# orion breweries,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69期(2025/04/01－2026/03/31) (S100YE88)
> Page: https://vizora.meequs.com/en/company/orion-breweries
> Retrieved: 2026-09-30T21:33:20.345Z

## Company

orion breweries, founded in 1957, is a company in Alcoholic Beverages listed on TSE Prime. It has 352 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ORION BREWERIES,LTD. |
| Ticker | 409A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/409A.T) |
| Listing | TSE Prime |
| Head office | 沖縄県豊見城市字豊崎1番地411 |
| Representative (per filing) | 代表取締役社長 兼 執行役員社長CEO 村野 一 |
| Founded | May 1957 |
| Share capital | ¥560M |
| Employees (consolidated) | 352 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.orionbeer.co.jp (https://www.orionbeer.co.jp/) |
| Corporate number | 7360001008504 |
| EDINET | E00410 |
| Industries (Vizora) | Alcoholic Beverages, Beverages & Dairy, Hotels & Inns |

> Profile source: annual securities report (S100YE88, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Alcoholic Beverages (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 78.6 | 7 |
| Cash conversion | 7.1 | 7 |
| Efficiency | 35.7 | 7 |

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 81% of orion breweries's sales come from Liquor and soft drink business, with Tourism and hotel business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +24.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥29.7B |  |
| Operating income | ¥4.31B | Margin 14.5% |
| Net income | ¥3.64B | Margin 12.3% |
| Free cash flow | -¥1.95B |  |
| Largest business | Liquor and soft drink business | of segment revenue 80.5% |
| Employees (consolidated) | 352 |  |
| EPS | ¥169.4 |  |
| Diluted EPS | ¥159.46 |  |
| Book value per share | ¥328.57 |  |
| Equity ratio | 41.9% |  |
| Shares outstanding | 42,253,200 |  |
| Treasury shares | 39 |  |
| Shareholders | 43,494 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 21.6% | Cash ÷ revenue 32.0% |
| Vs. industry median margin | +8.1 pp | Alcoholic Beverages |
| ROE | 19.4% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, employees -14% while operating income rose 24%

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28866000000 | ¥29713000000 | +2.9% |
| Operating income | ¥3479000000 | ¥4314000000 | +24.0% |
| Operating margin | 12.1% | 14.5% | +2.5 pp |
| Employees | 410 people | 352 people | -14.1% |
| Cash and equivalents | ¥13203000000 | ¥9506000000 | -28.0% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → 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 |
| --- | ---: |
| 酒類清涼飲料事業 → 酒類清涼飲料事業 | 78.7% |
| 観光・ホテル事業 → 観光・ホテル事業 | 19.5% |
| 観光・ホテル事業 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 酒類清涼飲料事業 | 1.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,713 | 100.0% | S100YE88 |
| Cost of revenue | 14,335 | 48.2% | S100YE88 |
| Gross profit | 15,377 | 51.8% | S100YE88 |
| SG&A | 11,063 | 37.2% | S100YE88 |
| Operating income | 4,314 | 14.5% | S100YE88 |
| Ordinary income | 4,118 | 13.9% | S100YE88 |
| Pretax income | 5,098 | 17.2% | S100YE88 |
| Income tax | 1,457 | 4.9% | S100YE88 |
| Net income | 3,641 | 12.3% | S100YE88 |
| Net income attributable to owners | 3,641 | 12.3% | S100YE88 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 37 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 51.8% → Operating margin 14.5% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +24.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.18×
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 | 28,866 | 29,713 | 847 | +2.9% |
| Gross profit | 14,520 | 15,377 | 857 | +5.9% |
| Operating income | 3,479 | 4,314 | 835 | +24.0% |
| Net income attributable to owners | 7,301 | 3,641 | -3,660 | -50.1% |
| Operating cash flow | 6,121 | -654 | -6,775 | -110.7% |
| Free cash flow | 3,974 | -1,951 | -5,925 | -149.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 28,866 | 3,479 | 12.1% | 7,301 | 6,121 | 3,974 | S100YE88 |
| FY ending Mar 2026 | 29,713 | 4,314 | 14.5% | 3,641 | -654 | -1,951 | S100YE88 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.4M |
| Operating income per employee (consolidated) | ¥12.3M |
| Net income per employee (consolidated) | ¥10.3M |

