# HOSHIIRYO-SANKI CO., LTD.: 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52期(2025/04/01－2026/03/31) (S100YHH0)
> Page: https://vizora.meequs.com/en/company/hoshiiryo-sanki
> Retrieved: 2026-09-30T19:08:44.510Z

## Company

Hoshiiryo-Sanki, founded in 1974, is a company in Medical Devices listed on TSE Standard. It has 527 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOSHI IRYO-SANKI CO., LTD. |
| Ticker | 7634 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7634.T) |
| Listing | TSE Standard |
| Head office | 東京都足立区入谷七丁目11番18号 |
| Representative (per filing) | 代表取締役社長 星 幸男 |
| Founded | Apr 1974 |
| Share capital | ¥436.2M |
| Employees (consolidated) | 527 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.hosi.co.jp (https://www.hosi.co.jp/) |
| Corporate number | 2011801011868 |
| EDINET | E03330 |
| Industries (Vizora) | Medical Devices, Plant Engineering & Building Services, Nursing Care |

> Profile source: annual securities report (S100YHH0, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.7 | 38 |
| Profitability | 55.1 | 39 |
| Cash conversion | 72.4 | 38 |
| Efficiency | 34.6 | 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)

- About 47% of Hoshiiryo-Sanki's sales come from Home medical treatment related, with Medical gas related and Medical gas equipment installation related making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -3.2%.

## Company structure

- Segment revenue mix: Home medical treatment related 46.6%、Medical gas related 25.4%、Medical gas equipment installation related 11.1%、Care welfare related 7.7%、Other 7.0%
- Revenue → net income: ¥15520127000 → ¥1380180000
- Net income → operating cash flow: ¥1380180000 → ¥2477008000（difference ¥1096828000）
- Main uses of operating cash flow: CapEx ¥376313000 / dividends ¥248045000 / buybacks ¥217000
- Change in cash: ¥-14888000
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 | ¥15.5B |  |
| Operating income | ¥1.92B | Margin 12.4% |
| Net income | ¥1.37B | Margin 8.8% |
| Free cash flow | ¥2.1B |  |
| Largest business | Home medical treatment related | of segment revenue 46.6% |
| Employees (consolidated) | 527 |  |
| EPS | ¥420.83 |  |
| Book value per share | ¥6008.42 |  |
| Equity ratio | 74.8% |  |
| Shares outstanding | 3,420,000 |  |
| Treasury shares | 295,100 |  |
| Shareholders | 930 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 22.1% | Cash ÷ revenue 38.1% |
| Vs. industry median margin | +1.3 pp | Medical Devices |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11809283000 | ¥15520127000 | +31.4% |
| Operating income | ¥1440993000 | ¥1919223000 | +33.2% |
| Operating margin | 12.2% | 12.4% | +0.2 pp |
| Employees | 431 people | 527 people | +22.3% |
| Cash and equivalents | ¥8372714000 | ¥5910930000 | -29.4% |

