Onamba Co., Ltd.
5816・Standard Market・Nonferrous Metals
Business
Onamba Co., Ltd. was founded in 1942 and operates through 21 companies in 8 countries across Japan, Europe & US, and Asia, manufacturing and selling Electric Wires & Cables, Wire Harness, New Energy-related Products (solar power generation wiring units, etc.), and Harness Processing Machinery & Parts. Major customers span the automotive, industrial equipment, information and communications, home appliances, and energy sectors. The Wire Harness segment accounts for approximately 68% of net sales, followed by the Harness Processing Machinery & Parts segment (approximately 18%), the Electric Wires & Cables segment (approximately 7%), and the New Energy-related Products segment (approximately 7%). Listed on the Tokyo Stock Exchange Standard Market.
Business Model
The Group combines a manufacturing-sales separation model, in which products manufactured by domestic and overseas consolidated subsidiaries are sold to customers by the parent company and sales subsidiaries, with a direct sales model in which subsidiaries that have both sales and manufacturing functions sell directly. Under this structure, the Asia segment handles intra-group contract manufacturing (internal sales of ¥7,344 million), while the Japan and Europe & US segments lead sales to external customers. The Group aims to improve profitability through a shift toward high value-added products such as environment-related products.
Company Strengths
In FY2025, while net sales were nearly flat (¥44,441 million, down 0.8% year on year), the improved product mix toward environment-related and other high value-added products lifted the gross profit margin to 20.6% (up 1.7 points year on year) and the operating profit margin to 5.9% (up 1.0 point year on year). Operating profit reached ¥2,600 million, up 18.5% year on year.
The company has built a network of 21 companies across 8 countries, including Japan, North America, Europe (Czech Republic), China, and Southeast Asia. The Asia segment's production output of ¥19,396 million forms the group's largest production base, and through intersegment internal sales of ¥7,344 million, it supports the cost competitiveness of the group as a whole.
The company is engaged in the development and market launch of monitoring and control systems for grid-connected energy storage systems, as well as the development of J-Boxes for perovskite solar cells. R&D expenses in the New Energy-related Products segment amounted to ¥460 million (approximately 81% of the company-wide total of ¥568 million), reflecting concentrated investment in the energy field.
ENVALITH's Perspective
Performance Trend
Sales over the past five fiscal years were ¥36,953 million (FY2021) → ¥43,638 million (FY2022) → ¥44,758 million (FY2023) → ¥44,804 million (FY2024) → ¥44,442 million (FY2025), trending flat since FY2022. Q1 of FY2026 (ending March 2026) showed signs of acceleration at ¥11,547 million (+7.6% YoY), driven by a recovery in industrial equipment demand in Japan and Asia and the effect of yen depreciation on currency translation (external factor). Operating income reached a 5-year high of ¥2,600 million in FY2025, but Q1 remained at ¥560 million, roughly in line with the same period last year. While peso appreciation (external factor) in the Europe & US segment is pressuring profits, improvement in the product mix in Japan and Asia is providing support. The full-year forecast calls for sales of ¥47,000 million and operating income of ¥2,700 million, representing an increase in both sales and profit compared to the previous fiscal year.
Growth Strategy
Under PROGRESS2026, transforming the earnings structure through concentrated investment in the environment and energy fields and strengthening the global production system
In the Japan and Asia segments, the company is capturing the recovery in demand in the industrial equipment market and shifting its product mix toward high value-added products, centered on Wire Harness and Electric Wires & Cables. Results are already becoming apparent, with operating profit in the Japan segment up +12.6% in the first quarter of FY2026 (ending December 2026), and the company aims for continued improvement in profit margins.
In response to the new era of energy, the New Energy segment is promoting the development of new energy field systems and the development of new environment-related system products. The company aims to expand its product portfolio as a global comprehensive wiring systems manufacturer and to move away from dependence on existing markets.
While exchange rate fluctuations due to peso appreciation in the North American market are pressuring profits, the company continues to promote productivity improvement and cost reduction activities at its Mexico plant. Although challenges remain, with an operating loss of ¥12 million in the first quarter of FY2026 (ending December 2026), the company aims to return to profitability for the full year, supported by solid demand related to automobiles.
Under the medium-term management plan PROGRESS2026, the company is promoting management with awareness of capital costs. It plans a substantial increase in the annual dividend forecast for FY2026 (ending December 2026) to ¥70 (up ¥29 year on year), planning a payout ratio of approximately 44.9%. The company will strengthen shareholder returns while maintaining a sound financial base with an equity ratio of 67.0%.
Last updated: July 17, 2026