# DeNA Co., Ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/04/01－2026/03/31) (S100YLDV)
> Page: https://vizora.meequs.com/en/company/dena
> Retrieved: 2026-09-30T18:07:16.985Z

## Company

DeNA, founded in 1999, is a company in Health Tech listed on TSE Prime. It has 2,483 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DeNA Co., Ltd. |
| Ticker | 2432 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2432.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷二丁目24番12号 |
| Representative (per filing) | 代表取締役社長兼CEO 岡村信悟 |
| Founded | Mar 1999 |
| Share capital | ¥10.4B |
| Employees (consolidated) | 2,483 |
| Average salary (parent only) | ¥11.2M |
| Fiscal year end | March |
| Website | dena.com (https://dena.com/) |
| Corporate number | 4011001032721 |
| EDINET | E05460 |
| Industries (Vizora) | Health Tech, Games, Streaming, Professional Sports, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YLDV, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.4 | 36 |
| Profitability | 69.5 | 41 |
| Cash conversion | 72.6 | 31 |
| Efficiency | 18.3 | 41 |

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 43% of DeNA's sales come from Game business, with Live Streaming Business and Sports Smart City Business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -9.9% from the prior year, operating profit -35.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥147.7B |  |
| Operating income | ¥18.7B | Margin 12.7% |
| Net income | ¥19B | Margin 12.9% |
| Free cash flow | — |  |
| Largest business | Game business | of segment revenue 43.4% |
| Employees (consolidated) | 2,483 |  |
| EPS | ¥171.36 |  |
| Diluted EPS | ¥170.95 |  |
| Book value per share | ¥1586.36 |  |
| Equity ratio | 69.8% | Derived from disclosed figures |
| Shares outstanding | 122,145,545 |  |
| Treasury shares | 14,758,800 |  |
| Shareholders | 45,934 |  |
| Average salary (parent only) | ¥11.2M | Filing company only |
| Cash ratio | 30.9% | Cash ÷ revenue 69.8% |
| Vs. industry median margin | +7.2 pp | Games |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.5× dividends
- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, segment profit share differs by 40 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥136971000000 | ¥147700000000 | +7.8% |
| Operating income | ¥22495000000 | ¥18694000000 | -16.9% |
| Operating margin | 16.4% | 12.7% | -3.8 pp |
| Employees | 2,100 people | 2,483 people | +18.2% |
| Cash and equivalents | ¥97301000000 | ¥103046000000 | +5.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ゲーム事業 → ゲーム事業 | 43.4% |
| ゲーム事業 → 事業再編・廃止 | 23.2% |
| ライブストリーミング事業 → ライブストリーミング事業 | 17.7% |
| スポーツ事業 → 事業再編・廃止 | 9.3% |
| ヘルスケア事業 → 事業再編・廃止 | 1.5% |
| 新規事業・その他 → 新規事業・その他 | 1.6% |
| 新規事業・その他 → 事業再編・廃止 | 3.3% |
| 新設・再編 → ライブストリーミング事業 | 9.3% |
| 新設・再編 → スポーツ・スマートシティ事業 | 22.1% |
| 新設・再編 → ヘルスケア・メディカル事業 | 5.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Game business | 5 years | -6.8% | ¥64176000000 | 46.2% | 2 |
| Live Streaming Business | 5 years | +10.4% | ¥39790000000 | 10.0% | 2 |
| Sports Smart City Business | — | — | ¥32651000000 | 5.5% | 2 |
| Healthcare and medical business | 4 years | +30.5% | ¥8705000000 | -26.8% | 2 |
