# DMW CORPORATION: 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91期(2025/04/01－2026/03/31) (S100YI72)
> Page: https://vizora.meequs.com/en/company/dmw
> Retrieved: 2026-09-30T21:31:04.348Z

## Company

DMW, founded in 1955, is a company in Industrial Machinery listed on TSE Standard. It has 556 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DMW CORPORATION |
| Ticker | 6365 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6365.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区大森北1丁目5番1号 (同所は登記上の本店所在地で実際の業務は、下記「最寄りの連絡場所」で行っています。) |
| Representative (per filing) | 代表取締役社長 最高執行役員社長 彦坂 典男 |
| Founded | Mar 1955 |
| Share capital | ¥810M |
| Employees (consolidated) | 556 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.dmw.co.jp (https://www.dmw.co.jp/) |
| Corporate number | 8010801007581 |
| EDINET | E01544 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YI72, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.6 | 110 |
| Profitability | 76.6 | 122 |
| Cash conversion | 8.2 | 116 |
| Efficiency | 40.6 | 122 |

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)

- DMW brought in ¥28.2B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit +8.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥28189000000 → ¥2615000000
- Net income → operating cash flow: ¥2615000000 → ¥527000000（difference ¥-2088000000）
- Main uses of operating cash flow: CapEx ¥635000000 / dividends ¥808000000 / buybacks ¥0
- Change in cash: ¥-430000000
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 | ¥28.2B |  |
| Operating income | ¥3.5B | Margin 12.4% |
| Net income | ¥2.62B | Margin 9.3% |
| Free cash flow | -¥108M |  |
| Employees (consolidated) | 556 |  |
| EPS | ¥597.65 |  |
| Book value per share | ¥7148.24 |  |
| Equity ratio | 73.5% |  |
| Shares outstanding | 4,776,900 |  |
| Treasury shares | 626,400 |  |
| Shareholders | 3,690 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 14.3% | Cash ÷ revenue 21.1% |
| Vs. industry median margin | +4.8 pp | Industrial Machinery |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21750000000 | ¥28189000000 | +29.6% |
| Operating income | ¥2547000000 | ¥3495000000 | +37.2% |
| Operating margin | 11.7% | 12.4% | +0.7 pp |
| Employees | 505 people | 556 people | +10.1% |
| Cash and equivalents | ¥7005000000 | ¥5950000000 | -15.1% |

### 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 | 28,189 | 100.0% | S100YI72 |
| Cost of revenue | 20,496 | 72.7% | S100YI72 |
| Gross profit | 7,693 | 27.3% | S100YI72 |
| SG&A | 4,198 | 14.9% | S100YI72 |
| Operating income | 3,495 | 12.4% | S100YI72 |
| Ordinary income | 3,640 | 12.9% | S100YI72 |
| Pretax income | 3,640 | 12.9% | S100YI72 |
| Income tax | 1,025 | 3.6% | S100YI72 |
| Net income | 2,615 | 9.3% | S100YI72 |
| Net income attributable to owners | 2,615 | 9.3% | S100YI72 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 15 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 27.3% → Operating margin 12.4% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.4%; Core profit growth: +8.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 20.15×
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 | 28,077 | 28,189 | 112 | +0.4% |
| Gross profit | 7,326 | 7,693 | 367 | +5.0% |
| Operating income | 3,235 | 3,495 | 260 | +8.0% |
| Net income attributable to owners | 2,426 | 2,615 | 189 | +7.8% |
| Operating cash flow | 2,109 | 527 | -1,582 | -75.0% |
| Free cash flow | 1,483 | -108 | -1,591 | -107.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,674 | 1,725 | 8.8% | 1,271 | 652 | -2 | S100LRGP |
| FY ending Mar 2021 | 21,750 | 2,547 | 11.7% | 2,003 | 1,298 | 588 | S100OHRU |
| FY ending Mar 2022 | 22,820 | 2,425 | 10.6% | 1,877 | 162 | -586 | S100R6JJ |
| FY ending Mar 2023 | 23,874 | 2,545 | 10.7% | 1,871 | 1,573 | 649 | S100U46D |
| FY ending Mar 2024 | 24,096 | 2,283 | 9.5% | 1,750 | 730 | -28 | S100W47A |
| FY ending Mar 2025 | 28,077 | 3,235 | 11.5% | 2,426 | 2,109 | 1,483 | S100YI72 |
| FY ending Mar 2026 | 28,189 | 3,495 | 12.4% | 2,615 | 527 | -108 | S100YI72 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.7M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 523 | 535 | 532 | 556 | 556 |
| Average salary (parent company) | ¥6.9M | ¥6.7M | ¥6.9M | ¥7.3M | ¥7.8M |
| Average age (parent company) | 40.5 years | 40.5 years | 40.2 years | 39.8 years | 39.8 years |
| Average tenure (parent company) | 17.6 years | 17.0 years | 16.8 years | 16.1 years | 16.1 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +0.4%

