# DUSKIN 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64期(2025/04/01－2026/03/31) (S100YEAI)
> Page: https://vizora.meequs.com/en/company/duskin
> Retrieved: 2026-09-30T19:42:06.102Z

## Company

Duskin, founded in 1963, is a company in Fast Food & Quick Service listed on TSE Prime. It has 3,750 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DUSKIN CO., LTD. |
| Ticker | 4665 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4665.T) |
| Listing | TSE Prime |
| Head office | 大阪府吹田市豊津町1番33号 |
| Representative (per filing) | 代表取締役 社長執行役員 大久保裕行 |
| Founded | Feb 1963 |
| Share capital | ¥11.4B |
| Employees (consolidated) | 3,750 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.duskin.co.jp (https://www.duskin.co.jp/) |
| Corporate number | 3120901007178 |
| EDINET | E04926 |
| Industries (Vizora) | Fast Food & Quick Service, Home & Lifestyle Services |

> Profile source: annual securities report (S100YEAI, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Home & Lifestyle Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.4 | 9 |
| Profitability | 55 | 10 |
| Cash conversion | 75 | 10 |
| Efficiency | 35 | 10 |

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 57% of Duskin's sales come from Direct Selling Group, with Food group and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +20.4%.

## Company structure

- Segment revenue mix: Direct Selling Group 56.9%、Food group 35.4%、Other 7.7%
- Revenue → net income: ¥194554000000 → ¥9232000000
- Net income → operating cash flow: ¥9232000000 → ¥13792000000（difference ¥4560000000）
- Main uses of operating cash flow: CapEx ¥10134000000 / dividends ¥5279000000 / buybacks ¥2000000
- Change in cash: ¥3197000000
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 | ¥194.6B |  |
| Operating income | ¥8.75B | Margin 4.5% |
| Net income | ¥9.18B | Margin 4.7% |
| Free cash flow | ¥3.66B |  |
| Largest business | Direct Selling Group | of segment revenue 56.9% |
| Employees (consolidated) | 3,750 |  |
| EPS | ¥167.78 |  |
| Diluted EPS | ¥167.76 |  |
| Book value per share | ¥2671.23 |  |
| Equity ratio | 75.1% |  |
| Shares outstanding | 48,000,000 |  |
| Treasury shares | 866,400 |  |
| Shareholders | 66,387 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | +0.1 pp | Home & Lifestyle Services |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, segment profit share differs by 26 points
- FY2026, employees -1% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥153770000000 | ¥194554000000 | +26.5% |
| Operating income | ¥4651000000 | ¥8748000000 | +88.1% |
| Operating margin | 3.0% | 4.5% | +1.5 pp |
| Employees | 3,819 people | 3,750 people | -1.8% |
| Cash and equivalents | ¥29674000000 | ¥24183000000 | -18.5% |

### 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 |
| --- | ---: |
| 訪販グループ → 訪販グループ | 56.9% |
| 訪販グループ → 事業再編・廃止 | 11.2% |
| フードグループ → フードグループ | 23.8% |
| その他 → その他 | 7.7% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → フードグループ | 11.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Direct Selling Group | 5 years | +1.1% | ¥110643000000 | 5.1% | 2 |
| Food group | 5 years | +13.5% | ¥68903000000 | 14.5% | 2 |
| Other | 5 years | +3.8% | ¥15007000000 | 3.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 194,554 | 100.0% | S100YEAI |
| Cost of revenue | 108,710 | 55.9% | S100YEAI |
| Gross profit | 85,844 | 44.1% | S100YEAI |
| SG&A | 77,095 | 39.6% | S100YEAI |
| Operating income | 8,748 | 4.5% | S100YEAI |
| Ordinary income | 12,964 | 6.7% | S100YEAI |
| Pretax income | 12,948 | 6.7% | S100YEAI |
| Income tax | 3,716 | 1.9% | S100YEAI |
| Net income | 9,232 | 4.7% | S100YEAI |
| Net income attributable to owners | 9,180 | 4.7% | S100YEAI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 40 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 44.1% → Operating margin 4.5% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +20.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.67×
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 | 188,791 | 194,554 | 5,763 | +3.1% |
| Gross profit | 83,549 | 85,844 | 2,295 | +2.7% |
| Operating income | 7,268 | 8,748 | 1,480 | +20.4% |
| Net income attributable to owners | 8,808 | 9,180 | 372 | +4.2% |
| Operating cash flow | 16,683 | 13,792 | -2,891 | -17.3% |
| Free cash flow | 6,790 | 3,658 | -3,132 | -46.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 159,102 | 6,577 | 4.1% | 5,591 | 8,850 | -417 | S100LKZV |
| FY ending Mar 2021 | 153,770 | 4,651 | 3.0% | 2,821 | 10,103 | 2,748 | S100OEAC |
| FY ending Mar 2022 | 163,210 | 9,899 | 6.1% | 8,132 | 19,596 | 13,949 | S100R2R2 |
| FY ending Mar 2023 | 170,494 | 8,637 | 5.1% | 7,196 | 12,061 | 5,689 | S100TVR5 |
| FY ending Mar 2024 | 178,782 | 5,084 | 2.8% | 4,589 | 11,093 | 2,110 | S100WG2D |
| FY ending Mar 2025 | 188,791 | 7,268 | 3.8% | 8,808 | 16,683 | 6,790 | S100YEAI |
| FY ending Mar 2026 | 194,554 | 8,748 | 4.5% | 9,180 | 13,792 | 3,658 | S100YEAI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.9M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 3,778 | 3,739 | 3,792 | 3,775 | 3,750 |
| Average salary (parent company) | ¥6.8M | ¥7.3M | ¥7.3M | ¥7.3M | ¥7.8M |
| Average age (parent company) | 45.9 years | 46.1 years | 46.2 years | 46.1 years | 46.1 years |
| Average tenure (parent company) | 15.3 years | 15.3 years | 15.6 years | 15.3 years | 18.2 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct Selling Group | 110,643 | 56.9% | 5,639 | 5.1% |
| Food group | 68,903 | 35.4% | 10,023 | 14.5% |
| Other | 15,007 | 7.7% | 579 | 3.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Direct Selling Group | 56.9% | 34.7% | -22.1 | 5.1% |
| Food group | 35.4% | 61.7% | 26.3 | 14.5% |
| Other | 7.7% | 3.6% | -4.1 | 3.9% |

