# DCM Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/03/01－2026/02/28) (S100Y6MK)
> Page: https://vizora.meequs.com/en/company/dcm-holdings
> Retrieved: 2026-09-30T21:04:31.507Z

## Company

DCM Holdings, founded in 2005, is a company in E-commerce listed on TSE Prime. It has 4,982 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DCM Holdings Co., Ltd. |
| Ticker | 3050 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3050.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区南大井六丁目22番7号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 石黒 靖規 |
| Founded | Jul 2005 |
| Share capital | ¥20B |
| Employees (consolidated) | 4,982 |
| Fiscal year end | February |
| Corporate number | 4010701019160 |
| EDINET | E03489 |
| Industries (Vizora) | E-commerce, Home Centers |

> Profile source: annual securities report (S100Y6MK, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 8 |
| Profitability | 75 | 10 |
| Cash conversion | 35 | 10 |
| Efficiency | 25 | 10 |

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 88% of DCM Holdings's sales come from Home center business, with xprice business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit -6.7%.

## Company structure

- Segment revenue mix: Home center business 87.8%、xprice business 12.1%、Other 0.0%
- Revenue → net income: ¥533107000000 → ¥17310000000
- Net income → operating cash flow: ¥17310000000 → ¥36541000000（difference ¥19231000000）
- Main uses of operating cash flow: CapEx ¥15056000000 / dividends ¥6380000000 / buybacks ¥2311000000
- Change in cash: ¥-34393000000
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 | ¥533.1B |  |
| Operating income | ¥31B | Margin 5.8% |
| Net income | ¥17.3B | Margin 3.2% |
| Free cash flow | ¥21.5B |  |
| Largest business | Home center business | of segment revenue 87.8% |
| Employees (consolidated) | 4,982 |  |
| EPS | ¥123.78 |  |
| Book value per share | ¥1738.61 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 146,500,000 |  |
| Treasury shares | 3,081,000 |  |
| Shareholders | 97,351 |  |
| Cash ratio | 12.7% | Net cash -¥139.8B · Cash ÷ revenue 16.0% |
| Vs. industry median margin | +2.6 pp | Home Centers |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by 35 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥464212000000 | ¥533107000000 | +14.8% |
| Operating income | ¥30254000000 | ¥31014000000 | +2.5% |
| Operating margin | 6.5% | 5.8% | -0.7 pp |
| Employees | 4,059 people | 4,982 people | +22.7% |
| Cash and equivalents | ¥79934000000 | ¥85094000000 | +6.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ＤＣＭカーマ → 事業再編・廃止 | 29.0% |
| ＤＣＭダイキ → 事業再編・廃止 | 19.4% |
| ＤＣＭホーマック → 事業再編・廃止 | 41.2% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 10.4% |
| 新設・再編 → ホームセンター事業 | 87.8% |
| 新設・再編 → エクスプライス事業 | 12.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Home center business | 4 years | +1.7% | ¥476272000000 | 6.6% | 2 |
| xprice business | 3 years | +8.6% | ¥65789000000 | 1.3% | 2 |
| Other | 5 years | -65.1% | ¥255000000 | 6796.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 533,107 | 100.0% | S100Y6MK |
| Cost of revenue | 350,014 | 65.7% | S100Y6MK |
| Gross profit | 183,092 | 34.3% | S100Y6MK |
| SG&A | 161,288 | 30.3% | S100Y6MK |
| Operating income | 31,014 | 5.8% | S100Y6MK |
| Ordinary income | 29,158 | 5.5% | S100Y6MK |
| Pretax income | 28,227 | 5.3% | S100Y6MK |
| Income tax | 10,916 | 2.0% | S100Y6MK |
| Net income | 17,310 | 3.2% | S100Y6MK |
| Net income attributable to owners | 17,310 | 3.2% | S100Y6MK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 30 |
| Other operating | -2 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.3% → Operating margin 5.8% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.6%; Core profit growth: -6.7%
Operating leverage (core profit growth ÷ revenue growth): 11.82×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 536,132 | 533,107 | -3,025 | -0.6% |
| Gross profit | 182,660 | 183,092 | 432 | +0.2% |
| Operating income | 33,230 | 31,014 | -2,216 | -6.7% |
| Net income attributable to owners | 17,144 | 17,310 | 166 | +1.0% |
| Operating cash flow | 36,534 | 36,541 | 7 | +0.0% |
| Free cash flow | 20,105 | 21,485 | 1,380 | +6.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 430,000 | 20,832 | 4.8% | 13,783 | 36,749 | 24,303 | S100LF7I |
| FY ending Feb 2021 | 464,212 | 30,254 | 6.5% | 18,594 | 45,243 | 27,609 | S100OAQD |
| FY ending Feb 2022 | 437,722 | 30,649 | 7.0% | 18,809 | -3,720 | -12,867 | S100QTTX |
| FY ending Feb 2023 | 469,782 | 30,068 | 6.4% | 18,135 | 15,614 | 1,960 | S100TJ6A |
| FY ending Feb 2024 | 481,310 | 28,685 | 6.0% | 21,446 | 32,101 | 20,065 | S100VUJ1 |
| FY ending Feb 2025 | 536,132 | 33,230 | 6.2% | 17,144 | 36,534 | 20,105 | S100Y6MK |
| FY ending Feb 2026 | 533,107 | 31,014 | 5.8% | 17,310 | 36,541 | 21,485 | S100Y6MK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥3.5M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,025 | 4,102 | 4,955 | 4,646 | 4,982 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) -0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home center business | 476,272 | 87.8% | 31,530 | 6.6% |
| xprice business | 65,789 | 12.1% | 839 | 1.3% |
| Other | 255 | 0.0% | 17,330 | 6796.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home center business | 87.8% | 63.4% | -24.4 | 6.6% |
| xprice business | 12.1% | 1.7% | -10.4 | 1.3% |
| Other | 0.0% | 34.9% | 34.8 | 6796.1% |

