# DEAR LIFE CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2024/10/01－2025/09/30) (S100XAUW)
> Page: https://vizora.meequs.com/en/company/dear-life
> Retrieved: 2026-09-30T19:49:50.373Z

## Company

Dear Life, founded in 2004, is a company in HR & Staffing listed on TSE Prime. It has 639 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DEAR LIFE CO.,LTD. |
| Ticker | 3245 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3245.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区九段北一丁目13番5号 |
| Representative (per filing) | 代表取締役社長 阿部 幸広 |
| Founded | Nov 2004 |
| Share capital | ¥4.13B |
| Employees (consolidated) | 639 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | September |
| Website | www.dear-life.co.jp (https://www.dear-life.co.jp/) |
| Corporate number | 2010001090418 |
| EDINET | E04072 |
| Industries (Vizora) | HR & Staffing, Business Process Outsourcing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XAUW, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.3 | 75 |
| Profitability | 45.9 | 86 |
| Cash conversion | 83.5 | 82 |
| Efficiency | 94.8 | 86 |
| Financial strength | 95.9 | 37 |

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 95% of Dear Life's sales come from Real Estate Segment, with Sales Promotion Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +67.5% from the prior year, operating profit +67.3%.

## Company structure

- Segment revenue mix: Real Estate Segment 95.0%、Sales Promotion Segment 5.0%
- Revenue → net income: ¥78505000000 → ¥5332000000
- Net income → operating cash flow: ¥5332000000 → ¥14138000000（difference ¥8806000000）
- Main uses of operating cash flow: CapEx ¥5000000 / dividends ¥2042000000 / buybacks ¥0
- Change in cash: ¥8453000000
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 | ¥78.5B |  |
| Operating income | ¥7.73B | Margin 9.8% |
| Net income | ¥5.32B | Margin 6.8% |
| Free cash flow | ¥14.1B |  |
| Largest business | Real Estate Segment | of segment revenue 95.0% |
| Employees (consolidated) | 639 |  |
| EPS | ¥104.23 |  |
| Book value per share | ¥573 |  |
| Equity ratio | 59.3% |  |
| Shares outstanding | 44,896,800 |  |
| Treasury shares | 1,379,900 |  |
| Shareholders | 32,515 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 57.3% | Net cash ¥14.3B · Cash ÷ revenue 34.6% |
| Vs. industry median margin | -0.7 pp | Real Estate Development & Leasing |
| ROE | 20.2% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, revenue is 3.0× its level five years ago
- FY2025, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27649000000 | ¥78505000000 | +183.9% |
| Operating income | ¥2603000000 | ¥7726000000 | +196.8% |
| Operating margin | 9.4% | 9.8% | +0.4 pp |
| Employees | 33 people | 639 people | +1836.4% |
| Cash and equivalents | ¥13056000000 | ¥27164000000 | +108.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| リアルエステート事業 → リアルエステート事業 | 95.0% |
| リアルエステート事業 → 事業再編・廃止 | 4.2% |
| セールスプロモーション事業 → セールスプロモーション事業 | 0.8% |
| 新設・再編 → セールスプロモーション事業 | 4.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 78,505 | 100.0% | S100XAUW |
| Cost of revenue | 67,716 | 86.3% | S100XAUW |
| Gross profit | 10,788 | 13.7% | S100XAUW |
| SG&A | 3,062 | 3.9% | S100XAUW |
| Operating income | 7,726 | 9.8% | S100XAUW |
| Ordinary income | 7,831 | 10.0% | S100XAUW |
| Pretax income | 7,772 | 9.9% | S100XAUW |
| Income tax | 2,439 | 3.1% | S100XAUW |
| Net income | 5,332 | 6.8% | S100XAUW |
| Net income attributable to owners | 5,320 | 6.8% | S100XAUW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 4 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 13.7% → Operating margin 9.8% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +67.5%; Core profit growth: +67.3%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.00×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,880 | 78,505 | 31,625 | +67.5% |
| Gross profit | 7,095 | 10,788 | 3,693 | +52.1% |
| Operating income | 4,619 | 7,726 | 3,107 | +67.3% |
| Net income attributable to owners | 3,170 | 5,320 | 2,150 | +67.8% |
| Operating cash flow | -5,932 | 14,138 | 20,070 | — |
| Free cash flow | -5,991 | 14,133 | 20,124 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 19,866 | 3,333 | 16.8% | 2,363 | -3,165 | -3,193 | S100KFEJ |
| FY ending Sep 2020 | 27,649 | 2,603 | 9.4% | 1,851 | 6,354 | 6,353 | S100N4X2 |
| FY ending Sep 2021 | 26,367 | 4,016 | 15.2% | 2,686 | 1,752 | 1,719 | S100PUSR |
| FY ending Sep 2022 | 51,905 | 5,736 | 11.1% | 4,199 | 5,045 | 4,909 | S100SIHY |
| FY ending Sep 2023 | 43,503 | 6,087 | 14.0% | 4,304 | 1,365 | 1,303 | S100UYX4 |
| FY ending Sep 2024 | 46,880 | 4,619 | 9.9% | 3,170 | -5,932 | -5,991 | S100XAUW |
| FY ending Sep 2025 | 78,505 | 7,726 | 9.8% | 5,320 | 14,138 | 14,133 | S100XAUW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥122.9M |
| Operating income per employee (consolidated) | ¥12.1M |
| Net income per employee (consolidated) | ¥8.3M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 479 | 563 | 645 | 643 | 639 |
| Average salary (parent company) | ¥7M | ¥6M | ¥8M | ¥8.6M | ¥7.9M |
| Average age (parent company) | 30.7 years | 30.7 years | 30.4 years | 28.8 years | 28.8 years |
| Average tenure (parent company) | 2.3 years | 2.5 years | 2.9 years | 2.8 years | 3.1 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +67.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Segment | 74,569 | 95.0% | 8,619 | 11.6% |
| Sales Promotion Segment | 3,936 | 5.0% | 79 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real Estate Segment | 95.0% | 99.1% | 4.1 | 11.6% |
| Sales Promotion Segment | 5.0% | 0.9% | -4.1 | 2.0% |

