# DMS INC.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2025/04/01－2026/03/31) (S100YIWH)
> Page: https://vizora.meequs.com/en/company/dms
> Retrieved: 2026-09-30T19:48:26.556Z

## Company

DMS, founded in 1961, is a company in Business Process Outsourcing listed on TSE Standard. It has 283 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DMS INC. |
| Ticker | 9782 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9782.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田小川町一丁目11番地 |
| Representative (per filing) | 代表取締役社長 山本 克彦 |
| Founded | Apr 1961 |
| Share capital | ¥1.09B |
| Employees (consolidated) | 283 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.dmsjp.co.jp (https://www.dmsjp.co.jp/) |
| Corporate number | 5010001023358 |
| EDINET | E04940 |
| Industries (Vizora) | Business Process Outsourcing, Events & Ticketing, Advertising, Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YIWH, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 43.6 | 86 |
| Cash conversion | 76.7 | 75 |
| Efficiency | 66.9 | 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 82% of DMS's sales come from Direct mail, with Logistics and Events making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.0% from the prior year, operating profit +25.9%.

## Company structure

- Segment revenue mix: Direct mail 81.9%、Logistics 10.1%、Events 5.5%、Sales promotions 2.1%、Leasing 0.4%
- Revenue → net income: ¥30308366000 → ¥1097967000
- Net income → operating cash flow: ¥1097967000 → ¥1878609000（difference ¥780642000）
- Main uses of operating cash flow: CapEx ¥345963000 / dividends ¥1731940000 / buybacks ¥466456000
- Change in cash: ¥-817623000
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 | ¥30.3B |  |
| Operating income | ¥1.5B | Margin 4.9% |
| Net income | ¥1.1B | Margin 3.6% |
| Free cash flow | ¥1.53B |  |
| Largest business | Direct mail | of segment revenue 81.9% |
| Employees (consolidated) | 283 |  |
| EPS | ¥200.6 |  |
| Book value per share | ¥2925.37 |  |
| Equity ratio | 78.3% |  |
| Shares outstanding | 7,262,000 |  |
| Treasury shares | 1,835,500 |  |
| Shareholders | 4,632 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 34.2% | Cash ÷ revenue 22.9% |
| Vs. industry median margin | +1 pp | Business Process Outsourcing |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, employees -3% while operating income rose 26%
- FY2026, cash is 34% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27973716000 | ¥30308366000 | — |
| Operating income | ¥1671150000 | ¥1499694000 | — |
| Operating margin | 6.0% | 4.9% | -1 pp |
| Employees | 314 people | 283 people | — |
| Cash and equivalents | ¥5120735000 | ¥6927427000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 新設・再編 → ダイレクトメール事業 | 81.9% |
| 新設・再編 → 物流事業 | 10.1% |
| 新設・再編 → セールスプロモーション事業 | 2.1% |
| 新設・再編 → イベント事業 | 5.5% |
| 新設・再編 → 賃貸事業 | 0.4% |

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 | — | — | ¥24829475000 | 7.4% | 2 |
| Logistics | — | — | ¥3056052000 | 2.1% | 2 |
| Events | — | — | ¥1678600000 | 8.0% | 2 |
| Sales promotions | — | — | ¥629576000 | 27.2% | 2 |
| Leasing | — | — | ¥114661000 | 59.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,308 | 100.0% | S100YIWH |
| Cost of revenue | 27,381 | 90.3% | S100YIWH |
| Gross profit | 2,928 | 9.7% | S100YIWH |
| SG&A | 1,428 | 4.7% | S100YIWH |
| Operating income | 1,500 | 4.9% | S100YIWH |
| Ordinary income | 1,582 | 5.2% | S100YIWH |
| Pretax income | 1,572 | 5.2% | S100YIWH |
| Income tax | 474 | 1.6% | S100YIWH |
| Net income | 1,098 | 3.6% | S100YIWH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 5 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 9.7% → Operating margin 4.9% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.0%; Core profit growth: +25.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.60×
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 | 27,556 | 30,308 | 2,753 | +10.0% |
| Gross profit | 2,576 | 2,928 | 351 | +13.6% |
| Operating income | 1,191 | 1,500 | 309 | +25.9% |
| Operating cash flow | 669 | 1,879 | 1,209 | +180.6% |
| Free cash flow | -185 | 1,533 | 1,717 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,147 | 1,663 | 6.1% | 1,172 | 1,858 | 1,579 | S100LSDV |
| FY ending Mar 2021 | 25,729 | 1,430 | 5.6% | 1,004 | 1,369 | 1,071 | S100OHOR |
| FY ending Mar 2022 | 27,974 | 1,671 | 6.0% | 1,043 | 1,176 | — | S100QZ9C |
| FY ending Mar 2022 | 27,977 | 1,674 | 6.0% | 1,043 | 1,176 | 905 | S100OHOR |
| FY ending Mar 2023 | 29,294 | 1,897 | 6.5% | 1,148 | 2,706 | 2,475 | S100TOFY |
| FY ending Mar 2024 | 26,904 | 1,371 | 5.1% | 1,520 | 879 | 100 | S100W3CZ |
| FY ending Mar 2025 | 27,556 | 1,191 | 4.3% | 841 | 669 | -185 | S100YIWH |
| FY ending Mar 2026 | 30,308 | 1,500 | 4.9% | 1,098 | 1,879 | 1,533 | S100YIWH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.1M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 314 | 306 | 298 | 293 | 283 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥6M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 41.1 years | 41.4 years | 42.2 years | 42.3 years | 42.7 years |
| Average tenure (parent company) | 14.8 years | 15.2 years | 16.0 years | 16.0 years | 16.6 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +10.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct mail | 24,829 | 81.9% | 1,841 | 7.4% |
| Logistics | 3,056 | 10.1% | 64 | 2.1% |
| Sales promotions | 630 | 2.1% | 171 | 27.2% |
| Events | 1,679 | 5.5% | 135 | 8.0% |
| Leasing | 115 | 0.4% | 68 | 59.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Direct mail | 81.9% | 80.8% | -1.1 | 7.4% |
| Logistics | 10.1% | 2.8% | -7.3 | 2.1% |
| Sales promotions | 2.1% | 7.5% | 5.4 | 27.2% |
| Events | 5.5% | 5.9% | 0.4 | 8.0% |
| Leasing | 0.4% | 3.0% | 2.6 | 59.4% |

