# OSAKA STEEL CO.,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48期(2025/04/01－2026/03/31) (S100YHWP)
> Page: https://vizora.meequs.com/en/company/osaka-steel
> Retrieved: 2026-09-30T21:59:45.162Z

## Company

Osaka Steel, founded in 1978, is a company in Steel listed on TSE Standard. It has 1,074 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OSAKA STEEL CO., LTD. |
| Ticker | 5449 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5449.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区道修町三丁目6番1号 |
| Representative (per filing) | 代表取締役社長 谷潤一 |
| Founded | May 1978 |
| Share capital | ¥8.77B |
| Employees (consolidated) | 1,074 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.osaka-seitetu.co.jp (https://www.osaka-seitetu.co.jp/) |
| Corporate number | 1120001028390 |
| EDINET | E01262 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YHWP, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 33 |
| Profitability | 10 | 35 |
| Efficiency | 7.1 | 35 |

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)

- Osaka Steel brought in ¥95.1B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -18.3% from the prior year, operating profit -104.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥95.1B |  |
| Operating income | -¥259M | Margin -0.3% |
| Net income | -¥20.9B | Margin -22.0% |
| Free cash flow | -¥1.86B |  |
| Employees (consolidated) | 1,074 |  |
| EPS | ¥-721.96 |  |
| Book value per share | ¥3330.72 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 42,279,000 |  |
| Treasury shares | 12,361,400 |  |
| Shareholders | 3,546 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 12.8% | Cash ÷ revenue 20.8% |
| Vs. industry median margin | -3.7 pp | Steel |
| ROA | -11.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 29.9× dividends
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76601000000 | ¥95096000000 | +24.1% |
| Operating income | ¥1413000000 | ¥-259000000 | -118.3% |
| Operating margin | 1.8% | -0.3% | -2.1 pp |
| Employees | 1,024 people | 1,074 people | +4.9% |
| Cash and equivalents | ¥62621000000 | ¥19743000000 | -68.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 95,096 | 100.0% | S100YHWP |
| Cost of revenue | 87,479 | 92.0% | S100YHWP |
| Gross profit | 7,617 | 8.0% | S100YHWP |
| SG&A | 7,877 | 8.3% | S100YHWP |
| Operating income | -259 | -0.3% | S100YHWP |
| Ordinary income | 33 | 0.0% | S100YHWP |
| Pretax income | -19,956 | -21.0% | S100YHWP |
| Income tax | 1,037 | 1.1% | S100YHWP |
| Net income | -20,994 | -22.1% | S100YHWP |
| Net income attributable to owners | -20,936 | -22.0% | S100YHWP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 8 |
| Operating income | 0 |
| (Ref.) Net income | -22 |

### Margin funnel

Gross margin 8.0% → Operating margin -0.3% → Net margin -22.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 116,424 | 95,096 | -21,328 | -18.3% |
| Gross profit | 13,052 | 7,617 | -5,435 | -41.6% |
| Operating income | 5,328 | -259 | -5,587 | -104.9% |
| Net income attributable to owners | 3,227 | -20,936 | -24,163 | -748.8% |
| Operating cash flow | 7,613 | 8,821 | 1,208 | +15.9% |
| Free cash flow | 154 | -1,862 | -2,016 | -1309.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 91,592 | 7,447 | 8.1% | 4,231 | 16,866 | 10,242 | S100LQ4Z |
| FY ending Mar 2021 | 76,601 | 1,413 | 1.8% | 897 | 4,187 | -7,154 | S100OGOE |
| FY ending Mar 2022 | 104,455 | 3,863 | 3.7% | 2,567 | 2,934 | -1,625 | S100R5UR |
| FY ending Mar 2023 | 117,141 | 5,935 | 5.1% | 2,903 | 5,086 | 1,318 | S100TSE0 |
| FY ending Mar 2024 | 117,127 | 7,013 | 6.0% | 3,121 | -1,067 | -4,284 | S100W3DT |
| FY ending Mar 2025 | 116,424 | 5,328 | 4.6% | 3,227 | 7,613 | 154 | S100YHWP |
| FY ending Mar 2026 | 95,096 | -259 | -0.3% | -20,936 | 8,821 | -1,862 | S100YHWP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.5M |
| Operating income per employee (consolidated) | -¥241.2K |
| Net income per employee (consolidated) | -¥19.5M |

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) | 1,024 | 1,028 | 1,058 | 1,065 | 1,074 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6.4M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 38.7 years | 39.6 years | 40.3 years | 40.9 years | 41.4 years |
| Average tenure (parent company) | 12.7 years | 13.2 years | 13.6 years | 14.1 years | 14.7 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -18.3%

