# Medical Net , Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/06/01－2026/05/31) (S100YYS4)
> Page: https://vizora.meequs.com/en/company/medical-net
> Retrieved: 2026-09-30T18:28:17.321Z

## Company

Medical Net, founded in 2001, is a company in Health Tech listed on TSE Growth. It has 290 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Medical Net, Inc. |
| Ticker | 3645 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3645.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区幡ヶ谷一丁目34番14号 |
| Representative (per filing) | 代表取締役会長CEO 平川 大 |
| Founded | Jun 2001 |
| Share capital | ¥286M |
| Employees (consolidated) | 290 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | May |
| Website | www.medical-net.com (https://www.medical-net.com/) |
| Corporate number | 1011001036766 |
| EDINET | E24982 |
| Industries (Vizora) | Health Tech, Internet Services & Apps, Specialty Trading & Wholesale, Hospitals & Medical Services, IT Services & System Integration |

> Profile source: annual securities report (S100YYS4, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Hospitals & Medical Services (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 8 |
| Profitability | 31.3 | 8 |
| Cash conversion | 8.3 | 6 |
| Efficiency | 81.3 | 8 |

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 77% of Medical Net's sales come from Medical institution management support, with Mediaplatform and Cloud Integration making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit +94.0%.

## Company structure

- Segment revenue mix: Medical institution management support 77.2%、Mediaplatform 14.5%、Cloud Integration 5.6%、Medical B to B 2.7%、Other 0.0%
- Revenue → net income: ¥6732047000 → ¥163247000
- Net income → operating cash flow: ¥163247000 → ¥98844000（difference ¥-64403000）
- Main uses of operating cash flow: CapEx ¥9304000 / dividends ¥26747000 / buybacks —
- Change in cash: ¥516778000
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 | ¥6.73B |  |
| Operating income | ¥191.6M | Margin 2.8% |
| Net income | ¥137.5M | Margin 2.0% |
| Free cash flow | ¥89.5M |  |
| Largest business | Medical institution management support | of segment revenue 77.2% |
| Employees (consolidated) | 290 |  |
| EPS | ¥8.6 |  |
| Book value per share | ¥212.86 |  |
| Equity ratio | 43.6% |  |
| Shares outstanding | 10,773,000 |  |
| Treasury shares | 1,526,000 |  |
| Shareholders | 15,496 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 42.0% | Cash ÷ revenue 28.5% |
| Vs. industry median margin | 0 pp | Specialty Trading & Wholesale |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 94%
- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, segment profit share differs by -59 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2904602000 | ¥6732047000 | +131.8% |
| Operating income | ¥331269000 | ¥191612000 | -42.2% |
| Operating margin | 11.4% | 2.8% | -8.6 pp |
| Employees | 113 people | 290 people | +156.6% |
| Cash and equivalents | ¥868661000 | ¥1920480000 | +121.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| メディア・プラットフォーム事業 → メディア・プラットフォーム事業 | 14.5% |
| メディア・プラットフォーム事業 → 事業再編・廃止 | 16.2% |
| 医療機関経営支援事業 → 医療機関経営支援事業 | 64.6% |
| 医療BtoB事業 → 医療BtoB事業 | 2.7% |
| 医療BtoB事業 → 事業再編・廃止 | 2.0% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 医療機関経営支援事業 | 12.7% |
| 新設・再編 → クラウドインテグレーション事業 | 5.6% |

