# Dive Group inc.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/07/01－2025/06/30) (S100WQCJ)
> Page: https://vizora.meequs.com/en/company/dive-group
> Retrieved: 2026-09-30T21:31:17.416Z

## Company

Dive Group, founded in 2002, is a company in HR & Staffing listed on TSE Growth. It has 159 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dive Inc. |
| Ticker | 151A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/151A.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿二丁目8番1号 |
| Representative (per filing) | 代表取締役社長 庄子 潔 |
| Founded | Mar 2002 |
| Share capital | ¥21.2M |
| Employees (consolidated) | 159 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | June |
| Website | dive.design (https://dive.design/) |
| Corporate number | 6011101046603 |
| EDINET | E39476 |
| Industries (Vizora) | HR & Staffing, Hotels & Inns |

> Profile source: annual securities report (S100WQCJ, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.1 | 68 |
| Profitability | 35.8 | 88 |
| Cash conversion | 6.9 | 80 |
| Efficiency | 92.6 | 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 94% of Dive Group's sales come from Tourism HR business, with Regional revitalization business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +39.4%.

## Company structure

- Segment revenue mix: Tourism HR business 94.1%、Regional revitalization business 5.7%、Other 0.1%
- Revenue → net income: ¥13781848000 → ¥454620000
- Net income → operating cash flow: ¥454620000 → ¥268439000（difference ¥-186181000）
- Main uses of operating cash flow: CapEx ¥181943000 / dividends — / buybacks ¥100975000
- Change in cash: ¥27498000
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 | ¥13.8B |  |
| Operating income | ¥756M | Margin 5.5% |
| Net income | ¥454.6M | Margin 3.3% |
| Free cash flow | ¥86.5M |  |
| Largest business | Tourism HR business | of segment revenue 94.1% |
| Employees (consolidated) | 159 |  |
| EPS | ¥54.11 |  |
| Diluted EPS | ¥52.1 |  |
| Book value per share | ¥271.03 |  |
| Equity ratio | 51.2% |  |
| Shares outstanding | 8,492,475 |  |
| Treasury shares | 108,600 |  |
| Shareholders | 1,008 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | -3.1 pp | HR & Staffing |
| ROE | 21.8% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 47% of total assets

## What changed in 2 years

| Metric | FY ending Jun 2023 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8265919000 | ¥13781848000 | +66.7% |
| Operating income | ¥120007000 | ¥755966000 | +529.9% |
| Operating margin | 1.5% | 5.5% | +4 pp |
| Employees | 134 people | 159 people | +18.7% |
| Cash and equivalents | ¥1777687000 | ¥2065504000 | +16.2% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 観光HR事業 → 観光HR事業 | 94.1% |
| 観光HR事業 → 事業再編・廃止 | 0.3% |
| 地方創生事業 → 地方創生事業 | 4.6% |
| 情報システム事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 地方創生事業 | 1.2% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tourism HR business | 2 years | +28.9% | ¥12973477000 | 9.8% | 2 |
| Regional revitalization business | 2 years | +44.4% | ¥792118000 | 0.7% | 2 |
| Other | — | — | ¥16252000 | -323.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,782 | 100.0% | S100WQCJ |
| Cost of revenue | 10,315 | 74.8% | S100WQCJ |
| Gross profit | 3,467 | 25.2% | S100WQCJ |
| SG&A | 2,711 | 19.7% | S100WQCJ |
| Operating income | 756 | 5.5% | S100WQCJ |
| Ordinary income | 769 | 5.6% | S100WQCJ |
| Pretax income | 632 | 4.6% | S100WQCJ |
| Income tax | 177 | 1.3% | S100WQCJ |
| Net income | 455 | 3.3% | S100WQCJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 20 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 25.2% → Operating margin 5.5% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +39.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.43×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,363 | 13,782 | 1,418 | +11.5% |
| Gross profit | 2,952 | 3,467 | 515 | +17.4% |
| Operating income | 542 | 756 | 214 | +39.4% |
| Operating cash flow | 626 | 268 | -358 | -57.1% |
| Free cash flow | -25 | 86 | 112 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 8,266 | 120 | 1.5% | 168 | 588 | 415 | S100UFJQ |
| FY ending Jun 2024 | 12,363 | 542 | 4.4% | 321 | 626 | -25 | S100WQCJ |
| FY ending Jun 2025 | 13,782 | 756 | 5.5% | 455 | 268 | 86 | S100WQCJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥86.7M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥2.9M |

