# DOUTOR NICHIRES Holdings.,Co Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/03/01－2026/02/28) (S100Y6D7)
> Page: https://vizora.meequs.com/en/company/doutor-nichires-holdings
> Retrieved: 2026-09-30T19:15:38.475Z

## Company

DOUTOR NICHIRES Holdings., founded in 1962, is a company in Restaurants & Pubs listed on TSE Prime. It has 2,892 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DOUTOR・NICHIRES Holdings Co., Ltd. |
| Ticker | 3087 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3087.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区猿楽町10番11号 |
| Representative (per filing) | 代表取締役社長 星野 正則 |
| Founded | Apr 1962 |
| Share capital | ¥1B |
| Employees (consolidated) | 2,892 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | February |
| Website | www.dnh.co.jp (https://www.dnh.co.jp/) |
| Corporate number | 2011001053983 |
| EDINET | E03518 |
| Industries (Vizora) | Restaurants & Pubs, Cafés |

> Profile source: annual securities report (S100Y6D7, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Cafés (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 4 |
| Profitability | 37.5 | 4 |
| Cash conversion | 12.5 | 4 |
| Efficiency | 37.5 | 4 |

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 63% of DOUTOR NICHIRES Holdings.'s sales come from DOUTOR GROUP, with NICHIRES GROUP making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +5.8%.

## Company structure

- Segment revenue mix: DOUTOR GROUP 63.1%、NICHIRES GROUP 36.9%
- Revenue → net income: ¥159147000000 → ¥7267000000
- Net income → operating cash flow: ¥7267000000 → ¥7021000000（difference ¥-246000000）
- Main uses of operating cash flow: CapEx ¥5192000000 / dividends ¥2316000000 / buybacks ¥5000000000
- Change in cash: ¥-12168000000
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 | ¥159.1B |  |
| Operating income | ¥10.2B | Margin 6.4% |
| Net income | ¥7.23B | Margin 4.5% |
| Free cash flow | ¥1.83B |  |
| Largest business | DOUTOR GROUP | of segment revenue 63.1% |
| Employees (consolidated) | 2,892 |  |
| EPS | ¥164.82 |  |
| Book value per share | ¥1524.03 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 45,609,761 |  |
| Treasury shares | 3,587,300 |  |
| Shareholders | 58,437 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 16.9% |
| Vs. industry median margin | -0.5 pp | Cafés |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥96141000000 | ¥159147000000 | +65.5% |
| Operating income | ¥-4319000000 | ¥10150000000 | — |
| Operating margin | -4.5% | 6.4% | +10.9 pp |
| Employees | 2,755 people | 2,892 people | +5.0% |
| Cash and equivalents | ¥26309000000 | ¥26822000000 | +1.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本レストランシステムグループ → 日本レストランシステムグループ | 34.3% |
| ドトールコーヒーグループ → ドトールコーヒーグループ | 60.5% |
| その他 → 事業再編・廃止 | 5.3% |
| 新設・再編 → 日本レストランシステムグループ | 2.6% |
| 新設・再編 → ドトールコーヒーグループ | 2.7% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 159,147 | 100.0% | S100Y6D7 |
| Cost of revenue | 65,455 | 41.1% | S100Y6D7 |
| Gross profit | 93,691 | 58.9% | S100Y6D7 |
| SG&A | 83,540 | 52.5% | S100Y6D7 |
| Operating income | 10,150 | 6.4% | S100Y6D7 |
| Ordinary income | 10,615 | 6.7% | S100Y6D7 |
| Pretax income | 9,929 | 6.2% | S100Y6D7 |
| Income tax | 2,661 | 1.7% | S100Y6D7 |
| Net income | 7,267 | 4.6% | S100Y6D7 |
| Net income attributable to owners | 7,234 | 4.5% | S100Y6D7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 53 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 58.9% → Operating margin 6.4% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +5.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.83×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 148,822 | 159,147 | 10,325 | +6.9% |
| Gross profit | 89,621 | 93,691 | 4,070 | +4.5% |
| Operating income | 9,597 | 10,150 | 553 | +5.8% |
| Net income attributable to owners | 6,880 | 7,234 | 354 | +5.1% |
| Operating cash flow | 12,351 | 7,021 | -5,330 | -43.2% |
| Free cash flow | 6,442 | 1,829 | -4,613 | -71.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 131,193 | 10,289 | 7.8% | 6,058 | 12,175 | 7,615 | S100LE60 |
| FY ending Feb 2021 | 96,141 | -4,319 | -4.5% | -10,979 | -2,883 | -8,063 | S100O4KF |
| FY ending Feb 2022 | 109,363 | -1,783 | -1.6% | 1,221 | 14,637 | 10,219 | S100QTV3 |
| FY ending Feb 2023 | 126,864 | 2,969 | 2.3% | 3,429 | 5,171 | -221 | S100TIFB |
| FY ending Feb 2024 | 140,625 | 7,322 | 5.2% | 5,491 | 11,795 | 6,871 | S100VU8T |
| FY ending Feb 2025 | 148,822 | 9,597 | 6.4% | 6,880 | 12,351 | 6,442 | S100Y6D7 |
| FY ending Feb 2026 | 159,147 | 10,150 | 6.4% | 7,234 | 7,021 | 1,829 | S100Y6D7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,783 | 2,767 | 2,765 | 2,767 | 2,892 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.5M | ¥5.8M | ¥6M |
| Average age (parent company) | 39.5 years | 39.6 years | 40.5 years | 41.2 years | 43.4 years |
| Average tenure (parent company) | 6.0 years | 7.0 years | 7.0 years | 8.0 years | 9.0 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| NICHIRES GROUP | 56,260 | 36.9% | 4,465 | 7.9% |
| DOUTOR GROUP | 96,344 | 63.1% | 4,752 | 4.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| NICHIRES GROUP | 36.9% | 48.4% | 11.6 | 7.9% |
| DOUTOR GROUP | 63.1% | 51.6% | -11.6 | 4.9% |

