# H.U. Group Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/04/01－2026/03/31) (S100YB46)
> Page: https://vizora.meequs.com/en/company/h-u-group-holdings
> Retrieved: 2026-09-30T23:08:34.824Z

## Company

H.U. Group Holdings, founded in 1950, is a company in Medical Devices listed on TSE Prime. It has 5,157 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | H.U. Group Holdings, Inc. |
| Ticker | 4544 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4544.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂一丁目8番1号 |
| Representative (per filing) | 代表執行役社長 兼 グループCEO 石川 剛生 |
| Founded | Dec 1950 |
| Share capital | ¥9.31B |
| Employees (consolidated) | 5,157 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.hugp.com (https://www.hugp.com/) |
| Corporate number | 1011101039628 |
| EDINET | E00967 |
| Industries (Vizora) | Medical Devices, Hospitals & Medical Services, CRO & Clinical Testing |

> Profile source: annual securities report (S100YB46, filed 2026-06-15). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 12 |
| Profitability | 19.2 | 13 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 88.5 | 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 64% of H.U. Group Holdings's sales come from Clinical Lab Testing Business, with In Vitro Diagnostics Business and Sterilization and related services making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +81.1%.

## Company structure

- Segment revenue mix: Clinical Lab Testing Business 63.6%、In Vitro Diagnostics Business 24.6%、Sterilization and related services 11.9%
- Revenue → net income: ¥247362000000 → ¥6704000000
- Net income → operating cash flow: ¥6704000000 → ¥21565000000（difference ¥14861000000）
- Main uses of operating cash flow: CapEx ¥4862000000 / dividends ¥7137000000 / buybacks ¥5002000000
- Change in cash: ¥7219000000
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 | ¥247.4B |  |
| Operating income | ¥4.78B | Margin 1.9% |
| Net income | ¥6.82B | Margin 2.8% |
| Free cash flow | ¥16.7B |  |
| Largest business | Clinical Lab Testing Business | of segment revenue 63.6% |
| Employees (consolidated) | 5,157 |  |
| EPS | ¥140.27 |  |
| Diluted EPS | ¥140.16 |  |
| Book value per share | ¥1366.17 |  |
| Equity ratio | 51.3% |  |
| Shares outstanding | 57,492,322 |  |
| Treasury shares | 493,900 |  |
| Shareholders | 12,311 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 18.0% | Net cash ¥2.85B · Cash ÷ revenue 19.4% |
| Vs. industry median margin | -3.5 pp | CRO & Clinical Testing |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, employees -5% while operating income rose 81%
- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥223016000000 | ¥247362000000 | +10.9% |
| Operating income | ¥25392000000 | ¥4780000000 | -81.2% |
| Operating margin | 11.4% | 1.9% | -9.5 pp |
| Employees | 5,897 people | 5,157 people | -12.5% |
| Cash and equivalents | ¥42950000000 | ¥48104000000 | +12.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 検査・関連サービス事業 → 検査・関連サービス事業 | 60.4% |
| 臨床検査薬事業 → 臨床検査薬事業 | 21.5% |
| ヘルスケア関連サービス事業 → ヘルスケア関連サービス事業 | 11.9% |
| ヘルスケア関連サービス事業 → 事業再編・廃止 | 1.9% |
| 新規育成事業およびその他 → 事業再編・廃止 | 4.4% |
| 新設・再編 → 検査・関連サービス事業 | 3.2% |
| 新設・再編 → 臨床検査薬事業 | 3.1% |

