# DAYTONA CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/01/01－2025/12/31) (S100XSX2)
> Page: https://vizora.meequs.com/en/company/daytona
> Retrieved: 2026-09-30T23:06:34.971Z

## Company

Daytona, founded in 1972, is a company in Car Accessories listed on TSE Standard. It has 206 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAYTONA CORPORATION |
| Ticker | 7228 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7228.T) |
| Listing | TSE Standard |
| Head office | 静岡県周智郡森町一宮4805番地 |
| Representative (per filing) | 代表取締役社長 織田 哲司 |
| Founded | Apr 1972 |
| Share capital | ¥412.5M |
| Employees (consolidated) | 206 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.daytona.co.jp (https://www.daytona.co.jp/) |
| Corporate number | 3080401017525 |
| EDINET | E02877 |
| Industries (Vizora) | Car Accessories |

> Profile source: annual securities report (S100XSX2, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 15 |
| Profitability | 76.7 | 15 |
| Cash conversion | 3.3 | 15 |
| Efficiency | 56.7 | 15 |

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 72% of Daytona's sales come from Wholesale business in Japan, with Retail business and Wholesale business in Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -6.1%.

## Company structure

- Segment revenue mix: Wholesale business in Japan 72.2%、Retail business 14.9%、Wholesale business in Asia 10.8%、Other 2.1%
- Revenue → net income: ¥14376961000 → ¥1159043000
- Net income → operating cash flow: ¥1159043000 → ¥837521000（difference ¥-321522000）
- Main uses of operating cash flow: CapEx ¥112446000 / dividends ¥306765000 / buybacks ¥99000
- Change in cash: ¥86986000
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 | ¥14.4B |  |
| Operating income | ¥1.61B | Margin 11.2% |
| Net income | ¥1.15B | Margin 8.0% |
| Free cash flow | ¥725.1M |  |
| Largest business | Wholesale business in Japan | of segment revenue 72.2% |
| Employees (consolidated) | 206 |  |
| EPS | ¥349.9 |  |
| Diluted EPS | ¥334.87 |  |
| Book value per share | ¥2902.65 |  |
| Equity ratio | 80.1% |  |
| Shares outstanding | 3,604,600 |  |
| Treasury shares | 1,225,100 |  |
| Shareholders | 3,984 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | +5.4 pp | Car Accessories |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9910737000 | ¥14376961000 | +45.1% |
| Operating income | ¥1186935000 | ¥1610940000 | +35.7% |
| Operating margin | 12.0% | 11.2% | -0.8 pp |
| Employees | 180 people | 206 people | +14.4% |
| Cash and equivalents | ¥1127332000 | ¥2195975000 | +94.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内拠点卸売事業 → 事業再編・廃止 | 74.9% |
| アジア拠点卸売事業 → 事業再編・廃止 | 0.7% |
| 小売事業 → 事業再編・廃止 | 22.5% |
| その他 → その他 | 1.8% |
| 新設・再編 → 国内拠点卸売事業 | 72.2% |
| 新設・再編 → アジア拠点卸売事業 | 10.8% |
| 新設・再編 → 小売事業 | 14.9% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wholesale business in Japan | — | — | ¥10385055000 | 10.1% | 2 |
