# Orchestra Holdings Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/01/01－2025/12/31) (S100XTR2)
> Page: https://vizora.meequs.com/en/company/orchestra-holdings
> Retrieved: 2026-09-30T18:27:10.470Z

## Company

Orchestra Holdings, founded in 2009, is a company in IT Services & System Integration listed on TSE Prime. It has 1,178 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Orchestra Holdings Inc. |
| Ticker | 6533 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6533.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長 中村 慶郎 |
| Founded | Jun 2009 |
| Share capital | ¥354.1M |
| Employees (consolidated) | 1,178 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | orchestra-hd.co.jp (https://orchestra-hd.co.jp/) |
| Corporate number | 3011001061184 |
| EDINET | E32601 |
| Industries (Vizora) | IT Services & System Integration, Games, Advertising |

> Profile source: annual securities report (S100XTR2, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 52.3 | 196 |
| Cash conversion | 32.7 | 185 |
| Efficiency | 30.9 | 196 |

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 48% of Orchestra Holdings's sales come from Digital transformation business, with Digital marketing business and IP/Entertainment business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +12.3% from the prior year, operating profit +8.4%.

## Company structure

- Segment revenue mix: Digital transformation business 47.7%、Digital marketing business 36.1%、IP/Entertainment business 11.0%、Other 5.2%
- Revenue → net income: ¥15768184000 → ¥865392000
- Net income → operating cash flow: ¥865392000 → ¥1036988000（difference ¥171596000）
- Main uses of operating cash flow: CapEx ¥79232000 / dividends ¥106972000 / buybacks ¥250656000
- Change in cash: ¥235896000
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 | ¥15.8B |  |
| Operating income | ¥1.44B | Margin 9.2% |
| Net income | ¥816.8M | Margin 5.2% |
| Free cash flow | ¥957.8M |  |
| Largest business | Digital transformation business | of segment revenue 47.7% |
| Employees (consolidated) | 1,178 |  |
| EPS | ¥84.92 |  |
| Book value per share | ¥127.26 |  |
| Equity ratio | 40.2% | Derived from disclosed figures |
| Shares outstanding | 10,034,200 |  |
| Treasury shares | 600,300 |  |
| Shareholders | 5,008 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | +0.2 pp | IT Services & System Integration |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.3× dividends
- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, segment profit share differs by 36 points

