# Origin Company, Limited: 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125期(2025/04/01－2026/03/31) (S100YJF6)
> Page: https://vizora.meequs.com/en/company/origin
> Retrieved: 2026-09-30T21:03:26.441Z

## Company

Origin, founded in 1938, is a company in Electrical Equipment listed on TSE Standard. It has 1,066 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Origin Company, Limited |
| Ticker | 6513 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6513.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市桜区栄和三丁目3番27号 |
| Representative (per filing) | 代表取締役社長 CEO 稲葉 英樹 |
| Founded | May 1938 |
| Share capital | ¥6.1B |
| Employees (consolidated) | 1,066 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.origin.co.jp (https://www.origin.co.jp/) |
| Corporate number | 3013301003097 |
| EDINET | E01751 |
| Industries (Vizora) | Electrical Equipment, Electronic Components, Industrial Machinery, Paints & Inks |

> Profile source: annual securities report (S100YJF6, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.5 | 23 |
| Profitability | 2.2 | 23 |
| Efficiency | 15.2 | 23 |

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 40% of Origin's sales come from Chemitronics Business, with Component Business and Electronics Business making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -6.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥26.9B |  |
| Operating income | -¥943.2M | Margin -3.5% |
| Net income | -¥2.22B | Margin -8.3% |
| Free cash flow | -¥1.7B |  |
| Largest business | Chemitronics Business | of segment revenue 40.4% |
| Employees (consolidated) | 1,066 |  |
| EPS | ¥-420.49 |  |
| Book value per share | ¥3473.67 |  |
| Equity ratio | 50.5% |  |
| Shares outstanding | 6,699,986 |  |
| Treasury shares | 1,391,800 |  |
| Shareholders | 2,872 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 12.0% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | -9.4 pp | Paints & Inks |
| ROA | -4.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25926351000 | ¥26877854000 | +3.7% |
| Operating income | ¥-904617000 | ¥-943161000 | — |
| Operating margin | -3.5% | -3.5% | 0 pp |
| Employees | 1,131 people | 1,066 people | -5.7% |
| Cash and equivalents | ¥5021323000 | ¥5401723000 | +7.6% |

### 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 |
| --- | ---: |
| エレクトロニクス事業 → エレクトロニクス事業 | 26.2% |
| エレクトロニクス事業 → 事業再編・廃止 | 2.2% |
| メカトロニクス事業 → メカトロニクス事業 | 2.9% |
| メカトロニクス事業 → 事業再編・廃止 | 6.0% |
| ケミトロニクス事業 → ケミトロニクス事業 | 35.9% |
| コンポーネント事業 → コンポーネント事業 | 26.8% |
| 新設・再編 → ケミトロニクス事業 | 4.5% |
| 新設・再編 → コンポーネント事業 | 3.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemitronics Business | 5 years | +3.4% | ¥10359240000 | 8.8% | 2 |
| Component Business | 5 years | +3.7% | ¥7813269000 | 10.8% | 2 |
| Electronics Business | 5 years | -0.6% | ¥6722347000 | -2.0% | 2 |
| Mechatronics Business | 5 years | -19.4% | ¥739402000 | -85.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,878 | 100.0% | S100YJF6 |
| Cost of revenue | 21,340 | 79.4% | S100YJF6 |
| Gross profit | 5,538 | 20.6% | S100YJF6 |
| SG&A | 6,481 | 24.1% | S100YJF6 |
| Operating income | -943 | -3.5% | S100YJF6 |
| Ordinary income | -384 | -1.4% | S100YJF6 |
| Pretax income | -767 | -2.9% | S100YJF6 |
| Income tax | 1,269 | 4.7% | S100YJF6 |
| Net income | -2,036 | -7.6% | S100YJF6 |
| Net income attributable to owners | -2,220 | -8.3% | S100YJF6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 24 |
| Operating income | -3 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 20.6% → Operating margin -3.5% → Net margin -8.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,803 | 26,878 | -1,925 | -6.7% |
| Gross profit | 6,654 | 5,538 | -1,116 | -16.8% |
| Operating income | -247 | -943 | -696 | — |
| Net income attributable to owners | -84 | -2,220 | -2,136 | — |
| Operating cash flow | -403 | -725 | -322 | — |
| Free cash flow | -2,342 | -1,702 | 639 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,502 | 905 | 2.8% | 225 | 239 | -612 | S100LQVL |
| FY ending Mar 2021 | 25,926 | -905 | -3.5% | -1,156 | -489 | -1,002 | S100OLMX |
| FY ending Mar 2022 | 32,348 | 2,129 | 6.6% | 2,181 | 1,655 | 1,155 | S100RQ64 |
| FY ending Mar 2023 | 32,037 | 574 | 1.8% | 366 | 1,773 | 1,013 | S100TWNW |
| FY ending Mar 2024 | 28,205 | -583 | -2.1% | -1,469 | 11 | -693 | S100W8OU |
| FY ending Mar 2025 | 28,803 | -247 | -0.9% | -84 | -403 | -2,342 | S100YJF6 |
| FY ending Mar 2026 | 26,878 | -943 | -3.5% | -2,220 | -725 | -1,702 | S100YJF6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.2M |
| Operating income per employee (consolidated) | -¥884.8K |
| Net income per employee (consolidated) | -¥2.1M |

