# ORVIS CORPORATION: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2024/11/01－2025/10/31) (S100XHFP)
> Page: https://vizora.meequs.com/en/company/orvis
> Retrieved: 2026-09-30T20:58:37.788Z

## Company

Orvis, founded in 1959, is a company in Electric Power & Gas listed on TSE Standard. It has 211 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ORVIS CORPORATION |
| Ticker | 7827 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7827.T) |
| Listing | TSE Standard |
| Head office | 広島県福山市松永町六丁目10番1号 |
| Representative (per filing) | 代表取締役社長 中浜 勇治 |
| Founded | Nov 1959 |
| Share capital | ¥709.7M |
| Employees (consolidated) | 211 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | October |
| Website | orvis.co.jp (https://orvis.co.jp/) |
| Corporate number | 1240001030054 |
| EDINET | E00639 |
| Industries (Vizora) | Electric Power & Gas, Leasing, Theme Parks & Leisure Facilities, General Contractors |

> Profile source: annual securities report (S100XHFP, filed 2026-01-28). As of filing

## Key points (generated from figures)

- About 59% of Orvis's sales come from Timber, with House and eco and Solar power electricity sales business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.4% from the prior year, operating profit +13.6%.

## Company structure

- Segment revenue mix: Timber 58.9%、House and eco 34.5%、Solar power electricity sales business 3.6%、Life Create 3.0%
- Revenue → net income: ¥12639125000 → ¥421970000
- Net income → operating cash flow: ¥421970000 → ¥678059000（difference ¥256089000）
- Main uses of operating cash flow: CapEx ¥90708000 / dividends ¥117895000 / buybacks —
- Change in cash: ¥254088000
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 | ¥12.6B |  |
| Operating income | ¥658.9M | Margin 5.2% |
| Net income | ¥422M | Margin 3.3% |
| Free cash flow | ¥587.4M |  |
| Largest business | Timber | of segment revenue 58.9% |
| Employees (consolidated) | 211 |  |
| EPS | ¥240.86 |  |
| Book value per share | ¥3250.72 |  |
| Equity ratio | 45.4% |  |
| Shares outstanding | 1,775,469 |  |
| Treasury shares | 1,300 |  |
| Shareholders | 1,488 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 8.3% | Cash ÷ revenue 8.2% |
| Vs. industry median margin | -1.8 pp | Electric Power & Gas |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -29 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9022690000 | ¥12639125000 | — |
| Operating income | ¥326999000 | ¥658946000 | — |
| Operating margin | 3.6% | 5.2% | +1.6 pp |
| Employees | 189 people | 211 people | — |
| Cash and equivalents | ¥522830000 | ¥1039637000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 木材事業 → 事業再編・廃止 | 58.5% |
| ハウス・エコ事業 → 事業再編・廃止 | 31.1% |
| 太陽光発電売電事業 → 太陽光発電売電事業 | 3.6% |
| 太陽光発電売電事業 → 事業再編・廃止 | 1.7% |
| ライフクリエイト事業 → ライフクリエイト事業 | 3.0% |
| ライフクリエイト事業 → 事業再編・廃止 | 1.1% |
| 不動産事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 木材事業 | 58.9% |
| 新設・再編 → ハウス・エコ事業 | 34.5% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Timber | — | — | ¥7442915000 | 4.0% | 2 |
| House and eco | — | — | ¥4357633000 | 8.1% | 2 |
| Solar power electricity sales business | — | — | ¥456135000 | 66.3% | 2 |
| Life Create | — | — | ¥382440000 | 13.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,639 | 100.0% | S100XHFP |
| Cost of revenue | 10,311 | 81.6% | S100XHFP |
| Gross profit | 2,328 | 18.4% | S100XHFP |
| SG&A | 1,669 | 13.2% | S100XHFP |
| Operating income | 659 | 5.2% | S100XHFP |
| Ordinary income | 643 | 5.1% | S100XHFP |
| Pretax income | 635 | 5.0% | S100XHFP |
| Income tax | 213 | 1.7% | S100XHFP |
| Net income | 422 | 3.3% | S100XHFP |
| Net income attributable to owners | 422 | 3.3% | S100XHFP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.4% → Operating margin 5.2% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.4%; Core profit growth: +13.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,444 | 12,639 | 1,195 | +10.4% |
| Gross profit | 2,159 | 2,328 | 169 | +7.8% |
| Operating income | 580 | 659 | 79 | +13.6% |
| Net income attributable to owners | 435 | 422 | -13 | -3.0% |
| Operating cash flow | 520 | 678 | 158 | +30.4% |
| Free cash flow | 393 | 587 | 194 | +49.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 9,567 | 84 | 0.9% | 394 | -90 | -173 | S100KL5E |
| FY ending Oct 2020 | 9,023 | 327 | 3.6% | 194 | 981 | 795 | S100NA8S |
| FY ending Oct 2021 | 9,425 | 230 | 2.4% | 94 | 703 | 522 | S100Q18Y |
| FY ending Oct 2022 | 11,338 | 771 | 6.8% | 542 | 1,605 | 1,468 | S100SOW4 |
| FY ending Oct 2023 | 11,596 | 670 | 5.8% | 760 | 978 | 874 | S100SOW4 |
| FY ending Oct 2024 | 11,444 | 580 | 5.1% | 435 | 520 | 393 | S100XHFP |
| FY ending Oct 2025 | 12,639 | 659 | 5.2% | 422 | 678 | 587 | S100XHFP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.9M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 191 | 189 | 186 | 206 | 211 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.7M | ¥5M | ¥5.3M |
| Average age (parent company) | 45.9 years | 46.4 years | 46.3 years | 46.6 years | 45.9 years |
| Average tenure (parent company) | 11.2 years | 11.6 years | 12.2 years | 12.6 years | 12.2 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +10.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Timber | 7,443 | 58.9% | 301 | 4.0% |
| House and eco | 4,358 | 34.5% | 351 | 8.1% |
| Solar power electricity sales business | 456 | 3.6% | 302 | 66.3% |
| Life Create | 382 | 3.0% | 50 | 13.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Timber | 58.9% | 30.0% | -28.9 | 4.0% |
| House and eco | 34.5% | 35.0% | 0.5 | 8.1% |
| Solar power electricity sales business | 3.6% | 30.1% | 26.5 | 66.3% |
| Life Create | 3.0% | 4.9% | 1.9 | 13.0% |

