# DyDo GROUP HOLDINGS,INC.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/01/21－2026/01/20) (S100XYDT)
> Page: https://vizora.meequs.com/en/company/dydo-group-holdings
> Retrieved: 2026-09-30T21:40:20.664Z

## Company

DyDo GROUP HOLDINGS, founded in 2010, is a company in Beverages & Dairy listed on TSE Prime. It has 5,375 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DyDo GROUP HOLDINGS,INC. |
| Ticker | 2590 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2590.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島二丁目2番7号 |
| Representative (per filing) | 代表取締役社長 髙松 富也 |
| Founded | Mar 2010 |
| Share capital | ¥1.92B |
| Employees (consolidated) | 5,375 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | January |
| Website | holdings.dydo.co.jp (https://holdings.dydo.co.jp/) |
| Corporate number | 2120001083154 |
| EDINET | E00424 |
| Industries (Vizora) | Beverages & Dairy, Processed Foods, CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XYDT, filed 2026-04-14). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-01-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.3 | 17 |
| Profitability | 12.5 | 20 |
| Cash conversion | 92.5 | 20 |
| Efficiency | 82.5 | 20 |
| Financial strength | 75 | 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 59% of DyDo GROUP HOLDINGS's sales come from Domestic beverage business, with International beverage business and Food business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -13.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥241.2B |  |
| Operating income | ¥4.16B | Margin 1.7% |
| Net income | -¥30.3B | Margin -12.6% |
| Free cash flow | -¥1.28B |  |
| Largest business | Domestic beverage business | of segment revenue 59.1% |
| Employees (consolidated) | 5,375 |  |
| EPS | ¥-825.36 |  |
| Book value per share | ¥1789.67 |  |
| Equity ratio | 39.5% |  |
| Shares outstanding | 33,137,000 |  |
| Treasury shares | 1,283,500 |  |
| Shareholders | 44,878 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 17.1% | Net cash -¥1.95B · Cash ÷ revenue 11.6% |
| Vs. industry median margin | -2.7 pp | Beverages & Dairy |
| ROA | -17.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, segment profit share differs by 58 points

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥158227000000 | ¥241236000000 | +52.5% |
| Operating income | ¥5602000000 | ¥4163000000 | -25.7% |
| Operating margin | 3.5% | 1.7% | -1.8 pp |
| Employees | 3,922 people | 5,375 people | +37.0% |
| Cash and equivalents | ¥32687000000 | ¥27877000000 | -14.7% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内飲料事業 → 国内飲料事業 | 59.1% |
| 国内飲料事業 → 事業再編・廃止 | 13.7% |
| 海外飲料事業 → 海外飲料事業 | 7.7% |
| 医薬品関連事業 → 医薬品関連事業 | 5.5% |
| 医薬品関連事業 → 事業再編・廃止 | 0.8% |
| 食品事業 → 食品事業 | 8.1% |
| 食品事業 → 事業再編・廃止 | 5.1% |
| 新設・再編 → 海外飲料事業 | 19.4% |
| 新設・再編 → 希少疾病用医薬品事業 | 0.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic beverage business | 5 years | +4.4% | ¥142532000000 | -1.6% | 2 |
| International beverage business | 5 years | +39.9% | ¥65341000000 | 11.6% | 2 |
| Food business | 5 years | -1.3% | ¥19562000000 | 2.5% | 2 |
| Pharmaceutical-related business | 5 years | +5.8% | ¥13194000000 | 6.3% | 2 |
| DyDo Pharma | — | — | ¥606000000 | -53.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 241,236 | 100.0% | S100XYDT |
| Cost of revenue | 132,236 | 54.8% | S100XYDT |
| Gross profit | 109,000 | 45.2% | S100XYDT |
| SG&A | 104,837 | 43.5% | S100XYDT |
| Operating income | 4,163 | 1.7% | S100XYDT |
| Ordinary income | 1,467 | 0.6% | S100XYDT |
| Pretax income | -27,803 | -11.5% | S100XYDT |
| Income tax | 3,527 | 1.5% | S100XYDT |
| Net income | -31,330 | -13.0% | S100XYDT |
| Net income attributable to owners | -30,322 | -12.6% | S100XYDT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 43 |
| Operating income | 2 |
| (Ref.) Net income | -13 |