Segment → industry: xprice business → E-commerce / Home center business → Home Centers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 36,541 | 6.9% | S100Y6MK |
| Capital expenditure | 15,056 | 2.8% | S100Y6MK |
| Free cash flow | 21,485 | 4.0% | 算出 |
| Investing cash flow | -11,361 | -2.1% | S100Y6MK |
| Financing cash flow | -59,573 | -11.2% | S100Y6MK |
| Dividends paid | 6,380 | 1.2% | S100Y6MK |
| Share buyback | 2,311 | 0.4% | S100Y6MK |
| Change in cash | -34,393 | -6.5% | S100Y6MK |
| Cash and equivalents | 85,094 | 16.0% | S100Y6MK |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 44,104 | 55,643 | 93,733 | 119,407 | 85,094 | S100TJ6A, S100VUJ1, S100Y6MK |
| Total assets | 449,151 | 515,955 | 622,734 | 647,936 | 670,854 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Net assets | 240,735 | 243,353 | 251,274 | 264,299 | 298,177 | S100TJ6A, S100VUJ1, S100Y6MK |
| Share capital | 19,973 | 19,973 | 19,973 | 19,973 | 19,973 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Trade receivables | 14,211 | — | — | 10,455 | 12,675 | S100OAQD, S100Y6MK |
| Property, plant and equipment | 196,243 | 195,687 | 218,121 | 221,239 | 233,541 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Intangible assets excluding goodwill | 13,306 | 33,650 | 57,222 | 55,103 | 64,060 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Goodwill | 488 | 20,382 | 45,155 | 42,685 | 50,866 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Investment securities | 23,677 | 30,927 | 34,490 | 35,869 | 57,198 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Current assets | 175,057 | 214,390 | 268,112 | 292,374 | 272,583 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Current liabilities | 100,109 | 102,828 | 168,707 | 127,710 | 112,400 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Trade payables | 22,816 | 24,155 | 23,794 | 22,652 | 27,073 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Short-term borrowings | — | 10,000 | 57,250 | — | 3,532 | S100TJ6A, S100VUJ1, S100Y6MK |
| Long-term borrowings | 73,767 | 137,104 | 169,757 | 188,796 | 186,348 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Bonds | 10,000 | 10,000 | — | 35,000 | 35,000 | S100QTTX, S100TJ6A, S100Y6MK |
| Interest-bearing debt | — | 157,104 | — | — | 224,880 | 算出 |
| Total liabilities | 208,416 | 272,601 | 371,460 | 383,637 | 372,677 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Equity attributable to owners of parent | 237,586 | 240,808 | 245,586 | 256,819 | 274,767 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Retained earnings | 178,254 | 185,378 | 192,532 | 200,061 | 211,071 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |
| Treasury stock | -15,692 | -18,619 | -18,327 | -14,623 | -10,226 | S100QTTX, S100TJ6A, S100VUJ1, S100Y6MK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Y6MK |
| Receivables | 2% | S100Y6MK |
| Property, plant and equipment | 35% | S100Y6MK |
| Intangibles and goodwill | 17% | S100Y6MK |
| Investment securities | 8% | S100Y6MK |
| Other assets | 25% | S100Y6MK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y6MK |
| Interest-bearing debt | 34% | 算出 |
| Other liabilities | 18% | S100Y6MK |
| Equity | 44% | S100Y6MK |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 449,151 | 515,955 | 622,734 | 647,936 | 670,854 |
| Equity | 240,735 | 243,353 | 251,274 | 264,299 | 298,177 |
| Interest-bearing debt | — | 157,104 | — | — | 224,880 |
| Cash | 44,104 | 55,643 | 93,733 | 119,407 | 85,094 |