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

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 134 | 156 | 159 |
| Average salary (parent company) | — | ¥4.7M | ¥5.1M |
| Average age (parent company) | — | 30.3 years | 30.7 years |
| Average tenure (parent company) | — | 3.4 years | 3.7 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tourism HR business | 12,973 | 94.1% | 1,273 | 9.8% |
| Regional revitalization business | 792 | 5.7% | 6 | 0.7% |
| Other | 16 | 0.1% | -52 | -323.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tourism HR business | 94.1% | 99.5% | 5.4 | 9.8% |
| Regional revitalization business | 5.7% | 0.5% | -5.3 | 0.7% |
| Other | 0.1% | — | — | -323.0% |

Loss-making segment (excluded from profit shares): Other -52 JPY mn

Segment → industry: Tourism HR business → HR & Staffing / Regional revitalization business → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 268 | 1.9% | S100WQCJ |
| Capital expenditure | 182 | 1.3% | S100WQCJ |
| Free cash flow | 86 | 0.6% | 算出 |
| Investing cash flow | -210 | -1.5% | S100WQCJ |
| Financing cash flow | -30 | -0.2% | S100WQCJ |
| Share buyback | 101 | 0.7% | S100WQCJ |
| Change in cash | 27 | 0.2% | S100WQCJ |
| Cash and equivalents | 2,066 | 15.0% | S100WQCJ |

## 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 Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,778 | 2,038 | 2,066 | S100WQCJ |
| Total assets | 3,146 | 4,315 | 4,439 | S100UFJQ, S100WQCJ |
| Net assets | 964 | 1,896 | 2,272 | S100WQCJ |
| Share capital | 10 | 316 | 21 | S100UFJQ, S100WQCJ |
| Property, plant and equipment | 217 | 706 | 577 | S100UFJQ, S100WQCJ |
| Intangible assets excluding goodwill | 75 | 215 | 259 | S100UFJQ, S100WQCJ |
| Current assets | 2,742 | 3,246 | 3,371 | S100UFJQ, S100WQCJ |
| Current liabilities | 1,794 | 2,176 | 1,897 | S100UFJQ, S100WQCJ |
| Short-term borrowings | — | 30 | 132 | S100WQCJ |
| Long-term borrowings | 368 | 193 | 207 | S100UFJQ, S100WQCJ |
| Total liabilities | 2,182 | 2,419 | 2,167 | S100UFJQ, S100WQCJ |
| Equity attributable to owners of parent | 963 | 1,895 | 2,272 | S100UFJQ, S100WQCJ |
| Retained earnings | 953 | 1,274 | 1,729 | S100UFJQ, S100WQCJ |
| Treasury stock | — | — | -100 | S100WQCJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100WQCJ |
| Property, plant and equipment | 13% | S100WQCJ |
| Intangibles and goodwill | 6% | S100WQCJ |
| Other assets | 35% | S100WQCJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100WQCJ |
| Equity | 51% | S100WQCJ |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 3,146 | 4,315 | 4,439 |
| Equity | 964 | 1,896 | 2,272 |
| Interest-bearing debt | — | — | — |
| Cash | 1,778 | 2,038 | 2,066 |

## 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) | 4.2% | S100WQCJ |
| Fixed assets ÷ total assets | 13.0% | S100WQCJ |
| Goodwill ÷ parent equity | — | —, S100WQCJ |

### 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) | 46.5% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 35.5% |
| Cash vs. profit gap | -186 JPY mn (of net income -41.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 78.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 2.0% | 2.63× | 5.4% | 3.27× | 17.5% | S100UFJQ |
| 2024 | 2.6% | 3.31× | 8.6% | 2.61× | 22.5% | S100WQCJ |
| 2025 | 3.3% | 3.15× | 10.4% | 2.10× | 21.8% | S100WQCJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 庄子 潔 | Major shareholder | 41.0% | 2025-06-30 |
| 合同会社なかなか | Major shareholder | 25.6% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.7% | 2025-06-30 |
| ＫＧＩ ＡＳＩＡ ＬＩＭＩＴＥＤ－ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2025-06-30 |
| ダイブ従業員持株会 | Major shareholder | 2.2% | 2025-06-30 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.1% | 2025-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2025-06-30 |
| ＳＢＩ４＆５投資事業有限責任組合 | Major shareholder | 1.7% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2025-06-30 |
| 片山 晃 | Major shareholder | 1.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/07/01－2025/06/30) | S100WQCJ | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQCJ,, |
| 有価証券報告書－第24期(2023/07/01－2024/06/30) | S100UFJQ | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFJQ,, |

## 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).