# DreamArts Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/01/01－2025/12/31) (S100XUWD)
> Page: https://vizora.meequs.com/en/company/dreamarts
> Retrieved: 2026-09-30T22:40:30.102Z

## Company

DreamArts, founded in 1996, is a company in IT Services & System Integration listed on TSE Growth. It has 293 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DreamArts Corporation |
| Ticker | 4811 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4811.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長 山本 孝昭 |
| Founded | Dec 1996 |
| Share capital | ¥569.2M |
| Employees (consolidated) | 293 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.dreamarts.co.jp (https://www.dreamarts.co.jp/) |
| Corporate number | 9011001040835 |
| EDINET | E39009 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XUWD, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.2 | 105 |
| Profitability | 66.6 | 145 |
| Cash conversion | 57.4 | 128 |
| Efficiency | 69.3 | 145 |

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 79% of DreamArts's sales come from Cloud business, with Professional service business and On-premises business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +12.3% from the prior year, operating profit +26.0%.

## Company structure

- Segment revenue mix: Cloud business 79.0%、Professional service business 11.7%、On-premises business 9.3%
- Revenue → net income: ¥5654084000 → ¥757535000
- Net income → operating cash flow: ¥757535000 → ¥1091613000（difference ¥334078000）
- Main uses of operating cash flow: CapEx ¥276619000 / dividends ¥154822000 / buybacks ¥328899000
- Change in cash: ¥571532000
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 | ¥5.65B |  |
| Operating income | ¥974.7M | Margin 17.2% |
| Net income | ¥757.5M | Margin 13.4% |
| Free cash flow | ¥815M |  |
| Largest business | Cloud business | of segment revenue 79.0% |
| Employees (consolidated) | 293 |  |
| EPS | ¥66.41 |  |
| Diluted EPS | ¥63.72 |  |
| Book value per share | ¥243.56 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 4,054,600 |  |
| Treasury shares | 100,500 |  |
| Shareholders | 856 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 77.6% | Cash ÷ revenue 72.9% |
| Vs. industry median margin | +4.8 pp | Software & SaaS |
| ROE | 29.4% | Derived from disclosed figures |
| ROA | 15.1% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.1× dividends
- FY2025, one segment accounts for 84% of positive segment profit
- FY2025, cash is 78% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3670307000 | ¥5654084000 | +54.0% |
| Operating income | ¥187608000 | ¥974657000 | +419.5% |
| Operating margin | 5.1% | 17.2% | +12.1 pp |
| Employees | 248 people | 293 people | +18.1% |
| Cash and equivalents | ¥1247416000 | ¥4122722000 | +230.5% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| クラウド事業 → クラウド事業 | 63.2% |
| オンプレミス事業 → オンプレミス事業 | 9.3% |
| オンプレミス事業 → 事業再編・廃止 | 7.0% |
| プロフェッショナルサービス事業 → プロフェッショナルサービス事業 | 11.7% |
| プロフェッショナルサービス事業 → 事業再編・廃止 | 8.8% |
| 新設・再編 → クラウド事業 | 15.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cloud business | 3 years | +24.4% | ¥4468787000 | 40.4% | 2 |
| Professional service business | 3 years | -4.3% | ¥660263000 | 17.4% | 2 |
| On-premises business | 3 years | -4.3% | ¥525032000 | 44.9% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,654 | 100.0% | S100XUWD |
| Cost of revenue | 2,122 | 37.5% | S100XUWD |
| Gross profit | 3,532 | 62.5% | S100XUWD |
| SG&A | 2,558 | 45.2% | S100XUWD |
| Operating income | 975 | 17.2% | S100XUWD |
| Ordinary income | 1,073 | 19.0% | S100XUWD |
| Pretax income | 1,073 | 19.0% | S100XUWD |
| Income tax | 316 | 5.6% | S100XUWD |
| Net income | 758 | 13.4% | S100XUWD |
| Net income attributable to owners | 758 | 13.4% | S100XUWD |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 45 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 62.5% → Operating margin 17.2% → Net margin 13.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.3%; Core profit growth: +26.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.11×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,034 | 5,654 | 620 | +12.3% |
| Gross profit | 2,873 | 3,532 | 660 | +23.0% |
| Operating income | 774 | 975 | 201 | +26.0% |
| Net income attributable to owners | 551 | 758 | 206 | +37.4% |
| Operating cash flow | 1,001 | 1,092 | 90 | +9.0% |
| Free cash flow | 800 | 815 | 15 | +1.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 3,670 | 188 | 5.1% | 127 | 721 | 486 | S100T4T7 |
| FY ending Dec 2023 | 4,440 | 578 | 13.0% | 424 | 1,184 | 1,021 | S100VHQB |
| FY ending Dec 2024 | 5,034 | 774 | 15.4% | 551 | 1,001 | 800 | S100XUWD |
| FY ending Dec 2025 | 5,654 | 975 | 17.2% | 758 | 1,092 | 815 | S100XUWD |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.3M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 248 | 268 | 272 | 293 |
| Average salary (parent company) | — | ¥6.4M | ¥6.7M | ¥7M |
| Average age (parent company) | — | 36.2 years | 36.8 years | 36.7 years |
| Average tenure (parent company) | — | 8.4 years | 8.9 years | 8.4 years |