| New businesses and others | 5 years | -18.7% | ¥2379000000 | -65.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 147,700 | 100.0% | S100YLDV |
| Cost of revenue | 68,344 | 46.3% | S100YLDV |
| Gross profit | 79,357 | 53.7% | S100YLDV |
| SG&A | 51,691 | 35.0% | S100YLDV |
| Operating income | 18,694 | 12.7% | S100YLDV |
| Pretax income | 25,764 | 17.4% | S100YLDV |
| Income tax | 7,322 | 5.0% | S100YLDV |
| Net income | 18,443 | 12.5% | S100YLDV |
| Net income attributable to owners | 19,048 | 12.9% | S100YLDV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 35 |
| Other operating | 6 |
| Operating income | 13 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 53.7% → Operating margin 12.7% → Net margin 12.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.9%; Core profit growth: -35.5%
Operating leverage (core profit growth ÷ revenue growth): 3.57×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 163,997 | 147,700 | -16,297 | -9.9% |
| Gross profit | 92,643 | 79,357 | -13,286 | -14.3% |
| Operating income | 28,973 | 18,694 | -10,279 | -35.5% |
| Net income attributable to owners | 24,193 | 19,048 | -5,145 | -21.3% |
| Operating cash flow | 38,999 | 33,431 | -5,568 | -14.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 143,806 | — | — | 30,826 | 22,682 | — | S100LLRU |
| FY ending Mar 2018 | 139,390 | — | — | 22,981 | 37,672 | — | S100OIUT |
| FY ending Mar 2019 | 124,116 | — | — | 12,709 | 22,979 | — | S100R3HZ |
| FY ending Mar 2021 | 136,971 | 22,495 | 16.4% | 25,630 | 29,967 | 20,694 | S100OIUT |
| FY ending Mar 2022 | 130,868 | 11,462 | 8.8% | 30,532 | 18,375 | 11,942 | S100R3HZ |
| FY ending Mar 2023 | 134,914 | 4,202 | 3.1% | 8,857 | 10,808 | 3,227 | S100TQ8O |
| FY ending Mar 2024 | 136,733 | — | — | -28,682 | -10,839 | — | S100YLDV |
| FY ending Mar 2025 | 163,997 | 28,973 | 17.7% | 24,193 | 38,999 | 28,581 | S100YLDV |
| FY ending Mar 2026 | 147,700 | 18,694 | 12.7% | 19,048 | 33,431 | — | S100YLDV |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.5M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥7.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,194 | 2,951 | 2,897 | 2,572 | 2,483 |
| Average salary (parent company) | ¥8.5M | ¥8.6M | — | ¥8.8M | ¥11.2M |
| Average age (parent company) | 36.8 years | 37.4 years | — | 37.9 years | 38.6 years |
| Average tenure (parent company) | 5.0 years | 5.0 years | — | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) -9.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game business | 64,176 | 43.4% | 29,656 | 46.2% |
| Live Streaming Business | 39,790 | 26.9% | 3,984 | 10.0% |
| Sports Smart City Business | 32,651 | 22.1% | 1,795 | 5.5% |
| Healthcare and medical business | 8,705 | 5.9% | -2,329 | -26.8% |
| New businesses and others | 2,379 | 1.6% | -1,550 | -65.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Game business | 43.4% | 83.7% | 40.2 | 46.2% |
| Live Streaming Business | 26.9% | 11.2% | -15.7 | 10.0% |
| Sports Smart City Business | 22.1% | 5.1% | -17.0 | 5.5% |
| Healthcare and medical business | 5.9% | — | — | -26.8% |
| New businesses and others | 1.6% | — | — | -65.2% |

Loss-making segment (excluded from profit shares): Healthcare and medical business -2,329 JPY mn

Loss-making segment (excluded from profit shares): New businesses and others -1,550 JPY mn