### 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 |
| --- | ---: |
| 医療用ガス関連事業 → 医療用ガス関連事業 | 25.4% |
| 医療用ガス関連事業 → 事業再編・廃止 | 2.2% |
| 在宅医療関連事業 → 在宅医療関連事業 | 41.5% |
| 医療用ガス設備工事関連事業 → 医療用ガス設備工事関連事業 | 10.4% |
| 介護福祉関連事業 → 介護福祉関連事業 | 7.1% |
| 施設介護関連事業 → 施設介護関連事業 | 2.3% |
| 施設介護関連事業 → 事業再編・廃止 | 0.9% |
| その他 → その他 | 7.0% |
| その他 → 事業再編・廃止 | 3.3% |
| 新設・再編 → 在宅医療関連事業 | 5.0% |
| 新設・再編 → 医療用ガス設備工事関連事業 | 0.7% |
| 新設・再編 → 介護福祉関連事業 | 0.6% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Home medical treatment related | 5 years | +8.1% | ¥7226321000 | 13.8% | 2 |
| Medical gas related | 5 years | +3.8% | ¥3944024000 | 11.7% | 2 |
| Medical gas equipment installation related | 5 years | +7.0% | ¥1719640000 | 16.0% | 2 |
| Care welfare related | 5 years | +7.4% | ¥1194421000 | 5.1% | 2 |
| Other | 5 years | -2.2% | ¥1085426000 | 12.6% | 2 |
| Nursing home | 5 years | -1.0% | ¥350293000 | -4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,520 | 100.0% | S100YHH0 |
| Cost of revenue | 7,843 | 50.5% | S100YHH0 |
| Gross profit | 7,677 | 49.5% | S100YHH0 |
| SG&A | 5,758 | 37.1% | S100YHH0 |
| Operating income | 1,919 | 12.4% | S100YHH0 |
| Ordinary income | 2,001 | 12.9% | S100YHH0 |
| Pretax income | 1,991 | 12.8% | S100YHH0 |
| Income tax | 611 | 3.9% | S100YHH0 |
| Net income | 1,380 | 8.9% | S100YHH0 |
| Net income attributable to owners | 1,373 | 8.8% | S100YHH0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 37 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 49.5% → Operating margin 12.4% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -3.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.15×
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 | 15,102 | 15,520 | 418 | +2.8% |
| Gross profit | 7,563 | 7,677 | 114 | +1.5% |
| Operating income | 1,982 | 1,919 | -63 | -3.2% |
| Net income attributable to owners | 1,463 | 1,373 | -91 | -6.2% |
| Operating cash flow | 2,190 | 2,477 | 287 | +13.1% |
| Free cash flow | 1,640 | 2,101 | 461 | +28.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,879 | 1,038 | 9.5% | 735 | 1,463 | -45 | S100LLMW |
| FY ending Mar 2021 | 11,809 | 1,441 | 12.2% | 994 | 2,480 | 2,283 | S100OMK1 |
| FY ending Mar 2022 | 12,772 | 1,595 | 12.5% | 1,107 | 1,975 | 1,317 | S100RAKW |
| FY ending Mar 2023 | 13,780 | 1,778 | 12.9% | 1,254 | 2,288 | 1,719 | S100TTO1 |
| FY ending Mar 2024 | 14,778 | 1,962 | 13.3% | 1,404 | 2,395 | 2,143 | S100W5LL |
| FY ending Mar 2025 | 15,102 | 1,982 | 13.1% | 1,463 | 2,190 | 1,640 | S100YHH0 |
| FY ending Mar 2026 | 15,520 | 1,919 | 12.4% | 1,373 | 2,477 | 2,101 | S100YHH0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 439 | 470 | 486 | 500 | 527 |
| Average salary (parent company) | ¥5M | ¥5.3M | ¥5.4M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 38.8 years | 39.1 years | 39.6 years | 39.9 years | 39.9 years |
| Average tenure (parent company) | 9.6 years | 9.7 years | 10.3 years | 10.3 years | 10.3 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical gas related | 3,944 | 25.4% | 462 | 11.7% |
| Home medical treatment related | 7,226 | 46.6% | 999 | 13.8% |
| Medical gas equipment installation related | 1,720 | 11.1% | 276 | 16.0% |
| Care welfare related | 1,194 | 7.7% | 61 | 5.1% |
| Nursing home | 350 | 2.3% | -16 | -4.4% |
| Other | 1,085 | 7.0% | 136 | 12.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical gas related | 25.4% | 23.9% | -1.5 | 11.7% |
| Home medical treatment related | 46.6% | 51.7% | 5.1 | 13.8% |
| Medical gas equipment installation related | 11.1% | 14.3% | 3.2 | 16.0% |
| Care welfare related | 7.7% | 3.2% | -4.5 | 5.1% |
| Nursing home | 2.3% | — | — | -4.4% |
| Other | 7.0% | 7.1% | 0.1 | 12.6% |

Loss-making segment (excluded from profit shares): Nursing home -16 JPY mn

Segment → industry: Home medical treatment related → Medical Devices / Medical gas related → Medical Devices / Medical gas equipment installation related → Plant Engineering & Building Services / Nursing home → Nursing Care / Care welfare related → Nursing Care

## 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 | 2,477 | 16.0% | S100YHH0 |
| Capital expenditure | 376 | 2.4% | S100YHH0 |
| Free cash flow | 2,101 | 13.5% | 算出 |
| Investing cash flow | -1,544 | -9.9% | S100YHH0 |
| Financing cash flow | -948 | -6.1% | S100YHH0 |
| Dividends paid | 248 | 1.6% | S100YHH0 |
| Share buyback | 0 | 0.0% | S100YHH0 |
| Change in cash | -15 | -0.1% | S100YHH0 |
| Cash and equivalents | 5,911 | 38.1% | S100YHH0 |

