Orix Corp. (IX) intrinsic value & 10-year financials
Orix Corp. (IX) has a Graham intrinsic value of ¥8,083.79 per share. Over the last 10 fiscal years revenue shrank 6.2% a year to ¥1.5T, with an average return on invested capital of 3.3%.
- Graham intrinsic value
- ¥8,083.79
- Revenue (FY2026)
- ¥1.5T
- Revenue growth (10-yr CAGR)
- -6.2%
- ROIC (10-yr avg)
- 3.3%
- Free cash flow (FY2026)
- ¥1.3T
IX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | ¥1.5T | ¥447.3B | — | ¥1.3T | 30.3% | 3.2% |
| FY2025 | ¥1.4T | ¥351.6B | — | ¥1.2T | 24.5% | 2.7% |
| FY2024 | ¥1.3T | ¥346.1B | — | ¥1.2T | 27.7% | 3.1% |
| FY2023 | ¥1.3T | ¥273.1B | — | ¥809.5B | 24.1% | 3.2% |
| FY2022 | ¥1.2T | ¥312.1B | — | ¥1.1T | 24.2% | 2.7% |
| FY2021 | ¥1.1T | ¥192.4B | — | ¥1.1T | 23.8% | 2.6% |
| FY2020 | ¥1.2T | ¥302.7B | — | ¥998.0B | 23.0% | 3.1% |
| FY2019 | ¥2.4T | ¥323.7B | — | ¥525.5B | 13.5% | 4.6% |
| FY2018 | ¥2.9T | ¥313.1B | — | ¥466.5B | 11.7% | 4.4% |
| FY2017 | ¥2.7T | ¥273.2B | ¥208.68 | ¥488.4B | 12.3% | 3.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in JPY.
Executive summary
ORIX CORP is facing top-line stagnation, with revenue contracting over the decade.
ORIX CORP has historically struggled to out-earn its cost of capital, averaging just 3.3% ROIC.
Over the decade, ORIX CORP shows that management has aggressively returned capital to shareholders by retiring 14.5% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ORIX CORP is modeled at 7.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8083.79 per share.