# OUG Holdings Inc.: 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80期(2025/04/01－2026/03/31) (S100YGQH)
> Page: https://vizora.meequs.com/en/company/oug-holdings
> Retrieved: 2026-09-30T17:57:02.019Z

## Company

OUG Holdings, founded in 1946, is a company in Fisheries listed on TSE Standard. It has 1,301 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OUG Holdings Inc. |
| Ticker | 8041 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8041.T) |
| Listing | TSE Standard |
| Head office | 大阪市福島区野田二丁目13番5号 |
| Representative (per filing) | 代表取締役社長 橋爪 康至 |
| Founded | Jun 1946 |
| Share capital | ¥6.5B |
| Employees (consolidated) | 1,301 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.oug.co.jp (https://www.oug.co.jp/) |
| Corporate number | 2120001036970 |
| EDINET | E02530 |
| Industries (Vizora) | Fisheries, Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YGQH, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.3 | 179 |
| Profitability | 27.8 | 185 |
| Cash conversion | 19.8 | 179 |
| Efficiency | 99.2 | 185 |

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 58% of OUG Holdings's sales come from Marine product receipt-of-goods enterprise, with The marine product wholesale establishment outside a market and Culture enterprise making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +24.2%.

## Company structure

- Segment revenue mix: Marine product receipt-of-goods enterprise 58.3%、The marine product wholesale establishment outside a market 38.4%、Culture enterprise 1.8%、Other 0.7%、Food-processing enterprise 0.7%
- Revenue → net income: ¥363666000000 → ¥5379000000
- Net income → operating cash flow: ¥5379000000 → ¥2584000000（difference ¥-2795000000）
- Main uses of operating cash flow: CapEx ¥1370000000 / dividends ¥521000000 / buybacks ¥2000000
- Change in cash: ¥-1416000000
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 | ¥363.7B |  |
| Operating income | ¥6.33B | Margin 1.7% |
| Net income | ¥5.38B | Margin 1.5% |
| Free cash flow | ¥1.21B |  |
| Largest business | Marine product receipt-of-goods enterprise | of segment revenue 58.3% |
| Employees (consolidated) | 1,301 |  |
| EPS | ¥395.4 |  |
| Book value per share | ¥4396.86 |  |
| Equity ratio | 42.8% |  |
| Shares outstanding | 5,562,292 |  |
| Treasury shares | 164,700 |  |
| Shareholders | 13,001 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 1.4% | Cash ÷ revenue 0.4% |
| Vs. industry median margin | -1.1 pp | Specialty Trading & Wholesale |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 32 points
- FY2026, employees 0% while operating income rose 24%
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥298223000000 | ¥363666000000 | +21.9% |
| Operating income | ¥1317000000 | ¥6335000000 | +381.0% |
| Operating margin | 0.4% | 1.7% | +1.3 pp |
| Employees | 1,428 people | 1,301 people | -8.9% |
| Cash and equivalents | ¥2064000000 | ¥1370000000 | -33.6% |

