# ONOKEN CO.,LTD.: 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77期(2025/04/01－2026/03/31) (S100YK40)
> Page: https://vizora.meequs.com/en/company/onoken
> Retrieved: 2026-09-30T21:37:56.858Z

## Company

Onoken, founded in 1949, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ONOKEN CO.,LTD. |
| Ticker | 7414 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7414.T) |
| Listing | TSE Prime |
| Head office | 福岡県北九州市小倉北区西港町12番地の1 |
| Representative (per filing) | 代表取締役社長 小野 剛 |
| Founded | Aug 1949 |
| Share capital | ¥6.95B |
| Employees (consolidated) | 1,235 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Corporate number | 6320001000746 |
| EDINET | E01324 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YK40, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.7 | 179 |
| Profitability | 30 | 185 |
| Cash conversion | 88.5 | 179 |
| Efficiency | 31.1 | 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 55% of Onoken's sales come from Kyushu,Chugoku, with Kansai,Chukyo and Kanto,Tohoku making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -6.9% from the prior year, operating profit -30.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥253.1B |  |
| Operating income | ¥4.74B | Margin 1.9% |
| Net income | -¥2.22B | Margin -0.9% |
| Free cash flow | ¥2.51B |  |
| Largest business | Kyushu,Chugoku | of segment revenue 54.8% |
| Employees (consolidated) | 1,235 |  |
| EPS | ¥-134.67 |  |
| Book value per share | ¥3316.36 |  |
| Equity ratio | 47.3% |  |
| Shares outstanding | 25,123,000 |  |
| Treasury shares | 691,400 |  |
| Shareholders | 8,731 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 3.1% | Cash ÷ revenue 2.4% |
| Vs. industry median margin | -1 pp | Specialty Trading & Wholesale |
| ROA | -1.1% | 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 | ¥202825000000 | ¥253115000000 | +24.8% |
| Operating income | ¥6512000000 | ¥4740000000 | -27.2% |
| Operating margin | 3.2% | 1.9% | -1.3 pp |
| Employees | 795 people | 1,235 people | +55.3% |
| Cash and equivalents | ¥1820000000 | ¥6109000000 | +235.7% |

### 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 |
| --- | ---: |
| 九州・中国 → 九州・中国 | 54.8% |
| 九州・中国 → 事業再編・廃止 | 5.6% |
| 関西・中京 → 関西・中京 | 20.8% |
| 関東・東北 → 関東・東北 | 18.8% |
| 新設・再編 → 関西・中京 | 3.0% |
| 新設・再編 → 関東・東北 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Kyushu,Chugoku | 5 years | +2.5% | ¥138708000000 | 2.0% | 2 |
| Kansai,Chukyo | 5 years | +7.4% | ¥60071000000 | 1.7% | 2 |
| Kanto,Tohoku | 5 years | +7.3% | ¥54334000000 | 1.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 253,115 | 100.0% | S100YK40 |
| Cost of revenue | 226,819 | 89.6% | S100YK40 |
| Gross profit | 26,295 | 10.4% | S100YK40 |
| SG&A | 21,555 | 8.5% | S100YK40 |
| Operating income | 4,740 | 1.9% | S100YK40 |
| Ordinary income | 4,711 | 1.9% | S100YK40 |
| Pretax income | -2,205 | -0.9% | S100YK40 |
| Income tax | -86 | -0.0% | S100YK40 |
| Net income | -2,119 | -0.8% | S100YK40 |
| Net income attributable to owners | -2,218 | -0.9% | S100YK40 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 10.4% → Operating margin 1.9% → Net margin -0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.9%; Core profit growth: -30.4%
Operating leverage (core profit growth ÷ revenue growth): 4.39×
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 | 271,942 | 253,115 | -18,827 | -6.9% |
| Gross profit | 27,041 | 26,295 | -746 | -2.8% |
| Operating income | 6,810 | 4,740 | -2,070 | -30.4% |
| Net income attributable to owners | 4,885 | -2,218 | -7,103 | -145.4% |
| Operating cash flow | 5,756 | 10,451 | 4,695 | +81.6% |
| Free cash flow | -9,563 | 2,513 | 12,076 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 229,290 | 6,360 | 2.8% | 4,416 | 15,203 | 10,875 | S100LS48 |
| FY ending Mar 2021 | 202,825 | 6,512 | 3.2% | 4,508 | 14,627 | 8,868 | S100PD3L |
| FY ending Mar 2022 | 222,759 | 11,756 | 5.3% | 8,145 | -5,139 | -9,770 | S100R3VW |
| FY ending Mar 2023 | 262,653 | 9,735 | 3.7% | 7,023 | -4,395 | -8,274 | S100U089 |
| FY ending Mar 2024 | 281,933 | 8,219 | 2.9% | 5,761 | 15,942 | -2,348 | S100W97U |
| FY ending Mar 2025 | 271,942 | 6,810 | 2.5% | 4,885 | 5,756 | -9,563 | S100YK40 |
| FY ending Mar 2026 | 253,115 | 4,740 | 1.9% | -2,218 | 10,451 | 2,513 | S100YK40 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥205M |
| Operating income per employee (consolidated) | ¥3.8M |
| 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) | 834 | 933 | 1,017 | 1,105 | 1,235 |
| Average salary (parent company) | ¥4.8M | ¥6.4M | ¥5.3M | ¥5.4M | ¥5.1M |
| Average age (parent company) | 37.0 years | 37.0 years | 38.0 years | 38.0 years | 39.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.0 years | 8.0 years | 8.0 years |

