# DYNIC CORPORATION: 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163期(2025/04/01－2026/03/31) (S100YFSH)
> Page: https://vizora.meequs.com/en/company/dynic
> Retrieved: 2026-09-30T18:07:17.379Z

## Company

Dynic, founded in 1919, is a company in Textiles & Fibers listed on TSE Standard. It has 1,077 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DYNIC CORPORATION |
| Ticker | 3551 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3551.T) |
| Listing | TSE Standard |
| Head office | 京都府京都市右京区西京極大門町26番地(同所は登記上の本店所在地であり、実際の本社業務は東京本社に おいて行っております。) |
| Representative (per filing) | 代表取締役社長 山田英伸 |
| Founded | Aug 1919 |
| Share capital | ¥5.8B |
| Employees (consolidated) | 1,077 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.dynic.co.jp (https://www.dynic.co.jp/) |
| Corporate number | 1130001001198 |
| EDINET | E00996 |
| Industries (Vizora) | Textiles & Fibers, Auto Parts, Food Packaging, Printers & Office Equipment, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YFSH, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.8 | 12 |
| Profitability | 40.9 | 11 |
| Cash conversion | 22.7 | 11 |
| Efficiency | 20.8 | 12 |

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 51% of Dynic's sales come from Printing related information, with Housing environment related and Packing related making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit +7.9%.

## Company structure

- Segment revenue mix: Printing related information 50.6%、Housing environment related 26.9%、Packing related 18.1%、Other 4.4%
- Revenue → net income: ¥44227158000 → ¥2493347000
- Net income → operating cash flow: ¥2493347000 → ¥2465035000（difference ¥-28312000）
- Main uses of operating cash flow: CapEx ¥1703721000 / dividends ¥250968000 / buybacks ¥149974000
- Change in cash: ¥-300494000
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 | ¥44.2B |  |
| Operating income | ¥2.3B | Margin 5.2% |
| Net income | ¥2.49B | Margin 5.6% |
| Free cash flow | ¥761.3M |  |
| Largest business | Printing related information | of segment revenue 50.6% |
| Employees (consolidated) | 1,077 |  |
| EPS | ¥244.08 |  |
| Book value per share | ¥3125.12 |  |
| Equity ratio | 48.3% |  |
| Shares outstanding | 8,505,000 |  |
| Treasury shares | 308,200 |  |
| Shareholders | 3,295 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 6.3% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | +1.8 pp | Textiles & Fibers |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by 22 points
- FY2026, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35865045000 | ¥44227158000 | +23.3% |
| Operating income | ¥848695000 | ¥2304342000 | +171.5% |
| Operating margin | 2.4% | 5.2% | +2.8 pp |
| Employees | 1,269 people | 1,077 people | -15.1% |
| Cash and equivalents | ¥2667672000 | ¥3908019000 | +46.5% |

