# Direct Marketing MiX Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2025/01/01－2025/12/31) (S100XUHI)
> Page: https://vizora.meequs.com/en/company/direct-marketing-mix
> Retrieved: 2026-09-30T22:20:16.381Z

## Company

Direct Marketing MiX, founded in 2007, is a company in HR & Staffing listed on TSE Standard. It has 665 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Direct Marketing MiX Inc. |
| Ticker | 7354 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7354.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区曽根崎一丁目2番9号 |
| Representative (per filing) | 代表執行役社長CEO 植原大祐 |
| Founded | Apr 2007 |
| Share capital | ¥2.24B |
| Employees (consolidated) | 665 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | December |
| Website | dmix.co.jp (https://dmix.co.jp/) |
| Corporate number | 7010001185502 |
| EDINET | E35931 |
| Industries (Vizora) | HR & Staffing, Business Process Outsourcing |

> Profile source: annual securities report (S100XUHI, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.9 | 18 |
| Profitability | 83.3 | 21 |
| Cash conversion | 61.8 | 17 |
| Efficiency | 21.4 | 21 |

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 93% of Direct Marketing MiX's sales come from Marketing business, with On-site business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +48.7%.

## Company structure

- Segment revenue mix: Marketing business 93.2%、On-site business 6.8%
- Revenue → net income: ¥22694234000 → ¥1344550000
- Net income → operating cash flow: ¥1344550000 → ¥2803332000（difference ¥1458782000）
- Main uses of operating cash flow: CapEx ¥380933000 / dividends ¥208573000 / buybacks —
- Change in cash: ¥355548000
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 | ¥22.7B |  |
| Operating income | ¥2.13B | Margin 9.4% |
| Net income | ¥1.34B | Margin 5.9% |
| Free cash flow | ¥2.42B |  |
| Largest business | Marketing business | of segment revenue 93.2% |
| Employees (consolidated) | 665 |  |
| EPS | ¥28.97 |  |
| Diluted EPS | ¥28.72 |  |
| Book value per share | ¥189.14 |  |
| Equity ratio | 54.3% | Derived from disclosed figures |
| Shares outstanding | 47,614,836 |  |
| Treasury shares | 1,180,600 |  |
| Shareholders | 4,857 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 24.3% |
| Vs. industry median margin | +5.5 pp | Business Process Outsourcing |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, employees -6% while operating income rose 49%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22461405000 | ¥22694234000 | +1.0% |
| Operating income | ¥3586077000 | ¥2132605000 | -40.5% |
| Operating margin | 16.0% | 9.4% | -6.6 pp |
| Employees | 763 people | 665 people | -12.8% |
| Cash and equivalents | ¥3692215000 | ¥5523088000 | +49.6% |

### 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 |
| --- | ---: |
| マーケティング事業 → マーケティング事業 | 93.2% |
| マーケティング事業 → 事業再編・廃止 | 0.1% |
| オンサイト事業 → オンサイト事業 | 6.7% |
| 新設・再編 → オンサイト事業 | 0.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,694 | 100.0% | S100XUHI |
| Operating income | 2,133 | 9.4% | S100XUHI |
| Pretax income | 2,073 | 9.1% | S100XUHI |
| Income tax | 729 | 3.2% | S100XUHI |
| Net income | 1,345 | 5.9% | S100XUHI |
| Net income attributable to owners | 1,345 | 5.9% | S100XUHI |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 9.4% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +48.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.86×
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 | 20,952 | 22,694 | 1,742 | +8.3% |
| Operating income | 1,434 | 2,133 | 699 | +48.7% |
| Net income attributable to owners | 834 | 1,345 | 510 | +61.2% |
| Operating cash flow | 2,002 | 2,803 | 801 | +40.0% |
| Free cash flow | 1,874 | 2,422 | 548 | +29.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2018 | 13,508 | — | — | 818 | 1,559 | — | S100QGFY |
| FY ending Dec 2019 | 17,213 | 2,238 | 13.0% | 1,459 | 2,270 | 1,992 | S100L172 |
| FY ending Dec 2020 | 22,461 | 3,586 | 16.0% | 2,425 | 4,091 | 3,750 | S100NRB0 |
| FY ending Dec 2021 | 30,286 | 4,780 | 15.8% | 3,217 | 4,140 | 3,280 | S100QGFY |
| FY ending Dec 2022 | 34,674 | 5,771 | 16.6% | 3,803 | 5,117 | 4,682 | S100T45Y |
| FY ending Dec 2023 | 26,851 | 1,220 | 4.5% | 310 | 1,612 | 1,468 | S100VJAQ |
| FY ending Dec 2024 | 20,952 | 1,434 | 6.8% | 834 | 2,002 | 1,874 | S100XUHI |
| FY ending Dec 2025 | 22,694 | 2,133 | 9.4% | 1,345 | 2,803 | 2,422 | S100XUHI |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.1M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2M |

