# HOKUYAKU TAKEYAMA 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20期(2025/04/01－2026/03/31) (S100YJPG)
> Page: https://vizora.meequs.com/en/company/hokuyaku-takeyama-holdings
> Retrieved: 2026-09-30T20:35:31.746Z

## Company

HOKUYAKU TAKEYAMA Holdings, founded in 2006, is a company in Health Tech listed on Sapporo. It has 1,591 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKUYAKU TAKEYAMA Holdings,Inc. |
| Ticker | 3055 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3055.T) |
| Listing | Sapporo |
| Head office | 札幌市中央区北6条西16丁目1番地5 |
| Representative (per filing) | 代表取締役社長 眞鍋 雅信 |
| Founded | Sep 2006 |
| Share capital | ¥1B |
| Employees (consolidated) | 1,591 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.hokutake.co.jp (https://www.hokutake.co.jp/) |
| Corporate number | 2430001032501 |
| EDINET | E03003 |
| Industries (Vizora) | Health Tech, Nursing Care, Specialty Trading & Wholesale, Drugstores & Pharmacies |

> Profile source: annual securities report (S100YJPG, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.6 | 179 |
| Profitability | 5.7 | 185 |
| Cash conversion | 74.6 | 179 |
| Efficiency | 74.3 | 185 |

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 71% of HOKUYAKU TAKEYAMA Holdings's sales come from Wholesaler of drugs industry, with Medical equipment wholesale industry and Dispensing industry making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit -42.3%.

## Company structure

- Segment revenue mix: Wholesaler of drugs industry 71.1%、Medical equipment wholesale industry 23.0%、Dispensing industry 4.2%、Nursing industry 1.6%、Information and Communication Technology industry 0.2%
- Revenue → net income: ¥303667000000 → ¥1684000000
- Net income → operating cash flow: ¥1684000000 → ¥2468000000（difference ¥784000000）
- Main uses of operating cash flow: CapEx ¥3236000000 / dividends ¥419000000 / buybacks —
- Change in cash: ¥-650000000
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 | ¥303.7B |  |
| Operating income | ¥1.69B | Margin 0.6% |
| Net income | ¥1.68B | Margin 0.6% |
| Free cash flow | -¥768M |  |
| Largest business | Wholesaler of drugs industry | of segment revenue 71.1% |
| Employees (consolidated) | 1,591 |  |
| EPS | ¥22.15 |  |
| Book value per share | ¥2070.67 |  |
| Equity ratio | 41.5% |  |
| Shares outstanding | 24,400,000 |  |
| Treasury shares | 3,843,800 |  |
| Shareholders | 1,060 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 5.6% |
| Vs. industry median margin | -2.3 pp | Specialty Trading & Wholesale |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥239494000000 | ¥303667000000 | +26.8% |
| Operating income | ¥1445000000 | ¥1690000000 | +17.0% |
| Operating margin | 0.6% | 0.6% | 0 pp |
| Employees | 1,570 people | 1,591 people | +1.3% |
| Cash and equivalents | ¥20434000000 | ¥17089000000 | -16.4% |

