# HYUGA PRIMARY CARE 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19期(2025/04/01－2026/03/31) (S100YT7I)
> Page: https://vizora.meequs.com/en/company/hyuga-primary-care
> Retrieved: 2026-09-30T19:52:01.503Z

## Company

Hyuga Primary Care, founded in 2007, is a company in Nursing Care listed on TSE Growth. It has 882 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HYUGA PRIMARY CARE Co.,Ltd. |
| Ticker | 7133 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7133.T) |
| Listing | TSE Growth |
| Head office | 福岡県春日市春日原北町二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 黒木 哲史 |
| Founded | Nov 2007 |
| Share capital | ¥200.5M |
| Employees (consolidated) | 882 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Website | www.hyuga-primary.care (https://www.hyuga-primary.care/) |
| Corporate number | 4290001042983 |
| EDINET | E37198 |
| Industries (Vizora) | Nursing Care, Drugstores & Pharmacies |

> Profile source: annual securities report (S100YT7I, filed 2026-07-31). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 92.1 | 19 |
| Cash conversion | 8.3 | 18 |
| Efficiency | 39.5 | 19 |

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 70% of Hyuga Primary Care's sales come from Home visit pharmacist service, with Primary care home and Kirari prime making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +20.0% from the prior year, operating profit -22.3%.

## Company structure

- Segment revenue mix: Home visit pharmacist service 70.1%、Primary care home 19.4%、Kirari prime 10.6%、Other 0.0%
- Revenue → net income: ¥11983152000 → ¥501884000
- Net income → operating cash flow: ¥501884000 → ¥492943000（difference ¥-8941000）
- Main uses of operating cash flow: CapEx ¥508211000 / dividends ¥142591000 / buybacks —
- Change in cash: ¥455693000
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 | ¥12B |  |
| Operating income | ¥817M | Margin 6.8% |
| Net income | ¥501.9M | Margin 4.2% |
| Free cash flow | -¥15.3M |  |
| Largest business | Home visit pharmacist service | of segment revenue 70.1% |
| Employees (consolidated) | 882 |  |
| EPS | ¥69.5 |  |
| Diluted EPS | ¥67.54 |  |
| Book value per share | ¥383.63 |  |
| Equity ratio | 32.9% |  |
| Shares outstanding | 7,279,000 |  |
| Treasury shares | 147,100 |  |
| Shareholders | 815 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 12.3% | Cash ÷ revenue 8.5% |
| Vs. industry median margin | +2.5 pp | Drugstores & Pharmacies |
| ROE | 19.7% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 43 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5086031000 | ¥11983152000 | — |
| Operating income | ¥228201000 | ¥816950000 | — |
| Operating margin | 4.5% | 6.8% | +2.3 pp |
| Employees | 312 people | 882 people | — |
| Cash and equivalents | ¥538288000 | ¥1021619000 | — |