### 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 |
| --- | ---: |
| 印刷情報関連事業 → 印刷情報関連事業 | 42.6% |
| 住生活環境関連事業 → 住生活環境関連事業 | 26.9% |
| 住生活環境関連事業 → 事業再編・廃止 | 6.1% |
| 包材関連事業 → 包材関連事業 | 17.6% |
| その他 → その他 | 4.4% |
| その他 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 印刷情報関連事業 | 8.0% |
| 新設・再編 → 包材関連事業 | 0.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Printing related information | 5 years | +7.9% | ¥22381380000 | 10.2% | 2 |
| Housing environment related | 5 years | +0.1% | ¥11908531000 | 3.5% | 2 |
| Packing related | 5 years | +4.8% | ¥7990641000 | 5.3% | 2 |
| Other | 5 years | -4.0% | ¥1946606000 | 1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,227 | 100.0% | S100YFSH |
| Cost of revenue | 35,271 | 79.7% | S100YFSH |
| Gross profit | 8,956 | 20.3% | S100YFSH |
| SG&A | 6,652 | 15.0% | S100YFSH |
| Operating income | 2,304 | 5.2% | S100YFSH |
| Ordinary income | 2,458 | 5.6% | S100YFSH |
| Pretax income | 2,970 | 6.7% | S100YFSH |
| Income tax | 477 | 1.1% | S100YFSH |
| Net income | 2,493 | 5.6% | S100YFSH |
| Net income attributable to owners | 2,493 | 5.6% | S100YFSH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 15 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.3% → Operating margin 5.2% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.3%; Core profit growth: +7.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 22.49×
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 | 44,073 | 44,227 | 154 | +0.3% |
| Gross profit | 8,699 | 8,956 | 257 | +3.0% |
| Operating income | 2,136 | 2,304 | 168 | +7.9% |
| Net income attributable to owners | 1,315 | 2,493 | 1,178 | +89.5% |
| Operating cash flow | 1,265 | 2,465 | 1,200 | +94.9% |
| Free cash flow | 117 | 761 | 645 | +551.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,866 | 1,045 | 2.6% | 726 | 479 | -633 | S100LQVB |
| FY ending Mar 2021 | 35,865 | 849 | 2.4% | 925 | 1,882 | 488 | S100OL5U |
| FY ending Mar 2022 | 38,946 | 1,445 | 3.7% | 961 | 2,339 | 901 | S100R2J1 |
| FY ending Mar 2023 | 41,553 | 755 | 1.8% | 520 | 575 | -792 | S100TQTJ |
| FY ending Mar 2024 | 42,101 | 1,238 | 2.9% | 848 | 3,029 | 1,903 | S100W3ZT |
| FY ending Mar 2025 | 44,073 | 2,136 | 4.8% | 1,315 | 1,265 | 117 | S100YFSH |
| FY ending Mar 2026 | 44,227 | 2,304 | 5.2% | 2,493 | 2,465 | 761 | S100YFSH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.1M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 1,216 | 1,219 | 1,131 | 1,089 | 1,077 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.6M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 41.3 years | 41.2 years | 41.4 years | 42.1 years | 42.2 years |
| Average tenure (parent company) | 17.1 years | 17.0 years | 17.1 years | 17.6 years | 17.4 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Printing related information | 22,381 | 50.6% | 2,292 | 10.2% |
| Housing environment related | 11,909 | 26.9% | 421 | 3.5% |
| Packing related | 7,991 | 18.1% | 425 | 5.3% |
| Other | 1,947 | 4.4% | 19 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Printing related information | 50.6% | 72.6% | 22.0 | 10.2% |
| Housing environment related | 26.9% | 13.3% | -13.6 | 3.5% |
| Packing related | 18.1% | 13.5% | -4.6 | 5.3% |
| Other | 4.4% | 0.6% | -3.8 | 1.0% |

Segment → industry: Printing related information → Textiles & Fibers / Housing environment related → Auto Parts / Packing related → Food Packaging / Printing related information → Printers & Office Equipment / Housing environment related → Housing Equipment & Building Materials

## 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 | 2,465 | 5.6% | S100YFSH |
| Capital expenditure | 1,704 | 3.9% | S100YFSH |
| Free cash flow | 761 | 1.7% | 算出 |
| Investing cash flow | -366 | -0.8% | S100YFSH |
| Financing cash flow | -2,448 | -5.5% | S100YFSH |
| Dividends paid | 251 | 0.6% | S100YFSH |
| Share buyback | 150 | 0.3% | S100YFSH |
| Change in cash | -300 | -0.7% | S100YFSH |
| Cash and equivalents | 3,908 | 8.8% | S100YFSH |

