# Japan Medical Dynamic Marketing, 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54期(2025/04/01－2026/03/31) (S100YCSL)
> Page: https://vizora.meequs.com/en/company/japan-medical-dynamic-marketing
> Retrieved: 2026-09-30T20:40:36.290Z

## Company

Japan Medical Dynamic Marketing, founded in 1973, is a company in Medical Devices listed on TSE Prime. It has 539 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Medical Dynamic Marketing, INC. |
| Ticker | 7600 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7600.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区市谷台町12番2号 |
| Representative (per filing) | 代表取締役社長 弘中俊行 |
| Founded | May 1973 |
| Share capital | ¥3B |
| Employees (consolidated) | 539 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | jmdm.co.jp (https://jmdm.co.jp/) |
| Corporate number | 8011101016199 |
| EDINET | E02894 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YCSL, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.2 | 38 |
| Profitability | 9 | 39 |
| Cash conversion | 11.8 | 38 |
| Efficiency | 57.7 | 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 55% of Japan Medical Dynamic Marketing's sales come from Japan, with America making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -4.8% from the prior year, operating profit -63.1%.

## Company structure

- Segment revenue mix: Japan 54.8%、America 45.2%
- Revenue → net income: ¥23917009000 → ¥274907000
- Net income → operating cash flow: ¥274907000 → ¥205554000（difference ¥-69353000）
- Main uses of operating cash flow: CapEx ¥1997204000 / dividends ¥396915000 / buybacks ¥6000
- Change in cash: ¥-75290000
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 | ¥23.9B |  |
| Operating income | ¥574.2M | Margin 2.4% |
| Net income | ¥263.1M | Margin 1.1% |
| Free cash flow | -¥1.79B |  |
| Largest business | Japan | of segment revenue 54.8% |
| Employees (consolidated) | 539 |  |
| EPS | ¥19.44 |  |
| Book value per share | ¥642.6 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 26,475,880 |  |
| Treasury shares | 15,600 |  |
| Shareholders | 6,180 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 8.7% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | -8.7 pp | Medical Devices |
| ROE | 1.2% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 45 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16738174000 | ¥23917009000 | +42.9% |
| Operating income | ¥2168951000 | ¥574185000 | -73.5% |
| Operating margin | 13.0% | 2.4% | -10.6 pp |
| Employees | 449 people | 539 people | +20.0% |
| Cash and equivalents | ¥2466331000 | ¥3107052000 | +26.0% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 54.8% |
| 日本 → 事業再編・廃止 | 11.3% |
| 米国 → 米国 | 33.9% |
| 新設・再編 → 米国 | 11.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,917 | 100.0% | S100YCSL |
| Cost of revenue | 9,775 | 40.9% | S100YCSL |
| Gross profit | 14,142 | 59.1% | S100YCSL |
| SG&A | 13,568 | 56.7% | S100YCSL |
| Operating income | 574 | 2.4% | S100YCSL |
| Ordinary income | 534 | 2.2% | S100YCSL |
| Pretax income | 494 | 2.1% | S100YCSL |
| Income tax | 219 | 0.9% | S100YCSL |
| Net income | 275 | 1.1% | S100YCSL |
| Net income attributable to owners | 263 | 1.1% | S100YCSL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 57 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 59.1% → Operating margin 2.4% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.8%; Core profit growth: -63.1%
Operating leverage (core profit growth ÷ revenue growth): 13.24×
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 | 25,114 | 23,917 | -1,197 | -4.8% |
| Gross profit | 15,647 | 14,142 | -1,505 | -9.6% |
| Operating income | 1,556 | 574 | -982 | -63.1% |
| Net income attributable to owners | -462 | 263 | 725 | — |
| Operating cash flow | 1,047 | 206 | -841 | -80.4% |
| Free cash flow | -620 | -1,792 | -1,172 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,083 | 2,645 | 14.6% | 2,165 | 2,731 | 946 | S100LLJR |
| FY ending Mar 2021 | 16,738 | 2,169 | 13.0% | 1,665 | 2,600 | 1,228 | S100OHJI |
| FY ending Mar 2022 | 19,193 | 2,662 | 13.9% | 2,136 | 3,112 | 1,527 | S100R4TF |
| FY ending Mar 2023 | 21,308 | 2,025 | 9.5% | 1,424 | 2,186 | 871 | S100TQMY |
| FY ending Mar 2024 | 23,178 | 1,747 | 7.5% | 1,272 | 2,105 | 302 | S100WFM1 |
| FY ending Mar 2025 | 25,114 | 1,556 | 6.2% | -462 | 1,047 | -620 | S100YCSL |
| FY ending Mar 2026 | 23,917 | 574 | 2.4% | 263 | 206 | -1,792 | S100YCSL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥488.2K |

