# OTSUKA CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/01/01－2025/12/31) (S100XU0X)
> Page: https://vizora.meequs.com/en/company/otsuka
> Retrieved: 2026-09-30T18:28:23.211Z

## Company

Otsuka, founded in 1961, is a company in IT Services & System Integration listed on TSE Prime. It has 10,079 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OTSUKA CORPORATION |
| Ticker | 4768 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4768.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区飯田橋二丁目18番4号 |
| Representative (per filing) | 代表取締役社長 大塚 裕司 |
| Founded | Jul 1961 |
| Share capital | ¥10.4B |
| Employees (consolidated) | 10,079 |
| Average salary (parent only) | ¥10.3M |
| Fiscal year end | December |
| Website | www.otsuka-shokai.co.jp (https://www.otsuka-shokai.co.jp/) |
| Corporate number | 1010001012983 |
| EDINET | E05099 |
| Industries (Vizora) | IT Services & System Integration, Stationery & Office Supplies |

> Profile source: annual securities report (S100XU0X, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.6 | 157 |
| Profitability | 33.9 | 196 |
| Cash conversion | 71.1 | 185 |
| Efficiency | 86.5 | 196 |

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 Otsuka's sales come from System integration business, with Service and support business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +19.4% from the prior year, operating profit +21.0%.

## Company structure

- Segment revenue mix: System integration business 68.3%、Service and support business 31.7%
- Revenue → net income: ¥1322791000000 → ¥65198000000
- Net income → operating cash flow: ¥65198000000 → ¥92218000000（difference ¥27020000000）
- Main uses of operating cash flow: CapEx ¥20026000000 / dividends ¥47390000000 / buybacks —
- Change in cash: ¥24132000000
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 | ¥1.32T |  |
| Operating income | ¥89.9B | Margin 6.8% |
| Net income | ¥64.3B | Margin 4.9% |
| Free cash flow | ¥72.2B |  |
| Largest business | System integration business | of segment revenue 68.3% |
| Employees (consolidated) | 10,079 |  |
| EPS | ¥159.64 |  |
| Diluted EPS | ¥169.1 |  |
| Book value per share | ¥897.3 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 380,004,000 |  |
| Treasury shares | 803,000 |  |
| Shareholders | 8,981 |  |
| Average salary (parent only) | ¥10.3M | Filing company only |
| Cash ratio | 34.8% | Cash ÷ revenue 19.2% |
| Vs. industry median margin | -2.1 pp | IT Services & System Integration |
| ROE | 17.2% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 71% of positive segment profit
- FY2025, parent-company salary changed +25% over five years
- FY2025, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥836323000000 | ¥1322791000000 | +58.2% |
| Operating income | ¥56309000000 | ¥89943000000 | +59.7% |
| Operating margin | 6.7% | 6.8% | +0.1 pp |
| Employees | 9,119 people | 10,079 people | +10.5% |
| Cash and equivalents | ¥178988000000 | ¥253620000000 | +41.7% |

