# DAIKEN MEDICAL CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/04/01－2026/03/31) (S100YCII)
> Page: https://vizora.meequs.com/en/company/daiken-medical
> Retrieved: 2026-09-30T20:34:29.808Z

## Company

Daiken Medical, founded in 1968, is a company in Medical Devices listed on TSE Standard. It has 185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIKEN MEDICAL CO.,LTD. |
| Ticker | 7775 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7775.T) |
| Listing | TSE Standard |
| Head office | 大阪府和泉市あゆみ野二丁目6番2号 |
| Representative (per filing) | 代表取締役社長 山田 雅之 |
| Founded | Nov 1968 |
| Share capital | ¥495.9M |
| Employees (consolidated) | 185 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | daiken-iki.co.jp (https://daiken-iki.co.jp/) |
| Corporate number | 7120001083307 |
| EDINET | E22509 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YCII, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.1 | 38 |
| Profitability | 57.7 | 39 |
| Cash conversion | 17.1 | 38 |
| Efficiency | 78.2 | 39 |

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)

- Daiken Medical brought in ¥10.3B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -15.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10290984000 → ¥922641000
- Net income → operating cash flow: ¥922641000 → ¥567713000（difference ¥-354928000）
- Main uses of operating cash flow: CapEx ¥327792000 / dividends ¥660208000 / buybacks —
- Change in cash: ¥-217614000
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 | ¥10.3B |  |
| Operating income | ¥1.28B | Margin 12.4% |
| Net income | ¥922.6M | Margin 9.0% |
| Free cash flow | ¥239.9M |  |
| Employees (consolidated) | 185 |  |
| EPS | ¥32.12 |  |
| Book value per share | ¥269.65 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 31,840,000 |  |
| Treasury shares | 3,111,500 |  |
| Shareholders | 14,966 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 24.4% | Cash ÷ revenue 27.0% |
| Vs. industry median margin | +1.3 pp | Medical Devices |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7861969000 | ¥10290984000 | +30.9% |
| Operating income | ¥921216000 | ¥1277620000 | +38.7% |
| Operating margin | 11.7% | 12.4% | +0.7 pp |
| Employees | 186 people | 185 people | -0.5% |
| Cash and equivalents | ¥2170643000 | ¥2778379000 | +28.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,291 | 100.0% | S100YCII |
| Cost of revenue | 6,339 | 61.6% | S100YCII |
| Gross profit | 3,952 | 38.4% | S100YCII |
| SG&A | 2,674 | 26.0% | S100YCII |
| Operating income | 1,278 | 12.4% | S100YCII |
| Ordinary income | 1,274 | 12.4% | S100YCII |
| Pretax income | 1,246 | 12.1% | S100YCII |
| Income tax | 323 | 3.1% | S100YCII |
| Net income | 923 | 9.0% | S100YCII |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 26 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 38.4% → Operating margin 12.4% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -15.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.55×
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 | 9,952 | 10,291 | 339 | +3.4% |
| Gross profit | 4,097 | 3,952 | -145 | -3.5% |
| Operating income | 1,512 | 1,278 | -234 | -15.5% |
| Operating cash flow | 1,121 | 568 | -553 | -49.4% |
| Free cash flow | 953 | 240 | -713 | -74.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,523 | 1,194 | 14.0% | 860 | 1,437 | 1,268 | S100LKHU |
| FY ending Mar 2021 | 7,862 | 921 | 11.7% | 675 | 609 | 297 | S100OARS |
| FY ending Mar 2022 | 8,540 | 1,151 | 13.5% | 831 | 1,134 | 930 | S100R02Y |
| FY ending Mar 2023 | 9,137 | 1,054 | 11.5% | 712 | 989 | 790 | S100TNUJ |
| FY ending Mar 2024 | 9,750 | 1,443 | 14.8% | 989 | 1,556 | 1,387 | S100VZKD |
| FY ending Mar 2025 | 9,952 | 1,512 | 15.2% | 1,098 | 1,121 | 953 | S100YCII |
| FY ending Mar 2026 | 10,291 | 1,278 | 12.4% | 923 | 568 | 240 | S100YCII |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.6M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥5M |

