# OTANI KOGYO CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第87期(2025/04/01－2026/03/31) (S100YKRJ)
> Page: https://vizora.meequs.com/en/company/otani-kogyo
> Retrieved: 2026-09-30T21:38:34.616Z

## Company

Otani Kogyo, founded in 1946, is a company in Electrical Equipment listed on TSE Standard. It has 179 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OTANI KOGYO CO., LTD. |
| Ticker | 5939 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5939.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田7丁目23番1号 |
| Representative (per filing) | 代表取締役社長 鈴木和也 |
| Founded | Feb 1946 |
| Share capital | ¥655.2M |
| Employees (consolidated) | 179 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.otanikogyo.com (https://www.otanikogyo.com/) |
| Corporate number | 5010701002074 |
| EDINET | E01425 |
| Industries (Vizora) | Electrical Equipment, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YKRJ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.9 | 24 |
| Profitability | 22.9 | 24 |
| Cash conversion | 2.2 | 23 |
| Efficiency | 86 | 25 |

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 64% of Otani Kogyo's sales come from The electricity and communication sector, with The building materials sector making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -4.7% from the prior year, operating profit -14.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.53B |  |
| Operating income | ¥405.4M | Margin 5.4% |
| Net income | ¥297M | Margin 3.9% |
| Free cash flow | -¥719.9M |  |
| Largest business | The electricity and communication sector | of segment revenue 64.4% |
| Employees (consolidated) | 179 |  |
| EPS | ¥381.21 |  |
| Book value per share | ¥5656.21 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 780,000 |  |
| Treasury shares | 900 |  |
| Shareholders | 1,340 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | -3 pp | Electrical Equipment |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6059112000 | ¥7525844000 | +24.2% |
| Operating income | ¥298666000 | ¥405416000 | +35.7% |
| Operating margin | 4.9% | 5.4% | +0.5 pp |
| Employees | 171 people | 179 people | +4.7% |
| Cash and equivalents | ¥1523866000 | ¥1222598000 | -19.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 電力通信部門 → 電力通信部門 | 64.4% |
| 電力通信部門 → 事業再編・廃止 | 2.8% |
| 建材部門 → 建材部門 | 32.8% |
| 新設・再編 → 建材部門 | 2.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,526 | 100.0% | S100YKRJ |
| Cost of revenue | 5,979 | 79.4% | S100YKRJ |
| Gross profit | 1,547 | 20.6% | S100YKRJ |
| SG&A | 1,141 | 15.2% | S100YKRJ |
| Operating income | 405 | 5.4% | S100YKRJ |
| Ordinary income | 380 | 5.1% | S100YKRJ |
| Pretax income | 368 | 4.9% | S100YKRJ |
| Income tax | 71 | 0.9% | S100YKRJ |
| Net income | 297 | 3.9% | S100YKRJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 15 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.6% → Operating margin 5.4% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.7%; Core profit growth: -14.3%
Operating leverage (core profit growth ÷ revenue growth): 3.03×
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 | 7,899 | 7,526 | -374 | -4.7% |
| Gross profit | 1,721 | 1,547 | -174 | -10.1% |
| Operating income | 473 | 405 | -68 | -14.3% |
| Operating cash flow | 783 | -261 | -1,045 | -133.4% |
| Free cash flow | 428 | -720 | -1,148 | -268.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,013 | 309 | 5.1% | 223 | 55 | -106 | S100TUEM |
| FY ending Mar 2021 | 6,059 | 299 | 4.9% | 207 | 336 | 116 | S100W79B |
| FY ending Mar 2022 | 6,408 | 173 | 2.7% | 127 | 57 | -274 | S100YKRJ |
| FY ending Mar 2023 | 7,189 | 250 | 3.5% | 174 | 112 | -43 | S100YKRJ |
| FY ending Mar 2024 | 7,912 | 420 | 5.3% | 335 | 184 | -71 | S100YKRJ |
| FY ending Mar 2025 | 7,899 | 473 | 6.0% | 369 | 783 | 428 | S100YKRJ |
| FY ending Mar 2026 | 7,526 | 405 | 5.4% | 297 | -261 | -720 | S100YKRJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 181 | 184 | 177 | 181 | 179 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.5M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 40.3 years | 41.4 years | 41.6 years | 42.2 years | 42.2 years |
| Average tenure (parent company) | 17.5 years | 17.9 years | 18.4 years | 18.5 years | 18.5 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) -4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| The electricity and communication sector | 4,848 | 64.4% | 657 | 13.6% |
| The building materials sector | 2,677 | 35.6% | 147 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| The electricity and communication sector | 64.4% | 81.8% | 17.3 | 13.6% |
| The building materials sector | 35.6% | 18.2% | -17.3 | 5.5% |

