# D&M COMPANY CO.,LTD: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/06/01－2026/05/31) (S100YZ57)
> Page: https://vizora.meequs.com/en/company/dmcompany
> Retrieved: 2026-09-30T21:18:26.909Z

## Company

D&M Company, founded in 2015, is a company in Leasing listed on TSE Growth. It has 68 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | D&M COMPANY CO.,LTD |
| Ticker | 189A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/189A.T) |
| Listing | TSE Growth |
| Head office | 大阪市北区梅田二丁目5番25号 |
| Representative (per filing) | 代表取締役社長 松下 明義 |
| Founded | Nov 2015 |
| Share capital | ¥494.8M |
| Employees (consolidated) | 68 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | May |
| Website | www.dmcompany.co.jp (https://www.dmcompany.co.jp/) |
| Corporate number | 2120001194249 |
| EDINET | E39646 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YZ57, filed 2026-08-27). As of filing

## Key points (generated from figures)

- D&M Company brought in ¥1.62B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit -9.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.62B |  |
| Operating income | ¥272.3M | Margin 16.8% |
| Net income | ¥221.9M | Margin 13.7% |
| Free cash flow | -¥1.02B |  |
| Employees (consolidated) | 68 |  |
| EPS | ¥78.91 |  |
| Diluted EPS | ¥76.13 |  |
| Book value per share | ¥978.69 |  |
| Equity ratio | 22.1% |  |
| Shares outstanding | 2,317,000 |  |
| Shareholders | 1,036 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 5.8% | Cash ÷ revenue 37.6% |
| Vs. industry median margin | +9.7 pp | Leasing |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## What changed in 3 years

| Metric | FY ending May 2023 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1111038000 | ¥1624119000 | +46.2% |
| Operating income | ¥236407000 | ¥272349000 | +15.2% |
| Operating margin | 21.3% | 16.8% | -4.5 pp |
| Employees | 28 people | 68 people | +142.9% |
| Cash and equivalents | ¥641292000 | ¥611255000 | -4.7% |

### Change in segment revenue mix

Span: FY ending May 2023 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,624 | 100.0% | S100YZ57 |
| Cost of revenue | 750 | 46.2% | S100YZ57 |
| Gross profit | 874 | 53.8% | S100YZ57 |
| SG&A | 601 | 37.0% | S100YZ57 |
| Operating income | 272 | 16.8% | S100YZ57 |
| Ordinary income | 311 | 19.1% | S100YZ57 |
| Pretax income | 311 | 19.1% | S100YZ57 |
| Income tax | 89 | 5.5% | S100YZ57 |
| Net income | 222 | 13.7% | S100YZ57 |
| Net income attributable to owners | 222 | 13.7% | S100YZ57 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 37 |
| Operating income | 17 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 53.8% → Operating margin 16.8% → Net margin 13.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.1%; Core profit growth: -9.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.12×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,503 | 1,624 | 121 | +8.1% |
| Gross profit | 846 | 874 | 28 | +3.3% |
| Operating income | 300 | 272 | -27 | -9.1% |
| Net income attributable to owners | 221 | 222 | 1 | +0.5% |
| Operating cash flow | -70 | -804 | -734 | — |
| Free cash flow | -102 | -1,023 | -921 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2023 | 1,111 | 236 | 21.3% | 172 | -2,188 | -2,207 | S100UA02 |
| FY ending May 2024 | 1,190 | 281 | 23.6% | 177 | -783 | -785 | S100WKS0 |
| FY ending May 2025 | 1,503 | 300 | 19.9% | 221 | -70 | -102 | S100YZ57 |
| FY ending May 2026 | 1,624 | 272 | 16.8% | 222 | -804 | -1,023 | S100YZ57 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.9M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.3M |

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

| History | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 28 | 31 | 66 | 68 |
| Average salary (parent company) | — | ¥6M | ¥4.4M | ¥5.6M |
| Average age (parent company) | — | 51.7 years | 46.0 years | 47.5 years |
| Average tenure (parent company) | — | 2.5 years | 1.3 years | 1.9 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +8.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -804 | -49.5% | S100YZ57 |
| Capital expenditure | 219 | 13.5% | S100YZ57 |
| Free cash flow | -1,023 | -63.0% | 算出 |
| Investing cash flow | -148 | -9.1% | S100YZ57 |
| Financing cash flow | 1,110 | 68.3% | S100YZ57 |
| Dividends paid | 45 | 2.8% | S100YZ57 |
| Change in cash | 157 | 9.7% | S100YZ57 |
| Cash and equivalents | 611 | 37.6% | S100YZ57 |