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

| History | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 410 | 352 |
| Average salary (parent company) | — | ¥7M |
| Average age (parent company) | — | 41.0 years |
| Average tenure (parent company) | — | 12.0 years |

Year over year: Employees (consolidated) -14.1% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Liquor and soft drink business | 23,921 | 80.5% | 3,634 | 15.2% |
| Tourism and hotel business | 5,791 | 19.5% | 690 | 11.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Liquor and soft drink business | 80.5% | 84.0% | 3.5 | 15.2% |
| Tourism and hotel business | 19.5% | 16.0% | -3.5 | 11.9% |

Segment → industry: Liquor and soft drink business → Alcoholic Beverages / Liquor and soft drink business → Beverages & Dairy / Tourism and hotel business → Hotels & Inns

## 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 | -654 | -2.2% | S100YE88 |
| Capital expenditure | 1,297 | 4.4% | S100YE88 |
| Free cash flow | -1,951 | -6.6% | 算出 |
| Investing cash flow | 1,881 | 6.3% | S100YE88 |
| Financing cash flow | -4,924 | -16.6% | S100YE88 |
| Dividends paid | 4,483 | 15.1% | S100YE88 |
| Share buyback | 0 | 0.0% | S100YE88 |
| Change in cash | -3,697 | -12.4% | S100YE88 |
| Cash and equivalents | 9,506 | 32.0% | S100YE88 |

## 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 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 13,203 | 9,506 | S100YE88 |
| Total assets | 50,875 | 44,089 | S100YE88 |
| Net assets | 18,968 | 18,483 | S100YE88 |
| Share capital | 378 | 560 | S100YE88 |
| Property, plant and equipment | 28,835 | 24,843 | S100YE88 |
| Intangible assets excluding goodwill | 779 | 699 | S100YE88 |
| Goodwill | 138 | 112 | S100YE88 |
| Investment securities | 2,633 | 2,668 | S100YE88 |
| Current assets | 18,166 | 15,506 | S100YE88 |
| Current liabilities | 11,938 | 6,875 | S100YE88 |
| Long-term borrowings | 16,361 | 15,655 | S100YE88 |
| Total liabilities | 31,907 | 25,605 | S100YE88 |
| Equity attributable to owners of parent | 18,962 | 18,479 | S100YE88 |
| Retained earnings | 15,475 | 3,626 | S100YE88 |
| Treasury stock | -11,000 | 0 | S100YE88 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YE88 |
| Property, plant and equipment | 56% | S100YE88 |
| Intangibles and goodwill | 2% | S100YE88 |
| Investment securities | 6% | S100YE88 |
| Other assets | 14% | S100YE88 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YE88 |
| Equity | 42% | S100YE88 |
| Other liabilities | 0% | S100YE88 |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Total assets | 50,875 | 44,089 |
| Equity | 18,968 | 18,483 |
| Interest-bearing debt | — | — |
| Cash | 13,203 | 9,506 |

## 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) | 83.6% | S100YE88 |
| Fixed assets ÷ total assets | 56.3% | S100YE88 |
| Goodwill ÷ parent equity | 0.6% | S100YE88 |

### 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) | 21.6% |
| Cash ÷ revenue | 32.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -15.2% |
| Cash vs. profit gap | -4,295 JPY mn (of net income -118.0%) |
| Shareholder returns / net income | 123.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 123.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 25.3% | 0.57× | 14.4% | 2.68× | 38.5% | S100YE88 |
| 2026 | 12.3% | 0.63× | 7.7% | 2.54× | 19.4% | S100YE88 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.9% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 9.8% | 2026-03-31 |
| 近鉄グループホールディングス株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社沖縄銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社琉球銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 琉球海運株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| オリオンビール従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| ドウガン パトリック ジョン | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社プレミアムウォーターホールディングス | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（年金特金口） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YE88 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE88,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| アサヒ | Supply/OEM | アサヒビールがオリオンビールの「アサヒ　オリオンドラフト」等を沖縄・奄美以外で販売。沖縄では「アサヒスーパードライ」等の製造販売ライセンスをオリオンに供与 | S100YVTZ |

## 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).