## 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 | 527 | 1.9% | S100YI72 |
| Capital expenditure | 635 | 2.3% | S100YI72 |
| Free cash flow | -108 | -0.4% | 算出 |
| Investing cash flow | -114 | -0.4% | S100YI72 |
| Financing cash flow | -839 | -3.0% | S100YI72 |
| Dividends paid | 808 | 2.9% | S100YI72 |
| Share buyback | 0 | 0.0% | S100YI72 |
| Change in cash | -430 | -1.5% | S100YI72 |
| Cash and equivalents | 5,950 | 21.1% | S100YI72 |

## 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 | 5,885 | 6,036 | 6,071 | 6,380 | 5,950 | S100U46D, S100W47A, S100YI72 |
| Total assets | 32,354 | 34,014 | 36,984 | 40,469 | 41,721 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Net assets | 22,651 | 23,917 | 26,151 | 27,830 | 30,658 | S100U46D, S100W47A, S100YI72 |
| Share capital | 810 | 810 | 810 | 810 | 810 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Property, plant and equipment | 3,937 | 4,318 | 4,436 | 4,529 | 4,863 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Intangible assets excluding goodwill | 332 | 339 | 346 | 344 | 279 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Investment securities | 2,806 | 2,401 | 3,379 | 3,765 | 4,838 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Current assets | 24,892 | 26,528 | 28,405 | 30,815 | 30,539 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Current liabilities | 9,587 | 9,903 | 10,474 | 11,700 | 9,683 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Trade payables | 5,125 | 4,145 | 4,123 | 3,961 | 3,300 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Total liabilities | 9,703 | 10,096 | 10,832 | 12,639 | 11,063 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Equity attributable to owners of parent | 21,963 | 23,335 | 24,566 | 26,062 | 27,902 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Retained earnings | 22,061 | 23,425 | 24,646 | 26,500 | 28,307 | S100R6JJ, S100U46D, S100W47A, S100YI72 |
| Treasury stock | -1,024 | -1,018 | -1,013 | -1,375 | -1,359 | S100R6JJ, S100U46D, S100W47A, S100YI72 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YI72 |
| Property, plant and equipment | 12% | S100YI72 |
| Intangibles and goodwill | 1% | S100YI72 |
| Investment securities | 11% | S100YI72 |
| Other assets | 62% | S100YI72 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YI72 |
| Other liabilities | 19% | S100YI72 |
| Equity | 73% | S100YI72 |

### 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 | 32,354 | 34,014 | 36,984 | 40,469 | 41,721 |
| Equity | 22,651 | 23,917 | 26,151 | 27,830 | 30,658 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,885 | 6,036 | 6,071 | 6,380 | 5,950 |

## 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) | 17.3% | S100YI72 |
| Fixed assets ÷ total assets | 11.7% | S100YI72 |
| Goodwill ÷ parent equity | — | —, S100YI72 |

### 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) | 14.3% |
| Cash ÷ revenue | 21.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 15.1% |
| Cash vs. profit gap | -2,088 JPY mn (of net income -79.8%) |
| Shareholder returns / net income | 30.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 21.6% |

## 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 | 8.2% | 0.71× | 5.8% | 1.47× | 8.5% | S100R6JJ |
| 2023 | 7.8% | 0.72× | 5.6% | 1.47× | 8.3% | S100U46D |
| 2024 | 7.3% | 0.68× | 4.9% | 1.48× | 7.3% | S100W47A |
| 2025 | 8.6% | 0.73× | 6.3% | 1.53× | 9.6% | S100YI72 |
| 2026 | 9.3% | 0.69× | 6.4% | 1.52× | 9.7% | S100YI72 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社GM INVESTMENTS | Major shareholder | 12.2% | 2026-03-31 |
| 電業社取引先持株会 | Major shareholder | 6.3% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.2% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社明電舎 | Major shareholder | 3.1% | 2026-03-31 |
| 一般財団法人生産技術研究奨励会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 水道機工株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 電業社従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社鶴見製作所 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/04/01－2026/03/31) | S100YI72 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI72,, |
| 有価証券報告書－第90期(2024/04/01－2025/03/31) | S100W47A | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W47A,, |
| 訂正有価証券報告書－第89期(2023/04/01－2024/03/31) | S100U46D | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U46D,, |
| 有価証券報告書－第88期(2022/04/01－2023/03/31) | S100R6JJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6JJ,, |
| 有価証券報告書－第87期(令和3年4月1日－令和4年3月31日) | S100OHRU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHRU,, |
| 有価証券報告書－第86期(令和2年4月1日－令和3年3月31日) | S100LRGP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRGP,, |

## 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).