# DOSHISHA 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50期(2025/04/01－2026/03/31) (S100YGD2)
> Page: https://vizora.meequs.com/en/company/doshisha
> Retrieved: 2026-09-30T20:24:03.791Z

## Company

Doshisha, founded in 1977, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,237 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DOSHISHA CO.,LTD. |
| Ticker | 7483 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7483.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区東心斎橋1丁目5番5号 |
| Representative (per filing) | 代表取締役社長 野村 正幸 |
| Founded | Jan 1977 |
| Share capital | ¥4.99B |
| Employees (consolidated) | 1,237 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 8120001039126 |
| EDINET | E02840 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGD2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.4 | 179 |
| Profitability | 94.9 | 185 |
| Cash conversion | 46.1 | 179 |
| Efficiency | 22.4 | 185 |

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 58% of Doshisha's sales come from Development-oriented business model, with Wholesale business model and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +32.7%.

## Company structure

- Segment revenue mix: Development-oriented business model 57.9%、Wholesale business model 39.7%、Other 2.4%
- Revenue → net income: ¥120533000000 → ¥8709000000
- Net income → operating cash flow: ¥8709000000 → ¥10989000000（difference ¥2280000000）
- Main uses of operating cash flow: CapEx ¥133000000 / dividends ¥3350000000 / buybacks ¥0
- Change in cash: ¥-9399000000
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 | ¥120.5B |  |
| Operating income | ¥11.9B | Margin 9.9% |
| Net income | ¥8.64B | Margin 7.2% |
| Free cash flow | ¥10.9B |  |
| Largest business | Development-oriented business model | of segment revenue 57.9% |
| Employees (consolidated) | 1,237 |  |
| EPS | ¥247.07 |  |
| Diluted EPS | ¥245.03 |  |
| Book value per share | ¥2481.26 |  |
| Equity ratio | 85.7% |  |
| Shares outstanding | 37,375,000 |  |
| Treasury shares | 1,504,300 |  |
| Shareholders | 18,971 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 32.0% | Cash ÷ revenue 29.4% |
| Vs. industry median margin | +7 pp | Specialty Trading & Wholesale |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, employees -3% while operating income rose 33%
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥101257000000 | ¥120533000000 | +19.0% |
| Operating income | ¥9522000000 | ¥11933000000 | +25.3% |
| Operating margin | 9.4% | 9.9% | +0.5 pp |
| Employees | 1,486 people | 1,237 people | -16.8% |
| Cash and equivalents | ¥47870000000 | ¥35418000000 | -26.0% |

### 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 |
| --- | ---: |
| 開発型ビジネスモデル → 開発型ビジネスモデル | 53.0% |
| 卸売型ビジネスモデル → 卸売型ビジネスモデル | 39.7% |
| 卸売型ビジネスモデル → 事業再編・廃止 | 3.1% |
| その他 → その他 | 2.4% |
| その他 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 開発型ビジネスモデル | 4.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Development-oriented business model | 5 years | +5.4% | ¥69808000000 | 11.7% | 2 |
| Wholesale business model | 5 years | +2.0% | ¥47818000000 | 8.2% | 2 |
| Other | 5 years | -7.5% | ¥2906000000 | 22.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 120,533 | 100.0% | S100YGD2 |
| Cost of revenue | 84,334 | 70.0% | S100YGD2 |
| Gross profit | 36,198 | 30.0% | S100YGD2 |
| SG&A | 24,265 | 20.1% | S100YGD2 |
| Operating income | 11,933 | 9.9% | S100YGD2 |
| Ordinary income | 12,367 | 10.3% | S100YGD2 |
| Pretax income | 12,371 | 10.3% | S100YGD2 |
| Income tax | 3,662 | 3.0% | S100YGD2 |
| Net income | 8,709 | 7.2% | S100YGD2 |
| Net income attributable to owners | 8,643 | 7.2% | S100YGD2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 20 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 30.0% → Operating margin 9.9% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +32.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.64×
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 | 113,939 | 120,533 | 6,594 | +5.8% |
| Gross profit | 31,968 | 36,198 | 4,230 | +13.2% |
| Operating income | 8,995 | 11,933 | 2,938 | +32.7% |
| Net income attributable to owners | 6,409 | 8,643 | 2,234 | +34.9% |
| Operating cash flow | 7,468 | 10,989 | 3,521 | +47.1% |
| Free cash flow | 7,352 | 10,856 | 3,504 | +47.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 96,238 | 5,995 | 6.2% | 4,211 | 8,583 | 8,070 | S100LSPD |
| FY ending Mar 2021 | 101,257 | 9,522 | 9.4% | 6,588 | 8,855 | 8,401 | S100ODXX |
| FY ending Mar 2022 | 101,027 | 7,109 | 7.0% | 5,132 | 5,007 | 4,553 | S100R434 |
| FY ending Mar 2023 | 105,709 | 8,052 | 7.6% | 5,621 | 7,121 | 6,840 | S100TPJS |
| FY ending Mar 2024 | 105,824 | 7,926 | 7.5% | 5,784 | 5,377 | 5,078 | S100W245 |
| FY ending Mar 2025 | 113,939 | 8,995 | 7.9% | 6,409 | 7,468 | 7,352 | S100YGD2 |
| FY ending Mar 2026 | 120,533 | 11,933 | 9.9% | 8,643 | 10,989 | 10,856 | S100YGD2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.4M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥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) | 1,478 | 1,387 | 1,365 | 1,270 | 1,237 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.3M | ¥6.6M | ¥7.1M |
| Average age (parent company) | 42.0 years | 41.0 years | 41.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | 13.0 years | 12.0 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Development-oriented business model | 69,808 | 57.9% | 8,136 | 11.7% |
| Wholesale business model | 47,818 | 39.7% | 3,925 | 8.2% |
| Other | 2,906 | 2.4% | 662 | 22.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Development-oriented business model | 57.9% | 63.9% | 6.0 | 11.7% |
| Wholesale business model | 39.7% | 30.8% | -8.8 | 8.2% |
| Other | 2.4% | 5.2% | 2.8 | 22.8% |

Segment → industry: Wholesale business model → Specialty Trading & Wholesale / Development-oriented business model → Specialty Trading & Wholesale

## 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 | 10,989 | 9.1% | S100YGD2 |
| Capital expenditure | 133 | 0.1% | S100YGD2 |
| Free cash flow | 10,856 | 9.0% | 算出 |
| Investing cash flow | -18,356 | -15.2% | S100YGD2 |
| Financing cash flow | -2,139 | -1.8% | S100YGD2 |
| Dividends paid | 3,350 | 2.8% | S100YGD2 |
| Share buyback | 0 | 0.0% | S100YGD2 |
| Change in cash | -9,399 | -7.8% | S100YGD2 |
| Cash and equivalents | 35,418 | 29.4% | S100YGD2 |

## 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 | 48,581 | 52,639 | 54,187 | 44,817 | 35,418 | S100TPJS, S100W245, S100YGD2 |
| Total assets | 94,371 | 98,188 | 102,701 | 102,066 | 110,644 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Net assets | 76,712 | 79,704 | 84,284 | 89,239 | 96,550 | S100TPJS, S100W245, S100YGD2 |
| Share capital | 4,993 | 4,993 | 4,993 | 4,993 | 4,993 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Property, plant and equipment | 18,631 | 18,266 | 17,914 | 17,334 | 17,162 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Intangible assets excluding goodwill | 416 | 354 | 421 | 309 | 433 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Investment securities | 1,910 | 2,200 | 2,683 | 2,404 | 2,577 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Current assets | 72,003 | 75,796 | 80,452 | 80,665 | 89,141 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Current liabilities | 9,899 | 10,800 | 17,377 | 11,868 | 13,123 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Long-term borrowings | 6,600 | 6,600 | — | — | — | S100R434, S100TPJS |
| Total liabilities | 17,658 | 18,484 | 18,417 | 12,827 | 14,093 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Non-controlling interests | 1,427 | 1,610 | 1,690 | 1,517 | 1,717 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Equity attributable to owners of parent | 74,861 | 77,775 | 81,169 | 86,560 | 93,319 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Retained earnings | 68,054 | 71,614 | 75,008 | 78,661 | 83,953 | S100R434, S100TPJS, S100W245, S100YGD2 |
| Treasury stock | -4,459 | -5,105 | -5,105 | -3,625 | -2,375 | S100R434, S100TPJS, S100W245, S100YGD2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YGD2 |
| Property, plant and equipment | 16% | S100YGD2 |
| Intangibles and goodwill | 0% | S100YGD2 |
| Investment securities | 2% | S100YGD2 |
| Other assets | 50% | S100YGD2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YGD2 |
| Equity | 87% | S100YGD2 |
| Other liabilities | 0% | S100YGD2 |

### 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 | 94,371 | 98,188 | 102,701 | 102,066 | 110,644 |
| Equity | 76,712 | 79,704 | 84,284 | 89,239 | 96,550 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 48,581 | 52,639 | 54,187 | 44,817 | 35,418 |

## 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) | 14.2% | S100YGD2 |
| Fixed assets ÷ total assets | 15.5% | S100YGD2 |
| Goodwill ÷ parent equity | — | —, S100YGD2 |

### 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) | 32.0% |
| Cash ÷ revenue | 29.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.1% |
| Cash vs. profit gap | 2,346 JPY mn (of net income 27.1%) |
| Shareholder returns / net income | 38.8% |
| Shareholder returns / FCF | 30.9% |
| Shareholder payments — dividends / net income | 38.8% |
| Shareholder payments — dividends / FCF | 30.9% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 167.0% |

## 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 | 5.1% | 1.07× | 5.4% | 1.26× | 6.9% | S100R434 |
| 2023 | 5.3% | 1.10× | 5.8% | 1.26× | 7.4% | S100TPJS |
| 2024 | 5.5% | 1.05× | 5.8% | 1.26× | 7.3% | S100W245 |
| 2025 | 5.6% | 1.11× | 6.3% | 1.22× | 7.6% | S100YGD2 |
| 2026 | 7.2% | 1.13× | 8.1% | 1.18× | 9.6% | S100YGD2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エムエス商事株式会社 | Major shareholder | 35.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 12.4% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.8% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| 野村 正治 | Major shareholder | 3.0% | 2026-03-31 |
| 野村信託銀行株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YGD2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGD2,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W245 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W245,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TPJS | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPJS,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100R434 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R434,, |
| 有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100ODXX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODXX,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LSPD | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSPD,, |

## 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).