

Segment → industry: Metal heat treatment and processing business → Steel / Transportation business → Trucking & Parcel Delivery

## 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 | 698 | 13.8% | S100WRVO |
| Capital expenditure | 214 | 4.2% | S100WRVO |
| Free cash flow | 484 | 9.6% | 算出 |
| Investing cash flow | 97 | 1.9% | S100WRVO |
| Financing cash flow | -574 | -11.4% | S100WRVO |
| Dividends paid | 33 | 0.6% | S100WRVO |
| Share buyback | 0 | 0.0% | S100WRVO |
| Change in cash | 221 | 4.4% | S100WRVO |
| Cash and equivalents | 2,929 | 58.0% | S100WRVO |

## 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 | 2,641 | 2,440 | 2,528 | 2,708 | 2,929 | S100RXN6, S100UG24, S100WRVO |
| Total assets | 10,183 | 9,786 | 9,936 | 8,887 | 8,677 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Net assets | 5,337 | 5,436 | 5,654 | 5,276 | 5,252 | S100RXN6, S100UG24, S100WRVO |
| Share capital | 878 | 878 | 878 | 878 | 878 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Trade receivables | 1,134 | 1,071 | 1,014 | 932 | 772 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Property, plant and equipment | 4,936 | 4,874 | 4,712 | 4,014 | 3,701 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Intangible assets excluding goodwill | 48 | 34 | 27 | 15 | 47 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Investment securities | 235 | 192 | 234 | 277 | 289 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Current assets | 4,564 | 4,321 | 4,377 | 4,537 | 4,595 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Current liabilities | 2,051 | 1,728 | 1,900 | 1,751 | 1,778 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Trade payables | 123 | 135 | 128 | 105 | 105 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Short-term borrowings | — | — | 100 | 100 | — | S100UG24, S100WRVO |
| Long-term borrowings | 1,995 | 1,981 | 1,828 | 1,418 | 1,085 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Total liabilities | 4,846 | 4,350 | 4,282 | 3,611 | 3,425 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Equity attributable to owners of parent | 5,289 | 5,417 | 5,605 | 5,194 | 5,164 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Retained earnings | 3,703 | 3,831 | 4,020 | 3,609 | 3,579 | S100P9JG, S100RXN6, S100UG24, S100WRVO |
| Treasury stock | -6 | -6 | -6 | -6 | -7 | S100P9JG, S100RXN6, S100UG24, S100WRVO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100WRVO |
| Receivables | 9% | S100WRVO |
| Property, plant and equipment | 43% | S100WRVO |
| Intangibles and goodwill | 0% | S100WRVO |
| Investment securities | 3% | S100WRVO |
| Other assets | 11% | S100WRVO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100WRVO |
| Other liabilities | 38% | S100WRVO |
| Equity | 61% | S100WRVO |

### 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 | 10,183 | 9,786 | 9,936 | 8,887 | 8,677 |
| Equity | 5,337 | 5,436 | 5,654 | 5,276 | 5,252 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,641 | 2,440 | 2,528 | 2,708 | 2,929 |

## 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) | 73.2% | S100WRVO |
| Fixed assets ÷ total assets | 42.7% | S100WRVO |
| Goodwill ÷ parent equity | — | —, S100WRVO |

### 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) | 33.8% |
| Cash ÷ revenue | 58.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 695 JPY mn (of net income 24056.6%) |
| Shareholder returns / net income | 1137.1% |
| Shareholder returns / FCF | 6.8% |
| Shareholder payments — dividends / net income | 1130.9% |
| Shareholder payments — dividends / FCF | 6.8% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 13.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -2.0% | —× | — | S100P9JG |
| 2022 | 3.1% | 0.53× | 1.6% | 1.87× | 3.0% | S100RXN6 |
| 2023 | 4.1% | 0.54× | 2.2% | 1.79× | 4.0% | S100UG24 |
| 2024 | — | —× | -4.0% | —× | — | S100WRVO |
| 2025 | 0.1% | 0.58× | 0.0% | 1.70× | 0.1% | S100WRVO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| FUTU SECURITIES INTERNATIONAL（HONG KONG） LIMITED（常任代理人 momoo証券株式会社) | Major shareholder | 19.8% | 2025-06-30 |
| 大屋 翼 | Major shareholder | 8.3% | 2025-06-30 |
| PHILLIP SECURITIES（HONG KONG） LIMITED （常任代理人 フィリップ証券株式会社） | Major shareholder | 7.9% | 2025-06-30 |
| RUIYING JAPAN株式会社 | Major shareholder | 4.8% | 2025-06-30 |
| 株式会社横浜銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.8% | 2025-06-30 |
| 山川 伯勇 | Major shareholder | 4.4% | 2025-06-30 |
| 山川 伯忠 | Major shareholder | 3.9% | 2025-06-30 |
| MIB SECURITIES （HONG KONG）LTD ACCOUNT CLIENT （常任代理人 香港上海銀行東京支店 カストディ業務部 Senior Manager, Operation） | Major shareholder | 3.9% | 2025-06-30 |
| 株式会社三井住友銀行 | Major shareholder | 3.5% | 2025-06-30 |
| 株式会社商工組合中央金庫 | Major shareholder | 3.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2024/07/01－2025/06/30) | S100WRVO | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRVO,, |
| 有価証券報告書－第73期(2023/07/01－2024/06/30) | S100UG24 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG24,, |
| 有価証券報告書－第72期(2022/07/01－2023/06/30) | S100RXN6 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXN6,, |
| 有価証券報告書－第71期(令和3年7月1日－令和4年6月30日) | S100P9JG | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9JG,, |
| 有価証券報告書－第70期(令和2年7月1日－令和3年6月30日) | S100MIBF | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIBF,, |
| 有価証券報告書－第69期(令和1年7月1日－令和2年6月30日) | S100JSWR | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JSWR,, |

## 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).