### Margin funnel

Gross margin 45.2% → Operating margin 1.7% → Net margin -12.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -13.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.66×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 237,189 | 241,236 | 4,047 | +1.7% |
| Gross profit | 109,255 | 109,000 | -255 | -0.2% |
| Operating income | 4,789 | 4,163 | -626 | -13.1% |
| Net income attributable to owners | 3,804 | -30,322 | -34,126 | -897.1% |
| Operating cash flow | 10,824 | 11,409 | 585 | +5.4% |
| Free cash flow | 25 | -1,284 | -1,309 | -5236.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 168,256 | 2,893 | 1.7% | 1,778 | 11,495 | -3,022 | S100L6S8 |
| FY ending Jan 2021 | 158,227 | 5,602 | 3.5% | 3,204 | 12,540 | 4,410 | S100NWQE |
| FY ending Jan 2022 | 162,602 | 4,581 | 2.8% | 3,974 | 8,059 | -1,339 | S100QLQO |
| FY ending Jan 2023 | 160,130 | 707 | 0.4% | -507 | 5,125 | -3,372 | S100TA5Q |
| FY ending Jan 2024 | 213,370 | 3,732 | 1.7% | 4,423 | 9,211 | -1,701 | S100VMJ0 |
| FY ending Jan 2025 | 237,189 | 4,789 | 2.0% | 3,804 | 10,824 | 25 | S100XYDT |
| FY ending Jan 2026 | 241,236 | 4,163 | 1.7% | -30,322 | 11,409 | -1,284 | S100XYDT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥774.5K |
| Net income per employee (consolidated) | -¥5.6M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,029 | 4,122 | 5,182 | 5,555 | 5,375 |
| Average salary (parent company) | ¥9.1M | ¥8.8M | ¥7.4M | ¥8M | ¥8.5M |
| Average age (parent company) | 40.1 years | 40.2 years | 39.1 years | 40.3 years | 40.8 years |
| Average tenure (parent company) | 9.5 years | 10.3 years | 10.1 years | 10.9 years | 11.2 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic beverage business | 142,532 | 59.1% | -2,284 | -1.6% |
| International beverage business | 65,341 | 27.1% | 7,547 | 11.6% |
| Pharmaceutical-related business | 13,194 | 5.5% | 829 | 6.3% |
| Food business | 19,562 | 8.1% | 487 | 2.5% |
| DyDo Pharma | 606 | 0.3% | -321 | -53.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic beverage business | 59.1% | — | — | -1.6% |
| International beverage business | 27.1% | 85.2% | 58.1 | 11.6% |
| Pharmaceutical-related business | 5.5% | 9.4% | 3.9 | 6.3% |
| Food business | 8.1% | 5.5% | -2.6 | 2.5% |
| DyDo Pharma | 0.3% | — | — | -53.0% |

Loss-making segment (excluded from profit shares): Domestic beverage business -2,284 JPY mn

