Orix Corp (IX)

Price$40.12Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because stronger profits are offset by a richer valuation than recent history.

Reported: MarketWatch shows the ADS at about 10.8 times trailing earnings; Yahoo Finance shows about 1.4 times book value, meaning market value versus accounting equity. StockAnalysis shows ORIX ended recent fiscal years around 0.7–1.1 times book. Using Yahoo’s ¥623 billion trailing profit and ORIX’s unchanged ¥530 billion full-year target implies roughly 12.7 times target earnings, before judging Kioxia’s unusual gains. Inference: the shares no longer look statistically cheap, but the earnings multiple is not extreme enough to call them clearly overvalued.

Big pictureProfit and cash generation improved for years, but recent earnings include unusually large valuation gains.

Reported: the supplied history shows net income rose from ¥192.4 billion in FY2021 to ¥447.3 billion in FY2026; operating cash flow increased from ¥1.10 trillion to ¥1.37 trillion and exceeded ¥1.2 trillion in each of the last three years, while FY2026 capital spending was ¥75.1 billion. In an industrial company that spread resembles free cash flow, cash left after running and investing, but ORIX’s lending and investment activities make the classification less clean. Q1 FY2027 net income jumped to ¥280.8 billion, including ¥121.7 billion of Kioxia-related non-cash gains. Inference: underlying cash durability is good, headline earnings are lumpy.

Business strengthA stronger equity base and large buybacks support each share, though leverage remains meaningful.

Reported: the supplied history shows equity rose from ¥3.03 trillion in FY2021 to ¥4.48 trillion in FY2026, while debt rose from ¥4.72 trillion to ¥6.54 trillion, so debt-to-equity improved modestly from about 1.56 to 1.46. By June 2026, equity reached ¥4.71 trillion and continuing-operation debt was ¥6.31 trillion. ORIX also repurchased ¥150 billion in FY2026 and approved up to ¥250 billion more; ¥78.4 billion was completed by July. Inference: leverage is still substantial, but rising equity plus actual share cancellation reduces dilution risk and supports per-share value.

What could change the storyThe upside needs durable core profit growth; the downside appears if one-off gains fade while valuation stays rich.

Reported: ORIX’s first-quarter presentation says half-year profit could be ¥840 billion, but ¥540 billion is Kioxia sale and valuation gains and only ¥300 billion is adjusted profit; Kioxia sensitivity is ±¥57 billion after tax for each ¥10,000 share-price move. Infrastructure profit also fell 37% because a prior hotel-sale gain did not repeat. Inference: the bull case is that recurring asset management, aviation, insurance and financing earnings keep return on equity around or above 10% while buybacks shrink the share count. The bear case is that one-off gains fade and a roughly 1.4-times-book valuation compresses.

AI: News

Kioxia lifts first quarterKioxia gains lifted reported profit sharply, but much of the boost was non-cash and price-sensitive.

On August 6, ORIX reported first-quarter net income of ¥280.8 billion, up 162% year over year. Its presentation split that into about ¥159.1 billion of adjusted profit and ¥121.7 billion of Kioxia-related gains; the half-year forecast includes ¥540 billion of non-cash Kioxia gains. The company estimates a ±¥57 billion after-tax impact for each ¥10,000 Kioxia share-price move. The ADS finished roughly flat that day and fell about 2.9% the next day; timing alone does not prove causation.

Buyback program acceleratesORIX is buying back shares at a faster pace, which can raise each remaining share’s claim on profits.

On August 5, ORIX said it had spent ¥78.45 billion repurchasing 12.385 million shares under the program authorized in May. The full authorization is up to ¥250 billion and 100 million shares, about 9.1% of then-outstanding shares, through March 2027. The ADS rose about 2.7% that day, but the move cannot be attributed to the buyback update alone. The program matters because lower share count can lift profit and book value per remaining share if repurchases are made at sensible prices.

Bank exit, aviation expansionORIX completed its bank exit and agreed to buy AerFin, shifting capital toward aviation services.