### 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 |
| --- | ---: |
| 在宅訪問薬局事業 → 事業再編・廃止 | 93.6% |
| きらりプライム事業 → 事業再編・廃止 | 3.5% |
| ケアプラン事業 → 事業再編・廃止 | 2.0% |
| タイサポ事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 在宅訪問薬局事業 | 70.1% |
| 新設・再編 → きらりプライム事業 | 10.6% |
| 新設・再編 → プライマリケアホーム事業 | 19.4% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 8 (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 visit pharmacist service | 2 years | +13.4% | ¥8395776000 | 7.7% | 2 |
| Primary care home | 2 years | +62.1% | ¥2320132000 | 1.3% | 2 |
| Kirari prime | 2 years | +23.0% | ¥1266546000 | 61.1% | 2 |
| Other | — | — | ¥696000 | -5901.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,983 | 100.0% | S100YT7I |
| Cost of revenue | 9,738 | 81.3% | S100YT7I |
| Gross profit | 2,245 | 18.7% | S100YT7I |
| SG&A | 1,428 | 11.9% | S100YT7I |
| Operating income | 817 | 6.8% | S100YT7I |
| Ordinary income | 776 | 6.5% | S100YT7I |
| Pretax income | 680 | 5.7% | S100YT7I |
| Income tax | 178 | 1.5% | S100YT7I |
| Net income | 502 | 4.2% | S100YT7I |
| Net income attributable to owners | 502 | 4.2% | S100YT7I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.7% → Operating margin 6.8% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +20.0%; Core profit growth: -22.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.12×
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 | 9,985 | 11,983 | 1,998 | +20.0% |
| Gross profit | 2,407 | 2,245 | -162 | -6.7% |
| Operating income | 1,052 | 817 | -235 | -22.3% |
| Net income attributable to owners | 719 | 502 | -217 | -30.2% |
| Operating cash flow | 771 | 493 | -278 | -36.1% |
| Free cash flow | 393 | -15 | -408 | -103.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 5,086 | 228 | 4.5% | 97 | 352 | 277 | S100OLLD |
| FY ending Mar 2022 | 5,783 | 519 | 9.0% | 328 | 485 | 229 | S100R4MH |
| FY ending Mar 2023 | 6,657 | 530 | 8.0% | 383 | 342 | 103 | S100R4MH |
| FY ending Mar 2024 | 8,286 | 711 | 8.6% | 441 | 707 | 473 | S100W4IH |
| FY ending Mar 2025 | 9,985 | 1,052 | 10.5% | 719 | 771 | 393 | S100YT7I |
| FY ending Mar 2026 | 11,983 | 817 | 6.8% | 502 | 493 | -15 | S100YT7I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.6M |
| Operating income per employee (consolidated) | ¥926.2K |
| Net income per employee (consolidated) | ¥569K |

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) | 329 | 442 | 544 | 708 | 882 |
| Average salary (parent company) | ¥4.3M | ¥4.2M | ¥4.2M | ¥4.5M | ¥4.5M |
| Average age (parent company) | 36.4 years | 37.4 years | 38.0 years | 37.8 years | 38.0 years |
| Average tenure (parent company) | 3.3 years | 2.9 years | 2.6 years | 2.6 years | 2.9 years |

Year over year: Employees (consolidated) +24.6% · Revenue (consolidated) +20.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home visit pharmacist service | 8,396 | 70.1% | 645 | 7.7% |
| Kirari prime | 1,267 | 10.6% | 774 | 61.1% |
| Primary care home | 2,320 | 19.4% | 30 | 1.3% |
| Other | 1 | 0.0% | -41 | -5901.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home visit pharmacist service | 70.1% | 44.5% | -25.5 | 7.7% |
| Kirari prime | 10.6% | 53.4% | 42.8 | 61.1% |
| Primary care home | 19.4% | 2.1% | -17.3 | 1.3% |
| Other | 0.0% | — | — | -5901.3% |

Loss-making segment (excluded from profit shares): Other -41 JPY mn

Segment → industry: Primary care home → Nursing Care / Kirari prime → Drugstores & Pharmacies / Home visit pharmacist service → 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 | 493 | 4.1% | S100YT7I |
| Capital expenditure | 508 | 4.2% | S100YT7I |
| Free cash flow | -15 | -0.1% | 算出 |
| Investing cash flow | -319 | -2.7% | S100YT7I |
| Financing cash flow | 282 | 2.4% | S100YT7I |
| Dividends paid | 143 | 1.2% | S100YT7I |
| Change in cash | 456 | 3.8% | S100YT7I |
| Cash and equivalents | 1,022 | 8.5% | S100YT7I |