Segment → industry: NICHIRES GROUP → Restaurants & Pubs / DOUTOR GROUP → Cafés / NICHIRES GROUP → Cafés

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,021 | 4.4% | S100Y6D7 |
| Capital expenditure | 5,192 | 3.3% | S100Y6D7 |
| Free cash flow | 1,829 | 1.1% | 算出 |
| Investing cash flow | -10,812 | -6.8% | S100Y6D7 |
| Financing cash flow | -8,423 | -5.3% | S100Y6D7 |
| Dividends paid | 2,316 | 1.5% | S100Y6D7 |
| Share buyback | 5,000 | 3.1% | S100Y6D7 |
| Change in cash | -12,168 | -7.6% | S100Y6D7 |
| Cash and equivalents | 26,822 | 16.9% | S100Y6D7 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 34,546 | 32,222 | 35,796 | 38,990 | 26,822 | S100TIFB, S100VU8T, S100Y6D7 |
| Total assets | 118,227 | 121,036 | 127,788 | 134,232 | 136,519 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Net assets | 94,109 | 96,293 | 99,474 | 104,350 | 105,554 | S100TIFB, S100VU8T, S100Y6D7 |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Trade receivables | 4,998 | 6,032 | 6,326 | 6,733 | 9,444 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Property, plant and equipment | 45,098 | 46,768 | 48,720 | 50,727 | 52,000 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Intangible assets excluding goodwill | 575 | 761 | 1,012 | 791 | 646 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Investment securities | 639 | 803 | 910 | 1,087 | 1,428 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Current assets | 49,180 | 49,732 | 54,464 | 58,792 | 55,932 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Current liabilities | 16,409 | 16,806 | 19,410 | 21,084 | 22,576 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Trade payables | 5,034 | 6,346 | 6,768 | 7,193 | 8,102 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Short-term borrowings | 470 | 470 | 470 | 470 | 470 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Long-term borrowings | 215 | 155 | 139 | 82 | 5 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Total liabilities | 24,117 | 24,743 | 28,314 | 29,882 | 30,964 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Non-controlling interests | 252 | 278 | 318 | 348 | 375 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Equity attributable to owners of parent | 93,856 | 96,051 | 99,102 | 104,154 | 104,165 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Retained earnings | 78,792 | 80,983 | 84,891 | 89,887 | 94,803 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |
| Treasury stock | -2,574 | -2,571 | -3,431 | -3,381 | -8,300 | S100QTV3, S100TIFB, S100VU8T, S100Y6D7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Y6D7 |
| Receivables | 7% | S100Y6D7 |
| Property, plant and equipment | 38% | S100Y6D7 |
| Intangibles and goodwill | 0% | S100Y6D7 |
| Investment securities | 1% | S100Y6D7 |
| Other assets | 34% | S100Y6D7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y6D7 |
| Other liabilities | 17% | S100Y6D7 |
| Equity | 77% | S100Y6D7 |
| Other liabilities | 0% | S100Y6D7 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 118,227 | 121,036 | 127,788 | 134,232 | 136,519 |
| Equity | 94,109 | 96,293 | 99,474 | 104,350 | 105,554 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 34,546 | 32,222 | 35,796 | 38,990 | 26,822 |

## 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) | 32.7% | S100Y6D7 |
| Fixed assets ÷ total assets | 38.1% | S100Y6D7 |
| Goodwill ÷ parent equity | — | —, S100Y6D7 |

### 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) | 19.6% |
| Cash ÷ revenue | 16.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.2% |
| Cash vs. profit gap | -213 JPY mn (of net income -2.9%) |
| Shareholder returns / net income | 101.1% |
| Shareholder returns / FCF | 400.0% |
| Shareholder payments — dividends / net income | 32.0% |
| Shareholder payments — dividends / FCF | 126.6% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 154.0% |

## 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 | 1.1% | 0.93× | 1.0% | 1.26× | 1.3% | S100QTV3 |
| 2023 | 2.7% | 1.06× | 2.9% | 1.26× | 3.6% | S100TIFB |
| 2024 | 3.9% | 1.13× | 4.4% | 1.28× | 5.6% | S100VU8T |
| 2025 | 4.6% | 1.14× | 5.3% | 1.29× | 6.8% | S100Y6D7 |
| 2026 | 4.5% | 1.18× | 5.3% | 1.30× | 6.9% | S100Y6D7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大林 豁史 | Major shareholder | 15.2% | 2026-02-28 |
| 株式会社マダム・ヒロ | Major shareholder | 8.9% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.2% | 2026-02-28 |
| 鳥羽 博道 | Major shareholder | 3.2% | 2026-02-28 |
| 日本たばこ産業株式会社 | Major shareholder | 3.1% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-02-28 |
| 鳥羽 豊 | Major shareholder | 2.0% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.2% | 2026-02-28 |
| 大林 美重子 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/03/01－2026/02/28) | S100Y6D7 | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6D7,, |
| 有価証券報告書－第18期(2024/03/01－2025/02/28) | S100VU8T | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU8T,, |
| 有価証券報告書－第17期(2023/03/01－2024/02/29) | S100TIFB | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIFB,, |
| 有価証券報告書－第16期(2022/03/01－2023/02/28) | S100QTV3 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTV3,, |
| 有価証券報告書－第15期(令和3年3月1日－令和4年2月28日) | S100O4KF | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4KF,, |
| 有価証券報告書－第14期(令和2年3月1日－令和3年2月28日) | S100LE60 | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE60,, |

## 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).