# Kubota Pharmaceutical Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2023, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/01/01－2025/12/31) (S100XUHX)
> Page: https://vizora.meequs.com/en/company/kubota-pharmaceutical-holdings
> Retrieved: 2026-09-30T21:15:52.720Z

## Company

Kubota Pharmaceutical Holdings, founded in 2016, is a company in Medical Devices listed on TSE Growth. It has 12 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kubota Pharmaceutical Holdings Co., Ltd. |
| Ticker | 4596 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4596.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山一丁目15番37号 |
| Representative (per filing) | 代表取締役会長、社長兼最高経営責任者 窪田 良 |
| Founded | Mar 2016 |
| Employees (consolidated) | 12 |
| Fiscal year end | December |
| Website | www.kubotaholdings.co.jp (https://www.kubotaholdings.co.jp/) |
| Corporate number | 3011001108646 |
| EDINET | E32854 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100XUHX, filed 2026-03-27). As of filing

## Key points (generated from figures)

- Kubota Pharmaceutical Holdings brought in ¥39.9M in revenue.
- Revenue changed +383.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥39.9M |  |
| Operating income | — | Margin — |
| Net income | -¥1.49B | Margin -3734.6% |
| Free cash flow | — |  |
| Employees (consolidated) | 12 |  |
| Cash ratio | 91.7% | Cash ÷ revenue 6938.7% |
| ROA | -40.1% | Derived from disclosed figures |

## Notable figures

- FY2023, cash is 92% of total assets

## What changed in 7 years

| Metric | FY ending Dec 2016 | FY ending Dec 2023 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥846254000 | ¥39887000 | -95.3% |
| Employees | 44 people | 12 people | -72.7% |
| Cash and equivalents | ¥1042474000 | ¥2767639000 | +165.5% |

### Change in segment revenue mix

Span: FY ending Dec 2016 → FY ending Dec 2023. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40 | 100.0% | S100XUHX |
| Pretax income | -1,490 | -3734.6% | S100XUHX |
| Net income attributable to owners | -1,490 | -3734.6% | S100XUHX |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Dec 2022 → FY ending Dec 2023、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8 | 40 | 32 | +383.2% |
| Net income attributable to owners | -2,016 | -1,490 | 526 | — |
| Operating cash flow | -2,087 | -1,336 | 751 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 846 | — | — | -3,911 | -3,205 | — | S100L2EY |
| FY ending Dec 2020 | 38 | -2,484 | -6574.0% | -2,437 | -2,249 | -2,262 | S100VISG |
| FY ending Dec 2022 | 8 | — | — | -2,016 | -2,087 | — | S100XUHX |
| FY ending Dec 2023 | 40 | — | — | -1,490 | -1,336 | — | S100XUHX |

## People and productivity（FY ending Dec 2023, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | -¥124.1M |

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

| History | FY ending Dec 2016 | FY ending Dec 2020 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 44 | 8 | 7 | 12 |
| Average salary (parent company) | — | ¥5.1M | — | — |
| Average age (parent company) | — | 44.0 years | — | — |
| Average tenure (parent company) | — | 1.1 years | — | — |

Year over year: Employees (consolidated) +71.4% · Revenue (consolidated) +383.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,336 | -3349.3% | S100XUHX |
| Investing cash flow | -45 | -112.9% | S100XUHX |
| Financing cash flow | 97 | 242.1% | S100XUHX |
| Change in cash | -1,284 | -3220.1% | 算出 |
| Cash and equivalents | 2,768 | 6938.7% | S100XUHX |

## 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 Dec 2016 | FY ending Dec 2020 | FY ending Dec 2022 | FY ending Dec 2023 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,042 | 2,534 | 4,049 | 2,768 | S100L2EY, S100QHRB, S100XUHX |
| Total assets | 17,172 | 6,692 | 4,420 | 3,017 | S100L2EY, S100NRX4, S100XUHX |
| Net assets | — | 5,993 | — | 2,647 | S100QHRB, S100XUHX |
| Share capital | — | 1,149 | — | — | S100NRX4 |
| Property, plant and equipment | — | 220 | — | — | S100NRX4 |
| Current assets | — | 6,417 | — | — | S100NRX4 |
| Total liabilities | — | 699 | — | — | S100NRX4 |
| Equity attributable to owners of parent | — | 5,993 | — | — | S100NRX4 |
| Retained earnings | — | -19,548 | — | — | S100NRX4 |

### Balance sheet history

| Metric | FY ending Dec 2016 | FY ending Dec 2020 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 17,172 | 6,692 | 4,420 | 3,017 |
| Equity | — | 5,993 | — | 2,647 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,042 | 2,534 | 4,049 | 2,768 |

### 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) | 91.7% |
| Cash ÷ revenue | 6938.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 154 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2016 | — | —× | -22.8% | —× | — | S100L2EY |
| 2020 | — | —× | -36.4% | —× | — | S100NRX4, S100VISG |
| 2022 | — | —× | -45.6% | —× | — | S100XUHX |
| 2023 | — | —× | -40.1% | —× | — | S100XUHX |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/01/01－2025/12/31) | S100XUHX | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUHX,, |
| 有価証券報告書－第10期(2024/01/01－2024/12/31) | S100VISG | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VISG,, |
| 有価証券報告書－第8期(2022/01/01－2022/12/31) | S100QHRB | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHRB,, |
| 有価証券報告書－第7期(令和3年1月1日－令和3年12月31日) | S100NRX4 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRX4,, |
| 有価証券報告書－第6期(令和2年1月1日－令和2年12月31日) | S100L2EY | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2EY,, |

## 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).