# FALCO HOLDINGS Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YS5W)
> Page: https://vizora.meequs.com/en/company/falco-holdings
> Retrieved: 2026-09-30T20:00:02.228Z

## Company

Falco Holdings, founded in 1962, is a company in Health Tech listed on TSE Standard. It has 1,037 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FALCO HOLDINGS Co., Ltd. |
| Ticker | 4671 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4671.T) |
| Listing | TSE Standard |
| Head office | 京都市左京区聖護院蓮華蔵町44番地3 (同所は登記上の本店所在地で実際の管理業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 社長執行役員 安田 忠史 |
| Founded | Jul 1962 |
| Share capital | ¥3.37B |
| Employees (consolidated) | 1,037 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.falco-hd.co.jp (https://www.falco-hd.co.jp/) |
| Corporate number | 1130001007154 |
| EDINET | E04982 |
| Industries (Vizora) | Health Tech, Drugstores & Pharmacies, CRO & Clinical Testing |

> Profile source: annual securities report (S100YS5W, filed 2026-07-24). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.8 | 12 |
| Profitability | 57.7 | 13 |
| Cash conversion | 40.9 | 11 |
| Efficiency | 96.2 | 13 |

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)

- About 61% of Falco Holdings's sales come from Clinical Testing Business, with Dispensing Pharmacy Business and ICT Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +7.0%.

## Company structure

- Segment revenue mix: Clinical Testing Business 61.2%、Dispensing Pharmacy Business 34.9%、ICT Business 3.9%
- Revenue → net income: ¥43578000000 → ¥2016000000
- Net income → operating cash flow: ¥2016000000 → ¥2878000000（difference ¥862000000）
- Main uses of operating cash flow: CapEx ¥1593000000 / dividends ¥1304000000 / buybacks ¥533000000
- Change in cash: ¥-1152000000
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 | ¥43.6B |  |
| Operating income | ¥2.5B | Margin 5.7% |
| Net income | ¥2.02B | Margin 4.6% |
| Free cash flow | ¥1.28B |  |
| Largest business | Clinical Testing Business | of segment revenue 61.2% |
| Employees (consolidated) | 1,037 |  |
| EPS | ¥198.15 |  |
| Diluted EPS | ¥197.13 |  |
| Book value per share | ¥2287.06 |  |
| Equity ratio | 70.0% |  |
| Shares outstanding | 10,680,177 |  |
| Treasury shares | 371,500 |  |
| Shareholders | 9,187 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 22.4% | Cash ÷ revenue 19.0% |
| Vs. industry median margin | +0.3 pp | CRO & Clinical Testing |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, employees -2% while operating income rose 7%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43608000000 | ¥43578000000 | -0.1% |
| Operating income | ¥2614000000 | ¥2498000000 | -4.4% |
| Operating margin | 6.0% | 5.7% | -0.3 pp |
| Employees | 1,200 people | 1,037 people | -13.6% |
| Cash and equivalents | ¥11618000000 | ¥8267000000 | -28.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 臨床検査事業 → 臨床検査事業 | 61.2% |
| 臨床検査事業 → 事業再編・廃止 | 1.2% |
| 調剤薬局事業 → 調剤薬局事業 | 34.9% |
| 調剤薬局事業 → 事業再編・廃止 | 2.8% |
| 新設・再編 → ICT事業 | 3.9% |

