# DAIDOH LIMITED: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第103期(2025/04/01－2026/03/31) (S100YMAI)
> Page: https://vizora.meequs.com/en/company/daidoh
> Retrieved: 2026-09-30T21:03:33.958Z

## Company

Daidoh, founded in 1918, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 722 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIDOH LIMITED |
| Ticker | 3205 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3205.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区外神田三丁目1番16号 |
| Representative (per filing) | 代表取締役社長執行役員グループCOO 成瀬功一郎 |
| Founded | Apr 1918 |
| Share capital | ¥100M |
| Employees (consolidated) | 722 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.daidoh-limited.com (https://www.daidoh-limited.com/) |
| Corporate number | 4010001008715 |
| EDINET | E00550 |
| Industries (Vizora) | Real Estate Development & Leasing, Apparel |

> Profile source: annual securities report (S100YMAI, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.8 | 55 |
| Profitability | 30.3 | 61 |
| Cash conversion | 64.9 | 47 |
| Efficiency | 35.2 | 61 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 90% of Daidoh's sales come from Clothing, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +13.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Clothing 90.0%、Leasing 10.0%
- Revenue → net income: ¥32502000000 → ¥2249000000
- Net income → operating cash flow: ¥2249000000 → ¥423000000（difference ¥-1826000000）
- Main uses of operating cash flow: CapEx ¥612000000 / dividends ¥2829000000 / buybacks ¥7000000
- Change in cash: ¥-440000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥32.5B |  |
| Operating income | ¥371M | Margin 1.1% |
| Net income | ¥1.89B | Margin 5.8% |
| Free cash flow | -¥189M |  |
| Largest business | Clothing | of segment revenue 90.0% |
| Employees (consolidated) | 722 |  |
| EPS | ¥48.58 |  |
| Diluted EPS | ¥47.68 |  |
| Book value per share | ¥311.31 |  |
| Equity ratio | 27.3% |  |
| Shares outstanding | 30,696,000 |  |
| Treasury shares | 3,303,030 |  |
| Shareholders | 40,836 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 22.9% |
| Vs. industry median margin | -1.9 pp | Apparel |
| ROE | 23.3% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -45 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17299000000 | ¥32502000000 | +87.9% |
| Operating income | ¥-2527000000 | ¥371000000 | — |
| Operating margin | -14.6% | 1.1% | +15.7 pp |
| Employees | 866 people | 722 people | -16.6% |
| Cash and equivalents | ¥7723000000 | ¥7438000000 | -3.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 衣料事業 → 衣料事業 | 82.4% |
| 不動産賃貸事業 → 不動産賃貸事業 | 10.0% |
| 不動産賃貸事業 → 事業再編・廃止 | 7.6% |
| 新設・再編 → 衣料事業 | 7.6% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,502 | 100.0% | S100YMAI |
| Cost of revenue | 15,636 | 48.1% | S100YMAI |
| Gross profit | 16,866 | 51.9% | S100YMAI |
| SG&A | 16,495 | 50.8% | S100YMAI |
| Operating income | 371 | 1.1% | S100YMAI |
| Ordinary income | 177 | 0.5% | S100YMAI |
| Pretax income | 906 | 2.8% | S100YMAI |
| Income tax | -1,342 | -4.1% | S100YMAI |
| Net income | 2,249 | 6.9% | S100YMAI |
| Net income attributable to owners | 1,893 | 5.8% | S100YMAI |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 51 |
| Operating income | 1 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 51.9% → Operating margin 1.1% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,609 | 32,502 | 3,893 | +13.6% |
| Gross profit | 15,503 | 16,866 | 1,363 | +8.8% |
| Operating income | -64 | 371 | 435 | — |
| Net income attributable to owners | -2,483 | 1,893 | 4,376 | — |
| Operating cash flow | 500 | 423 | -77 | -15.4% |
| Free cash flow | -338 | -189 | 149 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,596 | -750 | -3.2% | -1,457 | 1,233 | 942 | S100LV2Q |
| FY ending Mar 2021 | 17,299 | -2,527 | -14.6% | -4,513 | 95 | -337 | S100OD9I |
| FY ending Mar 2022 | 24,609 | -1,771 | -7.2% | -3,544 | -481 | -1,273 | S100R55O |
| FY ending Mar 2023 | 28,218 | -481 | -1.7% | 6,757 | 19 | -691 | S100TYBM |
| FY ending Mar 2024 | 28,697 | -442 | -1.5% | 291 | -1,876 | -12,444 | S100W91T |
| FY ending Mar 2025 | 28,609 | -64 | -0.2% | -2,483 | 500 | -338 | S100YMAI |
| FY ending Mar 2026 | 32,502 | 371 | 1.1% | 1,893 | 423 | -189 | S100YMAI |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45M |
| Operating income per employee (consolidated) | ¥513.9K |
| Net income per employee (consolidated) | ¥2.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 827 | 776 | 635 | 565 | 722 |
| Average salary (parent company) | ¥5.9M | ¥5.5M | ¥5.8M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 53.0 years | 52.7 years | 52.9 years | 52.6 years | 52.4 years |
| Average tenure (parent company) | 25.0 years | 25.3 years | 25.3 years | 23.8 years | 24.4 years |

