OHBA CO., LTD.
9765・Prime Market・Services
Business
Oba Co., Ltd. is a comprehensive construction consulting company founded in 1922. It operates across five integrated business domains—geospatial information services, environmental services, urban development services, design services, and business solutions services—addressing a wide range of needs from social infrastructure development to private facility development. Its clients include both government entities (disaster prevention/mitigation, national resilience, defense civil engineering) and private-sector clients (industrial land and logistics land development), with a public-private ratio of roughly 6:4. The company operates branches and sales offices nationwide, forming a corporate group that includes 4 consolidated subsidiaries. In FY2025 (ended May 2025), it achieved net sales of ¥18,096 million and an operating margin of 10.7%.
Business Model
Based on an order-driven consulting business, revenue is composed of two segments: construction consulting operations (net sales of ¥16,126 million, gross margin of 33.2%) and business solutions operations (net sales of ¥1,969 million, gross margin of 20.1%). 517 qualified professionals, including certified Professional Engineers, RCCM holders, first-class registered architects, and APEC Engineers, provide high value-added services, and the company expands revenue opportunities by directly participating as a business proxy (gyomu daikonin) in land readjustment projects. It maintains a debt-free structure while operating on internal funds, representing a highly efficient financial model.
Company Strengths
In FY2025 (ended May 2025), operating profit reached ¥1,936 million (up 5.1% year on year), marking 14 consecutive periods of profit growth. The company maintains a debt-free balance sheet with zero outstanding borrowings, and has a robust financial base with net assets of ¥13,167 million and an equity ratio of 73.6% (total assets of ¥17,901 million).
The number of qualified professionals holding certifications such as Professional Engineer, RCCM (Registered Civil Engineering Consulting Manager), first-class architect, and APEC Engineer reached 517 in FY2025 (ended May 2025), exceeding the target of 500. The medium-term management plan aims to increase this to 650, serving as a key source of competitiveness in order acquisition.
The order mix between government projects (disaster prevention/mitigation, national resilience, defense-related civil engineering) and private-sector projects (industrial and logistics site development) stands at roughly 6:4, providing a structure in which private-sector demand offsets fluctuation risk in public investment. The company's comprehensive capabilities—covering everything from geospatial information to design and business solutions on a one-stop basis—serve as a key differentiating factor.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥15,933 million in FY2022 to ¥18,097 million in FY2025, before falling back to ¥17,011 million in FY2026 (down 6.0% year on year). The primary driver was a sharp decline in Business Solutions segment sales, from ¥1,969 million to ¥929 million. Meanwhile, operating profit remained on an uptrend, rising to ¥1,965 million (up 1.5% year on year), with the operating profit margin improving from 10.7% to 11.6%. As an external factor, steady public investment related to disaster prevention/mitigation and national resilience underpinned the Construction Consulting business (gross profit margin of 34.4%). Net income reached ¥1,468 million (up 10.1% year on year), marking the highest level in the five-year period. For FY2027 (ending May 2027), the company forecasts revenue of ¥17,500 million, operating profit of ¥2,050 million, and net income of ¥1,450 million (net income is projected to decline 1.3% year on year).
Growth Strategy
Deepening core urban development operations while expanding the business domain through business solutions, DX, and PPP/PFI
Participation as a business agent in land readjustment projects has created revenue opportunities beyond survey and design work. Orders received in FY2026 (ending May 2026) expanded sharply, up 231.6% year-on-year, with the order backlog also up 207.4%. Gross profit margin improved from 20.1% to 31.7%, enhancing the profit contribution of this business.
Strengthening order intake for work related to reinforcing Japan Self-Defense Forces facilities, driven by increases in the defense budget. Leveraging collaboration with peer companies as well, orders for construction consulting and geospatial information services were solid, up 105.2% year-on-year. A company-wide order acquisition strategy unit has been established, and the company is also working to expand orders for MLIT (Ministry of Land, Infrastructure, Transport and Tourism) projects.
Promoting the creation of new public-private models accompanying open data initiatives, smart city implementation, and DX. The company aims to strengthen partnerships with optimal business partners, including those from other industries, for the construction, maintenance, and operation of public facilities under PPP, PFI, concessions, and similar schemes. This is positioned as a key initiative of the medium-term management plan (90th to 94th fiscal years).
Expanding the business model used for civil engineering asset management of state-owned property and asset management for university corporations into broader corporate real estate (CRE) and public real estate (PRE) applications. This, together with inheritance and real estate consulting, promotes diversification of revenue sources beyond construction consulting services.
Last updated: July 17, 2026