# Dainichi Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2025/04/01－2026/03/31) (S100YDWR)
> Page: https://vizora.meequs.com/en/company/dainichi
> Retrieved: 2026-09-30T20:27:11.519Z

## Company

Dainichi, founded in 1964, is a company in Home Appliances listed on TSE Standard. It has 466 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dainichi Co.,Ltd. |
| Ticker | 5951 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5951.T) |
| Listing | TSE Standard |
| Head office | 新潟県新潟市南区北田中780番地6 |
| Representative (per filing) | 代表取締役社長 吉井 唯 |
| Founded | Apr 1964 |
| Share capital | ¥4.06B |
| Employees (consolidated) | 466 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.dainichi-net.co.jp (https://www.dainichi-net.co.jp/) |
| Corporate number | 8110001007521 |
| EDINET | E01427 |
| Industries (Vizora) | Home Appliances |

> Profile source: annual securities report (S100YDWR, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 75 | 10 |
| Cash conversion | 50 | 7 |
| Efficiency | 5 | 10 |

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)

- Dainichi brought in ¥20.1B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit +31.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20084595000 → ¥1505704000
- Net income → operating cash flow: ¥1505704000 → ¥2039023000（difference ¥533319000）
- Main uses of operating cash flow: CapEx ¥770103000 / dividends ¥355907000 / buybacks ¥27000
- Change in cash: ¥-2750682000
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 | ¥20.1B |  |
| Operating income | ¥1.81B | Margin 9.0% |
| Net income | ¥1.51B | Margin 7.5% |
| Free cash flow | ¥1.27B |  |
| Employees (consolidated) | 466 |  |
| EPS | ¥93.03 |  |
| Book value per share | ¥1832.12 |  |
| Equity ratio | 86.6% |  |
| Shares outstanding | 19,058,587 |  |
| Treasury shares | 2,873,600 |  |
| Shareholders | 4,381 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 36.5% |
| Vs. industry median margin | +3.3 pp | Home Appliances |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 31%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22884860000 | ¥20084595000 | -12.2% |
| Operating income | ¥2009561000 | ¥1813907000 | -9.7% |
| Operating margin | 8.8% | 9.0% | +0.3 pp |
| Employees | 509 people | 466 people | -8.4% |
| Cash and equivalents | ¥13222961000 | ¥7335702000 | -44.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,085 | 100.0% | S100YDWR |
| Cost of revenue | 13,919 | 69.3% | 算出 |
| Gross profit | 6,166 | 30.7% | S100YDWR |
| SG&A | 4,352 | 21.7% | S100YDWR |
| Operating income | 1,814 | 9.0% | S100YDWR |
| Ordinary income | 2,081 | 10.4% | S100YDWR |
| Pretax income | 2,041 | 10.2% | S100YDWR |
| Income tax | 535 | 2.7% | S100YDWR |
| Net income | 1,506 | 7.5% | S100YDWR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 22 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 30.7% → Operating margin 9.0% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.9%; Core profit growth: +31.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 34.24×
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 | 19,903 | 20,085 | 182 | +0.9% |
| Gross profit | 5,738 | 6,166 | 427 | +7.4% |
| Operating income | 1,382 | 1,814 | 432 | +31.3% |
| Operating cash flow | 2,822 | 2,039 | -783 | -27.7% |
| Free cash flow | 2,380 | 1,269 | -1,111 | -46.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,826 | 181 | 1.0% | 116 | -86 | -1,859 | S100LN68 |
| FY ending Mar 2021 | 22,885 | 2,010 | 8.8% | 1,467 | 5,528 | 5,245 | S100OGXA |
| FY ending Mar 2022 | 21,088 | 1,363 | 6.5% | 1,074 | 546 | -291 | S100R4W2 |
| FY ending Mar 2023 | 21,213 | 1,447 | 6.8% | 1,210 | 2,025 | 1,482 | S100TQJ0 |
| FY ending Mar 2024 | 19,651 | 1,100 | 5.6% | 888 | 111 | -264 | S100W3U0 |
| FY ending Mar 2025 | 19,903 | 1,382 | 6.9% | 1,161 | 2,822 | 2,380 | S100YDWR |
| FY ending Mar 2026 | 20,085 | 1,814 | 9.0% | 1,506 | 2,039 | 1,269 | S100YDWR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.1M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 505 | 503 | 490 | 470 | 466 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥5.9M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 41.3 years | 41.6 years | 42.1 years | 42.5 years | 43.1 years |
| Average tenure (parent company) | 19.0 years | 19.3 years | 19.9 years | 20.2 years | 20.8 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +0.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,039 | 10.2% | S100YDWR |
| Capital expenditure | 770 | 3.8% | S100YDWR |
| Free cash flow | 1,269 | 6.3% | 算出 |
| Investing cash flow | -4,434 | -22.1% | S100YDWR |
| Financing cash flow | -357 | -1.8% | S100YDWR |
| Dividends paid | 356 | 1.8% | S100YDWR |
| Share buyback | 0 | 0.0% | S100YDWR |
| Change in cash | -2,751 | -13.7% | S100YDWR |
| Cash and equivalents | 7,336 | 36.5% | S100YDWR |