## 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 May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 641 | 347 | 454 | 611 | S100WKS0, S100YZ57 |
| Total assets | 8,096 | 8,792 | 9,281 | 10,624 | S100UA02, S100WKS0, S100YZ57 |
| Net assets | 1,102 | 1,272 | 2,120 | 2,349 | S100WKS0, S100YZ57 |
| Share capital | 153 | 153 | 471 | 495 | S100UA02, S100WKS0, S100YZ57 |
| Property, plant and equipment | 30 | 25 | 60 | 276 | S100UA02, S100WKS0, S100YZ57 |
| Intangible assets excluding goodwill | 2 | 2 | 1 | 6 | S100UA02, S100WKS0, S100YZ57 |
| Goodwill | — | — | — | 4 | S100YZ57 |
| Investment securities | — | — | — | 30 | S100YZ57 |
| Current assets | 8,007 | 8,662 | 9,092 | 10,190 | S100UA02, S100WKS0, S100YZ57 |
| Current liabilities | 6,228 | 6,978 | 6,336 | 7,309 | S100UA02, S100WKS0, S100YZ57 |
| Short-term borrowings | 5,546 | 6,426 | 5,657 | 6,716 | S100UA02, S100WKS0, S100YZ57 |
| Long-term borrowings | 699 | 495 | 786 | 762 | S100UA02, S100WKS0, S100YZ57 |
| Total liabilities | 6,994 | 7,521 | 7,161 | 8,275 | S100UA02, S100WKS0, S100YZ57 |
| Equity attributable to owners of parent | 1,102 | 1,272 | 2,120 | 2,344 | S100UA02, S100WKS0, S100YZ57 |
| Retained earnings | 825 | 995 | 1,208 | 1,384 | S100UA02, S100WKS0, S100YZ57 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YZ57 |
| Property, plant and equipment | 3% | S100YZ57 |
| Intangibles and goodwill | 0% | S100YZ57 |
| Investment securities | 0% | S100YZ57 |
| Other assets | 91% | S100YZ57 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 78% | S100YZ57 |
| Equity | 22% | S100YZ57 |
| Other liabilities | 0% | S100YZ57 |

### Balance sheet history

| Metric | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 8,096 | 8,792 | 9,281 | 10,624 |
| Equity | 1,102 | 1,272 | 2,120 | 2,349 |
| Interest-bearing debt | — | — | — | — |
| Cash | 641 | 347 | 454 | 611 |

## 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) | 17.0% | S100YZ57 |
| Fixed assets ÷ total assets | 2.6% | S100YZ57 |
| Goodwill ÷ parent equity | 0.2% | S100YZ57 |

### 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) | 5.8% |
| Cash ÷ revenue | 37.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -295.2% |
| Cash vs. profit gap | -1,026 JPY mn (of net income -462.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 15.5% | 0.14× | 2.1% | 7.35× | 15.6% | S100UA02 |
| 2024 | 14.9% | 0.14× | 2.1% | 7.12× | 14.9% | S100WKS0 |
| 2025 | 14.7% | 0.17× | 2.4% | 5.33× | 13.0% | S100YZ57 |
| 2026 | 13.7% | 0.16× | 2.2% | 4.46× | 9.9% | S100YZ57 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＹＳＹ | Major shareholder | 34.5% | 2026-05-31 |
| 松井 信博 | Major shareholder | 5.2% | 2026-05-31 |
| 松下 明義 | Major shareholder | 4.6% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 4.3% | 2026-05-31 |
| イノベーション・エンジンＰＯＣ第２投資事業有限責任組合 | Major shareholder | 3.6% | 2026-05-31 |
| 松井 太 | Major shareholder | 3.5% | 2026-05-31 |
| 株式会社くすりの窓口 | Major shareholder | 3.2% | 2026-05-31 |
| 大阪商工信用金庫 | Major shareholder | 2.7% | 2026-05-31 |
| ナカザワホールディングス株式会社 | Major shareholder | 2.2% | 2026-05-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB)(常任代理人 野村證券株式会社) | Major shareholder | 1.8% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/06/01－2026/05/31) | S100YZ57 | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZ57,, |
| 有価証券報告書－第10期(2024/06/01－2025/05/31) | S100WKS0 | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKS0,, |
| 有価証券報告書－第9期(2023/06/01－2024/05/31) | S100UA02 | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA02,, |

## 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).