# OYO 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69期(2025/01/01－2025/12/31) (S100XTJV)
> Page: https://vizora.meequs.com/en/company/oyo
> Retrieved: 2026-09-30T20:24:29.920Z

## Company

OYO, founded in 1957, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 2,718 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OYO Corporation |
| Ticker | 9755 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9755.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田美土代町7番地 |
| Representative (per filing) | 代表取締役社長 天野 洋文 |
| Founded | May 1957 |
| Share capital | ¥16.2B |
| Employees (consolidated) | 2,718 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.oyo.co.jp (https://www.oyo.co.jp/) |
| Corporate number | 2010001034531 |
| EDINET | E04816 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XTJV, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.4 | 35 |
| Profitability | 21.3 | 40 |
| Cash conversion | 96.1 | 38 |
| Efficiency | 18.8 | 40 |

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 39% of OYO's sales come from Dsisaster Prevention and Infrastructure, with Environment and Energy and International making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -6.2%.

## Company structure

- Segment revenue mix: Dsisaster Prevention and Infrastructure 39.3%、Environment and Energy 39.0%、International 21.6%
- Revenue → net income: ¥76285000000 → ¥4276000000
- Net income → operating cash flow: ¥4276000000 → ¥7878000000（difference ¥3602000000）
- Main uses of operating cash flow: CapEx ¥1934000000 / dividends ¥2364000000 / buybacks ¥1500000000
- Change in cash: ¥5415000000
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 | ¥76.3B |  |
| Operating income | ¥4.11B | Margin 5.4% |
| Net income | ¥4.33B | Margin 5.7% |
| Free cash flow | ¥5.94B |  |
| Largest business | Dsisaster Prevention and Infrastructure | of segment revenue 39.3% |
| Employees (consolidated) | 2,718 |  |
| EPS | ¥188.72 |  |
| Book value per share | ¥2380.06 |  |
| Equity ratio | 71.8% |  |
| Shares outstanding | 24,322,000 |  |
| Treasury shares | 1,534,300 |  |
| Shareholders | 7,536 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 16.6% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | -3.4 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 67% of positive segment profit
- FY2025, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49608000000 | ¥76285000000 | +53.8% |
| Operating income | ¥2522000000 | ¥4108000000 | +62.9% |
| Operating margin | 5.1% | 5.4% | +0.3 pp |
| Employees | 2,243 people | 2,718 people | +21.2% |
| Cash and equivalents | ¥24285000000 | ¥18015000000 | -25.8% |

