# DAIWA CYCLE CO.,LTD.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/02/01－2026/01/31) (S100Y0CE)
> Page: https://vizora.meequs.com/en/company/daiwa-cycle
> Retrieved: 2026-09-30T21:35:36.228Z

## Company

Daiwa Cycle, founded in 1990, is a company in Bicycles listed on TSE Growth. It has 758 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIWA CYCLE CO.,LTD. |
| Ticker | 5888 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5888.T) |
| Listing | TSE Growth |
| Head office | 大阪府吹田市江坂町一丁目12番38号 |
| Representative (per filing) | 代表取締役社長 涌本 宜央 |
| Founded | Aug 1990 |
| Share capital | ¥562.2M |
| Employees (consolidated) | 758 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | January |
| Website | www.daiwa-cycle.co.jp (https://www.daiwa-cycle.co.jp/) |
| Corporate number | 4122001021471 |
| EDINET | E38738 |
| Industries (Vizora) | Bicycles |

> Profile source: annual securities report (S100Y0CE, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Bicycles (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 3 |
| Profitability | 62.5 | 4 |
| Cash conversion | 12.5 | 4 |
| Efficiency | 87.5 | 4 |

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)

- Daiwa Cycle brought in ¥21.1B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +3.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21106860000 → ¥948553000
- Net income → operating cash flow: ¥948553000 → ¥732262000（difference ¥-216291000）
- Main uses of operating cash flow: CapEx ¥483939000 / dividends ¥181088000 / buybacks ¥339000
- Change in cash: ¥-702163000
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 | ¥21.1B |  |
| Operating income | ¥1.42B | Margin 6.7% |
| Net income | ¥948.6M | Margin 4.5% |
| Free cash flow | ¥248.3M |  |
| Employees (consolidated) | 758 |  |
| EPS | ¥345.37 |  |
| Diluted EPS | ¥336.96 |  |
| Book value per share | ¥2288.41 |  |
| Equity ratio | 65.8% |  |
| Shares outstanding | 2,758,000 |  |
| Shareholders | 1,260 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 15.8% | Cash ÷ revenue 7.2% |
| Vs. industry median margin | +0.9 pp | Bicycles |
| ROE | 16.0% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## What changed in 3 years

| Metric | FY ending Jan 2023 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13090618000 | ¥21106860000 | +61.2% |
| Operating income | ¥561597000 | ¥1416426000 | +152.2% |
| Operating margin | 4.3% | 6.7% | +2.4 pp |
| Employees | 595 people | 758 people | +27.4% |
| Cash and equivalents | ¥501928000 | ¥1518176000 | +202.5% |

### Change in segment revenue mix

Span: FY ending Jan 2023 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,107 | 100.0% | S100Y0CE |
| Cost of revenue | 11,906 | 56.4% | S100Y0CE |
| Gross profit | 9,200 | 43.6% | S100Y0CE |
| SG&A | 7,784 | 36.9% | S100Y0CE |
| Operating income | 1,416 | 6.7% | S100Y0CE |
| Ordinary income | 1,435 | 6.8% | S100Y0CE |
| Pretax income | 1,435 | 6.8% | S100Y0CE |
| Income tax | 486 | 2.3% | S100Y0CE |
| Net income | 949 | 4.5% | S100Y0CE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 37 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 43.6% → Operating margin 6.7% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +3.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.20×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,349 | 21,107 | 2,758 | +15.0% |
| Gross profit | 8,141 | 9,200 | 1,059 | +13.0% |
| Operating income | 1,376 | 1,416 | 41 | +3.0% |
| Operating cash flow | 1,153 | 732 | -421 | -36.5% |
| Free cash flow | 856 | 248 | -608 | -71.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2023 | 13,091 | 562 | 4.3% | 414 | 377 | 159 | S100UKM9 |
| FY ending Jan 2024 | 15,340 | 797 | 5.2% | 501 | 688 | 381 | S100VO2D |
| FY ending Jan 2025 | 18,349 | 1,376 | 7.5% | 898 | 1,153 | 856 | S100Y0CE |
| FY ending Jan 2026 | 21,107 | 1,416 | 6.7% | 949 | 732 | 248 | S100Y0CE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.8M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 595 | 628 | 698 | 758 |
| Average salary (parent company) | — | ¥4.1M | ¥4.3M | ¥4.3M |
| Average age (parent company) | — | 29.0 years | 29.0 years | 29.0 years |
| Average tenure (parent company) | — | 5.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +15.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 732 | 3.5% | S100Y0CE |
| Capital expenditure | 484 | 2.3% | S100Y0CE |
| Free cash flow | 248 | 1.2% | 算出 |
| Investing cash flow | -1,267 | -6.0% | S100Y0CE |
| Financing cash flow | -168 | -0.8% | S100Y0CE |
| Dividends paid | 181 | 0.9% | S100Y0CE |
| Share buyback | 0 | 0.0% | S100Y0CE |
| Change in cash | -702 | -3.3% | S100Y0CE |
| Cash and equivalents | 1,518 | 7.2% | S100Y0CE |

