# DIP corporation: 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29期(2025/03/01－2026/02/28) (S100Y510)
> Page: https://vizora.meequs.com/en/company/dip
> Retrieved: 2026-09-30T21:01:30.097Z

## Company

DIP, founded in 1997, is a company in Software & SaaS listed on TSE Prime. It has 2,663 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | dip Corporation |
| Ticker | 2379 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2379.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 冨田 英揮 |
| Founded | Mar 1997 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 2,663 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Website | www.dip-net.co.jp (https://www.dip-net.co.jp/) |
| Corporate number | 6010401050785 |
| EDINET | E05368 |
| Industries (Vizora) | Software & SaaS, HR & Staffing |

> Profile source: annual securities report (S100Y510, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.7 | 68 |
| Profitability | 77.8 | 88 |
| Cash conversion | 69.4 | 80 |
| Efficiency | 30.1 | 88 |

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 DIP's sales come from Personnel service business, with DX business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit -32.0%.

## Company structure

- Segment revenue mix: Personnel service business 87.9%、DX business 12.1%
- Revenue → net income: ¥54852760000 → ¥5953859000
- Net income → operating cash flow: ¥5953859000 → ¥9965763000（difference ¥4011904000）
- Main uses of operating cash flow: CapEx ¥5307575000 / dividends ¥5159832000 / buybacks ¥85000
- Change in cash: ¥-6117114000
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 | ¥54.9B |  |
| Operating income | ¥9.11B | Margin 16.6% |
| Net income | ¥5.96B | Margin 10.9% |
| Free cash flow | ¥4.66B |  |
| Largest business | Personnel service business | of segment revenue 87.9% |
| Employees (consolidated) | 2,663 |  |
| EPS | ¥111.45 |  |
| Diluted EPS | ¥111.43 |  |
| Book value per share | ¥703.38 |  |
| Equity ratio | 73.7% |  |
| Shares outstanding | 60,140,000 |  |
| Treasury shares | 7,776,400 |  |
| Shareholders | 51,370 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 16.5% |
| Vs. industry median margin | +8 pp | HR & Staffing |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32494768000 | ¥54852760000 | +68.8% |
| Operating income | ¥7312158000 | ¥9112764000 | +24.6% |
| Operating margin | 22.5% | 16.6% | -5.9 pp |
| Employees | 2,110 people | 2,663 people | +26.2% |
| Cash and equivalents | ¥12462677000 | ¥9039062000 | -27.5% |

### 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 |
| --- | ---: |
| 人材サービス事業 → 人材サービス事業 | 87.9% |
| 人材サービス事業 → 事業再編・廃止 | 6.5% |
| AI・RPA事業 → 事業再編・廃止 | 2.5% |
| DX事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → DX事業 | 12.1% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,853 | 100.0% | S100Y510 |
| Cost of revenue | 6,319 | 11.5% | S100Y510 |
| Gross profit | 48,534 | 88.5% | S100Y510 |
| SG&A | 39,421 | 71.9% | S100Y510 |
| Operating income | 9,113 | 16.6% | S100Y510 |
| Ordinary income | 8,991 | 16.4% | S100Y510 |
| Pretax income | 9,085 | 16.6% | S100Y510 |
| Income tax | 3,131 | 5.7% | S100Y510 |
| Net income | 5,954 | 10.9% | S100Y510 |
| Net income attributable to owners | 5,956 | 10.9% | S100Y510 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 11 |
| SG&A | 72 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 88.5% → Operating margin 16.6% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.7%; Core profit growth: -32.0%
Operating leverage (core profit growth ÷ revenue growth): 11.78×
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 | 56,386 | 54,853 | -1,533 | -2.7% |
| Gross profit | 50,504 | 48,534 | -1,971 | -3.9% |
| Operating income | 13,406 | 9,113 | -4,293 | -32.0% |
| Net income attributable to owners | 8,951 | 5,956 | -2,995 | -33.5% |
| Operating cash flow | 16,454 | 9,966 | -6,488 | -39.4% |
| Free cash flow | 11,009 | 4,658 | -6,351 | -57.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 32,495 | 7,312 | 22.5% | 608 | 5,906 | 2,537 | S100O419 |
| FY ending Feb 2022 | 39,515 | 5,602 | 14.2% | 3,487 | 10,482 | 6,678 | S100QTD9 |
| FY ending Feb 2023 | 49,356 | 11,538 | 23.4% | 7,936 | 13,204 | 9,572 | S100THHL |
| FY ending Feb 2024 | 53,782 | 12,761 | 23.7% | 9,051 | 9,527 | 5,404 | S100VSZG |
| FY ending Feb 2025 | 56,386 | 13,406 | 23.8% | 8,951 | 16,454 | 11,009 | S100Y510 |
| FY ending Feb 2026 | 54,853 | 9,113 | 16.6% | 5,956 | 9,966 | 4,658 | S100Y510 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 1,969 | 2,316 | 2,699 | 2,530 | 2,663 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.3M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 30.2 years | 30.1 years | 29.8 years | 30.3 years | 30.5 years |
| Average tenure (parent company) | 5.5 years | 5.2 years | 5.1 years | 5.6 years | 5.6 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) -2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Personnel service business | 48,239 | 87.9% | 15,209 | 31.5% |
| DX business | 6,614 | 12.1% | 3,711 | 56.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Personnel service business | 87.9% | 80.4% | -7.6 | 31.5% |
| DX business | 12.1% | 19.6% | 7.6 | 56.1% |

