ORO co.,ltd.
3983・Prime Market・Information & Communication
Business
Oro Inc. was founded in 1999 and is listed on the Tokyo Stock Exchange Prime Market. Under the slogan "Technology × Creativity," the company operates two businesses: the Cloud Solutions Business (including the cloud ERP "ZAC"), which strengthens the "inside" of client companies, and the Marketing Solutions Business (digital marketing support), which strengthens the "outside." Its main customers are small and medium-sized enterprises engaged in project-based businesses such as advertising, IT services, and consulting, while the Marketing Solutions Business primarily serves large enterprises. In addition to nine domestic locations, the company has consolidated subsidiaries in five overseas countries—Vietnam, China, Malaysia, Thailand, and Taiwan—and is pursuing global expansion.
Business Model
In the Cloud Solutions Business, since January 2023 the company has fully transitioned ZAC license sales to a unified SaaS-type contract model, shifting to a model that builds up recurring revenue through monthly billing. While aiming to improve customer LTV (lifetime value), the company also captures revenue from implementation support and customization. The Marketing Solutions Business is a contract-based service targeting large enterprises, combining direct sales with indirect sales through major advertising agencies.
Company Strengths
In FY2025 (ending December 2025), the Cloud Solutions Business posted revenue of ¥5,664 million (up 14.9% year on year), with a segment profit margin reaching 44.1%. The complete transition to SaaS-type contracts has driven accumulation of monthly recurring revenue, and the number of new ZAC contracts also recovered to 82 companies (up 14 companies year on year).
ZAC adopts a "parameter design" approach, enabling it to accommodate diverse industries and business practices without individual custom development. It integrates sales, purchasing, attendance, and expenses management on a project basis, achieving real-time profit and loss management by project. It targets a domestic market of approximately 44,000 companies, including advertising, IT services, and consulting industries.
Cash and cash equivalents balance stood at ¥10,058 million at the end of FY2025 (ending December 2025). Against total assets of ¥13,747 million, equity attributable to owners of the company was ¥10,353 million, indicating high financial soundness. The company maintained its cash on hand while carrying out ¥1,276 million in treasury stock acquisitions and ¥561 million in dividend payments.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, from ¥5,531 million in FY2021 to ¥8,308 million in FY2025. FY2025 saw operating profit decline to ¥2,649 million year on year, but cumulative 1Q of FY2026 (ending December 2026) showed revenue of ¥2,351 million (up 18.7% year on year), operating profit of ¥813 million (up 22.3% year on year), and quarterly profit attributable to owners of parent of ¥579 million (up 41.4% year on year), marking a return to a profit growth trend. In terms of market environment, the continued expansion of corporate DX promotion and cloud service demand has provided a tailwind. The primary driver of the company-wide improvement in profit was a sharp recovery in segment profit for the Marketing Solutions Business, which had suffered from weak profitability in the prior period, rising 301.7% year on year. There has been no change to the full-year forecast (revenue of ¥9,572 million, operating profit of ¥2,930 million), and 1Q progress is tracking ahead of plan.
Growth Strategy
Advancing ZAC's SaaS deepening, large-enterprise penetration, and overseas expansion in parallel with the profitability recovery of the Marketing Solutions Business
Expanding a monthly recurring revenue base with low churn rates by promoting migration from the purchase-type model to the SaaS-type model and through upselling to existing customers. Cumulative ZAC license fees, maintenance fees, and SaaS monthly service fees for 1Q FY2026 (ending March 2026) reached ¥1,126 million (up 9.3% year on year), continuing stable growth.
Promoting an increase in customer unit price (ARPA) through the SaaS management tool "dxeco" and the reseller sales of other companies' products. Cumulative revenue from dxeco, Semrush (Reseller), and other products for 1Q FY2026 (ending March 2026) reached ¥125 million (up 51.0% year on year), maintaining high growth, indicating the cross-selling strategy is working effectively.
Strengthening each of the services comprising web advertising operation based on data analysis, System & Web Integration, and Operation Support & Operation Office. Cumulative segment profit for 1Q FY2026 (ending March 2026) recovered sharply to ¥158 million (up 301.7% year on year), and it was confirmed that performance is trending above plan.
Advancing the development and provision of new products and services in order to respond to the rapidly growing needs for AI utilization among companies. Aiming to strengthen a cross-business development structure and enhance proposal capabilities through the Development Division established in January 2026.
Promoting overseas expansion, including the launch of ZAC sales in Vietnam, and expanding inbound customer acquisition support and overseas expansion support utilizing overseas offices in Vietnam, Thailand, Malaysia, Taiwan, and China. Building up a track record of results remains an ongoing challenge.
Based on a resolution of the Board of Directors on March 13, 2026, a treasury share buyback framework was established for up to 650,000 shares and ¥1,000 million (buyback period: March 18, 2026 to September 30, 2026). On April 30, 2026, 348,600 shares were retired, dispelling concerns over potential share dilution. The annual dividend forecast is maintained at ¥50 (unchanged from the previous fiscal year).
Last updated: July 17, 2026