Segment → industry: Healthcare and medical business → Health Tech / Game business → Games / Live Streaming Business → Streaming / Sports Smart City Business → Professional Sports / Sports Smart City Business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 33,431 | 22.6% | S100YLDV |
| Investing cash flow | 34,820 | 23.6% | S100YLDV |
| Financing cash flow | -58,079 | -39.3% | S100YLDV |
| Dividends paid | 7,245 | 4.9% | S100YLDV |
| Share buyback | 10,694 | 7.2% | S100YLDV |
| Change in cash | 10,244 | 6.9% | S100YLDV |
| Cash and equivalents | 103,046 | 69.8% | S100YLDV |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 78,296 | 97,732 | 71,396 | 92,803 | 103,046 | S100TQ8O, S100VZE0, S100YLDV |
| Total assets | 340,570 | 348,942 | 335,708 | 394,188 | 333,244 | S100R3HZ, S100TQ8O, S100YLDV |
| Net assets | 244,907 | 233,993 | 220,025 | 252,875 | 240,787 | S100TQ8O, S100VZE0, S100YLDV |
| Share capital | 10,397 | 10,397 | — | 10,397 | 10,397 | S100R3HZ, S100TQ8O, S100YLDV |
| Property, plant and equipment | 2,380 | 3,163 | — | 9,581 | 12,344 | S100R3HZ, S100TQ8O, S100YLDV |
| Goodwill | 17,451 | 49,088 | — | 30,361 | 20,747 | S100R3HZ, S100TQ8O, S100YLDV |
| Current assets | 110,420 | 133,341 | — | 142,688 | 144,677 | S100R3HZ, S100TQ8O, S100YLDV |
| Total liabilities | 95,663 | 114,949 | — | 141,312 | 92,456 | S100R3HZ, S100TQ8O, S100YLDV |
| Equity attributable to owners of parent | 240,626 | 221,626 | — | 241,734 | 232,622 | S100R3HZ, S100TQ8O, S100YLDV |
| Retained earnings | 177,997 | 193,586 | — | 184,544 | 228,842 | S100R3HZ, S100TQ8O, S100YLDV |
| Treasury stock | -22,819 | -20,794 | — | -20,653 | -31,063 | S100R3HZ, S100TQ8O, S100YLDV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YLDV |
| Property, plant and equipment | 4% | S100YLDV |
| Intangibles and goodwill | 6% | — |
| Other assets | 59% | S100YLDV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YLDV |
| Equity | 72% | S100YLDV |
| Other liabilities | 0% | S100YLDV |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 340,570 | 348,942 | 335,708 | 394,188 | 333,244 |
| Equity | 244,907 | 233,993 | 220,025 | 252,875 | 240,787 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 78,296 | 97,732 | 71,396 | 92,803 | 103,046 |

## 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) | 8.4% | S100YLDV |
| Fixed assets ÷ total assets | 3.7% | S100YLDV |
| Goodwill ÷ parent equity | 8.9% | S100YLDV |

Goodwill over 4 years: 17,451 → 20,747 JPY; total investing cash flow: 2,438 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) | 30.9% |
| Cash ÷ revenue | 69.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.8% |
| Cash vs. profit gap | 14,383 JPY mn (of net income 75.5%) |
| Shareholder returns / net income | 94.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 104.2% |

## 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 | 23.3% | 0.38× | 9.0% | 1.42× | 12.7% | S100R3HZ |
| 2023 | 6.6% | 0.39× | 2.6% | 1.49× | 3.8% | S100TQ8O |
| 2024 | — | —× | -8.4% | —× | — | S100YLDV |
| 2025 | 14.8% | 0.45× | 6.6% | 1.51× | 10.0% | S100YLDV |
| 2026 | 12.9% | 0.41× | 5.2% | 1.53× | 8.0% | S100YLDV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 南場 智子 | Major shareholder | 18.5% | 2026-03-31 |
| 任天堂株式会社 | Major shareholder | 14.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 10.2% | 2026-03-31 |
| 株式会社ATRA | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 川田 尚吾 | Major shareholder | 3.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社シティインデックスイレブンス | Major shareholder | 2.9% | 2026-03-31 |
| みずほ証券株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| BBH BOSTON CUSTODIAN FOR JAPAN VALUE EQU ITY CONCENTRATED FUND A SERIES OF 620135（株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YLDV | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLDV,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100VZE0 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZE0,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TQ8O | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ8O,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R3HZ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3HZ,, |
| 訂正有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OIUT | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIUT,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LLRU | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLRU,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 任天堂 | Capital alliance | スマホ向けゲームの共同開発・運営と会員制サービス開発の業務・資本提携 | S100YLDV |
| 株式会社ポケモン | Co-development | 『Pokémon Trading Card Game Pocket』の企画・開発・運営のレベニューシェア | S100YLDV |
| 株式会社Cygames | Alliance | DeNAの「Mobage」でのCygamesのゲーム配信 | S100YLDV |

## 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).