# ozu corporation: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第115期(2025/06/01－2026/05/31) (S100YY6D)
> Page: https://vizora.meequs.com/en/company/ozu
> Retrieved: 2026-09-30T18:10:42.304Z

## Company

ozu, founded in 1939, is a company in Textiles & Fibers listed on TSE Standard. It has 245 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OZU CORPORATION |
| Ticker | 7487 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7487.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町三丁目6番2号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 柴﨑 治 |
| Founded | Dec 1939 |
| Share capital | ¥1.32B |
| Employees (consolidated) | 245 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | May |
| Corporate number | 8010001039269 |
| EDINET | E02842 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YY6D, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.6 | 14 |
| Profitability | 71.9 | 16 |
| Cash conversion | 70.8 | 12 |
| Efficiency | 15.6 | 16 |

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 98% of ozu's sales come from Nonwoven fabric, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +36.5%.

## Company structure

- Segment revenue mix: Nonwoven fabric 97.6%、Other 2.4%
- Revenue → net income: ¥10739904000 → ¥631523000
- Net income → operating cash flow: ¥631523000 → ¥1047620000（difference ¥416097000）
- Main uses of operating cash flow: CapEx ¥143862000 / dividends ¥209818000 / buybacks —
- Change in cash: ¥1255169000
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 | ¥10.7B |  |
| Operating income | ¥587.3M | Margin 5.5% |
| Net income | ¥610.6M | Margin 5.7% |
| Free cash flow | ¥903.8M |  |
| Largest business | Nonwoven fabric | of segment revenue 97.6% |
| Employees (consolidated) | 245 |  |
| EPS | ¥48.03 |  |
| Book value per share | ¥2003.99 |  |
| Equity ratio | 74.5% |  |
| Shares outstanding | 8,435,225 |  |
| Treasury shares | 19,200 |  |
| Shareholders | 14,533 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 37.6% | Cash ÷ revenue 89.6% |
| Vs. industry median margin | +2.1 pp | Textiles & Fibers |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, employees -14% while operating income rose 36%
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33922714000 | ¥10739904000 | -68.3% |
| Operating income | ¥868680000 | ¥587318000 | -32.4% |
| Operating margin | 2.6% | 5.5% | +2.9 pp |
| Employees | 260 people | 245 people | -5.8% |
| Cash and equivalents | ¥6616151000 | ¥9617685000 | +45.4% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不織布 → 不織布 | 42.2% |
| その他 → その他 | 0.4% |
| 家庭紙・日用雑貨 → 事業再編・廃止 | 57.4% |
| 新設・再編 → 不織布 | 55.4% |
| 新設・再編 → その他 | 2.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,740 | 100.0% | S100YY6D |
| Cost of revenue | 7,180 | 66.9% | S100YY6D |
| Gross profit | 3,559 | 33.1% | S100YY6D |
| SG&A | 2,972 | 27.7% | S100YY6D |
| Operating income | 587 | 5.5% | S100YY6D |
| Ordinary income | 808 | 7.5% | S100YY6D |
| Pretax income | 817 | 7.6% | S100YY6D |
| Income tax | 185 | 1.7% | S100YY6D |
| Net income | 632 | 5.9% | S100YY6D |
| Net income attributable to owners | 611 | 5.7% | S100YY6D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 28 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 33.1% → Operating margin 5.5% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +36.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.17×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,221 | 10,740 | 519 | +5.1% |
| Gross profit | 3,312 | 3,559 | 248 | +7.5% |
| Operating income | 430 | 587 | 157 | +36.5% |
| Net income attributable to owners | 409 | 611 | 202 | +49.4% |
| Operating cash flow | 849 | 1,048 | 199 | +23.4% |
| Free cash flow | 637 | 904 | 267 | +41.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 40,942 | 506 | 1.2% | 571 | 253 | -2,645 | S100MCQF |
| FY ending May 2021 | 33,923 | 869 | 2.6% | 724 | 1,318 | 1,004 | S100P3IV |
| FY ending May 2022 | 10,553 | 605 | 5.7% | 557 | 894 | 686 | S100RS39 |
| FY ending May 2023 | 10,368 | 459 | 4.4% | 384 | 815 | 589 | S100UA40 |
| FY ending May 2024 | 10,126 | 528 | 5.2% | 546 | 531 | 77 | S100WKUS |
| FY ending May 2025 | 10,221 | 430 | 4.2% | 409 | 849 | 637 | S100YY6D |
| FY ending May 2026 | 10,740 | 587 | 5.5% | 611 | 1,048 | 904 | S100YY6D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.8M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥2.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 262 | 259 | 289 | 285 | 245 |
| Average salary (parent company) | ¥6.8M | ¥6.7M | ¥6.6M | ¥6.8M | ¥7M |
| Average age (parent company) | 43.6 years | 42.4 years | 42.9 years | 42.9 years | 42.3 years |
| Average tenure (parent company) | 15.4 years | 14.5 years | 14.7 years | 14.9 years | 14.5 years |

Year over year: Employees (consolidated) -14.0% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nonwoven fabric | 10,482 | 97.6% | 510 | 4.9% |
| Other | 258 | 2.4% | 75 | 28.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nonwoven fabric | 97.6% | 87.2% | -10.4 | 4.9% |
| Other | 2.4% | 12.8% | 10.4 | 28.9% |

