# Dawn Corporation: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/06/01－2026/05/31) (S100YXLE)
> Page: https://vizora.meequs.com/en/company/dawn
> Retrieved: 2026-09-30T21:32:51.965Z

## Company

Dawn, founded in 1991, is a company in Software & SaaS listed on TSE Standard. It has 66 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dawn Corporation |
| Ticker | 2303 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2303.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区磯上通二丁目2番21号 |
| Representative (per filing) | 代表取締役社長 宮崎正伸 |
| Founded | Jun 1991 |
| Share capital | ¥363.9M |
| Employees (consolidated) | 66 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | May |
| Website | www.dawn-corp.co.jp (https://www.dawn-corp.co.jp/) |
| Corporate number | 9140001018622 |
| EDINET | E05289 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YXLE, filed 2026-08-21). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51 | 105 |
| Profitability | 94.1 | 145 |
| Cash conversion | 46.5 | 128 |
| Efficiency | 18.3 | 145 |

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)

- Dawn brought in ¥1.73B in revenue.
- Out of every ¥100 of sales, about ¥38 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +14.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1734668000 → ¥471599000
- Net income → operating cash flow: ¥471599000 → ¥653462000（difference ¥181863000）
- Main uses of operating cash flow: CapEx ¥3209000 / dividends ¥72759000 / buybacks ¥199814000
- Change in cash: ¥273243000
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 | ¥1.73B |  |
| Operating income | ¥655.1M | Margin 37.8% |
| Net income | ¥471.6M | Margin 27.2% |
| Free cash flow | ¥650.3M |  |
| Employees (consolidated) | 66 |  |
| EPS | ¥78.02 |  |
| Book value per share | ¥502.52 |  |
| Equity ratio | 89.4% |  |
| Shares outstanding | 3,300,000 |  |
| Treasury shares | 327,300 |  |
| Shareholders | 3,510 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 30.1% | Cash ÷ revenue 58.0% |
| Vs. industry median margin | +25.3 pp | Software & SaaS |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 14.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.7× dividends
- FY2026, operating income keeps 38 per ¥100 of revenue
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1119272000 | ¥1734668000 | +55.0% |
| Operating income | ¥339842000 | ¥655128000 | +92.8% |
| Operating margin | 30.4% | 37.8% | +7.4 pp |
| Employees | 56 people | 66 people | +17.9% |
| Cash and equivalents | ¥614612000 | ¥1006822000 | +63.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,735 | 100.0% | S100YXLE |
| Cost of revenue | 534 | 30.8% | S100YXLE |
| Gross profit | 1,201 | 69.2% | S100YXLE |
| SG&A | 545 | 31.4% | S100YXLE |
| Operating income | 655 | 37.8% | S100YXLE |
| Ordinary income | 672 | 38.7% | S100YXLE |
| Pretax income | 672 | 38.7% | S100YXLE |
| Income tax | 200 | 11.6% | S100YXLE |
| Net income | 472 | 27.2% | S100YXLE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 31 |
| Operating income | 38 |
| (Ref.) Net income | 27 |