Segment → industry: Sales Promotion Segment → HR & Staffing / Sales Promotion Segment → Business Process Outsourcing / Real Estate Segment → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 14,138 | 18.0% | S100XAUW |
| Capital expenditure | 5 | 0.0% | S100XAUW |
| Free cash flow | 14,133 | 18.0% | 算出 |
| Investing cash flow | 41 | 0.1% | S100XAUW |
| Financing cash flow | -5,726 | -7.3% | S100XAUW |
| Dividends paid | 2,042 | 2.6% | S100XAUW |
| Share buyback | 0 | 0.0% | S100XAUW |
| Change in cash | 8,453 | 10.8% | S100XAUW |
| Cash and equivalents | 27,164 | 34.6% | S100XAUW |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,717 | 19,677 | 21,920 | 18,710 | 27,164 | S100SIHY, S100UYX4, S100XAUW |
| Total assets | 27,738 | 36,457 | 41,714 | 47,063 | 47,376 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Net assets | 15,611 | 21,259 | 24,162 | 25,075 | 28,492 | S100SIHY, S100UYX4, S100XAUW |
| Share capital | 3,126 | 3,911 | 4,125 | 4,125 | 4,125 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Property, plant and equipment | 78 | 226 | 185 | 195 | 157 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Intangible assets excluding goodwill | 620 | 516 | 413 | 312 | 171 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Goodwill | 617 | 512 | 407 | 302 | 164 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Investment securities | 908 | 892 | 923 | 1,062 | 1,094 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Current assets | 25,706 | 34,085 | 39,504 | 44,914 | 45,352 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Current liabilities | 3,942 | 4,426 | 4,998 | 6,463 | 6,184 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Trade payables | 124 | 202 | 606 | 357 | 317 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Short-term borrowings | 220 | 100 | 500 | 1,065 | 300 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Long-term borrowings | 6,504 | 8,802 | 10,240 | 14,029 | 11,675 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Bonds | 1,600 | 1,770 | 2,130 | 1,210 | 860 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Interest-bearing debt | 8,324 | 10,672 | 12,870 | 16,304 | 12,835 | 算出 |
| Total liabilities | 12,127 | 15,198 | 17,551 | 21,987 | 18,884 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Non-controlling interests | 400 | 391 | 382 | 383 | 395 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Equity attributable to owners of parent | 15,210 | 20,866 | 23,780 | 24,627 | 28,020 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Retained earnings | 9,642 | 12,709 | 15,118 | 16,484 | 19,763 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |
| Treasury stock | -1,338 | -429 | -375 | -923 | -854 | S100PUSR, S100SIHY, S100UYX4, S100XAUW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100XAUW |
| Property, plant and equipment | 0% | S100XAUW |
| Intangibles and goodwill | 1% | S100XAUW |
| Investment securities | 2% | S100XAUW |
| Other assets | 39% | S100XAUW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XAUW |
| Interest-bearing debt | 27% | 算出 |
| Other liabilities | 12% | S100XAUW |
| Equity | 60% | S100XAUW |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,738 | 36,457 | 41,714 | 47,063 | 47,376 |
| Equity | 15,611 | 21,259 | 24,162 | 25,075 | 28,492 |
| Interest-bearing debt | 8,324 | 10,672 | 12,870 | 16,304 | 12,835 |
| Cash | 14,717 | 19,677 | 21,920 | 18,710 | 27,164 |