Segment → industry: Nonwoven fabric → Textiles & Fibers / Other → Real Estate Development & Leasing / Nonwoven fabric → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,048 | 9.8% | S100YY6D |
| Capital expenditure | 144 | 1.3% | S100YY6D |
| Free cash flow | 904 | 8.4% | 算出 |
| Investing cash flow | 364 | 3.4% | S100YY6D |
| Financing cash flow | -210 | -2.0% | S100YY6D |
| Dividends paid | 210 | 2.0% | S100YY6D |
| Change in cash | 1,255 | 11.7% | S100YY6D |
| Cash and equivalents | 9,618 | 89.6% | S100YY6D |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,074 | 7,484 | 7,439 | 8,363 | 9,618 | S100UA40, S100WKUS, S100YY6D |
| Total assets | 22,549 | 24,630 | 24,737 | 26,414 | 25,593 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Net assets | 16,549 | 18,021 | 18,203 | 19,219 | 19,186 | S100UA40, S100WKUS, S100YY6D |
| Share capital | 1,322 | 1,322 | 1,322 | 1,322 | 1,322 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Property, plant and equipment | 4,770 | 4,640 | 4,852 | 4,360 | 4,130 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Intangible assets excluding goodwill | 93 | 69 | 51 | 30 | 71 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Investment securities | 5,099 | 6,936 | 6,548 | 7,813 | 6,368 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Current assets | 12,184 | 12,586 | 12,894 | 13,986 | 14,568 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Current liabilities | 3,566 | 3,574 | 3,601 | 3,878 | 4,565 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Trade payables | 1,133 | 1,194 | 1,164 | 1,378 | 965 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Short-term borrowings | 1,270 | 1,270 | 1,270 | 1,270 | 1,270 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Long-term borrowings | 800 | 800 | 800 | 800 | — | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Bonds | 500 | 500 | 500 | 500 | — | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Interest-bearing debt | 2,570 | 2,570 | 2,570 | 2,570 | — | 算出 |
| Total liabilities | 5,999 | 6,609 | 6,533 | 7,195 | 6,407 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Non-controlling interests | 11 | 15 | 73 | 93 | 114 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Equity attributable to owners of parent | 14,017 | 14,217 | 14,563 | 14,773 | 15,189 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Retained earnings | 11,356 | 11,547 | 11,883 | 12,082 | 12,482 | S100RS39, S100UA40, S100WKUS, S100YY6D |
| Treasury stock | -55 | -49 | -42 | -33 | -23 | S100RS39, S100UA40, S100WKUS, S100YY6D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YY6D |
| Property, plant and equipment | 16% | S100YY6D |
| Intangibles and goodwill | 0% | S100YY6D |
| Investment securities | 25% | S100YY6D |
| Other assets | 21% | S100YY6D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YY6D |
| Other liabilities | 21% | S100YY6D |
| Equity | 75% | S100YY6D |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,549 | 24,630 | 24,737 | 26,414 | 25,593 |
| Equity | 16,549 | 18,021 | 18,203 | 19,219 | 19,186 |
| Interest-bearing debt | 2,570 | 2,570 | 2,570 | 2,570 | — |
| Cash | 7,074 | 7,484 | 7,439 | 8,363 | 9,618 |

## 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) | 38.5% | S100YY6D |
| Fixed assets ÷ total assets | 16.1% | S100YY6D |
| Goodwill ÷ parent equity | — | —, S100YY6D |

### 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) | 37.6% |
| Cash ÷ revenue | 89.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.4% |
| Cash vs. profit gap | 437 JPY mn (of net income 71.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.4% |
| Shareholder payments — dividends / FCF | 23.2% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 34.8% |

## 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 | 5.3% | 0.47× | 2.5% | 1.61× | 4.0% | S100RS39 |
| 2023 | 3.7% | 0.44× | 1.6% | 1.67× | 2.7% | S100UA40 |
| 2024 | 5.4% | 0.41× | 2.2% | 1.72× | 3.8% | S100WKUS |
| 2025 | 4.0% | 0.40× | 1.6% | 1.74× | 2.8% | S100YY6D |
| 2026 | 5.7% | 0.41× | 2.3% | 1.74× | 4.1% | S100YY6D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社小津商店 | Major shareholder | 28.9% | 2026-05-31 |
| 小津取引先持株会 | Major shareholder | 3.4% | 2026-05-31 |
| 日本製紙クレシア株式会社 | Major shareholder | 1.0% | 2026-05-31 |
| 植田 真理子 | Major shareholder | 0.8% | 2026-05-31 |
| 田中 寛子 | Major shareholder | 0.8% | 2026-05-31 |
| 川上 勢津子 | Major shareholder | 0.8% | 2026-05-31 |
| 中田 範三 | Major shareholder | 0.7% | 2026-05-31 |
| 北村 純夫 | Major shareholder | 0.6% | 2026-05-31 |
| 株式会社ロッテ | Major shareholder | 0.6% | 2026-05-31 |
| 江口 三代 | Major shareholder | 0.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/06/01－2026/05/31) | S100YY6D | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY6D,, |
| 有価証券報告書－第114期(2024/06/01－2025/05/31) | S100WKUS | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKUS,, |
| 有価証券報告書－第113期(2023/06/01－2024/05/31) | S100UA40 | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA40,, |
| 有価証券報告書－第112期(2022/06/01－2023/05/31) | S100RS39 | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS39,, |
| 有価証券報告書－第111期(令和3年6月1日－令和4年5月31日) | S100P3IV | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3IV,, |
| 有価証券報告書－第110期(令和2年6月1日－令和3年5月31日) | S100MCQF | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCQF,, |

## 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).