# OSG Corporation: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第113期(2024/12/01－2025/11/30) (S100XM3S)
> Page: https://vizora.meequs.com/en/company/osg
> Retrieved: 2026-09-30T22:08:10.241Z

## Company

OSG, founded in 1938, is a company in Machine Tools listed on TSE Prime. It has 7,563 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OSG Corporation |
| Ticker | 6136 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6136.T) |
| Listing | TSE Prime |
| Head office | 愛知県豊川市本野ケ原三丁目22番地 |
| Representative (per filing) | 代表取締役社長 大沢伸朗 |
| Founded | Mar 1938 |
| Share capital | ¥13B |
| Employees (consolidated) | 7,563 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | November |
| Website | www.osg.co.jp (https://www.osg.co.jp/) |
| Corporate number | 1180301010019 |
| EDINET | E01377 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100XM3S, filed 2026-02-19). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.1 | 34 |
| Profitability | 80.9 | 34 |
| Cash conversion | 46.8 | 31 |
| Efficiency | 48.5 | 34 |
| Financial strength | 16.7 | 3 |

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 32% of OSG's sales come from Japan, with Europe and Africa and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +7.7%.

## Company structure

- Segment revenue mix: Japan 32.2%、Europe and Africa 23.4%、Asia 22.6%、Americas 21.8%
- Revenue → net income: ¥160619000000 → ¥14790000000
- Net income → operating cash flow: ¥14790000000 → ¥26389000000（difference ¥11599000000）
- Main uses of operating cash flow: CapEx ¥14771000000 / dividends ¥5011000000 / buybacks ¥5001000000
- Change in cash: ¥-218000000
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 | ¥160.6B |  |
| Operating income | ¥20.3B | Margin 12.7% |
| Net income | ¥14.3B | Margin 8.9% |
| Free cash flow | ¥11.6B |  |
| Largest business | Japan | of segment revenue 32.2% |
| Employees (consolidated) | 7,563 |  |
| EPS | ¥137.77 |  |
| Diluted EPS | ¥122.13 |  |
| Book value per share | ¥814.35 |  |
| Equity ratio | 67.5% |  |
| Shares outstanding | 96,145,417 |  |
| Treasury shares | 13,954,000 |  |
| Shareholders | 8,716 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 17.9% | Net cash ¥26.2B · Cash ÷ revenue 29.9% |
| Vs. industry median margin | +5.6 pp | Machine Tools |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥104388000000 | ¥160619000000 | +53.9% |
| Operating income | ¥8396000000 | ¥20330000000 | +142.1% |
| Operating margin | 8.0% | 12.7% | +4.6 pp |
| Employees | 7,173 people | 7,563 people | +5.4% |
| Cash and equivalents | ¥33299000000 | ¥48005000000 | +44.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 32.2% |
| 日本 → 事業再編・廃止 | 8.8% |
| 米州 → 米州 | 18.0% |
| 欧州・アフリカ → 欧州・アフリカ | 18.6% |
| アジア → アジア | 22.4% |
| 新設・再編 → 米州 | 3.8% |
| 新設・再編 → 欧州・アフリカ | 4.8% |
| 新設・再編 → アジア | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.8% | ¥51706000000 | 17.2% | 2 |
| Europe and Africa | 5 years | +14.2% | ¥37617000000 | 7.1% | 2 |
| Asia | 5 years | +9.2% | ¥36281000000 | 13.2% | 2 |
| Americas | 5 years | +13.2% | ¥35013000000 | 12.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 160,619 | 100.0% | S100XM3S |
| Cost of revenue | 94,800 | 59.0% | S100XM3S |
| Gross profit | 65,819 | 41.0% | S100XM3S |
| SG&A | 45,488 | 28.3% | S100XM3S |
| Operating income | 20,330 | 12.7% | S100XM3S |
| Ordinary income | 22,354 | 13.9% | S100XM3S |
| Pretax income | 21,334 | 13.3% | S100XM3S |
| Income tax | 6,543 | 4.1% | S100XM3S |
| Net income | 14,790 | 9.2% | S100XM3S |
| Net income attributable to owners | 14,334 | 8.9% | S100XM3S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 28 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 41.0% → Operating margin 12.7% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +7.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.36×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 155,517 | 160,619 | 5,102 | +3.3% |
| Gross profit | 63,475 | 65,819 | 2,344 | +3.7% |
| Operating income | 18,868 | 20,330 | 1,462 | +7.7% |
| Net income attributable to owners | 13,439 | 14,334 | 895 | +6.7% |
| Operating cash flow | 28,557 | 26,389 | -2,168 | -7.6% |
| Free cash flow | 12,365 | 11,618 | -747 | -6.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 126,964 | 19,554 | 15.4% | 13,686 | 19,261 | 1,704 | S100KUGS |
| FY ending Nov 2020 | 104,388 | 8,396 | 8.0% | 5,639 | 17,038 | 6,921 | S100NJ5E |
| FY ending Nov 2021 | 126,156 | 16,105 | 12.8% | 10,989 | 26,982 | 21,192 | S100Q94Z |
| FY ending Nov 2022 | 142,525 | 21,898 | 15.4% | 16,534 | 20,175 | 11,311 | S100SWMF |
| FY ending Nov 2023 | 147,703 | 19,800 | 13.4% | 14,307 | 23,331 | 12,173 | S100VA1D |
| FY ending Nov 2024 | 155,517 | 18,868 | 12.1% | 13,439 | 28,557 | 12,365 | S100XM3S |
| FY ending Nov 2025 | 160,619 | 20,330 | 12.7% | 14,334 | 26,389 | 11,618 | S100XM3S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,489 | 7,543 | 7,563 | 7,674 | 7,563 |
| Average salary (parent company) | ¥6.6M | ¥7M | ¥6.9M | ¥6.9M | ¥7M |
| Average age (parent company) | 43.2 years | 43.6 years | 44.1 years | 44.2 years | 44.5 years |
| Average tenure (parent company) | 18.0 years | 18.5 years | 18.9 years | 19.2 years | 19.7 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 51,706 | 32.2% | 8,884 | 17.2% |
| Americas | 35,013 | 21.8% | 4,241 | 12.1% |
| Europe and Africa | 37,617 | 23.4% | 2,680 | 7.1% |
| Asia | 36,281 | 22.6% | 4,793 | 13.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 32.2% | 43.1% | 10.9 | 17.2% |
| Americas | 21.8% | 20.6% | -1.2 | 12.1% |
| Europe and Africa | 23.4% | 13.0% | -10.4 | 7.1% |
| Asia | 22.6% | 23.3% | 0.7 | 13.2% |