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) | 183 | 188 | 175 | 180 | 185 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥6M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 41.0 years | 41.0 years | 42.0 years | 43.0 years | 42.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 12.0 years | 13.0 years | 12.0 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +3.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 568 | 5.5% | S100YCII |
| Capital expenditure | 328 | 3.2% | S100YCII |
| Free cash flow | 240 | 2.3% | 算出 |
| Investing cash flow | -330 | -3.2% | S100YCII |
| Financing cash flow | -455 | -4.4% | S100YCII |
| Dividends paid | 660 | 6.4% | S100YCII |
| Change in cash | -218 | -2.1% | S100YCII |
| Cash and equivalents | 2,778 | 27.0% | S100YCII |

## 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 | 2,519 | 2,516 | 2,739 | 2,996 | 2,778 | S100TNUJ, S100VZKD, S100YCII |
| Total assets | 10,921 | 11,013 | 11,006 | 11,181 | 11,367 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Net assets | 6,446 | 6,597 | 7,022 | 7,516 | 7,777 | S100TNUJ, S100VZKD, S100YCII |
| Share capital | 496 | 496 | 496 | 496 | 496 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Property, plant and equipment | 4,119 | 4,070 | 3,987 | 3,931 | 4,044 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Intangible assets excluding goodwill | 15 | 9 | 13 | 13 | 23 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Current assets | 6,572 | 6,639 | 6,731 | 6,985 | 7,028 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Current liabilities | 3,151 | 3,369 | 3,340 | 2,830 | 2,722 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Short-term borrowings | 1,000 | 1,000 | 1,080 | 720 | 920 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Long-term borrowings | 1,280 | 1,013 | 623 | 818 | 840 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Total liabilities | 4,475 | 4,416 | 3,984 | 3,665 | 3,589 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Equity attributable to owners of parent | 6,439 | 6,576 | 6,990 | 7,485 | 7,746 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Retained earnings | 7,369 | 7,506 | 7,920 | 8,414 | 8,676 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |
| Treasury stock | -1,827 | -1,827 | -1,827 | -1,827 | -1,827 | S100R02Y, S100TNUJ, S100VZKD, S100YCII |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YCII |
| Property, plant and equipment | 36% | S100YCII |
| Intangibles and goodwill | 0% | S100YCII |
| Other assets | 40% | S100YCII |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YCII |
| Equity | 68% | S100YCII |

### 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 | 10,921 | 11,013 | 11,006 | 11,181 | 11,367 |
| Equity | 6,446 | 6,597 | 7,022 | 7,516 | 7,777 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,519 | 2,516 | 2,739 | 2,996 | 2,778 |

## 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) | 39.3% | S100YCII |
| Fixed assets ÷ total assets | 35.6% | S100YCII |
| Goodwill ÷ parent equity | — | —, S100YCII |

### 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) | 24.4% |
| Cash ÷ revenue | 27.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 44.4% |
| Cash vs. profit gap | -355 JPY mn (of net income -38.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 71.6% |
| Shareholder payments — dividends / FCF | 275.2% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 58.1% |

## 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 | 9.7% | 0.78× | 7.6% | 1.70× | 12.9% | S100R02Y |
| 2023 | 7.8% | 0.83× | 6.5% | 1.69× | 10.9% | S100TNUJ |
| 2024 | 10.1% | 0.89× | 9.0% | 1.62× | 14.6% | S100VZKD |
| 2025 | 11.0% | 0.90× | 9.9% | 1.53× | 15.2% | S100YCII |
| 2026 | 9.0% | 0.91× | 8.2% | 1.48× | 12.1% | S100YCII |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田 圭一 | Major shareholder | 19.0% | 2026-03-31 |
| 山田 満 | Major shareholder | 13.9% | 2026-03-31 |
| 山田 雅之 | Major shareholder | 10.9% | 2026-03-31 |
| 公益財団法人山田満育英会 | Major shareholder | 3.5% | 2026-03-31 |
| 関家 圭三 | Major shareholder | 3.3% | 2026-03-31 |
| 大研医器従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 寺田 恭子 | Major shareholder | 0.9% | 2026-03-31 |
| 山田 すみれ | Major shareholder | 0.7% | 2026-03-31 |
| 羽根 一徳 | Major shareholder | 0.7% | 2026-03-31 |
| 磐下 裕司 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YCII | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCII,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100VZKD | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZKD,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TNUJ | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNUJ,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R02Y | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R02Y,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OARS | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OARS,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LKHU | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKHU,, |

## 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).