Segment revenue source references: 9 (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 institution management support | 5 years | +22.6% | ¥5199311000 | 2.3% | 2 |
| Mediaplatform | 5 years | +1.8% | ¥974605000 | 47.5% | 2 |
| Cloud Integration | 2 years | +182.5% | ¥379357000 | 13.2% | 2 |
| Medical B to B | 5 years | +5.9% | ¥178482000 | 23.7% | 2 |
| Other | 5 years | -39.9% | ¥290000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,732 | 100.0% | S100YYS4 |
| Cost of revenue | 4,735 | 70.3% | S100YYS4 |
| Gross profit | 1,997 | 29.7% | S100YYS4 |
| SG&A | 1,805 | 26.8% | S100YYS4 |
| Operating income | 192 | 2.8% | S100YYS4 |
| Ordinary income | 270 | 4.0% | S100YYS4 |
| Pretax income | 259 | 3.9% | S100YYS4 |
| Income tax | 96 | 1.4% | S100YYS4 |
| Net income | 163 | 2.4% | S100YYS4 |
| Net income attributable to owners | 137 | 2.0% | S100YYS4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 27 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 29.7% → Operating margin 2.8% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.8%; Core profit growth: +94.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.73×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,078 | 6,732 | 654 | +10.8% |
| Gross profit | 1,966 | 1,997 | 31 | +1.6% |
| Operating income | 99 | 192 | 93 | +94.0% |
| Net income attributable to owners | -68 | 137 | 206 | — |
| Operating cash flow | -81 | 99 | 180 | — |
| Free cash flow | -212 | 90 | 302 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 2,918 | 106 | 3.6% | 79 | 78 | 70 | S100MD7Q |
| FY ending May 2021 | 2,905 | 331 | 11.4% | 130 | 392 | 379 | S100P43U |
| FY ending May 2022 | 3,746 | 445 | 11.9% | 380 | 343 | 340 | S100RS9E |
| FY ending May 2023 | 4,501 | 380 | 8.4% | 116 | 429 | 409 | S100UBP9 |
| FY ending May 2024 | 5,252 | 298 | 5.7% | 6 | 120 | 87 | S100WLO9 |
| FY ending May 2025 | 6,078 | 99 | 1.6% | -68 | -81 | -212 | S100YYS4 |
| FY ending May 2026 | 6,732 | 192 | 2.8% | 137 | 99 | 90 | S100YYS4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.2M |
| Operating income per employee (consolidated) | ¥660.7K |
| Net income per employee (consolidated) | ¥474.1K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 163 | 186 | 274 | 296 | 290 |
| Average salary (parent company) | ¥5M | ¥5.3M | ¥5.2M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 35.3 years | 35.6 years | 36.3 years | 36.3 years | 37.0 years |
| Average tenure (parent company) | 4.5 years | 4.5 years | 4.9 years | 4.9 years | 5.5 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) +10.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mediaplatform | 975 | 14.5% | 463 | 47.5% |
| Medical institution management support | 5,199 | 77.2% | 122 | 2.3% |
| Medical B to B | 178 | 2.7% | 42 | 23.7% |
| Cloud Integration | 379 | 5.6% | 50 | 13.2% |
| Other | 0 | 0.0% | 0 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mediaplatform | 14.5% | 68.3% | 53.9 | 47.5% |
| Medical institution management support | 77.2% | 18.0% | -59.2 | 2.3% |
| Medical B to B | 2.7% | 6.2% | 3.6 | 23.7% |
| Cloud Integration | 5.6% | 7.4% | 1.7 | 13.2% |
| Other | 0.0% | 0.0% | 0.0 | 100.0% |