Segment revenue source references: 7 (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 Lab Testing Business | 5 years | +2.2% | ¥157297000000 | 0.0% | 2 |
| In Vitro Diagnostics Business | 5 years | +4.0% | ¥60735000000 | 14.9% | 2 |
| Sterilization and related services | 5 years | -1.8% | ¥29330000000 | 6.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 247,362 | 100.0% | S100YB46 |
| Cost of revenue | 175,977 | 71.1% | S100YB46 |
| Gross profit | 71,385 | 28.9% | S100YB46 |
| SG&A | 66,605 | 26.9% | S100YB46 |
| Operating income | 4,780 | 1.9% | S100YB46 |
| Ordinary income | 2,834 | 1.1% | S100YB46 |
| Pretax income | 8,582 | 3.5% | S100YB46 |
| Income tax | 1,877 | 0.8% | S100YB46 |
| Net income | 6,704 | 2.7% | S100YB46 |
| Net income attributable to owners | 6,823 | 2.8% | S100YB46 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 27 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.9% → Operating margin 1.9% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +81.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 45.42×
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 | 243,025 | 247,362 | 4,337 | +1.8% |
| Gross profit | 67,198 | 71,385 | 4,187 | +6.2% |
| Operating income | 2,640 | 4,780 | 2,140 | +81.1% |
| Net income attributable to owners | 2,761 | 6,823 | 4,062 | +147.1% |
| Operating cash flow | 21,964 | 21,565 | -399 | -1.8% |
| Free cash flow | 11,650 | 16,703 | 5,053 | +43.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 188,712 | 9,939 | 5.3% | -516 | 15,229 | -336 | S100M4WA |
| FY ending Mar 2021 | 223,016 | 25,392 | 11.4% | 17,468 | 35,588 | 14,400 | S100OATL |
| FY ending Mar 2022 | 272,944 | 50,490 | 18.5% | 29,599 | 55,229 | 20,104 | S100QZI9 |
| FY ending Mar 2023 | 260,908 | 23,381 | 9.0% | 15,676 | 32,535 | 10,849 | S100TMPA |
| FY ending Mar 2024 | 236,950 | -4,043 | -1.7% | -7,553 | 16,551 | -1,006 | S100VXAH |
| FY ending Mar 2025 | 243,025 | 2,640 | 1.1% | 2,761 | 21,964 | 11,650 | S100YB46 |
| FY ending Mar 2026 | 247,362 | 4,780 | 1.9% | 6,823 | 21,565 | 16,703 | S100YB46 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48M |
| Operating income per employee (consolidated) | ¥926.9K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 5,444 | 5,437 | 5,295 | 5,444 | 5,157 |
| Average salary (parent company) | ¥9M | ¥8.9M | ¥8.6M | ¥8.2M | ¥8.1M |
| Average age (parent company) | 45.6 years | 45.5 years | 44.2 years | 43.3 years | 43.2 years |
| Average tenure (parent company) | 12.4 years | 11.9 years | 12.6 years | 12.1 years | 12.1 years |

Year over year: Employees (consolidated) -5.3% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Clinical Lab Testing Business | 157,297 | 63.6% | 31 | 0.0% |
| In Vitro Diagnostics Business | 60,735 | 24.6% | 9,050 | 14.9% |
| Sterilization and related services | 29,330 | 11.9% | 1,759 | 6.0% |

### 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 Lab Testing Business | 63.6% | 0.3% | -63.3 | 0.0% |
| In Vitro Diagnostics Business | 24.6% | 83.5% | 58.9 | 14.9% |
| Sterilization and related services | 11.9% | 16.2% | 4.4 | 6.0% |

Segment → industry: In Vitro Diagnostics Business → Medical Devices / Sterilization and related services → Hospitals & Medical Services / Clinical Lab 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 | 21,565 | 8.7% | S100YB46 |
| Capital expenditure | 4,862 | 2.0% | S100YB46 |
| Free cash flow | 16,703 | 6.8% | 算出 |
| Investing cash flow | 11,339 | 4.6% | S100YB46 |
| Financing cash flow | -26,393 | -10.7% | S100YB46 |
| Dividends paid | 7,137 | 2.9% | S100YB46 |
| Share buyback | 5,002 | 2.0% | S100YB46 |
| Change in cash | 7,219 | 2.9% | S100YB46 |
| Cash and equivalents | 48,104 | 19.4% | S100YB46 |

