Orix Corporation - ADR
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+ FollowMarket Cap$40.38B
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Earnings Call Q4 2026
May 12, 2026 - AI Summary
FY26 results: strong record profitability despite impairments
- Net income JPY 447.3bn, exceeding the revised forecast JPY 440bn (raised at H1); +27% YoY (+JPY 95.6bn) and ROE 10.4% (+1.6ppt YoY).
- Q4 net income JPY 57.6bn but offset by total impairments of JPY 97.2bn (mainly ORIX USA).
- Key driver of impairment: at OCP / ORIX Capital Partners they are phasing out PE business and doing capital recycling → goodwill impairment in Q4.
Earnings engine (FY26): finance + operations + investment all grew, with investment gains playing a major role
- FY26 pretax profits JPY 691.4bn (+44% YoY, +JPY 211bn).
- By category:
- Finance: growth from Insurance investment income and fee income in Corporate Financial Services (+JPY 12.9bn, +7%).
- Operations: growth from inbound/leases and some stake sales/gains (e.g., hotels/airport concessions, Rentec autos & ships; plus stake sales + Zeeklite gains) (+JPY 37bn, +18%).
- Investments: +JPY 138.1bn (+82%), largely driven by realized gains (notably Greenko stake sales/valuation; plus real estate + PE/earnings such as Toshiba).
- Notable “surprise/good”: they explicitly say investment profit growth would remain strong even excluding ~JPY 95bn Greenko gains—i.e., recurring-ish momentum beyond one-off.
FY27 guidance: net income expected to rise, but “investments” profits expected to decline
- FY27 (ending Mar 2027) target net income JPY 530bn (+JPY 82.7bn YoY), ROE target 11.7%.
- FY27 pretax profit target JPY 760bn (+10% YoY).
- Category outlook:
- Finance: expected major uplift to segment profit JPY 308.3bn (+63% YoY) including planned ORIX Bank share transfer gain ~JPY 124.2bn (pretax) plus contribution from ORIX USA.
- Operations: modest growth to JPY 240.7bn (+2% YoY), with inbound pressured by geopolitical tensions.
- Investments: total JPY 290bn, where they guide for decline vs FY26 overall, because FY26 included large Greenko gains; however, investments should still increase if excluding the FY26 Greenko-related ~JPY 95bn.
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$47.85
30.2% upside
Current Fair Value
30.2% upsideUndervalued by 30.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $40.38 Billion |
|---|---|
| Enterprise Value | $5.38 Trillion |
| Annual dividend | $0.99 |
| Dividend yield | 2.90% |
| Earnings per Share | $425.01 |
| Beta | 0.72 |
| Outstanding Shares | 1,098,889,000 |
Return
| Return on Equity | 13.25% |
|---|---|
| Return on Assets | 3.42% |
| Return on Invested Capital | 5.69% |
Valuation & Multiples
| P/E Ratio | 10.4 |
|---|---|
| PEG | 6.43 |
| Price to Sales | 0.01 |
| Price to Book Ratio | 0.01 |
| Enterprise Value to Revenue | 1.71 |
| Enterprise Value to EBIT | 6.94 |
| Enterprise Value to Net Income | 8 |
| Total Debt to Enterprise | 1.17 |
| Debt to Equity | 1.34 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 7, 2026
EPS Estimate
$1.16
Consensus analyst estimateRevenue Estimate
$7.37 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 9, 2026
EPS Estimate
$1.55
Consensus analyst estimateRevenue Estimate
$9.20 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | - |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.33%▼ 3.10% |
|---|---|
| Total Invested | $138.49M▼ 90.34% |
| Investors Holding | 114▼ 208.00% |
About Orix Corporation
37,286 employees
CEO: Makoto Inoue
ORIX Corporation is a diversified global financial services provider with operations spanning Japan, the Americas, Asia, Europe, Australasia, and the Middle East. The company's multifaceted activities include corporate finance and fee-ba...