Segment → industry: Mediaplatform → Health Tech / Mediaplatform → Internet Services & Apps / Medical institution management support → Specialty Trading & Wholesale / Medical institution management support → Hospitals & Medical Services / Medical B to B → Health Tech / Cloud Integration → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 99 | 1.5% | S100YYS4 |
| Capital expenditure | 9 | 0.1% | S100YYS4 |
| Free cash flow | 90 | 1.3% | 算出 |
| Investing cash flow | 87 | 1.3% | S100YYS4 |
| Financing cash flow | 291 | 4.3% | S100YYS4 |
| Dividends paid | 27 | 0.4% | S100YYS4 |
| Change in cash | 517 | 7.7% | S100YYS4 |
| Cash and equivalents | 1,920 | 28.5% | S100YYS4 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,129 | 1,513 | 1,508 | 1,404 | 1,920 | S100UBP9, S100WLO9, S100YYS4 |
| Total assets | 3,150 | 3,467 | 3,990 | 4,080 | 4,569 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Net assets | 1,733 | 1,929 | 1,932 | 1,769 | 2,066 | S100UBP9, S100WLO9, S100YYS4 |
| Share capital | 286 | 286 | 286 | 286 | 286 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Property, plant and equipment | 106 | 111 | 126 | 133 | 115 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Intangible assets excluding goodwill | 473 | 306 | 460 | 428 | 418 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Goodwill | 457 | 294 | 430 | 394 | 377 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Investment securities | 76 | 62 | 59 | 56 | 53 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Current assets | 2,078 | 2,460 | 2,835 | 2,958 | 3,601 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Current liabilities | 1,300 | 1,438 | 1,622 | 1,931 | 2,189 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Short-term borrowings | 630 | 680 | 530 | 846 | 1,086 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Long-term borrowings | 111 | 83 | 387 | 336 | 268 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Total liabilities | 1,417 | 1,538 | 2,058 | 2,312 | 2,503 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Non-controlling interests | 30 | 12 | 25 | 53 | 72 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Equity attributable to owners of parent | 1,692 | 1,890 | 1,873 | 1,678 | 1,945 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Retained earnings | 1,630 | 1,710 | 1,694 | 1,599 | 1,710 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |
| Treasury stock | -511 | -444 | -444 | -544 | -400 | S100RS9E, S100UBP9, S100WLO9, S100YYS4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YYS4 |
| Property, plant and equipment | 3% | S100YYS4 |
| Intangibles and goodwill | 17% | S100YYS4 |
| Investment securities | 1% | S100YYS4 |
| Other assets | 37% | S100YYS4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YYS4 |
| Equity | 45% | S100YYS4 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,150 | 3,467 | 3,990 | 4,080 | 4,569 |
| Equity | 1,733 | 1,929 | 1,932 | 1,769 | 2,066 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,129 | 1,513 | 1,508 | 1,404 | 1,920 |

## 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) | 1.7% | S100YYS4 |
| Fixed assets ÷ total assets | 2.5% | S100YYS4 |
| Goodwill ÷ parent equity | 19.4% | S100YYS4 |

Goodwill over 4 years: 457 → 377 JPY; total investing cash flow: -875 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) | 42.0% |
| Cash ÷ revenue | 28.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.6% |
| Cash vs. profit gap | -39 JPY mn (of net income -28.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | 29.9% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 88.5% |

## 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 | 10.1% | 1.19× | 12.1% | 1.86× | 22.5% | S100RS9E |
| 2023 | 2.6% | 1.36× | 3.5% | 1.85× | 6.5% | S100UBP9 |
| 2024 | 0.1% | 1.41× | 0.2% | 1.98× | 0.3% | S100WLO9 |
| 2025 | — | —× | -1.7% | —× | — | S100YYS4 |
| 2026 | 2.0% | 1.56× | 3.2% | 2.39× | 7.6% | S100YYS4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 平川 大 | Major shareholder | 9.6% | 2026-05-31 |
| 平川 裕司 | Major shareholder | 8.5% | 2026-05-31 |
| 早川 竜介 | Major shareholder | 6.4% | 2026-05-31 |
| 株式会社ヨシダ | Major shareholder | 5.8% | 2026-05-31 |
| 内藤 征吾 | Major shareholder | 3.5% | 2026-05-31 |
| 水元 公仁 | Major shareholder | 3.1% | 2026-05-31 |
| 株式会社ライトアップ | Major shareholder | 1.2% | 2026-05-31 |
| 穂谷野 智 | Major shareholder | 1.1% | 2026-05-31 |
| 平川 佳子 | Major shareholder | 1.0% | 2026-05-31 |
| 平川 優佳 | Major shareholder | 1.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/06/01－2026/05/31) | S100YYS4 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYS4,, |
| 有価証券報告書－第24期(2024/06/01－2025/05/31) | S100WLO9 | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLO9,, |
| 訂正有価証券報告書－第23期(2023/06/01－2024/05/31) | S100UBP9 | 2024-09-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UBP9,, |
| 有価証券報告書－第22期(2022/06/01－2023/05/31) | S100RS9E | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS9E,, |
| 有価証券報告書－第21期(令和3年6月1日－令和4年5月31日) | S100P43U | 2022-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P43U,, |
| 有価証券報告書－第20期(令和2年6月1日－令和3年5月31日) | S100MD7Q | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MD7Q,, |

## 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).