# ORO Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/01/01－2025/12/31) (S100XR9Z)
> Page: https://vizora.meequs.com/en/company/oro
> Retrieved: 2026-09-30T20:48:06.314Z

## Company

ORO, founded in 2000, is a company in Software & SaaS listed on TSE Prime. It has 585 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ORO Co.,Ltd. |
| Ticker | 3983 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3983.T) |
| Listing | TSE Prime |
| Head office | 東京都目黒区目黒三丁目9番1号 |
| Representative (per filing) | 代表取締役社長執行役員 川田 篤 |
| Founded | Sep 2000 |
| Share capital | ¥1.19B |
| Employees (consolidated) | 585 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | www.oro.com (https://www.oro.com/) |
| Corporate number | 7013201012673 |
| EDINET | E33039 |
| Industries (Vizora) | Software & SaaS, Advertising |

> Profile source: annual securities report (S100XR9Z, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.5 | 105 |
| Profitability | 88.6 | 145 |
| Cash conversion | 20.7 | 128 |
| Efficiency | 21.7 | 145 |

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 ORO's sales come from Cloud solution, with Marketing solutions business making up much of the rest.
- Out of every ¥100 of sales, about ¥32 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit -2.6%.

## Company structure

- Segment revenue mix: Cloud solution 68.2%、Marketing solutions business 31.8%
- Revenue → net income: ¥8307953000 → ¥1895398000
- Net income → operating cash flow: ¥1895398000 → ¥2018005000（difference ¥122607000）
- Main uses of operating cash flow: CapEx ¥117710000 / dividends ¥561378000 / buybacks ¥1276018000
- Change in cash: ¥154915000
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 | ¥8.31B |  |
| Operating income | ¥2.65B | Margin 31.9% |
| Net income | ¥1.9B | Margin 22.8% |
| Free cash flow | ¥1.9B |  |
| Largest business | Cloud solution | of segment revenue 68.2% |
| Employees (consolidated) | 585 |  |
| EPS | ¥120.25 |  |
| Book value per share | ¥640.24 |  |
| Equity ratio | 75.3% | Derived from disclosed figures |
| Shares outstanding | 15,949,053 |  |
| Treasury shares | 365,000 |  |
| Shareholders | 7,287 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 73.2% | Cash ÷ revenue 121.1% |
| Vs. industry median margin | +19.4 pp | Software & SaaS |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 13.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.3× dividends
- FY2025, one segment accounts for 94% of positive segment profit
- FY2025, cash is 73% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4877561000 | ¥8307953000 | +70.3% |
| Operating income | ¥1580561000 | ¥2649270000 | +67.6% |
| Operating margin | 32.4% | 31.9% | -0.5 pp |
| Employees | 425 people | 585 people | +37.6% |
| Cash and equivalents | ¥5904772000 | ¥10058039000 | +70.3% |

### 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 |
| --- | ---: |
| クラウドソリューション事業 → クラウドソリューション事業 | 56.4% |
| デジタルトランスフォーメーション事業 → 事業再編・廃止 | 43.6% |
| 新設・再編 → クラウドソリューション事業 | 11.8% |
| 新設・再編 → マーケティングソリューション事業 | 31.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,308 | 100.0% | S100XR9Z |
| Cost of revenue | 2,851 | 34.3% | S100XR9Z |
| Gross profit | 5,457 | 65.7% | S100XR9Z |
| SG&A | 2,746 | 33.1% | S100XR9Z |
| Operating income | 2,649 | 31.9% | S100XR9Z |
| Pretax income | 2,657 | 32.0% | S100XR9Z |
| Income tax | 761 | 9.2% | S100XR9Z |
| Net income | 1,895 | 22.8% | S100XR9Z |
| Net income attributable to owners | 1,897 | 22.8% | S100XR9Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 33 |
| Other operating | 1 |
| Operating income | 32 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 65.7% → Operating margin 31.9% → Net margin 22.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.2%; Core profit growth: -2.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.51×
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 | 7,899 | 8,308 | 409 | +5.2% |
| Gross profit | 5,277 | 5,457 | 179 | +3.4% |
| Operating income | 2,720 | 2,649 | -71 | -2.6% |
| Net income attributable to owners | 2,073 | 1,897 | -176 | -8.5% |
| Operating cash flow | 2,491 | 2,018 | -473 | -19.0% |
| Free cash flow | 2,349 | 1,900 | -449 | -19.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,023 | 1,334 | 26.6% | 900 | 853 | 732 | S100L0E9 |
| FY ending Dec 2020 | 4,878 | 1,581 | 32.4% | 1,074 | 1,329 | 1,105 | S100NR9Q |
| FY ending Dec 2021 | 5,531 | 2,028 | 36.7% | 1,424 | 2,087 | 2,057 | S100QGJV |
| FY ending Dec 2022 | 6,211 | 2,287 | 36.8% | 1,624 | 1,603 | 1,403 | S100T43Y |
| FY ending Dec 2023 | 7,033 | 2,547 | 36.2% | 1,836 | 2,515 | 2,422 | S100VFN4 |
| FY ending Dec 2024 | 7,899 | 2,720 | 34.4% | 2,073 | 2,491 | 2,349 | S100XR9Z |
| FY ending Dec 2025 | 8,308 | 2,649 | 31.9% | 1,897 | 2,018 | 1,900 | S100XR9Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.2M |
| Operating income per employee (consolidated) | ¥4.5M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 441 | 465 | 507 | 546 | 585 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥6.1M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 33.7 years | 33.3 years | 33.7 years | 33.6 years | 33.5 years |
| Average tenure (parent company) | 5.6 years | 5.8 years | 5.7 years | 6.3 years | 6.1 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud solution | 5,664 | 68.2% | 2,499 | 44.1% |
| Marketing solutions business | 2,644 | 31.8% | 148 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cloud solution | 68.2% | 94.4% | 26.2 | 44.1% |
| Marketing solutions business | 31.8% | 5.6% | -26.2 | 5.6% |