## 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 | 8,720 | 8,991 | 9,756 | 5,926 | 5,911 | S100TTO1, S100W5LL, S100YHH0 |
| Total assets | 20,252 | 21,247 | 23,037 | 24,590 | 26,744 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Net assets | 14,510 | 15,591 | 17,373 | 18,716 | 20,326 | S100TTO1, S100W5LL, S100YHH0 |
| Share capital | 436 | 436 | 436 | 436 | 436 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Property, plant and equipment | 6,331 | 6,263 | 6,134 | 6,680 | 6,895 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Intangible assets excluding goodwill | 93 | 229 | 186 | 139 | 146 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Goodwill | — | — | 4 | — | — | S100W5LL |
| Investment securities | 983 | 1,466 | 2,765 | 2,967 | 4,164 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Current assets | 11,615 | 12,067 | 12,875 | 13,783 | 14,426 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Current liabilities | 4,228 | 4,379 | 4,424 | 4,351 | 4,546 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Trade payables | 2,489 | 2,560 | 2,693 | 2,749 | 2,663 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Total liabilities | 5,742 | 5,656 | 5,664 | 5,874 | 6,418 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Non-controlling interests | 216 | 225 | 275 | 286 | 320 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Equity attributable to owners of parent | 13,949 | 15,035 | 16,245 | 17,508 | 18,644 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Retained earnings | 13,832 | 14,899 | 16,095 | 17,340 | 18,463 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |
| Treasury stock | -873 | -860 | -850 | -838 | -831 | S100RAKW, S100TTO1, S100W5LL, S100YHH0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YHH0 |
| Property, plant and equipment | 26% | S100YHH0 |
| Intangibles and goodwill | 0% | S100YHH0 |
| Investment securities | 16% | S100YHH0 |
| Other assets | 36% | S100YHH0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YHH0 |
| Other liabilities | 14% | S100YHH0 |
| Equity | 76% | S100YHH0 |

### 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 | 20,252 | 21,247 | 23,037 | 24,590 | 26,744 |
| Equity | 14,510 | 15,591 | 17,373 | 18,716 | 20,326 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,720 | 8,991 | 9,756 | 5,926 | 5,911 |

## 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) | 44.4% | S100YHH0 |
| Fixed assets ÷ total assets | 25.8% | S100YHH0 |
| Goodwill ÷ parent equity | — | —, S100YHH0 |

### 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) | 22.1% |
| Cash ÷ revenue | 38.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.1% |
| Cash vs. profit gap | 1,104 JPY mn (of net income 80.4%) |
| Shareholder returns / net income | 18.1% |
| Shareholder returns / FCF | 11.8% |
| Shareholder payments — dividends / net income | 18.1% |
| Shareholder payments — dividends / FCF | 11.8% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 62.3% |

## 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 | 8.7% | 0.63× | 5.5% | 1.45× | 7.9% | S100RAKW |
| 2023 | 9.1% | 0.66× | 6.0% | 1.43× | 8.7% | S100TTO1 |
| 2024 | 9.5% | 0.67× | 6.3% | 1.42× | 9.0% | S100W5LL |
| 2025 | 9.7% | 0.63× | 6.1% | 1.41× | 8.7% | S100YHH0 |
| 2026 | 8.8% | 0.60× | 5.3% | 1.42× | 7.6% | S100YHH0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 星医療酸器取引先持株会 | Major shareholder | 18.5% | 2026-03-31 |
| 株式会社UH Partners 2 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| 一星社株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 星 幸 男 | Major shareholder | 4.7% | 2026-03-31 |
| 星 孝 子 | Major shareholder | 3.5% | 2026-03-31 |
| 星 昌 成 | Major shareholder | 3.2% | 2026-03-31 |
| 星医療酸器従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社UH Partners 3 | Major shareholder | 2.0% | 2026-03-31 |
| 小池酸素工業株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YHH0 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHH0,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W5LL | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5LL,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TTO1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTO1,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100RAKW | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAKW,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OMK1 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMK1,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LLMW | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLMW,, |

## 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).