# UNIVA Oak Holdings Limited: 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165期(2025/04/01－2026/03/31) (S100YHET)
> Page: https://vizora.meequs.com/en/company/univa-oak-holdings
> Retrieved: 2026-09-30T18:29:08.492Z

## Company

UNIVA Oak Holdings, founded in 1918, is a company in Electric Power & Gas listed on TSE Standard. It has 116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNIVA Oak Holdings Limited |
| Ticker | 3113 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3113.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門一丁目3番1号 |
| Representative (per filing) | 代表取締役会長兼社長グループCEO 稲葉 秀二 |
| Founded | Feb 1918 |
| Share capital | ¥100M |
| Employees (consolidated) | 116 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | univahld.com (https://univahld.com/) |
| Corporate number | 3010401054921 |
| EDINET | E00541 |
| Industries (Vizora) | Electric Power & Gas, Advertising, Specialty Trading & Wholesale, Cosmetics |

> Profile source: annual securities report (S100YHET, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.6 | 42 |
| Profitability | 3.4 | 44 |
| Efficiency | 33 | 44 |
| Financial strength | 76.3 | 19 |

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 29% of UNIVA Oak Holdings's sales come from Renewable Energy, with Trading and Beauty Healthcare making up much of the rest.
- It lost about ¥29 for every ¥100 of sales at the operating level.
- Revenue changed -19.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.33B |  |
| Operating income | -¥687.4M | Margin -29.5% |
| Net income | -¥582.8M | Margin -25.0% |
| Free cash flow | -¥894.7M |  |
| Largest business | Renewable Energy | of segment revenue 29.3% |
| Employees (consolidated) | 116 |  |
| EPS | ¥-5.78 |  |
| Book value per share | ¥27.32 |  |
| Equity ratio | 23.6% |  |
| Shares outstanding | 80,676,000 |  |
| Treasury shares | 46,900 |  |
| Shareholders | 13,681 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 14.7% | Net cash -¥609.8M · Cash ÷ revenue 31.9% |
| Vs. industry median margin | -36.5 pp | Electric Power & Gas |
| ROA | -11.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 53 points
- FY2026, operating loss is 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5531707000 | ¥2331883000 | -57.8% |
| Operating income | ¥-706921000 | ¥-687360000 | — |
| Operating margin | -12.8% | -29.5% | -16.7 pp |
| Employees | 86 people | 116 people | +34.9% |
| Cash and equivalents | ¥2245939000 | ¥743126000 | -66.9% |

### 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 |
| --- | ---: |
| 新設・再編 → 再生可能エネルギー | 29.3% |
| 新設・再編 → ビューティー＆ヘルスケア | 20.3% |
| 新設・再編 → 成長支援 | 4.7% |
| 新設・再編 → デジタルマーケティング | 13.2% |
| 新設・再編 → トレーディング | 24.4% |
| 新設・再編 → その他 | 8.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Renewable Energy | 2 years | -34.0% | ¥682238000 | -39.7% | 2 |
| Trading | — | — | ¥570118000 | 1.3% | 2 |
| Beauty Healthcare | 3 years | -3.3% | ¥473609000 | -37.6% | 2 |
| Degital marketing | 3 years | +19.8% | ¥306718000 | -6.2% | 2 |
| Other | 4 years | +43.1% | ¥188645000 | -22.7% | 2 |
| Growth Support | 2 years | -48.2% | ¥110553000 | 9.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,332 | 100.0% | S100YHET |
| Cost of revenue | 1,264 | 54.2% | S100YHET |
| Gross profit | 1,068 | 45.8% | S100YHET |
| SG&A | 1,755 | 75.3% | S100YHET |
| Operating income | -687 | -29.5% | S100YHET |
| Ordinary income | -549 | -23.5% | S100YHET |
| Pretax income | -584 | -25.0% | S100YHET |
| Income tax | 11 | 0.5% | S100YHET |
| Net income | -595 | -25.5% | S100YHET |
| Net income attributable to owners | -583 | -25.0% | S100YHET |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 75 |
| Operating income | -29 |
| (Ref.) Net income | -25 |