### 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 |
| --- | ---: |
| システムインテグレーション事業 → システムインテグレーション事業 | 63.0% |
| サービス＆サポート事業 → サービス＆サポート事業 | 31.7% |
| サービス＆サポート事業 → 事業再編・廃止 | 5.3% |
| 新設・再編 → システムインテグレーション事業 | 5.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,322,791 | 100.0% | S100XU0X |
| Cost of revenue | 1,070,616 | 80.9% | S100XU0X |
| Gross profit | 252,174 | 19.1% | S100XU0X |
| SG&A | 162,231 | 12.3% | S100XU0X |
| Operating income | 89,943 | 6.8% | S100XU0X |
| Ordinary income | 91,525 | 6.9% | S100XU0X |
| Pretax income | 90,453 | 6.8% | S100XU0X |
| Income tax | 25,254 | 1.9% | S100XU0X |
| Net income | 65,198 | 4.9% | S100XU0X |
| Net income attributable to owners | 64,303 | 4.9% | S100XU0X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.1% → Operating margin 6.8% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.4%; Core profit growth: +21.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.08×
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 | 1,107,668 | 1,322,791 | 215,123 | +19.4% |
| Gross profit | 224,471 | 252,174 | 27,703 | +12.3% |
| Operating income | 74,360 | 89,943 | 15,583 | +21.0% |
| Net income attributable to owners | 53,481 | 64,303 | 10,822 | +20.2% |
| Operating cash flow | 37,711 | 92,218 | 54,507 | +144.5% |
| Free cash flow | 25,625 | 72,192 | 46,567 | +181.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 886,536 | 62,192 | 7.0% | 43,497 | 48,762 | 40,903 | S100L1DV |
| FY ending Dec 2020 | 836,323 | 56,309 | 6.7% | 39,309 | 32,496 | 23,633 | S100PQPD |
| FY ending Dec 2021 | 851,894 | 55,827 | 6.6% | 39,927 | 57,873 | 46,991 | S100QH05 |
| FY ending Dec 2022 | 861,022 | 54,768 | 6.4% | 40,022 | 29,196 | 22,119 | S100T4MW |
| FY ending Dec 2023 | 977,370 | 62,959 | 6.4% | 47,448 | 71,649 | 61,303 | S100VH1X |
| FY ending Dec 2024 | 1,107,668 | 74,360 | 6.7% | 53,481 | 37,711 | 25,625 | S100XU0X |
| FY ending Dec 2025 | 1,322,791 | 89,943 | 6.8% | 64,303 | 92,218 | 72,192 | S100XU0X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥131.2M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥6.4M |

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) | 9,171 | 9,208 | 9,421 | 9,680 | 10,079 |
| Average salary (parent company) | ¥8.2M | ¥8.6M | ¥9.4M | ¥9.9M | ¥10.3M |
| Average age (parent company) | 41.6 years | 41.8 years | 41.7 years | 41.4 years | 42.0 years |
| Average tenure (parent company) | 17.4 years | 17.5 years | 17.4 years | 17.2 years | 17.6 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) +19.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System integration business | 902,915 | 68.3% | 73,572 | 8.1% |
| Service and support business | 419,875 | 31.7% | 29,497 | 7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System integration business | 68.3% | 71.4% | 3.1 | 8.1% |
| Service and support business | 31.7% | 28.6% | -3.1 | 7.0% |

Segment → industry: Service and support business → IT Services & System Integration / System integration business → IT Services & System Integration / Service and support business → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 92,218 | 7.0% | S100XU0X |
| Capital expenditure | 20,026 | 1.5% | S100XU0X |
| Free cash flow | 72,192 | 5.5% | 算出 |
| Investing cash flow | -20,475 | -1.5% | S100XU0X |
| Financing cash flow | -47,613 | -3.6% | S100XU0X |
| Dividends paid | 47,390 | 3.6% | S100XU0X |
| Change in cash | 24,132 | 1.8% | S100XU0X |
| Cash and equivalents | 253,620 | 19.2% | S100XU0X |

## 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 | 205,746 | 203,274 | 229,615 | 229,488 | 253,620 | S100T4MW, S100VH1X, S100XU0X |
| Total assets | 486,254 | 523,016 | 561,805 | 673,903 | 729,200 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Net assets | 301,774 | 322,732 | 346,950 | 375,247 | 399,588 | S100T4MW, S100VH1X, S100XU0X |
| Share capital | 10,374 | 10,374 | 10,374 | 10,374 | 10,374 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Trade receivables | 135,786 | — | — | — | — | S100QH05 |
| Property, plant and equipment | 37,710 | 35,835 | 34,674 | 34,913 | 35,800 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Intangible assets excluding goodwill | 15,830 | 15,770 | 16,065 | 20,283 | 30,610 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Investment securities | 22,366 | 22,678 | 26,306 | 22,815 | 25,124 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Current assets | 401,034 | 435,113 | 459,794 | 568,843 | 605,514 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Current liabilities | 170,282 | 190,683 | 203,263 | 289,692 | 322,810 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Trade payables | 91,938 | 99,517 | 105,485 | 162,266 | 159,850 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Short-term borrowings | 4,800 | 4,400 | 4,400 | 4,300 | 4,300 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Long-term borrowings | 1,700 | — | 1,700 | 1,700 | — | S100QH05, S100VH1X, S100XU0X |
| Total liabilities | 184,480 | 200,283 | 214,854 | 298,656 | 329,611 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Non-controlling interests | 3,030 | 3,343 | 3,838 | 4,447 | 5,264 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Equity attributable to owners of parent | 299,323 | 315,149 | 338,025 | 365,909 | 382,812 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Retained earnings | 272,834 | 288,660 | 311,537 | 339,422 | 356,326 | S100QH05, S100T4MW, S100VH1X, S100XU0X |
| Treasury stock | -139 | -140 | -141 | -143 | -143 | S100QH05, S100T4MW, S100VH1X, S100XU0X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XU0X |
| Property, plant and equipment | 5% | S100XU0X |
| Intangibles and goodwill | 4% | S100XU0X |
| Investment securities | 3% | S100XU0X |
| Other assets | 53% | S100XU0X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100XU0X |
| Other liabilities | 23% | S100XU0X |
| Equity | 55% | S100XU0X |
| Other liabilities | 0% | S100XU0X |