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) | 474 | 488 | 511 | 538 | 539 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7.1M | ¥7.5M | ¥7.4M |
| Average age (parent company) | 38.3 years | 38.6 years | 38.4 years | 39.2 years | 39.8 years |
| Average tenure (parent company) | 11.4 years | 11.6 years | 11.3 years | 11.9 years | 12.1 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) -4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 13,110 | 54.8% | 718 | 5.5% |
| America | 10,807 | 45.2% | -84 | -0.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 54.8% | 100.0% | 45.2 | 5.5% |
| America | 45.2% | — | — | -0.8% |

Loss-making segment (excluded from profit shares): America -84 JPY mn

Segment → industry: America → Medical Devices / Japan → Medical Devices

## 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 | 206 | 0.9% | S100YCSL |
| Capital expenditure | 1,997 | 8.4% | S100YCSL |
| Free cash flow | -1,792 | -7.5% | 算出 |
| Investing cash flow | -1,996 | -8.3% | S100YCSL |
| Financing cash flow | 1,649 | 6.9% | S100YCSL |
| Dividends paid | 397 | 1.7% | S100YCSL |
| Share buyback | 0 | 0.0% | S100YCSL |
| Change in cash | -75 | -0.3% | S100YCSL |
| Cash and equivalents | 3,107 | 13.0% | S100YCSL |

## 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 | 2,591 | 2,805 | 2,322 | 3,182 | 3,107 | S100TQMY, S100WFM1, S100YCSL |
| Total assets | 27,343 | 29,435 | 31,486 | 33,667 | 35,679 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Net assets | 21,491 | 23,292 | 25,604 | 24,741 | 25,428 | S100TQMY, S100WFM1, S100YCSL |
| Share capital | 3,002 | 3,002 | 3,002 | 3,002 | 3,002 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Property, plant and equipment | 7,773 | 7,745 | 8,321 | 7,948 | 8,781 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Intangible assets excluding goodwill | 292 | 263 | 219 | 430 | 430 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Investment securities | — | 67 | — | — | — | S100TQMY |
| Current assets | 18,047 | 19,975 | 21,583 | 23,867 | 24,891 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Current liabilities | 2,900 | 3,627 | 4,031 | 7,258 | 7,712 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Trade payables | 786 | 979 | 1,403 | 1,331 | 1,397 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Short-term borrowings | 557 | 1,047 | 1,162 | 3,142 | 4,886 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Long-term borrowings | 1,248 | 732 | 260 | 110 | 766 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Total liabilities | 5,852 | 6,143 | 5,882 | 8,926 | 10,251 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Non-controlling interests | 105 | 130 | 92 | 62 | 28 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Equity attributable to owners of parent | 20,027 | 21,042 | 22,008 | 21,179 | 21,082 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Retained earnings | 14,550 | 15,656 | 16,584 | 15,752 | 15,618 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |
| Treasury stock | -112 | -203 | -166 | -166 | -145 | S100R4TF, S100TQMY, S100WFM1, S100YCSL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YCSL |
| Property, plant and equipment | 25% | S100YCSL |
| Intangibles and goodwill | 1% | S100YCSL |
| Other assets | 65% | S100YCSL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YCSL |
| Other liabilities | 25% | S100YCSL |
| Equity | 71% | S100YCSL |

### 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 | 27,343 | 29,435 | 31,486 | 33,667 | 35,679 |
| Equity | 21,491 | 23,292 | 25,604 | 24,741 | 25,428 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,591 | 2,805 | 2,322 | 3,182 | 3,107 |

## 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) | 36.7% | S100YCSL |
| Fixed assets ÷ total assets | 24.6% | S100YCSL |
| Goodwill ÷ parent equity | — | —, S100YCSL |

### 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) | 8.7% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 35.8% |
| Cash vs. profit gap | -58 JPY mn (of net income -21.9%) |
| Shareholder returns / net income | 150.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 150.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 971.0% |

## 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 | 11.1% | 0.70× | 7.8% | 1.37× | 10.7% | S100R4TF |
| 2023 | 6.7% | 0.75× | 5.0% | 1.38× | 6.9% | S100TQMY |
| 2024 | 5.5% | 0.76× | 4.2% | 1.42× | 5.9% | S100WFM1 |
| 2025 | — | —× | -1.4% | —× | — | S100YCSL |
| 2026 | 1.1% | 0.69× | 0.8% | 1.64× | 1.2% | S100YCSL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井化学株式会社 | Major shareholder | 30.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| 渡邉 崇史 | Major shareholder | 4.4% | 2026-03-31 |
| 渡辺 康夫 | Major shareholder | 3.8% | 2026-03-31 |
| 島崎 一宏 | Major shareholder | 3.4% | 2026-03-31 |
| 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 | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 日下部 博 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YCSL | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCSL,, |
| 訂正有価証券報告書－第53期(2024/04/01－2025/03/31) | S100WFM1 | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFM1,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TQMY | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQMY,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R4TF | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4TF,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OHJI | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHJI,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LLJR | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLJR,, |

## 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).