### 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 |
| --- | ---: |
| 医薬品卸売事業 → 医薬品卸売事業 | 67.4% |
| 医療機器卸売事業 → 医療機器卸売事業 | 23.0% |
| 医療機器卸売事業 → 事業再編・廃止 | 2.2% |
| 薬局事業 → 薬局事業 | 4.2% |
| 薬局事業 → 事業再編・廃止 | 1.6% |
| 介護事業 → 介護事業 | 1.6% |
| 介護事業 → 事業再編・廃止 | 0.0% |
| ＩＣＴ事業 → ＩＣＴ事業 | 0.2% |
| 新設・再編 → 医薬品卸売事業 | 3.7% |
| 新設・再編 → ＩＣＴ事業 | 0.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wholesaler of drugs industry | 5 years | +6.0% | ¥215897000000 | 0.6% | 2 |
| Medical equipment wholesale industry | 5 years | +3.0% | ¥69698000000 | 1.3% | 2 |
| Dispensing industry | 5 years | -1.8% | ¥12638000000 | -0.8% | 2 |
| Nursing industry | 5 years | +4.8% | ¥4717000000 | 5.7% | 2 |
| Information and Communication Technology industry | 5 years | +7.9% | ¥680000000 | 29.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 303,667 | 100.0% | S100YJPG |
| Cost of revenue | 282,327 | 93.0% | S100YJPG |
| Gross profit | 21,339 | 7.0% | S100YJPG |
| SG&A | 19,649 | 6.5% | S100YJPG |
| Operating income | 1,690 | 0.6% | S100YJPG |
| Ordinary income | 2,417 | 0.8% | S100YJPG |
| Pretax income | 2,777 | 0.9% | S100YJPG |
| Income tax | 1,092 | 0.4% | S100YJPG |
| Net income | 1,684 | 0.6% | S100YJPG |
| Net income attributable to owners | 1,683 | 0.6% | S100YJPG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 6 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 7.0% → Operating margin 0.6% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.9%; Core profit growth: -42.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.66×
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 | 289,534 | 303,667 | 14,133 | +4.9% |
| Gross profit | 21,595 | 21,339 | -256 | -1.2% |
| Operating income | 2,927 | 1,690 | -1,237 | -42.3% |
| Net income attributable to owners | 2,472 | 1,683 | -789 | -31.9% |
| Operating cash flow | -262 | 2,468 | 2,730 | — |
| Free cash flow | -2,697 | -768 | 1,929 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 243,102 | 2,973 | 1.2% | 2,043 | 4,745 | 747 | S100LQJ9 |
| FY ending Mar 2021 | 239,494 | 1,445 | 0.6% | 1,492 | 1,791 | -854 | S100OAHB |
| FY ending Mar 2022 | 248,369 | 2,131 | 0.9% | 2,804 | 3,166 | 765 | S100R67P |
| FY ending Mar 2023 | 262,554 | 3,203 | 1.2% | 2,729 | -828 | -2,782 | S100TUAN |
| FY ending Mar 2024 | 275,364 | 2,827 | 1.0% | 2,175 | 5,727 | 3,349 | S100W54R |
| FY ending Mar 2025 | 289,534 | 2,927 | 1.0% | 2,472 | -262 | -2,697 | S100YJPG |
| FY ending Mar 2026 | 303,667 | 1,690 | 0.6% | 1,683 | 2,468 | -768 | S100YJPG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥190.9M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,625 | 1,626 | 1,601 | 1,605 | 1,591 |
| Average salary (parent company) | ¥5.3M | ¥5.2M | ¥5.3M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 44.5 years | 44.4 years | 44.5 years | 45.0 years | 45.9 years |
| Average tenure (parent company) | 16.5 years | 15.7 years | 14.7 years | 15.1 years | 16.6 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesaler of drugs industry | 215,897 | 71.1% | 1,202 | 0.6% |
| Medical equipment wholesale industry | 69,698 | 23.0% | 899 | 1.3% |
| Dispensing industry | 12,638 | 4.2% | -103 | -0.8% |
| Nursing industry | 4,717 | 1.6% | 268 | 5.7% |
| Information and Communication Technology industry | 680 | 0.2% | 201 | 29.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wholesaler of drugs industry | 71.1% | 46.8% | -24.3 | 0.6% |
| Medical equipment wholesale industry | 23.0% | 35.0% | 12.0 | 1.3% |
| Dispensing industry | 4.2% | — | — | -0.8% |
| Nursing industry | 1.6% | 10.4% | 8.9 | 5.7% |
| Information and Communication Technology industry | 0.2% | 7.8% | 7.6 | 29.6% |

Loss-making segment (excluded from profit shares): Dispensing industry -103 JPY mn

Segment → industry: Information and Communication Technology industry → Health Tech / Nursing industry → Nursing Care / Medical equipment wholesale industry → Specialty Trading & Wholesale / Wholesaler of drugs industry → Specialty Trading & Wholesale / Dispensing industry → Drugstores & Pharmacies

## 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 | 2,468 | 0.8% | S100YJPG |
| Capital expenditure | 3,236 | 1.1% | S100YJPG |
| Free cash flow | -768 | -0.3% | 算出 |
| Investing cash flow | -2,207 | -0.7% | S100YJPG |
| Financing cash flow | -910 | -0.3% | S100YJPG |
| Dividends paid | 419 | 0.1% | S100YJPG |
| Change in cash | -650 | -0.2% | S100YJPG |
| Cash and equivalents | 17,089 | 5.6% | S100YJPG |

