ENVALITH
株式会社ODKソリューションズ logo

ODK Solutions Company,Ltd.

3839・Standard Market・Information & Communication

Official website
株式会社ODKソリューションズ logo
ODK Solutions Company,Ltd.3839

Business

ODK Solutions Co., Ltd. was established in 1963, and has provided outsourced services for university entrance examination operations since 1964 and securities operations since 1965, making it an information services company. The group consists of the parent company and three subsidiaries, providing system operation, system development and maintenance, and machine sales to educational institutions, securities firms, general business corporations, and others. In FY2026 (ending March 2026), the sales composition ratio was 92.8% for system operation, 6.0% for system development and maintenance, and 1.2% for machine sales. Education operations, accounting for approximately 62% of sales, is the core business, followed by securities and JASDEC (Japan Securities Depository Center) operations at approximately 19%, general operations at approximately 11%, and others at approximately 8%. The company is listed on the Standard Market of the Tokyo Stock Exchange.

Business Model

System operations account for 92.8% of net sales, and by continuing to be entrusted with core operations such as university entrance examinations and securities settlement, the company secures stable, recurring revenue. Building on this foundation, it is diversifying its revenue base by developing new services, including WITH-X® development projects for securities operations, a human resource development support business (iStudy® AI Platform), and a strategic HR AI SaaS (CABUILD® HR Series). The company also operates a My Number management system through a joint operation with SBI Business Solutions.

Company Strengths

The company has handled university entrance examination operations since 1964 and securities operations since 1965, maintaining a track record of over 60 years. In FY2026 (ending March 2026), education business sales were ¥4,138 million (up 5.9% year on year), and securities/JASDEC-related operations were ¥1,277 million (up 9.7% year on year), maintaining stable growth in its core customer domains. System operations based on long-term continuing contracts account for 92.8% of sales, forming a revenue structure with low customer attrition risk.

The company owns UCARO®, used by the majority of university exam candidates, establishing a point of contact with the younger generation that is difficult for other companies to replicate in a short period. Building on this user base, the company promotes inflow into Apdemy®, a self-sovereign digital identity platform utilizing Web3.0 technology, and is advancing its expansion into financial education, job placement support, and HR data linkage, among other areas. The company has also accumulated achievements such as issuing NFTs certifying experiences related to the Osaka-Kansai Expo pavilion.

Starting with the acquisition of Privacy Mark certification in 2001, the company has obtained and maintained ISMS certification (2003) and ISO/IEC 27001 certification (2007). Given the nature of its business, which handles highly confidential personal information and financial information belonging to school corporations, securities companies, and general corporations, this certification framework functions as a means of gaining customer trust and as a barrier to entry for new competitors seeking to win outsourcing contracts.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales reached a record high of ¥6,657 million (up 2.9% year-on-year), and operating income also improved to ¥606 million (up 17.6% year-on-year). However, an impairment loss on goodwill and intangible fixed assets of ¥219 million and a loss on retirement of software in progress of ¥48 million were recorded, bringing total extraordinary losses to ¥268 million, causing net income attributable to owners of the parent to fall sharply to ¥139 million (down 47.0% year-on-year). The occurrence of impairment losses suggests delays in monetizing investments in new businesses and subsidiaries, requiring continued scrutiny of investment quality.

The consolidated earnings forecast for FY2027 (ending March 2027) projects net sales of ¥7,000 million (up 5.1% year-on-year), but a significant decline in profit, with operating income of ¥460 million (down 24.2% year-on-year) and ordinary income of ¥500 million (down 24.1% year-on-year). The structure in which increased sales promotion expenses for new services and R&D expenses (¥68 million in FY2026, up 56% year-on-year) squeeze profits is expected to continue. On the other hand, net income is forecast to increase substantially to ¥300 million (up 115.1% year-on-year), premised on the one-time nature of the prior period's extraordinary losses not recurring.

Against the final-year target of the medium-term management plan (FY2028, ending March 2028) of ¥9,000 million in net sales, growth of approximately 35% over two years is required from the FY2026 result of ¥6,657 million, equating to an annualized growth rate of approximately 16%. ROE (return on equity) declined significantly to 2.2% in FY2026 from 4.3% in the prior period, and the stock continues to trade below 1x PBR. The dividend payout ratio rose to 58.7% (from 31.0% in the prior period), but this is a result of the sharp decline in net income and can hardly be described as a substantive improvement in shareholder returns. Whether the company can capture the external tailwind of expanding demand for DX and AI investment (as a market environment factor) will be key to achieving the medium-term plan.

Growth Strategy

Building a data business centered on UCARO®, expanding the group through M&A and alliances, targeting ¥9,000 million in FY2028 (ending March 2028)

Leveraging the customer touchpoints of UCARO®, which is used by more than half of exam candidates, the company is promoting the digitization of digital credentials and experience records using NFTs through Apdemy®. It is also considering expansion into financial education (in collaboration with Green Monster) and HR data integration, among other areas.

In the previous fiscal year, NINJAPAN Co., Ltd. was made a consolidated subsidiary, contributing to the increase in system operation revenue in FY2026 (ending March 2026). The company continues its alliance activities, including entering into a basic agreement with Green Monster Co., Ltd. for collaboration in financial education.

Consolidated subsidiary Potos Co., Ltd. has begun offering the strategic HR AI SaaS "CABUILD® HR Series," which connects HR data from recruitment onward. The company plans to expand this into a next-generation digital resume generation service through future data integration with Apdemy®.

The company has released "iStudy® AI Platform," a next-generation platform that acts as an AI instructor and grader, supporting learners like a dedicated coach. In conjunction with the "iStudy® AI Creator" AI teaching material creation tool released ahead of schedule in October 2025, this provides a platform where AI seamlessly handles everything from material creation to interactive learning support and grading of written assignments.

The company continues to promote price optimization in response to recent cost increases, achieving increased revenue in entrance examination operations for existing universities. System operation revenue for FY2026 (ending March 2026) increased 5.2% year on year to ¥6,178 million, reflecting the effects of price optimization in the figures.

Last updated: July 19, 2026