## 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) | 43.8% | S100Y6MK |
| Fixed assets ÷ total assets | 34.8% | S100Y6MK |
| Goodwill ÷ parent equity | 18.5% | S100Y6MK |

Goodwill over 4 years: 488 → 50,866 JPY; total investing cash flow: -130,215 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) | 12.7% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | -¥139.8B |
| Net debt ÷ operating cash flow | 3.83× |
| Cash conversion (operating CF ÷ operating income) | 117.8% |
| Cash vs. profit gap | 19,231 JPY mn (of net income 111.1%) |
| Shareholder returns / net income | 50.2% |
| Shareholder returns / FCF | 40.5% |
| Shareholder payments — dividends / net income | 36.9% |
| Shareholder payments — dividends / FCF | 29.7% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 31.1% |

## 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 | 4.3% | 0.97× | 4.2% | 1.89× | 7.9% | S100QTTX |
| 2023 | 3.9% | 0.97× | 3.8% | 2.02× | 7.6% | S100TJ6A |
| 2024 | 4.5% | 0.85× | 3.8% | 2.34× | 8.8% | S100VUJ1 |
| 2025 | 3.2% | 0.84× | 2.7% | 2.53× | 6.8% | S100Y6MK |
| 2026 | 3.2% | 0.81× | 2.6% | 2.48× | 6.5% | S100Y6MK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 9.1% | 2026-02-28 |
| ㈲日新企興 | Major shareholder | 8.3% | 2026-02-28 |
| イオン㈱ | Major shareholder | 7.5% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-02-28 |
| 石黒 靖規 | Major shareholder | 2.9% | 2026-02-28 |
| 牧 香里 | Major shareholder | 2.5% | 2026-02-28 |
| ＤＣＭホールディングス社員持株会 | Major shareholder | 2.4% | 2026-02-28 |
| ㈱かんぽ生命保険 | Major shareholder | 1.9% | 2026-02-28 |
| 日本マスタートラスト信託銀行㈱ （株式付与ＥＳＯＰ信託口・76718口） | Major shareholder | 1.8% | 2026-02-28 |
| ㈱多聞 | Major shareholder | 1.8% | 2026-02-28 |

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

- Revenue for the FY ending Feb 2026 was ¥533.1B, almost flat against ¥536.1B the year before (-0.6%).
- Gross profit held steady at ¥183.1B (+0.2%), but operating income slipped from ¥33.2B to ¥31B (-6.7%).
- Net income came in at ¥17.3B, a small rise of +1.0%.

### Drivers

- Hot summer weather lifted sales of air conditioners and fan-cooled work wear, but demand for disaster-prep and security goods fell back after a strong prior year
- A reworked product lineup and a larger share of DCM-brand goods supported gross profit
- Consolidating Encho added SG&A costs and pulled operating income down; net income reflected both gains on selling investment securities and impairment losses

### Risks

- Unusual weather, such as a cool summer or mild winter, can cut demand for seasonal goods
- Competition is getting tougher, not only from other home centers but from other kinds of retailers
- Some private-label goods are sourced overseas, so shipping disruptions or currency swings could affect supply and costs

Cited: Annual Securities Report (FY ending Feb 2026) (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 (FY ending Feb 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/03/01－2026/02/28) | S100Y6MK | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6MK,, |
| 有価証券報告書－第19期(2024/03/01－2025/02/28) | S100VUJ1 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUJ1,, |
| 有価証券報告書－第18期(2023/03/01－2024/02/29) | S100TJ6A | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ6A,, |
| 有価証券報告書－第17期(2022/03/01－2023/02/28) | S100QTTX | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTTX,, |
| 訂正有価証券報告書－第16期(令和3年3月1日－令和4年2月28日) | S100OAQD | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAQD,, |
| 有価証券報告書－第15期(令和2年3月1日－令和3年2月28日) | S100LF7I | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF7I,, |

## 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).