## 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 | 3,271 | 3,942 | 4,511 | 4,209 | 3,908 | S100TQTJ, S100W3ZT, S100YFSH |
| Total assets | 54,185 | 57,628 | 59,972 | 61,085 | 62,017 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Net assets | 21,599 | 23,213 | 24,674 | 26,594 | 29,927 | S100TQTJ, S100W3ZT, S100YFSH |
| Share capital | 5,796 | 5,796 | 5,796 | 5,796 | 5,796 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Property, plant and equipment | 20,016 | 20,116 | 19,916 | 19,699 | 18,686 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Intangible assets excluding goodwill | 90 | 94 | 82 | 71 | 86 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Goodwill | 26 | 11 | — | — | — | S100R2J1, S100TQTJ |
| Investment securities | 5,282 | 6,534 | 6,344 | 6,666 | 8,107 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Current assets | 24,584 | 26,532 | 27,779 | 27,739 | 27,162 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Current liabilities | 23,216 | 23,820 | 24,293 | 23,415 | 20,233 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Trade payables | 7,809 | 8,213 | 8,988 | 7,485 | 4,300 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Short-term borrowings | 13,163 | 13,589 | 12,707 | 13,253 | 11,259 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Long-term borrowings | 5,727 | 6,305 | 6,605 | 6,215 | 6,340 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Total liabilities | 32,586 | 34,414 | 35,298 | 34,491 | 32,089 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Non-controlling interests | 328 | 304 | 285 | — | — | S100R2J1, S100TQTJ, S100W3ZT |
| Equity attributable to owners of parent | 16,784 | 17,022 | 17,661 | 18,809 | 20,947 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Retained earnings | 10,077 | 10,385 | 11,023 | 12,130 | 14,418 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |
| Treasury stock | -33 | -103 | -103 | -103 | -253 | S100R2J1, S100TQTJ, S100W3ZT, S100YFSH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YFSH |
| Property, plant and equipment | 30% | S100YFSH |
| Intangibles and goodwill | 0% | S100YFSH |
| Investment securities | 13% | S100YFSH |
| Other assets | 51% | S100YFSH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YFSH |
| Other liabilities | 45% | S100YFSH |
| Equity | 48% | S100YFSH |

### 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 | 54,185 | 57,628 | 59,972 | 61,085 | 62,017 |
| Equity | 21,599 | 23,213 | 24,674 | 26,594 | 29,927 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,271 | 3,942 | 4,511 | 4,209 | 3,908 |

## 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) | 42.3% | S100YFSH |
| Fixed assets ÷ total assets | 30.1% | S100YFSH |
| Goodwill ÷ parent equity | — | —, S100YFSH |

### 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) | 6.3% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.0% |
| Cash vs. profit gap | -28 JPY mn (of net income -1.1%) |
| Shareholder returns / net income | 16.1% |
| Shareholder returns / FCF | 52.7% |
| Shareholder payments — dividends / net income | 10.1% |
| Shareholder payments — dividends / FCF | 33.0% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 14.9% |

## 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 | 2.5% | 0.72× | 1.8% | 3.23× | 5.7% | S100R2J1 |
| 2023 | 1.3% | 0.74× | 0.9% | 3.31× | 3.1% | S100TQTJ |
| 2024 | 2.0% | 0.72× | 1.4% | 3.39× | 4.9% | S100W3ZT |
| 2025 | 3.0% | 0.73× | 2.2% | 3.32× | 7.2% | S100YFSH |
| 2026 | 5.6% | 0.72× | 4.1% | 3.10× | 12.5% | S100YFSH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ニックグループ持株会 | Major shareholder | 6.5% | 2026-03-31 |
| ダイニック従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| ヨシダトモヒロ | Major shareholder | 3.1% | 2026-03-31 |
| ㈱ヤクルト本社 | Major shareholder | 2.5% | 2026-03-31 |
| みずほ信託銀行㈱ | Major shareholder | 2.3% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.3% | 2026-03-31 |
| ㈱滋賀銀行 | Major shareholder | 2.2% | 2026-03-31 |
| ㈱武蔵野銀行 | Major shareholder | 2.2% | 2026-03-31 |
| オー・ジー㈱ | Major shareholder | 2.1% | 2026-03-31 |
| コクヨ㈱ | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第163期(2025/04/01－2026/03/31) | S100YFSH | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFSH,, |
| 有価証券報告書－第162期(2024/04/01－2025/03/31) | S100W3ZT | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3ZT,, |
| 有価証券報告書－第161期(2023/04/01－2024/03/31) | S100TQTJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQTJ,, |
| 有価証券報告書－第160期(2022/04/01－2023/03/31) | S100R2J1 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2J1,, |
| 有価証券報告書－第159期(令和3年4月1日－令和4年3月31日) | S100OL5U | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL5U,, |
| 有価証券報告書－第158期(令和2年4月1日－令和3年3月31日) | S100LQVB | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQVB,, |

## 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).