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11825546000 | ¥15768184000 | — |
| Operating income | ¥686298000 | ¥1442982000 | — |
| Operating margin | 5.8% | 9.2% | +3.3 pp |
| Employees | 374 people | 1,178 people | — |
| Cash and equivalents | ¥1413618000 | ¥3538337000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デジタルトランスフォーメーション事業 → 事業再編・廃止 | 29.8% |
| デジタルマーケティング事業 → デジタルマーケティング事業 | 36.1% |
| デジタルマーケティング事業 → 事業再編・廃止 | 34.1% |
| 新設・再編 → デジタルトランスフォーメーション事業 | 47.7% |
| 新設・再編 → ＩＰ・エンタメ事業 | 11.0% |
| 新設・再編 → その他 | 5.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital transformation business | — | — | ¥7524299000 | 8.9% | 2 |
| Digital marketing business | — | — | ¥5686394000 | 32.6% | 2 |
| IP/Entertainment business | — | — | ¥1733947000 | 3.3% | 2 |
| Other | — | — | ¥823543000 | -5.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,768 | 100.0% | S100XTR2 |
| Cost of revenue | 8,866 | 56.2% | S100XTR2 |
| Gross profit | 6,902 | 43.8% | S100XTR2 |
| SG&A | 5,515 | 35.0% | S100XTR2 |
| Operating income | 1,443 | 9.2% | S100XTR2 |
| Pretax income | 1,386 | 8.8% | S100XTR2 |
| Income tax | 520 | 3.3% | S100XTR2 |
| Net income | 865 | 5.5% | S100XTR2 |
| Net income attributable to owners | 817 | 5.2% | S100XTR2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 35 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 43.8% → Operating margin 9.2% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.3%; Core profit growth: +8.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.68×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,037 | 15,768 | 1,731 | +12.3% |
| Gross profit | 6,495 | 6,902 | 407 | +6.3% |
| Operating income | 1,331 | 1,443 | 112 | +8.4% |
| Net income attributable to owners | 741 | 817 | 76 | +10.3% |
| Operating cash flow | 1,397 | 1,037 | -360 | -25.8% |
| Free cash flow | 1,363 | 958 | -405 | -29.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 9,339 | 528 | 5.7% | 275 | 373 | 357 | S100L3FU |
| FY ending Dec 2020 | 11,826 | 686 | 5.8% | 436 | 660 | 587 | S100NRRI |
| FY ending Dec 2021 | 16,641 | 1,263 | 7.6% | 757 | 1,113 | 1,107 | S100QGLE |
| FY ending Dec 2022 | 10,378 | 1,351 | 13.0% | 854 | -485 | -534 | S100T6KZ |
| FY ending Dec 2023 | 12,109 | 766 | 6.3% | 474 | 1,004 | 972 | S100VH3E |
| FY ending Dec 2024 | 14,037 | 1,331 | 9.5% | 741 | 1,397 | 1,363 | S100XTR2 |
| FY ending Dec 2025 | 15,768 | 1,443 | 9.2% | 817 | 1,037 | 958 | S100XTR2 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.4M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥693.4K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 558 | 756 | 916 | 1,111 | 1,178 |
| Average salary (parent company) | ¥6.3M | ¥6.8M | ¥5.8M | ¥6M | ¥5.7M |
| Average age (parent company) | 32.7 years | 38.7 years | 39.4 years | 39.3 years | 39.0 years |
| Average tenure (parent company) | 1.7 years | 3.2 years | 4.3 years | 5.2 years | 4.9 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +12.3%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital transformation business | 7,524 | 47.7% | 672 | 8.9% |
| Digital marketing business | 5,686 | 36.1% | 1,851 | 32.6% |
| IP/Entertainment business | 1,734 | 11.0% | 57 | 3.3% |
| Other | 824 | 5.2% | -43 | -5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital transformation business | 47.7% | 26.0% | -21.7 | 8.9% |
| Digital marketing business | 36.1% | 71.7% | 35.7 | 32.6% |
| IP/Entertainment business | 11.0% | 2.2% | -8.8 | 3.3% |
| Other | 5.2% | — | — | -5.2% |

Loss-making segment (excluded from profit shares): Other -43 JPY mn

Segment → industry: Digital transformation business → IT Services & System Integration / IP/Entertainment business → Games / Digital marketing business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,037 | 6.6% | S100XTR2 |
| Capital expenditure | 79 | 0.5% | S100XTR2 |
| Free cash flow | 958 | 6.1% | 算出 |
| Investing cash flow | -1,186 | -7.5% | S100XTR2 |
| Financing cash flow | 385 | 2.4% | S100XTR2 |
| Dividends paid | 107 | 0.7% | S100XTR2 |
| Share buyback | 251 | 1.6% | S100XTR2 |
| Change in cash | 236 | 1.5% | S100XTR2 |
| Cash and equivalents | 3,538 | 22.4% | S100XTR2 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,958 | 3,068 | 3,277 | 3,302 | 3,538 | S100T6KZ, S100VH3E, S100XTR2 |
| Total assets | 10,561 | 11,410 | 13,485 | 14,381 | 16,160 | S100QGLE, S100T6KZ, S100XTR2 |
| Net assets | 4,946 | 5,735 | 5,936 | 6,498 | 7,014 | S100T6KZ, S100VH3E, S100XTR2 |
| Share capital | 195 | 203 | 207 | 354 | 354 | S100QGLE, S100T6KZ, S100XTR2 |
| Trade receivables | 2,528 | — | — | — | — | S100QGLE |
| Property, plant and equipment | 620 | 647 | 137 | 195 | 196 | S100QGLE, S100T6KZ, S100XTR2 |
| Intangible assets excluding goodwill | 1,148 | 2,043 | 3,654 | 3,856 | — | S100QGLE, S100T6KZ, S100VH3E |
| Goodwill | 1,140 | 1,964 | 3,567 | 4,270 | 5,394 | S100QGLE, S100T6KZ, S100XTR2 |
| Investment securities | 584 | 959 | 943 | 971 | — | S100QGLE, S100T6KZ, S100VH3E |
| Current assets | 7,857 | 7,276 | 7,551 | 7,286 | 7,532 | S100QGLE, S100T6KZ, S100XTR2 |
| Current liabilities | 4,261 | 4,385 | 4,402 | 4,697 | — | S100QGLE, S100T6KZ, S100VH3E |
| Short-term borrowings | — | 388 | 388 | 510 | — | S100T6KZ, S100VH3E |
| Long-term borrowings | 1,225 | 1,023 | 2,104 | 1,845 | — | S100QGLE, S100T6KZ, S100VH3E |
| Total liabilities | 5,615 | 5,675 | 7,549 | 7,883 | 9,146 | S100QGLE, S100T6KZ, S100XTR2 |
| Non-controlling interests | 476 | 403 | 407 | 449 | — | S100QGLE, S100T6KZ, S100VH3E |
| Equity attributable to owners of parent | 4,101 | 4,781 | 5,539 | 6,028 | 6,501 | S100QGLE, S100T6KZ, S100XTR2 |
| Retained earnings | 2,116 | 2,891 | 3,169 | 3,843 | 4,553 | S100QGLE, S100T6KZ, S100XTR2 |
| Treasury stock | -0 | -0 | -0 | -300 | -550 | S100QGLE, S100T6KZ, S100XTR2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XTR2 |
| Property, plant and equipment | 1% | S100XTR2 |
| Intangibles and goodwill | 33% | — |
| Other assets | 44% | S100XTR2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XTR2 |
| Equity | 43% | S100XTR2 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,561 | 11,410 | 13,485 | 14,381 | 16,160 |
| Equity | 4,946 | 5,735 | 5,936 | 6,498 | 7,014 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,958 | 3,068 | 3,277 | 3,302 | 3,538 |

