# Human Metabolome Technologies, Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/07/01－2026/06/30) (S100Z2EI)
> Page: https://vizora.meequs.com/en/company/human-metabolome-technologies
> Retrieved: 2026-09-30T22:15:50.033Z

## Company

Human Metabolome Technologies, founded in 2003, is a company in CRO & Clinical Testing listed on TSE Standard. It has 65 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Human Metabolome Technologies, Inc. |
| Ticker | 6090 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6090.T) |
| Listing | TSE Standard |
| Head office | 山形県鶴岡市覚岸寺字水上246番地2 |
| Representative (per filing) | 代表取締役社長兼CFO 大畑 恭宏 |
| Founded | Jul 2003 |
| Share capital | ¥1.49B |
| Employees (consolidated) | 65 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | June |
| Website | humanmetabolome.com (https://humanmetabolome.com/) |
| Corporate number | 5390001008172 |
| EDINET | E30071 |
| Industries (Vizora) | CRO & Clinical Testing |

> Profile source: annual securities report (S100Z2EI, filed 2026-09-17). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.2 | 12 |
| Profitability | 88.5 | 13 |
| Cash conversion | 22.7 | 11 |
| Efficiency | 34.6 | 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)

- Human Metabolome Technologies brought in ¥1.42B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -2.3% from the prior year, operating profit -15.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1421944000 → ¥200358000
- Net income → operating cash flow: ¥200358000 → ¥208580000（difference ¥8222000）
- Main uses of operating cash flow: CapEx ¥83369000 / dividends ¥85002000 / buybacks ¥189460000
- Change in cash: ¥-150133000
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 | ¥1.42B |  |
| Operating income | ¥209.9M | Margin 14.8% |
| Net income | ¥200.4M | Margin 14.1% |
| Free cash flow | ¥125.2M |  |
| Employees (consolidated) | 65 |  |
| EPS | ¥35.22 |  |
| Book value per share | ¥325.79 |  |
| Equity ratio | 80.2% |  |
| Shares outstanding | 5,919,797 |  |
| Treasury shares | 500,000 |  |
| Shareholders | 3,726 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 63.3% | Cash ÷ revenue 101.6% |
| Vs. industry median margin | +9.3 pp | CRO & Clinical Testing |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, cash is 63% of total assets
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1124067000 | ¥1421944000 | +26.5% |
| Operating income | ¥39368000 | ¥209911000 | +433.2% |
| Operating margin | 3.5% | 14.8% | +11.3 pp |
| Employees | 69 people | 65 people | -5.8% |
| Cash and equivalents | ¥1245050000 | ¥1444180000 | +16.0% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メタボロミクス事業 → 事業再編・廃止 | 49.8% |
| 先端研究開発支援事業 → 事業再編・廃止 | 49.8% |
| バイオマーカー事業 → 事業再編・廃止 | 0.2% |
| ヘルスケア・ソリューション事業 → 事業再編・廃止 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,422 | 100.0% | S100Z2EI |
| Cost of revenue | 553 | 38.9% | S100Z2EI |
| Gross profit | 869 | 61.1% | S100Z2EI |
| SG&A | 659 | 46.3% | S100Z2EI |
| Operating income | 210 | 14.8% | S100Z2EI |
| Ordinary income | 207 | 14.5% | S100Z2EI |
| Pretax income | 225 | 15.8% | S100Z2EI |
| Income tax | 24 | 1.7% | S100Z2EI |
| Net income | 200 | 14.1% | S100Z2EI |
| Net income attributable to owners | 200 | 14.1% | S100Z2EI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 46 |
| Operating income | 15 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 61.1% → Operating margin 14.8% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.3%; Core profit growth: -15.9%
Operating leverage (core profit growth ÷ revenue growth): 6.99×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,455 | 1,422 | -33 | -2.3% |
| Gross profit | 922 | 869 | -53 | -5.8% |
| Operating income | 250 | 210 | -40 | -15.9% |
| Net income attributable to owners | 256 | 200 | -56 | -21.9% |
| Operating cash flow | 374 | 209 | -165 | -44.2% |
| Free cash flow | 225 | 125 | -100 | -44.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 1,118 | -17 | -1.5% | -48 | 184 | 149 | S100MHKD |
| FY ending Jun 2021 | 1,124 | 39 | 3.5% | 58 | -34 | -62 | S100P815 |
| FY ending Jun 2022 | 1,223 | 191 | 15.6% | 268 | 324 | 178 | S100RW1Z |
| FY ending Jun 2023 | 1,299 | 211 | 16.2% | 286 | 285 | 168 | S100UE9D |
| FY ending Jun 2024 | 1,346 | 220 | 16.4% | 243 | 237 | 203 | S100WPSX |
| FY ending Jun 2025 | 1,455 | 250 | 17.1% | 256 | 374 | 225 | S100Z2EI |
| FY ending Jun 2026 | 1,422 | 210 | 14.8% | 200 | 209 | 125 | S100Z2EI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.9M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 65 | 57 | 58 | 62 | 65 |
| Average salary (parent company) | ¥5.5M | ¥6M | ¥6.8M | ¥6.7M | ¥6.6M |
| Average age (parent company) | 39.8 years | 40.7 years | 40.5 years | 39.2 years | 40.4 years |
| Average tenure (parent company) | 7.4 years | 7.8 years | 8.6 years | 9.7 years | 10.9 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) -2.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 209 | 14.7% | S100Z2EI |
| Capital expenditure | 83 | 5.9% | S100Z2EI |
| Free cash flow | 125 | 8.8% | 算出 |
| Investing cash flow | -83 | -5.9% | S100Z2EI |
| Financing cash flow | -282 | -19.8% | S100Z2EI |
| Dividends paid | 85 | 6.0% | S100Z2EI |
| Share buyback | 189 | 13.3% | S100Z2EI |
| Change in cash | -150 | -10.6% | S100Z2EI |
| Cash and equivalents | 1,444 | 101.6% | S100Z2EI |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,505 | 1,657 | 1,789 | 1,594 | 1,444 | S100UE9D, S100WPSX, S100Z2EI |
| Total assets | 2,069 | 2,291 | 2,603 | 2,375 | 2,280 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Net assets | 1,487 | 1,772 | 1,947 | 1,909 | 1,829 | S100UE9D, S100WPSX, S100Z2EI |
| Share capital | 1,482 | 1,485 | 1,488 | 1,489 | 1,489 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Property, plant and equipment | 243 | 271 | 332 | 285 | 264 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Intangible assets excluding goodwill | 6 | 22 | 17 | 13 | 33 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Investment securities | 7 | 7 | 7 | 50 | 50 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Current assets | 1,742 | 1,848 | 2,096 | 1,865 | 1,768 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Current liabilities | 546 | 493 | 633 | 450 | 439 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Short-term borrowings | 200 | 200 | 200 | 100 | 100 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Total liabilities | 582 | 519 | 657 | 466 | 451 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Equity attributable to owners of parent | 1,429 | 1,721 | 1,911 | 1,915 | 1,846 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Retained earnings | -1,523 | 233 | 417 | 585 | 700 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |
| Treasury stock | -0 | -0 | -0 | -167 | -350 | S100RW1Z, S100UE9D, S100WPSX, S100Z2EI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100Z2EI |
| Property, plant and equipment | 12% | S100Z2EI |
| Intangibles and goodwill | 2% | S100Z2EI |
| Investment securities | 2% | S100Z2EI |
| Other assets | 21% | S100Z2EI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100Z2EI |
| Equity | 80% | S100Z2EI |
| Other liabilities | 0% | S100Z2EI |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,069 | 2,291 | 2,603 | 2,375 | 2,280 |
| Equity | 1,487 | 1,772 | 1,947 | 1,909 | 1,829 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,505 | 1,657 | 1,789 | 1,594 | 1,444 |

