# Orix (8591.JP)

Canonical: https://gigainvestors.com/s/8591.JP

Analysis as of: 2026-10-15T06:39:50.448Z. Financial observations: FY2011–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 5,721.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.14×

- FY2020: 0.12×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.12×

- FY2026: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.3%

- ROIC, second-lowest year: 2.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 10.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.2%

- FY2018: 4.9%

- FY2019: 4.8%

- FY2020: 3.2%

- FY2021: 2.7%

- FY2022: 2.8%

- FY2023: 3.4%

- FY2024: 3.0%

- FY2025: 2.8%

- FY2026: 3.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY -323B

- Net income, five-year total: JPY 1.75T

- Return on incremental invested capital: 2.9%

- Working capital / revenue, final three-year average: 77.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 3.48×

- FY2023: -1.15×

- FY2024: -1.09×

- FY2025: -1.60×

- FY2026: -0.34×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 3.0%

- Per-share earnings: 208.68 to 307.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -2.0%

- Market cap gain: JPY 3.00T

- Cumulative retained earnings: JPY 1.43T

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -2.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 5.0%

- Per-share value change: JPY 98.48

- Per-share value, starting three-year median: JPY 208.68

- Per-share value, ending three-year median: JPY 307.16

- Buybacks concentrated in cheaper years (correlation): -0.30

- Average buyback yield: 1.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 1.04T

- Cumulative net income, 10 years: JPY 3.16T

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 208.68

- FY2018: JPY 244.15

- FY2019: JPY 252.70

- FY2020: JPY 237.17

- FY2021: JPY 155.39

- FY2022: JPY 263.41

- FY2023: JPY 245.65

- FY2024: JPY 298.05

- FY2025: JPY 307.16

- FY2026: JPY 399.40

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.8%

- FY2018: -2.2%

- FY2019: -2.2%

- FY2020: -5.7%

- FY2021: -6.7%

- FY2022: -5.5%

- FY2023: -4.1%

- FY2024: -5.5%

- FY2025: -5.6%

- FY2026: -5.1%

## Holders

## Price story

Up 111% since Oct 2023 · sales +15.9%

Story as of 2026-10-16T09:59:58.989Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +15.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG5L.pdf; observed 2026-06-22.

- FY2017: JPY 2.68T 

- FY2018: JPY 2.86T 

- FY2019: JPY 2.43T 

- FY2020: JPY 2.28T 

- FY2021: JPY 2.29T 

- FY2022: JPY 2.51T 

- FY2023: JPY 2.66T 

- FY2024: JPY 2.81T 

- FY2025: JPY 2.87T 

- FY2026: JPY 3.33T 

### Gross margin · FY2020

gross margin 78.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG5L.pdf; observed 2026-06-22.

- FY2017: 83.2% 

- FY2018: 83.1% 

- FY2019: 79.1% 

- FY2020: 78.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in financial conglomerates; annual sales are JPY 3.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG5L.pdf (filed 2026-06-22); FY2026: revenue 3330831000000; operatingIncome 456248000000; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); IX.US: ORIX Corporation provides financial services in Japan, the United States, and internationally. It operates through Corporate Financial Services and Maintenance Leasing; Real Estate; PE Investment and Concession; Environment and Energy; Insurance; Banking and Credit; Aircraft and Ships; ORIX USA; ORIX Europe; and Asia and Australia. The Corporate Financial Services and Maintenance Leasing segment is involved in the finance and fee; and leasing and rental of automobiles, electronic measuring instruments, and ICT-related equipment businesses. Its Real Estate segment develops, rents, and manages real estate properties; operates facilities; provides real estate asset management services. The PE Investment and Concession segment engages in the private equity investment and concession businesses. Its Environment and Energy segment provides ESCO, and recycling and waste management services; retails electric power; sells solar panels; and generates renewable energy power. The Insurance segment sells life insurance products through agents, banks, and other financial institutions, as well as face-to-face and online. Its Banking and Credit segment provides banking and consumer finance services. The Aircraft and Ships segment engages in the aircraft investment and management, ship-related finance and investment, maritime asset management, and ship brokerage businesses. Its ORIX USA segment offers finance, investment, asset management, and advisory services. The ORIX Europe segment provides asset management services for equity and fixed income. Its Asia and Australia segment engages in the finance and investment businesses. The company was formerly known as Orient Leasing Co., Ltd. and changed its name to ORIX Corporation in 1989. ORIX Corporation was incorporated in 1950 and is headquartered in Minato, Japan.