Segment → industry: DX business → Software & SaaS / Personnel service business → HR & Staffing

## 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 | 9,966 | 18.2% | S100Y510 |
| Capital expenditure | 5,308 | 9.7% | S100Y510 |
| Free cash flow | 4,658 | 8.5% | 算出 |
| Investing cash flow | -11,077 | -20.2% | S100Y510 |
| Financing cash flow | -5,021 | -9.2% | S100Y510 |
| Dividends paid | 5,160 | 9.4% | S100Y510 |
| Share buyback | 0 | 0.0% | S100Y510 |
| Change in cash | -6,117 | -11.2% | S100Y510 |
| Cash and equivalents | 9,039 | 16.5% | S100Y510 |

## 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 | 16,570 | 21,974 | 16,117 | 15,156 | 9,039 | S100THHL, S100VSZG, S100Y510 |
| Total assets | 42,454 | 50,168 | 50,772 | 50,507 | 49,955 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Net assets | 32,989 | 38,243 | 39,708 | 36,236 | 37,194 | S100THHL, S100VSZG, S100Y510 |
| Share capital | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Trade receivables | 4,885 | 5,499 | 5,785 | 5,563 | 5,201 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Property, plant and equipment | 1,964 | 1,883 | 2,044 | 2,667 | 2,881 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Intangible assets excluding goodwill | 7,738 | 8,530 | 9,628 | 11,196 | 12,160 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Investment securities | 5,892 | 7,100 | 5,755 | 5,110 | 4,846 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Current assets | 22,654 | 28,816 | 28,147 | 26,264 | 25,869 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Current liabilities | 8,033 | 10,477 | 9,240 | 11,047 | 9,351 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Total liabilities | 9,465 | 11,925 | 11,064 | 14,271 | 12,761 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Non-controlling interests | 16 | 18 | 16 | 13 | 11 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Equity attributable to owners of parent | 32,405 | 37,125 | 38,821 | 35,663 | 36,632 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Retained earnings | 28,742 | 32,840 | 37,413 | 41,068 | 41,858 | S100QTD9, S100THHL, S100VSZG, S100Y510 |
| Treasury stock | -2,072 | -1,943 | -7,118 | -13,969 | -13,796 | S100QTD9, S100THHL, S100VSZG, S100Y510 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y510 |
| Receivables | 10% | S100Y510 |
| Property, plant and equipment | 6% | S100Y510 |
| Intangibles and goodwill | 24% | S100Y510 |
| Investment securities | 10% | S100Y510 |
| Other assets | 32% | S100Y510 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100Y510 |
| Equity | 74% | S100Y510 |
| Other liabilities | 0% | S100Y510 |

### 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 | 42,454 | 50,168 | 50,772 | 50,507 | 49,955 |
| Equity | 32,989 | 38,243 | 39,708 | 36,236 | 37,194 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,570 | 21,974 | 16,117 | 15,156 | 9,039 |

## 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) | 5.3% | S100Y510 |
| Fixed assets ÷ total assets | 5.8% | S100Y510 |
| Goodwill ÷ parent equity | — | —, S100Y510 |

### 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) | 18.1% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.4% |
| Cash vs. profit gap | 4,010 JPY mn (of net income 67.3%) |
| Shareholder returns / net income | 86.6% |
| Shareholder returns / FCF | 110.8% |
| Shareholder payments — dividends / net income | 86.6% |
| Shareholder payments — dividends / FCF | 110.8% |
| CapEx intensity (capex ÷ revenue) | 9.7% |
| Investing CF relative to operating CF | 111.1% |

## 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 | 8.8% | 0.93× | 8.2% | 1.31× | 10.8% | S100QTD9 |
| 2023 | 16.1% | 1.07× | 17.1% | 1.33× | 22.8% | S100THHL |
| 2024 | 16.8% | 1.07× | 17.9% | 1.33× | 23.8% | S100VSZG |
| 2025 | 15.9% | 1.11× | 17.7% | 1.36× | 24.0% | S100Y510 |
| 2026 | 10.9% | 1.09× | 11.9% | 1.39× | 16.5% | S100Y510 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| オーセンティシティ株式会社 | Major shareholder | 37.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.2% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５３０１（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 5.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（株式付与ＥＳＯＰ信託口・７５５２５口） | Major shareholder | 3.5% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０２５（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-02-28 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４４（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０４４（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-02-28 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ （常任代理人香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.0% | 2026-02-28 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/03/01－2026/02/28) | S100Y510 | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y510,, |
| 有価証券報告書－第28期(2024/03/01－2025/02/28) | S100VSZG | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSZG,, |
| 有価証券報告書－第27期(2023/03/01－2024/02/29) | S100THHL | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THHL,, |
| 有価証券報告書－第26期(2022/03/01－2023/02/28) | S100QTD9 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTD9,, |
| 有価証券報告書－第25期(令和3年3月1日－令和4年2月28日) | S100O419 | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O419,, |
| 有価証券報告書－第24期(令和2年3月1日－令和3年2月28日) | S100LEY4 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEY4,, |

## 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).