## 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 Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 502 | 1,684 | 2,220 | 1,518 | S100VO2D, S100Y0CE |
| Total assets | 5,517 | 7,368 | 8,592 | 9,585 | S100UKM9, S100VO2D, S100Y0CE |
| Net assets | 3,215 | 4,755 | 5,531 | 6,311 | S100VO2D, S100Y0CE |
| Share capital | 10 | 550 | 555 | 562 | S100UKM9, S100VO2D, S100Y0CE |
| Property, plant and equipment | 712 | 870 | 999 | 1,318 | S100UKM9, S100VO2D, S100Y0CE |
| Intangible assets excluding goodwill | 87 | 103 | 74 | 45 | S100UKM9, S100VO2D, S100Y0CE |
| Current assets | 3,648 | 5,161 | 6,127 | 6,589 | S100UKM9, S100VO2D, S100Y0CE |
| Current liabilities | 2,241 | 2,543 | 2,981 | 3,178 | S100UKM9, S100VO2D, S100Y0CE |
| Total liabilities | 2,302 | 2,613 | 3,062 | 3,273 | S100UKM9, S100VO2D, S100Y0CE |
| Equity attributable to owners of parent | 3,215 | 4,755 | 5,531 | 6,311 | S100UKM9, S100VO2D, S100Y0CE |
| Retained earnings | 3,205 | 3,665 | 4,430 | 5,197 | S100UKM9, S100VO2D, S100Y0CE |
| Treasury stock | — | — | — | -0 | S100Y0CE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100Y0CE |
| Property, plant and equipment | 14% | S100Y0CE |
| Intangibles and goodwill | 0% | S100Y0CE |
| Other assets | 70% | S100Y0CE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100Y0CE |
| Equity | 66% | S100Y0CE |
| Other liabilities | 0% | S100Y0CE |

### Balance sheet history

| Metric | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 5,517 | 7,368 | 8,592 | 9,585 |
| Equity | 3,215 | 4,755 | 5,531 | 6,311 |
| Interest-bearing debt | — | — | — | — |
| Cash | 502 | 1,684 | 2,220 | 1,518 |

## 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) | 6.2% | S100Y0CE |
| Fixed assets ÷ total assets | 13.8% | S100Y0CE |
| Goodwill ÷ parent equity | — | —, S100Y0CE |

### 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) | 15.8% |
| Cash ÷ revenue | 7.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.7% |
| Cash vs. profit gap | -216 JPY mn (of net income -22.8%) |
| Shareholder returns / net income | 19.1% |
| Shareholder returns / FCF | 73.1% |
| Shareholder payments — dividends / net income | 19.1% |
| Shareholder payments — dividends / FCF | 72.9% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 173.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 3.2% | 2.37× | 7.5% | 1.72× | 12.9% | S100UKM9 |
| 2024 | 3.3% | 2.38× | 7.8% | 1.62× | 12.6% | S100VO2D |
| 2025 | 4.9% | 2.30× | 11.3% | 1.55× | 17.5% | S100Y0CE |
| 2026 | 4.5% | 2.32× | 10.4% | 1.53× | 16.0% | S100Y0CE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＷＡＫＵＭＯＴＯ | Major shareholder | 50.8% | 2026-01-31 |
| 涌本 宜央 | Major shareholder | 14.5% | 2026-01-31 |
| 田中 幸夫 | Major shareholder | 2.1% | 2026-01-31 |
| 野村證券株式会社 | Major shareholder | 2.0% | 2026-01-31 |
| ヨシダ トモヒロ | Major shareholder | 1.8% | 2026-01-31 |
| ダイワサイクル従業員持株会 | Major shareholder | 1.6% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-01-31 |
| 門田 洋 | Major shareholder | 1.4% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.2% | 2026-01-31 |
| ＴＨＥ ＮＯＭＵＲＡ ＴＲＵＳＴ ＡＮＤ ＢＡＮＫＩＮＧ ＣＯ．， ＬＴＤ． ＡＳ ＴＨＥ ＴＲＵＳＴＥＥ ＯＦ ＲＥＰＵＲＣＨＡＳＥ ＡＧＲＥＥＭＥＮＴ ＭＯＴＨＥＲ ＦＵＮＤ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/02/01－2026/01/31) | S100Y0CE | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0CE,, |
| 有価証券報告書－第35期(2024/02/01－2025/01/31) | S100VO2D | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO2D,, |
| 訂正有価証券報告書－第34期(2023/02/01－2024/01/31) | S100UKM9 | 2024-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKM9,, |

## 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).