# DREAM VISION CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/04/01－2026/03/31) (S100YG5J)
> Page: https://vizora.meequs.com/en/company/dream-vision
> Retrieved: 2026-09-30T20:25:17.794Z

## Company

Dream Vision, founded in 1998, is a company in Toys & Hobbies listed on TSE Standard. It has 100 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DREAM VISION CO.,LTD. |
| Ticker | 3185 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3185.T) |
| Listing | TSE Standard |
| Head office | 大阪府池田市石橋三丁目2番1号 |
| Representative (per filing) | 代表取締役社長 津田 茂寿 |
| Founded | May 1998 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 100 |
| Average salary (parent only) | ¥3.6M |
| Fiscal year end | March |
| Website | www.dreamv.co.jp (https://www.dreamv.co.jp/) |
| Corporate number | 6120901020756 |
| EDINET | E27615 |
| Industries (Vizora) | Toys & Hobbies, Watches, Jewelry & Eyewear, Apparel |

> Profile source: annual securities report (S100YG5J, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 55 |
| Profitability | 7.4 | 61 |
| Efficiency | 77.9 | 61 |
| Financial strength | 8.3 | 6 |

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 68% of Dream Vision's sales come from Apparel segments, with Jewelry segment and Toy segment making up much of the rest.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed -21.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.53B |  |
| Operating income | -¥385.2M | Margin -10.9% |
| Net income | -¥444.9M | Margin -12.6% |
| Free cash flow | ¥139.4M |  |
| Largest business | Apparel segments | of segment revenue 68.5% |
| Employees (consolidated) | 100 |  |
| EPS | ¥-24.24 |  |
| Diluted EPS | ¥-24.24 |  |
| Book value per share | ¥-54.79 |  |
| Equity ratio | 1.0% | Derived from disclosed figures |
| Shares outstanding | 18,366,100 |  |
| Shareholders | 9,151 |  |
| Average salary (parent only) | ¥3.6M | Filing company only |
| Cash ratio | 32.7% | Net cash -¥679.6M · Cash ÷ revenue 17.8% |
| Vs. industry median margin | -13.9 pp | Apparel |
| ROA | -19.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 89 points
- FY2026, parent-company salary changed -28% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6019848000 | ¥3534583000 | -41.3% |
| Operating income | ¥-450220000 | ¥-385200000 | — |
| Operating margin | -7.5% | -10.9% | -3.4 pp |
| Employees | 208 people | 100 people | -51.9% |
| Cash and equivalents | ¥1357195000 | ¥629158000 | -53.6% |

### 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 |
| --- | ---: |
| アパレル事業 → アパレル事業 | 65.7% |
| ジュエリー事業 → ジュエリー事業 | 14.3% |
| トイ事業 → トイ事業 | 11.2% |
| トイ事業 → 事業再編・廃止 | 8.7% |
| コンサルティング事業 → 事業再編・廃止 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → アパレル事業 | 2.8% |
| 新設・再編 → ジュエリー事業 | 6.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel segments | 5 years | -9.4% | ¥2420010000 | -9.5% | 2 |
| Jewelry segment | 5 years | -3.5% | ¥718305000 | -12.9% | 2 |
| Toy segment | 5 years | -19.9% | ¥396267000 | 4.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,535 | 100.0% | S100YG5J |
| Cost of revenue | 1,773 | 50.1% | S100YG5J |
| Gross profit | 1,762 | 49.9% | S100YG5J |
| SG&A | 2,103 | 59.5% | S100YG5J |
| Operating income | -385 | -10.9% | S100YG5J |
| Pretax income | -456 | -12.9% | S100YG5J |
| Income tax | -11 | -0.3% | S100YG5J |
| Net income | -445 | -12.6% | S100YG5J |
| Net income attributable to owners | -445 | -12.6% | S100YG5J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 60 |
| Other operating | 1 |
| Operating income | -11 |
| (Ref.) Net income | -13 |

### Margin funnel

Gross margin 49.9% → Operating margin -10.9% → Net margin -12.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,500 | 3,535 | -965 | -21.4% |
| Gross profit | 2,019 | 1,762 | -257 | -12.7% |
| Operating income | -277 | -385 | -108 | — |
| Net income attributable to owners | -370 | -445 | -75 | — |
| Operating cash flow | -363 | 160 | 523 | — |
| Free cash flow | -391 | 139 | 531 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 3,097 | — | — | -166 | -371 | — | S100LM8O |
| FY ending Mar 2018 | 5,076 | — | — | 544 | 2 | — | S100OEQ0 |
| FY ending Mar 2019 | 6,918 | — | — | -268 | -252 | — | S100R9Q2 |
| FY ending Mar 2020 | 7,872 | -71 | -0.9% | -170 | 26 | -95 | S100LM8O |
| FY ending Mar 2021 | 6,020 | -450 | -7.5% | -508 | 148 | 68 | S100OEQ0 |
| FY ending Mar 2022 | 4,950 | 27 | 0.5% | -49 | 95 | 18 | S100R9Q2 |
| FY ending Mar 2023 | 5,185 | -72 | -1.4% | -132 | -79 | -103 | S100TXCH |
| FY ending Mar 2024 | 4,656 | -279 | -6.0% | -352 | 81 | 72 | S100W468 |
| FY ending Mar 2025 | 4,500 | -277 | -6.2% | -370 | -363 | -391 | S100YG5J |
| FY ending Mar 2026 | 3,535 | -385 | -10.9% | -445 | 160 | 139 | S100YG5J |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.3M |
| Operating income per employee (consolidated) | -¥3.9M |
| Net income per employee (consolidated) | -¥4.4M |