On August 3, ORIX said the sale of ORIX Bank had completed and separately agreed to buy 100% of UK aviation aftermarket company AerFin. ORIX had previously estimated about ¥124.2 billion of pretax gain from the bank transfer. AerFin reported about US$370 million of 2025 revenue and serves more than 600 customers. The combination is a clear capital-recycling move: cash and management attention leave banking and move toward aircraft lifecycle services, where ORIX already owns leasing and Avolon exposure. Execution and purchase-price discipline now matter.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	¥1.50T	¥1.35T	¥1.30T	¥1.30T	¥1.25T	¥1.09T	¥1.17T	¥2.43T	¥2.86T	¥2.68T	¥2.37T	¥2.17T	¥1.38T	¥1.05T	¥964.78B	¥941.01B	¥890.55B	¥1.03T	¥1.14T
Gross profit	—	—	—	—	—	—	¥690.40B	¥1.93T	¥2.38T	¥2.23T	¥1.73T	¥1.87T	¥1.27T	¥1.02T	—	—	—	—	—
Gross margin	—	—	—	—	—	—	58.79%	79.12%	83.14%	83.15%	72.91%	85.80%	92.22%	96.85%	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	¥420.72B	¥2.11T	¥2.53T	¥2.35T	¥2.08T	¥1.92T	¥1.17T	¥901.62B	¥842.56B	¥869.38B	¥860.38B	¥978.31B	¥949.78B
Operating income	¥456.25B	¥331.83B	¥360.71B	¥335.92B	¥292.88B	¥258.81B	¥269.68B	¥329.44B	¥336.19B	¥329.22B	¥287.74B	¥256.83B	¥203.05B	¥150.85B	¥122.22B	¥71.63B	¥30.17B	¥54.18B	¥185.55B
Operating margin	30.34%	24.54%	27.75%	25.77%	23.50%	23.80%	22.97%	13.53%	11.74%	12.29%	12.15%	11.81%	14.76%	14.33%	12.67%	7.61%	3.39%	5.25%	16.34%
EBITDA	¥861.04B	¥731.35B	¥724.96B	¥676.17B	¥613.22B	¥574.77B	¥573.88B	¥625.03B	¥616.12B	¥582.90B	¥532.59B	¥486.41B	¥409.72B	¥328.13B	¥286.40B	¥235.17B	¥195.00B	¥243.39B	¥354.32B
EBITDA margin	57.25%	54.08%	55.77%	51.88%	49.21%	52.85%	48.87%	25.67%	21.52%	21.76%	22.48%	22.37%	29.79%	31.18%	29.69%	24.99%	21.90%	23.57%	31.21%
Net income	¥447.26B	¥351.63B	¥346.13B	¥290.34B	¥317.38B	¥192.38B	¥302.70B	¥323.75B	¥313.13B	¥273.24B	¥260.17B	¥234.95B	¥187.36B	¥111.91B	¥83.51B	¥66.02B	¥37.76B	¥21.92B	¥169.60B
Net profit margin	29.74%	26.00%	26.63%	22.28%	25.47%	17.69%	25.78%	13.30%	10.94%	10.20%	10.98%	10.81%	13.62%	10.63%	8.66%	7.02%	4.24%	2.12%	14.94%
Basic EPSper basic share	¥400.27	¥307.74	¥298.55	¥231.35	—	—	—	—	—	¥20.89	¥19.87	¥17.95	¥14.78	¥10.29	¥7.77	¥6.14	¥3.71	¥2.47	¥18.61
Diluted EPSper diluted share	¥399.40	¥307.16	¥298.05	¥231.04	—	—	—	—	—	¥20.87	¥19.85	¥17.92	¥14.32	¥8.74	¥6.50	¥5.18	¥3.16	¥2.34	¥18.18

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$3.1K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 20, 2026Form 4	Otsuka TakashiSee Remarks	BuyCommon Stock	13.16	$38.22	$502.9752	2.3K
May 20, 2026Form 4	Matsuzaki SatoruSee remarks	BuyCommon Stock	6.58	$38.22	$251.4876	10.7K
May 20, 2026Form 4	Ishihara TomohikoExecutive Officer	BuyCommon Stock	3.95	$38.22	$150.969	382.67
Apr 20, 2026Form 5	Ishihara TomohikoExecutive Officer	BuyCommon Stock	7.89	$31.94	$252.0066	378.73
Apr 20, 2026Form 5	Matsuzaki SatoruSee remarks	BuyCommon Stock	13.16	$31.94	$420.3304	10.7K

Review ownership filings at SEC.gov ↗

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Orix Corp (IX)

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