# ELAN Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/01/01－2025/12/31) (S100XU87)
> Page: https://vizora.meequs.com/en/company/elan
> Retrieved: 2026-09-30T22:08:16.613Z

## Company

Elan, founded in 1995, is a company in Hospitals & Medical Services listed on TSE Prime. It has 974 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ELAN Corporation |
| Ticker | 6099 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6099.T) |
| Listing | TSE Prime |
| Head office | 長野県松本市出川町15番12号 |
| Representative (per filing) | 代表取締役社長 社長執行役員CEO 峯崎 友宏 |
| Founded | Feb 1995 |
| Share capital | ¥573.5M |
| Employees (consolidated) | 974 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.kkelan.com (https://www.kkelan.com/) |
| Corporate number | 1100001014640 |
| EDINET | E30929 |
| Industries (Vizora) | Hospitals & Medical Services |

> Profile source: annual securities report (S100XU87, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Hospitals & Medical Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 8 |
| Profitability | 81.3 | 8 |
| Cash conversion | 41.7 | 6 |
| Efficiency | 93.8 | 8 |

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)

- Elan brought in ¥55.4B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +16.7% from the prior year, operating profit +19.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥55448687000 → ¥2829782000
- Net income → operating cash flow: ¥2829782000 → ¥4304338000（difference ¥1474556000）
- Main uses of operating cash flow: CapEx ¥1156390000 / dividends ¥787753000 / buybacks —
- Change in cash: ¥-3988000
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 | ¥55.4B |  |
| Operating income | ¥4.27B | Margin 7.7% |
| Net income | ¥2.77B | Margin 5.0% |
| Free cash flow | ¥3.15B |  |
| Employees (consolidated) | 974 |  |
| EPS | ¥38.93 |  |
| Book value per share | ¥223.86 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 60,600,000 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 7,417 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | +4 pp | Hospitals & Medical Services |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 11.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26056360000 | ¥55448687000 | +112.8% |
| Operating income | ¥2068230000 | ¥4272707000 | +106.6% |
| Operating margin | 7.9% | 7.7% | -0.2 pp |
| Employees | 290 people | 974 people | +235.9% |
| Cash and equivalents | ¥4473388000 | ¥6821116000 | +52.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,449 | 100.0% | S100XU87 |
| Cost of revenue | 43,574 | 78.6% | S100XU87 |
| Gross profit | 11,874 | 21.4% | S100XU87 |
| SG&A | 7,602 | 13.7% | S100XU87 |
| Operating income | 4,273 | 7.7% | S100XU87 |
| Ordinary income | 4,185 | 7.5% | S100XU87 |
| Pretax income | 4,185 | 7.5% | S100XU87 |
| Income tax | 1,355 | 2.4% | S100XU87 |
| Net income | 2,830 | 5.1% | S100XU87 |
| Net income attributable to owners | 2,768 | 5.0% | S100XU87 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 14 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 21.4% → Operating margin 7.7% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.7%; Core profit growth: +19.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.17×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 47,514 | 55,449 | 7,935 | +16.7% |
| Gross profit | 10,717 | 11,874 | 1,157 | +10.8% |
| Operating income | 3,575 | 4,273 | 697 | +19.5% |
| Net income attributable to owners | 2,355 | 2,768 | 413 | +17.5% |
| Operating cash flow | 4,500 | 4,304 | -196 | -4.3% |
| Free cash flow | 3,604 | 3,148 | -456 | -12.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 21,519 | 1,492 | 6.9% | 990 | 779 | 709 | S100L0LN |
| FY ending Dec 2020 | 26,056 | 2,068 | 7.9% | 1,446 | 1,948 | 1,860 | S100NPSG |
| FY ending Dec 2021 | 31,636 | 2,799 | 8.8% | 1,906 | 2,106 | 2,028 | S100QNA0 |
| FY ending Dec 2022 | 36,265 | 3,391 | 9.4% | 2,083 | 1,581 | 1,234 | S100T3XJ |
| FY ending Dec 2023 | 41,426 | 3,665 | 8.8% | 2,519 | 1,781 | 1,585 | S100VFHU |
| FY ending Dec 2024 | 47,514 | 3,575 | 7.5% | 2,355 | 4,500 | 3,604 | S100XU87 |
| FY ending Dec 2025 | 55,449 | 4,273 | 7.7% | 2,768 | 4,304 | 3,148 | S100XU87 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.9M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 320 | 349 | 378 | 676 | 974 |
| Average salary (parent company) | ¥5.6M | ¥5.5M | ¥5.4M | ¥5.4M | ¥5.3M |
| Average age (parent company) | 33.0 years | 33.9 years | 33.4 years | 35.3 years | 35.0 years |
| Average tenure (parent company) | 5.3 years | 6.0 years | 6.0 years | 5.2 years | 4.8 years |