Year over year: Employees (consolidated) +11.8% · Revenue (consolidated) -6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Kyushu,Chugoku | 138,708 | 54.8% | 2,797 | 2.0% |
| Kansai,Chukyo | 60,071 | 23.7% | 1,000 | 1.7% |
| Kanto,Tohoku | 54,334 | 21.5% | 1,012 | 1.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Kyushu,Chugoku | 54.8% | 58.2% | 3.4 | 2.0% |
| Kansai,Chukyo | 23.7% | 20.8% | -2.9 | 1.7% |
| Kanto,Tohoku | 21.5% | 21.0% | -0.4 | 1.9% |

Segment → industry: Kanto,Tohoku → Specialty Trading & Wholesale / Kansai,Chukyo → Specialty Trading & Wholesale / Kyushu,Chugoku → Specialty Trading & Wholesale

## 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 | 10,451 | 4.1% | S100YK40 |
| Capital expenditure | 7,938 | 3.1% | S100YK40 |
| Free cash flow | 2,513 | 1.0% | 算出 |
| Investing cash flow | -9,118 | -3.6% | S100YK40 |
| Financing cash flow | 590 | 0.2% | S100YK40 |
| Dividends paid | 1,721 | 0.7% | S100YK40 |
| Share buyback | 999 | 0.4% | S100YK40 |
| Change in cash | 1,923 | 0.8% | S100YK40 |
| Cash and equivalents | 6,109 | 2.4% | S100YK40 |

## 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 | 2,099 | 2,613 | 6,440 | 4,186 | 6,109 | S100U089, S100W97U, S100YK40 |
| Total assets | 170,468 | 188,689 | 208,502 | 203,530 | 196,119 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Net assets | 83,275 | 90,321 | 95,550 | 98,273 | 93,802 | S100U089, S100W97U, S100YK40 |
| Share capital | 5,462 | 6,537 | 6,842 | 6,947 | 6,947 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Property, plant and equipment | 57,072 | 58,135 | 74,196 | 84,992 | 80,355 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Intangible assets excluding goodwill | 279 | 537 | 667 | 647 | 1,519 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Goodwill | — | 218 | 290 | 240 | 190 | S100U089, S100W97U, S100YK40 |
| Investment securities | 1,483 | 2,066 | 3,056 | 3,032 | 4,316 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Current assets | 110,028 | 126,706 | 128,274 | 112,648 | 106,455 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Current liabilities | 82,226 | 95,094 | 93,437 | 81,023 | 80,814 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Trade payables | 25,964 | 31,177 | 31,400 | 25,913 | 25,401 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Short-term borrowings | 26,950 | 35,200 | 28,850 | 33,230 | 37,810 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Long-term borrowings | — | 118 | 17,110 | 22,238 | 19,343 | S100U089, S100W97U, S100YK40 |
| Bonds | 3,138 | 981 | — | — | — | S100R3VW, S100U089 |
| Interest-bearing debt | — | 36,299 | — | — | — | 算出 |
| Total liabilities | 87,193 | 98,367 | 112,952 | 105,256 | 102,317 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Non-controlling interests | 648 | 700 | 817 | 886 | 985 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Equity attributable to owners of parent | 82,362 | 89,492 | 93,900 | 96,482 | 91,569 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Retained earnings | 71,854 | 76,797 | 80,557 | 82,915 | 78,974 | S100R3VW, S100U089, S100W97U, S100YK40 |
| Treasury stock | -377 | -341 | -309 | -2 | -974 | S100R3VW, S100U089, S100W97U, S100YK40 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YK40 |
| Property, plant and equipment | 41% | S100YK40 |
| Intangibles and goodwill | 1% | S100YK40 |
| Investment securities | 2% | S100YK40 |
| Other assets | 53% | S100YK40 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YK40 |
| Other liabilities | 39% | S100YK40 |
| Equity | 48% | S100YK40 |

### 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 | 170,468 | 188,689 | 208,502 | 203,530 | 196,119 |
| Equity | 83,275 | 90,321 | 95,550 | 98,273 | 93,802 |
| Interest-bearing debt | — | 36,299 | — | — | — |
| Cash | 2,099 | 2,613 | 6,440 | 4,186 | 6,109 |

## 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) | 31.7% | S100YK40 |
| Fixed assets ÷ total assets | 41.0% | S100YK40 |
| Goodwill ÷ parent equity | 0.2% | S100YK40 |

### 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) | 3.1% |
| Cash ÷ revenue | 2.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 220.5% |
| Cash vs. profit gap | 12,669 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 108.2% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 68.5% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 87.2% |

## 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 | 3.7% | 1.31× | 4.8% | 2.07× | 9.9% | S100R3VW |
| 2023 | 2.7% | 1.46× | 3.9% | 2.09× | 8.2% | S100U089 |
| 2024 | 2.0% | 1.42× | 2.9% | 2.17× | 6.3% | S100W97U |
| 2025 | 1.8% | 1.32× | 2.4% | 2.16× | 5.1% | S100YK40 |
| 2026 | — | —× | -1.1% | —× | — | S100YK40 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 10.7% | 2026-03-31 |
| オーエヌトラスト㈱ | Major shareholder | 9.5% | 2026-03-31 |
| 宜本 正夫 | Major shareholder | 2.8% | 2026-03-31 |
| 小野 哲司 | Major shareholder | 2.7% | 2026-03-31 |
| 小野 信介 | Major shareholder | 2.6% | 2026-03-31 |
| 小野 明 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| ㈱福岡銀行 | Major shareholder | 1.9% | 2026-03-31 |
| ㈱西日本シティ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 小野 多美子 | Major shareholder | 1.7% | 2026-03-31 |
| 小野 典子 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YK40 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK40,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W97U | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W97U,, |
| 訂正有価証券報告書－第75期(2023/04/01－2024/03/31) | S100U089 | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U089,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R3VW | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3VW,, |
| 訂正有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100PD3L | 2022-10-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PD3L,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LS48 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS48,, |

## 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).