# DLE Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/04/01－2026/03/31) (S100YNSR)
> Page: https://vizora.meequs.com/en/company/dle
> Retrieved: 2026-09-30T21:01:30.009Z

## Company

DLE, founded in 2001, is a company in Film & Anime listed on TSE Standard. It has 63 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DLE Inc. |
| Ticker | 3686 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3686.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町三丁目3番地4 |
| Representative (per filing) | 代表取締役社長CEO・CCO 小野 亮 |
| Founded | Dec 2001 |
| Share capital | ¥95.1M |
| Employees (consolidated) | 63 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.dle.jp (https://www.dle.jp/) |
| Corporate number | 6010001084845 |
| EDINET | E30466 |
| Industries (Vizora) | Film & Anime |

> Profile source: annual securities report (S100YNSR, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Film & Anime (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.6 | 9 |
| Profitability | 5.6 | 9 |
| Efficiency | 50 | 9 |

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)

- DLE brought in ¥1.46B in revenue.
- It lost about ¥41 for every ¥100 of sales at the operating level.
- Revenue changed -26.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.46B |  |
| Operating income | -¥595.1M | Margin -40.7% |
| Net income | -¥498M | Margin -34.0% |
| Free cash flow | -¥721.5M |  |
| Employees (consolidated) | 63 |  |
| EPS | ¥-10.09 |  |
| Book value per share | ¥30.79 |  |
| Equity ratio | 72.3% |  |
| Shares outstanding | 43,448,440 |  |
| Shareholders | 6,079 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 44.7% | Cash ÷ revenue 55.9% |
| Vs. industry median margin | -50.3 pp | Film & Anime |
| ROA | -22.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 41 per ¥100 of revenue
- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1117363000 | ¥1463177000 | +30.9% |
| Operating income | ¥-514992000 | ¥-595127000 | — |
| Operating margin | -46.1% | -40.7% | +5.4 pp |
| Employees | 91 people | 63 people | -30.8% |
| Cash and equivalents | ¥2593580000 | ¥818328000 | -68.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,463 | 100.0% | S100YNSR |
| Cost of revenue | 901 | 61.6% | S100YNSR |
| Gross profit | 562 | 38.4% | S100YNSR |
| SG&A | 1,157 | 79.1% | S100YNSR |
| Operating income | -595 | -40.7% | S100YNSR |
| Ordinary income | -595 | -40.7% | S100YNSR |
| Pretax income | -515 | -35.2% | S100YNSR |
| Income tax | 3 | 0.2% | S100YNSR |
| Net income | -519 | -35.4% | S100YNSR |
| Net income attributable to owners | -498 | -34.0% | S100YNSR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 79 |
| Operating income | -41 |
| (Ref.) Net income | -34 |

### Margin funnel

Gross margin 38.4% → Operating margin -40.7% → Net margin -34.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,979 | 1,463 | -516 | -26.1% |
| Gross profit | 745 | 562 | -183 | -24.6% |
| Operating income | -489 | -595 | -106 | — |
| Net income attributable to owners | -729 | -498 | 231 | — |
| Operating cash flow | -463 | -716 | -253 | — |
| Free cash flow | -469 | -722 | -253 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 598 | -441 | -73.8% | -438 | -252 | -260 | S100LL1J |
| FY ending Mar 2021 | 1,117 | -515 | -46.1% | -515 | -459 | -530 | S100OAU9 |
| FY ending Mar 2022 | 1,640 | -288 | -17.6% | -315 | -241 | -271 | S100R4L6 |
| FY ending Mar 2023 | 2,021 | -345 | -17.1% | -582 | -435 | -489 | S100UQAB |
| FY ending Mar 2024 | 1,706 | -659 | -38.6% | -562 | -418 | -466 | S100W9FR |
| FY ending Mar 2025 | 1,979 | -489 | -24.7% | -729 | -463 | -469 | S100YNSR |
| FY ending Mar 2026 | 1,463 | -595 | -40.7% | -498 | -716 | -722 | S100YNSR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.2M |
| Operating income per employee (consolidated) | -¥9.4M |
| Net income per employee (consolidated) | -¥7.9M |