Segment → industry: Food group → Fast Food & Quick Service / Direct Selling Group → Home & Lifestyle Services

## 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 | 13,792 | 7.1% | S100YEAI |
| Capital expenditure | 10,134 | 5.2% | S100YEAI |
| Free cash flow | 3,658 | 1.9% | 算出 |
| Investing cash flow | -5,608 | -2.9% | S100YEAI |
| Financing cash flow | -5,042 | -2.6% | S100YEAI |
| Dividends paid | 5,279 | 2.7% | S100YEAI |
| Share buyback | 2 | 0.0% | S100YEAI |
| Change in cash | 3,197 | 1.6% | S100YEAI |
| Cash and equivalents | 24,183 | 12.4% | S100YEAI |

## 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 | 39,963 | 31,275 | 20,024 | 20,985 | 24,183 | S100TVR5, S100WG2D, S100YEAI |
| Total assets | 198,055 | 197,524 | 202,094 | 203,318 | 210,288 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Net assets | 151,026 | 151,774 | 154,468 | 151,542 | 158,297 | S100TVR5, S100WG2D, S100YEAI |
| Share capital | 11,352 | 11,352 | 11,352 | 11,352 | 11,352 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Property, plant and equipment | 49,474 | 49,076 | 50,489 | 50,160 | 48,412 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Intangible assets excluding goodwill | 8,146 | 7,454 | 7,414 | 9,014 | 11,191 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Goodwill | 270 | 253 | 326 | 279 | 304 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Investment securities | 46,176 | 61,743 | 73,877 | 69,509 | 67,730 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Current assets | 84,102 | 69,122 | 59,305 | 60,594 | 66,320 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Current liabilities | 38,005 | 36,832 | 36,778 | 42,097 | 41,908 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Trade payables | 6,963 | 7,594 | 7,800 | 8,273 | 8,594 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Short-term borrowings | — | — | 60 | — | — | S100WG2D |
| Long-term borrowings | 1,530 | 1,115 | 747 | 197 | 2 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Total liabilities | 47,029 | 45,750 | 47,626 | 51,776 | 51,990 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Non-controlling interests | 305 | 364 | 296 | 321 | 349 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Equity attributable to owners of parent | 140,625 | 140,282 | 139,531 | 138,220 | 142,483 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Retained earnings | 122,401 | 124,943 | 122,533 | 119,146 | 123,050 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |
| Treasury stock | -4,219 | -7,102 | -5,464 | -3,389 | -3,031 | S100R2R2, S100TVR5, S100WG2D, S100YEAI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YEAI |
| Property, plant and equipment | 23% | S100YEAI |
| Intangibles and goodwill | 5% | S100YEAI |
| Investment securities | 32% | S100YEAI |
| Other assets | 28% | S100YEAI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YEAI |
| Other liabilities | 21% | S100YEAI |
| Equity | 75% | S100YEAI |
| Other liabilities | 0% | S100YEAI |

### 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 | 198,055 | 197,524 | 202,094 | 203,318 | 210,288 |
| Equity | 151,026 | 151,774 | 154,468 | 151,542 | 158,297 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 39,963 | 31,275 | 20,024 | 20,985 | 24,183 |

## 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) | 24.9% | S100YEAI |
| Fixed assets ÷ total assets | 23.0% | S100YEAI |
| Goodwill ÷ parent equity | 0.2% | S100YEAI |

Goodwill over 4 years: 270 → 304 JPY; total investing cash flow: -48,654 JPY. This does not imply causation.

### 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) | 11.5% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 157.7% |
| Cash vs. profit gap | 4,612 JPY mn (of net income 50.2%) |
| Shareholder returns / net income | 57.5% |
| Shareholder returns / FCF | 144.4% |
| Shareholder payments — dividends / net income | 57.5% |
| Shareholder payments — dividends / FCF | 144.3% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 40.7% |

## 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 | 5.0% | 0.82× | 4.1% | 1.41× | 5.8% | S100R2R2 |
| 2023 | 4.2% | 0.86× | 3.6% | 1.41× | 5.1% | S100TVR5 |
| 2024 | 2.6% | 0.89× | 2.3% | 1.43× | 3.3% | S100WG2D |
| 2025 | 4.7% | 0.93× | 4.3% | 1.46× | 6.3% | S100YEAI |
| 2026 | 4.7% | 0.94× | 4.4% | 1.47× | 6.5% | S100YEAI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 (信託口) | Major shareholder | 12.5% | 2026-03-31 |
| 株式会社ニップン | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.3% | 2026-03-31 |
| ダスキン働きさん持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 学校法人雑創の森学園 | Major shareholder | 2.8% | 2026-03-31 |
| ダスキンＦＣ加盟店持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社モスフードサービス | Major shareholder | 1.6% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YEAI | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEAI,, |
| 訂正有価証券報告書－第63期(2024/04/01－2025/03/31) | S100WG2D | 2025-08-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WG2D,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TVR5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVR5,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R2R2 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2R2,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OEAC | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEAC,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LKZV | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKZV,, |

## 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).