# M3, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YJ25)
> Page: https://vizora.meequs.com/en/company/m3
> Retrieved: 2026-09-30T19:09:19.157Z

## Company

M3, founded in 2000, is a company in Health Tech listed on TSE Prime. It has 17,010 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | M3, Inc. |
| Ticker | 2413 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2413.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂一丁目11番44号 |
| Representative (per filing) | 代表取締役社長 谷村格 |
| Founded | Sep 2000 |
| Share capital | ¥29.4B |
| Employees (consolidated) | 17,010 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | corporate.m3.com (https://corporate.m3.com/) |
| Corporate number | 1010401063016 |
| EDINET | E05425 |
| Industries (Vizora) | Health Tech, CRO & Clinical Testing, HR & Staffing, Hospitals & Medical Services, Nursing Care |

> Profile source: annual securities report (S100YJ25, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.6 | 14 |
| Profitability | 69.4 | 18 |
| Cash conversion | 79.4 | 17 |
| Efficiency | 25 | 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 30% of M3's sales come from Medical Platform, with Overseas and Patient Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +23.3% from the prior year, operating profit +16.8%.

## Company structure

- Segment revenue mix: Medical Platform 29.6%、Overseas 24.7%、Patient Solution 16.2%、Site Solution 15.5%、Evidence Solution 6.9%
- Revenue → net income: ¥351363000000 → ¥54046000000
- Net income → operating cash flow: ¥54046000000 → ¥70262000000（difference ¥16216000000）
- Main uses of operating cash flow: CapEx ¥11930000000 / dividends ¥14256000000 / buybacks ¥20020000000
- Change in cash: ¥21244000000
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 | ¥351.4B |  |
| Operating income | ¥73.5B | Margin 20.9% |
| Net income | ¥49.1B | Margin 14.0% |
| Free cash flow | ¥58.3B |  |
| Largest business | Medical Platform | of segment revenue 29.6% |
| Employees (consolidated) | 17,010 |  |
| EPS | ¥72.53 |  |
| Diluted EPS | ¥72.5 |  |
| Book value per share | ¥332.42 |  |
| Equity ratio | 64.0% | Derived from disclosed figures |
| Shares outstanding | 679,120,000 |  |
| Treasury shares | 11,695,100 |  |
| Shareholders | 71,845 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 24.5% | Cash ÷ revenue 44.4% |
| Vs. industry median margin | +7.1 pp | Health Tech |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥169198000000 | ¥351363000000 | +107.7% |
| Operating income | ¥57972000000 | ¥73547000000 | +26.9% |
| Operating margin | 34.3% | 20.9% | -13.3 pp |
| Employees | 8,249 people | 17,010 people | +106.2% |
| Cash and equivalents | ¥89144000000 | ¥156177000000 | +75.2% |

