# Daiwabo Holdings Co.,Ltd.: 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115期(2025/04/01－2026/03/31) (S100YGNL)
> Page: https://vizora.meequs.com/en/company/daiwabo-holdings
> Retrieved: 2026-09-30T21:49:59.393Z

## Company

Daiwabo Holdings, founded in 1941, is a company in Machine Tools listed on TSE Prime. It has 3,072 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiwabo Holdings Co.,Ltd. |
| Ticker | 3107 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3107.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島三丁目2番4号 |
| Representative (per filing) | 代表取締役社長 西村 幸浩 |
| Founded | Apr 1941 |
| Share capital | ¥21.7B |
| Employees (consolidated) | 3,072 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.daiwabo-holdings.com (https://www.daiwabo-holdings.com/) |
| Corporate number | 7120001077473 |
| EDINET | E00529 |
| Industries (Vizora) | Machine Tools, Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100YGNL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.3 | 179 |
| Profitability | 58.6 | 185 |
| Cash conversion | 17 | 179 |
| Efficiency | 93.2 | 185 |

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 99% of Daiwabo Holdings's sales come from IT Infrastructure Distribution Business, with Industrial Machinery Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +18.8% from the prior year, operating profit +26.6%.

## Company structure

- Segment revenue mix: IT Infrastructure Distribution Business 98.9%、Industrial Machinery Business 1.1%
- Revenue → net income: ¥1350879000000 → ¥32030000000
- Net income → operating cash flow: ¥32030000000 → ¥14569000000（difference ¥-17461000000）
- Main uses of operating cash flow: CapEx ¥6092000000 / dividends ¥8473000000 / buybacks —
- Change in cash: ¥-11368000000
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 | ¥1.35T |  |
| Operating income | ¥44.2B | Margin 3.3% |
| Net income | ¥32B | Margin 2.4% |
| Free cash flow | ¥8.48B |  |
| Largest business | IT Infrastructure Distribution Business | of segment revenue 98.9% |
| Employees (consolidated) | 3,072 |  |
| EPS | ¥346.54 |  |
| Book value per share | ¥961.79 |  |
| Equity ratio | 36.8% |  |
| Shares outstanding | 88,479,000 |  |
| Treasury shares | 1,288,000 |  |
| Shareholders | 8,707 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 9.5% | Cash ÷ revenue 3.2% |
| Vs. industry median margin | +0.4 pp | Specialty Trading & Wholesale |
| ROE | 20.7% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1043534000000 | ¥1350879000000 | +29.5% |
| Operating income | ¥35028000000 | ¥44169000000 | +26.1% |
| Operating margin | 3.4% | 3.3% | -0.1 pp |
| Employees | 5,683 people | 3,072 people | -45.9% |
| Cash and equivalents | ¥32033000000 | ¥43852000000 | +36.9% |

### 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 |
| --- | ---: |
| ＩＴインフラ流通事業 → ＩＴインフラ流通事業 | 92.9% |
| 産業機械事業 → 産業機械事業 | 1.1% |
| 産業機械事業 → 事業再編・廃止 | 0.0% |
| 繊維事業 → 事業再編・廃止 | 5.8% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ＩＴインフラ流通事業 | 6.0% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,350,879 | 100.0% | S100YGNL |
| Cost of revenue | 1,256,251 | 93.0% | S100YGNL |
| Gross profit | 94,628 | 7.0% | S100YGNL |
| SG&A | 50,458 | 3.7% | S100YGNL |
| Operating income | 44,169 | 3.3% | S100YGNL |
| Ordinary income | 44,943 | 3.3% | S100YGNL |
| Pretax income | 44,674 | 3.3% | S100YGNL |
| Income tax | 12,643 | 0.9% | S100YGNL |
| Net income | 32,030 | 2.4% | S100YGNL |
| Net income attributable to owners | 32,030 | 2.4% | S100YGNL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 4 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 7.0% → Operating margin 3.3% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.8%; Core profit growth: +26.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.41×
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 | 1,136,817 | 1,350,879 | 214,062 | +18.8% |
| Gross profit | 79,796 | 94,628 | 14,832 | +18.6% |
| Operating income | 34,899 | 44,169 | 9,270 | +26.6% |
| Net income attributable to owners | 24,751 | 32,030 | 7,279 | +29.4% |
| Operating cash flow | 5,909 | 14,569 | 8,660 | +146.6% |
| Free cash flow | 2,511 | 8,477 | 5,966 | +237.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 944,053 | 32,841 | 3.5% | 21,178 | 18,487 | 13,879 | S100LT3B |
| FY ending Mar 2021 | 1,043,534 | 35,028 | 3.4% | 25,715 | 9,428 | 6,306 | S100OHLD |
| FY ending Mar 2022 | 763,838 | 24,059 | 3.1% | 16,988 | 28,165 | 25,039 | S100R86D |
| FY ending Mar 2023 | 903,918 | 27,944 | 3.1% | 19,059 | 16,958 | 14,937 | S100TTA1 |
| FY ending Mar 2024 | 967,760 | 30,963 | 3.2% | 4,283 | 24,544 | 21,818 | S100W3VT |
| FY ending Mar 2025 | 1,136,817 | 34,899 | 3.1% | 24,751 | 5,909 | 2,511 | S100YGNL |
| FY ending Mar 2026 | 1,350,879 | 44,169 | 3.3% | 32,030 | 14,569 | 8,477 | S100YGNL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥439.7M |
| Operating income per employee (consolidated) | ¥14.4M |
| Net income per employee (consolidated) | ¥10.4M |

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) | 5,671 | 5,432 | 2,867 | 2,928 | 3,072 |
| Average salary (parent company) | ¥8.3M | ¥8.4M | ¥8.8M | ¥8.6M | ¥9.3M |
| Average age (parent company) | 48.3 years | 48.7 years | 48.8 years | 46.9 years | 45.1 years |
| Average tenure (parent company) | 23.1 years | 23.4 years | 22.9 years | 20.6 years | 16.5 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +18.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT Infrastructure Distribution Business | 1,336,479 | 98.9% | 43,030 | 3.2% |
| Industrial Machinery Business | 14,400 | 1.1% | 1,127 | 7.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IT Infrastructure Distribution Business | 98.9% | 97.4% | -1.5 | 3.2% |
| Industrial Machinery Business | 1.1% | 2.6% | 1.5 | 7.8% |

Segment → industry: Industrial Machinery Business → Machine Tools / IT Infrastructure Distribution Business → Specialty Trading & Wholesale / Industrial Machinery Business → Industrial Machinery

## 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 | 14,569 | 1.1% | S100YGNL |
| Capital expenditure | 6,092 | 0.5% | S100YGNL |
| Free cash flow | 8,477 | 0.6% | 算出 |
| Investing cash flow | -6,177 | -0.5% | S100YGNL |
| Financing cash flow | -19,662 | -1.5% | S100YGNL |
| Dividends paid | 8,473 | 0.6% | S100YGNL |
| Change in cash | -11,368 | -0.8% | S100YGNL |
| Cash and equivalents | 43,852 | 3.2% | S100YGNL |

## 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 | 46,728 | 51,923 | 69,172 | 55,221 | 43,852 | S100TTA1, S100W3VT, S100YGNL |
| Total assets | 356,203 | 406,688 | 405,256 | 440,122 | 462,072 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Net assets | 136,173 | 143,961 | 142,133 | 152,310 | 169,829 | S100TTA1, S100W3VT, S100YGNL |
| Share capital | 21,696 | 21,696 | 21,696 | 21,696 | 21,696 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Property, plant and equipment | 38,272 | 37,127 | 10,238 | 11,252 | 12,555 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Intangible assets excluding goodwill | 2,462 | 2,081 | 3,691 | 4,973 | 6,351 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Goodwill | — | — | 1,351 | 1,201 | 1,051 | S100W3VT, S100YGNL |
| Investment securities | 6,314 | 6,488 | 9,289 | 10,409 | 11,908 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Current assets | 304,134 | 354,188 | 377,245 | 407,778 | 426,508 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Current liabilities | 191,564 | 231,884 | 239,742 | 267,779 | 278,035 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Trade payables | 161,859 | 192,594 | 206,212 | 228,422 | 234,698 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Short-term borrowings | 12,589 | 12,869 | 8,400 | 8,904 | 10,904 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Long-term borrowings | 14,895 | 13,230 | 12,500 | 11,799 | 7,465 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Total liabilities | 220,030 | 262,726 | 263,123 | 287,811 | 292,243 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Non-controlling interests | 917 | 966 | 199 | 222 | — | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Equity attributable to owners of parent | 133,564 | 143,959 | 139,744 | 147,453 | 162,538 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Retained earnings | 106,053 | 119,449 | 115,226 | 132,889 | 137,189 | S100R86D, S100TTA1, S100W3VT, S100YGNL |
| Treasury stock | -2,123 | -5,137 | -5,133 | -15,088 | -4,288 | S100R86D, S100TTA1, S100W3VT, S100YGNL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGNL |
| Property, plant and equipment | 3% | S100YGNL |
| Intangibles and goodwill | 2% | S100YGNL |
| Investment securities | 2% | S100YGNL |
| Other assets | 84% | S100YGNL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 51% | S100YGNL |
| Other liabilities | 12% | S100YGNL |
| Equity | 37% | S100YGNL |

### 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 | 356,203 | 406,688 | 405,256 | 440,122 | 462,072 |
| Equity | 136,173 | 143,961 | 142,133 | 152,310 | 169,829 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 46,728 | 51,923 | 69,172 | 55,221 | 43,852 |

## 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) | 0.9% | S100YGNL |
| Fixed assets ÷ total assets | 2.7% | S100YGNL |
| Goodwill ÷ parent equity | 0.6% | S100YGNL |

### 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) | 9.5% |
| Cash ÷ revenue | 3.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 33.0% |
| Cash vs. profit gap | -17,461 JPY mn (of net income -54.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.5% |
| Shareholder payments — dividends / FCF | 100.0% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 42.4% |

## 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 | 2.2% | 2.14× | 4.8% | 2.67× | 12.7% | S100R86D |
| 2023 | 2.1% | 2.37× | 5.0% | 2.75× | 13.7% | S100TTA1 |
| 2024 | 0.4% | 2.38× | 1.1% | 2.86× | 3.0% | S100W3VT |
| 2025 | 2.2% | 2.69× | 5.9% | 2.94× | 17.2% | S100YGNL |
| 2026 | 2.4% | 2.99× | 7.1% | 2.91× | 20.7% | S100YGNL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 4.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| ダイワボウ従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.35T, up +18.8% from ¥1.14T a year earlier.
- Profit grew faster than sales: operating income reached ¥44.2B (+26.6%) and net income attributable to owners ¥32B (+29.4%).
- Operating cash flow also jumped to ¥14.6B (+146.6%).

### Drivers

- Businesses replaced many PCs ahead of the end of Windows support.
- It won many school deals in the joint purchasing for the GIGA School device refresh, which sharply lifted education sales.
- Bundled offers of PCs, cloud, networking and software offset the drop after a large server deal the year before.

### Risks

- Demand for business PCs is expected to dip for a while after the Windows upgrade wave.
- AI data center demand has pushed up memory chip prices, raising PC and server prices and delaying some deliveries.
- The company points to a weak yen, high energy prices and US trade policy as sources of uncertainty.

Cited: Annual Securities Report (115th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (115th term) (経営方針、経営環境及び対処すべき課題等)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/04/01－2026/03/31) | S100YGNL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGNL,, |
| 有価証券報告書－第114期(2024/04/01－2025/03/31) | S100W3VT | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3VT,, |
| 有価証券報告書－第113期(2023/04/01－2024/03/31) | S100TTA1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTA1,, |
| 有価証券報告書－第112期(2022/04/01－2023/03/31) | S100R86D | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R86D,, |
| 有価証券報告書－第111期(令和3年4月1日－令和4年3月31日) | S100OHLD | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHLD,, |
| 有価証券報告書－第110期(令和2年4月1日－令和3年3月31日) | S100LT3B | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT3B,, |

## 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).