## 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 | 21,091 | 18,022 | 20,813 | 17,739 | 17,089 | S100TUAN, S100W54R, S100YJPG |
| Total assets | 136,883 | 137,937 | 147,300 | 147,451 | 155,685 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Net assets | 55,543 | 57,443 | 60,684 | 61,861 | 64,663 | S100TUAN, S100W54R, S100YJPG |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Trade receivables | 52,740 | 54,990 | 57,409 | 58,780 | 62,199 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Property, plant and equipment | 20,420 | 21,118 | 22,504 | 23,625 | 25,605 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Intangible assets excluding goodwill | 1,797 | 1,764 | 1,662 | 1,478 | 1,241 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Goodwill | 1,069 | 960 | 851 | 690 | 420 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Investment securities | 15,475 | 15,338 | 17,720 | 17,038 | 19,412 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Current assets | 97,495 | 98,305 | 104,114 | 103,819 | 107,509 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Current liabilities | 78,214 | 77,584 | 83,191 | 82,346 | 86,938 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Trade payables | 71,627 | 70,915 | 76,015 | 74,995 | 78,870 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Long-term borrowings | 16 | 14 | 13 | 11 | 9 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Total liabilities | 81,340 | 80,494 | 86,616 | 85,590 | 91,021 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Non-controlling interests | 11 | 13 | 14 | 15 | 17 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Equity attributable to owners of parent | 50,461 | 52,428 | 53,763 | 55,378 | 56,242 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Retained earnings | 38,965 | 41,315 | 42,970 | 45,017 | 46,282 | S100R67P, S100TUAN, S100W54R, S100YJPG |
| Treasury stock | -1,325 | -1,709 | -2,029 | -2,461 | -2,862 | S100R67P, S100TUAN, S100W54R, S100YJPG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YJPG |
| Receivables | 40% | S100YJPG |
| Property, plant and equipment | 16% | S100YJPG |
| Intangibles and goodwill | 1% | S100YJPG |
| Investment securities | 13% | S100YJPG |
| Other assets | 19% | S100YJPG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 51% | S100YJPG |
| Other liabilities | 8% | S100YJPG |
| Equity | 41% | S100YJPG |
| Other liabilities | 0% | S100YJPG |

### 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 | 136,883 | 137,937 | 147,300 | 147,451 | 155,685 |
| Equity | 55,543 | 57,443 | 60,684 | 61,861 | 64,663 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,091 | 18,022 | 20,813 | 17,739 | 17,089 |

## 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) | 8.4% | S100YJPG |
| Fixed assets ÷ total assets | 16.4% | S100YJPG |
| Goodwill ÷ parent equity | 0.7% | S100YJPG |

Goodwill over 4 years: 1,069 → 420 JPY; total investing cash flow: -9,130 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) | 11.0% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.0% |
| Cash vs. profit gap | 785 JPY mn (of net income 46.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 89.4% |

## 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 | 1.1% | 1.81× | 2.0% | 2.71× | 5.6% | S100R67P |
| 2023 | 1.0% | 1.91× | 2.0% | 2.67× | 5.3% | S100TUAN |
| 2024 | 0.8% | 1.93× | 1.5% | 2.69× | 4.1% | S100W54R |
| 2025 | 0.9% | 1.96× | 1.7% | 2.70× | 4.5% | S100YJPG |
| 2026 | 0.6% | 2.00× | 1.1% | 2.72× | 3.0% | S100YJPG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社いつわ企画 | Major shareholder | 13.0% | 2026-03-31 |
| 有限会社タスク企画 | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社アステム | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社北海道銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 3.9% | 2026-03-31 |
| ほくたけ従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| エーザイ株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 住友ファーマ株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社バイタルネット | Major shareholder | 2.2% | 2026-03-31 |
| 第一三共株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥303.7B, up 4.9% from ¥289.5B and a record for the group.
- Profit moved the other way: gross profit slipped 1.2% to ¥21.3B, and operating income fell 42.3% from ¥2.93B to ¥1.69B.
- Net income attributable to owners dropped 31.9% to ¥1.68B.
- Operating cash flow turned positive at ¥2.47B, after an outflow of ¥262M the year before.

### Drivers

- Drug wholesale sales grew as the company pushed new cancer drugs and demand for publicly subsidized shingles vaccines rose
- Higher purchase prices squeezed margins even as sales grew
- Spending on stronger information security and a special inflation allowance paid to all employees raised costs
- The pharmacy business fell into an operating loss as prescription volumes dropped and it paid to rebrand all stores under one name

### Risks

- Government efforts to hold down medical spending, such as cuts to drug prices and device reimbursement, can swing sales and profit
- If hospital customers run into financial trouble, some receivables may not be collected
- Logistics accidents or IT outages could disrupt the stable supply of medicines

Cited: Annual securities report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YJPG | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJPG,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W54R | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W54R,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TUAN | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUAN,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R67P | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R67P,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OAHB | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAHB,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LQJ9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQJ9,, |

## 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).