# DM Solutions Co.,Ltd: 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22期(2025/04/01－2026/03/31) (S100YJGW)
> Page: https://vizora.meequs.com/en/company/dm-s
> Retrieved: 2026-09-30T20:18:08.992Z

## Company

DM Solutions, founded in 2004, is a company in Advertising listed on TSE Standard. It has 355 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DM Solutions Co.,Ltd |
| Ticker | 6549 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6549.T) |
| Listing | TSE Standard |
| Head office | 東京都武蔵野市御殿山一丁目1番3号 |
| Representative (per filing) | 代表取締役社長 花矢 卓司 |
| Founded | Sep 2004 |
| Share capital | ¥378.4M |
| Employees (consolidated) | 355 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.dm-s.co.jp (https://www.dm-s.co.jp/) |
| Corporate number | 9012401014057 |
| EDINET | E33247 |
| Industries (Vizora) | Advertising, Apparel, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YJGW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 33.1 | 86 |
| Cash conversion | 58 | 75 |
| Efficiency | 98.3 | 86 |

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 91% of DM Solutions's sales come from Direct-mail business, with Apparel business and Internet business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +20.8% from the prior year, operating profit +38.3%.

## Company structure

- Segment revenue mix: Direct-mail business 90.6%、Apparel business 5.2%、Internet business 4.1%
- Revenue → net income: ¥25560205000 → ¥640693000
- Net income → operating cash flow: ¥640693000 → ¥929600000（difference ¥288907000）
- Main uses of operating cash flow: CapEx ¥271390000 / dividends ¥105370000 / buybacks ¥32243000
- Change in cash: ¥270008000
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 | ¥25.6B |  |
| Operating income | ¥939M | Margin 3.7% |
| Net income | ¥640.7M | Margin 2.5% |
| Free cash flow | ¥658.2M |  |
| Largest business | Direct-mail business | of segment revenue 90.6% |
| Employees (consolidated) | 355 |  |
| EPS | ¥215.78 |  |
| Diluted EPS | ¥207.68 |  |
| Book value per share | ¥1342.25 |  |
| Equity ratio | 38.9% |  |
| Shares outstanding | 2,851,000 |  |
| Treasury shares | 90,300 |  |
| Shareholders | 2,154 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 6.4% |
| Vs. industry median margin | -2 pp | Advertising |
| ROE | 18.0% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14621981000 | ¥25560205000 | — |
| Operating income | ¥659369000 | ¥938952000 | — |
| Operating margin | 4.5% | 3.7% | -0.8 pp |
| Employees | 242 people | 355 people | — |
| Cash and equivalents | ¥1107765000 | ¥1631160000 | — |

### 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 |
| --- | ---: |
| ダイレクトメール事業 → ダイレクトメール事業 | 79.6% |
| インターネット事業 → インターネット事業 | 4.1% |
| インターネット事業 → 事業再編・廃止 | 16.3% |
| 新設・再編 → ダイレクトメール事業 | 11.1% |
| 新設・再編 → アパレル事業 | 5.2% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Direct-mail business | — | — | ¥23164949000 | 6.6% | 2 |
| Apparel business | 4 years | +4.9% | ¥1339391000 | 5.1% | 2 |
| Internet business | — | — | ¥1055864000 | 13.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,560 | 100.0% | S100YJGW |
| Cost of revenue | 21,588 | 84.5% | S100YJGW |
| Gross profit | 3,972 | 15.5% | S100YJGW |
| SG&A | 3,033 | 11.9% | S100YJGW |
| Operating income | 939 | 3.7% | S100YJGW |
| Ordinary income | 968 | 3.8% | S100YJGW |
| Pretax income | 924 | 3.6% | S100YJGW |
| Income tax | 283 | 1.1% | S100YJGW |
| Net income | 641 | 2.5% | S100YJGW |
| Net income attributable to owners | 641 | 2.5% | S100YJGW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.5% → Operating margin 3.7% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.8%; Core profit growth: +38.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.84×
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 | 21,156 | 25,560 | 4,404 | +20.8% |
| Gross profit | 3,329 | 3,972 | 643 | +19.3% |
| Operating income | 679 | 939 | 260 | +38.3% |
| Net income attributable to owners | 496 | 641 | 145 | +29.1% |
| Operating cash flow | 746 | 930 | 183 | +24.5% |
| Free cash flow | -1 | 658 | 659 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,433 | 212 | 1.6% | -102 | 388 | 271 | S100LUTM |
| FY ending Mar 2021 | 14,622 | 659 | 4.5% | 427 | 741 | 652 | S100LUTM |
| FY ending Mar 2022 | 16,683 | 99 | 0.6% | 5 | -195 | -279 | S100R85J |
| FY ending Mar 2023 | 17,862 | 463 | 2.6% | 315 | 609 | 523 | S100TVVY |
| FY ending Mar 2024 | 18,207 | 568 | 3.1% | 402 | 442 | -1,284 | S100W7MV |
| FY ending Mar 2025 | 21,156 | 679 | 3.2% | 496 | 746 | -1 | S100YJGW |
| FY ending Mar 2026 | 25,560 | 939 | 3.7% | 641 | 930 | 658 | S100YJGW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 269 | 275 | 293 | 327 | 355 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥4.8M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 32.6 years | 34.3 years | 34.3 years | 34.5 years | 35.1 years |
| Average tenure (parent company) | 7.9 years | 10.0 years | 6.0 years | 5.9 years | 6.2 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +20.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct-mail business | 23,165 | 90.6% | 1,526 | 6.6% |
| Internet business | 1,056 | 4.1% | 146 | 13.8% |
| Apparel business | 1,339 | 5.2% | 68 | 5.1% |
| Other | — | 0.0% | -25 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Direct-mail business | 87.7% | 6.6% |
| Internet business | 8.4% | 13.8% |
| Apparel business | 3.9% | 5.1% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -25 JPY mn

