B2B E-Commerce and MRO FY2026 Full Year: MonotaRO leads, ASKUL falters
Companies compared · 4
ASKUL
2678
MonotaRO
3064
Misumi
9962
Otsuka
4768
Takeaway
Growth and supply continuity separated the leaders from the laggard.
B2B e-commerce and MRO leaders posted divergent FY2026 results: MonotaRO grew sales 15.9% and operating profit 24.6%, while ransomware-hit ASKUL fell 16.8% and swung to a loss. Otsuka led in scale; Misumi gained from overseas demand.
Industry trends
The four companies operate in the same B2B market, but draw growth from different sources. Digitalization among customers and stronger supply capabilities are common themes.
- Corporate IT demand lifted Otsuka, as PC upgrades and investment in AI and digital transformation continued. Revenue rose 19.4%.
- Online customer acquisition and logistics supported MonotaRO. It won new customers, lifting revenue 15.9% and operating profit 24.6%.
- Asian semiconductor and communications demand helped Misumi. Revenue rose 9.8% despite subdued domestic capital investment.
- ASKUL's order suspension also exposed a vulnerability in online retail: sales depend not only on logistics, but on system continuity.
Revenue ranking
Otsuka captured IT demand and maintained the largest revenue base among the four. The breadth of its business also sets it apart from online retail specialists and manufacturing-related companies.
Operating profit ranking
Otsuka led in operating profit, while MonotaRO and Misumi also remained profitable. ASKUL fell into the red after its order suspension, underscoring the divergence in results.
Operating margin ranking
MonotaRO led on operating margin, supported by efficient online customer acquisition and logistics. ASKUL, by contrast, posted an operating loss as revenue fell.
Winners and losers
MonotaRO stood out for profitability. Revenue reached ¥333.9 billion, up 15.9% year on year, while operating profit rose 24.6% to ¥46.2 billion. Its 13.8% operating margin was the highest among the four. Customer acquisition and logistics investment drove profit growth ahead of sales growth.
ASKUL had the toughest period. Revenue fell 16.8% to ¥400.2 billion, and it swung from an operating profit of ¥14 billion in the previous year to an operating loss of ¥17.4 billion. The impact of suspending orders after a ransomware attack in October 2025 was substantial.
The gap in growth and supply continuity shaped the contrasting results. Otsuka had the largest revenue base at ¥1.3228 trillion, up 19.4%. Its operating margin, however, was 6.8%, below MonotaRO's.
Winner
MonotaRO
Laggard
ASKUL
Strategic moves to watch
The companies are pursuing their next phase of growth in different ways.
- ASKUL is moving quickly to rebuild logistics and win back customers. For the fiscal year ending May 2027, it forecasts revenue of ¥490 billion and operating profit of ¥7 billion. A recovery in orders and measures to prevent a recurrence are essential to meeting the targets.
- MonotaRO is focused on adding customers and improving convenience. It raised its annual dividend to ¥33 per share from ¥19 and announced a share buyback of up to ¥10 billion.
- Misumi is expanding in digital manufacturing through its acquisition of U.S. company Fictiv and is taking its proprietary meviy service overseas. It also announced a share buyback of up to ¥30 billion.
- Otsuka is strengthening its broad-based “whole office” offering, spanning PC sales, AI and digital transformation. Labor and IT talent shortages are creating demand for hands-on customer support.
Ranking shifts and structural trends
Otsuka ranked first in revenue, while MonotaRO had the highest operating margin. Revenue ranked Misumi at ¥441.4 billion, ASKUL at ¥400.2 billion and MonotaRO at ¥333.9 billion.
The companies have different fiscal year-ends: Otsuka and MonotaRO reported for the year ended December 2025, Misumi for the year ended March 2026, and ASKUL for the year ended May 2026. Growth rates, margins and business models should be considered alongside headline rankings.
Some companies are refining online retail, while others are expanding into IT support and manufacturing services. The sector is shifting from selling products to solving customer problems.
Common industry risks
Even the faster-growing companies face shared challenges.
- Cyberattacks and system outages. ASKUL's experience showed how an order suspension can damage sales and the customer base.
- Rising logistics and labor costs. Expanding delivery networks can improve convenience but may also squeeze profits.
- Demand swings. A slowdown in capital spending or semiconductor demand could weigh on manufacturing-related businesses such as Misumi.
- Intensifying customer-acquisition competition. More advertising and price competition could put pressure on margins at companies such as MonotaRO.
- Uncertain investment returns. Acquisitions and spending on logistics and IT can take time to generate growth.
For job seekers and career changers
The work experience differs by company. At MonotaRO, employees may work on data-driven marketing and logistics improvements. Misumi focuses on overseas operations and the digitalization of manufacturing. Otsuka emphasizes customer-facing proposal skills, while stable online retail operations and system recovery are important at ASKUL.
Look beyond sales growth when choosing an employer: consider how it generates profits and where it invests. How a company solves customer problems and keeps operating during disruptions can offer insight into both its resilience and its working environment.
Year-on-year revenue growth
Otsuka and MonotaRO posted double-digit revenue growth on corporate demand, while Misumi also expanded. ASKUL was the only company to record a sharp decline after the ransomware attack.
Year-on-year net income growth
MonotaRO recorded the strongest net income growth, while Otsuka and Misumi also increased net income. ASKUL is excluded from the year-on-year growth comparison because it was loss-making.