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Sells and supports IT infrastructure, software and services mainly to Japanese small and mid-sized businesses.
Sells and supports IT infrastructure, software and services mainly to Japanese small and mid-sized businesses.
Resells servers, PCs and software, installs them, then charges ongoing fees for support and maintenance, which gives it recurring revenue from long-standing customers. A large support center and field engineers serve smaller companies that lack their own IT staff, and it also sells office supplies by catalog and online. It is unrelated to the drugmaker Otsuka.
In one line: A smaller CDW/Insight Enterprises.
Moat: narrow (distribution, switching costs). Long-standing local sales/support relationships with SME customers create switching friction.
Headquarters: Tokyo, Japan · Founded: 1961 · Employees: 10,079
Size Otsuka (4768.T) is a Japan Information Technology company (Information Technology Services) with a market value of $8.63B, the 159th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,584 on 6 Nov 2026.
Performance Over six months the shares gained 23.6%, against +15.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 9.3% over the last twelve months (peer median +21.3%); the operating margin is 6.6% (peer median 9.6%).
Valuation It trades at 20.1× forward earnings against a peer median of 26.0× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.41T | ¥1.32T | ¥1.11T | ¥977B | ¥861B |
| Revenue growth | — | +19% | +13% | +14% | — |
| Gross profit | ¥264B | ¥245B | ¥218B | ¥198B | ¥178B |
| EBITDA | ¥104B | ¥99.3B | ¥82.6B | ¥70.9B | ¥63.1B |
| Net income | ¥67.5B | ¥64.3B | ¥53.5B | ¥47.4B | ¥40.0B |
| Free cash flow | ¥51.6B | ¥87.8B | ¥34.5B | ¥67.7B | ¥27.9B |
| Capital expenditure | ¥19.0B | ¥20.0B | ¥12.1B | ¥10.3B | ¥7.08B |
| Total debt | ¥8.23B | ¥7.86B | ¥6.86B | ¥8.19B | ¥8.44B |
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 |
|---|---|---|---|---|---|---|
| Otsuka 4768.T | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% |
| CDW CDW | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% |
| Insight Enterprises NSIT | $4.64B | +89% | +3% | 6% | 11.7× | 2.9% |
| Canon Marketing Japan 8060.T | $5.26B | +5% | +3% | 10% | 17.1× | -7.2% |
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 | 4768.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.5% | +4.5% | 8th lowest of 21 |
| 6-month return | +23.6% | +15.9% | 9th highest of 21 |
| Distance from 52-week high | -20.7% | -21.7% | 11th highest of 21 |
| Revenue growth (TTM) | +9.3% | +21.3% | 5th lowest of 21 |
| Operating margin | 6.6% | 9.6% | 9th lowest of 21 |
| Forward P/E | 20.1× | 26.0× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.6% | 13.0% | least demanding of 16 |
| Growth delivered (Del g) | +9.6% | +12.3% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | -15.3 pp | +6.0 pp | least demanding of 16 |
| ROIC minus cost of capital | +24.1 pp | +2.3 pp | 2nd highest of 21 |
| EV / EBITDA | 11.2× | 24.9× | 4th cheapest of 13 |
| Net debt / EBITDA | -1.9× | -0.2× | 2nd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% | +4.8% |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 91.0× | n/a | n/a |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 5,922.0× | n/a | n/a |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% | +1.7% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% | +11.1% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| RIOT RIOT | United States | $6.27B | -31% | +6% | -84% | n/a | n/a | n/a |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% | +12.3% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 6.8× | 2.9% | +1.4% |
| Box BOX | United States | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% | +8.8% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |