# DN HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/07/01－2026/06/30) (S100Z4Q1)
> Page: https://vizora.meequs.com/en/company/dn-holdings
> Retrieved: 2026-09-30T22:33:25.795Z

## Company

DN Holdings, founded in 1963, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 1,462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DN HOLDINGS CO., LTD. |
| Ticker | 7377 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7377.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田練塀町300番地 |
| Representative (per filing) | 代表取締役社長執行役員 吉村 実義 |
| Founded | Jan 1963 |
| Share capital | ¥2B |
| Employees (consolidated) | 1,462 |
| Fiscal year end | June |
| Website | www.dcne.co.jp (https://www.dcne.co.jp/) |
| Corporate number | 8010001219795 |
| EDINET | E36539 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100Z4Q1, filed 2026-09-30). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.6 | 35 |
| Profitability | 41.3 | 40 |
| Cash conversion | 77.6 | 38 |
| Efficiency | 91.3 | 40 |

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)

- DN Holdings brought in ¥38.1B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit -46.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥38064274000 → ¥945793000
- Net income → operating cash flow: ¥945793000 → ¥1032971000（difference ¥87178000）
- Main uses of operating cash flow: CapEx ¥351316000 / dividends ¥651749000 / buybacks —
- Change in cash: ¥-293189000
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 | ¥38.1B |  |
| Operating income | ¥1.47B | Margin 3.8% |
| Net income | ¥945.8M | Margin 2.5% |
| Free cash flow | ¥681.7M |  |
| Employees (consolidated) | 1,462 |  |
| EPS | ¥86.7 |  |
| Book value per share | ¥1165.27 |  |
| Equity ratio | 61.7% |  |
| Shares outstanding | 8,420,000 |  |
| Treasury shares | 233,300 |  |
| Shareholders | 3,767 |  |
| Cash ratio | 9.4% | Cash ÷ revenue 6.8% |
| Vs. industry median margin | -4.9 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Jun 2022 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32112770000 | ¥38064274000 | +18.5% |
| Operating income | ¥2159041000 | ¥1465387000 | -32.1% |
| Operating margin | 6.7% | 3.8% | -2.9 pp |
| Employees | 1,359 people | 1,462 people | +7.6% |
| Cash and equivalents | ¥4604749000 | ¥2605950000 | -43.4% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,064 | 100.0% | S100Z4Q1 |
| Cost of revenue | 26,730 | 70.2% | S100Z4Q1 |
| Gross profit | 11,335 | 29.8% | S100Z4Q1 |
| SG&A | 9,869 | 25.9% | S100Z4Q1 |
| Operating income | 1,465 | 3.8% | S100Z4Q1 |
| Ordinary income | 1,458 | 3.8% | S100Z4Q1 |
| Pretax income | 1,452 | 3.8% | S100Z4Q1 |
| Income tax | 506 | 1.3% | S100Z4Q1 |
| Net income | 946 | 2.5% | S100Z4Q1 |
| Net income attributable to owners | 946 | 2.5% | S100Z4Q1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 26 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 29.8% → Operating margin 3.8% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.9%; Core profit growth: -46.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -15.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,976 | 38,064 | 1,089 | +2.9% |
| Gross profit | 12,019 | 11,335 | -684 | -5.7% |
| Operating income | 2,716 | 1,465 | -1,251 | -46.0% |
| Net income attributable to owners | 1,923 | 946 | -977 | -50.8% |
| Operating cash flow | 3,029 | 1,033 | -1,996 | -65.9% |
| Free cash flow | 2,575 | 682 | -1,894 | -73.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 32,113 | 2,159 | 6.7% | 1,505 | 608 | 210 | S100RWAX |
| FY ending Jun 2023 | 32,580 | 2,191 | 6.7% | 1,756 | 794 | 294 | S100UE7Z |
| FY ending Jun 2024 | 34,132 | 1,948 | 5.7% | 1,557 | -1,917 | -2,191 | S100WQ3S |
| FY ending Jun 2025 | 36,976 | 2,716 | 7.3% | 1,923 | 3,029 | 2,575 | S100Z4Q1 |
| FY ending Jun 2026 | 38,064 | 1,465 | 3.8% | 946 | 1,033 | 682 | S100Z4Q1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥646.9K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,359 | 1,393 | 1,453 | 1,447 | 1,462 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,033 | 2.7% | S100Z4Q1 |
| Capital expenditure | 351 | 0.9% | S100Z4Q1 |
| Free cash flow | 682 | 1.8% | 算出 |
| Investing cash flow | -259 | -0.7% | S100Z4Q1 |
| Financing cash flow | -1,073 | -2.8% | S100Z4Q1 |
| Dividends paid | 652 | 1.7% | S100Z4Q1 |
| Change in cash | -293 | -0.8% | S100Z4Q1 |
| Cash and equivalents | 2,606 | 6.8% | S100Z4Q1 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,605 | 4,267 | 2,117 | 2,899 | 2,606 | S100UE7Z, S100WQ3S, S100Z4Q1 |
| Total assets | 19,586 | 21,025 | 24,079 | 25,555 | 27,836 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Net assets | 9,946 | 11,856 | 13,486 | 15,499 | 17,166 | S100UE7Z, S100WQ3S, S100Z4Q1 |
| Share capital | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Trade receivables | 938 | 1,408 | 1,964 | 1,752 | 2,556 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Property, plant and equipment | 1,847 | 1,864 | 1,959 | 2,083 | 2,092 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Intangible assets excluding goodwill | 363 | 374 | 711 | 529 | 372 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Goodwill | — | — | 266 | 213 | 160 | S100WQ3S, S100Z4Q1 |
| Investment securities | 419 | 516 | 748 | 902 | 1,203 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Current assets | 13,775 | 14,018 | 16,074 | 16,534 | 16,943 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Current liabilities | 7,460 | 6,888 | 8,150 | 7,642 | 8,041 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Short-term borrowings | — | — | 906 | — | — | S100WQ3S |
| Long-term borrowings | 1,089 | 882 | 851 | 511 | 276 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Total liabilities | 9,639 | 9,169 | 10,593 | 10,056 | 10,670 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Equity attributable to owners of parent | 10,087 | 11,332 | 12,402 | 13,891 | 14,258 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Retained earnings | 6,631 | 7,827 | 8,821 | 10,217 | 10,510 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |
| Treasury stock | -125 | -77 | -29 | -23 | -19 | S100RWAX, S100UE7Z, S100WQ3S, S100Z4Q1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Z4Q1 |
| Receivables | 9% | S100Z4Q1 |
| Property, plant and equipment | 8% | S100Z4Q1 |
| Intangibles and goodwill | 2% | S100Z4Q1 |
| Investment securities | 4% | S100Z4Q1 |
| Other assets | 68% | S100Z4Q1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Z4Q1 |
| Equity | 62% | S100Z4Q1 |
| Other liabilities | 0% | S100Z4Q1 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,586 | 21,025 | 24,079 | 25,555 | 27,836 |
| Equity | 9,946 | 11,856 | 13,486 | 15,499 | 17,166 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,605 | 4,267 | 2,117 | 2,899 | 2,606 |

## 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) | 5.5% | S100Z4Q1 |
| Fixed assets ÷ total assets | 7.5% | S100Z4Q1 |
| Goodwill ÷ parent equity | 1.1% | S100Z4Q1 |

### 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) | 9.4% |
| Cash ÷ revenue | 6.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.5% |
| Cash vs. profit gap | 87 JPY mn (of net income 9.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.9% |
| Shareholder payments — dividends / FCF | 95.6% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 25.1% |

## 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 | 4.7% | 1.64× | 7.7% | 1.94× | 14.9% | S100RWAX |
| 2023 | 5.4% | 1.60× | 8.6% | 1.90× | 16.4% | S100UE7Z |
| 2024 | 4.6% | 1.51× | 6.9% | 1.90× | 13.1% | S100WQ3S |
| 2025 | 5.2% | 1.49× | 7.7% | 1.89× | 14.6% | S100Z4Q1 |
| 2026 | 2.5% | 1.43× | 3.5% | 1.90× | 6.7% | S100Z4Q1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＤＮホールディングス社員持株会 | Major shareholder | 10.3% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.1% | 2026-06-30 |
| ＤＮホールディングス社友持株会 | Major shareholder | 5.3% | 2026-06-30 |
| 株式会社北陸銀行 | Major shareholder | 4.0% | 2026-06-30 |
| ＵＨ Ｐａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 3.6% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 3.5% | 2026-06-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-06-30 |
| 川田テクノシステム株式会社 | Major shareholder | 2.1% | 2026-06-30 |
| 富士前鋼業株式会社 | Major shareholder | 2.0% | 2026-06-30 |
| 川田 貞子 | Major shareholder | 1.9% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/07/01－2026/06/30) | S100Z4Q1 | 2026-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z4Q1,, |
| 有価証券報告書－第4期(2024/07/01－2025/06/30) | S100WQ3S | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ3S,, |
| 有価証券報告書－第3期(2023/07/01－2024/06/30) | S100UE7Z | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UE7Z,, |
| 有価証券報告書－第2期(2022/07/01－2023/06/30) | S100RWAX | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWAX,, |
| 有価証券報告書－第1期(令和3年7月1日－令和4年6月30日) | S100P7IX | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P7IX,, |

## 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).