Dive Inc.
151A・Growth Market・Services
Business
Dive Inc. operates two business segments: the "Tourism HR Business," which provides staffing dispatch and fee-charging employment placement services specializing in resort temporary work ("resort baito"), and the "Regional Revitalization Business," which operates glamping facilities and other properties at 8 locations nationwide (as of September 2025). The Tourism HR Business is the core business, accounting for over 94% of net sales, supplying personnel to accommodation facilities, theme parks, ski resorts, and other establishments throughout Japan from Hokkaido to Okinawa. The Regional Revitalization Business develops glamping facilities under the "The Rantan" brand and the "Craft Hotel" format in non-tourist areas, aiming for a structure that achieves both regional revitalization and profitability. The company listed on the TSE Growth Market in March 2024 and plans to transition to a holding company structure around July 2026. Its main customers are over 5,900 tourism facilities and other establishments nationwide, along with a young workforce of resort baito job seekers averaging 29.6 years of age.
Business Model
In the Tourism HR business, the temporary staffing model—under which the Company enters into employment contracts with temporary staff and dispatches them to tourism facilities—accounts for 98.0% of sales, with profit derived from the margin between staffing fees charged and personnel costs paid. In the Regional Revitalization business, the Company leverages D2C customer acquisition through its proprietary media "GLAMPICKS" (advertising expense ratio of 2.7%) and personnel supply from the Tourism HR business, combined with low-cost use of public facilities and idle land, to achieve low-cost operations. Revenue sources include accommodation fee income, business alliance fees, and media placement fees.
Company Strengths
Number of workers placed in FY2025 (ended June 2025) reached a record high of 14,555 (up 24.3% year on year). In addition to domestic young talent, strengthened recruitment of Working Holiday visa holders and Specified Skilled Worker foreign nationals proved effective, with sales per worker rising 8.0% year on year. Official LINE friend count surpassed 180,000 (up 44.7% year on year), maintaining a competitive advantage in the customer acquisition base.
The company has a track record of transactions with over 5,900 tourism facilities nationwide, and its proprietary database, accumulated through on-site visits and staff surveys, makes it difficult for competitors to enter the market. IT adoption of high-frequency administrative procedures using its core system and official LINE has improved operational efficiency, with scale advantages and operational know-how forming barriers to entry.
The advertising expense ratio for glamping facilities was 2.7% of sales (FY2025 (ended June 2025) actual), significantly below the industry standard. Through a triple structure of D2C customer acquisition via its own media outlet "GLAMPICKS," personnel supply from the Tourism HR business (eliminating recruitment costs), and low rent through use of public facilities and idle land, the company achieves a reasonable price point of around ¥13,000 per adult.
ENVALITH's Perspective
Performance Trend
Financial trends show an expanding trajectory, with FY2024 revenue of ¥12,363 million and operating profit of ¥542 million, followed by FY2025 revenue of ¥13,782 million and operating profit of ¥756 million. For the nine months ended in FY2026 (ending March 2026), revenue reached ¥11,619 million (up 10.0% year on year), operating profit was ¥758 million (up 7.6% year on year), and quarterly net profit was ¥494 million (up 3.6% year on year). As an external factor, the continued high level of inbound tourism demand supported an increase in the number of employees in the tourism HR business (13,225, up 9.4% year on year). Segment profit in the regional revitalization business accelerated, rising 61.2% year on year. Meanwhile, an increase in deferred income tax adjustments (up ¥42 million year on year) restrained net profit growth. The equity ratio improved to 54.4% (from 51.2% at the previous fiscal year-end), maintaining sound financial health.
Growth Strategy
Expanding the talent base of the Tourism HR business, accelerating profitability in the Regional Revitalization business, and pursuing M&A under a holding company structure
The number of individuals supported under the Specified Skilled Worker program in the tourism industry expanded rapidly, reaching 183% year-on-year. By establishing a foreign talent channel in addition to domestic human resources, the company aims to strengthen its talent supply capabilities for the accommodation industry, which continues to face chronic labor shortages, and to achieve continuous growth in the number of employed workers.
The number of facilities that have adopted the service reached 171, contributing to deepening relationships with each facility and strengthening the sourcing of high-quality job openings. By enhancing both client retention and new client acquisition, the company is strengthening its matching platform, contributing to improved profitability in the Tourism HR business.
The business is transitioning from an upfront investment phase to a profit-generating phase, with cumulative segment profit for the first three quarters up 61.2% year-on-year. The company is promoting preparations for the opening of facilities closed for the winter season, tent installation, development of accommodation plans, and strengthening regional partnerships to maximize profitability from the next season onward.
As preparation for the transition to a holding company structure, a subsidiary was established (recording ¥146 million in shares of affiliated companies). While securing new revenue sources such as management guidance fees, the company is building the foundation for business expansion, including M&A, aiming to broaden its business portfolio in the tourism and accommodation sectors.
Last updated: July 17, 2026