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) | 1,101 | 1,060 | 1,043 | 1,036 | 1,066 |
| Average salary (parent company) | ¥6.3M | ¥7M | ¥7M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 44.8 years | 45.6 years | 46.2 years | 46.5 years | 46.6 years |
| Average tenure (parent company) | 17.9 years | 18.2 years | 18.6 years | 18.8 years | 18.9 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) -6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics Business | 6,722 | 26.2% | -134 | -2.0% |
| Mechatronics Business | 739 | 2.9% | -631 | -85.3% |
| Chemitronics Business | 10,359 | 40.4% | 916 | 8.8% |
| Component Business | 7,813 | 30.5% | 843 | 10.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics Business | 26.2% | — | — | -2.0% |
| Mechatronics Business | 2.9% | — | — | -85.3% |
| Chemitronics Business | 40.4% | 52.1% | 11.6 | 8.8% |
| Component Business | 30.5% | 47.9% | 17.5 | 10.8% |

Loss-making segment (excluded from profit shares): Electronics Business -134 JPY mn

Loss-making segment (excluded from profit shares): Mechatronics Business -631 JPY mn

Segment → industry: Electronics Business → Electrical Equipment / Component Business → Electronic Components / Mechatronics Business → Industrial Machinery / Chemitronics Business → Paints & Inks

## 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 | -725 | -2.7% | S100YJF6 |
| Capital expenditure | 978 | 3.6% | S100YJF6 |
| Free cash flow | -1,702 | -6.3% | 算出 |
| Investing cash flow | -764 | -2.8% | S100YJF6 |
| Financing cash flow | 1,341 | 5.0% | S100YJF6 |
| Dividends paid | 212 | 0.8% | S100YJF6 |
| Share buyback | 1 | 0.0% | S100YJF6 |
| Change in cash | -100 | -0.4% | S100YJF6 |
| Cash and equivalents | 5,402 | 20.1% | S100YJF6 |

## 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 | 7,755 | 6,577 | 8,034 | 5,502 | 5,402 | S100TWNW, S100W8OU, S100YJF6 |
| Total assets | 46,124 | 44,131 | 47,568 | 44,674 | 45,107 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Net assets | 26,400 | 26,653 | 26,348 | 25,892 | 25,266 | S100TWNW, S100W8OU, S100YJF6 |
| Share capital | 6,103 | 6,103 | 6,103 | 6,103 | 6,103 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Property, plant and equipment | 9,909 | 9,909 | 9,828 | 10,759 | 10,630 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Intangible assets excluding goodwill | 457 | 419 | 421 | 405 | 642 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Investment securities | 5,090 | 5,766 | 7,893 | 7,712 | 10,106 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Current assets | 30,058 | 27,544 | 28,888 | 25,268 | 23,216 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Current liabilities | 11,264 | 9,124 | 10,510 | 8,761 | 9,924 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Trade payables | 3,538 | 2,254 | 2,085 | 2,030 | 1,705 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Short-term borrowings | — | — | — | 700 | 3,000 | S100YJF6 |
| Long-term borrowings | 418 | 164 | 1,840 | 1,290 | 760 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Total liabilities | 19,724 | 17,478 | 21,220 | 18,782 | 19,841 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Non-controlling interests | 2,534 | 2,388 | 2,397 | 2,417 | 2,489 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Equity attributable to owners of parent | 21,062 | 20,634 | 18,586 | 17,886 | 15,453 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Retained earnings | 12,351 | 12,313 | 10,638 | 10,361 | 7,930 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |
| Treasury stock | -847 | -1,236 | -1,610 | -2,034 | -2,035 | S100RQ64, S100TWNW, S100W8OU, S100YJF6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YJF6 |
| Property, plant and equipment | 24% | S100YJF6 |
| Intangibles and goodwill | 1% | S100YJF6 |
| Investment securities | 22% | S100YJF6 |
| Other assets | 41% | S100YJF6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJF6 |
| Other liabilities | 40% | S100YJF6 |
| Equity | 56% | S100YJF6 |
| Other liabilities | 0% | S100YJF6 |

### 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 | 46,124 | 44,131 | 47,568 | 44,674 | 45,107 |
| Equity | 26,400 | 26,653 | 26,348 | 25,892 | 25,266 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,755 | 6,577 | 8,034 | 5,502 | 5,402 |

## 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) | 39.6% | S100YJF6 |
| Fixed assets ÷ total assets | 23.6% | S100YJF6 |
| Goodwill ÷ parent equity | — | —, S100YJF6 |

### 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) | 12.0% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,496 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.7% | 0.70× | 4.7% | 2.19× | 10.4% | S100RQ64 |
| 2023 | 1.1% | 0.71× | 0.8% | 2.16× | 1.8% | S100TWNW |
| 2024 | — | —× | -3.2% | —× | — | S100W8OU |
| 2025 | — | —× | -0.2% | —× | — | S100YJF6 |
| 2026 | — | —× | -4.9% | —× | — | S100YJF6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| オリジン取引先持株会 | Major shareholder | 9.4% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 7.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.7% | 2026-03-31 |
| EUROPEAN DEPOSITARY BANK SA-DUBLIN - BUTTERMERE DEEP VALUE FUND LIMITED （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.9% | 2026-03-31 |
| オリジン従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| トーア再保険株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 島根 良明 | Major shareholder | 2.1% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2025/04/01－2026/03/31) | S100YJF6 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJF6,, |
| 有価証券報告書－第124期(2024/04/01－2025/03/31) | S100W8OU | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8OU,, |
| 有価証券報告書－第123期(2023/04/01－2024/03/31) | S100TWNW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWNW,, |
| 訂正有価証券報告書－第122期(2022/04/01－2023/03/31) | S100RQ64 | 2023-08-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQ64,, |
| 有価証券報告書－第121期(令和3年4月1日－令和4年3月31日) | S100OLMX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLMX,, |
| 有価証券報告書－第120期(令和2年4月1日－令和3年3月31日) | S100LQVL | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQVL,, |

## 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).