# Medical Ikkou Group Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/03/01－2026/02/28) (S100Y4Y9)
> Page: https://vizora.meequs.com/en/company/medical-ikkou-group
> Retrieved: 2026-09-30T19:13:25.864Z

## Company

Medical Ikkou Group, founded in 1985, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,608 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Medical Ikkou Group Co.,Ltd. |
| Ticker | 3353 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3353.T) |
| Listing | TSE Standard |
| Head office | 三重県津市西丸之内36番25号 |
| Representative (per filing) | 代表取締役社長 南野利久 |
| Founded | Apr 1985 |
| Share capital | ¥917M |
| Employees (consolidated) | 1,608 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | February |
| Website | www.m-ikkou.co.jp (https://www.m-ikkou.co.jp/) |
| Corporate number | 2190001001175 |
| EDINET | E03443 |
| Industries (Vizora) | Real Estate Development & Leasing, Nursing Care, Specialty Trading & Wholesale, Drugstores & Pharmacies |

> Profile source: annual securities report (S100Y4Y9, filed 2026-05-19). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.9 | 16 |
| Profitability | 39.5 | 19 |
| Cash conversion | 19.4 | 18 |
| Efficiency | 34.2 | 19 |

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 48% of Medical Ikkou Group's sales come from Dispensing pharmacy, with Medical products wholesale and Health care making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +13.6% from the prior year, operating profit +5.7%.

## Company structure

- Segment revenue mix: Dispensing pharmacy 47.8%、Medical products wholesale 35.4%、Health care 16.4%、Real estate 0.5%
- Revenue → net income: ¥54982518000 → ¥1314435000
- Net income → operating cash flow: ¥1314435000 → ¥1208104000（difference ¥-106331000）
- Main uses of operating cash flow: CapEx ¥551893000 / dividends ¥376421000 / buybacks ¥125000
- Change in cash: ¥-889662000
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 | ¥55B |  |
| Operating income | ¥1.79B | Margin 3.3% |
| Net income | ¥1.28B | Margin 2.3% |
| Free cash flow | ¥656.2M |  |
| Largest business | Dispensing pharmacy | of segment revenue 47.8% |
| Employees (consolidated) | 1,608 |  |
| EPS | ¥43.98 |  |
| Book value per share | ¥2450.13 |  |
| Equity ratio | 41.7% |  |
| Shares outstanding | 3,770,000 |  |
| Treasury shares | 4,100 |  |
| Shareholders | 1,971 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 15.3% | Net cash -¥2.18B · Cash ÷ revenue 10.5% |
| Vs. industry median margin | -1.1 pp | Drugstores & Pharmacies |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31603667000 | ¥54982518000 | +74.0% |
| Operating income | ¥1028056000 | ¥1788050000 | +73.9% |
| Operating margin | 3.3% | 3.3% | 0 pp |
| Employees | 1,304 people | 1,608 people | +23.3% |
| Cash and equivalents | ¥6805529000 | ¥5749790000 | -15.5% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 調剤薬局事業 → 調剤薬局事業 | 47.8% |
| 調剤薬局事業 → 事業再編・廃止 | 21.9% |
| ヘルスケア事業 → ヘルスケア事業 | 16.4% |
| ヘルスケア事業 → 事業再編・廃止 | 4.8% |
| 医薬品卸事業 → 医薬品卸事業 | 8.4% |
| 不動産事業 → 不動産事業 | 0.5% |
| 不動産事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 医薬品卸事業 | 27.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dispensing pharmacy | 5 years | +3.6% | ¥26291141000 | 5.2% | 2 |
| Medical products wholesale | 5 years | +48.9% | ¥19447001000 | 1.5% | 2 |
| Health care | 5 years | +6.1% | ¥8990039000 | 1.2% | 2 |
| Real estate | 5 years | +2.3% | ¥254336000 | 56.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,983 | 100.0% | S100Y4Y9 |
| Cost of revenue | 48,497 | 88.2% | S100Y4Y9 |
| Gross profit | 6,486 | 11.8% | S100Y4Y9 |
| SG&A | 4,698 | 8.5% | S100Y4Y9 |
| Operating income | 1,788 | 3.3% | S100Y4Y9 |
| Ordinary income | 1,859 | 3.4% | S100Y4Y9 |
| Pretax income | 2,025 | 3.7% | S100Y4Y9 |
| Income tax | 710 | 1.3% | S100Y4Y9 |
| Net income | 1,314 | 2.4% | S100Y4Y9 |
| Net income attributable to owners | 1,275 | 2.3% | S100Y4Y9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.8% → Operating margin 3.3% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.6%; Core profit growth: +5.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.42×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 48,393 | 54,983 | 6,589 | +13.6% |
| Gross profit | 5,744 | 6,486 | 741 | +12.9% |
| Operating income | 1,692 | 1,788 | 96 | +5.7% |
| Net income attributable to owners | 1,133 | 1,275 | 142 | +12.5% |
| Operating cash flow | 1,198 | 1,208 | 10 | +0.8% |
| Free cash flow | 163 | 656 | 493 | +302.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 32,042 | 1,205 | 3.8% | 802 | 1,823 | 1,342 | S100LEQA |
| FY ending Feb 2021 | 31,604 | 1,028 | 3.3% | 835 | 1,823 | 1,334 | S100O4HK |
| FY ending Feb 2022 | 33,596 | 1,276 | 3.8% | 852 | 1,135 | 798 | S100QTLN |
| FY ending Feb 2023 | 33,898 | 935 | 2.8% | 760 | 1,308 | 960 | S100THFR |
| FY ending Feb 2024 | 39,901 | 1,559 | 3.9% | 1,040 | 4,277 | 3,953 | S100VT82 |
| FY ending Feb 2025 | 48,393 | 1,692 | 3.5% | 1,133 | 1,198 | 163 | S100Y4Y9 |
| FY ending Feb 2026 | 54,983 | 1,788 | 3.3% | 1,275 | 1,208 | 656 | S100Y4Y9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥793K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,325 | 1,297 | 1,431 | 1,547 | 1,608 |
| Average salary (parent company) | ¥5.7M | ¥5.6M | ¥5.6M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 40.9 years | 40.5 years | 42.2 years | 41.4 years | 41.1 years |
| Average tenure (parent company) | 12.3 years | 12.4 years | 13.2 years | 9.5 years | 9.1 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +13.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dispensing pharmacy | 26,291 | 47.8% | 1,373 | 5.2% |
| Health care | 8,990 | 16.4% | 112 | 1.2% |
| Medical products wholesale | 19,447 | 35.4% | 287 | 1.5% |
| Real estate | 254 | 0.5% | 145 | 56.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dispensing pharmacy | 47.8% | 71.7% | 23.8 | 5.2% |
| Health care | 16.4% | 5.8% | -10.5 | 1.2% |
| Medical products wholesale | 35.4% | 15.0% | -20.4 | 1.5% |
| Real estate | 0.5% | 7.5% | 7.1 | 56.9% |

