OKAMURA CORPORATION
7994・Prime Market・Other Products
Business
Okamura Corporation, founded in 1945 and listed on the TSE Prime Market, is a space-infrastructure company. It operates three core businesses: the Office Environment Business (approximately 58% of net sales), which handles Office Furniture, Furniture for Public Facilities, and Security Products; the Commercial Environment Business (approximately 35%), which handles Store Display Shelving (Store Fixtures) and Refrigerated & Frozen Showcases; and the Logistics Systems Business (approximately 4%), which handles Automated Logistics Equipment & Devices for factories and warehouses. The company maintains an integrated system spanning manufacturing, sales, logistics, construction, and after-sales service, forming a group with 34 domestic and overseas subsidiaries and 9 affiliated companies. Its major customers include domestic corporations, retailers, and logistics operators, in addition to the public market (public facilities, healthcare, and education). In April 2025, the company made Boss Design Limited of the UK a wholly owned subsidiary, strengthening its business foundation in overseas office markets.
Business Model
A vertically integrated business model that completes everything in-house, from manufacturing products at its own factories to design proposals, construction, logistics, and maintenance services. In the Office Environment Business, the company maintains unit prices through high-value-added proposals based on its "Future Workstyle Research," while in the Commercial Environment Business, an integrated framework spanning design through construction and after-sales service raises customers' switching costs. In the Logistics Systems Business, in addition to equipment sales, the company is advancing a shift toward integrator-type revenue by combining equipment with software such as the Warehouse Optimization System "Optify."
Company Strengths
In FY2026 (ending March 2026), the Office Environment Business achieved net sales of ¥191,852 million (up 14.6% year on year) and segment profit of ¥22,630 million (up 30.3% year on year), setting new record highs in both sales and profit. Proposal capability and product development capability based on the results of research into future ways of working and abundant delivery track record serve as differentiating factors versus competitors, with segment operating profit margin reaching 11.8%.
The company has domestic and overseas manufacturing subsidiaries (NS Okamura Corporation, Sanyo Okamura Corporation, Fuji Seiko Head Office Co., Ltd., etc.) and sales, logistics, construction, and service subsidiaries (Okamura Support and Service Co., Ltd., etc.), providing consistent support from design through construction and after-sales service. This same structure also promotes continued customer usage in the Commercial Environment Business, serving as a differentiating factor.
At the end of FY2026 (ending March 2026), the equity ratio stood at 67.6% (up 3.6 percentage points year on year), with net assets of ¥206,089 million. Operating cash flow improved significantly to ¥27,218 million from ¥983 million in the previous period. Borrowings and bond balances were reduced to ¥30,026 million, and the ¥20,000 million committed credit line remained unused. This strong financial foundation supports both growth investment and progressive dividends.
ENVALITH's Perspective
Performance Trend
Net sales rose for four consecutive fiscal years, from ¥261,175 million in FY2022 (ending March 2022) to ¥329,031 million in FY2026 (ending March 2026). Operating profit expanded sharply to ¥24,036 million in FY2024 (ending March 2024), then remained flat, at ¥23,935 million in FY2025 (ending March 2025) and ¥24,144 million in FY2026 (ending March 2026). Net income attributable to owners of parent reached a new record high of ¥22,416 million, but ROE declined from 12.3% to 11.5%. While solid demand for domestic office renewals and store remodeling supported sales, rising costs of materials and logistics, along with wage increases, pushed up cost of sales and SG&A expenses, capping the rise in profit margins. A significant decline in sales and a fall into loss at the Logistics Systems Business also weighed on overall company profit.
Growth Strategy
Under the long-term vision "Beyond Breakthrough 2035," the company aims to achieve operating profit exceeding ¥30.0 billion and ROE of 12% or higher by FY2029 (ending March 2029)
Formulated a long-term vision toward fiscal year 2035, setting quantitative targets of an average annual operating profit growth rate of 10% or more, an operating profit margin of 10% or more, and ROE of 12% or more. Operating profit exceeding ¥30.0 billion in FY2029 (ending March 2029) is set as an intermediate target. A growth investment allocation of ¥60.0–80.0 billion has been established, to be deployed in a balanced manner toward capital participation and strengthening of digital technologies such as AI.
In April 2025, acquired 100% of the issued shares of Boss Design Limited (UK), making it a wholly owned subsidiary. This strengthens the business foundation for the overseas office market, while promoting global expansion utilizing DB&B Holdings Pte. Ltd. in Singapore and local subsidiaries in China and Thailand. In the domestic BtoC market, expansion is being pursued centered on Task Seating (BtoC).
Promoting revenue stabilization through narrowing the focus of markets and customers, and transformation into a logistics systems integrator centered on the Warehouse Optimization System "Optify." By shifting to a continuous support model that includes operational support after go-live, the company aims to smooth order intake and improve profit margins.
Effective July 1, 2026, the Office Environment Business will be renamed the "Work & Life Creation Business," the Commercial Environment Business will be renamed the "Commerce Solutions Business," and the Logistics Systems Business will be renamed the "Smart LogiTech Business." Under the business purpose of "providing infrastructure for every scene in which people live," the policy of business model transformation and expansion of business domains has been clarified.
Clearly stated a policy of maintaining progressive dividends and a dividend payout ratio of 40% or more. The dividend payment amount for FY2026 (ending March 2026) is ¥9,567 million. Share buybacks will be conducted flexibly based on the progress of growth investments and the external environment. Cash flow from financing activities showed an outflow of ¥16,159 million, reflecting more active shareholder returns.
Last updated: July 19, 2026