Segment → industry: Internet business → Advertising / Direct-mail business → Advertising / Apparel business → Apparel / Direct-mail business → Trucking & Parcel Delivery

## 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 | 930 | 3.6% | S100YJGW |
| Capital expenditure | 271 | 1.1% | S100YJGW |
| Free cash flow | 658 | 2.6% | 算出 |
| Investing cash flow | -480 | -1.9% | S100YJGW |
| Financing cash flow | -180 | -0.7% | S100YJGW |
| Dividends paid | 105 | 0.4% | S100YJGW |
| Share buyback | 32 | 0.1% | S100YJGW |
| Change in cash | 270 | 1.1% | S100YJGW |
| Cash and equivalents | 1,631 | 6.4% | S100YJGW |

## 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 | 1,078 | 1,324 | 1,293 | 1,361 | 1,631 | S100TVVY, S100W7MV, S100YJGW |
| Total assets | 5,193 | 5,602 | 7,142 | 8,189 | 9,776 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Net assets | 2,163 | 2,478 | 2,910 | 3,348 | 3,923 | S100TVVY, S100W7MV, S100YJGW |
| Share capital | 343 | 343 | 365 | 377 | 378 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Property, plant and equipment | 1,191 | 1,152 | 2,720 | 3,241 | 3,139 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Intangible assets excluding goodwill | 259 | 240 | 199 | 195 | 446 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Goodwill | 214 | 190 | 166 | 143 | 353 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Investment securities | 66 | 66 | 66 | 66 | 26 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Current assets | 3,294 | 3,787 | 3,852 | 4,341 | 5,750 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Current liabilities | 2,155 | 2,473 | 2,407 | 2,941 | 4,097 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Short-term borrowings | 100 | 100 | — | — | — | S100R85J, S100TVVY |
| Long-term borrowings | 872 | 643 | 1,811 | 1,887 | 1,734 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Total liabilities | 3,030 | 3,124 | 4,232 | 4,842 | 5,853 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Non-controlling interests | — | — | — | — | 11 | S100YJGW |
| Equity attributable to owners of parent | 2,090 | 2,405 | 2,853 | 3,298 | 3,805 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Retained earnings | 1,529 | 1,844 | 2,246 | 2,709 | 3,244 | S100R85J, S100TVVY, S100W7MV, S100YJGW |
| Treasury stock | -50 | -50 | -50 | -90 | -122 | S100R85J, S100TVVY, S100W7MV, S100YJGW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJGW |
| Property, plant and equipment | 32% | S100YJGW |
| Intangibles and goodwill | 8% | S100YJGW |
| Investment securities | 0% | S100YJGW |
| Other assets | 43% | S100YJGW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YJGW |
| Equity | 40% | S100YJGW |
| Other liabilities | 0% | S100YJGW |

### 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 | 5,193 | 5,602 | 7,142 | 8,189 | 9,776 |
| Equity | 2,163 | 2,478 | 2,910 | 3,348 | 3,923 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,078 | 1,324 | 1,293 | 1,361 | 1,631 |

## 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) | 12.3% | S100YJGW |
| Fixed assets ÷ total assets | 32.1% | S100YJGW |
| Goodwill ÷ parent equity | 9.3% | S100YJGW |

Goodwill over 4 years: 214 → 353 JPY; total investing cash flow: -3,199 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) | 16.7% |
| Cash ÷ revenue | 6.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.0% |
| Cash vs. profit gap | 289 JPY mn (of net income 45.1%) |
| Shareholder returns / net income | 21.5% |
| Shareholder returns / FCF | 20.9% |
| Shareholder payments — dividends / net income | 16.4% |
| Shareholder payments — dividends / FCF | 16.0% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 51.6% |

## 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 | 0.0% | 3.21× | 0.1% | 2.48× | 0.3% | S100R85J |
| 2023 | 1.8% | 3.31× | 5.8% | 2.40× | 14.0% | S100TVVY |
| 2024 | 2.2% | 2.86× | 6.3% | 2.42× | 15.3% | S100W7MV |
| 2025 | 2.3% | 2.76× | 6.5% | 2.49× | 16.1% | S100YJGW |
| 2026 | 2.5% | 2.85× | 7.1% | 2.53× | 18.0% | S100YJGW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 花矢 卓司 | Major shareholder | 33.3% | 2026-03-31 |
| 福村 寛敏 | Major shareholder | 21.0% | 2026-03-31 |
| アセットインクリーズ株式会社 | Major shareholder | 9.4% | 2026-03-31 |
| 中村 剛 | Major shareholder | 2.9% | 2026-03-31 |
| ディーエムソリューションズ社員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 岩崎 康二 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2026-03-31 |
| 松本 和久 | Major shareholder | 0.9% | 2026-03-31 |
| 金子 主税 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YJGW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJGW,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W7MV | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7MV,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TVVY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVVY,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R85J | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R85J,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OL47 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL47,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LUTM | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUTM,, |

## 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).