# OVAL Corporation: 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104期(2025/04/01－2026/03/31) (S100YDYH)
> Page: https://vizora.meequs.com/en/company/oval
> Retrieved: 2026-09-30T21:32:51.386Z

## Company

Oval, founded in 1949, is a company in Robots & Factory Automation listed on TSE Standard. It has 678 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OVAL Corporation |
| Ticker | 7727 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7727.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区上落合三丁目10番8号 |
| Representative (per filing) | 代表取締役社長 谷本淳 |
| Founded | May 1949 |
| Share capital | ¥2.2B |
| Employees (consolidated) | 678 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.oval.co.jp (https://www.oval.co.jp/) |
| Corporate number | 4011101003936 |
| EDINET | E02270 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YDYH, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.2 | 33 |
| Profitability | 45.6 | 34 |
| Cash conversion | 70.3 | 32 |
| Efficiency | 38.6 | 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)

- Oval brought in ¥15.6B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +19.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15589127000 → ¥1436365000
- Net income → operating cash flow: ¥1436365000 → ¥1993932000（difference ¥557567000）
- Main uses of operating cash flow: CapEx ¥1061627000 / dividends ¥417440000 / buybacks ¥1302495000
- Change in cash: ¥-423370000
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 | ¥15.6B |  |
| Operating income | ¥1.7B | Margin 10.9% |
| Net income | ¥1.4B | Margin 9.0% |
| Free cash flow | ¥932.3M |  |
| Employees (consolidated) | 678 |  |
| EPS | ¥64.11 |  |
| Book value per share | ¥632.81 |  |
| Equity ratio | 63.7% |  |
| Shares outstanding | 21,000,000 |  |
| Treasury shares | 639,500 |  |
| Shareholders | 7,258 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 22.0% |
| Vs. industry median margin | -0.8 pp | Robots & Factory Automation |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.1× dividends
- FY2026, employees -2% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10341798000 | ¥15589127000 | +50.7% |
| Operating income | ¥-110108000 | ¥1703434000 | — |
| Operating margin | -1.1% | 10.9% | +12 pp |
| Employees | 672 people | 678 people | +0.9% |
| Cash and equivalents | ¥3479444000 | ¥3423605000 | -1.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,589 | 100.0% | S100YDYH |
| Cost of revenue | 8,939 | 57.3% | S100YDYH |
| Gross profit | 6,650 | 42.7% | S100YDYH |
| SG&A | 4,947 | 31.7% | S100YDYH |
| Operating income | 1,703 | 10.9% | S100YDYH |
| Ordinary income | 1,772 | 11.4% | S100YDYH |
| Pretax income | 1,762 | 11.3% | S100YDYH |
| Income tax | 325 | 2.1% | S100YDYH |
| Net income | 1,436 | 9.2% | S100YDYH |
| Net income attributable to owners | 1,400 | 9.0% | S100YDYH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 32 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 42.7% → Operating margin 10.9% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +19.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.50×
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 | 15,049 | 15,589 | 540 | +3.6% |
| Gross profit | 6,133 | 6,650 | 517 | +8.4% |
| Operating income | 1,423 | 1,703 | 281 | +19.7% |
| Net income attributable to owners | 1,030 | 1,400 | 370 | +36.0% |
| Operating cash flow | 1,988 | 1,994 | 6 | +0.3% |
| Free cash flow | 1,247 | 932 | -315 | -25.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,887 | 484 | 4.1% | 282 | 753 | 299 | S100LPBW |
| FY ending Mar 2021 | 10,342 | -110 | -1.1% | 29 | 824 | -68 | S100OH5Z |
| FY ending Mar 2022 | 11,145 | 277 | 2.5% | 286 | 1,227 | 762 | S100R60A |
| FY ending Mar 2023 | 13,313 | 1,105 | 8.3% | 649 | 617 | 212 | S100TTKF |
| FY ending Mar 2024 | 14,348 | 1,476 | 10.3% | 1,102 | 1,002 | 728 | S100W6CO |
| FY ending Mar 2025 | 15,049 | 1,423 | 9.5% | 1,030 | 1,988 | 1,247 | S100YDYH |
| FY ending Mar 2026 | 15,589 | 1,703 | 10.9% | 1,400 | 1,994 | 932 | S100YDYH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 669 | 688 | 698 | 691 | 678 |
| Average salary (parent company) | ¥5.9M | ¥6.2M | ¥6.6M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 43.1 years | 43.1 years | 42.5 years | 43.3 years | 43.9 years |
| Average tenure (parent company) | 17.0 years | 16.8 years | 16.3 years | 16.9 years | 16.6 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +3.6%