| Retail business | — | — | ¥2141542000 | 6.2% | 2 |
| Wholesale business in Asia | — | — | ¥1554243000 | 21.8% | 2 |
| Other | 5 years | +10.1% | ¥296119000 | 15.9% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,377 | 100.0% | S100XSX2 |
| Cost of revenue | 8,842 | 61.5% | S100XSX2 |
| Gross profit | 5,535 | 38.5% | S100XSX2 |
| SG&A | 3,924 | 27.3% | S100XSX2 |
| Operating income | 1,611 | 11.2% | S100XSX2 |
| Ordinary income | 1,658 | 11.5% | S100XSX2 |
| Pretax income | 1,668 | 11.6% | S100XSX2 |
| Income tax | 509 | 3.5% | S100XSX2 |
| Net income | 1,159 | 8.1% | S100XSX2 |
| Net income attributable to owners | 1,149 | 8.0% | S100XSX2 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 27 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 38.5% → Operating margin 11.2% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -6.1%
Operating leverage (core profit growth ÷ revenue growth): 4.39×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,578 | 14,377 | -201 | -1.4% |
| Gross profit | 5,605 | 5,535 | -70 | -1.3% |
| Operating income | 1,715 | 1,611 | -104 | -6.1% |
| Net income attributable to owners | 1,209 | 1,149 | -60 | -4.9% |
| Operating cash flow | 1,426 | 838 | -588 | -41.3% |
| Free cash flow | 1,186 | 725 | -461 | -38.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 8,607 | 687 | 8.0% | 458 | 517 | 276 | S100L0D9 |
| FY ending Dec 2020 | 9,911 | 1,187 | 12.0% | 812 | 1,484 | 1,418 | S100NPDN |
| FY ending Dec 2021 | 12,537 | 1,828 | 14.6% | 1,323 | 753 | 594 | S100QFHF |
| FY ending Dec 2022 | 14,586 | 2,057 | 14.1% | 1,434 | -4 | -100 | S100T4TG |
| FY ending Dec 2023 | 13,961 | 1,698 | 12.2% | 1,181 | 1,225 | 1,070 | S100VIX6 |
| FY ending Dec 2024 | 14,578 | 1,715 | 11.8% | 1,209 | 1,426 | 1,186 | S100XSX2 |
| FY ending Dec 2025 | 14,377 | 1,611 | 11.2% | 1,149 | 838 | 725 | S100XSX2 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.8M |
| Operating income per employee (consolidated) | ¥7.8M |
| Net income per employee (consolidated) | ¥5.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 200 | 201 | 204 | 200 | 206 |
| Average salary (parent company) | ¥6.4M | ¥6.8M | ¥6.2M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 42.9 years | 43.8 years | 43.9 years | 44.4 years | 45.0 years |
| Average tenure (parent company) | 15.7 years | 16.7 years | 16.8 years | 17.2 years | 17.4 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) -1.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale business in Japan | 10,385 | 72.2% | 1,053 | 10.1% |
| Wholesale business in Asia | 1,554 | 10.8% | 339 | 21.8% |
| Retail business | 2,142 | 14.9% | 134 | 6.2% |
| Other | 296 | 2.1% | 47 | 15.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wholesale business in Japan | 72.2% | 66.9% | -5.3 | 10.1% |
| Wholesale business in Asia | 10.8% | 21.6% | 10.8 | 21.8% |
| Retail business | 14.9% | 8.5% | -6.4 | 6.2% |
| Other | 2.1% | 3.0% | 0.9 | 15.9% |

