OTSUKA CORPORATION
4768・Prime Market・Information & Communication
Business
Otsuka Corporation consists of two segments: the Systems Integration Business, which covers consulting, hardware/software sales, contract development, and network construction, and the Service & Support Business, centered on the office supply mail-order service Tanomail and the maintenance support service Tayoreru. Its main customers are domestic mid-tier and small-to-medium enterprises, with the number of client companies reaching 311,000 (as of FY2025 (ending December 2025)). Since its founding in 1961, the company has expanded its business domain from copier sales to computers, PCs, networks, and cloud services, and now positions itself as an "Office ni Marugoto" (whole-office) partner addressing a wide range of IT needs, including DX promotion, AI Solution Proposals, and security measures. The company operates through a total of 15 companies, including 4 consolidated subsidiaries and 3 equity-method affiliates.
Business Model
In the Systems Integration Business (net sales of ¥902,915 million), hardware, software, and Contract Software Development are provided as a package, and after installation, the Service & Support Business (net sales of ¥419,875 million) generates ongoing revenue through maintenance contracts, regular Office Supply Provision, and outsourcing services. The structure links the three channels of "real," "Web," and "center" to strengthen customer touchpoints while pursuing growth in sales per customer (¥3.73 million in FY2025 (ending December 2025), +12.0% year on year).
Company Strengths
Revenue expanded by approximately 55% over five years, from ¥851,894 million in FY2021 to ¥1,322,791 million in FY2025. Operating profit also increased over the same period, from ¥55,827 million to ¥89,943 million, and in FY2025 the company achieved record highs for the third consecutive year across all key metrics—revenue, operating profit, ordinary profit, and net income. ROE stood at 16.8%, significantly exceeding the medium- to long-term target (13.0% or higher).
The number of client companies in the fiscal year ended December 2025 reached 311,000 (up 5.4% year on year), while sales per company rose to ¥3.73 million (up 12.0% year on year), reflecting expansion in both quantity and quality. The stock-type business centered on "Tanomail" and "Tayoreru" within the Service & Support Business formed a stable revenue base of ¥419,875 million, enhancing resilience to economic fluctuations.
For the fiscal year ended December 2025, the equity ratio stood at 54.1%, the ratio of interest-bearing debt to cash flow was 0.1 years, and the interest coverage ratio was an extremely high 1,387.6 times, indicating very strong financial soundness. Free cash flow reached ¥71,742 million (an increase of ¥45,980 million year on year), enabling the company to maintain a stable dividend payout ratio of 53.1% while continuing to build up internal reserves.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, rising from ¥851,894 million in FY2021 to ¥1,322,791 million in FY2025. Q1 of FY2026 (ending December 2026) remained strong at ¥344,753 million (up 9.3% year-on-year), marking a fourth consecutive record high for a first quarter. By segment, the Systems Integration Business posted ¥235,097 million (up 9.9% year-on-year) and the Service & Support Business posted ¥109,656 million (up 8.0% year-on-year), with both segments expanding. As an external factor, resilient corporate demand for DX promotion and labor-saving investment provided a tailwind. On the other hand, the full-year forecast projects revenue of ¥1,311,000 million (down 0.9% year-on-year) and net income of ¥61,130 million (down 4.9% year-on-year), representing a year-on-year decline, with the fading of Windows 10-related special demand and uncertainties such as US tariffs and the situation in the Middle East being recognized as downward pressures.
Growth Strategy
Deepening "Office Marugoto" (whole-office) proposals centered on AI and security, continuously expanding both the number of client companies and revenue per company
Deploying proposals centered on affordably priced AI solutions for small and medium-sized enterprises and support for security assessment certification systems. In the first quarter of FY2026 (ending December 2026), packaged software showed strong growth, and Systems Integration Business revenue grew 9.9% year on year, exceeding the company-wide average growth rate.
Focusing on improving sales productivity and enhancing customer response capability for "Office Marugoto" (whole-office) proposals by having AI support sales processes. The company is implementing workflow reviews and security countermeasure proposals based on its own DX promotion case studies, simultaneously advancing customer engagement enhancement and sales efficiency improvement.
Promoting stable growth of the Service & Support Business through strengthening the competitiveness and market expansion of Tanomail and improving the convenience of Tayoreru. Service & Support Business revenue in the first quarter of FY2026 (ending December 2026) expanded steadily to ¥109,656 million (up 8.0% year on year), and the full-year forecast for this business also anticipates growth of 8.1% year on year.
Last updated: July 17, 2026