Segment → industry: Asia → Machine Tools / Europe and Africa → Machine Tools / Americas → Machine Tools / Japan → Machine Tools

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 26,389 | 16.4% | S100XM3S |
| Capital expenditure | 14,771 | 9.2% | S100XM3S |
| Free cash flow | 11,618 | 7.2% | 算出 |
| Investing cash flow | -13,976 | -8.7% | S100XM3S |
| Financing cash flow | -15,035 | -9.4% | S100XM3S |
| Dividends paid | 5,011 | 3.1% | S100XM3S |
| Share buyback | 5,001 | 3.1% | S100XM3S |
| Change in cash | -218 | -0.1% | S100XM3S |
| Cash and equivalents | 48,005 | 29.9% | S100XM3S |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 40,354 | 36,717 | 49,722 | 48,206 | 48,005 | S100SWMF, S100VA1D, S100XM3S |
| Total assets | 209,757 | 228,852 | 250,124 | 257,256 | 267,699 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Net assets | 154,800 | 176,838 | 194,640 | 179,411 | 193,857 | S100SWMF, S100VA1D, S100XM3S |
| Share capital | 12,239 | 13,044 | 13,044 | 13,044 | 13,044 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Trade receivables | 23,531 | 26,885 | 28,645 | — | — | S100Q94Z, S100SWMF |
| Property, plant and equipment | 78,255 | 81,062 | 84,705 | 89,856 | 94,109 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Intangible assets excluding goodwill | 5,915 | 5,799 | 5,453 | 9,668 | 8,770 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Goodwill | 4,638 | 4,402 | 3,692 | 4,749 | 3,592 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Investment securities | 4,292 | 4,800 | 5,812 | 6,351 | 7,498 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Current assets | 115,757 | 128,967 | 147,517 | 144,453 | 148,243 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Current liabilities | 25,830 | 23,765 | 24,552 | 27,461 | 25,208 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Trade payables | 5,244 | 5,887 | 6,019 | 5,792 | 6,190 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Short-term borrowings | 2,329 | 677 | 672 | 185 | 198 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Long-term borrowings | 20,136 | 18,873 | 16,365 | 12,543 | 11,631 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Bonds | 5,000 | 5,000 | 10,000 | 10,000 | 10,000 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Interest-bearing debt | 27,465 | 24,550 | 27,037 | 22,728 | 21,829 | 算出 |
| Total liabilities | 54,957 | 52,014 | 55,484 | 77,844 | 73,842 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Non-controlling interests | 10,988 | 12,178 | 13,079 | 12,778 | 13,045 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Equity attributable to owners of parent | 144,359 | 152,768 | 160,891 | 146,722 | 151,481 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Retained earnings | 120,192 | 132,320 | 140,361 | 148,128 | 151,633 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |
| Treasury stock | -1,041 | -6,388 | -5,845 | -27,778 | -26,511 | S100Q94Z, S100SWMF, S100VA1D, S100XM3S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XM3S |
| Property, plant and equipment | 35% | S100XM3S |
| Intangibles and goodwill | 5% | S100XM3S |
| Investment securities | 3% | S100XM3S |
| Other assets | 39% | S100XM3S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XM3S |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 17% | S100XM3S |
| Equity | 73% | S100XM3S |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 209,757 | 228,852 | 250,124 | 257,256 | 267,699 |
| Equity | 154,800 | 176,838 | 194,640 | 179,411 | 193,857 |
| Interest-bearing debt | 27,465 | 24,550 | 27,037 | 22,728 | 21,829 |
| Cash | 40,354 | 36,717 | 49,722 | 48,206 | 48,005 |

