# Oriental Consultants Holdings Company Limited: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/10/01－2025/09/30) (S100XBHA)
> Page: https://vizora.meequs.com/en/company/oriental-consultants-holdings
> Retrieved: 2026-09-30T21:12:37.202Z

## Company

Oriental Consultants Holdings, founded in 2006, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 3,635 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Oriental Consultants Holdings Company Limited |
| Ticker | 2498 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2498.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区本町三丁目12番1号 |
| Representative (per filing) | 代表取締役社長 野崎秀則 |
| Founded | May 2006 |
| Share capital | ¥867.3M |
| Employees (consolidated) | 3,635 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | September |
| Website | www.oriconhd.jp (https://www.oriconhd.jp/) |
| Corporate number | 5011001048948 |
| EDINET | E05646 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XBHA, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 35 |
| Profitability | 26.3 | 40 |
| Cash conversion | 9.2 | 38 |
| Efficiency | 88.8 | 40 |

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 85% of Oriental Consultants Holdings's sales come from infra management Service, with environment management Service making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +10.5% from the prior year, operating profit +20.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥95.4B |  |
| Operating income | ¥5.62B | Margin 5.9% |
| Net income | ¥3.82B | Margin 4.0% |
| Free cash flow | -¥2.92B |  |
| Largest business | infra management Service | of segment revenue 85.3% |
| Employees (consolidated) | 3,635 |  |
| EPS | ¥88.94 |  |
| Book value per share | ¥630.78 |  |
| Equity ratio | 36.4% |  |
| Shares outstanding | 6,169,000 |  |
| Treasury shares | 75,500 |  |
| Shareholders | 2,278 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 12.2% | Cash ÷ revenue 10.0% |
| Vs. industry median margin | -2.9 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.5× dividends
- FY2025, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥62880920000 | ¥95365512000 | +51.7% |
| Operating income | ¥2707011000 | ¥5622253000 | +107.7% |
| Operating margin | 4.3% | 5.9% | +1.6 pp |
| Employees | 2,981 people | 3,635 people | +21.9% |
| Cash and equivalents | ¥8112058000 | ¥9534390000 | +17.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| インフラ・マネジメントサービス → インフラ・マネジメントサービス | 82.5% |
| 環境マネジメント → 環境マネジメント | 14.7% |
| 環境マネジメント → 事業再編・廃止 | 2.8% |
| 新設・再編 → インフラ・マネジメントサービス | 2.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 95,366 | 100.0% | S100XBHA |
| Cost of revenue | 74,288 | 77.9% | S100XBHA |
| Gross profit | 21,077 | 22.1% | S100XBHA |
| SG&A | 15,455 | 16.2% | S100XBHA |
| Operating income | 5,622 | 5.9% | S100XBHA |
| Ordinary income | 5,778 | 6.1% | S100XBHA |
| Pretax income | 5,507 | 5.8% | S100XBHA |
| Income tax | 1,667 | 1.7% | S100XBHA |
| Net income | 3,840 | 4.0% | S100XBHA |
| Net income attributable to owners | 3,819 | 4.0% | S100XBHA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.1% → Operating margin 5.9% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.5%; Core profit growth: +20.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.95×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 86,282 | 95,366 | 9,083 | +10.5% |
| Gross profit | 19,468 | 21,077 | 1,609 | +8.3% |
| Operating income | 4,665 | 5,622 | 958 | +20.5% |
| Net income attributable to owners | 2,598 | 3,819 | 1,221 | +47.0% |
| Operating cash flow | 2,814 | -1,714 | -4,527 | -160.9% |
| Free cash flow | 1,743 | -2,917 | -4,661 | -267.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 63,211 | 2,425 | 3.8% | 1,345 | -1,235 | -1,900 | S100L7FU |
| FY ending Sep 2020 | 62,881 | 2,707 | 4.3% | 1,535 | 5,032 | 4,080 | S100NLAW |
| FY ending Sep 2021 | 68,305 | 3,288 | 4.8% | 1,709 | 1,850 | 990 | S100PU8L |
| FY ending Sep 2022 | 77,339 | 3,712 | 4.8% | 2,719 | -7,031 | -8,834 | S100SIL0 |
| FY ending Sep 2023 | 78,154 | 3,884 | 5.0% | 2,831 | -195 | -1,369 | S100V02W |
| FY ending Sep 2024 | 86,282 | 4,665 | 5.4% | 2,598 | 2,814 | 1,743 | S100XBHA |
| FY ending Sep 2025 | 95,366 | 5,622 | 5.9% | 3,819 | -1,714 | -2,917 | S100XBHA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.2M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,066 | 3,132 | 3,305 | 3,368 | 3,635 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.6M | ¥6.5M | ¥7.1M |
| Average age (parent company) | 48.6 years | 47.3 years | 47.1 years | 46.6 years | 47.6 years |
| Average tenure (parent company) | 13.6 years | 14.9 years | 15.0 years | 14.9 years | 13.3 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +10.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| infra management Service | 79,380 | 85.3% | 4,680 | 5.9% |
| environment management Service | 13,715 | 14.7% | 785 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| infra management Service | 85.3% | 85.6% | 0.4 | 5.9% |
| environment management Service | 14.7% | 14.4% | -0.4 | 5.7% |

