# Linical Co., Ltd.: 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21期(2025/04/01－2026/03/31) (S100YGWG)
> Page: https://vizora.meequs.com/en/company/linical
> Retrieved: 2026-09-30T19:40:00.435Z

## Company

Linical, founded in 2005, is a company in CRO & Clinical Testing listed on TSE Standard. It has 577 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Linical Co., Ltd. |
| Ticker | 2183 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2183.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区宮原一丁目6番1号 |
| Representative (per filing) | 代表取締役社長 秦野 和浩 |
| Founded | Jun 2005 |
| Share capital | ¥214M |
| Employees (consolidated) | 577 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.linical.com (https://www.linical.com/) |
| Corporate number | 9120001111255 |
| EDINET | E21706 |
| Industries (Vizora) | CRO & Clinical Testing |

> Profile source: annual securities report (S100YGWG, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.2 | 12 |
| Profitability | 11.5 | 13 |
| Efficiency | 26.9 | 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)

- Linical brought in ¥8.67B in revenue.
- It lost about ¥24 for every ¥100 of sales at the operating level.
- Revenue changed -17.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.67B |  |
| Operating income | -¥2.07B | Margin -23.9% |
| Net income | -¥3.33B | Margin -38.4% |
| Free cash flow | -¥1.64B |  |
| Employees (consolidated) | 577 |  |
| EPS | ¥-99.1 |  |
| Book value per share | ¥153.94 |  |
| Equity ratio | 33.1% |  |
| Shares outstanding | 24,740,000 |  |
| Treasury shares | 2,153,500 |  |
| Shareholders | 5,937 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 43.4% | Cash ÷ revenue 60.1% |
| Vs. industry median margin | -29.4 pp | CRO & Clinical Testing |
| ROA | -23.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 43% of total assets
- FY2026, operating loss is 24 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10279314000 | ¥8665822000 | -15.7% |
| Operating income | ¥453434000 | ¥-2073077000 | -557.2% |
| Operating margin | 4.4% | -23.9% | -28.3 pp |
| Employees | 845 people | 577 people | -31.7% |
| Cash and equivalents | ¥5084201000 | ¥5204281000 | +2.4% |

### 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 |
| --- | ---: |
| ＣＲＯ事業 → 事業再編・廃止 | 90.8% |
| 育薬事業 → 事業再編・廃止 | 9.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,666 | 100.0% | S100YGWG |
| Cost of revenue | 7,542 | 87.0% | S100YGWG |
| Gross profit | 1,124 | 13.0% | S100YGWG |
| SG&A | 3,197 | 36.9% | S100YGWG |
| Operating income | -2,073 | -23.9% | S100YGWG |
| Ordinary income | -2,023 | -23.3% | S100YGWG |
| Pretax income | -3,014 | -34.8% | S100YGWG |
| Income tax | 316 | 3.6% | S100YGWG |
| Net income | -3,330 | -38.4% | S100YGWG |
| Net income attributable to owners | -3,330 | -38.4% | S100YGWG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 37 |
| Operating income | -24 |
| (Ref.) Net income | -38 |

### Margin funnel

Gross margin 13.0% → Operating margin -23.9% → Net margin -38.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,437 | 8,666 | -1,771 | -17.0% |
| Gross profit | 2,376 | 1,124 | -1,252 | -52.7% |
| Operating income | -583 | -2,073 | -1,490 | — |
| Net income attributable to owners | -539 | -3,330 | -2,790 | — |
| Operating cash flow | 595 | -1,611 | -2,207 | -370.6% |
| Free cash flow | 587 | -1,644 | -2,231 | -380.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,935 | 1,005 | 9.2% | 483 | 1,192 | 1,061 | S100LR71 |
| FY ending Mar 2021 | 10,279 | 453 | 4.4% | 540 | 24 | -45 | S100OG77 |
| FY ending Mar 2022 | 11,555 | 1,086 | 9.4% | 790 | 1,632 | 1,585 | S100R37B |
| FY ending Mar 2023 | 12,517 | 1,257 | 10.0% | 1,004 | 1,840 | 1,826 | S100TWXS |
| FY ending Mar 2024 | 12,308 | 726 | 5.9% | 338 | 1,065 | 1,033 | S100W4FZ |
| FY ending Mar 2025 | 10,437 | -583 | -5.6% | -539 | 595 | 587 | S100YGWG |
| FY ending Mar 2026 | 8,666 | -2,073 | -23.9% | -3,330 | -1,611 | -1,644 | S100YGWG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15M |
| Operating income per employee (consolidated) | -¥3.6M |
| Net income per employee (consolidated) | -¥5.8M |

