# Dream Incubator Inc.: 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26期(2025/04/01－2026/03/31) (S100YD1A)
> Page: https://vizora.meequs.com/en/company/dream-incubator
> Retrieved: 2026-09-30T19:51:29.886Z

## Company

Dream Incubator, founded in 2000, is a company in Venture Capital listed on TSE Prime. It has 222 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dream Incubator Inc. |
| Ticker | 4310 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4310.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区霞が関三丁目2番6号 |
| Representative (per filing) | 代表取締役社長 三宅 孝之 |
| Founded | Apr 2000 |
| Share capital | ¥5.02B |
| Employees (consolidated) | 222 |
| Average salary (parent only) | ¥12.2M |
| Fiscal year end | March |
| Website | www.dreamincubator.co.jp (https://www.dreamincubator.co.jp/) |
| Corporate number | 6010001141902 |
| EDINET | E05221 |
| Industries (Vizora) | Venture Capital, Consulting |

> Profile source: annual securities report (S100YD1A, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.6 | 31 |
| Profitability | 80.7 | 44 |
| Cash conversion | 85.2 | 44 |
| Efficiency | 1.1 | 44 |

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 78% of Dream Incubator's sales come from Consulting, with Operating investment making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +40.6% from the prior year, operating profit +596.5%.

## Company structure

- Segment revenue mix: Consulting 78.1%、Operating investment 21.9%
- Revenue → net income: ¥8691000000 → ¥1587000000
- Net income → operating cash flow: ¥1587000000 → ¥2576000000（difference ¥989000000）
- Main uses of operating cash flow: CapEx ¥87000000 / dividends ¥2993000000 / buybacks ¥180000000
- Change in cash: ¥-1681000000
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 | ¥8.69B |  |
| Operating income | ¥1.79B | Margin 20.6% |
| Net income | ¥1.59B | Margin 18.3% |
| Free cash flow | ¥2.49B |  |
| Largest business | Consulting | of segment revenue 78.1% |
| Employees (consolidated) | 222 |  |
| EPS | ¥207.82 |  |
| Book value per share | ¥1417.01 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 9,534,316 |  |
| Treasury shares | 795,400 |  |
| Shareholders | 8,800 |  |
| Average salary (parent only) | ¥12.2M | Filing company only |
| Cash ratio | 24.7% | Cash ÷ revenue 44.4% |
| Vs. industry median margin | +11.1 pp | Consulting |
| ROE | 13.9% | Derived from disclosed figures |
| ROA | 10.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.2× its level five years ago
- FY2026, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27776000000 | ¥8691000000 | -68.7% |
| Operating income | ¥-957000000 | ¥1790000000 | — |
| Operating margin | -3.4% | 20.6% | +24 pp |
| Employees | 782 people | 222 people | -71.6% |
| Cash and equivalents | ¥4220000000 | ¥3858000000 | -8.6% |

### 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 |
| --- | ---: |
| ビジネスプロデュース → ビジネスプロデュース | 8.2% |
| ベンチャー投資 → ベンチャー投資 | 3.8% |
| ペットライフスタイル → 事業再編・廃止 | 81.0% |
| HRイノベーションセグメント → 事業再編・廃止 | 3.9% |
| その他 → 事業再編・廃止 | 1.6% |
| ファンマーケティングセグメント → 事業再編・廃止 | 1.6% |
| 新設・再編 → ビジネスプロデュース | 69.9% |
| 新設・再編 → ベンチャー投資 | 18.1% |

Segment revenue source references: 8 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,691 | 100.0% | S100YD1A |
| Cost of revenue | 4,080 | 46.9% | S100YD1A |
| Gross profit | 4,610 | 53.0% | S100YD1A |
| SG&A | 2,820 | 32.4% | S100YD1A |
| Operating income | 1,790 | 20.6% | S100YD1A |
| Ordinary income | 1,872 | 21.5% | S100YD1A |
| Pretax income | 1,872 | 21.5% | S100YD1A |
| Income tax | 284 | 3.3% | S100YD1A |
| Net income | 1,587 | 18.3% | S100YD1A |
| Net income attributable to owners | 1,593 | 18.3% | S100YD1A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 32 |
| Operating income | 21 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 53.0% → Operating margin 20.6% → Net margin 18.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +40.6%; Core profit growth: +596.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.71×
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 | 6,183 | 8,691 | 2,508 | +40.6% |
| Gross profit | 2,930 | 4,610 | 1,680 | +57.3% |
| Operating income | 257 | 1,790 | 1,533 | +596.5% |
| Net income attributable to owners | 170 | 1,593 | 1,423 | +837.1% |
| Operating cash flow | 1,230 | 2,576 | 1,346 | +109.4% |
| Free cash flow | 1,212 | 2,489 | 1,277 | +105.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,755 | 124 | 0.5% | -198 | -1,178 | -2,263 | S100LJG4 |
| FY ending Mar 2021 | 27,776 | -957 | -3.4% | -2,105 | -700 | -1,556 | S100OA3M |
| FY ending Mar 2022 | 35,566 | -168 | -0.5% | 7 | 7,822 | 7,348 | S100QZZH |
| FY ending Mar 2023 | 30,132 | 1,190 | 3.9% | 11,553 | 3,669 | 3,484 | S100TMCR |
| FY ending Mar 2024 | 5,378 | -1,966 | -36.6% | -1,847 | -7,458 | -7,706 | S100W1BY |
| FY ending Mar 2025 | 6,183 | 257 | 4.2% | 170 | 1,230 | 1,212 | S100YD1A |
| FY ending Mar 2026 | 8,691 | 1,790 | 20.6% | 1,593 | 2,576 | 2,489 | S100YD1A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥7.2M |

