# Oricon Inc.: 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27期(2025/04/01－2026/03/31) (S100YJQT)
> Page: https://vizora.meequs.com/en/company/oricon
> Retrieved: 2026-09-30T22:08:15.548Z

## Company

Oricon, founded in 1999, is a company in Internet Services & Apps listed on TSE Standard. It has 196 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Oricon Inc. |
| Ticker | 4800 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4800.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木六丁目8番10号 |
| Representative (per filing) | 代表取締役社長 佐藤 直也 |
| Founded | Oct 1999 |
| Share capital | ¥1.09B |
| Employees (consolidated) | 196 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.oricon.jp (https://www.oricon.jp/) |
| Corporate number | 5010401038988 |
| EDINET | E05143 |
| Industries (Vizora) | Internet Services & Apps, Consulting, Advertising |

> Profile source: annual securities report (S100YJQT, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.3 | 40 |
| Profitability | 93.1 | 51 |
| Cash conversion | 19.8 | 43 |
| Efficiency | 39.4 | 52 |

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 68% of Oricon's sales come from Communication, with advertisement and Data service making up much of the rest.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +28.6% from the prior year, operating profit +10.1%.

## Company structure

- Segment revenue mix: Communication 67.8%、advertisement 20.6%、Data service 10.9%、Other 0.6%
- Revenue → net income: ¥6320892000 → ¥625400000
- Net income → operating cash flow: ¥625400000 → ¥1127104000（difference ¥501704000）
- Main uses of operating cash flow: CapEx ¥53459000 / dividends ¥491615000 / buybacks ¥51840000
- Change in cash: ¥446353000
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 | ¥6.32B |  |
| Operating income | ¥1.54B | Margin 24.4% |
| Net income | ¥625.4M | Margin 9.9% |
| Free cash flow | ¥1.07B |  |
| Largest business | Communication | of segment revenue 67.8% |
| Employees (consolidated) | 196 |  |
| EPS | ¥48.92 |  |
| Book value per share | ¥353.11 |  |
| Equity ratio | 81.8% |  |
| Shares outstanding | 15,123,200 |  |
| Treasury shares | 2,109,100 |  |
| Shareholders | 7,908 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 54.7% | Cash ÷ revenue 61.4% |
| Vs. industry median margin | +16.8 pp | Internet Services & Apps |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, cash is 55% of total assets
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4030044000 | ¥6320892000 | +56.8% |
| Operating income | ¥1058495000 | ¥1543758000 | +45.8% |
| Operating margin | 26.3% | 24.4% | -1.8 pp |
| Employees | 202 people | 196 people | -3.0% |
| Cash and equivalents | ¥2784188000 | ¥3882371000 | +39.4% |

### 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 |
| --- | ---: |
| コミュニケーション → コミュニケーション | 67.8% |
| コミュニケーション → 事業再編・廃止 | 1.1% |
| データサービス → データサービス | 10.9% |
| データサービス → 事業再編・廃止 | 5.6% |
| モバイル → 事業再編・廃止 | 14.6% |
| 新設・再編 → 広告 | 20.6% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Communication | 5 years | +9.1% | ¥4287929000 | 62.3% | 2 |
| advertisement | — | — | ¥1302305000 | 6.0% | 2 |
| Data service | 5 years | +0.8% | ¥692100000 | 37.4% | 2 |
| Other | — | — | ¥38556000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,321 | 100.0% | S100YJQT |
| Cost of revenue | 2,612 | 41.3% | S100YJQT |
| Gross profit | 3,708 | 58.7% | S100YJQT |
| SG&A | 2,165 | 34.2% | S100YJQT |
| Operating income | 1,544 | 24.4% | S100YJQT |
| Ordinary income | 1,601 | 25.3% | S100YJQT |
| Pretax income | 1,207 | 19.1% | S100YJQT |
| Income tax | 581 | 9.2% | S100YJQT |
| Net income | 625 | 9.9% | S100YJQT |
| Net income attributable to owners | 625 | 9.9% | S100YJQT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 34 |
| Operating income | 25 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 58.7% → Operating margin 24.4% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.6%; Core profit growth: +10.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.35×
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 | 4,916 | 6,321 | 1,405 | +28.6% |
| Gross profit | 3,353 | 3,708 | 355 | +10.6% |
| Operating income | 1,402 | 1,544 | 142 | +10.1% |
| Net income attributable to owners | 992 | 625 | -367 | -37.0% |
| Operating cash flow | 1,208 | 1,127 | -81 | -6.7% |
| Free cash flow | 1,079 | 1,074 | -6 | -0.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,172 | 1,091 | 26.2% | 765 | 829 | 637 | S100LMN5 |
| FY ending Mar 2021 | 4,030 | 1,058 | 26.3% | 860 | 768 | 666 | S100OBQO |
| FY ending Mar 2022 | 4,503 | 1,520 | 33.8% | 1,011 | 1,147 | 1,084 | S100R6BW |
| FY ending Mar 2023 | 4,875 | 1,766 | 36.2% | 1,107 | 899 | 800 | S100TS8B |
| FY ending Mar 2024 | 4,800 | 1,557 | 32.4% | 1,055 | 1,310 | 1,198 | S100W5XN |
| FY ending Mar 2025 | 4,916 | 1,402 | 28.5% | 992 | 1,208 | 1,079 | S100YJQT |
| FY ending Mar 2026 | 6,321 | 1,544 | 24.4% | 625 | 1,127 | 1,074 | S100YJQT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.2M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 202 | 189 | 190 | 187 | 196 |
| Average salary (parent company) | ¥6.7M | ¥6.5M | ¥7M | ¥7.4M | ¥7.4M |
| Average age (parent company) | 42.0 years | 42.0 years | 41.2 years | 42.3 years | 42.5 years |
| Average tenure (parent company) | 8.6 years | 9.8 years | 9.5 years | 10.1 years | 9.7 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +28.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Communication | 4,288 | 67.8% | 2,673 | 62.3% |
| Data service | 692 | 10.9% | 259 | 37.4% |
| advertisement | 1,302 | 20.6% | 79 | 6.0% |
| Other | 39 | 0.6% | 39 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Communication | 67.8% | 87.7% | 19.8 | 62.3% |
| Data service | 10.9% | 8.5% | -2.5 | 37.4% |
| advertisement | 20.6% | 2.6% | -18.0 | 6.0% |
| Other | 0.6% | 1.3% | 0.7 | 100.0% |

