# JMDC: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YJCA)
> Page: https://vizora.meequs.com/en/company/jmdc
> Retrieved: 2026-09-30T20:23:54.777Z

## Company

Jmdc, founded in 2013, is a company in Health Tech listed on TSE Prime. It has 2,444 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JMDC Inc. |
| Ticker | 4483 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4483.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝大門二丁目5番5号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 野口 亮 |
| Founded | May 2013 |
| Share capital | ¥25.2B |
| Employees (consolidated) | 2,444 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.jmdc.co.jp (https://www.jmdc.co.jp/) |
| Corporate number | 6010403010531 |
| EDINET | E35308 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100YJCA, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.3 | 14 |
| Profitability | 63.9 | 18 |
| Cash conversion | 44.1 | 17 |
| Efficiency | 2.8 | 18 |

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 87% of Jmdc's sales come from Healthcare-Big data, with Tele-medicine making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +20.9% from the prior year, operating profit +20.7%.

## Company structure

- Segment revenue mix: Healthcare-Big data 87.3%、Tele-medicine 12.7%
- Revenue → net income: ¥50462000000 → ¥6812000000
- Net income → operating cash flow: ¥6812000000 → ¥8594000000（difference ¥1782000000）
- Main uses of operating cash flow: CapEx ¥2048000000 / dividends ¥1045000000 / buybacks —
- Change in cash: ¥-3226000000
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 | ¥50.5B |  |
| Operating income | ¥10.5B | Margin 20.8% |
| Net income | ¥6.76B | Margin 13.4% |
| Free cash flow | ¥6.55B |  |
| Largest business | Healthcare-Big data | of segment revenue 87.3% |
| Employees (consolidated) | 2,444 |  |
| EPS | ¥103.44 |  |
| Diluted EPS | ¥102.46 |  |
| Book value per share | ¥952.57 |  |
| Equity ratio | 52.8% | Derived from disclosed figures |
| Shares outstanding | 65,439,808 |  |
| Treasury shares | 800 |  |
| Shareholders | 8,000 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 18.3% | Cash ÷ revenue 57.4% |
| Vs. industry median margin | +7 pp | Health Tech |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago
- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16771000000 | ¥50462000000 | +200.9% |
| Operating income | ¥3695000000 | ¥10521000000 | +184.7% |
| Operating margin | 22.0% | 20.8% | -1.2 pp |
| Employees | 757 people | 2,444 people | +222.9% |
| Cash and equivalents | ¥19898000000 | ¥28950000000 | +45.5% |

### 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 |
| --- | ---: |
| ヘルスビッグデータ → ヘルスビッグデータ | 60.6% |
| 遠隔医療 → 遠隔医療 | 12.7% |
| 遠隔医療 → 事業再編・廃止 | 11.5% |
| 調剤薬局支援 → 事業再編・廃止 | 15.3% |
| 新設・再編 → ヘルスビッグデータ | 26.7% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,462 | 100.0% | S100YJCA |
| Cost of revenue | 22,774 | 45.1% | S100YJCA |
| Gross profit | 27,687 | 54.9% | S100YJCA |
| SG&A | 17,709 | 35.1% | S100YJCA |
| Operating income | 10,521 | 20.8% | S100YJCA |
| Pretax income | 9,964 | 19.7% | S100YJCA |
| Income tax | 3,152 | 6.2% | S100YJCA |
| Net income | 6,812 | 13.5% | S100YJCA |
| Net income attributable to owners | 6,765 | 13.4% | S100YJCA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 35 |
| Other operating | -1 |
| Operating income | 21 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 54.9% → Operating margin 20.8% → Net margin 13.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.9%; Core profit growth: +20.7%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.99×
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 | 41,722 | 50,462 | 8,740 | +20.9% |
| Gross profit | 23,849 | 27,687 | 3,838 | +16.1% |
| Operating income | 8,717 | 10,521 | 1,804 | +20.7% |
| Net income attributable to owners | 7,275 | 6,765 | -510 | -7.0% |
| Operating cash flow | 14,685 | 8,594 | -6,091 | -41.5% |
| Free cash flow | 10,992 | 6,546 | -4,446 | -40.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 3,022 | — | — | 390 | 978 | — | S100OD16 |
| FY ending Mar 2019 | 10,064 | — | — | 1,010 | 1,756 | — | S100RAOK |
| FY ending Mar 2020 | 12,158 | 2,215 | 18.2% | 1,528 | 3,146 | 1,991 | S100LYBD |
| FY ending Mar 2021 | 16,771 | 3,695 | 22.0% | 2,476 | 3,176 | 952 | S100OD16 |
| FY ending Mar 2022 | 21,814 | 4,783 | 21.9% | 3,247 | 3,808 | 2,486 | S100RAOK |
| FY ending Mar 2023 | 27,809 | 5,926 | 21.3% | 4,267 | 4,062 | 2,122 | S100TU4O |
| FY ending Mar 2024 | 30,572 | 5,484 | 17.9% | 4,607 | -17 | -2,275 | S100W76C |
| FY ending Mar 2025 | 41,722 | 8,717 | 20.9% | 7,275 | 14,685 | 10,992 | S100YJCA |
| FY ending Mar 2026 | 50,462 | 10,521 | 20.8% | 6,765 | 8,594 | 6,546 | S100YJCA |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 966 | 1,346 | 1,773 | 2,187 | 2,444 |
| Average salary (parent company) | ¥7M | ¥7.3M | ¥7.6M | ¥8.1M | ¥8.2M |
| Average age (parent company) | 37.8 years | 38.2 years | 38.2 years | 38.8 years | 39.4 years |
| Average tenure (parent company) | 3.7 years | 3.9 years | 3.7 years | 4.1 years | 4.5 years |