## 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 | 720 | 568 | 688 | 566 | 1,022 | S100R4MH, S100YT7I |
| Total assets | 2,532 | 2,915 | 6,355 | 7,051 | 8,290 | S100R4MH, S100W4IH, S100YT7I |
| Net assets | 1,072 | 1,483 | 1,643 | 2,372 | 2,732 | S100R4MH, S100YT7I |
| Share capital | 172 | 186 | 195 | 200 | 200 | S100R4MH, S100W4IH, S100YT7I |
| Property, plant and equipment | 210 | 277 | 2,997 | 3,309 | 3,625 | S100R4MH, S100W4IH, S100YT7I |
| Intangible assets excluding goodwill | 296 | 440 | 364 | 393 | 338 | S100R4MH, S100W4IH, S100YT7I |
| Goodwill | 80 | 88 | 54 | 59 | 53 | S100R4MH, S100W4IH, S100YT7I |
| Investment securities | — | 1 | 1 | 1 | 1 | S100R4MH, S100W4IH, S100YT7I |
| Current assets | 1,896 | 1,959 | 2,445 | 2,703 | 3,864 | S100R4MH, S100W4IH, S100YT7I |
| Current liabilities | 1,236 | 1,254 | 2,020 | 1,946 | 2,615 | S100R4MH, S100W4IH, S100YT7I |
| Short-term borrowings | — | — | 200 | — | 350 | S100W4IH, S100YT7I |
| Long-term borrowings | 194 | 88 | 2,173 | 2,029 | 2,176 | S100R4MH, S100W4IH, S100YT7I |
| Total liabilities | 1,459 | 1,432 | 4,712 | 4,679 | 5,559 | S100R4MH, S100W4IH, S100YT7I |
| Equity attributable to owners of parent | 1,072 | 1,483 | 1,643 | 2,372 | 2,732 | S100R4MH, S100W4IH, S100YT7I |
| Retained earnings | 578 | 961 | 1,402 | 2,121 | 2,481 | S100R4MH, S100W4IH, S100YT7I |
| Treasury stock | — | — | -300 | -300 | -300 | S100W4IH, S100YT7I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YT7I |
| Property, plant and equipment | 44% | S100YT7I |
| Intangibles and goodwill | 5% | S100YT7I |
| Investment securities | 0% | S100YT7I |
| Other assets | 39% | S100YT7I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YT7I |
| Equity | 33% | S100YT7I |

### 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 | 2,532 | 2,915 | 6,355 | 7,051 | 8,290 |
| Equity | 1,072 | 1,483 | 1,643 | 2,372 | 2,732 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 720 | 568 | 688 | 566 | 1,022 |

## 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) | 30.2% | S100YT7I |
| Fixed assets ÷ total assets | 43.7% | S100YT7I |
| Goodwill ÷ parent equity | 1.9% | S100YT7I |

### 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) | 12.3% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.3% |
| Cash vs. profit gap | -9 JPY mn (of net income -1.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 64.7% |

## 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 | 5.7% | 2.28× | 13.0% | 2.36× | 30.6% | S100R4MH |
| 2023 | 5.8% | 2.44× | 14.1% | 2.13× | 30.0% | S100R4MH |
| 2024 | 5.3% | 1.30× | 6.9% | 3.87× | 26.8% | S100W4IH |
| 2025 | 7.2% | 1.49× | 10.7% | 3.34× | 35.8% | S100YT7I |
| 2026 | 4.2% | 1.56× | 6.5% | 3.01× | 19.7% | S100YT7I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 黒木 哲史 | Major shareholder | 19.0% | 2026-03-31 |
| 一般社団法人Hyuga | Major shareholder | 12.6% | 2026-03-31 |
| 株式会社シーユーシー | Major shareholder | 11.8% | 2026-03-31 |
| エムスリー株式会社 | Major shareholder | 9.8% | 2026-03-31 |
| エムスリーキャリア株式会社 | Major shareholder | 7.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES | Major shareholder | 5.1% | 2026-03-31 |
| 山﨑 武夫 | Major shareholder | 3.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 城尾 浩平 | Major shareholder | 2.8% | 2026-03-31 |
| 別府 鵬飛 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YT7I | 2026-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YT7I,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W4IH | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4IH,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TIAQ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIAQ,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R4MH | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4MH,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OLLD | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLLD,, |

## 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).