## 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) | 1.2% | S100XTR2 |
| Fixed assets ÷ total assets | 1.2% | S100XTR2 |
| Goodwill ÷ parent equity | 83.0% | S100XTR2 |

Goodwill over 4 years: 1,140 → 5,394 JPY; total investing cash flow: -4,593 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) | 21.9% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.9% |
| Cash vs. profit gap | 220 JPY mn (of net income 27.0%) |
| Shareholder returns / net income | 43.8% |
| Shareholder returns / FCF | 37.3% |
| Shareholder payments — dividends / net income | 13.1% |
| Shareholder payments — dividends / FCF | 11.2% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 114.3% |

## 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 | 4.6% | 1.58× | 7.2% | 2.58× | 18.5% | S100QGLE |
| 2022 | 8.2% | 0.94× | 7.8% | 2.47× | 19.2% | S100T6KZ |
| 2023 | 3.9% | 0.97× | 3.8% | 2.41× | 9.2% | S100VH3E, S100XTR2 |
| 2024 | 5.3% | 1.01× | 5.3% | 2.41× | 12.8% | S100XTR2 |
| 2025 | 5.2% | 1.03× | 5.3% | 2.44× | 13.0% | S100XTR2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村 慶郎 | Major shareholder | 17.9% | 2025-12-31 |
| 佐藤 亨樹 | Major shareholder | 16.8% | 2025-12-31 |
| 慶キャピタル株式会社 | Major shareholder | 8.2% | 2025-12-31 |
| TSK capital株式会社 | Major shareholder | 8.2% | 2025-12-31 |
| 脇山 季秋 | Major shareholder | 4.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2025-12-31 |
| 鈴木 謙司 | Major shareholder | 3.4% | 2025-12-31 |
| 蔭山 恭一 | Major shareholder | 2.2% | 2025-12-31 |
| 岩崎 泰次 | Major shareholder | 1.9% | 2025-12-31 |
| 五代儀 直美 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/01/01－2025/12/31) | S100XTR2 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTR2,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VH3E | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH3E,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T6KZ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6KZ,, |
| 有価証券報告書－第14期(2022/01/01－2022/12/31) | S100QGLE | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGLE,, |
| 有価証券報告書－第13期(令和3年1月1日－令和3年12月31日) | S100NRRI | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRRI,, |
| 有価証券報告書－第12期(令和2年1月1日－令和2年12月31日) | S100L3FU | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3FU,, |

## 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).