Segment revenue source references: 5 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Clinical Testing Business | 5 years | -0.4% | ¥26662000000 | 6.8% | 2 |
| Dispensing Pharmacy Business | 5 years | -1.5% | ¥15195000000 | 4.4% | 2 |
| ICT Business | 3 years | +29.4% | ¥1720000000 | 26.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,578 | 100.0% | S100YS5W |
| Cost of revenue | 29,766 | 68.3% | S100YS5W |
| Gross profit | 13,811 | 31.7% | S100YS5W |
| SG&A | 11,313 | 26.0% | S100YS5W |
| Operating income | 2,498 | 5.7% | S100YS5W |
| Ordinary income | 2,689 | 6.2% | S100YS5W |
| Pretax income | 3,082 | 7.1% | S100YS5W |
| Income tax | 1,065 | 2.4% | S100YS5W |
| Net income | 2,016 | 4.6% | S100YS5W |
| Net income attributable to owners | 2,016 | 4.6% | S100YS5W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 26 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.7% → Operating margin 5.7% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +7.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.41×
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 | 43,313 | 43,578 | 265 | +0.6% |
| Gross profit | 13,357 | 13,811 | 454 | +3.4% |
| Operating income | 2,335 | 2,498 | 163 | +7.0% |
| Net income attributable to owners | 1,920 | 2,016 | 96 | +5.0% |
| Operating cash flow | 2,619 | 2,878 | 259 | +9.9% |
| Free cash flow | 1,132 | 1,285 | 153 | +13.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,185 | 841 | 1.9% | 1,243 | 1,901 | 787 | S100LLRE |
| FY ending Mar 2021 | 43,608 | 2,614 | 6.0% | 1,853 | 2,937 | 1,324 | S100OCZP |
| FY ending Mar 2022 | 50,007 | 5,496 | 11.0% | 3,533 | 4,129 | 1,935 | S100R2UX |
| FY ending Mar 2023 | 46,913 | 3,075 | 6.6% | 2,261 | 2,086 | 708 | S100TPDE |
| FY ending Mar 2024 | 43,007 | 2,152 | 5.0% | 1,666 | 3,433 | 2,192 | S100W1IV |
| FY ending Mar 2025 | 43,313 | 2,335 | 5.4% | 1,920 | 2,619 | 1,132 | S100YS5W |
| FY ending Mar 2026 | 43,578 | 2,498 | 5.7% | 2,016 | 2,878 | 1,285 | S100YS5W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,179 | 1,159 | 1,117 | 1,062 | 1,037 |
| Average salary (parent company) | ¥7.7M | ¥7.9M | ¥7.2M | ¥6.7M | ¥7.5M |
| Average age (parent company) | 51.3 years | 53.3 years | 53.3 years | 55.7 years | 55.7 years |
| Average tenure (parent company) | 30.2 years | 32.7 years | 32.2 years | 32.0 years | 31.5 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) +0.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Clinical Testing Business | 26,662 | 61.2% | 1,816 | 6.8% |
| Dispensing Pharmacy Business | 15,195 | 34.9% | 674 | 4.4% |
| ICT Business | 1,720 | 3.9% | 458 | 26.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Clinical Testing Business | 61.2% | 61.6% | 0.4 | 6.8% |
| Dispensing Pharmacy Business | 34.9% | 22.9% | -12.0 | 4.4% |
| ICT Business | 3.9% | 15.5% | 11.6 | 26.6% |

Segment → industry: ICT Business → Health Tech / Dispensing Pharmacy Business → Drugstores & Pharmacies / Clinical Testing Business → CRO & Clinical Testing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,878 | 6.6% | S100YS5W |
| Capital expenditure | 1,593 | 3.7% | S100YS5W |
| Free cash flow | 1,285 | 2.9% | 算出 |
| Investing cash flow | -2,032 | -4.7% | S100YS5W |
| Financing cash flow | -1,998 | -4.6% | S100YS5W |
| Dividends paid | 1,304 | 3.0% | S100YS5W |
| Share buyback | 533 | 1.2% | S100YS5W |
| Change in cash | -1,152 | -2.6% | S100YS5W |
| Cash and equivalents | 8,267 | 19.0% | S100YS5W |