Segment → industry: Solar power electricity sales business → Electric Power & Gas / House and eco → Leasing / Life Create → Theme Parks & Leisure Facilities / House and eco → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 678 | 5.4% | S100XHFP |
| Capital expenditure | 91 | 0.7% | S100XHFP |
| Free cash flow | 587 | 4.6% | 算出 |
| Investing cash flow | -73 | -0.6% | S100XHFP |
| Financing cash flow | -351 | -2.8% | S100XHFP |
| Dividends paid | 118 | 0.9% | S100XHFP |
| Change in cash | 254 | 2.0% | S100XHFP |
| Cash and equivalents | 1,040 | 8.2% | S100XHFP |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 421 | 707 | 704 | 786 | 1,040 | S100SOW4, S100XHFP |
| Total assets | 13,771 | 12,996 | 12,212 | 12,460 | 12,587 | S100Q18Y, S100SOW4, S100XHFP |
| Net assets | 3,804 | 4,323 | 5,043 | 5,408 | 5,713 | S100SOW4, S100XHFP |
| Share capital | 692 | 696 | 700 | 704 | 710 | S100Q18Y, S100SOW4, S100XHFP |
| Property, plant and equipment | 7,455 | 6,899 | 6,231 | 5,756 | 5,367 | S100Q18Y, S100SOW4, S100XHFP |
| Intangible assets excluding goodwill | 20 | 17 | 12 | 31 | 23 | S100Q18Y, S100SOW4, S100XHFP |
| Goodwill | — | — | — | 10 | 7 | S100XHFP |
| Investment securities | 80 | 92 | 128 | 189 | 179 | S100Q18Y, S100SOW4, S100XHFP |
| Current assets | 6,142 | 5,926 | 5,727 | 6,376 | 6,917 | S100Q18Y, S100SOW4, S100XHFP |
| Current liabilities | 4,422 | 3,839 | 2,941 | 2,980 | 2,998 | S100Q18Y, S100SOW4, S100XHFP |
| Short-term borrowings | 800 | 550 | — | — | — | S100Q18Y, S100SOW4 |
| Long-term borrowings | 5,109 | 4,450 | 3,900 | 3,726 | 3,530 | S100Q18Y, S100SOW4, S100XHFP |
| Total liabilities | 9,967 | 8,673 | 7,170 | 7,052 | 6,874 | S100Q18Y, S100SOW4, S100XHFP |
| Equity attributable to owners of parent | 3,789 | 4,303 | 5,001 | 5,327 | 5,642 | S100Q18Y, S100SOW4, S100XHFP |
| Retained earnings | 2,578 | 3,085 | 3,775 | 4,092 | 4,396 | S100Q18Y, S100SOW4, S100XHFP |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100Q18Y, S100SOW4, S100XHFP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XHFP |
| Property, plant and equipment | 43% | S100XHFP |
| Intangibles and goodwill | 0% | S100XHFP |
| Investment securities | 1% | S100XHFP |
| Other assets | 48% | S100XHFP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100XHFP |
| Equity | 45% | S100XHFP |
| Other liabilities | 0% | S100XHFP |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,771 | 12,996 | 12,212 | 12,460 | 12,587 |
| Equity | 3,804 | 4,323 | 5,043 | 5,408 | 5,713 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 421 | 707 | 704 | 786 | 1,040 |