### 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 |
| --- | ---: |
| メディカルプラットフォーム → メディカルプラットフォーム | 29.6% |
| メディカルプラットフォーム → 事業再編・廃止 | 14.6% |
| エビデンスソリューション → エビデンスソリューション | 6.9% |
| エビデンスソリューション → 事業再編・廃止 | 4.3% |
| キャリアソリューション → キャリアソリューション | 6.5% |
| キャリアソリューション → 事業再編・廃止 | 1.5% |
| サイトソリューション → サイトソリューション | 9.8% |
| 海外 → 海外 | 24.7% |
| 海外 → 事業再編・廃止 | 0.2% |
| その他エマージング事業群 → その他エマージング事業群 | 0.6% |
| その他エマージング事業群 → 事業再編・廃止 | 1.3% |
| 新設・再編 → サイトソリューション | 5.7% |
| 新設・再編 → ペイシェントソリューション | 16.2% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical Platform | 5 years | +6.8% | ¥104044000000 | 34.5% | 2 |
| Overseas | 5 years | +15.6% | ¥86905000000 | 17.1% | 2 |
| Patient Solution | — | — | ¥56873000000 | 4.7% | 2 |
| Site Solution | 5 years | +26.8% | ¥54346000000 | 10.6% | 2 |
| Evidence Solution | 5 years | +5.1% | ¥24354000000 | 21.0% | 2 |
| Career Solution | 5 years | +11.0% | ¥22724000000 | 26.1% | 2 |
| Other Emerging Business | 5 years | -8.2% | ¥2116000000 | 230.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 351,363 | 100.0% | S100YJ25 |
| Cost of revenue | 175,519 | 50.0% | S100YJ25 |
| Gross profit | 175,844 | 50.0% | S100YJ25 |
| SG&A | 105,740 | 30.1% | S100YJ25 |
| Operating income | 73,547 | 20.9% | S100YJ25 |
| Pretax income | 76,276 | 21.7% | S100YJ25 |
| Income tax | 22,230 | 6.3% | S100YJ25 |
| Net income | 54,046 | 15.4% | S100YJ25 |
| Net income attributable to owners | 49,100 | 14.0% | S100YJ25 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 30 |
| Other operating | -1 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 50.0% → Operating margin 20.9% → Net margin 14.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.3%; Core profit growth: +16.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.72×
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 | 284,900 | 351,363 | 66,463 | +23.3% |
| Gross profit | 154,364 | 175,844 | 21,480 | +13.9% |
| Operating income | 62,971 | 73,547 | 10,576 | +16.8% |
| Net income attributable to owners | 40,484 | 49,100 | 8,616 | +21.3% |
| Operating cash flow | 51,743 | 70,262 | 18,519 | +35.8% |
| Free cash flow | 42,752 | 58,332 | 15,580 | +36.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 78,143 | — | — | 16,004 | 16,555 | — | S100LS8W |
| FY ending Mar 2018 | 94,471 | — | — | 18,127 | 15,913 | — | S100OJCD |
| FY ending Mar 2019 | 113,059 | — | — | 19,577 | 17,749 | — | S100R87E |
| FY ending Mar 2020 | 130,973 | 34,337 | 26.2% | 21,635 | 26,789 | 23,949 | S100LS8W |
| FY ending Mar 2021 | 169,198 | 57,972 | 34.3% | 37,822 | 46,627 | 44,638 | S100OJCD |
| FY ending Mar 2022 | 208,159 | — | — | 63,845 | 52,108 | — | S100YJ25 |
| FY ending Mar 2023 | 230,818 | 71,983 | 31.2% | 49,028 | 57,113 | 51,759 | S100TVWH |
| FY ending Mar 2024 | 238,883 | 64,381 | 27.0% | 45,271 | 58,310 | 50,729 | S100W3NK |
| FY ending Mar 2025 | 284,900 | 62,971 | 22.1% | 40,484 | 51,743 | 42,752 | S100YJ25 |
| FY ending Mar 2026 | 351,363 | 73,547 | 20.9% | 49,100 | 70,262 | 58,332 | S100YJ25 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 9,384 | 10,533 | 12,100 | 15,360 | 17,010 |
| Average salary (parent company) | — | ¥9.5M | ¥9.4M | ¥9.3M | ¥9.8M |
| Average age (parent company) | — | 34.7 years | 34.6 years | 34.7 years | 34.8 years |
| Average tenure (parent company) | — | 3.0 years | 4.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) +10.7% · Revenue (consolidated) +23.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical Platform | 104,044 | 29.6% | 35,918 | 34.5% |
| Evidence Solution | 24,354 | 6.9% | 5,120 | 21.0% |
| Career Solution | 22,724 | 6.5% | 5,925 | 26.1% |
| Site Solution | 54,346 | 15.5% | 5,766 | 10.6% |
| Patient Solution | 56,873 | 16.2% | 2,686 | 4.7% |
| Overseas | 86,905 | 24.7% | 14,898 | 17.1% |
| Other Emerging Business | 2,116 | 0.6% | 4,878 | 230.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical Platform | 29.6% | 47.8% | 18.2 | 34.5% |
| Evidence Solution | 6.9% | 6.8% | -0.1 | 21.0% |
| Career Solution | 6.5% | 7.9% | 1.4 | 26.1% |
| Site Solution | 15.5% | 7.7% | -7.8 | 10.6% |
| Patient Solution | 16.2% | 3.6% | -12.6 | 4.7% |
| Overseas | 24.7% | 19.8% | -4.9 | 17.1% |
| Other Emerging Business | 0.6% | 6.5% | 5.9 | 230.5% |

Segment → industry: Medical Platform → Health Tech / Evidence Solution → CRO & Clinical Testing / Career Solution → HR & Staffing / Site Solution → Hospitals & Medical Services / Site Solution → Nursing Care / Patient Solution → Hospitals & Medical Services / Overseas → 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 | 70,262 | 20.0% | S100YJ25 |
| Capital expenditure | 11,930 | 3.4% | S100YJ25 |
| Free cash flow | 58,332 | 16.6% | 算出 |
| Investing cash flow | -15,890 | -4.5% | S100YJ25 |
| Financing cash flow | -35,471 | -10.1% | S100YJ25 |
| Dividends paid | 14,256 | 4.1% | S100YJ25 |
| Share buyback | 20,020 | 5.7% | S100YJ25 |
| Change in cash | 21,244 | 6.0% | S100YJ25 |
| Cash and equivalents | 156,177 | 44.4% | S100YJ25 |