## 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 | 8,821 | 9.3% | S100YHWP |
| Capital expenditure | 10,683 | 11.2% | S100YHWP |
| Free cash flow | -1,862 | -2.0% | 算出 |
| Investing cash flow | -8,638 | -9.1% | S100YHWP |
| Financing cash flow | -24,328 | -25.6% | S100YHWP |
| Dividends paid | 739 | 0.8% | S100YHWP |
| Share buyback | 22,076 | 23.2% | S100YHWP |
| Change in cash | -24,396 | -25.7% | S100YHWP |
| Cash and equivalents | 19,743 | 20.8% | S100YHWP |

## 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 | 62,396 | 63,477 | 43,111 | 44,140 | 19,743 | S100TSE0, S100W3DT, S100YHWP |
| Total assets | 208,294 | 213,243 | 204,737 | 203,485 | 153,778 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Net assets | 151,028 | 153,103 | 154,389 | 158,211 | 113,522 | S100TSE0, S100W3DT, S100YHWP |
| Share capital | 8,769 | 8,769 | 8,769 | 8,769 | 8,769 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Property, plant and equipment | 76,632 | 77,464 | 76,734 | 81,833 | 70,567 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Intangible assets excluding goodwill | 18 | 16 | 18 | 17 | 60 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Investment securities | 563 | 565 | 669 | 553 | 621 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Current assets | 130,033 | 132,995 | 115,074 | 108,890 | 80,768 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Current liabilities | 47,261 | 55,795 | 45,340 | 40,379 | 35,589 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Trade payables | 19,538 | 19,322 | 21,580 | 14,134 | 9,729 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Short-term borrowings | 16,726 | 21,901 | 16,665 | 18,269 | 16,517 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Long-term borrowings | 6,143 | — | — | — | — | S100R5UR |
| Total liabilities | 57,265 | 60,139 | 50,347 | 45,273 | 40,256 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Non-controlling interests | 2,376 | 2,122 | 2,201 | 2,223 | 2,153 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Equity attributable to owners of parent | 147,947 | 150,013 | 152,181 | 154,259 | 110,532 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Retained earnings | 133,359 | 135,426 | 137,594 | 139,673 | 117,997 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |
| Treasury stock | -4,537 | -4,537 | -4,538 | -4,539 | -26,590 | S100R5UR, S100TSE0, S100W3DT, S100YHWP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YHWP |
| Property, plant and equipment | 46% | S100YHWP |
| Intangibles and goodwill | 0% | S100YHWP |
| Investment securities | 0% | S100YHWP |
| Other assets | 41% | S100YHWP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YHWP |
| Other liabilities | 20% | S100YHWP |
| Equity | 74% | S100YHWP |

### 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 | 208,294 | 213,243 | 204,737 | 203,485 | 153,778 |
| Equity | 151,028 | 153,103 | 154,389 | 158,211 | 113,522 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 62,396 | 63,477 | 43,111 | 44,140 | 19,743 |

## 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) | 74.2% | S100YHWP |
| Fixed assets ÷ total assets | 45.9% | S100YHWP |
| Goodwill ÷ parent equity | — | —, S100YHWP |

### 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) | 12.8% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 29,757 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.2% |
| Investing CF relative to operating CF | 97.9% |

## 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 | 2.5% | 0.50× | 1.2% | 1.41× | 1.7% | S100R5UR |
| 2023 | 2.5% | 0.56× | 1.4% | 1.41× | 1.9% | S100TSE0 |
| 2024 | 2.7% | 0.56× | 1.5% | 1.38× | 2.1% | S100W3DT |
| 2025 | 2.8% | 0.57× | 1.6% | 1.33× | 2.1% | S100YHWP |
| 2026 | — | —× | -11.7% | —× | — | S100YHWP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄(株) | Major shareholder | 55.6% | 2026-03-31 |
| INTERTRUST TRUSTEES（CAYMAN） LIMITED SOLELY IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 17.5% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 立花証券㈱ | Major shareholder | 2.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 2.3% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/ COLLATERAL（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.7% | 2026-03-31 |
| GOLDMAN SACHS BANK EUROPE SE（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.7% | 2026-03-31 |
| 大阪製鐵社員持株会 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YHWP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHWP,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W3DT | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3DT,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TSE0 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSE0,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R5UR | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UR,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OGOE | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGOE,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LQ4Z | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ4Z,, |

## 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).