### 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 |
| --- | ---: |
| 水産物荷受事業 → 水産物荷受事業 | 58.3% |
| 水産物荷受事業 → 事業再編・廃止 | 2.7% |
| 市場外水産物卸売事業 → 市場外水産物卸売事業 | 35.4% |
| 養殖事業 → 養殖事業 | 1.8% |
| 養殖事業 → 事業再編・廃止 | 0.1% |
| 食品加工事業 → 食品加工事業 | 0.7% |
| 食品加工事業 → 事業再編・廃止 | 0.0% |
| 物流事業 → 物流事業 | 0.2% |
| 物流事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 市場外水産物卸売事業 | 3.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marine product receipt-of-goods enterprise | 5 years | +3.1% | ¥211941000000 | 1.2% | 2 |
| The marine product wholesale establishment outside a market | 5 years | +5.7% | ¥139596000000 | 1.1% | 2 |
| Culture enterprise | 5 years | +2.5% | ¥6459000000 | 32.3% | 2 |
| Other | 5 years | +3.0% | ¥2561000000 | -0.5% | 2 |
| Food-processing enterprise | 5 years | +4.0% | ¥2486000000 | -2.1% | 2 |
| Physical distribution enterprise | 5 years | -5.9% | ¥620000000 | 7.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 363,666 | 100.0% | S100YGQH |
| Cost of revenue | 329,583 | 90.6% | S100YGQH |
| Gross profit | 34,083 | 9.4% | S100YGQH |
| SG&A | 27,747 | 7.6% | S100YGQH |
| Operating income | 6,335 | 1.7% | S100YGQH |
| Ordinary income | 6,811 | 1.9% | S100YGQH |
| Pretax income | 7,457 | 2.1% | S100YGQH |
| Income tax | 2,078 | 0.6% | S100YGQH |
| Net income | 5,379 | 1.5% | S100YGQH |
| Net income attributable to owners | 5,379 | 1.5% | S100YGQH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.4% → Operating margin 1.7% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +24.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.25×
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 | 350,092 | 363,666 | 13,574 | +3.9% |
| Gross profit | 31,346 | 34,083 | 2,737 | +8.7% |
| Operating income | 5,100 | 6,335 | 1,235 | +24.2% |
| Net income attributable to owners | 4,527 | 5,379 | 852 | +18.8% |
| Operating cash flow | 2,716 | 2,584 | -132 | -4.9% |
| Free cash flow | 1,022 | 1,214 | 192 | +18.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 319,813 | 1,439 | 0.4% | 1,192 | 4,120 | 2,497 | S100LU0C |
| FY ending Mar 2021 | 298,223 | 1,317 | 0.4% | 1,141 | 2,569 | 1,623 | S100OLDJ |
| FY ending Mar 2022 | 298,572 | 2,876 | 1.0% | 1,344 | -602 | -1,716 | S100R9JF |
| FY ending Mar 2023 | 325,020 | 3,990 | 1.2% | 3,078 | 682 | -366 | S100TWJD |
| FY ending Mar 2024 | 333,197 | 3,122 | 0.9% | 3,618 | 2,007 | 1,394 | S100W4I7 |
| FY ending Mar 2025 | 350,092 | 5,100 | 1.5% | 4,527 | 2,716 | 1,022 | S100YGQH |
| FY ending Mar 2026 | 363,666 | 6,335 | 1.7% | 5,379 | 2,584 | 1,214 | S100YGQH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥279.5M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 1,418 | 1,352 | 1,327 | 1,303 | 1,301 |
| Average salary (parent company) | ¥8M | ¥8M | ¥8.3M | ¥7.9M | ¥7M |
| Average age (parent company) | 53.5 years | 52.6 years | 53.5 years | 54.5 years | 53.7 years |
| Average tenure (parent company) | 20.3 years | 20.3 years | 18.3 years | 15.8 years | 12.8 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine product receipt-of-goods enterprise | 211,941 | 58.3% | 2,541 | 1.2% |
| The marine product wholesale establishment outside a market | 139,596 | 38.4% | 1,587 | 1.1% |
| Culture enterprise | 6,459 | 1.8% | 2,085 | 32.3% |
| Food-processing enterprise | 2,486 | 0.7% | -52 | -2.1% |
| Physical distribution enterprise | 620 | 0.2% | 46 | 7.4% |
| Other | 2,561 | 0.7% | -14 | -0.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine product receipt-of-goods enterprise | 58.3% | 40.6% | -17.7 | 1.2% |
| The marine product wholesale establishment outside a market | 38.4% | 25.4% | -13.0 | 1.1% |
| Culture enterprise | 1.8% | 33.3% | 31.5 | 32.3% |
| Food-processing enterprise | 0.7% | — | — | -2.1% |
| Physical distribution enterprise | 0.2% | 0.7% | 0.6 | 7.4% |
| Other | 0.7% | — | — | -0.5% |

Loss-making segment (excluded from profit shares): Food-processing enterprise -52 JPY mn

Loss-making segment (excluded from profit shares): Other -14 JPY mn

Segment → industry: Food-processing enterprise → Fisheries / Culture enterprise → Fisheries / The marine product wholesale establishment outside a market → Specialty Trading & Wholesale / Marine product receipt-of-goods enterprise → Specialty Trading & Wholesale / Physical distribution enterprise → Warehouses & Logistics Facilities

## 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 | 2,584 | 0.7% | S100YGQH |
| Capital expenditure | 1,370 | 0.4% | S100YGQH |
| Free cash flow | 1,214 | 0.3% | 算出 |
| Investing cash flow | -1,258 | -0.3% | S100YGQH |
| Financing cash flow | -2,742 | -0.8% | S100YGQH |
| Dividends paid | 521 | 0.1% | S100YGQH |
| Share buyback | 2 | 0.0% | S100YGQH |
| Change in cash | -1,416 | -0.4% | S100YGQH |
| Cash and equivalents | 1,370 | 0.4% | S100YGQH |