Loss-making segment (excluded from profit shares): DyDo Pharma -321 JPY mn

Segment → industry: International beverage business → Beverages & Dairy / Domestic beverage business → Beverages & Dairy / Food business → Processed Foods / Pharmaceutical-related business → CRO & Clinical Testing / DyDo Pharma → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,409 | 4.7% | S100XYDT |
| Capital expenditure | 12,693 | 5.3% | S100XYDT |
| Free cash flow | -1,284 | -0.5% | 算出 |
| Investing cash flow | -12,110 | -5.0% | S100XYDT |
| Financing cash flow | 300 | 0.1% | S100XYDT |
| Dividends paid | 1,274 | 0.5% | S100XYDT |
| Share buyback | 0 | 0.0% | S100XYDT |
| Change in cash | -1,765 | -0.7% | S100XYDT |
| Cash and equivalents | 27,877 | 11.6% | S100XYDT |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 30,072 | 29,156 | 33,713 | 29,642 | 27,877 | S100TA5Q, S100VMJ0, S100XYDT |
| Total assets | 158,984 | 164,204 | 177,563 | 185,247 | 162,812 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Net assets | 83,261 | 84,067 | 91,480 | 93,507 | 64,895 | S100TA5Q, S100VMJ0, S100XYDT |
| Share capital | 1,924 | 1,924 | 1,924 | 1,924 | 1,924 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Trade receivables | 17,691 | 18,818 | 22,191 | 26,386 | 29,654 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Property, plant and equipment | 44,110 | 49,230 | 51,512 | 59,950 | 34,872 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Intangible assets excluding goodwill | 8,257 | 7,886 | 8,457 | 11,866 | 11,406 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Goodwill | 3,532 | 2,831 | 3,468 | 5,405 | 5,011 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Investment securities | 20,349 | 18,746 | 18,070 | 9,815 | 11,050 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Current assets | 78,546 | 81,113 | 89,093 | 92,044 | 94,152 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Current liabilities | 38,764 | 43,275 | 48,785 | 63,547 | 55,992 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Trade payables | 17,148 | 20,823 | 23,938 | 25,170 | 29,447 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Short-term borrowings | — | — | 41 | — | 6 | S100VMJ0, S100XYDT |
| Long-term borrowings | 7,265 | 7,675 | 6,304 | 6,963 | 14,820 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Bonds | 20,000 | 20,000 | 20,000 | 10,000 | 15,000 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Interest-bearing debt | — | — | 26,345 | — | 29,826 | 算出 |
| Total liabilities | 75,722 | 80,137 | 86,082 | 91,739 | 97,916 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Non-controlling interests | 450 | 476 | 1,934 | 1,592 | 583 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Equity attributable to owners of parent | 88,781 | 84,967 | 90,159 | 93,309 | 61,955 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Retained earnings | 90,715 | 86,717 | 90,186 | 93,036 | 61,440 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |
| Treasury stock | -4,231 | -4,048 | -3,798 | -3,520 | -3,282 | S100QLQO, S100TA5Q, S100VMJ0, S100XYDT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XYDT |
| Receivables | 18% | S100XYDT |
| Property, plant and equipment | 22% | S100XYDT |
| Intangibles and goodwill | 10% | S100XYDT |
| Investment securities | 7% | S100XYDT |
| Other assets | 26% | S100XYDT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100XYDT |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 24% | S100XYDT |
| Equity | 40% | S100XYDT |
| Other liabilities | 0% | S100XYDT |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 158,984 | 164,204 | 177,563 | 185,247 | 162,812 |
| Equity | 83,261 | 84,067 | 91,480 | 93,507 | 64,895 |
| Interest-bearing debt | — | — | 26,345 | — | 29,826 |
| Cash | 30,072 | 29,156 | 33,713 | 29,642 | 27,877 |

## 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) | 14.5% | S100XYDT |
| Fixed assets ÷ total assets | 21.4% | S100XYDT |
| Goodwill ÷ parent equity | 8.1% | S100XYDT |

Goodwill over 4 years: 3,532 → 5,011 JPY; total investing cash flow: -36,434 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) | 17.1% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | -¥1.95B |
| Net debt ÷ operating cash flow | 0.17× |
| Cash conversion (operating CF ÷ operating income) | 274.1% |
| Cash vs. profit gap | 41,731 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 106.1% |

## 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 | 2.4% | 1.02× | 2.5% | 1.79× | 4.5% | S100QLQO |
| 2023 | — | —× | -0.3% | —× | — | S100TA5Q |
| 2024 | 2.1% | 1.25× | 2.6% | 1.95× | 5.1% | S100VMJ0 |
| 2025 | 1.6% | 1.31× | 2.1% | 1.98× | 4.1% | S100XYDT |
| 2026 | — | —× | -17.4% | —× | — | S100XYDT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ハイウッド株式会社 | Major shareholder | 15.5% | 2026-01-20 |
| 有限会社サントミ | Major shareholder | 12.6% | 2026-01-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.7% | 2026-01-20 |
| タイタコーポレイション株式会社 | Major shareholder | 3.9% | 2026-01-20 |
| 髙松富也 | Major shareholder | 3.1% | 2026-01-20 |
| 髙松富博 | Major shareholder | 3.1% | 2026-01-20 |
| 髙松章 | Major shareholder | 3.1% | 2026-01-20 |
| ダイドーグループホールディングス社員持株会 | Major shareholder | 1.4% | 2026-01-20 |
| 株式会社レモンガスくまもと | Major shareholder | 1.4% | 2026-01-20 |
| 住友不動産株式会社 | Major shareholder | 1.2% | 2026-01-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/01/21－2026/01/20) | S100XYDT | 2026-04-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XYDT,, |
| 有価証券報告書－第50期(2024/01/21－2025/01/20) | S100VMJ0 | 2025-04-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VMJ0,, |
| 有価証券報告書－第49期(2023/01/21－2024/01/20) | S100TA5Q | 2024-04-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TA5Q,, |
| 有価証券報告書－第48期(2022/01/21－2023/01/20) | S100QLQO | 2023-04-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QLQO,, |
| 有価証券報告書－第47期(令和3年1月21日－令和4年1月20日) | S100NWQE | 2022-04-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NWQE,, |
| 有価証券報告書－第46期(令和2年1月21日－令和3年1月20日) | S100L6S8 | 2021-04-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L6S8,, |

## 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).