Year over year: Employees (consolidated) +27.8% · Revenue (consolidated) +13.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Clothing | 29,265 | 90.0% | 759 | 2.6% |
| Leasing | 3,237 | 10.0% | 910 | 28.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Clothing | 90.0% | 45.5% | -44.6 | 2.6% |
| Leasing | 10.0% | 54.5% | 44.6 | 28.1% |

Segment → industry: Leasing → Real Estate Development & Leasing / Clothing → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 423 | 1.3% | S100YMAI |
| Capital expenditure | 612 | 1.9% | S100YMAI |
| Free cash flow | -189 | -0.6% | 算出 |
| Investing cash flow | 2,860 | 8.8% | S100YMAI |
| Financing cash flow | -3,711 | -11.4% | S100YMAI |
| Dividends paid | 2,829 | 8.7% | S100YMAI |
| Share buyback | 7 | 0.0% | S100YMAI |
| Change in cash | -440 | -1.4% | S100YMAI |
| Cash and equivalents | 7,438 | 22.9% | S100YMAI |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,468 | 13,553 | 5,377 | 7,878 | 7,438 | S100TYBM, S100W91T, S100YMAI |
| Total assets | 31,798 | 39,762 | 40,882 | 37,395 | 36,940 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Net assets | 7,713 | 14,503 | 14,646 | 12,195 | 11,804 | S100TYBM, S100W91T, S100YMAI |
| Share capital | 6,891 | 6,891 | 6,891 | 100 | 100 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Property, plant and equipment | 6,480 | 5,597 | 15,614 | 11,019 | 5,594 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Intangible assets excluding goodwill | 1,649 | 1,571 | 1,671 | 411 | 5,636 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Goodwill | — | — | — | — | 2,875 | S100YMAI |
| Investment securities | 6,336 | 6,164 | 4,567 | 4,282 | 2,113 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Current assets | 15,654 | 24,744 | 17,245 | 19,736 | 21,033 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Current liabilities | 15,000 | 17,830 | 13,677 | 13,940 | 18,922 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Trade payables | 1,986 | 2,380 | 1,473 | 1,413 | 2,127 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Short-term borrowings | 6,733 | 6,224 | 6,571 | 6,677 | 7,976 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Long-term borrowings | 3,984 | 315 | 5,802 | 5,130 | 650 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Total liabilities | 24,084 | 25,258 | 26,235 | 25,200 | 25,136 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Non-controlling interests | 658 | 638 | 668 | 650 | 1,639 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Equity attributable to owners of parent | 5,589 | 11,868 | 10,946 | 8,507 | 7,716 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Retained earnings | -5,220 | 1,537 | 1,764 | -775 | 1,788 | S100R55O, S100TYBM, S100W91T, S100YMAI |
| Treasury stock | -3,904 | -3,175 | -2,258 | -2,111 | -1,916 | S100R55O, S100TYBM, S100W91T, S100YMAI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YMAI |
| Property, plant and equipment | 15% | S100YMAI |
| Intangibles and goodwill | 23% | S100YMAI |
| Investment securities | 6% | S100YMAI |
| Other assets | 36% | S100YMAI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YMAI |
| Other liabilities | 62% | S100YMAI |
| Equity | 32% | S100YMAI |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,798 | 39,762 | 40,882 | 37,395 | 36,940 |
| Equity | 7,713 | 14,503 | 14,646 | 12,195 | 11,804 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,468 | 13,553 | 5,377 | 7,878 | 7,438 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 17.2% | S100YMAI |
| Fixed assets ÷ total assets | 15.1% | S100YMAI |
| Goodwill ÷ parent equity | 37.3% | S100YMAI |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 20.1% |
| Cash ÷ revenue | 22.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.0% |
| Cash vs. profit gap | -1,470 JPY mn (of net income -77.7%) |
| Shareholder returns / net income | 149.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 149.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 676.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -11.1% | —× | — | S100R55O |
| 2023 | 23.9% | 0.79× | 18.9% | 4.10× | 77.4% | S100TYBM |
| 2024 | 1.0% | 0.71× | 0.7% | 3.53× | 2.6% | S100W91T |
| 2025 | — | —× | -6.3% | —× | — | S100YMAI |
| 2026 | 5.8% | 0.87× | 5.1% | 4.58× | 23.3% | S100YMAI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ソトー | Major shareholder | 4.2% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| ダイドーグループユニオン | Major shareholder | 0.9% | 2026-03-31 |
| ダイドーリミテッド取引先持株会 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YMAI | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMAI,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W91T | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W91T,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TYBM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYBM,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R55O | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R55O,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OD9I | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD9I,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LV2Q | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV2Q,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).