Segment → industry: The electricity and communication sector → Electrical Equipment / The building materials sector → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -261 | -3.5% | S100YKRJ |
| Capital expenditure | 458 | 6.1% | S100YKRJ |
| Free cash flow | -720 | -9.6% | 算出 |
| Investing cash flow | -459 | -6.1% | S100YKRJ |
| Financing cash flow | 32 | 0.4% | S100YKRJ |
| Dividends paid | 23 | 0.3% | S100YKRJ |
| Share buyback | 1 | 0.0% | S100YKRJ |
| Change in cash | -688 | -9.1% | S100YKRJ |
| Cash and equivalents | 1,223 | 16.2% | S100YKRJ |

## 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 | 1,227 | 1,165 | 1,559 | 1,911 | 1,223 | S100TUEM, S100W79B, S100YKRJ |
| Total assets | 5,487 | 6,228 | 7,189 | 7,564 | 7,627 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Net assets | 3,229 | 3,384 | 3,727 | 4,077 | 4,407 | S100TUEM, S100W79B, S100YKRJ |
| Share capital | 655 | 655 | 655 | 655 | 655 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Property, plant and equipment | 1,121 | 1,100 | 1,224 | 1,472 | 2,248 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Intangible assets excluding goodwill | 27 | 26 | 28 | 27 | 26 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Investment securities | 74 | 82 | 130 | 138 | 222 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Current assets | 4,139 | 4,885 | 5,658 | 5,754 | 4,992 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Current liabilities | 1,681 | 2,245 | 2,416 | 2,447 | 1,866 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Short-term borrowings | 48 | 48 | 48 | 48 | 248 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Long-term borrowings | — | — | 425 | 375 | 325 | S100W79B, S100YKRJ |
| Total liabilities | 2,258 | 2,845 | 3,463 | 3,487 | 3,220 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Equity attributable to owners of parent | 3,215 | 3,366 | 3,677 | 4,023 | 4,296 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Retained earnings | 2,341 | 2,491 | 2,802 | 3,148 | 3,422 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |
| Treasury stock | -2 | -2 | -3 | -3 | -3 | S100R7R1, S100TUEM, S100W79B, S100YKRJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YKRJ |
| Property, plant and equipment | 30% | S100YKRJ |
| Intangibles and goodwill | 0% | S100YKRJ |
| Investment securities | 3% | S100YKRJ |
| Other assets | 51% | S100YKRJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YKRJ |
| Equity | 58% | S100YKRJ |

### 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 | 5,487 | 6,228 | 7,189 | 7,564 | 7,627 |
| Equity | 3,229 | 3,384 | 3,727 | 4,077 | 4,407 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,227 | 1,165 | 1,559 | 1,911 | 1,223 |

## 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) | 29.9% | S100YKRJ |
| Fixed assets ÷ total assets | 29.5% | S100YKRJ |
| Goodwill ÷ parent equity | — | —, S100YKRJ |

### 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) | 16.0% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -64.5% |
| Cash vs. profit gap | -558 JPY mn (of net income -188.0%) |
| Shareholder returns / net income | 8.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.0% | 1.17× | 2.3% | 1.71× | 3.9% | S100R7R1, S100YKRJ |
| 2023 | 2.4% | 1.23× | 3.0% | 1.78× | 5.3% | S100TUEM, S100YKRJ |
| 2024 | 4.2% | 1.18× | 5.0% | 1.91× | 9.5% | S100W79B, S100YKRJ |
| 2025 | 4.7% | 1.07× | 5.0% | 1.92× | 9.6% | S100YKRJ |
| 2026 | 3.9% | 0.99× | 3.9% | 1.83× | 7.1% | S100YKRJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ニュー・オータニ | Major shareholder | 27.8% | 2026-03-31 |
| ㈱エムアンドエーコーポレーション | Major shareholder | 9.9% | 2026-03-31 |
| ㈱テーオーシーサプライ | Major shareholder | 7.0% | 2026-03-31 |
| 中 本 有 紀 | Major shareholder | 5.4% | 2026-03-31 |
| 大谷鹿沼取引先持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 大谷富山取引先持株会 | Major shareholder | 3.5% | 2026-03-31 |
| ㈲大谷興産 | Major shareholder | 2.3% | 2026-03-31 |
| JPモルガン証券㈱ | Major shareholder | 1.4% | 2026-03-31 |
| エイチアールティーニューオータニ㈱ | Major shareholder | 1.3% | 2026-03-31 |
| ㈱北陸銀行 | Major shareholder | 1.3% | 2026-03-31 |
| 三菱UFJ信託銀行㈱ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YKRJ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKRJ,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W79B | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W79B,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TUEM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUEM,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R7R1 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7R1,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OJ6I | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ6I,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LSZ8 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSZ8,, |

## 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).