## 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) | 58.6% | S100XM3S |
| Fixed assets ÷ total assets | 35.2% | S100XM3S |
| Goodwill ÷ parent equity | 2.4% | S100XM3S |

Goodwill over 4 years: 4,638 → 3,592 JPY; total investing cash flow: -63,391 JPY. This does not imply causation.

### 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) | 17.9% |
| Cash ÷ revenue | 29.9% |
| Net cash (cash − interest-bearing debt) | ¥26.2B |
| Net debt ÷ operating cash flow | -0.99× |
| Cash conversion (operating CF ÷ operating income) | 129.8% |
| Cash vs. profit gap | 12,055 JPY mn (of net income 84.1%) |
| Shareholder returns / net income | 69.8% |
| Shareholder returns / FCF | 86.2% |
| Shareholder payments — dividends / net income | 35.0% |
| Shareholder payments — dividends / FCF | 43.1% |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 53.0% |

## 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 | 8.7% | 0.60× | 5.2% | 1.45× | 7.6% | S100Q94Z |
| 2022 | 11.6% | 0.65× | 7.5% | 1.48× | 11.1% | S100SWMF |
| 2023 | 9.7% | 0.62× | 6.0% | 1.53× | 9.1% | S100VA1D |
| 2024 | 8.6% | 0.61× | 5.3% | 1.65× | 8.7% | S100XM3S |
| 2025 | 8.9% | 0.61× | 5.5% | 1.76× | 9.6% | S100XM3S |

## 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 | 8.6% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2025-11-30 |
| オーエスジーエージェント会 | Major shareholder | 4.4% | 2025-11-30 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.8% | 2025-11-30 |
| オーエスジー持株会 | Major shareholder | 3.2% | 2025-11-30 |
| 公益財団法人大澤科学技術振興財団 | Major shareholder | 3.0% | 2025-11-30 |
| オーエスジー社員持株会 | Major shareholder | 2.6% | 2025-11-30 |
| 株式会社三井住友銀行 | Major shareholder | 2.6% | 2025-11-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.5% | 2025-11-30 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2024/12/01－2025/11/30) | S100XM3S | 2026-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XM3S,, |
| 有価証券報告書－第112期(2023/12/01－2024/11/30) | S100VA1D | 2025-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VA1D,, |
| 有価証券報告書－第111期(2022/12/01－2023/11/30) | S100SWMF | 2024-02-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SWMF,, |
| 有価証券報告書－第110期(2021/12/01－2022/11/30) | S100Q94Z | 2023-02-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q94Z,, |
| 有価証券報告書－第109期(令和2年12月1日－令和3年11月30日) | S100NJ5E | 2022-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJ5E,, |
| 有価証券報告書－第108期(令和1年12月1日－令和2年11月30日) | S100KUGS | 2021-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUGS,, |

## 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).