# MEDIKIT 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43期(2025/04/01－2026/03/31) (S100YI2W)
> Page: https://vizora.meequs.com/en/company/medikit
> Retrieved: 2026-09-30T21:00:37.341Z

## Company

Medikit, founded in 1973, is a company in Medical Devices listed on TSE Standard. It has 994 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEDIKIT CO.,LTD. |
| Ticker | 7749 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7749.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区湯島一丁目13番2号 |
| Representative (per filing) | 代表取締役社長 景山 洋二 |
| Founded | Jun 1973 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 994 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.medikit.co.jp (https://www.medikit.co.jp/) |
| Corporate number | 9010001007828 |
| EDINET | E02354 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YI2W, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.5 | 38 |
| Profitability | 75.6 | 39 |
| Cash conversion | 59.2 | 38 |
| Efficiency | 6.4 | 39 |

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)

- Medikit brought in ¥23.8B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit -4.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23781456000 → ¥3006084000
- Net income → operating cash flow: ¥3006084000 → ¥4734751000（difference ¥1728667000）
- Main uses of operating cash flow: CapEx ¥3482856000 / dividends ¥1408038000 / buybacks ¥410441000
- Change in cash: ¥1593295000
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 | ¥23.8B |  |
| Operating income | ¥4.27B | Margin 18.0% |
| Net income | ¥3.01B | Margin 12.6% |
| Free cash flow | ¥1.25B |  |
| Employees (consolidated) | 994 |  |
| EPS | ¥208.27 |  |
| Book value per share | ¥1822.82 |  |
| Equity ratio | 87.8% |  |
| Shares outstanding | 15,880,000 |  |
| Treasury shares | 1,401,900 |  |
| Shareholders | 6,167 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 35.0% | Cash ÷ revenue 78.4% |
| Vs. industry median margin | +6.9 pp | Medical Devices |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19312663000 | ¥23781456000 | +23.1% |
| Operating income | ¥3778765000 | ¥4272403000 | +13.1% |
| Operating margin | 19.6% | 18.0% | -1.6 pp |
| Employees | 970 people | 994 people | +2.5% |
| Cash and equivalents | ¥17491119000 | ¥18652613000 | +6.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,781 | 100.0% | S100YI2W |
| Cost of revenue | 14,774 | 62.1% | S100YI2W |
| Gross profit | 9,008 | 37.9% | S100YI2W |
| SG&A | 4,736 | 19.9% | S100YI2W |
| Operating income | 4,272 | 18.0% | S100YI2W |
| Ordinary income | 4,484 | 18.9% | S100YI2W |
| Pretax income | 4,512 | 19.0% | S100YI2W |
| Income tax | 1,506 | 6.3% | S100YI2W |
| Net income | 3,006 | 12.6% | S100YI2W |
| Net income attributable to owners | 3,006 | 12.6% | S100YI2W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 20 |
| Operating income | 18 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 37.9% → Operating margin 18.0% → Net margin 12.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.4%; Core profit growth: -4.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.88×
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 | 22,553 | 23,781 | 1,228 | +5.4% |
| Gross profit | 8,668 | 9,008 | 340 | +3.9% |
| Operating income | 4,487 | 4,272 | -214 | -4.8% |
| Net income attributable to owners | 3,014 | 3,006 | -7 | -0.2% |
| Operating cash flow | 3,562 | 4,735 | 1,173 | +32.9% |
| Free cash flow | -288 | 1,252 | 1,540 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,893 | 4,329 | 21.8% | 2,888 | 3,541 | 2,091 | S100LSJ4 |
| FY ending Mar 2021 | 19,313 | 3,779 | 19.6% | 2,659 | 3,630 | 2,093 | S100OM6L |
| FY ending Mar 2022 | 20,131 | 4,423 | 22.0% | 2,993 | 3,154 | 1,369 | S100R4Y7 |
| FY ending Mar 2023 | 21,607 | 4,118 | 19.1% | 2,865 | 4,480 | 3,455 | S100TRLQ |
| FY ending Mar 2024 | 21,851 | 4,678 | 21.4% | 3,069 | 4,834 | 3,128 | S100W2G9 |
| FY ending Mar 2025 | 22,553 | 4,487 | 19.9% | 3,014 | 3,562 | -288 | S100YI2W |
| FY ending Mar 2026 | 23,781 | 4,272 | 18.0% | 3,006 | 4,735 | 1,252 | S100YI2W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.9M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

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) | 954 | 963 | 966 | 989 | 994 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥6M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 39.3 years | 39.7 years | 39.6 years | 40.0 years | 40.1 years |
| Average tenure (parent company) | 12.8 years | 13.3 years | 13.7 years | 13.9 years | 13.7 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +5.4%