## 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 | 11,402 | 11,711 | 10,575 | 10,086 | 7,336 | S100TQJ0, S100W3U0, S100YDWR |
| Total assets | 28,963 | 30,255 | 31,184 | 31,910 | 34,241 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Net assets | 25,069 | 26,096 | 27,094 | 27,940 | 29,653 | S100TQJ0, S100W3U0, S100YDWR |
| Share capital | 4,059 | 4,059 | 4,059 | 4,059 | 4,059 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Property, plant and equipment | 7,694 | 7,296 | 6,861 | 6,663 | 6,743 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Intangible assets excluding goodwill | 33 | 38 | 37 | 32 | 26 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Investment securities | 1,692 | 2,715 | 3,316 | 2,897 | 5,319 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Current assets | 19,041 | 19,658 | 20,417 | 21,581 | 21,201 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Current liabilities | 3,208 | 3,473 | 3,257 | 3,055 | 3,336 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Total liabilities | 3,894 | 4,159 | 4,090 | 3,970 | 4,588 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Equity attributable to owners of parent | 24,883 | 25,737 | 26,269 | 27,074 | 28,224 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Retained earnings | 18,407 | 19,261 | 19,793 | 20,598 | 21,748 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |
| Treasury stock | -2,109 | -2,109 | -2,109 | -2,109 | -2,109 | S100R4W2, S100TQJ0, S100W3U0, S100YDWR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YDWR |
| Property, plant and equipment | 20% | S100YDWR |
| Intangibles and goodwill | 0% | S100YDWR |
| Investment securities | 16% | S100YDWR |
| Other assets | 43% | S100YDWR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YDWR |
| Equity | 87% | S100YDWR |
| Other liabilities | 0% | S100YDWR |

### 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 | 28,963 | 30,255 | 31,184 | 31,910 | 34,241 |
| Equity | 25,069 | 26,096 | 27,094 | 27,940 | 29,653 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,402 | 11,711 | 10,575 | 10,086 | 7,336 |

## 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) | 33.6% | S100YDWR |
| Fixed assets ÷ total assets | 19.7% | S100YDWR |
| Goodwill ÷ parent equity | — | —, S100YDWR |

### 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) | 21.4% |
| Cash ÷ revenue | 36.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.4% |
| Cash vs. profit gap | 533 JPY mn (of net income 35.4%) |
| Shareholder returns / net income | 23.6% |
| Shareholder returns / FCF | 28.1% |
| Shareholder payments — dividends / net income | 23.6% |
| Shareholder payments — dividends / FCF | 28.0% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 217.5% |

## 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 | 5.1% | 0.73× | 3.7% | 1.16× | 4.3% | S100R4W2 |
| 2023 | 5.7% | 0.72× | 4.1% | 1.17× | 4.8% | S100TQJ0 |
| 2024 | 4.5% | 0.64× | 2.9% | 1.18× | 3.4% | S100W3U0 |
| 2025 | 5.8% | 0.63× | 3.7% | 1.18× | 4.4% | S100YDWR |
| 2026 | 7.5% | 0.61× | 4.6% | 1.20× | 5.4% | S100YDWR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビー・エッチ | Major shareholder | 11.4% | 2026-03-31 |
| 株式会社ダイニチビル | Major shareholder | 8.4% | 2026-03-31 |
| JEFFERIES LLC-SPEC CUST AC FBO CUSTOMER （常任代理人シティバンク、 エヌ・エイ東京支店） | Major shareholder | 6.0% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.5% | 2026-03-31 |
| 吉井 久夫 | Major shareholder | 3.5% | 2026-03-31 |
| 吉井 久美子 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| ダイニチ工業従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 渥美 るみ子 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YDWR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWR,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W3U0 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3U0,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TQJ0 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQJ0,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R4W2 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4W2,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OGXA | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGXA,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LN68 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN68,, |

## 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).