### Margin funnel

Gross margin 45.8% → Operating margin -29.5% → Net margin -25.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,882 | 2,332 | -550 | -19.1% |
| Gross profit | 1,505 | 1,068 | -437 | -29.1% |
| Operating income | -722 | -687 | 35 | — |
| Net income attributable to owners | -740 | -583 | 158 | — |
| Operating cash flow | -207 | -880 | -672 | — |
| Free cash flow | -215 | -895 | -680 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,064 | -1,660 | -40.9% | -1,795 | -1,102 | -1,498 | S100LP5A |
| FY ending Mar 2021 | 5,532 | -707 | -12.8% | -951 | 754 | 493 | S100ODYU |
| FY ending Mar 2022 | 2,612 | -1,034 | -39.6% | -1,664 | -1,190 | -1,345 | S100R86Y |
| FY ending Mar 2023 | 2,048 | -772 | -37.7% | -688 | -1,021 | -1,049 | S100TSRY |
| FY ending Mar 2024 | 5,036 | -1,251 | -24.8% | -1,428 | -954 | -974 | S100W3UN |
| FY ending Mar 2025 | 2,882 | -722 | -25.1% | -740 | -207 | -215 | S100YHET |
| FY ending Mar 2026 | 2,332 | -687 | -29.5% | -583 | -880 | -895 | S100YHET |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | -¥5.9M |
| Net income per employee (consolidated) | -¥5M |

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) | 73 | 87 | 92 | 110 | 116 |
| Average salary (parent company) | ¥7.4M | ¥8.1M | ¥7.5M | ¥6.5M | ¥7.9M |
| Average age (parent company) | 49.6 years | 44.8 years | 44.7 years | 46.2 years | 51.6 years |
| Average tenure (parent company) | 9.1 years | 0.3 years | 5.3 years | 4.9 years | 6.2 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) -19.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewable Energy | 682 | 29.3% | -271 | -39.7% |
| Beauty Healthcare | 474 | 20.3% | -178 | -37.6% |
| Growth Support | 111 | 4.7% | 10 | 9.3% |
| Degital marketing | 307 | 13.2% | -19 | -6.2% |
| Trading | 570 | 24.4% | 7 | 1.3% |
| Other | 189 | 8.1% | -43 | -22.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Renewable Energy | 29.3% | — | — | -39.7% |
| Beauty Healthcare | 20.3% | — | — | -37.6% |
| Growth Support | 4.7% | 58.1% | 53.4 | 9.3% |
| Degital marketing | 13.2% | — | — | -6.2% |
| Trading | 24.4% | 41.9% | 17.4 | 1.3% |
| Other | 8.1% | — | — | -22.7% |

Loss-making segment (excluded from profit shares): Renewable Energy -271 JPY mn

Loss-making segment (excluded from profit shares): Beauty Healthcare -178 JPY mn

Loss-making segment (excluded from profit shares): Degital marketing -19 JPY mn

Loss-making segment (excluded from profit shares): Other -43 JPY mn

Segment → industry: Renewable Energy → Electric Power & Gas / Degital marketing → Advertising / Trading → Specialty Trading & Wholesale / Beauty Healthcare → Cosmetics

## 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 | -880 | -37.7% | S100YHET |
| Capital expenditure | 15 | 0.6% | S100YHET |
| Free cash flow | -895 | -38.4% | 算出 |
| Investing cash flow | 2 | 0.1% | S100YHET |
| Financing cash flow | 755 | 32.4% | S100YHET |
| Share buyback | 0 | 0.0% | S100YHET |
| Change in cash | -111 | -4.8% | S100YHET |
| Cash and equivalents | 743 | 31.9% | S100YHET |