## 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 | 4,735 | 19.9% | S100YI2W |
| Capital expenditure | 3,483 | 14.6% | S100YI2W |
| Free cash flow | 1,252 | 5.3% | 算出 |
| Investing cash flow | -1,293 | -5.4% | S100YI2W |
| Financing cash flow | -1,821 | -7.7% | S100YI2W |
| Dividends paid | 1,408 | 5.9% | S100YI2W |
| Share buyback | 410 | 1.7% | S100YI2W |
| Change in cash | 1,593 | 6.7% | S100YI2W |
| Cash and equivalents | 18,653 | 78.4% | S100YI2W |

## 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 | 18,118 | 17,593 | 19,111 | 17,059 | 18,653 | S100TRLQ, S100W2G9, S100YI2W |
| Total assets | 51,058 | 53,186 | 50,999 | 52,471 | 53,272 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Net assets | 45,772 | 47,292 | 44,129 | 45,156 | 46,781 | S100TRLQ, S100W2G9, S100YI2W |
| Share capital | 1,241 | 1,241 | 1,241 | 1,241 | 1,241 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Property, plant and equipment | 10,835 | 10,438 | 11,474 | 14,448 | 14,943 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Intangible assets excluding goodwill | 127 | 3,092 | 3,476 | 3,283 | 2,954 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Goodwill | — | 1,936 | 2,338 | 2,120 | 1,903 | S100TRLQ, S100W2G9, S100YI2W |
| Investment securities | 928 | 882 | 962 | 779 | 1,299 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Current assets | 38,541 | 38,176 | 34,491 | 33,244 | 33,215 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Current liabilities | 4,415 | 4,674 | 5,719 | 6,159 | 5,314 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Trade payables | 2,576 | 2,546 | 3,180 | 3,469 | 925 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Total liabilities | 5,286 | 5,894 | 6,871 | 7,315 | 6,491 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Equity attributable to owners of parent | 45,529 | 46,902 | 43,454 | 44,416 | 45,654 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Retained earnings | 37,165 | 38,520 | 39,826 | 37,341 | 38,958 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |
| Treasury stock | -3,257 | -3,244 | -6,046 | -2,545 | -2,930 | S100R4Y7, S100TRLQ, S100W2G9, S100YI2W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YI2W |
| Property, plant and equipment | 28% | S100YI2W |
| Intangibles and goodwill | 9% | S100YI2W |
| Investment securities | 3% | S100YI2W |
| Other assets | 25% | S100YI2W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YI2W |
| Other liabilities | 10% | S100YI2W |
| Equity | 88% | S100YI2W |
| Other liabilities | 0% | S100YI2W |

### 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 | 51,058 | 53,186 | 50,999 | 52,471 | 53,272 |
| Equity | 45,772 | 47,292 | 44,129 | 45,156 | 46,781 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,118 | 17,593 | 19,111 | 17,059 | 18,653 |

## 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) | 62.8% | S100YI2W |
| Fixed assets ÷ total assets | 28.1% | S100YI2W |
| Goodwill ÷ parent equity | 4.2% | S100YI2W |

### 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) | 35.0% |
| Cash ÷ revenue | 78.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.8% |
| Cash vs. profit gap | 1,729 JPY mn (of net income 57.5%) |
| Shareholder returns / net income | 60.5% |
| Shareholder returns / FCF | 145.3% |
| Shareholder payments — dividends / net income | 46.8% |
| Shareholder payments — dividends / FCF | 112.5% |
| CapEx intensity (capex ÷ revenue) | 14.6% |
| Investing CF relative to operating CF | 27.3% |

## 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 | 14.9% | 0.39× | 5.9% | 1.12× | 6.6% | S100R4Y7 |
| 2023 | 13.3% | 0.41× | 5.5% | 1.13× | 6.2% | S100TRLQ |
| 2024 | 14.0% | 0.42× | 5.9% | 1.15× | 6.8% | S100W2G9 |
| 2025 | 13.4% | 0.44× | 5.8% | 1.18× | 6.9% | S100YI2W |
| 2026 | 12.6% | 0.45× | 5.7% | 1.17× | 6.7% | S100YI2W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ナカジマコーポレーション | Major shareholder | 40.7% | 2026-03-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 9.7% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ （常任代理人 香港上海銀行 東京支店） | Major shareholder | 6.2% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 6.2% | 2026-03-31 |
| 一般財団法人中島育英奨学会 | Major shareholder | 4.1% | 2026-03-31 |
| 中島 崇 | Major shareholder | 3.9% | 2026-03-31 |
| 栗田 一江 | Major shareholder | 3.3% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＩＥＤＵ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １５ ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.3% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＮＯＮ ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| メディキット社員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YI2W | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2W,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W2G9 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2G9,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TRLQ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRLQ,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100R4Y7 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4Y7,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OM6L | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM6L,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LSJ4 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSJ4,, |

## 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).