Segment → industry: environment management Service → Disaster Prevention & Infrastructure Maintenance / infra management Service → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,714 | -1.8% | S100XBHA |
| Capital expenditure | 1,203 | 1.3% | S100XBHA |
| Free cash flow | -2,917 | -3.1% | 算出 |
| Investing cash flow | -1,807 | -1.9% | S100XBHA |
| Financing cash flow | 3,294 | 3.5% | S100XBHA |
| Dividends paid | 1,052 | 1.1% | S100XBHA |
| Share buyback | 1,585 | 1.7% | S100XBHA |
| Change in cash | -170 | -0.2% | S100XBHA |
| Cash and equivalents | 9,534 | 10.0% | S100XBHA |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,772 | 6,495 | 8,873 | 9,663 | 9,534 | S100SIL0, S100V02W, S100XBHA |
| Total assets | 50,018 | 55,192 | 62,685 | 65,196 | 78,185 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Net assets | 14,050 | 18,759 | 22,190 | 24,487 | 28,692 | S100SIL0, S100V02W, S100XBHA |
| Share capital | 728 | 761 | 795 | 833 | 867 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Trade receivables | 10,979 | — | — | — | — | S100PU8L |
| Property, plant and equipment | 2,436 | 3,217 | 3,366 | 3,398 | 3,053 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Intangible assets excluding goodwill | 1,067 | 1,006 | 1,130 | 1,205 | 2,000 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Goodwill | 123 | 105 | 88 | 70 | 409 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Investment securities | 1,188 | 1,541 | 1,728 | 2,392 | 3,258 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Current assets | 40,792 | 44,295 | 50,481 | 51,786 | 62,162 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Current liabilities | 34,661 | 34,853 | 39,233 | 39,406 | 48,112 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Trade payables | 6,498 | 8,943 | 9,172 | 8,170 | 10,848 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Short-term borrowings | 1,806 | 8,187 | 12,753 | 14,028 | 18,465 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Long-term borrowings | 232 | 411 | 8 | — | — | S100PU8L, S100SIL0, S100V02W |
| Total liabilities | 35,968 | 36,433 | 40,495 | 40,709 | 49,493 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Non-controlling interests | 27 | 40 | 47 | 108 | 236 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Equity attributable to owners of parent | 13,477 | 18,101 | 21,043 | 22,888 | 25,717 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Retained earnings | 11,840 | 16,281 | 18,679 | 20,714 | 23,489 | S100PU8L, S100SIL0, S100V02W, S100XBHA |
| Treasury stock | -654 | -646 | -181 | -447 | -817 | S100PU8L, S100SIL0, S100V02W, S100XBHA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XBHA |
| Property, plant and equipment | 4% | S100XBHA |
| Intangibles and goodwill | 3% | S100XBHA |
| Investment securities | 4% | S100XBHA |
| Other assets | 77% | S100XBHA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100XBHA |
| Other liabilities | 49% | S100XBHA |
| Equity | 37% | S100XBHA |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 50,018 | 55,192 | 62,685 | 65,196 | 78,185 |
| Equity | 14,050 | 18,759 | 22,190 | 24,487 | 28,692 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,772 | 6,495 | 8,873 | 9,663 | 9,534 |

## 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) | 3.2% | S100XBHA |
| Fixed assets ÷ total assets | 3.9% | S100XBHA |
| Goodwill ÷ parent equity | 1.6% | S100XBHA |

Goodwill over 4 years: 123 → 409 JPY; total investing cash flow: -10,285 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) | 12.2% |
| Cash ÷ revenue | 10.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -30.5% |
| Cash vs. profit gap | -5,533 JPY mn (of net income -144.9%) |
| Shareholder returns / net income | 69.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | — |

## 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 | 2.5% | 1.37× | 3.4% | 3.71× | 12.7% | S100PU8L |
| 2022 | 3.5% | 1.47× | 5.2% | 3.33× | 17.2% | S100SIL0 |
| 2023 | 3.6% | 1.33× | 4.8% | 3.01× | 14.5% | S100V02W |
| 2024 | 3.0% | 1.35× | 4.1% | 2.91× | 11.8% | S100XBHA |
| 2025 | 4.0% | 1.33× | 5.3% | 2.95× | 15.7% | S100XBHA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| オリエンタルコンサルタンツ ホールディングス社員持株会 | Major shareholder | 19.2% | 2025-09-30 |
| パシフィックコンサルタンツ株式会社 | Major shareholder | 5.4% | 2025-09-30 |
| 住友不動産株式会社 | Major shareholder | 4.8% | 2025-09-30 |
| オリエンタル白石株式会社 | Major shareholder | 4.1% | 2025-09-30 |
| 株式会社三井住友銀行 | Major shareholder | 3.6% | 2025-09-30 |
| 平野利一 | Major shareholder | 2.9% | 2025-09-30 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 2025-09-30 |
| 第一生命保険株式会社 | Major shareholder | 2.2% | 2025-09-30 |
| 大樹生命保険株式会社 | Major shareholder | 2.2% | 2025-09-30 |
| 明治安田生命保険相互会社 | Major shareholder | 2.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/10/01－2025/09/30) | S100XBHA | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBHA,, |
| 有価証券報告書－第19期(2023/10/01－2024/09/30) | S100V02W | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V02W,, |
| 有価証券報告書－第18期(2022/10/01－2023/09/30) | S100SIL0 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIL0,, |
| 有価証券報告書－第17期(令和3年10月1日－令和4年9月30日) | S100PU8L | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU8L,, |
| 訂正有価証券報告書－第16期(令和2年10月1日－令和3年9月30日) | S100NLAW | 2022-03-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NLAW,, |
| 訂正有価証券報告書－第15期(令和1年10月1日－令和2年9月30日) | S100L7FU | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7FU,, |

## 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).