Year over year: Employees (consolidated) +7.7% · Revenue (consolidated) +12.3%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud business | 4,469 | 79.0% | 1,807 | 40.4% |
| On-premises business | 525 | 9.3% | 236 | 44.9% |
| Professional service business | 660 | 11.7% | 115 | 17.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cloud business | 79.0% | 83.7% | 4.7 | 40.4% |
| On-premises business | 9.3% | 10.9% | 1.6 | 44.9% |
| Professional service business | 11.7% | 5.3% | -6.3 | 17.4% |

Segment → industry: Professional service business → IT Services & System Integration / On-premises business → Software & SaaS / Cloud business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,092 | 19.3% | S100XUWD |
| Capital expenditure | 277 | 4.9% | S100XUWD |
| Free cash flow | 815 | 14.4% | 算出 |
| Investing cash flow | -71 | -1.3% | S100XUWD |
| Financing cash flow | -455 | -8.0% | S100XUWD |
| Dividends paid | 155 | 2.7% | S100XUWD |
| Share buyback | 329 | 5.8% | S100XUWD |
| Change in cash | 572 | 10.1% | S100XUWD |
| Cash and equivalents | 4,123 | 72.9% | S100XUWD |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,247 | 2,815 | 3,551 | 4,123 | S100VHQB, S100XUWD |
| Total assets | 2,428 | 3,949 | 4,730 | 5,312 | S100T4T7, S100VHQB, S100XUWD |
| Net assets | 854 | 1,823 | 2,308 | 2,916 | S100VHQB, S100XUWD |
| Share capital | 300 | 569 | 569 | 569 | S100T4T7, S100VHQB, S100XUWD |
| Property, plant and equipment | 104 | 92 | 107 | 134 | S100T4T7, S100VHQB, S100XUWD |
| Intangible assets excluding goodwill | 233 | 228 | 253 | 328 | S100T4T7, S100VHQB, S100XUWD |
| Current assets | 1,696 | 3,218 | 3,955 | 4,527 | S100T4T7, S100VHQB, S100XUWD |
| Current liabilities | 1,216 | 1,770 | 2,345 | 2,211 | S100T4T7, S100VHQB, S100XUWD |
| Bonds | 300 | 300 | — | — | S100T4T7, S100VHQB |
| Total liabilities | 1,574 | 2,126 | 2,421 | 2,396 | S100T4T7, S100VHQB, S100XUWD |
| Equity attributable to owners of parent | 836 | 1,799 | 2,272 | 2,875 | S100T4T7, S100VHQB, S100XUWD |
| Retained earnings | 906 | 990 | 1,464 | 2,067 | S100T4T7, S100VHQB, S100XUWD |
| Treasury stock | -694 | -30 | -30 | -345 | S100T4T7, S100VHQB, S100XUWD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100XUWD |
| Property, plant and equipment | 2% | S100XUWD |
| Intangibles and goodwill | 6% | S100XUWD |
| Other assets | 14% | S100XUWD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XUWD |
| Equity | 55% | S100XUWD |
| Other liabilities | 0% | S100XUWD |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,428 | 3,949 | 4,730 | 5,312 |
| Equity | 854 | 1,823 | 2,308 | 2,916 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,247 | 2,815 | 3,551 | 4,123 |

## 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) | 2.4% | S100XUWD |
| Fixed assets ÷ total assets | 2.5% | S100XUWD |
| Goodwill ÷ parent equity | — | —, S100XUWD |

### 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) | 77.6% |
| Cash ÷ revenue | 72.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.0% |
| Cash vs. profit gap | 334 JPY mn (of net income 44.1%) |
| Shareholder returns / net income | 63.9% |
| Shareholder returns / FCF | 59.4% |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | 19.0% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 6.5% |

## 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 | 3.5% | 1.51× | 5.2% | 2.90× | 15.2% | S100T4T7 |
| 2023 | 9.6% | 1.39× | 13.3% | 2.42× | 32.2% | S100VHQB |
| 2024 | 11.0% | 1.16× | 12.7% | 2.13× | 27.1% | S100XUWD |
| 2025 | 13.4% | 1.13× | 15.1% | 1.95× | 29.4% | S100XUWD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本孝昭 | Major shareholder | 16.7% | 2025-12-31 |
| 芸夢YAMAMOTO株式会社 | Major shareholder | 16.4% | 2025-12-31 |
| 芸夢前川株式会社 | Major shareholder | 7.1% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.2% | 2025-12-31 |
| 牧山公彦 | Major shareholder | 5.1% | 2025-12-31 |
| JP MORGAN CHASE BANK 380802 | Major shareholder | 5.1% | 2025-12-31 |
| 金井正義 | Major shareholder | 4.8% | 2025-12-31 |
| 前川賢治 | Major shareholder | 4.7% | 2025-12-31 |
| 株式会社ブイ・シー・エヌ | Major shareholder | 3.8% | 2025-12-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 3.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/01/01－2025/12/31) | S100XUWD | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUWD,, |
| 有価証券報告書－第29期(2024/01/01－2024/12/31) | S100VHQB | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHQB,, |
| 有価証券報告書－第28期(2023/01/01－2023/12/31) | S100T4T7 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4T7,, |

## 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).