### Why customers stay

Margins ranged from 11.5% to 13.7% during 2024–26; it earns 3.3% on its capital.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001070304.json#0001193125-26-276640 (filed 2026-06-22); FY2024: operatingIncome / revenue = 12.8%.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001070304.json#0001193125-26-276640 (filed 2026-06-22); FY2025: operatingIncome / revenue = 11.5%.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001070304.json#0001193125-26-276640 (filed 2026-06-22); FY2026: operatingIncome / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); 10-year return on capital observations [[2017,0.04208157448747669],[2018,0.049238589738884404],[2019,0.04794397700746397],[2020,0.03183779655308949],[2021,0.027388662013028985],[2022,0.02772942832855479],[2023,0.03369474268458756],[2024,0.03029783372706772],[2025,0.02797646673718134],[2026,0.033366016119297716]]; median 0.0326019063361936. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 150 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2017: growth capex 0; upkeep 0; cash acquisitions 79403000000; owner earnings 583800000000. Growth capex plus acquisitions / owner earnings = 0.13601062007536827.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2018: growth capex 0; upkeep 0; cash acquisitions 66034000000; owner earnings 568791000000. Growth capex plus acquisitions / owner earnings = 0.11609536719111238.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2019: growth capex 0; upkeep 0; cash acquisitions 119105000000; owner earnings 587678000000. Growth capex plus acquisitions / owner earnings = 0.20267051004121306.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2020: growth capex 0; upkeep 0; cash acquisitions 134894000000; owner earnings 1042466000000. Growth capex plus acquisitions / owner earnings = 0.12939894442600525.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2021: growth capex 0; upkeep 0; cash acquisitions 82163000000; owner earnings 1102414000000. Growth capex plus acquisitions / owner earnings = 0.07453007672253799.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); FY2022: growth capex 0; upkeep 0; cash acquisitions 87582000000; owner earnings 1103370000000. Growth capex plus acquisitions / owner earnings = 0.07937681829304766.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Dividend observations: [[2017,61299000000],[2018,72757000000],[2019,88438000000],[2020,103824000000],[2021,95164000000],[2022,99395000000],[2023,106290000000],[2024,99900000000],[2025,135590000000],[2026,170803000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001070304.json#0001193125-26-276640 (filed 2026-06-22); FY2026: cash repurchases 150002000000 JPY.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); IX.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-09-29.

### What the price says

The price is 1.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-22); Closing price 5721 JPY; reporting-to-trading FX 1; FY2026 annual sales per share 2974.349289013191; price multiple 1.9234459184509811. FY2026 cash earnings/share -134.6469594914446. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 1,781.50 per share

