# DREAMBED CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第69期(2025/04/01－2026/03/31) (S100YHQB)
> Page: https://vizora.meequs.com/en/company/dreambed
> Retrieved: 2026-09-30T19:42:03.212Z

## Company

Dreambed, founded in 1957, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Standard. It has 376 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DREAMBED CO.,LTD. |
| Ticker | 7791 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7791.T) |
| Listing | TSE Standard |
| Head office | 広島市西区己斐本町三丁目12番39号 |
| Representative (per filing) | 代表取締役社長 三宅 弘人 |
| Founded | Jan 1957 |
| Share capital | ¥785.7M |
| Employees (consolidated) | 376 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.dreambed.co.jp (https://www.dreambed.co.jp/) |
| Corporate number | 7240001007740 |
| EDINET | E36627 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YHQB, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.1 | 14 |
| Profitability | 58.3 | 18 |
| Cash conversion | 20.6 | 17 |
| Efficiency | 36.1 | 18 |

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)

- Dreambed brought in ¥12.2B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +18.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12174758000 → ¥479738000
- Net income → operating cash flow: ¥479738000 → ¥108727000（difference ¥-371011000）
- Main uses of operating cash flow: CapEx ¥576287000 / dividends ¥139688000 / buybacks ¥54051000
- Change in cash: ¥-147154000
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 | ¥12.2B |  |
| Operating income | ¥703M | Margin 5.8% |
| Net income | ¥479.7M | Margin 3.9% |
| Free cash flow | -¥467.6M |  |
| Employees (consolidated) | 376 |  |
| EPS | ¥116.92 |  |
| Book value per share | ¥1193.01 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 4,152,820 |  |
| Treasury shares | 91,900 |  |
| Shareholders | 3,481 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 5.2% | Cash ÷ revenue 4.9% |
| Vs. industry median margin | +1.5 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8976131000 | ¥12174758000 | +35.6% |
| Operating income | ¥704787000 | ¥703031000 | -0.2% |
| Operating margin | 7.9% | 5.8% | -2.1 pp |
| Employees | 349 people | 376 people | +7.7% |
| Cash and equivalents | ¥583190000 | ¥599903000 | +2.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,175 | 100.0% | S100YHQB |
| Cost of revenue | 5,805 | 47.7% | S100YHQB |
| Gross profit | 6,370 | 52.3% | S100YHQB |
| SG&A | 5,667 | 46.5% | S100YHQB |
| Operating income | 703 | 5.8% | S100YHQB |
| Ordinary income | 686 | 5.6% | S100YHQB |
| Pretax income | 684 | 5.6% | S100YHQB |
| Income tax | 204 | 1.7% | S100YHQB |
| Net income | 480 | 3.9% | S100YHQB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 46 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 52.3% → Operating margin 5.8% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +18.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.14×
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 | 11,509 | 12,175 | 665 | +5.8% |
| Gross profit | 6,000 | 6,370 | 370 | +6.2% |
| Operating income | 595 | 703 | 108 | +18.1% |
| Operating cash flow | 482 | 109 | -373 | -77.4% |
| Free cash flow | 146 | -468 | -614 | -419.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,035 | 485 | 4.8% | 332 | 519 | 252 | S100MMUL |
| FY ending Mar 2021 | 8,976 | 705 | 7.9% | 522 | 350 | 171 | S100OGAP |
| FY ending Mar 2022 | 9,452 | 648 | 6.9% | 446 | 505 | -293 | S100R4TU |
| FY ending Mar 2023 | 9,835 | 427 | 4.3% | 442 | 491 | -1,412 | S100TTS4 |
| FY ending Mar 2024 | 9,709 | 191 | 2.0% | 255 | 1,081 | -301 | S100W4D5 |
| FY ending Mar 2025 | 11,509 | 595 | 5.2% | 415 | 482 | 146 | S100YHQB |
| FY ending Mar 2026 | 12,175 | 703 | 5.8% | 480 | 109 | -468 | S100YHQB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.4M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 358 | 371 | 363 | 378 | 376 |
| Average salary (parent company) | ¥4.3M | ¥4.3M | ¥4.4M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 39.6 years | 39.2 years | 39.6 years | 40.2 years | 40.1 years |
| Average tenure (parent company) | 12.5 years | 12.1 years | 12.0 years | 12.2 years | 12.0 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +5.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 109 | 0.9% | S100YHQB |
| Capital expenditure | 576 | 4.7% | S100YHQB |
| Free cash flow | -468 | -3.8% | 算出 |
| Investing cash flow | -586 | -4.8% | S100YHQB |
| Financing cash flow | 329 | 2.7% | S100YHQB |
| Dividends paid | 140 | 1.1% | S100YHQB |
| Share buyback | 54 | 0.4% | S100YHQB |
| Change in cash | -147 | -1.2% | S100YHQB |
| Cash and equivalents | 600 | 4.9% | S100YHQB |