Year over year: Employees (consolidated) +44.1% · Revenue (consolidated) +16.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,304 | 7.8% | S100XU87 |
| Capital expenditure | 1,156 | 2.1% | S100XU87 |
| Free cash flow | 3,148 | 5.7% | 算出 |
| Investing cash flow | -3,465 | -6.2% | S100XU87 |
| Financing cash flow | -846 | -1.5% | S100XU87 |
| Dividends paid | 788 | 1.4% | S100XU87 |
| Change in cash | -4 | -0.0% | S100XU87 |
| Cash and equivalents | 6,821 | 12.3% | S100XU87 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,608 | 6,012 | 5,464 | 6,825 | 6,821 | S100T3XJ, S100VFHU, S100XU87 |
| Total assets | 13,948 | 16,072 | 18,993 | 21,703 | 26,295 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Net assets | 7,484 | 8,990 | 10,814 | 12,502 | 14,682 | S100T3XJ, S100VFHU, S100XU87 |
| Share capital | 573 | 573 | 573 | 573 | 573 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Property, plant and equipment | 341 | 561 | 540 | 576 | 1,398 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Intangible assets excluding goodwill | 105 | 92 | 109 | 1,013 | 1,898 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Goodwill | 10 | — | — | 427 | 1,266 | S100QNA0, S100XU87 |
| Investment securities | 942 | 737 | 2,171 | 1,804 | 1,161 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Current assets | 12,130 | 14,076 | 15,507 | 16,873 | 18,535 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Current liabilities | 6,417 | 7,012 | 8,089 | 8,919 | 11,054 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Short-term borrowings | — | — | — | — | 365 | S100XU87 |
| Long-term borrowings | — | — | — | 77 | 366 | S100XU87 |
| Total liabilities | 6,464 | 7,082 | 8,179 | 9,201 | 11,614 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Non-controlling interests | — | — | — | — | 238 | S100XU87 |
| Equity attributable to owners of parent | 7,494 | 9,035 | 10,887 | 12,456 | 14,465 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Retained earnings | 6,575 | 8,112 | 9,964 | 11,531 | 13,511 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |
| Treasury stock | -197 | -194 | -194 | -191 | -163 | S100QNA0, S100T3XJ, S100VFHU, S100XU87 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XU87 |
| Property, plant and equipment | 5% | S100XU87 |
| Intangibles and goodwill | 12% | S100XU87 |
| Investment securities | 5% | S100XU87 |
| Other assets | 52% | S100XU87 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XU87 |
| Equity | 56% | S100XU87 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,948 | 16,072 | 18,993 | 21,703 | 26,295 |
| Equity | 7,484 | 8,990 | 10,814 | 12,502 | 14,682 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,608 | 6,012 | 5,464 | 6,825 | 6,821 |

## 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) | 2.5% | S100XU87 |
| Fixed assets ÷ total assets | 5.3% | S100XU87 |
| Goodwill ÷ parent equity | 8.8% | S100XU87 |

Goodwill over 4 years: 10 → 1,266 JPY; total investing cash flow: -8,342 JPY. This does not imply causation.

### 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) | 25.9% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.7% |
| Cash vs. profit gap | 1,537 JPY mn (of net income 55.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | 25.0% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 80.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.0% | 2.27× | 13.7% | 1.86× | 25.4% | S100QNA0 |
| 2022 | 5.7% | 2.42× | 13.9% | 1.82× | 25.2% | S100T3XJ |
| 2023 | 6.1% | 2.36× | 14.4% | 1.76× | 25.3% | S100VFHU |
| 2024 | 5.0% | 2.34× | 11.6% | 1.74× | 20.2% | S100XU87 |
| 2025 | 5.0% | 2.31× | 11.5% | 1.78× | 20.6% | S100XU87 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エムスリー株式会社 | Major shareholder | 55.0% | 2025-12-31 |
| 櫻井 英治 | Major shareholder | 4.5% | 2025-12-31 |
| 中島 信弘 | Major shareholder | 4.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社ＳＡＫＵＲＡコーポレーション | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社ＵＨ５ | Major shareholder | 1.5% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.5% | 2025-12-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社Ｎ－Ｓｔｙｌｅ | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/01/01－2025/12/31) | S100XU87 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU87,, |
| 有価証券報告書－第31期(2024/01/01－2024/12/31) | S100VFHU | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFHU,, |
| 有価証券報告書－第30期(2023/01/01－2023/12/31) | S100T3XJ | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3XJ,, |
| 訂正有価証券報告書－第29期(2022/01/01－2022/12/31) | S100QNA0 | 2023-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNA0,, |
| 有価証券報告書－第28期(令和3年1月1日－令和3年12月31日) | S100NPSG | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPSG,, |
| 有価証券報告書－第27期(令和2年1月1日－令和2年12月31日) | S100L0LN | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0LN,, |

## 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).