### 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 |
| --- | ---: |
| インフラ・メンテナンス事業 → 事業再編・廃止 | 37.8% |
| 防災・減災事業 → 事業再編・廃止 | 26.7% |
| 環境事業 → 事業再編・廃止 | 18.8% |
| 資源・エネルギー事業 → 事業再編・廃止 | 16.7% |
| 新設・再編 → 防災・インフラ事業 | 39.3% |
| 新設・再編 → 環境・エネルギー事業 | 39.0% |
| 新設・再編 → 国際事業 | 21.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dsisaster Prevention and Infrastructure | 2 years | +9.6% | ¥30015000000 | 5.0% | 2 |
| Environment and Energy | 2 years | +11.5% | ¥29759000000 | 10.3% | 2 |
| International | 2 years | -0.5% | ¥16511000000 | -3.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,285 | 100.0% | S100XTJV |
| Cost of revenue | 52,636 | 69.0% | S100XTJV |
| Gross profit | 23,648 | 31.0% | S100XTJV |
| SG&A | 19,540 | 25.6% | S100XTJV |
| Operating income | 4,108 | 5.4% | S100XTJV |
| Ordinary income | 4,953 | 6.5% | S100XTJV |
| Pretax income | 6,716 | 8.8% | S100XTJV |
| Income tax | 2,439 | 3.2% | S100XTJV |
| Net income | 4,276 | 5.6% | S100XTJV |
| Net income attributable to owners | 4,331 | 5.7% | S100XTJV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 26 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 31.0% → Operating margin 5.4% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.0%; Core profit growth: -6.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.09×
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 | 74,085 | 76,285 | 2,200 | +3.0% |
| Gross profit | 22,979 | 23,648 | 669 | +2.9% |
| Operating income | 4,380 | 4,108 | -272 | -6.2% |
| Net income attributable to owners | 4,010 | 4,331 | 321 | +8.0% |
| Operating cash flow | 1,305 | 7,878 | 6,573 | +503.7% |
| Free cash flow | -253 | 5,944 | 6,197 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 53,883 | 2,581 | 4.8% | 2,176 | 2,515 | 1,364 | S100L1OX |
| FY ending Dec 2020 | 49,608 | 2,522 | 5.1% | 1,781 | 4,925 | 4,032 | S100NQMH |
| FY ending Dec 2021 | 51,675 | 3,666 | 7.1% | 2,866 | 2,307 | 1,206 | S100QG48 |
| FY ending Dec 2022 | 59,011 | 2,454 | 4.2% | 1,808 | -4,136 | -5,767 | S100T5VX |
| FY ending Dec 2023 | 65,602 | 2,842 | 4.3% | 4,006 | 870 | -820 | S100VH6K |
| FY ending Dec 2024 | 74,085 | 4,380 | 5.9% | 4,010 | 1,305 | -253 | S100XTJV |
| FY ending Dec 2025 | 76,285 | 4,108 | 5.4% | 4,331 | 7,878 | 5,944 | S100XTJV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 2,333 | 2,438 | 2,505 | 2,701 | 2,718 |
| Average salary (parent company) | ¥7M | ¥6.8M | ¥6.8M | ¥7.3M | ¥7.2M |
| Average age (parent company) | 44.9 years | 45.1 years | 46.9 years | 45.2 years | 45.4 years |
| Average tenure (parent company) | 14.6 years | 14.8 years | 18.3 years | 16.8 years | 17.1 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dsisaster Prevention and Infrastructure | 30,015 | 39.3% | 1,508 | 5.0% |
| Environment and Energy | 29,759 | 39.0% | 3,073 | 10.3% |
| International | 16,511 | 21.6% | -513 | -3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dsisaster Prevention and Infrastructure | 39.3% | 32.9% | -6.4 | 5.0% |
| Environment and Energy | 39.0% | 67.1% | 28.1 | 10.3% |
| International | 21.6% | — | — | -3.1% |

Loss-making segment (excluded from profit shares): International -513 JPY mn

Segment → industry: International → Disaster Prevention & Infrastructure Maintenance / Environment and Energy → Disaster Prevention & Infrastructure Maintenance / Dsisaster Prevention and Infrastructure → Disaster Prevention & Infrastructure Maintenance

## 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 | 7,878 | 10.3% | S100XTJV |
| Capital expenditure | 1,934 | 2.5% | S100XTJV |
| Free cash flow | 5,944 | 7.8% | 算出 |
| Investing cash flow | 2,143 | 2.8% | S100XTJV |
| Financing cash flow | -4,562 | -6.0% | S100XTJV |
| Dividends paid | 2,364 | 3.1% | S100XTJV |
| Share buyback | 1,500 | 2.0% | S100XTJV |
| Change in cash | 5,415 | 7.1% | S100XTJV |
| Cash and equivalents | 18,015 | 23.6% | S100XTJV |