Year over year: Employees (consolidated) +11.8% · Revenue (consolidated) +20.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Healthcare-Big data | 44,070 | 87.3% | 11,722 | 26.6% |
| Tele-medicine | 6,392 | 12.7% | 2,407 | 37.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Healthcare-Big data | 87.3% | 83.0% | -4.4 | 26.6% |
| Tele-medicine | 12.7% | 17.0% | 4.4 | 37.7% |

Segment → industry: Tele-medicine → Health Tech / Healthcare-Big data → Health Tech

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,594 | 17.0% | S100YJCA |
| Capital expenditure | 2,048 | 4.1% | S100YJCA |
| Free cash flow | 6,546 | 13.0% | 算出 |
| Investing cash flow | -10,556 | -20.9% | S100YJCA |
| Financing cash flow | -1,265 | -2.5% | S100YJCA |
| Dividends paid | 1,045 | 2.1% | S100YJCA |
| Change in cash | -3,226 | -6.4% | S100YJCA |
| Cash and equivalents | 28,950 | 57.4% | S100YJCA |

## 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 | 13,192 | 22,782 | 14,473 | 32,176 | 28,950 | S100TU4O, S100W76C, S100YJCA |
| Total assets | 62,053 | 98,567 | 122,452 | 143,020 | 158,538 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Net assets | 31,165 | 64,524 | 70,686 | 78,475 | 84,183 | S100TU4O, S100W76C, S100YJCA |
| Share capital | 9,091 | 23,994 | 25,099 | 25,134 | 25,167 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Property, plant and equipment | 8,420 | 10,772 | 12,724 | 13,926 | 20,932 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Goodwill | 19,169 | 39,824 | 55,974 | 58,414 | 62,569 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Current assets | 25,979 | 38,240 | 41,395 | 55,869 | 56,568 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Total liabilities | 30,887 | 34,042 | 51,765 | 64,545 | 74,355 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Equity attributable to owners of parent | 31,170 | 64,539 | 70,590 | 78,022 | 83,677 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Retained earnings | 9,580 | 13,308 | 17,166 | 24,634 | 30,307 | S100RAOK, S100TU4O, S100W76C, S100YJCA |
| Treasury stock | -2 | -2 | -3 | -3 | -3 | S100RAOK, S100TU4O, S100W76C, S100YJCA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YJCA |
| Property, plant and equipment | 13% | S100YJCA |
| Intangibles and goodwill | 40% | — |
| Other assets | 29% | S100YJCA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YJCA |
| Equity | 53% | S100YJCA |

### 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 | 62,053 | 98,567 | 122,452 | 143,020 | 158,538 |
| Equity | 31,165 | 64,524 | 70,686 | 78,475 | 84,183 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,192 | 22,782 | 14,473 | 32,176 | 28,950 |

## 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) | 41.5% | S100YJCA |
| Fixed assets ÷ total assets | 13.2% | S100YJCA |
| Goodwill ÷ parent equity | 74.8% | S100YJCA |

Goodwill over 4 years: 19,169 → 62,569 JPY; total investing cash flow: -69,757 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) | 18.3% |
| Cash ÷ revenue | 57.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.7% |
| Cash vs. profit gap | 1,829 JPY mn (of net income 27.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.4% |
| Shareholder payments — dividends / FCF | 16.0% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 122.8% |

## 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 | 14.9% | 0.35× | 5.2% | 1.99× | 10.4% | S100RAOK |
| 2023 | 15.3% | 0.35× | 5.3% | 1.68× | 8.9% | S100TU4O |
| 2024 | 15.1% | 0.28× | 4.2% | 1.64× | 6.8% | S100W76C |
| 2025 | 17.4% | 0.31× | 5.5% | 1.79× | 9.8% | S100YJCA |
| 2026 | 13.4% | 0.33× | 4.5% | 1.86× | 8.4% | S100YJCA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| オムロン株式会社 | Major shareholder | 54.2% | 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 | 6.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.5% | 2026-03-31 |
| ノーリツ鋼機株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| INDUS SELECT MASTER FUND, LTD. (常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 3.4% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC SECURITIES/UCITS ASSETS (常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 1.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT (常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 0.9% | 2026-03-31 |
| 松島 陽介 | Major shareholder | 0.9% | 2026-03-31 |
| 山元 雄太 | Major shareholder | 0.8% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YJCA | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJCA,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W76C | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W76C,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TU4O | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU4O,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100RAOK | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAOK,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OD16 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD16,, |
| 訂正有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LYBD | 2021-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYBD,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| オムロン | Capital alliance | ヘルスデータ・予防ソリューションでの資本業務提携 | S100YG81 |

## 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).