Financials Otsuka Corporation

Equities

4768

JP3188200004

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 06:30:00 22/01/2026 GMT			5-day change	1st Jan Change
3,238.00 ^JPY	-0.18%		+1.57%	+0.19%

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Projected Income Statement: Otsuka Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	836,323	851,894	861,022	977,370	1,107,668	1,304,479	1,259,009	1,322,929
Change	-	1.86%	1.07%	13.51%	13.33%	17.77%	-3.49%	5.08%
EBITDA ¹	63,912	63,809	63,058	70,893	82,794	97,126	94,857	103,298
Change	-	-0.16%	-1.18%	12.43%	16.79%	17.31%	-2.34%	8.9%
EBIT ¹	56,309	55,827	54,768	62,959	74,360	88,483	86,317	95,090
Change	-	-0.86%	-1.9%	14.96%	18.11%	18.99%	-2.45%	10.16%
Interest Paid ¹	-44	-44	-43	-41	-55	-60	-60	-60
Earnings before Tax (EBT) ¹	57,584	58,190	56,509	64,892	73,840	89,895	89,613	96,525
Change	-	1.05%	-2.89%	14.83%	13.79%	21.74%	-0.31%	7.71%
Net income ¹	39,309	39,927	40,022	47,448	53,481	61,707	60,022	66,069
Change	-	1.57%	0.24%	18.55%	12.71%	15.38%	-2.73%	10.07%
Announcement Date	01/02/21	01/02/22	01/02/23	01/02/24	03/02/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	188,274	215,106	239,350	227,275	185,521	199,748	210,069	235,267	196,863	218,823	242,609	278,447	219,002	237,312	266,664	303,058	252,540	285,406	315,541	379,591	310,587	298,642	304,333	345,567	288,567	342,900
Change	-	14.25%	11.27%	-5.04%	-18.37%	7.67%	5.17%	12%	-16.32%	11.15%	10.87%	14.77%	-21.35%	8.36%	12.37%	13.65%	-16.67%	13.01%	10.56%	20.3%	-18.18%	-3.85%	1.91%	13.55%	-16.49%	18.83%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	17,694	19,340	23,783	15,315	24,356	-	-	-	24,147	18,800	18,900	12,900	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9.3%	22.97%	-35.61%	59.03%	-	-	-	-	-22.14%	0.53%	-31.75%	-
EBIT ¹	11,004	14,995	16,699	16,547	8,817	13,764	13,785	16,993	9,312	14,678	16,875	19,837	10,678	15,569	17,242	21,601	13,326	22,191	21,175	27,998	17,356	21,995	19,900	23,300	15,467	25,300
Change	-	36.27%	11.36%	-0.91%	-46.72%	56.11%	0.15%	23.27%	-45.2%	57.62%	14.97%	17.55%	-46.17%	45.8%	10.75%	25.28%	-38.31%	66.52%	-4.58%	32.22%	-38.01%	26.73%	-9.52%	17.09%	-33.62%	63.58%
Charge d'intérêts	-12	-	-10	-	-11	-	-10	-	-10	-	-10	-	-10	-	-10	-	-21	-	-15	-	-18	-	-	-	-	-
Earnings before Tax (EBT) ¹	11,248	15,380	17,238	17,697	9,241	14,014	15,485	17,394	9,753	13,877	17,424	20,113	11,222	16,133	17,627	22,151	14,162	19,900	21,849	28,240	17,934	24,477	23,500	26,200	16,700	25,600
Change	-	36.74%	12.08%	2.66%	-47.78%	51.65%	10.5%	12.33%	-43.93%	42.28%	25.56%	15.43%	-44.21%	43.76%	9.26%	25.67%	-36.07%	40.52%	9.79%	29.25%	-36.49%	36.48%	-3.99%	11.49%	-36.26%	53.29%
Net income ¹	7,683	10,837	11,486	12,171	6,264	10,006	10,519	12,329	6,891	10,283	11,591	13,826	7,718	14,313	11,679	15,251	9,701	16,850	14,491	19,636	12,404	15,972	15,002	15,598	10,200	18,000
Change	-	41.05%	5.99%	5.96%	-48.53%	59.74%	5.13%	17.21%	-44.11%	49.22%	12.72%	19.28%	-44.18%	85.45%	-18.4%	30.58%	-36.39%	73.69%	-14%	35.5%	-36.83%	28.76%	-6.07%	3.97%	-34.6%	76.47%
