Owner Scorecard
An independent research publication · data as of July 9, 2026

← Japan catalog ← 6594 Manual 6701 → ← 6479 Electronic Components & Instruments 6762 →

6645 · Omron

Factory-automation sensors Capital-intensive J-GAAP
Latest filing: FY2026 annual securities report (有価証券報告書) · EDINET

This is a quantitative scorecard. The numbers below are read directly from Omron’s EDINET filing, in yen. The Japanese-language narrative, what the business does, its risks, what changed this year, is not machine-read here, so we do not paraphrase it. Find it on EDINET (code 6645) →

I

The record

What the business has done across the cycle, read straight from the EDINET filing: the multi-year record, and the walk from reported profit to the cash an owner could take out.

The record, 2017–2026

realized figures from each filing · older years to the left
2017’172018’182019’192020’202021’212022’222023’232024’242025’252026’26
Income statement
¥269.1B¥320.0B¥324.9B¥295.7B¥258.5B¥311.0B¥369.5B¥259.3B¥254.0B¥293.3BRevenueRevenue
———38%39%———30%31%Gross marginGross mgn
———33%36%———39%37%SG&A / revenueSG&A/rev
———10%11%———11%11%R&D / revenueR&D/rev
¥29.7B¥30.5B¥45.0B¥79.4B¥18.5B¥23.3B¥91.1B¥15.8B(¥37.1B)¥27.2BNet incomeNet inc.
Cash flow & returns
¥14.5B¥15.4B¥16.8B¥17.3B¥17.0B¥17.8B¥19.0B¥19.9B¥20.5B¥20.5BDividends paidDiv. paid
¥16M¥19.0B¥25.7B¥18.6B¥1.5B¥31.4B¥20.0B¥61M¥9M¥1.3BBuybacksBuybacks
11%12%17%27%6%8%27%5%-14%10%Return on equityROE
6%6%11%21%1%2%22%−1%−22%3%Retained to equityRetained/eq
Balance sheet
¥55.2B¥42.8B¥27.3B¥101.5B¥135.6B¥72.9B¥22.2B¥28.3B¥26.0B¥44.1BCash & investmentsCash+inv
¥52.7B¥59.9B¥53.2B¥47.9B¥50.6B¥60.7B¥66.7B¥41.1B¥46.0B¥63.3BReceivablesReceiv.
¥11.6B¥14.7B¥13.9B¥11.1B¥8.4B¥7.9B¥11.4B¥13.7B¥14.5B¥15.8BInventoryInvent.
¥64.3B¥74.6B¥67.1B¥59.0B¥58.9B¥68.6B¥78.2B¥54.8B¥60.5B¥79.1BOperating working capitalOper. WC
¥160.6B¥165.5B¥139.0B¥200.9B¥232.1B¥189.9B¥152.8B¥150.9B¥143.6B¥187.3BCurrent assetsCur. assets
¥165.0B¥201.3B¥188.2B¥192.7B¥230.2B¥319.8B¥253.5B¥269.3B¥241.6B¥370.7BCurrent liabilitiesCur. liab.
1.0×0.8×0.7×1.0×1.0×0.6×0.6×0.6×0.6×0.5×Current ratioCurr. ratio
¥448.2B¥485.1B¥464.4B¥510.2B¥537.7B¥606.5B¥596.3B¥680.7B¥590.0B¥680.4BTotal assetsAssets
¥2.1B¥3.0B¥2.3B¥2.1B¥1.6B¥20.9B¥740M¥91.7B¥100.6B¥154.8BTotal debtDebt
(¥53.1B)(¥39.9B)(¥25.0B)(¥99.5B)(¥134.0B)(¥52.0B)(¥21.4B)¥63.4B¥74.6B¥110.7BNet debt / (cash)Net debt
21.8×21.1×18.9×9.5×4.2×8.3×10.7×-6.1×-4.5×-4.1×Interest coverageInt. cov.
¥260.1B¥258.0B¥259.8B¥298.9B¥291.2B¥277.2B¥333.3B¥319.5B¥261.8B¥268.0BShareholders’ equityEquity
Per share
214M214M214M206M206M206M206M206M206M206MShares out (diluted)Shares
¥1257.64¥1495.84¥1518.56¥1433.49¥1253.33¥1507.86¥1791.55¥1257.38¥1231.68¥1422.13Revenue / shareRev/sh
¥138.59¥142.36¥210.40¥384.86¥89.71¥112.73¥441.74¥76.57¥-179.93¥132.09EPS (diluted)EPS
¥67.95¥71.87¥78.70¥83.95¥82.50¥86.37¥91.97¥96.69¥99.55¥99.54Dividends / shareDiv/sh
¥1215.77¥1205.64¥1214.37¥1449.47¥1412.11¥1343.83¥1615.87¥1549.35¥1269.13¥1299.29Book value / shareBVPS
Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share+1.4%/yr+2.6%/yr
EPS−0.5%/yr+8.0%/yr
Dividends / share+4.3%/yr+3.8%/yr
Book value / share+0.7%/yr−1.7%/yr
II

Quality & stewardship

Returns, the balance sheet, and stewardship. The same checks the US pages run, in yen.

Owner’s Scorecard

FY2026 Annual securities report · source on EDINET →

Will it survive?

  • Can it pay its interest? —
    Not the right lens here
    What this means

    This business earns through equity-method affiliates, so interest coverage on its operating line isn't meaningful. Read its solvency on net debt against equity instead.

  • How heavy is the debt, net of cash? ¥110.7B
    Net debt
    Cash ¥44.1B − debt ¥154.8B
    What this means

    Netting ¥44.1B of cash and short-term investments against ¥154.8B of debt leaves ¥110.7B owed. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.

  • How long is cash tied up? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Is it a good business?

  • Return on invested capital —
    Operating income not meaningful here
    Industry peers: median 16%
    What this means

    This business earns mostly through equity-method affiliates, so its operating line understates its earning power and a ROIC built on it would mislead. Read it on return on equity and the record instead.

  • Owner-earnings margin —
    Not enough data
    Industry peers: median 2%
    What this means

    The filing data didn't include the inputs for this check.

  • Are earnings backed by cash? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

How is the cash used?

  • Where do the earnings go? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

  • Investing or harvesting? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

  • Profitable years 9 of 10
    What this means

    Lost money in 1 year(s), look at what happened there before trusting the average.

  • Return on capital ≥ 15% 0 of 10 yrs
    What this means

    A moat shows up as a high return on invested capital that holds year after year, not one good vintage.

  • Operating margin 8% → −9% (3-yr avg ends)
    What this means

    Through the cycle the operating margin slipped — about 8% early to −9% lately, median 5% — competition or costs are biting in.

  • Reinvestment, incremental ROIC −27%
    What this means

    Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.

  • Worst year 2024 · −12.3% op. margin
    What this means

    Operations went underwater in 2024, understand why before trusting the good years.

  • Share count −0.4%/yr
    What this means

    Roughly flat share count, little dilution, little buyback.

  • Dividend record rising
    What this means

    Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

III

The price

What a price would have to assume, set against the record above.

What the price implies

reverse-DCF

Omron is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

¥
The assumptions

Revenue, delivered−1%/yr’21→’26

Enter a price to run it.

Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh 6645 against another business →

Figures from EDINET, the Financial Services Agency’s disclosure system, the same kind of filing the US pages draw from EDGAR. A separate pool: these names never pass through the US industry classifier.

Manual order: ← 6594 its page in the Manual 6701 →

Industry order: ← 6479 the Electronic Components & Instruments chapter 6762 →