## 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 | 10,643 | 12,603 | 10,065 | 9,420 | 8,267 | S100TPDE, S100W1IV, S100YS5W |
| Total assets | 40,256 | 38,893 | 36,425 | 36,019 | 36,863 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Net assets | 23,478 | 26,591 | 26,026 | 25,253 | 25,869 | S100TPDE, S100W1IV, S100YS5W |
| Share capital | 3,371 | 3,371 | 3,371 | 3,371 | 3,371 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Trade receivables | 7,870 | 6,651 | 6,242 | 6,209 | — | S100R2UX, S100TPDE, S100W1IV |
| Property, plant and equipment | 10,658 | 10,722 | 11,023 | 11,267 | 11,895 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Intangible assets excluding goodwill | 495 | 378 | 337 | 543 | 610 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Goodwill | 28 | 12 | 23 | — | — | S100R2UX, S100TPDE, S100W1IV |
| Investment securities | 3,801 | 2,618 | 3,616 | 3,675 | 3,852 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Current assets | 22,668 | 22,706 | 19,226 | 18,228 | 18,138 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Current liabilities | 11,389 | 9,564 | 7,764 | 7,432 | 7,643 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Trade payables | 5,384 | 4,374 | 4,414 | 4,284 | — | S100R2UX, S100TPDE, S100W1IV |
| Short-term borrowings | 300 | — | 500 | 400 | 350 | S100R2UX, S100W1IV, S100YS5W |
| Long-term borrowings | 2,340 | — | — | 844 | 673 | S100R2UX, S100YS5W |
| Total liabilities | 16,778 | 12,301 | 10,398 | 10,765 | 10,993 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Equity attributable to owners of parent | 22,895 | 25,973 | 25,305 | 24,577 | 24,963 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Retained earnings | 17,479 | 19,025 | 19,447 | 19,485 | 19,775 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |
| Treasury stock | -1,343 | -94 | -821 | -1,586 | -1,492 | S100R2UX, S100TPDE, S100W1IV, S100YS5W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YS5W |
| Property, plant and equipment | 32% | S100YS5W |
| Intangibles and goodwill | 2% | S100YS5W |
| Investment securities | 11% | S100YS5W |
| Other assets | 33% | S100YS5W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YS5W |
| Equity | 70% | S100YS5W |
| Other liabilities | 0% | S100YS5W |

### 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 | 40,256 | 38,893 | 36,425 | 36,019 | 36,863 |
| Equity | 23,478 | 26,591 | 26,026 | 25,253 | 25,869 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,643 | 12,603 | 10,065 | 9,420 | 8,267 |

## 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) | 27.3% | S100YS5W |
| Fixed assets ÷ total assets | 32.3% | S100YS5W |
| Goodwill ÷ parent equity | — | —, S100YS5W |

### 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) | 22.4% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.2% |
| Cash vs. profit gap | 862 JPY mn (of net income 42.8%) |
| Shareholder returns / net income | 91.1% |
| Shareholder returns / FCF | 143.0% |
| Shareholder payments — dividends / net income | 64.7% |
| Shareholder payments — dividends / FCF | 101.5% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 70.6% |

## 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 | 7.1% | 1.24× | 8.8% | 1.76× | 15.4% | S100R2UX |
| 2023 | 4.8% | 1.19× | 5.7% | 1.62× | 9.3% | S100TPDE |
| 2024 | 3.9% | 1.14× | 4.4% | 1.47× | 6.5% | S100W1IV |
| 2025 | 4.4% | 1.20× | 5.3% | 1.45× | 7.7% | S100YS5W |
| 2026 | 4.6% | 1.20× | 5.5% | 1.47× | 8.1% | S100YS5W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビー・エム・エル | Major shareholder | 9.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.0% | 2026-03-31 |
| ファルコホールディングス従業員持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 松本油脂製薬株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 野村信託銀行株式会社（ファルコホールディングス従業員持株会専用信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 赤澤 寬治 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社鍜治田工務店 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YS5W | 2026-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS5W,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W1IV | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1IV,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TPDE | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPDE,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R2UX | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2UX,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OCZP | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCZP,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LLRE | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLRE,, |

## 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).