Segment → industry: Direct mail → Business Process Outsourcing / Events → Events & Ticketing / Sales promotions → Advertising / Direct mail → Advertising / Leasing → Real Estate Development & Leasing / Logistics → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,879 | 6.2% | S100YIWH |
| Capital expenditure | 346 | 1.1% | S100YIWH |
| Free cash flow | 1,533 | 5.1% | 算出 |
| Investing cash flow | -355 | -1.2% | S100YIWH |
| Financing cash flow | -2,341 | -7.7% | S100YIWH |
| Dividends paid | 1,732 | 5.7% | S100YIWH |
| Share buyback | 466 | 1.5% | S100YIWH |
| Change in cash | -818 | -2.7% | S100YIWH |
| Cash and equivalents | 6,927 | 22.9% | S100YIWH |

## 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 | 5,158 | 7,983 | 9,114 | 7,745 | 6,927 | S100OHOR, S100W3CZ, S100YIWH |
| Total assets | 19,517 | 22,155 | 21,321 | 20,621 | 20,274 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Net assets | 14,494 | 15,354 | 16,688 | 16,726 | 15,874 | S100OHOR, S100W3CZ, S100YIWH |
| Share capital | 1,093 | 1,093 | 1,093 | 1,093 | 1,093 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Property, plant and equipment | 5,004 | 5,013 | 5,247 | 5,615 | 5,747 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Intangible assets excluding goodwill | 129 | 79 | 72 | 73 | 72 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Investment securities | 568 | 627 | 956 | 1,145 | 1,422 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Current assets | 11,128 | 13,806 | 13,396 | 12,084 | 11,413 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Current liabilities | 4,588 | 5,992 | 3,971 | 3,277 | 3,735 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Long-term borrowings | — | 375 | 275 | 175 | 75 | S100TOFY, S100W3CZ, S100YIWH |
| Total liabilities | 5,023 | 6,801 | 4,633 | 3,894 | 4,399 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Equity attributable to owners of parent | 15,038 | 15,907 | 17,000 | 16,937 | 15,894 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Retained earnings | 13,011 | 13,851 | 15,119 | 15,440 | 14,803 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |
| Treasury stock | -571 | -560 | -761 | -1,170 | -1,623 | S100OHOR, S100TOFY, S100W3CZ, S100YIWH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YIWH |
| Property, plant and equipment | 28% | S100YIWH |
| Intangibles and goodwill | 1% | S100YIWH |
| Investment securities | 7% | S100YIWH |
| Other assets | 30% | S100YIWH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YIWH |
| Equity | 78% | S100YIWH |
| Other liabilities | 0% | S100YIWH |

### 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 | 19,517 | 22,155 | 21,321 | 20,621 | 20,274 |
| Equity | 14,494 | 15,354 | 16,688 | 16,726 | 15,874 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,158 | 7,983 | 9,114 | 7,745 | 6,927 |

## 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) | 19.0% | S100YIWH |
| Fixed assets ÷ total assets | 28.3% | S100YIWH |
| Goodwill ÷ parent equity | — | —, S100YIWH |

### 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) | 34.2% |
| Cash ÷ revenue | 22.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.3% |
| Cash vs. profit gap | 781 JPY mn (of net income 71.1%) |
| Shareholder returns / net income | 200.2% |
| Shareholder returns / FCF | 143.4% |
| Shareholder payments — dividends / net income | 157.7% |
| Shareholder payments — dividends / FCF | 113.0% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 18.9% |

## 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 | 3.7% | 1.43× | 5.3% | 1.30× | 6.9% | S100OHOR |
| 2023 | 3.9% | 1.32× | 5.2% | 1.39× | 7.2% | S100TOFY |
| 2024 | 5.6% | 1.24× | 7.0% | 1.32× | 9.2% | S100W3CZ |
| 2025 | 3.1% | 1.31× | 4.0% | 1.24× | 5.0% | S100YIWH |
| 2026 | 3.6% | 1.48× | 5.4% | 1.25× | 6.7% | S100YIWH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 克彦 | Major shareholder | 21.3% | 2026-03-31 |
| 山本 百合子 | Major shareholder | 5.3% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| TOPPANホールディングス株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 藤木 多嘉子 | Major shareholder | 1.8% | 2026-03-31 |
| 今給黎 由美子 | Major shareholder | 1.8% | 2026-03-31 |
| ディーエムエス従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 昔農 千春 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社TLP | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YIWH | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIWH,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W3CZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3CZ,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TOFY | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOFY,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100QZ9C | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ9C,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OHOR | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHOR,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LSDV | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSDV,, |

## 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).