## 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 | 1,049 | 492 | 656 | 747 | 600 | S100TTS4, S100W4D5, S100YHQB |
| Total assets | 8,260 | 9,646 | 10,762 | 11,268 | 11,514 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Net assets | 3,803 | 4,050 | 4,222 | 4,508 | 4,845 | S100TTS4, S100W4D5, S100YHQB |
| Share capital | 786 | 786 | 786 | 786 | 786 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Property, plant and equipment | 3,585 | 5,229 | 6,186 | 6,210 | 6,102 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Intangible assets excluding goodwill | 48 | 30 | 36 | 88 | 267 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Investment securities | 76 | 99 | 157 | 173 | 213 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Current assets | 4,344 | 4,039 | 4,065 | 4,457 | 4,555 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Current liabilities | 3,719 | 4,175 | 4,232 | 4,702 | 4,517 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Short-term borrowings | 1,295 | 1,755 | 1,793 | 2,096 | 2,520 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Long-term borrowings | 340 | 1,000 | 1,800 | 1,600 | 1,700 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Total liabilities | 4,458 | 5,596 | 6,540 | 6,760 | 6,669 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Equity attributable to owners of parent | 3,814 | 4,054 | 4,186 | 4,462 | 4,769 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Retained earnings | 2,313 | 2,589 | 2,717 | 3,001 | 3,341 | S100R4TU, S100TTS4, S100W4D5, S100YHQB |
| Treasury stock | — | -37 | -35 | -43 | -77 | S100TTS4, S100W4D5, S100YHQB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YHQB |
| Property, plant and equipment | 53% | S100YHQB |
| Intangibles and goodwill | 2% | S100YHQB |
| Investment securities | 2% | S100YHQB |
| Other assets | 38% | S100YHQB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YHQB |
| Equity | 42% | S100YHQB |

### 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 | 8,260 | 9,646 | 10,762 | 11,268 | 11,514 |
| Equity | 3,803 | 4,050 | 4,222 | 4,508 | 4,845 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,049 | 492 | 656 | 747 | 600 |

## 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) | 50.1% | S100YHQB |
| Fixed assets ÷ total assets | 53.0% | S100YHQB |
| Goodwill ÷ parent equity | — | —, S100YHQB |

### 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) | 5.2% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 15.5% |
| Cash vs. profit gap | -371 JPY mn (of net income -77.3%) |
| Shareholder returns / net income | 40.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 539.1% |

## 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 | 4.7% | 1.14× | 5.4% | 2.17× | 11.7% | S100R4TU |
| 2023 | 4.5% | 1.10× | 4.9% | 2.28× | 11.2% | S100TTS4 |
| 2024 | 2.6% | 0.95× | 2.5% | 2.48× | 6.2% | S100W4D5 |
| 2025 | 3.6% | 1.04× | 3.8% | 2.55× | 9.6% | S100YHQB |
| 2026 | 3.9% | 1.07× | 4.2% | 2.47× | 10.4% | S100YHQB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ドリームベッド従業員持株会 | Major shareholder | 12.0% | 2026-03-31 |
| ブルーインベストメント投資事業有限責任組合 | Major shareholder | 7.1% | 2026-03-31 |
| 三宅 尚子 | Major shareholder | 6.5% | 2026-03-31 |
| 渡辺 靖子 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社もみじ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 山木 茂 | Major shareholder | 4.5% | 2026-03-31 |
| 小出 克己 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 3.3% | 2026-03-31 |
| 東川 貴俊 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YHQB | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHQB,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W4D5 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4D5,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TTS4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTS4,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R4TU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4TU,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OGAP | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGAP,, |
| 訂正有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100MMUL | 2021-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MMUL,, |

## 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).