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) | 94 | 111 | 125 | 127 | 63 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.6M | ¥6M | ¥5.3M |
| Average age (parent company) | 35.5 years | 35.8 years | 35.3 years | 36.8 years | 37.0 years |
| Average tenure (parent company) | 5.3 years | 5.3 years | 4.6 years | 5.7 years | 5.0 years |

Year over year: Employees (consolidated) -50.4% · Revenue (consolidated) -26.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -716 | -49.0% | S100YNSR |
| Capital expenditure | 5 | 0.3% | S100YNSR |
| Free cash flow | -722 | -49.3% | 算出 |
| Investing cash flow | 544 | 37.2% | S100YNSR |
| Financing cash flow | 402 | 27.5% | S100YNSR |
| Change in cash | 230 | 15.7% | S100YNSR |
| Cash and equivalents | 818 | 55.9% | S100YNSR |

## 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 | 2,076 | 1,422 | 1,007 | 588 | 818 | S100UQAB, S100W9FR, S100YNSR |
| Total assets | 3,577 | 3,184 | 3,617 | 2,631 | 1,829 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Net assets | 3,161 | 2,785 | 2,872 | 1,860 | 1,331 | S100UQAB, S100W9FR, S100YNSR |
| Share capital | 2,919 | 2,934 | 2,934 | 30 | 95 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Property, plant and equipment | 15 | 4 | 3 | 2 | 0 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Intangible assets excluding goodwill | 28 | 55 | 4 | 68 | — | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Goodwill | 9 | 2 | — | 68 | — | S100R4L6, S100UQAB, S100YNSR |
| Investment securities | 912 | 1,005 | 2,000 | 1,329 | 579 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Current assets | 2,573 | 2,049 | 1,455 | 1,133 | 1,208 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Current liabilities | 387 | 385 | 425 | 459 | 145 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Short-term borrowings | — | — | 1 | 25 | — | S100W9FR, S100YNSR |
| Long-term borrowings | 13 | — | — | — | — | S100R4L6 |
| Total liabilities | 415 | 399 | 745 | 770 | 499 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Non-controlling interests | 25 | 113 | 66 | 51 | 4 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Equity attributable to owners of parent | 3,071 | 2,519 | 1,956 | 1,222 | 892 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |
| Retained earnings | -1,391 | -1,973 | -2,535 | -1,320 | -1,813 | S100R4L6, S100UQAB, S100W9FR, S100YNSR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YNSR |
| Investment securities | 31% | S100YNSR |
| Other assets | 24% | S100YNSR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YNSR |
| Equity | 73% | S100YNSR |

### 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 | 3,577 | 3,184 | 3,617 | 2,631 | 1,829 |
| Equity | 3,161 | 2,785 | 2,872 | 1,860 | 1,331 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,076 | 1,422 | 1,007 | 588 | 818 |

## 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) | 0.0% | S100YNSR |
| Fixed assets ÷ total assets | 0.0% | S100YNSR |
| Goodwill ÷ parent equity | — | —, S100YNSR |

### 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) | 44.7% |
| Cash ÷ revenue | 55.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -218 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | — |

## 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% | —× | — | S100R4L6 |
| 2023 | — | —× | -17.2% | —× | — | S100UQAB |
| 2024 | — | —× | -16.5% | —× | — | S100W9FR |
| 2025 | — | —× | -23.3% | —× | — | S100YNSR |
| 2026 | — | —× | -22.3% | —× | — | S100YNSR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 朝日放送グループホールディングス株式会社 | Major shareholder | 45.0% | 2026-03-31 |
| 椎木 隆太（注） | Major shareholder | 15.8% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMUNIBUSMARGIN(CASHPB) （常任代理人：野村證券株式会社） | Major shareholder | 3.7% | 2026-03-31 |
| 投資事業有限責任組合JAIC-Web3ファンド | Major shareholder | 2.1% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.7% | 2026-03-31 |
| Hasbro, Inc | Major shareholder | 1.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人：モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.6% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YNSR | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNSR,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W9FR | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9FR,, |
| 訂正有価証券報告書－第23期(2023/04/01－2024/03/31) | S100UQAB | 2024-11-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UQAB,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R4L6 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4L6,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OAU9 | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAU9,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LL1J | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL1J,, |

## 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).