Segment → industry: Retail business → Car Accessories / Wholesale business in Asia → Car Accessories / Wholesale business in Japan → Car Accessories

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 838 | 5.8% | S100XSX2 |
| Capital expenditure | 112 | 0.8% | S100XSX2 |
| Free cash flow | 725 | 5.0% | 算出 |
| Investing cash flow | -226 | -1.6% | S100XSX2 |
| Financing cash flow | -503 | -3.5% | S100XSX2 |
| Dividends paid | 307 | 2.1% | S100XSX2 |
| Share buyback | 0 | 0.0% | S100XSX2 |
| Change in cash | 87 | 0.6% | S100XSX2 |
| Cash and equivalents | 2,196 | 15.3% | S100XSX2 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,173 | 932 | 1,512 | 2,109 | 2,196 | S100T4TG, S100VIX6, S100XSX2 |
| Total assets | 8,169 | 9,642 | 10,332 | 10,932 | 11,651 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Net assets | 5,445 | 6,738 | 7,657 | 8,633 | 9,442 | S100T4TG, S100VIX6, S100XSX2 |
| Share capital | 412 | 412 | 412 | 412 | 412 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Trade receivables | 1,179 | 1,436 | 1,603 | 1,619 | 1,597 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Inventories | 2,688 | 3,934 | 4,040 | 3,861 | 4,398 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Property, plant and equipment | 1,812 | 1,755 | 1,701 | 1,769 | 1,718 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Intangible assets excluding goodwill | 439 | 377 | 369 | 294 | 230 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Goodwill | 390 | 325 | 260 | 195 | 130 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Current assets | 5,675 | 7,060 | 7,826 | 8,436 | 9,276 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Current liabilities | 2,282 | 2,374 | 2,291 | 2,009 | 2,078 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Short-term borrowings | 585 | 790 | 750 | 600 | 600 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Long-term borrowings | 396 | 491 | 350 | 252 | 81 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Total liabilities | 2,725 | 2,905 | 2,675 | 2,299 | 2,209 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Non-controlling interests | 1 | 14 | 19 | 28 | 37 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Equity attributable to owners of parent | 5,389 | 6,673 | 7,582 | 8,522 | 9,384 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Retained earnings | 5,122 | 6,369 | 7,260 | 8,182 | 9,024 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |
| Treasury stock | -629 | -620 | -617 | -614 | -612 | S100QFHF, S100T4TG, S100VIX6, S100XSX2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XSX2 |
| Receivables | 13% | S100XSX2 |
| Inventories | 38% | S100XSX2 |
| Property, plant and equipment | 15% | S100XSX2 |
| Intangibles and goodwill | 3% | S100XSX2 |
| Other assets | 12% | S100XSX2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XSX2 |
| Equity | 81% | S100XSX2 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,169 | 9,642 | 10,332 | 10,932 | 11,651 |
| Equity | 5,445 | 6,738 | 7,657 | 8,633 | 9,442 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,173 | 932 | 1,512 | 2,109 | 2,196 |

## 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) | 12.0% | S100XSX2 |
| Fixed assets ÷ total assets | 14.7% | S100XSX2 |
| Goodwill ÷ parent equity | 1.4% | S100XSX2 |

Goodwill over 4 years: 390 → 130 JPY; total investing cash flow: -1,094 JPY. This does not imply causation.

### 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) | 18.8% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.0% |
| Cash vs. profit gap | -311 JPY mn (of net income -27.1%) |
| Shareholder returns / net income | 26.7% |
| Shareholder returns / FCF | 42.3% |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | 42.3% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 27.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.6% | 1.53× | 16.2% | 1.52× | 24.6% | S100QFHF |
| 2022 | 9.8% | 1.64× | 16.1% | 1.48× | 23.8% | S100T4TG |
| 2023 | 8.5% | 1.40× | 11.8% | 1.40× | 16.6% | S100VIX6 |
| 2024 | 8.3% | 1.37× | 11.4% | 1.32× | 15.0% | S100XSX2 |
| 2025 | 8.0% | 1.27× | 10.2% | 1.26× | 12.8% | S100XSX2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エービーイー | Major shareholder | 21.0% | 2025-12-31 |
| 株式会社コシダテック | Major shareholder | 5.7% | 2025-12-31 |
| 株式会社ディーエフ | Major shareholder | 4.8% | 2025-12-31 |
| デイトナ社員持株会 | Major shareholder | 1.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2025-12-31 |
| RE FUND 107-CLIENT AC （常任代理人 シティバンク） | Major shareholder | 1.5% | 2025-12-31 |
| 中山 慶一郎 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.2% | 2025-12-31 |
| 鈴木 紳一郎 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/01/01－2025/12/31) | S100XSX2 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSX2,, |
| 有価証券報告書－第53期(2024/01/01－2024/12/31) | S100VIX6 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIX6,, |
| 有価証券報告書－第52期(2023/01/01－2023/12/31) | S100T4TG | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4TG,, |
| 有価証券報告書－第51期(2022/01/01－2022/12/31) | S100QFHF | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFHF,, |
| 有価証券報告書－第50期(令和3年1月1日－令和3年12月31日) | S100NPDN | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPDN,, |
| 有価証券報告書－第49期(令和2年1月1日－令和2年12月31日) | S100L0D9 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0D9,, |

## 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).