### 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 | 486,254 | 523,016 | 561,805 | 673,903 | 729,200 |
| Equity | 301,774 | 322,732 | 346,950 | 375,247 | 399,588 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 205,746 | 203,274 | 229,615 | 229,488 | 253,620 |

## 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) | 2.7% | S100XU0X |
| Fixed assets ÷ total assets | 4.9% | S100XU0X |
| Goodwill ÷ parent equity | — | —, S100XU0X |

### 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) | 34.8% |
| Cash ÷ revenue | 19.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.5% |
| Cash vs. profit gap | 27,915 JPY mn (of net income 43.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 73.7% |
| Shareholder payments — dividends / FCF | 65.6% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 22.2% |

## 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 | 4.7% | 1.75× | 8.2% | 1.62× | 13.3% | S100QH05 |
| 2022 | 4.6% | 1.71× | 7.9% | 1.64× | 13.0% | S100T4MW |
| 2023 | 4.9% | 1.80× | 8.7% | 1.66× | 14.5% | S100VH1X |
| 2024 | 4.8% | 1.79× | 8.7% | 1.76× | 15.2% | S100XU0X |
| 2025 | 4.9% | 1.89× | 9.2% | 1.87× | 17.2% | S100XU0X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大塚装備株式会社 | Major shareholder | 33.5% | 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 | 10.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2025-12-31 |
| 大塚 裕司 | Major shareholder | 2.5% | 2025-12-31 |
| 大塚商会社員持株会 | Major shareholder | 2.2% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.9% | 2025-12-31 |
| 大塚 惠子 | Major shareholder | 1.8% | 2025-12-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2025-12-31 |
| ビ－エヌワイエム アズ エ－ジ－テイ クライアンツ ノン トリ－テイ－ ジヤスデツク（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥1.32T, up +19.4% from ¥1.11T the year before.
- Operating income grew from ¥74.4B to ¥89.9B (+21.0%) and net income from ¥53.5B to ¥64.3B (+20.2%), so profit kept pace with sales.
- Operating cash flow jumped from ¥37.7B to ¥92.2B (+144.5%), and free cash flow reached ¥72.2B.

### Drivers

- Strong PC replacement demand, along with fast growth in packaged software sales
- Business spending on IT for automation and digitization stayed firm
- Recurring businesses such as Tanomail and Tayoreru also kept growing
- Cash flow improved because receivables grew less than before and inventory went down

### Risks

- If many companies cut IT spending at the same time because of an economic shift, results could suffer
- If suppliers cannot deliver enough products and no substitutes are available, it may be unable to serve customers
- A leak of personal or corporate data could lead to damages and a loss of trust

Cited: Annual securities report, FY ending Dec 2025 (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, FY ending Dec 2025 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/01/01－2025/12/31) | S100XU0X | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU0X,, |
| 有価証券報告書－第64期(2024/01/01－2024/12/31) | S100VH1X | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH1X,, |
| 有価証券報告書－第63期(2023/01/01－2023/12/31) | S100T4MW | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4MW,, |
| 有価証券報告書－第62期(2022/01/01－2022/12/31) | S100QH05 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH05,, |
| 訂正有価証券報告書－第61期(令和3年1月1日－令和3年12月31日) | S100PQPD | 2022-12-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PQPD,, |
| 有価証券報告書－第60期(令和2年1月1日－令和2年12月31日) | S100L1DV | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1DV,, |

## 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).