Segment → industry: Real estate → Real Estate Development & Leasing / Health care → Nursing Care / Medical products wholesale → Specialty Trading & Wholesale / Dispensing pharmacy → Drugstores & Pharmacies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,208 | 2.2% | S100Y4Y9 |
| Capital expenditure | 552 | 1.0% | S100Y4Y9 |
| Free cash flow | 656 | 1.2% | 算出 |
| Investing cash flow | -1,814 | -3.3% | S100Y4Y9 |
| Financing cash flow | -284 | -0.5% | S100Y4Y9 |
| Dividends paid | 376 | 0.7% | S100Y4Y9 |
| Share buyback | 0 | 0.0% | S100Y4Y9 |
| Change in cash | -890 | -1.6% | S100Y4Y9 |
| Cash and equivalents | 5,750 | 10.5% | S100Y4Y9 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,790 | 6,253 | 7,589 | 6,639 | 5,750 | S100THFR, S100VT82, S100Y4Y9 |
| Total assets | 29,094 | 27,506 | 31,659 | 34,232 | 37,576 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Net assets | 11,928 | 12,608 | 13,841 | 14,712 | 16,339 | S100THFR, S100VT82, S100Y4Y9 |
| Share capital | 917 | 917 | 917 | 917 | 917 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Property, plant and equipment | 9,865 | 9,587 | 9,117 | 10,042 | 10,906 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Intangible assets excluding goodwill | 1,713 | 1,479 | 860 | 990 | 937 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Goodwill | 1,536 | 1,296 | 693 | 816 | 775 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Investment securities | 1,105 | 1,320 | 2,097 | 2,405 | 3,398 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Current assets | 14,577 | 13,240 | 16,723 | 17,965 | 19,146 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Current liabilities | 8,416 | 7,455 | 10,404 | 11,669 | 11,618 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Short-term borrowings | 170 | 170 | 1,345 | 1,180 | 530 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Long-term borrowings | 7,373 | 6,063 | 5,717 | 6,052 | 7,253 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Bonds | — | — | — | — | 150 | S100Y4Y9 |
| Interest-bearing debt | — | — | — | — | 7,933 | 算出 |
| Total liabilities | 17,166 | 14,898 | 17,818 | 19,520 | 21,238 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Non-controlling interests | 545 | 559 | 600 | 614 | 654 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Equity attributable to owners of parent | 11,404 | 12,016 | 12,908 | 13,862 | 14,771 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Retained earnings | 9,949 | 10,558 | 11,447 | 12,392 | 12,797 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |
| Treasury stock | -542 | -540 | -538 | -532 | -7 | S100QTLN, S100THFR, S100VT82, S100Y4Y9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y4Y9 |
| Property, plant and equipment | 29% | S100Y4Y9 |
| Intangibles and goodwill | 5% | S100Y4Y9 |
| Investment securities | 9% | S100Y4Y9 |
| Other assets | 42% | S100Y4Y9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 35% | S100Y4Y9 |
| Equity | 44% | S100Y4Y9 |
| Other liabilities | 0% | S100Y4Y9 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,094 | 27,506 | 31,659 | 34,232 | 37,576 |
| Equity | 11,928 | 12,608 | 13,841 | 14,712 | 16,339 |
| Interest-bearing debt | — | — | — | — | 7,933 |
| Cash | 7,790 | 6,253 | 7,589 | 6,639 | 5,750 |

