# Drecom Co.,Ltd.: 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25期(2025/04/01－2026/03/31) (S100YGW0)
> Page: https://vizora.meequs.com/en/company/drecom
> Retrieved: 2026-09-30T21:06:48.230Z

## Company

Drecom, founded in 2001, is a company in Internet Services & Apps listed on TSE Growth. It has 275 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Drecom Co.,Ltd. |
| Ticker | 3793 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3793.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区大崎二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 内藤 裕紀 |
| Founded | Nov 2001 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 275 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.drecom.co.jp (https://www.drecom.co.jp/) |
| Corporate number | 1011101050337 |
| EDINET | E05552 |
| Industries (Vizora) | Internet Services & Apps, Games |

> Profile source: annual securities report (S100YGW0, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 36 |
| Profitability | 32.9 | 41 |
| Cash conversion | 98.4 | 31 |
| Efficiency | 74.4 | 41 |

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 96% of Drecom's sales come from Game service, with contents service making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +38.7% from the prior year, operating profit +264.9%.

## Company structure

- Segment revenue mix: Game service 95.7%、contents service 4.3%
- Revenue → net income: ¥17547778000 → ¥215149000
- Net income → operating cash flow: ¥215149000 → ¥2197764000（difference ¥1982615000）
- Main uses of operating cash flow: CapEx ¥715171000 / dividends ¥40000 / buybacks —
- Change in cash: ¥2446509000
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 | ¥17.5B |  |
| Operating income | ¥408.7M | Margin 2.3% |
| Net income | ¥213.7M | Margin 1.2% |
| Free cash flow | ¥1.48B |  |
| Largest business | Game service | of segment revenue 95.7% |
| Employees (consolidated) | 275 |  |
| EPS | ¥20.33 |  |
| Diluted EPS | ¥20.33 |  |
| Book value per share | ¥171.81 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 29,446,212 |  |
| Treasury shares | 516,300 |  |
| Shareholders | 8,503 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 53.7% | Cash ÷ revenue 36.3% |
| Vs. industry median margin | -3.1 pp | Games |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 10.3× net income
- FY2026, employees -23% while operating income rose 265%
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11840739000 | ¥17547778000 | +48.2% |
| Operating income | ¥2052865000 | ¥408717000 | -80.1% |
| Operating margin | 17.3% | 2.3% | -15 pp |
| Employees | 384 people | 275 people | -28.4% |
| Cash and equivalents | ¥5283892000 | ¥6375283000 | +20.7% |

### 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 |
| --- | ---: |
| ゲーム事業 → ゲーム事業 | 95.7% |
| ゲーム事業 → 事業再編・廃止 | 3.6% |
| メディア事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → コンテンツ事業 | 4.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,548 | 100.0% | S100YGW0 |
| Cost of revenue | 12,118 | 69.1% | S100YGW0 |
| Gross profit | 5,430 | 30.9% | S100YGW0 |
| SG&A | 5,021 | 28.6% | S100YGW0 |
| Operating income | 409 | 2.3% | S100YGW0 |
| Ordinary income | 319 | 1.8% | S100YGW0 |
| Pretax income | 853 | 4.9% | S100YGW0 |
| Income tax | 637 | 3.6% | S100YGW0 |
| Net income | 215 | 1.2% | S100YGW0 |
| Net income attributable to owners | 214 | 1.2% | S100YGW0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 29 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 30.9% → Operating margin 2.3% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +38.7%; Core profit growth: +264.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.85×
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 | 12,655 | 17,548 | 4,893 | +38.7% |
| Gross profit | 3,477 | 5,430 | 1,952 | +56.1% |
| Operating income | 112 | 409 | 297 | +264.9% |
| Net income attributable to owners | -1,036 | 214 | 1,249 | — |
| Operating cash flow | 634 | 2,198 | 1,564 | +246.6% |
| Free cash flow | -1,157 | 1,483 | 2,639 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,150 | 617 | 6.1% | 711 | 691 | 167 | S100LRH7 |
| FY ending Mar 2021 | 11,841 | 2,053 | 17.3% | 1,625 | 3,196 | 2,648 | S100OG50 |
| FY ending Mar 2022 | 10,529 | 1,591 | 15.1% | 807 | 1,603 | -172 | S100R8B8 |
| FY ending Mar 2023 | 10,800 | 2,281 | 21.1% | 1,159 | 2,666 | 639 | S100TUXL |
| FY ending Mar 2024 | 9,779 | 903 | 9.2% | 104 | -473 | -2,482 | S100WB9K |
| FY ending Mar 2025 | 12,655 | 112 | 0.9% | -1,036 | 634 | -1,157 | S100YGW0 |
| FY ending Mar 2026 | 17,548 | 409 | 2.3% | 214 | 2,198 | 1,483 | S100YGW0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.8M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥777K |