## 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 | 104,253 | 118,319 | 149,661 | 134,933 | 156,177 | S100YJ25, S100W3NK |
| Total assets | 345,981 | 400,645 | 490,780 | 581,741 | 637,396 | S100YJ25, S100TVWH, S100W3NK |
| Net assets | — | 309,518 | 366,701 | 412,799 | 446,648 | S100W3NK, S100YJ25 |
| Share capital | — | 29,192 | 29,317 | 29,351 | 29,432 | S100TVWH, S100W3NK, S100YJ25 |
| Property, plant and equipment | — | 19,034 | 26,446 | 48,609 | 55,150 | S100TVWH, S100W3NK, S100YJ25 |
| Goodwill | — | 71,342 | 95,511 | 111,635 | 124,087 | S100TVWH, S100W3NK, S100YJ25 |
| Current assets | — | 203,471 | 240,739 | 243,425 | 273,035 | S100TVWH, S100W3NK, S100YJ25 |
| Total liabilities | — | 91,126 | 124,079 | 168,942 | 190,747 | S100TVWH, S100W3NK, S100YJ25 |
| Equity attributable to owners of parent | — | 302,630 | 351,915 | 378,436 | 408,217 | S100TVWH, S100W3NK, S100YJ25 |
| Retained earnings | — | 231,214 | 263,570 | 289,848 | 324,848 | S100TVWH, S100W3NK, S100YJ25 |
| Treasury stock | — | -37 | -37 | -37 | -20,037 | S100TVWH, S100W3NK, S100YJ25 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YJ25 |
| Property, plant and equipment | 9% | S100YJ25 |
| Intangibles and goodwill | 19% | — |
| Other assets | 47% | S100YJ25 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YJ25 |
| Equity | 70% | S100YJ25 |
| Other liabilities | 0% | S100YJ25 |

### 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 | 345,981 | 400,645 | 490,780 | 581,741 | 637,396 |
| Equity | — | 309,518 | 366,701 | 412,799 | 446,648 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 104,253 | 118,319 | 149,661 | 134,933 | 156,177 |

## 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) | 15.7% | S100YJ25 |
| Fixed assets ÷ total assets | 8.7% | S100YJ25 |
| Goodwill ÷ parent equity | 30.4% | S100YJ25 |

### 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) | 24.5% |
| Cash ÷ revenue | 44.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.5% |
| Cash vs. profit gap | 21,162 JPY mn (of net income 43.1%) |
| Shareholder returns / net income | 69.8% |
| Shareholder returns / FCF | 58.8% |
| Shareholder payments — dividends / net income | 29.0% |
| Shareholder payments — dividends / FCF | 24.4% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 22.6% |

## 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 | — | —× | 18.5% | —× | — | S100YJ25 |
| 2023 | 21.2% | 0.62× | 13.1% | 1.23× | 16.2% | S100TVWH |
| 2024 | 19.0% | 0.54× | 10.2% | 1.36× | 13.8% | S100W3NK |
| 2025 | 14.2% | 0.53× | 7.5% | 1.47× | 11.1% | S100YJ25 |
| 2026 | 14.0% | 0.58× | 8.1% | 1.55× | 12.5% | S100YJ25 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソニーグループ株式会社 | Major shareholder | 34.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 14.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 8.5% | 2026-03-31 |
| 谷村 格 | Major shareholder | 2.9% | 2026-03-31 |
| ＳTATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) SUB A/C AMERICAN CLIENTS （常任代理人 香港上海銀行） | Major shareholder | 2.3% | 2026-03-31 |
| CITIBANK, N.A.-NY, AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 2.0% | 2026-03-31 |
| OASIS JAPAN STRATEGI C FUND Y LTD. （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.3% | 2026-03-31 |
| OASIS JAPAN STRATEGIC FUND LTD. （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥351.4B, up 23.3% from ¥284.9B the year before.
- Operating income rose 16.8% to ¥73.5B and net income attributable to owners rose 21.3% to ¥49.1B, so profit grew a little more slowly than sales.
- Cash generation grew faster: operating cash flow was ¥70.3B (up 35.8%) and free cash flow was ¥58.3B (up 36.4%).

### Drivers

- Patient Solution sales jumped because the company took over Elan, which supplies clothing and daily-use kits to hospital patients.
- Medical Platform grew thanks to the addition of employee-benefits provider Ewel and steady demand for pharma marketing support and digital tools for clinics.
- Overseas, further impairment losses on the North American clinical-trial business and the UK doctor-recruiting business held back profit growth.

### Risks

- Drug makers, the main customers, keep merging, and merged customers may renegotiate their contracts.
- The effect of US policy changes on tariffs and healthcare rules is hard to predict.
- Goodwill built up through acquisitions would have to be written down if those businesses lose value.

Cited: Annual Securities Report (26th fiscal period) (Management's analysis of financial position, results and cash flows); Annual Securities Report (26th fiscal period) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YJ25 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ25,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W3NK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3NK,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TVWH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVWH,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R87E | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R87E,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OJCD | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJCD,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LS8W | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS8W,, |

## 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).