- 2016-12: JPY 1,824.00 per share

- 2017-01: JPY 1,707.00 per share

- 2017-02: JPY 1,747.50 per share

- 2017-03: JPY 1,647.50 per share

- 2017-04: JPY 1,701.00 per share

- 2017-05: JPY 1,748.00 per share

- 2017-06: JPY 1,740.00 per share

- 2017-07: JPY 1,751.50 per share

- 2017-08: JPY 1,759.50 per share

- 2017-09: JPY 1,814.50 per share

- 2017-10: JPY 1,938.50 per share

- 2017-11: JPY 1,934.00 per share

- 2017-12: JPY 1,904.50 per share

- 2018-01: JPY 2,035.00 per share

- 2018-02: JPY 1,910.00 per share

- 2018-03: JPY 1,876.50 per share

- 2018-04: JPY 1,924.00 per share

- 2018-05: JPY 1,826.50 per share

- 2018-06: JPY 1,752.00 per share

- 2018-07: JPY 1,810.00 per share

- 2018-08: JPY 1,787.00 per share

- 2018-09: JPY 1,842.00 per share

- 2018-10: JPY 1,841.00 per share

- 2018-11: JPY 1,839.50 per share

- 2018-12: JPY 1,605.50 per share

- 2019-01: JPY 1,640.00 per share

- 2019-02: JPY 1,612.00 per share

- 2019-03: JPY 1,589.50 per share

- 2019-04: JPY 1,571.50 per share

- 2019-05: JPY 1,535.00 per share

- 2019-06: JPY 1,608.00 per share

- 2019-07: JPY 1,561.50 per share

- 2019-08: JPY 1,569.00 per share

- 2019-09: JPY 1,611.00 per share

- 2019-10: JPY 1,706.50 per share

- 2019-11: JPY 1,792.50 per share

- 2019-12: JPY 1,811.00 per share

- 2020-01: JPY 1,858.00 per share

- 2020-02: JPY 1,742.00 per share

- 2020-03: JPY 1,300.50 per share

- 2020-04: JPY 1,289.00 per share

- 2020-05: JPY 1,429.00 per share

- 2020-06: JPY 1,328.50 per share

- 2020-07: JPY 1,136.00 per share

- 2020-08: JPY 1,322.00 per share

- 2020-09: JPY 1,305.00 per share

- 2020-10: JPY 1,215.50 per share

- 2020-11: JPY 1,553.00 per share

- 2020-12: JPY 1,584.50 per share

- 2021-01: JPY 1,675.00 per share

- 2021-02: JPY 1,801.50 per share

- 2021-03: JPY 1,868.00 per share

- 2021-04: JPY 1,757.50 per share

- 2021-05: JPY 1,931.50 per share

- 2021-06: JPY 1,874.50 per share

- 2021-07: JPY 1,912.00 per share

- 2021-08: JPY 2,051.50 per share

- 2021-09: JPY 2,110.00 per share

- 2021-10: JPY 2,255.00 per share

- 2021-11: JPY 2,245.00 per share

- 2021-12: JPY 2,347.50 per share

- 2022-01: JPY 2,355.50 per share

- 2022-02: JPY 2,283.00 per share

- 2022-03: JPY 2,447.50 per share

- 2022-04: JPY 2,374.00 per share

- 2022-05: JPY 2,451.50 per share

- 2022-06: JPY 2,276.00 per share

- 2022-07: JPY 2,360.50 per share

- 2022-08: JPY 2,296.00 per share

- 2022-09: JPY 2,028.50 per share

- 2022-10: JPY 2,185.00 per share

- 2022-11: JPY 2,210.50 per share

- 2022-12: JPY 2,118.50 per share

- 2023-01: JPY 2,275.00 per share

- 2023-02: JPY 2,441.50 per share

- 2023-03: JPY 2,176.50 per share

- 2023-04: JPY 2,300.00 per share

- 2023-05: JPY 2,375.50 per share

- 2023-06: JPY 2,612.50 per share

- 2023-07: JPY 2,731.00 per share

- 2023-08: JPY 2,720.00 per share

- 2023-09: JPY 2,793.00 per share

- 2023-10: JPY 2,715.00 per share

- 2023-11: JPY 2,698.50 per share

- 2023-12: JPY 2,656.00 per share

- 2024-01: JPY 2,868.50 per share

- 2024-02: JPY 3,137.00 per share

- 2024-03: JPY 3,306.00 per share

- 2024-04: JPY 3,241.00 per share

- 2024-05: JPY 3,419.00 per share

- 2024-06: JPY 3,552.00 per share

- 2024-07: JPY 3,664.00 per share

- 2024-08: JPY 3,644.00 per share

- 2024-09: JPY 3,318.00 per share

- 2024-10: JPY 3,270.00 per share

- 2024-11: JPY 3,367.00 per share

- 2024-12: JPY 3,408.00 per share

- 2025-01: JPY 3,297.00 per share

- 2025-02: JPY 3,088.00 per share

- 2025-03: JPY 3,084.00 per share

- 2025-04: JPY 2,851.00 per share

- 2025-05: JPY 3,066.00 per share

- 2025-06: JPY 3,260.00 per share

- 2025-07: JPY 3,400.00 per share

- 2025-08: JPY 3,830.00 per share

- 2025-09: JPY 3,882.00 per share

- 2025-10: JPY 3,760.00 per share

- 2025-11: JPY 4,243.00 per share

- 2025-12: JPY 4,554.00 per share

- 2026-01: JPY 4,694.00 per share

- 2026-02: JPY 5,543.00 per share

- 2026-03: JPY 4,607.00 per share

- 2026-04: JPY 5,275.00 per share

- 2026-05: JPY 6,237.00 per share

- 2026-06: JPY 6,149.00 per share

- 2026-07: JPY 6,410.00 per share

- 2026-08: JPY 6,284.00 per share

- 2026-09: JPY 5,971.00 per share

- 2026-10: JPY 5,811.00 per share

## Annual estimated value (JPY per share)

- FY2017: low JPY 4,873.35 per share, central JPY 5,545.28 per share, high JPY 6,439.76 per share

- FY2018: low JPY 4,847.39 per share, central JPY 5,515.74 per share, high JPY 6,405.45 per share

- FY2019: low JPY 4,127.42 per share, central JPY 4,696.50 per share, high JPY 5,454.07 per share

- FY2020: low JPY 4,261.12 per share, central JPY 4,848.63 per share, high JPY 5,630.74 per share

- FY2021: low JPY 4,884.54 per share, central JPY 5,558.01 per share, high JPY 6,454.54 per share

- FY2022: low JPY 12,449.94 per share, central JPY 17,785.04 per share, high JPY 20,891.68 per share

- FY2023: low JPY 13,478.68 per share, central JPY 19,254.62 per share, high JPY 22,617.96 per share

- FY2024: low JPY 14,362.45 per share, central JPY 20,325.21 per share, high JPY 23,865.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG5L.pdf); period 2026-03-31, filed 2026-06-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.