Segment → industry: Communication → Internet Services & Apps / Data service → Consulting / advertisement → Advertising

## 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 | 1,127 | 17.8% | S100YJQT |
| Capital expenditure | 53 | 0.8% | S100YJQT |
| Free cash flow | 1,074 | 17.0% | 算出 |
| Investing cash flow | -122 | -1.9% | S100YJQT |
| Financing cash flow | -559 | -8.8% | S100YJQT |
| Dividends paid | 492 | 7.8% | S100YJQT |
| Share buyback | 52 | 0.8% | S100YJQT |
| Change in cash | 446 | 7.1% | S100YJQT |
| Cash and equivalents | 3,882 | 61.4% | S100YJQT |

## 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 | 3,307 | 2,524 | 3,073 | 3,436 | 3,882 | S100TS8B, S100W5XN, S100YJQT |
| Total assets | 5,010 | 5,532 | 6,028 | 6,918 | 7,097 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Net assets | 4,116 | 4,653 | 5,187 | 5,657 | 5,804 | S100TS8B, S100W5XN, S100YJQT |
| Share capital | 1,092 | 1,092 | 1,092 | 1,092 | 1,092 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Property, plant and equipment | 119 | 139 | 142 | 161 | 151 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Intangible assets excluding goodwill | 161 | 140 | 167 | 576 | 81 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Goodwill | 20 | 14 | 9 | 470 | — | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Investment securities | 148 | 567 | 643 | 685 | 755 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Current assets | 4,075 | 4,172 | 4,590 | 5,040 | 5,654 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Current liabilities | 894 | 854 | 817 | 1,162 | 1,183 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Trade payables | 10 | 10 | 9 | 42 | 35 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Long-term borrowings | — | — | — | 69 | 56 | S100YJQT |
| Total liabilities | 894 | 878 | 841 | 1,260 | 1,293 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Equity attributable to owners of parent | 4,077 | 4,606 | 5,065 | 5,601 | 5,705 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Retained earnings | 3,816 | 4,611 | 5,302 | 5,912 | 6,067 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |
| Treasury stock | -832 | -1,156 | -1,388 | -1,462 | -1,513 | S100R6BW, S100TS8B, S100W5XN, S100YJQT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100YJQT |
| Property, plant and equipment | 2% | S100YJQT |
| Intangibles and goodwill | 1% | S100YJQT |
| Investment securities | 11% | S100YJQT |
| Other assets | 31% | S100YJQT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YJQT |
| Other liabilities | 18% | S100YJQT |
| Equity | 82% | S100YJQT |

### 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 | 5,010 | 5,532 | 6,028 | 6,918 | 7,097 |
| Equity | 4,116 | 4,653 | 5,187 | 5,657 | 5,804 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,307 | 2,524 | 3,073 | 3,436 | 3,882 |

## 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) | 2.4% | S100YJQT |
| Fixed assets ÷ total assets | 2.1% | S100YJQT |
| Goodwill ÷ parent equity | — | —, S100YJQT |

### 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) | 54.7% |
| Cash ÷ revenue | 61.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.0% |
| Cash vs. profit gap | 502 JPY mn (of net income 80.2%) |
| Shareholder returns / net income | 86.9% |
| Shareholder returns / FCF | 50.6% |
| Shareholder payments — dividends / net income | 78.6% |
| Shareholder payments — dividends / FCF | 45.8% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 10.8% |

## 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 | 22.5% | 0.90× | 20.2% | 1.23× | 24.8% | S100R6BW |
| 2023 | 22.7% | 0.92× | 21.0% | 1.21× | 25.5% | S100TS8B |
| 2024 | 22.0% | 0.83× | 18.3% | 1.20× | 21.8% | S100W5XN |
| 2025 | 20.2% | 0.76× | 15.3% | 1.21× | 18.6% | S100YJQT |
| 2026 | 9.9% | 0.90× | 8.9% | 1.24× | 11.1% | S100YJQT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲リトルポンド | Major shareholder | 36.2% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 7.8% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.8% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| 小池 秀効 | Major shareholder | 2.3% | 2026-03-31 |
| 小池 尚子 | Major shareholder | 2.3% | 2026-03-31 |
| 嶋村 吉洋 | Major shareholder | 2.2% | 2026-03-31 |
| 光通信㈱ | Major shareholder | 1.2% | 2026-03-31 |
| 小池 結実 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YJQT | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJQT,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W5XN | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5XN,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TS8B | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS8B,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100R6BW | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6BW,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100OBQO | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBQO,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LMN5 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMN5,, |

## 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).