D&M COMPANY CO.,LTD
189A・Growth Market・Services
Management support business for medical institutions and related operators (single segment)
A single-segment company providing one-stop F&I, C&Br, and HR&OS services to medical and nursing care operators
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (consolidated, full year) | ¥1,624 million (FY2026, ending May 2026) | ¥1,502 million (FY2025, ending May 2025) | ↑ |
| Operating profit (consolidated, full year) | ¥272 million (FY2026, ending May 2026) | ¥299 million (FY2025, ending May 2025) | ↓ |
| Ordinary profit (consolidated, full year) | ¥310 million (FY2026, ending May 2026) | ¥300 million (FY2025, ending May 2025) | ↑ |
| Profit attributable to owners of parent (consolidated, full year) | ¥221 million (FY2026, ending May 2026) | ¥220 million (FY2025, ending May 2025) | — |
| Operating margin (consolidated, full year) | 16.8% (FY2026, ending May 2026) | 19.9% (FY2025, ending May 2025) | ↓ |
| Equity ratio (consolidated) | 22.1% (end of FY2026, May 2026) | 22.8% (end of FY2025, May 2025) | ↓ |
| Total assets (consolidated) | ¥10,624 million (end of FY2026, May 2026) | ¥9,281 million (end of FY2025, May 2025) | ↑ |
| Purchased receivables balance (consolidated) | ¥8,746 million (end of FY2026, May 2026) | ¥7,441 million (end of FY2025, May 2025) | ↑ |
| Earnings per share (consolidated) | ¥97.18 (FY2026, ending May 2026) | ¥98.85 (FY2025, ending May 2025) | ↓ |
| Net assets per share (consolidated) | ¥1,011.61 (end of FY2026, May 2026) | ¥934.93 (end of FY2025, May 2025) | ↑ |
| Annual dividend per share | ¥20.00 (FY2026, ending May 2026) | ¥20.00 (FY2025, ending May 2025) | — |
Business Details
D&M Company Ltd. serves medical, nursing care, and welfare operators as its core customer base, providing a combined offering of three services: (1) financial support (F&I Service) centered on the purchase of medical/nursing care fee receivables and similar assets, (2) management diagnosis and cost-reduction consulting (C&Br Service), and (3) staffing placement, temporary staffing, support for foreign worker employment, and outsourcing (HR&OS Service). Starting from consulting to identify client issues, the company supports the revitalization, growth, and development of medical and nursing care operators by providing funding, human resources, and information as a one-stop solution.
Recent Overview
Revenue increased but operating profit declined; expansion of purchased receivables balance advances rebuilding of the revenue base
In FY2026 (ending May 2026), revenue increased to ¥1,624 million (up 8.1% year on year), but operating profit declined to ¥272 million (down 9.1% year on year) due to growth investments such as personnel-related expenses and outsourcing costs for strengthening the management structure. On the other hand, ordinary profit reached ¥310 million (up 3.5% year on year), supported in part by the recording of ¥34 million in insurance cancellation refunds. In the F&I Service, the investment asset balance turned upward, and the purchased receivables balance expanded to ¥8,746 million (up ¥1,305 million from the end of the prior period). The C&Br Service achieved high growth with revenue of ¥480 million (up 21.0% year on year). In April, the company acquired land for nursing care and disability welfare facilities and began offering real-estate-utilization-type support. For FY2027 (ending May 2027), the company forecasts revenue of ¥2,023 million (up 24.6% year on year) and operating profit of ¥362 million (up 32.9% year on year).
Key Products
Growth Drivers
- Rising demand for medical/nursing care fee receivable purchase services and consulting amid deteriorating management conditions for medical and nursing care operators (rising labor and medical supply costs, full-scale repayment of COVID-19 special loans)
- Re-expansion of the revenue base driven by the turnaround to growth in the investment asset balance in the F&I Service (purchased receivables balance of ¥8,746 million)
- Expanding demand for foreign worker placement, primarily under the Specified Skilled Worker category, and continued revenue contribution from pharmacy operations outsourcing
- High growth in the C&Br Service (up 21.0% year on year) driven by sales of large medical equipment and fundraising consulting
- New business development in real-estate-utilization-type support (through ordinary fixed-term land lease agreements) following the acquisition of land for nursing care and disability welfare facilities
- Certain positive effects on the earnings of medical institutions from the basic policy of the FY2026 medical fee schedule revision, which prioritizes responses to price and wage increases
Risks
- Risk of fluctuation in customer profitability due to revisions to medical/nursing care fee schedules (government-set prices)
- High sensitivity to financial market conditions due to a funding structure heavily reliant on short-term borrowings (short-term borrowings of ¥6,716 million at end of FY2026, May 2026)
- Credit risk from deterioration in business continuity of counterparties, given a highly concentrated structure in which the purchased receivables balance accounts for 82.3% of total assets
- Cash used in operating activities of ¥804 million (mainly due to a ¥1,305 million increase in purchased receivables), reflecting increasing complexity of cash flow management as income-generating assets accumulate
- Declining trend in operating margin (16.8% in FY2026, ending May 2026, versus 19.9% in the prior period) due to a rising proportion of product sales and increased growth investment costs
- Potential dilution risk from convertible bond-type bonds with subscription rights to shares (¥162 million) and multiple rounds of stock acquisition rights (5th, 6th, and 7th rounds, equivalent to up to 437,800 shares)
- Risk of spillover effects on the management of medical institutions from external environmental changes such as US trade policy, geopolitical risk, and price increases
Last updated: August 25, 2025