## 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 | 23,599 | 15,094 | 18,727 | 12,414 | 18,015 | S100T5VX, S100VH6K, S100XTJV |
| Total assets | 85,661 | 89,364 | 100,666 | 106,837 | 108,515 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Net assets | 69,804 | 70,544 | 75,093 | 78,758 | 78,805 | S100T5VX, S100VH6K, S100XTJV |
| Share capital | 16,174 | 16,174 | 16,174 | 16,174 | 16,174 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Trade receivables | 1,534 | 2,892 | 2,576 | 2,438 | 3,401 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Property, plant and equipment | 11,892 | 13,092 | 13,712 | 16,350 | 16,110 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Intangible assets excluding goodwill | 1,001 | 1,183 | 2,225 | 2,553 | 1,840 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Goodwill | — | 199 | 1,116 | 1,552 | 1,128 | S100QG48, S100VH6K, S100XTJV |
| Investment securities | 4,723 | 4,541 | 5,056 | 5,451 | 4,021 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Current assets | 64,768 | 67,114 | 74,506 | 76,466 | 79,956 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Current liabilities | 10,001 | 12,608 | 15,772 | 17,428 | 20,863 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Trade payables | 539 | 870 | 936 | 999 | 1,428 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Short-term borrowings | 171 | 198 | 637 | 739 | 1,335 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Long-term borrowings | — | 50 | 2,882 | 2,449 | 1,547 | S100T5VX, S100VH6K, S100XTJV |
| Total liabilities | 15,856 | 18,819 | 25,572 | 28,078 | 29,710 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Non-controlling interests | 407 | 655 | 694 | 957 | 885 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Equity attributable to owners of parent | 70,192 | 68,416 | 71,014 | 71,723 | 72,208 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Retained earnings | 42,204 | 42,629 | 45,514 | 48,020 | 49,991 | S100QG48, S100T5VX, S100VH6K, S100XTJV |
| Treasury stock | -2,049 | -2,547 | -2,860 | -3,018 | -3,246 | S100QG48, S100T5VX, S100VH6K, S100XTJV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XTJV |
| Receivables | 3% | S100XTJV |
| Property, plant and equipment | 15% | S100XTJV |
| Intangibles and goodwill | 3% | S100XTJV |
| Investment securities | 4% | S100XTJV |
| Other assets | 59% | S100XTJV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XTJV |
| Other liabilities | 26% | S100XTJV |
| Equity | 73% | S100XTJV |

### 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 | 85,661 | 89,364 | 100,666 | 106,837 | 108,515 |
| Equity | 69,804 | 70,544 | 75,093 | 78,758 | 78,805 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,599 | 15,094 | 18,727 | 12,414 | 18,015 |

## 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) | 21.1% | S100XTJV |
| Fixed assets ÷ total assets | 14.8% | S100XTJV |
| Goodwill ÷ parent equity | 1.6% | S100XTJV |

### 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) | 16.6% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 191.8% |
| Cash vs. profit gap | 3,547 JPY mn (of net income 81.9%) |
| Shareholder returns / net income | 89.2% |
| Shareholder returns / FCF | 65.0% |
| Shareholder payments — dividends / net income | 54.6% |
| Shareholder payments — dividends / FCF | 39.8% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 27.2% |

## 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 | 5.5% | 0.60× | 3.3% | 1.22× | 4.1% | S100QG48 |
| 2022 | 3.1% | 0.67× | 2.1% | 1.26× | 2.6% | S100T5VX |
| 2023 | 6.1% | 0.69× | 4.2% | 1.36× | 5.7% | S100VH6K |
| 2024 | 5.4% | 0.71× | 3.9% | 1.45× | 5.6% | S100XTJV |
| 2025 | 5.7% | 0.71× | 4.0% | 1.50× | 6.0% | S100XTJV |

## 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 | 11.2% | 2025-12-31 |
| 公益財団法人深田地質研究所 | Major shareholder | 11.1% | 2025-12-31 |
| THE SFP VALUE REALIZATION MASTER FUND LTD.（常任代理人 立花証券株式会社） | Major shareholder | 9.6% | 2025-12-31 |
| 須賀 るり子 | Major shareholder | 6.5% | 2025-12-31 |
| 応用地質従業員持株会 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2025-12-31 |
| JP MORGAN CHASE BANK 385642（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2025-12-31 |
| MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT（常任代理人 シティバンク エヌエイ 東京支店） | Major shareholder | 1.5% | 2025-12-31 |
| 有限会社エーケー | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/01/01－2025/12/31) | S100XTJV | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTJV,, |
| 有価証券報告書－第68期(2024/01/01－2024/12/31) | S100VH6K | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH6K,, |
| 訂正有価証券報告書－第67期(2023/01/01－2023/12/31) | S100T5VX | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5VX,, |
| 有価証券報告書－第66期(2022/01/01－2022/12/31) | S100QG48 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG48,, |
| 有価証券報告書－第65期(令和3年1月1日－令和3年12月31日) | S100NQMH | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQMH,, |
| 有価証券報告書－第64期(令和2年1月1日－令和2年12月31日) | S100L1OX | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1OX,, |

## 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).