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) | 386 | 368 | 369 | 356 | 275 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥7.2M | ¥7.1M | ¥7.6M |
| Average age (parent company) | 36.4 years | 37.1 years | 37.1 years | 38.0 years | 39.1 years |
| Average tenure (parent company) | 5.1 years | 5.9 years | 5.7 years | 6.4 years | 6.8 years |

Year over year: Employees (consolidated) -22.8% · Revenue (consolidated) +38.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game service | 16,787 | 95.7% | 1,277 | 7.6% |
| contents service | 761 | 4.3% | -868 | -114.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Game service | 95.7% | 100.0% | 4.3 | 7.6% |
| contents service | 4.3% | — | — | -114.2% |

Loss-making segment (excluded from profit shares): contents service -868 JPY mn

Segment → industry: contents service → Internet Services & Apps / Game service → Games

## 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 | 2,198 | 12.5% | S100YGW0 |
| Capital expenditure | 715 | 4.1% | S100YGW0 |
| Free cash flow | 1,483 | 8.4% | 算出 |
| Investing cash flow | 1,868 | 10.6% | S100YGW0 |
| Financing cash flow | -1,619 | -9.2% | S100YGW0 |
| Dividends paid | 0 | 0.0% | S100YGW0 |
| Change in cash | 2,447 | 13.9% | S100YGW0 |
| Cash and equivalents | 6,375 | 36.3% | S100YGW0 |

## 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 | 4,733 | 6,040 | 5,933 | 3,929 | 6,375 | S100TUXL, S100WB9K, S100YGW0 |
| Total assets | 9,653 | 12,226 | 14,148 | 13,506 | 11,876 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Net assets | 4,574 | 5,631 | 5,668 | 4,719 | 5,043 | S100TUXL, S100WB9K, S100YGW0 |
| Share capital | 1,793 | 1,811 | 1,842 | 1,880 | 1,907 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Property, plant and equipment | 211 | 197 | 165 | 141 | 136 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Intangible assets excluding goodwill | 1,891 | 3,229 | 4,378 | 4,288 | 1,188 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Investment securities | 0 | 60 | 70 | 20 | 20 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Current assets | 6,766 | 7,848 | 8,367 | 7,842 | 9,227 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Current liabilities | 2,710 | 4,300 | 3,548 | 5,307 | 6,064 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Short-term borrowings | 146 | 100 | 100 | 100 | 100 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Long-term borrowings | 2,014 | 1,953 | 4,627 | 2,889 | 522 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Total liabilities | 5,079 | 6,595 | 8,480 | 8,787 | 6,833 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Non-controlling interests | 2 | 3 | 4 | 3 | 2 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Equity attributable to owners of parent | 4,523 | 5,581 | 5,608 | 4,657 | 4,963 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Retained earnings | 954 | 1,968 | 1,926 | 891 | 1,104 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |
| Treasury stock | -274 | -266 | -260 | -252 | -215 | S100R8B8, S100TUXL, S100WB9K, S100YGW0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100YGW0 |
| Property, plant and equipment | 1% | S100YGW0 |
| Intangibles and goodwill | 10% | S100YGW0 |
| Investment securities | 0% | S100YGW0 |
| Other assets | 35% | S100YGW0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YGW0 |
| Equity | 42% | S100YGW0 |
| Other liabilities | 0% | S100YGW0 |

### 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 | 9,653 | 12,226 | 14,148 | 13,506 | 11,876 |
| Equity | 4,574 | 5,631 | 5,668 | 4,719 | 5,043 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,733 | 6,040 | 5,933 | 3,929 | 6,375 |

## 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) | 0.8% | S100YGW0 |
| Fixed assets ÷ total assets | 1.1% | S100YGW0 |
| Goodwill ÷ parent equity | — | —, S100YGW0 |

### 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) | 53.7% |
| Cash ÷ revenue | 36.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 537.7% |
| Cash vs. profit gap | 1,984 JPY mn (of net income 928.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 85.0% |

## 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 | 7.7% | 1.09× | 8.4% | 2.13× | 17.8% | S100R8B8 |
| 2023 | 10.7% | 0.99× | 10.6% | 2.17× | 22.9% | S100TUXL |
| 2024 | 1.1% | 0.74× | 0.8% | 2.36× | 1.9% | S100WB9K |
| 2025 | — | —× | -7.5% | —× | — | S100YGW0 |
| 2026 | 1.2% | 1.38× | 1.7% | 2.64× | 4.4% | S100YGW0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 内藤 裕紀 | Major shareholder | 33.8% | 2026-03-31 |
| 株式会社バンダイナムコホールディングス | Major shareholder | 18.8% | 2026-03-31 |
| 山口 憲一 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託Ｅ口) | Major shareholder | 1.6% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社モバテック | Major shareholder | 0.7% | 2026-03-31 |
| 武田 壮太郎 | Major shareholder | 0.7% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YGW0 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGW0,, |
| 訂正有価証券報告書－第24期(2024/04/01－2025/03/31) | S100WB9K | 2025-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WB9K,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TUXL | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUXL,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R8B8 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8B8,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OG50 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG50,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LRH7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRH7,, |

## 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).