## 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) | 18.6% | S100Z2EI |
| Fixed assets ÷ total assets | 11.6% | S100Z2EI |
| Goodwill ÷ parent equity | — | —, S100Z2EI |

### 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) | 63.3% |
| Cash ÷ revenue | 101.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.4% |
| Cash vs. profit gap | 8 JPY mn (of net income 4.1%) |
| Shareholder returns / net income | 137.0% |
| Shareholder returns / FCF | 219.2% |
| Shareholder payments — dividends / net income | 42.4% |
| Shareholder payments — dividends / FCF | 67.9% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 40.0% |

## 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 | 21.9% | 0.59× | 12.9% | 1.45× | 18.7% | S100RW1Z |
| 2023 | 22.0% | 0.60× | 13.1% | 1.38× | 18.1% | S100UE9D |
| 2024 | 18.1% | 0.55× | 9.9% | 1.35× | 13.4% | S100WPSX |
| 2025 | 17.6% | 0.58× | 10.3% | 1.30× | 13.4% | S100Z2EI |
| 2026 | 14.1% | 0.61× | 8.6% | 1.24× | 10.7% | S100Z2EI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 冨田 勝 | Major shareholder | 7.2% | 2026-06-30 |
| 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 | 4.0% | 2026-06-30 |
| エムスリー株式会社 | Major shareholder | 4.0% | 2026-06-30 |
| 曽我 朋義 | Major shareholder | 3.8% | 2026-06-30 |
| 第一生命保険株式会社 | Major shareholder | 3.4% | 2026-06-30 |
| 株式会社山形銀行 | Major shareholder | 2.8% | 2026-06-30 |
| 株式会社荘内銀行 | Major shareholder | 2.8% | 2026-06-30 |
| 西岡 孝明 | Major shareholder | 2.8% | 2026-06-30 |
| 野村證券株式会社 | Major shareholder | 2.6% | 2026-06-30 |
| 楢崎 勝己 | Major shareholder | 1.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/07/01－2026/06/30) | S100Z2EI | 2026-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2EI,, |
| 有価証券報告書－第22期(2024/07/01－2025/06/30) | S100WPSX | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPSX,, |
| 有価証券報告書－第21期(2023/07/01－2024/06/30) | S100UE9D | 2024-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UE9D,, |
| 有価証券報告書－第20期(2022/07/01－2023/06/30) | S100RW1Z | 2023-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RW1Z,, |
| 有価証券報告書－第19期(令和3年7月1日－令和4年6月30日) | S100P815 | 2022-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P815,, |
| 有価証券報告書－第18期(令和2年7月1日－令和3年6月30日) | S100MHKD | 2021-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHKD,, |

## 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).