## 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 | 1,957 | 1,304 | 974 | 855 | 743 | S100TSRY, S100W3UN, S100YHET |
| Total assets | 7,361 | 7,561 | 6,044 | 5,007 | 5,039 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Net assets | 4,155 | 4,505 | 2,682 | 1,784 | 1,197 | S100TSRY, S100W3UN, S100YHET |
| Share capital | 4,788 | 4,788 | 100 | 100 | 100 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Inventories | 207 | 583 | 503 | 103 | 119 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Property, plant and equipment | 1,543 | 1,473 | 1,371 | 1,323 | 1,274 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Intangible assets excluding goodwill | 264 | 885 | 56 | 49 | 49 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Goodwill | 232 | 852 | 31 | 26 | 21 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Investment securities | 211 | 167 | 87 | 181 | 156 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Current assets | 3,727 | 3,737 | 3,192 | 3,128 | 3,264 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Current liabilities | 1,963 | 1,762 | 1,787 | 2,420 | 1,485 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Short-term borrowings | 753 | 377 | 18 | 3 | 441 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Long-term borrowings | 549 | 630 | 1,046 | 422 | 890 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Bonds | 195 | 179 | 127 | 76 | 22 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Interest-bearing debt | 1,497 | 1,186 | 1,191 | 500 | 1,353 | 算出 |
| Total liabilities | 3,206 | 3,056 | 3,362 | 3,223 | 3,842 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Non-controlling interests | 119 | 268 | 3 | 2 | 2 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Equity attributable to owners of parent | 4,114 | 4,386 | 2,958 | 2,217 | 1,632 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Retained earnings | -3,297 | -3,985 | -5,413 | -580 | -1,163 | S100R86Y, S100TSRY, S100W3UN, S100YHET |
| Treasury stock | -14 | -14 | -14 | -14 | -14 | S100R86Y, S100TSRY, S100W3UN, S100YHET |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YHET |
| Inventories | 2% | S100YHET |
| Property, plant and equipment | 25% | S100YHET |
| Intangibles and goodwill | 2% | S100YHET |
| Investment securities | 3% | S100YHET |
| Other assets | 53% | S100YHET |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 27% | 算出 |
| Other liabilities | 49% | S100YHET |
| Equity | 24% | S100YHET |

### 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 | 7,361 | 7,561 | 6,044 | 5,007 | 5,039 |
| Equity | 4,155 | 4,505 | 2,682 | 1,784 | 1,197 |
| Interest-bearing debt | 1,497 | 1,186 | 1,191 | 500 | 1,353 |
| Cash | 1,957 | 1,304 | 974 | 855 | 743 |

## 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) | 54.6% | S100YHET |
| Fixed assets ÷ total assets | 25.3% | S100YHET |
| Goodwill ÷ parent equity | 1.3% | S100YHET |

Goodwill over 4 years: 232 → 21 JPY; total investing cash flow: 835 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) | 14.7% |
| Cash ÷ revenue | 31.9% |
| Net cash (cash − interest-bearing debt) | -¥609.8M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -297 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -22.6% | —× | — | S100R86Y |
| 2023 | — | —× | -9.2% | —× | — | S100TSRY |
| 2024 | — | —× | -21.0% | —× | — | S100W3UN |
| 2025 | — | —× | -13.4% | —× | — | S100YHET |
| 2026 | — | —× | -11.6% | —× | — | S100YHET |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ユニヴァ・キャピタル・ファイ ナンス | Major shareholder | 16.3% | 2026-03-31 |
| NSL DTT CLIENT ACCOUNT 1 (常任代理人 野村證券株式会社） | Major shareholder | 10.5% | 2026-03-31 |
| 株式会社ユニヴァ・ アセット・マネジメント | Major shareholder | 8.7% | 2026-03-31 |
| 西本 誠治 | Major shareholder | 2.3% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 佐野 敦彦 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社シェフコ | Major shareholder | 1.5% | 2026-03-31 |
| 山崎 宏 | Major shareholder | 1.1% | 2026-03-31 |
| 吉澤 英和 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/04/01－2026/03/31) | S100YHET | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHET,, |
| 有価証券報告書－第164期(2024/04/01－2025/03/31) | S100W3UN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3UN,, |
| 有価証券報告書－第163期(2023/04/01－2024/03/31) | S100TSRY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSRY,, |
| 有価証券報告書－第162期(2022/04/01－2023/03/31) | S100R86Y | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R86Y,, |
| 有価証券報告書－第161期(令和3年4月1日－令和4年3月31日) | S100ODYU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODYU,, |
| 有価証券報告書－第160期(令和2年4月1日－令和3年3月31日) | S100LP5A | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP5A,, |

## 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).