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Maker of ERP and accounting software sold mainly to small and mid-sized Japanese businesses.
Maker of ERP and accounting software sold mainly to small and mid-sized Japanese businesses.
Sells the whole job itself, from software through installation to maintenance and hosting, using its own staff instead of partners, so contracts renew with recurring maintenance and operating fees. Most customers are mid-sized Japanese firms running their finance and sales systems on its packaged suite.
In one line: Japan's Intuit/Sage for business ERP.
Moat: narrow (switching costs, installed base, distribution). Deep installed base of SME back-office software that is costly and disruptive for customers to replace.
Headquarters: Tokyo, Japan · Employees: 2,256
Size OBIC (4684.T) is a Japan Information Technology company (Information Technology Services) with a market value of $16.6B, the 92nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,069 on 6 Nov 2026.
Performance Over six months the shares gained 45.9%, against +26.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 13.0% over the last twelve months (peer median +11.0%); the operating margin is 66.6% (peer median 10.1%).
Valuation It trades at 30.3× forward earnings against a peer median of 22.0× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥144B | ¥135B | ¥121B | ¥112B | ¥100B |
| Revenue growth | — | +12% | +9% | +11% | — |
| Gross profit | ¥114B | ¥108B | ¥96.3B | ¥88.1B | ¥78.6B |
| EBITDA | ¥99.1B | ¥91.5B | ¥81.1B | ¥73.4B | ¥65.0B |
| Net income | ¥82.3B | ¥75.2B | ¥64.6B | ¥58.0B | ¥50.1B |
| Free cash flow | ¥76.8B | ¥71.5B | ¥60.7B | ¥52.1B | ¥51.8B |
| Capital expenditure | ¥1.81B | ¥2.29B | ¥2.08B | ¥3.76B | ¥1.16B |
| Total debt | n/a | ¥0 | ¥0 | ¥0 | ¥0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| OBIC 4684.T | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Money Forward 3994.T | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4684.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.1% | +6.6% | 5th highest of 21 |
| 6-month return | +45.9% | +26.5% | 4th highest of 21 |
| Distance from 52-week high | -4.5% | -18.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +13.0% | +11.0% | 9th highest of 21 |
| Operating margin | 66.6% | 10.1% | highest of 21 |
| Forward P/E | 30.3× | 22.0× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.6% | 8.1% | 9th least demanding of 19 |
| Growth delivered (Del g) | +10.0% | +9.0% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | -5.4 pp | -1.9 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +16.3 pp | +3.9 pp | 5th highest of 20 |
| EV / EBITDA | 24.3× | 15.2× | 5th most expensive of 15 |
| Net debt / EBITDA | -2.1× | 0.5× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |