# DATA HORIZON 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46期(2025/04/01－2026/03/31) (S100YMTV)
> Page: https://vizora.meequs.com/en/company/data-horizon
> Retrieved: 2026-09-30T19:41:59.625Z

## Company

Data Horizon, founded in 1982, is a company in Health Tech listed on TSE Growth. It has 365 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DATA HORIZON CO.,LTD. |
| Ticker | 3628 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3628.T) |
| Listing | TSE Growth |
| Head office | 広島市西区草津新町一丁目21番35号 広島ミクシス・ビル |
| Representative (per filing) | 代表取締役社長 瀬川 翔 |
| Founded | Mar 1982 |
| Share capital | ¥50M |
| Employees (consolidated) | 365 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.dhorizon.co.jp (https://www.dhorizon.co.jp/) |
| Corporate number | 9240001012318 |
| EDINET | E21553 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100YMTV, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 8.3 | 18 |
| Cash conversion | 2.9 | 17 |
| Efficiency | 30.6 | 18 |

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)

- Data Horizon brought in ¥5.14B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +33.4% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.14B |  |
| Operating income | ¥22.9M | Margin 0.4% |
| Net income | ¥268M | Margin 5.2% |
| Free cash flow | -¥1.04B |  |
| Employees (consolidated) | 365 |  |
| EPS | ¥7.09 |  |
| Book value per share | ¥95.5 |  |
| Equity ratio | 6.2% |  |
| Shares outstanding | 12,712,000 |  |
| Treasury shares | 20,500 |  |
| Shareholders | 1,140 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 19.8% |
| Vs. industry median margin | -13.4 pp | Health Tech |
| ROE | 93.5% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## What changed in 2 years

| Metric | FY ending Jun 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5007033000 | ¥5141099000 | +2.7% |
| Operating income | ¥-789849000 | ¥22943000 | — |
| Operating margin | -15.8% | 0.4% | +16.2 pp |
| Employees | 374 people | 365 people | -2.4% |
| Cash and equivalents | ¥1424737000 | ¥1016318000 | -28.7% |

### Change in segment revenue mix

Span: FY ending Jun 2024 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,141 | 100.0% | S100YMTV |
| Cost of revenue | 3,264 | 63.5% | S100YMTV |
| Gross profit | 1,877 | 36.5% | S100YMTV |
| SG&A | 1,854 | 36.1% | S100YMTV |
| Operating income | 23 | 0.4% | S100YMTV |
| Ordinary income | 10 | 0.2% | S100YMTV |
| Pretax income | 284 | 5.5% | S100YMTV |
| Income tax | 16 | 0.3% | S100YMTV |
| Net income | 268 | 5.2% | S100YMTV |
| Net income attributable to owners | 268 | 5.2% | S100YMTV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 36 |
| Operating income | 0 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 36.5% → Operating margin 0.4% → Net margin 5.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,853 | 5,141 | 1,288 | +33.4% |
| Gross profit | 1,215 | 1,877 | 662 | +54.5% |
| Operating income | -516 | 23 | 539 | — |
| Net income attributable to owners | -2,964 | 268 | 3,232 | — |
| Operating cash flow | -1,877 | -219 | 1,657 | — |
| Free cash flow | -2,468 | -1,036 | 1,433 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2024 | 5,007 | -790 | -15.8% | -807 | 120 | -679 | S100W89W |
| FY ending Mar 2025 | 3,853 | -516 | -13.4% | -2,964 | -1,877 | -2,468 | S100YMTV |
| FY ending Mar 2026 | 5,141 | 23 | 0.4% | 268 | -219 | -1,036 | S100YMTV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.1M |
| Operating income per employee (consolidated) | ¥62.9K |
| Net income per employee (consolidated) | ¥734.2K |

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

| History | FY ending Jun 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 374 | 367 | 365 |
| Average salary (parent company) | — | ¥5.6M | ¥5.7M |
| Average age (parent company) | — | 43.6 years | 43.6 years |
| Average tenure (parent company) | — | 7.7 years | 8.0 years |