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) | 843 | 759 | 662 | 598 | 577 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.3M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 34.2 years | 35.2 years | 36.6 years | 37.0 years | 37.1 years |
| Average tenure (parent company) | 6.3 years | 7.2 years | 7.7 years | 8.4 years | 8.5 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) -17.0%

## 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 | -1,611 | -18.6% | S100YGWG |
| Capital expenditure | 33 | 0.4% | S100YGWG |
| Free cash flow | -1,644 | -19.0% | 算出 |
| Investing cash flow | 88 | 1.0% | S100YGWG |
| Financing cash flow | -513 | -5.9% | S100YGWG |
| Dividends paid | 361 | 4.2% | S100YGWG |
| Change in cash | -1,835 | -21.2% | S100YGWG |
| Cash and equivalents | 5,204 | 60.1% | S100YGWG |

## 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 | 5,986 | 7,042 | 7,465 | 7,040 | 5,204 | S100TWXS, S100W4FZ, S100YGWG |
| Total assets | 15,716 | 17,465 | 18,540 | 16,775 | 12,000 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Net assets | 6,543 | 7,581 | 8,235 | 7,253 | 3,976 | S100TWXS, S100W4FZ, S100YGWG |
| Share capital | 214 | 214 | 214 | 214 | 214 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Property, plant and equipment | 664 | 625 | 519 | 395 | 320 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Intangible assets excluding goodwill | 3,566 | 3,511 | 3,665 | 3,240 | 2,246 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Goodwill | 3,407 | 3,384 | 3,548 | 3,145 | 2,176 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Investment securities | 348 | 373 | 272 | 273 | 245 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Current assets | 10,321 | 12,009 | 12,749 | 11,627 | 8,335 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Current liabilities | 5,478 | 6,736 | 7,769 | 7,477 | 6,382 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Short-term borrowings | 600 | 600 | 600 | 600 | 950 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Long-term borrowings | 2,534 | 1,994 | 1,500 | 1,100 | 700 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Total liabilities | 9,173 | 9,883 | 10,305 | 9,522 | 8,023 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Equity attributable to owners of parent | 6,162 | 6,850 | 6,872 | 5,994 | 2,303 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Retained earnings | 6,605 | 7,293 | 7,315 | 6,437 | 2,746 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |
| Treasury stock | -657 | -657 | -657 | -657 | -657 | S100R37B, S100TWXS, S100W4FZ, S100YGWG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100YGWG |
| Property, plant and equipment | 3% | S100YGWG |
| Intangibles and goodwill | 37% | S100YGWG |
| Investment securities | 2% | S100YGWG |
| Other assets | 15% | S100YGWG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YGWG |
| Equity | 33% | S100YGWG |
| Other liabilities | 0% | S100YGWG |

### 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 | 15,716 | 17,465 | 18,540 | 16,775 | 12,000 |
| Equity | 6,543 | 7,581 | 8,235 | 7,253 | 3,976 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,986 | 7,042 | 7,465 | 7,040 | 5,204 |

## 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) | 3.7% | S100YGWG |
| Fixed assets ÷ total assets | 2.7% | S100YGWG |
| Goodwill ÷ parent equity | 94.5% | S100YGWG |

Goodwill over 4 years: 3,407 → 2,176 JPY; total investing cash flow: 20 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) | 43.4% |
| Cash ÷ revenue | 60.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,718 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.8% | 0.74× | 5.0% | 2.55× | 12.8% | S100R37B |
| 2023 | 8.0% | 0.75× | 6.1% | 2.55× | 15.4% | S100TWXS |
| 2024 | 2.7% | 0.68× | 1.9% | 2.62× | 4.9% | S100W4FZ |
| 2025 | — | —× | -3.1% | —× | — | S100YGWG |
| 2026 | — | —× | -23.1% | —× | — | S100YGWG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社秦野 | Major shareholder | 20.0% | 2026-03-31 |
| 株式会社髙橋 | Major shareholder | 8.9% | 2026-03-31 |
| 辻本 桂吾 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社坂本 | Major shareholder | 3.6% | 2026-03-31 |
| 髙橋 明宏 | Major shareholder | 3.3% | 2026-03-31 |
| 秦野 和浩 | Major shareholder | 3.3% | 2026-03-31 |
| 高木 幸一 | Major shareholder | 3.2% | 2026-03-31 |
| 河合 順 | Major shareholder | 2.6% | 2026-03-31 |
| 宮崎 正哉 | Major shareholder | 2.6% | 2026-03-31 |
| 公益財団法人マルホ・高木皮膚科学振興財団 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YGWG | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGWG,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W4FZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4FZ,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TWXS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWXS,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R37B | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R37B,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OG77 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG77,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LR71 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR71,, |

## 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).