Announcement Date	10/11/20	01/02/21	28/04/21	02/08/21	29/10/21	01/02/22	28/04/22	01/08/22	31/10/22	01/02/23	01/05/23	01/08/23	31/10/23	01/02/24	30/04/24	01/08/24	31/10/24	03/02/25	30/04/25	01/08/25	31/10/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1	2025 S1
Net sales ¹	466,625	385,269	445,336	415,686	521,056	569,722	695,132
Change	-	-17.43%	15.59%	-6.66%	25.35%	9.34%	22.01%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT ¹	33,246	22,581	30,778	23,990	36,712	38,843	49,173
Change	-	-32.08%	36.3%	-22.05%	53.03%	5.8%	26.59%
Charge d'intérêts ¹	-22	-	-22	-	-21	-21	-31
Earnings before Tax (EBT) ¹	34,935	-	32,879	-	37,537	39,778	50,089
Change	-	-	-	-	-	5.97%	25.92%
Net income ¹	23,657	16,270	22,848	17,174	25,417	26,930	34,127
Change	-	-31.23%	40.43%	-24.83%	48%	5.95%	26.72%
Announcement Date	02/08/21	01/02/22	01/08/22	01/02/23	01/08/23	01/08/24	01/08/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Otsuka Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-171,572	-196,716	-194,775	-221,388	-221,275	-247,801	-266,687	-289,913
Change	-	-14.66%	0.99%	-13.66%	0.05%	-11.99%	-7.62%	-8.71%
Announcement Date	01/02/21	01/02/22	01/02/23	01/02/24	03/02/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Otsuka Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	8,864	10,882	7,077	10,346	12,087	9,749	9,703	9,911
Change	-	22.77%	-34.97%	46.19%	16.83%	-19.34%	-0.47%	2.14%
Free Cash Flow (FCF) ¹	23,632	46,991	22,119	50,176	25,762	51,859	74,694	67,590
Change	-	98.84%	-52.93%	126.85%	-48.66%	101.3%	44.03%	-9.51%
Announcement Date	01/02/21	01/02/22	01/02/23	01/02/24	03/02/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Otsuka Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	7.64%	7.49%	7.32%	7.25%	7.47%	7.45%	7.53%	7.81%
EBIT Margin (%)	6.73%	6.55%	6.36%	6.44%	6.71%	6.78%	6.86%	7.19%
EBT Margin (%)	6.89%	6.83%	6.56%	6.64%	6.67%	6.89%	7.12%	7.3%
Net margin (%)	4.7%	4.69%	4.65%	4.85%	4.83%	4.73%	4.77%	4.99%
FCF margin (%)	2.83%	5.52%	2.57%	5.13%	2.33%	3.98%	5.93%	5.11%
FCF / Net Income (%)	60.12%	117.69%	55.27%	105.75%	48.17%	84.04%	124.44%	102.3%
Profitability
ROA	12.34%	12.02%	11.22%	11.89%	8.66%	8.76%	7.98%	8.28%
ROE	14.6%	13.9%	13%	14.3%	15.19%	16.06%	14.55%	14.94%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.06%	1.28%	0.82%	1.06%	1.09%	0.75%	0.77%	0.75%
CAPEX / EBITDA (%)	13.87%	17.05%	11.22%	14.59%	14.6%	10.04%	10.23%	9.59%
CAPEX / FCF (%)	37.51%	23.16%	32%	20.62%	46.92%	18.8%	12.99%	14.66%
Items per share
Cash flow per share ¹	123.7	126.3	127.4	146	163.3	185.4	208.4	219.4
Change	-	2.13%	0.84%	14.63%	11.8%	13.58%	12.35%	5.33%
Dividend per Share ¹	57.5	60	62.5	67.5	80	86.64	91.32	96.61
Change	-	4.35%	4.17%	8%	18.52%	8.3%	5.4%	5.8%
Book Value Per Share ¹	731.4	787.8	842.3	904.8	977.8	1,058	1,104	1,213
Change	-	7.71%	6.91%	7.43%	8.07%	8.19%	4.36%	9.9%
EPS ¹	103.7	105.3	105.5	125.1	141	162.7	158.2	174.2
Change	-	1.57%	0.24%	18.56%	12.71%	15.34%	-2.73%	10.07%
Nbr of stocks (in thousands)	379,202	379,202	379,202	379,202	379,201	379,201	379,201	379,201
Announcement Date	01/02/21	01/02/22	01/02/23	01/02/24	03/02/25	-	-	-