## 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) | 42.5% | S100XHFP |
| Fixed assets ÷ total assets | 42.6% | S100XHFP |
| Goodwill ÷ parent equity | 0.1% | S100XHFP |

### 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) | 8.3% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.9% |
| Cash vs. profit gap | 256 JPY mn (of net income 60.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.9% |
| Shareholder payments — dividends / FCF | 20.1% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 10.7% |

## 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 | 1.0% | 0.68× | 0.7% | 3.63× | 2.5% | S100Q18Y |
| 2022 | 4.8% | 0.85× | 4.0% | 3.31× | 13.4% | S100SOW4 |
| 2023 | 6.6% | 0.92× | 6.0% | 2.71× | 16.3% | S100SOW4 |
| 2024 | 3.8% | 0.92× | 3.5% | 2.34× | 8.2% | S100XHFP |
| 2025 | 3.3% | 1.01× | 3.4% | 2.28× | 7.7% | S100XHFP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中浜 勇治 | Major shareholder | 24.7% | 2025-10-31 |
| 株式会社和幸 | Major shareholder | 9.3% | 2025-10-31 |
| 肥田 亘 | Major shareholder | 2.8% | 2025-10-31 |
| 藤井 實 | Major shareholder | 2.7% | 2025-10-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 2.5% | 2025-10-31 |
| 宇藤 秀樹 | Major shareholder | 2.4% | 2025-10-31 |
| 鹿野産業株式会社 | Major shareholder | 2.4% | 2025-10-31 |
| 萩野 幸治 | Major shareholder | 2.4% | 2025-10-31 |
| 山本 康司 | Major shareholder | 2.3% | 2025-10-31 |
| 中山 恒一 | Major shareholder | 1.5% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2024/11/01－2025/10/31) | S100XHFP | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHFP,, |
| 有価証券報告書－第65期(2023/11/01－2024/10/31) | S100V5K0 | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5K0,, |
| 有価証券報告書－第64期(2022/11/01－2023/10/31) | S100SOW4 | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOW4,, |
| 有価証券報告書－第63期(2021/11/01－2022/10/31) | S100Q18Y | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q18Y,, |
| 有価証券報告書－第62期(令和2年11月1日－令和3年10月31日) | S100NA8S | 2022-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA8S,, |
| 有価証券報告書－第61期(令和1年11月1日－令和2年10月31日) | S100KL5E | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL5E,, |

## 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).