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) | 1,053 | 1,165 | 1,014 | 711 | 665 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5M | ¥4.3M | ¥5M |
| Average age (parent company) | 33.7 years | 31.4 years | 32.9 years | 35.1 years | 35.3 years |
| Average tenure (parent company) | 9.2 years | 4.2 years | 5.3 years | 7.1 years | 7.4 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) +8.3%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing business | 21,158 | 93.2% | 3,303 | 15.6% |
| On-site business | 1,536 | 6.8% | 80 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing business | 93.2% | 97.6% | 4.4 | 15.6% |
| On-site business | 6.8% | 2.4% | -4.4 | 5.2% |

Segment → industry: On-site business → HR & Staffing / On-site business → Business Process Outsourcing / Marketing business → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,803 | 12.4% | S100XUHI |
| Capital expenditure | 381 | 1.7% | S100XUHI |
| Free cash flow | 2,422 | 10.7% | 算出 |
| Investing cash flow | -1,850 | -8.2% | S100XUHI |
| Financing cash flow | -598 | -2.6% | S100XUHI |
| Dividends paid | 209 | 0.9% | S100XUHI |
| Change in cash | 356 | 1.6% | S100XUHI |
| Cash and equivalents | 5,523 | 24.3% | S100XUHI |

## 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 | 5,067 | 7,608 | 4,459 | 5,168 | 5,523 | S100T45Y, S100VJAQ, S100XUHI |
| Total assets | 26,837 | 30,532 | 26,175 | 24,968 | 27,417 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Net assets | 11,599 | 15,585 | 13,085 | 13,756 | 14,881 | S100T45Y, S100VJAQ, S100XUHI |
| Share capital | 1,867 | 2,099 | 2,185 | 2,232 | 2,243 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Property, plant and equipment | 1,673 | 1,737 | 1,628 | 1,097 | 1,139 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Goodwill | 10,984 | 10,984 | 11,391 | 11,391 | 13,063 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Current assets | 9,702 | 13,083 | 8,381 | 8,301 | 9,210 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Total liabilities | 15,238 | 14,947 | 13,090 | 11,212 | 12,536 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Equity attributable to owners of parent | 11,599 | 15,585 | 13,085 | 13,756 | 14,881 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Retained earnings | 7,824 | 11,405 | 10,917 | 11,613 | 12,717 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |
| Treasury stock | -0 | -1 | -2,000 | -1,963 | -1,963 | S100QGFY, S100T45Y, S100VJAQ, S100XUHI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XUHI |
| Property, plant and equipment | 4% | S100XUHI |
| Intangibles and goodwill | 48% | — |
| Other assets | 28% | S100XUHI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100XUHI |
| Equity | 54% | S100XUHI |

### 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 | 26,837 | 30,532 | 26,175 | 24,968 | 27,417 |
| Equity | 11,599 | 15,585 | 13,085 | 13,756 | 14,881 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,067 | 7,608 | 4,459 | 5,168 | 5,523 |

## 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) | 5.0% | S100XUHI |
| Fixed assets ÷ total assets | 4.2% | S100XUHI |
| Goodwill ÷ parent equity | 87.8% | S100XUHI |

Goodwill over 4 years: 10,984 → 13,063 JPY; total investing cash flow: -5,382 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) | 20.1% |
| Cash ÷ revenue | 24.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.5% |
| Cash vs. profit gap | 1,459 JPY mn (of net income 108.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.5% |
| Shareholder payments — dividends / FCF | 8.6% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 66.0% |

## 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% | 1.13× | 12.0% | 2.31× | 27.7% | S100QGFY |
| 2022 | 11.0% | 1.21× | 13.3% | 2.11× | 28.0% | S100T45Y |
| 2023 | 1.2% | 0.95× | 1.1% | 1.98× | 2.2% | S100VJAQ |
| 2024 | 4.0% | 0.82× | 3.3% | 1.91× | 6.2% | S100XUHI |
| 2025 | 5.9% | 0.87× | 5.1% | 1.83× | 9.4% | S100XUHI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| インテグラル３号投資事業有限責任組合 | Major shareholder | 36.2% | 2025-12-31 |
| ２３．７株式会社 | Major shareholder | 8.9% | 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 | 6.1% | 2025-12-31 |
| INNOVATION ALPHA L. P. （常任代理人 SMBC日興証券株式会社） | Major shareholder | 5.7% | 2025-12-31 |
| ベル投資事業有限責任組合１ | Major shareholder | 3.2% | 2025-12-31 |
| インテグラル株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社じげん | Major shareholder | 1.4% | 2025-12-31 |
| BBH CO FOR ARCUS JAPAN VALUE FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/01/01－2025/12/31) | S100XUHI | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUHI,, |
| 有価証券報告書－第8期(2024/01/01－2024/12/31) | S100VJAQ | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJAQ,, |
| 有価証券報告書－第7期(2023/01/01－2023/12/31) | S100T45Y | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T45Y,, |
| 有価証券報告書－第6期(2022/01/01－2022/12/31) | S100QGFY | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGFY,, |
| 有価証券報告書－第5期(令和3年1月1日－令和3年12月31日) | S100NRB0 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRB0,, |
| 有価証券報告書－第4期(令和2年1月1日－令和2年12月31日) | S100L172 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L172,, |

## 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).