## 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 | -219 | -4.3% | S100YMTV |
| Capital expenditure | 816 | 15.9% | S100YMTV |
| Free cash flow | -1,036 | -20.1% | 算出 |
| Investing cash flow | -798 | -15.5% | S100YMTV |
| Financing cash flow | 809 | 15.7% | S100YMTV |
| Dividends paid | 0 | 0.0% | S100YMTV |
| Change in cash | -208 | -4.0% | S100YMTV |
| Cash and equivalents | 1,016 | 19.8% | S100YMTV |

## 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 Jun 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,425 | 1,224 | 1,016 | S100YMTV |
| Total assets | 6,660 | 6,095 | 6,800 | S100W89W, S100YMTV |
| Net assets | 3,216 | 222 | 476 | S100YMTV |
| Share capital | 2,157 | 2,157 | 50 | S100W89W, S100YMTV |
| Property, plant and equipment | 541 | 514 | 550 | S100W89W, S100YMTV |
| Intangible assets excluding goodwill | 3,518 | 1,111 | 1,502 | S100W89W, S100YMTV |
| Goodwill | 2,111 | 364 | 315 | S100W89W, S100YMTV |
| Investment securities | — | 60 | 0 | S100YMTV |
| Current assets | 2,323 | 4,109 | 4,480 | S100W89W, S100YMTV |
| Current liabilities | 1,406 | 3,319 | 3,388 | S100W89W, S100YMTV |
| Short-term borrowings | 350 | 2,200 | 2,300 | S100W89W, S100YMTV |
| Long-term borrowings | 1,980 | 2,490 | 2,870 | S100W89W, S100YMTV |
| Total liabilities | 3,444 | 5,874 | 6,324 | S100W89W, S100YMTV |
| Non-controlling interests | 25 | — | — | S100W89W |
| Equity attributable to owners of parent | 3,110 | 153 | 421 | S100W89W, S100YMTV |
| Retained earnings | -946 | -3,911 | -699 | S100W89W, S100YMTV |
| Treasury stock | -8 | -5 | -5 | S100W89W, S100YMTV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YMTV |
| Property, plant and equipment | 8% | S100YMTV |
| Intangibles and goodwill | 27% | S100YMTV |
| Other assets | 50% | S100YMTV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 93% | S100YMTV |
| Equity | 7% | S100YMTV |

### Balance sheet history

| Metric | FY ending Jun 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 6,660 | 6,095 | 6,800 |
| Equity | 3,216 | 222 | 476 |
| Interest-bearing debt | — | — | — |
| Cash | 1,425 | 1,224 | 1,016 |

## 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) | 10.7% | S100YMTV |
| Fixed assets ÷ total assets | 8.1% | S100YMTV |
| Goodwill ÷ parent equity | 74.9% | S100YMTV |

### 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) | 14.9% |
| Cash ÷ revenue | 19.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -956.0% |
| Cash vs. profit gap | -487 JPY mn (of net income -181.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.9% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -12.1% | —× | — | S100W89W |
| 2025 | — | —× | -46.5% | —× | — | S100YMTV |
| 2026 | 5.2% | 0.80× | 4.2% | 22.49× | 93.5% | S100YMTV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ディー・エヌ・エー | Major shareholder | 51.5% | 2026-03-31 |
| 内海 良夫 | Major shareholder | 9.0% | 2026-03-31 |
| 岩佐 実次 | Major shareholder | 4.0% | 2026-03-31 |
| ㈱渡辺住研 | Major shareholder | 3.5% | 2026-03-31 |
| ㈱ベネフィット・ワン | Major shareholder | 3.4% | 2026-03-31 |
| ティーエスアルフレッサ㈱ | Major shareholder | 2.8% | 2026-03-31 |
| 鹿沼 史明 | Major shareholder | 1.7% | 2026-03-31 |
| 渡邉 毅人 | Major shareholder | 1.7% | 2026-03-31 |
| データホライゾン従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 野村證券㈱ | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YMTV | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMTV,, |
| 有価証券報告書－第45期(2024/07/01－2025/03/31) | S100W89W | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W89W,, |

## 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).