## 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) | 0.2% | S100XAUW |
| Fixed assets ÷ total assets | 0.3% | S100XAUW |
| Goodwill ÷ parent equity | 0.6% | S100XAUW |

Goodwill over 4 years: 617 → 164 JPY; total investing cash flow: -298 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) | 57.3% |
| Cash ÷ revenue | 34.6% |
| Net cash (cash − interest-bearing debt) | ¥14.3B |
| Net debt ÷ operating cash flow | -1.01× |
| Cash conversion (operating CF ÷ operating income) | 183.0% |
| Cash vs. profit gap | 8,818 JPY mn (of net income 165.8%) |
| Shareholder returns / net income | 38.4% |
| Shareholder returns / FCF | 14.4% |
| Shareholder payments — dividends / net income | 38.4% |
| Shareholder payments — dividends / FCF | 14.4% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.3% |

## 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 | 10.2% | 0.95× | 9.7% | 1.82× | 17.7% | S100PUSR |
| 2022 | 8.1% | 1.62× | 13.1% | 1.78× | 23.3% | S100SIHY |
| 2023 | 9.9% | 1.11× | 11.0% | 1.75× | 19.3% | S100UYX4 |
| 2024 | 6.8% | 1.06× | 7.1% | 1.83× | 13.1% | S100XAUW |
| 2025 | 6.8% | 1.66× | 11.3% | 1.79× | 20.2% | S100XAUW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ディアネス | Major shareholder | 37.2% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.4% | 2025-09-30 |
| 阿部幸広 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.8% | 2025-09-30 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2025-09-30 |
| バークレイズ証券株式会社 （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.8% | 2025-09-30 |
| 高橋暁子 | Major shareholder | 0.6% | 2025-09-30 |
| 安東良高 | Major shareholder | 0.6% | 2025-09-30 |
| 藤塚知義 | Major shareholder | 0.5% | 2025-09-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2024/10/01－2025/09/30) | S100XAUW | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAUW,, |
| 有価証券報告書－第20期(2023/10/01－2024/09/30) | S100UYX4 | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYX4,, |
| 有価証券報告書－第19期(2022/10/01－2023/09/30) | S100SIHY | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIHY,, |
| 有価証券報告書－第18期(令和3年10月1日－令和4年9月30日) | S100PUSR | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUSR,, |
| 有価証券報告書－第17期(令和2年10月1日－令和3年9月30日) | S100N4X2 | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4X2,, |
| 有価証券報告書－第16期(令和1年10月1日－令和2年9月30日) | S100KFEJ | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFEJ,, |

## 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).