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) | 773 | 136 | 220 | 214 | 222 |
| Average salary (parent company) | ¥10.9M | ¥17.8M | ¥12.7M | ¥12.2M | ¥12.2M |
| Average age (parent company) | 36.1 years | 37.1 years | 36.0 years | 34.8 years | 34.6 years |
| Average tenure (parent company) | 4.2 years | 3.7 years | 3.0 years | 3.4 years | 3.8 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +40.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 6,787 | 78.1% | 1,967 | 29.0% |
| Operating investment | 1,904 | 21.9% | 982 | 51.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 78.1% | 66.7% | -11.4 | 29.0% |
| Operating investment | 21.9% | 33.3% | 11.4 | 51.6% |

Segment → industry: Operating investment → Venture Capital / Consulting → Consulting

## 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 | 2,576 | 29.6% | S100YD1A |
| Capital expenditure | 87 | 1.0% | S100YD1A |
| Free cash flow | 2,489 | 28.6% | 算出 |
| Investing cash flow | -1,122 | -12.9% | S100YD1A |
| Financing cash flow | -3,143 | -36.2% | S100YD1A |
| Dividends paid | 2,993 | 34.4% | S100YD1A |
| Share buyback | 180 | 2.1% | S100YD1A |
| Change in cash | -1,681 | -19.3% | S100YD1A |
| Cash and equivalents | 3,858 | 44.4% | S100YD1A |

## 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 | 12,810 | 10,263 | 6,245 | 5,539 | 3,858 | S100TMCR, S100W1BY, S100YD1A |
| Total assets | 33,574 | 31,310 | 17,454 | 15,857 | 15,633 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Net assets | 12,454 | 21,917 | 15,208 | 13,158 | 11,738 | S100TMCR, S100W1BY, S100YD1A |
| Share capital | 5,014 | 5,019 | 5,019 | 5,019 | 5,019 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Inventories | 87 | — | — | — | — | S100QZZH |
| Property, plant and equipment | 916 | 249 | 259 | 206 | 241 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Intangible assets excluding goodwill | 1,796 | 8 | 6 | 4 | 2 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Goodwill | 814 | — | — | — | — | S100QZZH |
| Investment securities | 354 | 65 | 65 | 65 | 65 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Current assets | 28,001 | 30,800 | 16,965 | 15,428 | 15,120 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Current liabilities | 19,017 | 8,328 | 866 | 1,275 | 2,455 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Trade payables | 554 | 3 | — | — | — | S100QZZH, S100TMCR |
| Short-term borrowings | 1,100 | — | — | — | — | S100QZZH |
| Long-term borrowings | 1,648 | — | — | — | — | S100QZZH |
| Total liabilities | 21,119 | 9,393 | 2,246 | 2,699 | 3,895 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Non-controlling interests | 2,672 | 475 | 165 | 143 | 169 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Equity attributable to owners of parent | 9,316 | 20,850 | 14,239 | 12,270 | 10,706 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Retained earnings | 942 | 12,648 | 8,826 | 6,738 | 5,318 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |
| Treasury stock | -1,099 | -1,366 | -4,155 | -1,497 | -1,638 | S100QZZH, S100TMCR, S100W1BY, S100YD1A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YD1A |
| Property, plant and equipment | 2% | S100YD1A |
| Intangibles and goodwill | 0% | S100YD1A |
| Investment securities | 0% | S100YD1A |
| Other assets | 73% | S100YD1A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YD1A |
| Equity | 75% | S100YD1A |

### 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 | 33,574 | 31,310 | 17,454 | 15,857 | 15,633 |
| Equity | 12,454 | 21,917 | 15,208 | 13,158 | 11,738 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,810 | 10,263 | 6,245 | 5,539 | 3,858 |

## 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) | 2.8% | S100YD1A |
| Fixed assets ÷ total assets | 1.5% | S100YD1A |
| Goodwill ÷ parent equity | — | —, S100YD1A |

### 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) | 24.7% |
| Cash ÷ revenue | 44.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.9% |
| Cash vs. profit gap | 983 JPY mn (of net income 61.7%) |
| Shareholder returns / net income | 199.2% |
| Shareholder returns / FCF | 127.5% |
| Shareholder payments — dividends / net income | 187.9% |
| Shareholder payments — dividends / FCF | 120.2% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 43.6% |

## 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 | 0.0% | 1.06× | 0.0% | 3.60× | 0.1% | S100QZZH |
| 2023 | 38.3% | 0.93× | 35.6% | 2.15× | 76.6% | S100TMCR |
| 2024 | — | —× | -7.6% | —× | — | S100W1BY |
| 2025 | 2.7% | 0.37× | 1.0% | 1.26× | 1.3% | S100YD1A |
| 2026 | 18.3% | 0.55× | 10.1% | 1.37× | 13.9% | S100YD1A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社電通グループ | Major shareholder | 23.0% | 2026-03-31 |
| 株式会社山口フィナンシャルグループ | Major shareholder | 22.0% | 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 | 8.4% | 2026-03-31 |
| 野崎 俊哉 | Major shareholder | 1.3% | 2026-03-31 |
| 古谷 昇 | Major shareholder | 1.0% | 2026-03-31 |
| 三宅 孝之 | Major shareholder | 0.9% | 2026-03-31 |
| 竹内 孝明 | Major shareholder | 0.6% | 2026-03-31 |
| 原田 哲郎 | Major shareholder | 0.6% | 2026-03-31 |
| 村田 英隆 | Major shareholder | 0.5% | 2026-03-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YD1A | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD1A,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W1BY | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1BY,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TMCR | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMCR,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100QZZH | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZZH,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OA3M | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA3M,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LJG4 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJG4,, |

## 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).