## 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) | 19.8% | S100Y4Y9 |
| Fixed assets ÷ total assets | 29.0% | S100Y4Y9 |
| Goodwill ÷ parent equity | 5.2% | S100Y4Y9 |

Goodwill over 4 years: 1,536 → 775 JPY; total investing cash flow: -6,861 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) | 15.3% |
| Cash ÷ revenue | 10.5% |
| Net cash (cash − interest-bearing debt) | -¥2.18B |
| Net debt ÷ operating cash flow | 1.81× |
| Cash conversion (operating CF ÷ operating income) | 67.6% |
| Cash vs. profit gap | -67 JPY mn (of net income -5.3%) |
| Shareholder returns / net income | 29.5% |
| Shareholder returns / FCF | 57.4% |
| Shareholder payments — dividends / net income | 29.5% |
| Shareholder payments — dividends / FCF | 57.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 150.2% |

## 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 | 2.5% | 1.15× | 2.9% | 2.55× | 7.5% | S100QTLN |
| 2023 | 2.2% | 1.20× | 2.7% | 2.42× | 6.5% | S100THFR |
| 2024 | 2.6% | 1.35× | 3.5% | 2.37× | 8.3% | S100VT82 |
| 2025 | 2.3% | 1.47× | 3.4% | 2.46× | 8.5% | S100Y4Y9 |
| 2026 | 2.3% | 1.53× | 3.6% | 2.51× | 8.9% | S100Y4Y9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 27.1% | 2026-02-28 |
| 南野利久 | Major shareholder | 18.9% | 2026-02-28 |
| ハウス食品グループ本社株式会社 | Major shareholder | 9.6% | 2026-02-28 |
| メディカル一光グループ従業員持株会 | Major shareholder | 4.1% | 2026-02-28 |
| アルフレッサ株式会社 | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社山陰合同銀行 | Major shareholder | 2.6% | 2026-02-28 |
| 菊川 東 | Major shareholder | 2.1% | 2026-02-28 |
| 東邦ホールディングス株式会社 | Major shareholder | 1.9% | 2026-02-28 |
| 日本メディカルコンサルタント株式会社 | Major shareholder | 1.4% | 2026-02-28 |
| 沢井製薬株式会社 | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/03/01－2026/02/28) | S100Y4Y9 | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4Y9,, |
| 有価証券報告書－第40期(2024/03/01－2025/02/28) | S100VT82 | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT82,, |
| 有価証券報告書－第39期(2023/03/01－2024/02/29) | S100THFR | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THFR,, |
| 有価証券報告書－第38期(2022/03/01－2023/02/28) | S100QTLN | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTLN,, |
| 有価証券報告書－第37期(令和3年3月1日－令和4年2月28日) | S100O4HK | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4HK,, |
| 有価証券報告書－第36期(令和2年3月1日－令和3年2月28日) | S100LEQA | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEQA,, |

## 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).