## 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 | 2,590 | 2,736 | 2,425 | 2,787 | 1,370 | S100TWJD, S100W4I7, S100YGQH |
| Total assets | 78,742 | 81,988 | 91,150 | 90,270 | 96,736 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Net assets | 23,841 | 25,927 | 30,994 | 35,555 | 41,436 | S100TWJD, S100W4I7, S100YGQH |
| Share capital | 6,495 | 6,495 | 6,495 | 6,495 | 6,495 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Property, plant and equipment | 10,584 | 10,663 | 10,294 | 10,316 | 10,899 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Intangible assets excluding goodwill | 656 | 906 | 1,374 | 1,569 | 1,842 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Investment securities | 5,103 | 5,008 | 6,842 | 7,108 | 8,129 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Current assets | 60,332 | 63,490 | 69,908 | 68,521 | 72,223 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Current liabilities | 46,063 | 46,516 | 50,888 | 46,320 | 44,852 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Trade payables | 20,814 | 20,778 | 25,428 | 21,670 | 22,478 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Short-term borrowings | 15,703 | 17,753 | 16,658 | 15,455 | 13,010 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Long-term borrowings | 5,741 | 6,500 | 6,335 | 4,917 | 6,723 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Total liabilities | 54,900 | 56,060 | 60,156 | 54,714 | 55,300 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Equity attributable to owners of parent | 22,796 | 25,145 | 28,395 | 32,570 | 37,424 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Retained earnings | 10,252 | 13,002 | 16,252 | 20,384 | 25,241 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |
| Treasury stock | -42 | -442 | -443 | -404 | -406 | S100R9JF, S100TWJD, S100W4I7, S100YGQH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YGQH |
| Property, plant and equipment | 11% | S100YGQH |
| Intangibles and goodwill | 2% | S100YGQH |
| Investment securities | 8% | S100YGQH |
| Other assets | 77% | S100YGQH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 23% | S100YGQH |
| Other liabilities | 34% | S100YGQH |
| Equity | 43% | S100YGQH |

### 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 | 78,742 | 81,988 | 91,150 | 90,270 | 96,736 |
| Equity | 23,841 | 25,927 | 30,994 | 35,555 | 41,436 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,590 | 2,736 | 2,425 | 2,787 | 1,370 |

## 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) | 3.0% | S100YGQH |
| Fixed assets ÷ total assets | 11.3% | S100YGQH |
| Goodwill ÷ parent equity | — | —, S100YGQH |

### 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) | 1.4% |
| Cash ÷ revenue | 0.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.8% |
| Cash vs. profit gap | -2,795 JPY mn (of net income -52.0%) |
| Shareholder returns / net income | 9.7% |
| Shareholder returns / FCF | 43.1% |
| Shareholder payments — dividends / net income | 9.7% |
| Shareholder payments — dividends / FCF | 42.9% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 48.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.5% | 3.79× | 1.7% | 3.45× | 5.9% | S100R9JF |
| 2023 | 0.9% | 4.04× | 3.8% | 3.35× | 12.8% | S100TWJD |
| 2024 | 1.1% | 3.85× | 4.2% | 3.23× | 13.5% | S100W4I7 |
| 2025 | 1.3% | 3.86× | 5.0% | 2.98× | 14.9% | S100YGQH |
| 2026 | 1.5% | 3.89× | 5.8% | 2.67× | 15.4% | S100YGQH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｕｍｉｏｓ株式会社 | Major shareholder | 13.8% | 2026-03-31 |
| 株式会社松岡 | Major shareholder | 5.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.9% | 2026-03-31 |
| 丸大食品株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社丸徳水産 | Major shareholder | 2.0% | 2026-03-31 |
| ＯＵＧグループ従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥363.7B, up +3.9% from the prior year.
- Profit grew much faster: gross profit rose +8.7% and operating income jumped +24.2% to ¥6.33B.
- Net income attributable to owners climbed +18.8% to ¥5.38B.
- Operating cash flow slipped -4.9% to ¥2.58B, as more cash was tied up in inventory and receivables.

### Drivers

- Farmed yellowtail grew slowly in warm seas, so fewer fish were shipped, but low stock across Japan pushed prices sharply higher and the aquaculture business swung back to a profit.
- Wholesale sales outside the fish markets rose on strong demand from restaurants, hotels and inbound tourism.
- The two main wholesale businesses both earned less, hit by higher purchase costs and rising freight and labor expenses.

### Risks

- Seafood is a natural resource; sudden swings in catches or farm output caused by changes in the ocean could move market prices sharply.
- Typhoons, red tides or fish disease could kill or release farmed fish, cutting sales and forcing inventory write-offs.
- Because it buys fish from abroad, a sharp move in exchange rates could push up purchase prices.

Cited: Annual securities report (80th fiscal period) (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 (80th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YGQH | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGQH,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W4I7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4I7,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TWJD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWJD,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R9JF | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9JF,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OLDJ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLDJ,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LU0C | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU0C,, |

## 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).