D&M COMPANY CO.,LTD
189A・Growth Market・Services
Business
D&M Company Co., Ltd. is a management support company specializing in medical and nursing care providers, founded in 2015. It offers three integrated services: F&I Services, centered on the purchase (factoring) of medical and nursing care fee receivables and other claims; C&Br Services, covering management diagnostics and cost reduction; and HR&OS Services, encompassing recruitment placement, staffing, support for foreign worker employment, and outsourcing. Its main customers are medical institutions and nursing care facilities facing management challenges, and the number of client companies stood at 178 in FY2025 (ending May 2025), up 17.1% year on year. The company listed on the Tokyo Stock Exchange Growth Market in June 2024. Its head office is located in Kita-ku, Osaka City, and it also maintains a Tokyo office.
Business Model
F&I Service, which generates fee income from the purchase of medical and long-term care reimbursement claims (both finalized and future receivables), accounts for approximately 50% of sales, making it the company's core revenue source. The company employs a combined-transaction model in which it layers consulting services (C&Br) and human resource support (HR&OS) on top of purchasing clients to raise the average revenue per customer. As of FY2025 (ending May 2025), the balance of purchased receivables stood at ¥7,441,156 thousand, of which future receivables accounted for 60.6%. Funding is procured mainly through borrowings from financial institutions, and the balance of investment assets has reached ¥8,321,350 thousand.
Company Strengths
Maintained a future receivables ratio of 60.6% within a purchased receivables balance of ¥7,441,156 thousand. Through the expertise of personnel with backgrounds at major financial institutions and medical consultants, the company actively purchases future receivables that are difficult to handle under typical factoring, achieving differentiation from competitors.
The company provides three services—F&I, C&Br, and HR&OS—through a single platform, maintaining an operating margin of 19.9% in FY2025 (ended May 2025). Although the margin declined due to an increase in merchandise sales, profitability remains at a high level.
In FY2025 (ended May 2025), the number of client companies was 178 (up 17.1% year on year), of which 78 companies (up 20.0% year on year) were receivables purchase clients. Both the number of client companies and receivables purchase clients achieved double-digit growth year on year, with continued expansion of the customer base.
ENVALITH's Perspective
Performance Trend
Revenue grew from ¥1,190 million in FY2024 to ¥1,503 million in FY2025 (up 26.3% year on year) and then to ¥1,624 million in FY2026 (up 8.1% year on year), indicating a deceleration in growth. Operating profit stalled for two consecutive periods, moving from ¥281 million in FY2024 to ¥300 million in FY2025 and then declining to ¥272 million in FY2026, with the operating margin falling from 19.9% in FY2025 to 16.8% in FY2026. Ordinary profit of ¥310 million and net profit of ¥222 million saw slight increases year on year, but this was attributable to ¥34 million in insurance cancellation refunds (non-operating income), indicating that core-business profitability has actually declined. As an external factor, the FY2026 revision to medical service fees is expected to have a certain positive effect on healthcare institutions' revenue, but rising personnel costs and medical supply prices, together with the full-scale start of repayments on COVID-19 special loans, are increasing clients' funding needs, which has led to an increase in the F&I service's purchased receivables balance (from ¥7,441 million to ¥8,746 million).
Growth Strategy
Building on its receivables purchasing platform, the company is expanding M&A support, foreign personnel placement, and real estate utilization support to achieve medium- to long-term growth
In the previous fiscal year, the review of target deals was largely completed, and in FY2026 (ending May 2026) the purchased receivables balance turned upward, reaching ¥8,746 million (up ¥1,305 million year on year). In FY2027 (ending May 2027), the company plans to further strengthen its sales and screening capabilities, accelerate new client acquisition and factoring deal generation, and expand fee income.
Large-scale medical equipment sales, fundraising support, and consulting remained solid, and in FY2026 (ending May 2026) C&Br net sales grew 21.0% year on year to ¥480 million, with gross profit up 33.7% to ¥218 million, achieving high growth. In FY2027 (ending May 2027), the company aims to capture the management improvement needs of medical institutions and others, with M&A support as a key growth pillar.
Foreign personnel placement centered on Specified Skilled Workers, together with outsourcing of dispensing pharmacy operations, contributed to sales growth, with FY2026 (ending May 2026) HR&OS net sales up 12.2% year on year to ¥396 million. The company has designated Specified Skilled Worker foreign personnel placement, an area expected to see growing demand, as a growth field and has clearly stated its policy of actively expanding this business.
In April 2026, the company acquired land for a nursing care and disability welfare facility (¥213 million) and launched real estate utilization support through a general fixed-term land lease agreement. This initiative diversifies the means of financial support offered to medical and nursing care operators as a new revenue pillar for F&I services, and has begun full-scale operation from this fiscal year.
Last updated: July 17, 2026