### Margin funnel

Gross margin 69.2% → Operating margin 37.8% → Net margin 27.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +14.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,647 | 1,735 | 88 | +5.3% |
| Gross profit | 1,076 | 1,201 | 125 | +11.6% |
| Operating income | 574 | 655 | 81 | +14.1% |
| Operating cash flow | 303 | 653 | 351 | +116.0% |
| Free cash flow | 301 | 650 | 349 | +115.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,051 | 290 | 27.6% | 201 | 293 | 291 | S100MCFK |
| FY ending May 2021 | 1,119 | 340 | 30.4% | 238 | 229 | 228 | S100P2WK |
| FY ending May 2022 | 1,222 | 401 | 32.8% | 284 | 257 | 254 | S100RRVJ |
| FY ending May 2023 | 1,368 | 443 | 32.4% | 321 | 366 | 358 | S100U9KL |
| FY ending May 2024 | 1,501 | 533 | 35.5% | 388 | 415 | 397 | S100WKOH |
| FY ending May 2025 | 1,647 | 574 | 34.9% | 419 | 303 | 301 | S100YXLE |
| FY ending May 2026 | 1,735 | 655 | 37.8% | 472 | 653 | 650 | S100YXLE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.3M |
| Operating income per employee (consolidated) | ¥9.9M |
| Net income per employee (consolidated) | ¥7.1M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 60 | 61 | 63 | 65 | 66 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6.3M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 37.4 years | 37.7 years | 37.8 years | 38.5 years | 37.8 years |
| Average tenure (parent company) | 7.3 years | 8.0 years | 8.2 years | 8.9 years | 8.5 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +5.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 653 | 37.7% | S100YXLE |
| Capital expenditure | 3 | 0.2% | S100YXLE |
| Free cash flow | 650 | 37.5% | 算出 |
| Investing cash flow | -108 | -6.2% | S100YXLE |
| Financing cash flow | -273 | -15.7% | S100YXLE |
| Dividends paid | 73 | 4.2% | S100YXLE |
| Share buyback | 200 | 11.5% | S100YXLE |
| Change in cash | 273 | 15.8% | S100YXLE |
| Cash and equivalents | 1,007 | 58.0% | S100YXLE |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 731 | 793 | 929 | 734 | 1,007 | S100U9KL, S100WKOH, S100YXLE |
| Total assets | 2,368 | 2,496 | 2,816 | 3,074 | 3,343 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Net assets | 2,139 | 2,226 | 2,481 | 2,750 | 2,988 | S100U9KL, S100WKOH, S100YXLE |
| Share capital | 364 | 364 | 364 | 364 | 364 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Property, plant and equipment | 7 | 8 | 21 | 17 | 17 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Intangible assets excluding goodwill | — | 4 | 3 | 2 | 1 | S100U9KL, S100WKOH, S100YXLE |
| Investment securities | 50 | 452 | 549 | 645 | 912 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Current assets | 2,250 | 1,968 | 2,158 | 2,089 | 2,086 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Current liabilities | 191 | 197 | 284 | 278 | 301 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Total liabilities | 229 | 269 | 335 | 324 | 355 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Equity attributable to owners of parent | 2,139 | 2,224 | 2,481 | 2,759 | 2,984 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Retained earnings | 1,391 | 1,667 | 2,005 | 2,363 | 2,761 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |
| Treasury stock | -9 | -209 | -298 | -385 | -570 | S100RRVJ, S100U9KL, S100WKOH, S100YXLE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YXLE |
| Property, plant and equipment | 1% | S100YXLE |
| Intangibles and goodwill | 0% | S100YXLE |
| Investment securities | 27% | S100YXLE |
| Other assets | 42% | S100YXLE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100YXLE |
| Equity | 89% | S100YXLE |
| Other liabilities | 0% | S100YXLE |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,368 | 2,496 | 2,816 | 3,074 | 3,343 |
| Equity | 2,139 | 2,226 | 2,481 | 2,750 | 2,988 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 731 | 793 | 929 | 734 | 1,007 |

## 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) | 1.0% | S100YXLE |
| Fixed assets ÷ total assets | 0.5% | S100YXLE |
| Goodwill ÷ parent equity | — | —, S100YXLE |

### 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) | 30.1% |
| Cash ÷ revenue | 58.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.7% |
| Cash vs. profit gap | 182 JPY mn (of net income 38.6%) |
| Shareholder returns / net income | 57.8% |
| Shareholder returns / FCF | 41.9% |
| Shareholder payments — dividends / net income | 15.4% |
| Shareholder payments — dividends / FCF | 11.2% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 16.5% |

## 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 | 23.2% | 0.52× | 12.0% | 1.11× | 13.3% | S100RRVJ |
| 2023 | 23.5% | 0.56× | 13.2% | 1.11× | 14.7% | S100U9KL |
| 2024 | 25.9% | 0.57× | 14.6% | 1.13× | 16.5% | S100WKOH |
| 2025 | 25.4% | 0.56× | 14.2% | 1.12× | 16.0% | S100YXLE |
| 2026 | 27.2% | 0.54× | 14.7% | 1.12× | 16.4% | S100YXLE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮 崎 正 伸 | Major shareholder | 7.8% | 2026-05-31 |
| 株式会社ディキャピタル | Major shareholder | 7.4% | 2026-05-31 |
| 近 藤 浩 代 | Major shareholder | 6.9% | 2026-05-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2026-05-31 |
| 株式会社サンセイエンジニアリング | Major shareholder | 4.7% | 2026-05-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 2.4% | 2026-05-31 |
| 徳 永 道 太 | Major shareholder | 1.5% | 2026-05-31 |
| 成 沢 政 明 | Major shareholder | 1.3% | 2026-05-31 |
| 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 | 1.2% | 2026-05-31 |
| 枝 松 禄 | Major shareholder | 1.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/06/01－2026/05/31) | S100YXLE | 2026-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXLE,, |
| 有価証券報告書－第34期(2024/06/01－2025/05/31) | S100WKOH | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKOH,, |
| 有価証券報告書－第33期(2023/06/01－2024/05/31) | S100U9KL | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9KL,, |
| 有価証券報告書－第32期(2022/06/01－2023/05/31) | S100RRVJ | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRVJ,, |
| 有価証券報告書－第31期(令和3年6月1日－令和4年5月31日) | S100P2WK | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2WK,, |
| 有価証券報告書－第30期(令和2年6月1日－令和3年5月31日) | S100MCFK | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCFK,, |

## 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).