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) | 177 | 163 | 165 | 142 | 100 |
| Average salary (parent company) | ¥5M | ¥3.8M | ¥3.5M | ¥3.5M | ¥3.6M |
| Average age (parent company) | 36.9 years | 38.9 years | 40.4 years | 38.8 years | 37.8 years |
| Average tenure (parent company) | 6.6 years | 7.4 years | 7.8 years | 8.4 years | 7.1 years |

Year over year: Employees (consolidated) -29.6% · Revenue (consolidated) -21.4%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel segments | 2,420 | 68.5% | -229 | -9.5% |
| Jewelry segment | 718 | 20.3% | -92 | -12.9% |
| Toy segment | 396 | 11.2% | 16 | 4.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Apparel segments | 68.5% | — | — | -9.5% |
| Jewelry segment | 20.3% | — | — | -12.9% |
| Toy segment | 11.2% | 100.0% | 88.8 | 4.0% |

Loss-making segment (excluded from profit shares): Apparel segments -229 JPY mn

Loss-making segment (excluded from profit shares): Jewelry segment -92 JPY mn

Segment → industry: Toy segment → Toys & Hobbies / Jewelry segment → Watches, Jewelry & Eyewear / Apparel segments → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 160 | 4.5% | S100YG5J |
| Capital expenditure | 20 | 0.6% | S100YG5J |
| Free cash flow | 139 | 3.9% | 算出 |
| Investing cash flow | 214 | 6.1% | S100YG5J |
| Financing cash flow | -118 | -3.3% | S100YG5J |
| Change in cash | 266 | 7.5% | S100YG5J |
| Cash and equivalents | 629 | 17.8% | S100YG5J |

## 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 | 1,093 | 790 | 514 | 363 | 629 | S100TXCH, S100W468, S100YG5J |
| Total assets | 3,244 | 3,081 | 2,655 | 2,611 | 1,926 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Net assets | 272 | 272 | 282 | 417 | 20 | S100TXCH, S100W468, S100YG5J |
| Share capital | 686 | 746 | 768 | 1,027 | 1,028 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Property, plant and equipment | 234 | 250 | 134 | 124 | 54 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Current assets | 2,845 | 2,581 | 2,398 | 2,386 | 1,770 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Interest-bearing debt | 2,085 | 1,963 | 1,538 | 1,402 | 1,309 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Total liabilities | 2,972 | 2,810 | 2,373 | 2,194 | 1,906 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Equity attributable to owners of parent | 272 | 272 | 282 | 417 | 20 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Retained earnings | -1,670 | -1,802 | -2,148 | -2,515 | -2,947 | S100R9Q2, S100TXCH, S100W468, S100YG5J |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R9Q2, S100TXCH, S100W468, S100YG5J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YG5J |
| Property, plant and equipment | 3% | S100YG5J |
| Other assets | 64% | S100YG5J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 68% | S100YG5J |
| Other liabilities | 31% | S100YG5J |
| Equity | 1% | S100YG5J |
| Other liabilities | 0% | S100YG5J |

### 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 | 3,244 | 3,081 | 2,655 | 2,611 | 1,926 |
| Equity | 272 | 272 | 282 | 417 | 20 |
| Interest-bearing debt | 2,085 | 1,963 | 1,538 | 1,402 | 1,309 |
| Cash | 1,093 | 790 | 514 | 363 | 629 |

## 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) | 1.5% | S100YG5J |
| Fixed assets ÷ total assets | 2.8% | S100YG5J |
| Goodwill ÷ parent equity | — | —, S100YG5J |

### 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) | 32.7% |
| Cash ÷ revenue | 17.8% |
| Net cash (cash − interest-bearing debt) | -¥679.6M |
| Net debt ÷ operating cash flow | 4.26× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 605 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 134.4% |

## 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 | — | —× | -1.5% | —× | — | S100R9Q2 |
| 2023 | — | —× | -4.2% | —× | — | S100TXCH |
| 2024 | — | —× | -12.3% | —× | — | S100W468 |
| 2025 | — | —× | -14.0% | —× | — | S100YG5J |
| 2026 | — | —× | -19.6% | —× | — | S100YG5J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＲＩＺＡＰグループ株式会社 | Major shareholder | 45.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社ＳＢＩネオトレード証券 | Major shareholder | 1.9% | 2026-03-31 |
| 荒井 三ノ進 | Major shareholder | 1.6% | 2026-03-31 |
| 岡 隆宏 | Major shareholder | 1.6% | 2026-03-31 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 鶴田 広美 | Major shareholder | 1.2% | 2026-03-31 |
| 徳山 貴彦 | Major shareholder | 1.0% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YG5J | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG5J,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W468 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W468,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TXCH | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXCH,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R9Q2 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9Q2,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OEQ0 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEQ0,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LM8O | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM8O,, |

## 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).