## 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 | 46,479 | 44,185 | 39,946 | 40,884 | 48,104 | S100TMPA, S100VXAH, S100YB46 |
| Total assets | 286,587 | 297,924 | 290,849 | 279,582 | 267,466 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Net assets | 140,178 | 150,047 | 142,505 | 137,295 | 137,472 | S100TMPA, S100VXAH, S100YB46 |
| Share capital | 9,231 | 9,274 | 9,279 | 9,279 | 9,309 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Property, plant and equipment | 76,520 | 80,214 | 81,400 | 73,549 | 65,396 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Intangible assets excluding goodwill | 34,406 | 45,373 | 45,832 | 44,283 | 39,730 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Goodwill | 201 | 4,453 | 7,399 | 7,682 | 8,680 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Investment securities | 8,300 | 6,997 | 6,438 | 1,801 | 846 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Current assets | 132,542 | 131,851 | 123,220 | 119,143 | 126,630 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Current liabilities | 70,755 | 64,371 | 64,070 | 69,438 | 73,559 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Trade payables | 21,307 | 20,512 | 19,729 | 18,908 | 20,159 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Short-term borrowings | — | — | — | 10,000 | 10,000 | S100YB46 |
| Long-term borrowings | 18,700 | 25,000 | 29,000 | 19,182 | 9,154 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Bonds | 35,000 | 35,000 | 31,100 | 31,100 | 26,100 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Interest-bearing debt | — | — | — | 60,282 | 45,254 | 算出 |
| Total liabilities | 146,408 | 147,877 | 148,344 | 142,287 | 129,994 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Non-controlling interests | — | — | — | 180 | 61 | S100YB46 |
| Equity attributable to owners of parent | 136,060 | 144,633 | 129,724 | 125,425 | 120,159 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Retained earnings | 103,957 | 112,422 | 97,700 | 93,309 | 92,335 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |
| Treasury stock | -2,081 | -2,060 | -2,256 | -2,258 | -6,610 | S100QZI9, S100TMPA, S100VXAH, S100YB46 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YB46 |
| Property, plant and equipment | 25% | S100YB46 |
| Intangibles and goodwill | 18% | S100YB46 |
| Investment securities | 0% | S100YB46 |
| Other assets | 39% | S100YB46 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YB46 |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 24% | S100YB46 |
| Equity | 51% | S100YB46 |

### 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 | 286,587 | 297,924 | 290,849 | 279,582 | 267,466 |
| Equity | 140,178 | 150,047 | 142,505 | 137,295 | 137,472 |
| Interest-bearing debt | — | — | — | 60,282 | 45,254 |
| Cash | 46,479 | 44,185 | 39,946 | 40,884 | 48,104 |

## 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) | 26.4% | S100YB46 |
| Fixed assets ÷ total assets | 24.5% | S100YB46 |
| Goodwill ÷ parent equity | 7.2% | S100YB46 |

Goodwill over 4 years: 201 → 8,680 JPY; total investing cash flow: -81,114 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) | 18.0% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | ¥2.85B |
| Net debt ÷ operating cash flow | -0.13× |
| Cash conversion (operating CF ÷ operating income) | 451.2% |
| Cash vs. profit gap | 14,742 JPY mn (of net income 216.1%) |
| Shareholder returns / net income | 177.9% |
| Shareholder returns / FCF | 72.7% |
| Shareholder payments — dividends / net income | 104.6% |
| Shareholder payments — dividends / FCF | 42.7% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 52.6% |

## 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 | 10.8% | 0.95× | 10.3% | 2.11× | 21.8% | S100QZI9 |
| 2023 | 6.0% | 0.89× | 5.4% | 2.08× | 11.2% | S100TMPA |
| 2024 | — | —× | -2.6% | —× | — | S100VXAH |
| 2025 | 1.1% | 0.85× | 1.0% | 2.24× | 2.2% | S100YB46 |
| 2026 | 2.8% | 0.90× | 2.5% | 2.23× | 5.6% | S100YB46 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505012 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.2% | 2026-03-31 |
| ＧＩＣ ＰＲＩＶＡＴＥ ＬＩＭＩＴＥＤ－ Ｃ （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ 380684 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505301 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＵＳ １０ＰＣＴ ＣＬＩＥＮＴＳ ＬＥＮＤＩＮＧ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YB46 | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB46,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100VXAH | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXAH,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TMPA | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMPA,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100QZI9 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZI9,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OATL | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OATL,, |
| 訂正有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100M4WA | 2021-08-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M4WA,, |

## 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).