## 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 | 1,994 | 12.8% | S100YDYH |
| Capital expenditure | 1,062 | 6.8% | S100YDYH |
| Free cash flow | 932 | 6.0% | 算出 |
| Investing cash flow | -1,348 | -8.6% | S100YDYH |
| Financing cash flow | -1,089 | -7.0% | S100YDYH |
| Dividends paid | 417 | 2.7% | S100YDYH |
| Share buyback | 1,302 | 8.4% | S100YDYH |
| Change in cash | -423 | -2.7% | S100YDYH |
| Cash and equivalents | 3,424 | 22.0% | S100YDYH |

## 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 | 3,190 | 2,964 | 3,198 | 3,847 | 3,424 | S100TTKF, S100W6CO, S100YDYH |
| Total assets | 21,686 | 22,365 | 23,451 | 24,494 | 24,712 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Net assets | 13,514 | 14,282 | 15,365 | 16,321 | 16,216 | S100TTKF, S100W6CO, S100YDYH |
| Share capital | 2,200 | 2,200 | 2,200 | 2,200 | 2,200 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Property, plant and equipment | 8,835 | 8,726 | 8,754 | 8,975 | 9,862 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Intangible assets excluding goodwill | 722 | 607 | 474 | 383 | 292 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Goodwill | 421 | 361 | 301 | 241 | 180 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Investment securities | 251 | 286 | 356 | 402 | 703 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Current assets | 10,747 | 11,535 | 12,635 | 13,452 | 12,426 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Current liabilities | 3,776 | 3,993 | 4,316 | 4,555 | 4,207 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Trade payables | 658 | 752 | 755 | 785 | 552 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Short-term borrowings | 1,297 | 1,414 | 1,310 | 1,257 | 1,205 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Long-term borrowings | 1,078 | 714 | 507 | 361 | 1,130 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Total liabilities | 8,172 | 8,083 | 8,087 | 8,173 | 8,496 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Non-controlling interests | 368 | 417 | 452 | 455 | 472 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Equity attributable to owners of parent | 9,399 | 9,891 | 10,725 | 11,441 | 11,123 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Retained earnings | 5,465 | 5,957 | 6,790 | 7,507 | 8,488 | S100R60A, S100TTKF, S100W6CO, S100YDYH |
| Treasury stock | -403 | -403 | -403 | -403 | -187 | S100R60A, S100TTKF, S100W6CO, S100YDYH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YDYH |
| Property, plant and equipment | 40% | S100YDYH |
| Intangibles and goodwill | 2% | S100YDYH |
| Investment securities | 3% | S100YDYH |
| Other assets | 41% | S100YDYH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YDYH |
| Other liabilities | 32% | S100YDYH |
| Equity | 66% | S100YDYH |
| Other liabilities | 0% | S100YDYH |

### 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 | 21,686 | 22,365 | 23,451 | 24,494 | 24,712 |
| Equity | 13,514 | 14,282 | 15,365 | 16,321 | 16,216 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,190 | 2,964 | 3,198 | 3,847 | 3,424 |

## 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) | 63.3% | S100YDYH |
| Fixed assets ÷ total assets | 39.9% | S100YDYH |
| Goodwill ÷ parent equity | 1.6% | S100YDYH |

Goodwill over 4 years: 421 → 180 JPY; total investing cash flow: -2,858 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) | 13.9% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.1% |
| Cash vs. profit gap | 594 JPY mn (of net income 42.4%) |
| Shareholder returns / net income | 122.8% |
| Shareholder returns / FCF | 184.5% |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 44.8% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 67.6% |

## 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 | 2.6% | 0.51× | 1.3% | 2.31× | 3.0% | S100R60A |
| 2023 | 4.9% | 0.60× | 2.9% | 2.28× | 6.7% | S100TTKF |
| 2024 | 7.7% | 0.63× | 4.8% | 2.22× | 10.7% | S100W6CO |
| 2025 | 6.8% | 0.63× | 4.3% | 2.16× | 9.3% | S100YDYH |
| 2026 | 9.0% | 0.63× | 5.7% | 2.18× | 12.4% | S100YDYH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 9.3% | 2026-03-31 |
| 東京計器株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 轟産業株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社三笠 | Major shareholder | 4.0% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ Ｕ．Ｓ．ＴＡＸ ＥＸＥＭＰＴＥＤ ＰＥＮＳＩＯＮ ＦＵＮＤＳ ＳＥＣ ＬＥＮＤＩＮＧ（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.0% | 2026-03-31 |
| 横河電機株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| オーバル取引先持株会 | Major shareholder | 2.0% | 2026-03-31 |
| オーバル持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 公益財団法人井上育英会 | Major shareholder | 1.5% | 2026-03-31 |
| 加島 憲 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YDYH | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDYH,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W6CO | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6CO,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TTKF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTKF,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100R60A | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R60A,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OH5Z | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH5Z,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LPBW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPBW,, |

## 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).