Segment → industry: Cloud solution → Software & SaaS / Marketing solutions 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 | 2,018 | 24.3% | S100XR9Z |
| Capital expenditure | 118 | 1.4% | S100XR9Z |
| Free cash flow | 1,900 | 22.9% | 算出 |
| Investing cash flow | -102 | -1.2% | S100XR9Z |
| Financing cash flow | -1,769 | -21.3% | S100XR9Z |
| Dividends paid | 561 | 6.8% | S100XR9Z |
| Share buyback | 1,276 | 15.4% | S100XR9Z |
| Change in cash | 155 | 1.9% | S100XR9Z |
| Cash and equivalents | 10,058 | 121.1% | S100XR9Z |

## 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 | 5,915 | 6,832 | 8,707 | 9,903 | 10,058 | S100T43Y, S100VFN4, S100XR9Z |
| Total assets | 9,348 | 11,046 | 12,374 | 13,590 | 13,747 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |
| Net assets | 5,908 | 7,337 | 8,884 | 10,282 | 10,353 | S100T43Y, S100VFN4, S100XR9Z |
| Share capital | 1,194 | 1,194 | 1,194 | 1,194 | 1,194 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |
| Property, plant and equipment | 914 | 828 | 731 | 574 | 807 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |
| Current assets | 7,736 | 9,408 | 10,921 | 12,455 | 12,432 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |
| Total liabilities | 3,439 | 3,708 | 3,489 | 3,309 | 3,394 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |
| Equity attributable to owners of parent | 5,909 | 7,331 | 8,884 | 10,284 | 10,357 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |
| Retained earnings | 5,300 | 5,118 | 6,621 | 8,203 | 9,019 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |
| Treasury stock | -1,727 | -142 | -113 | -313 | -1,051 | S100QGJV, S100T43Y, S100VFN4, S100XR9Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 73% | S100XR9Z |
| Property, plant and equipment | 6% | S100XR9Z |
| Other assets | 21% | S100XR9Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XR9Z |
| Equity | 75% | S100XR9Z |
| Other liabilities | 0% | S100XR9Z |

### 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 | 9,348 | 11,046 | 12,374 | 13,590 | 13,747 |
| Equity | 5,908 | 7,337 | 8,884 | 10,282 | 10,353 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,915 | 6,832 | 8,707 | 9,903 | 10,058 |

## 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) | 9.7% | S100XR9Z |
| Fixed assets ÷ total assets | 5.9% | S100XR9Z |
| Goodwill ÷ parent equity | — | —, S100XR9Z |

### 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) | 73.2% |
| Cash ÷ revenue | 121.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.2% |
| Cash vs. profit gap | 121 JPY mn (of net income 6.4%) |
| Shareholder returns / net income | 96.9% |
| Shareholder returns / FCF | 96.7% |
| Shareholder payments — dividends / net income | 29.6% |
| Shareholder payments — dividends / FCF | 29.5% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 5.0% |

## 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 | 25.7% | 0.59× | 15.2% | 1.58× | 24.1% | S100QGJV |
| 2022 | 26.1% | 0.61× | 15.9% | 1.54× | 24.5% | S100T43Y |
| 2023 | 26.1% | 0.60× | 15.7% | 1.44× | 22.7% | S100VFN4 |
| 2024 | 26.2% | 0.61× | 16.0% | 1.35× | 21.6% | S100XR9Z |
| 2025 | 22.8% | 0.61× | 13.9% | 1.32× | 18.4% | S100XR9Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 川田 篤 | Major shareholder | 38.6% | 2025-12-31 |
| 日野 靖久 | Major shareholder | 17.4% | 2025-12-31 |
| GOLDMAN, SACHS & CO. REG(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 5.1% | 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 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 3.0% | 2025-12-31 |
| NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT(常任代理人 香港上海銀行) | Major shareholder | 2.0% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC）(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.8% | 2025-12-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.8% | 2025-12-31 |
| オロ従業員持株会 | Major shareholder | 1.6% | 2025-12-31 |
| 藤崎 邦生 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/01/01－2025/12/31) | S100XR9Z | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XR9Z,, |
| 有価証券報告書－第27期(2024/01/01－2024/12/31) | S100VFN4 | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFN4,, |
| 有価証券報告書－第26期(2023/01/01－2023/12/31) | S100T43Y | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T43Y,, |
| 訂正有価証券報告書－第25期(2022/01/01－2022/12/31) | S100QGJV | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGJV,, |
| 有価証券報告書－第24期(令和3年1月1日－令和3年12月31日) | S100NR9Q | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR9Q,, |
| 有価証券報告書－第23期(令和2年1月1日－令和2年12月31日) | S100L0E9 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0E9,, |

## 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).