# MEDIUS HOLDINGS Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/07/01－2025/06/30) (S100WQP5)
> Page: https://vizora.meequs.com/en/company/medius-holdings
> Retrieved: 2026-09-30T17:57:00.541Z

## Company

Medius Holdings, founded in 2009, is a company in Nursing Care listed on TSE Prime. It has 2,614 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEDIUS HOLDINGS Co.,Ltd. |
| Ticker | 3154 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3154.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区有楽町一丁目2番2号 |
| Representative (per filing) | 代表取締役社長 池谷保彦 |
| Founded | Jul 2009 |
| Share capital | ¥1.38B |
| Employees (consolidated) | 2,614 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | June |
| Website | www.medius.co.jp (https://www.medius.co.jp/) |
| Corporate number | 3010001135832 |
| EDINET | E22995 |
| Industries (Vizora) | Nursing Care, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100WQP5, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.2 | 179 |
| Profitability | 7.3 | 185 |
| Cash conversion | 95.8 | 179 |
| Efficiency | 87.8 | 185 |

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 98% of Medius Holdings's sales come from Medical equipment sales, with NursingWelfare making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +11.1% from the prior year, operating profit +41.3%.

## Company structure

- Segment revenue mix: Medical equipment sales 97.9%、NursingWelfare 2.1%
- Revenue → net income: ¥288689338000 → ¥1375426000
- Net income → operating cash flow: ¥1375426000 → ¥7011529000（difference ¥5636103000）
- Main uses of operating cash flow: CapEx ¥2065403000 / dividends ¥464889000 / buybacks —
- Change in cash: ¥1037578000
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 | ¥288.7B |  |
| Operating income | ¥1.88B | Margin 0.6% |
| Net income | ¥1.38B | Margin 0.5% |
| Free cash flow | ¥4.95B |  |
| Largest business | Medical equipment sales | of segment revenue 97.9% |
| Employees (consolidated) | 2,614 |  |
| EPS | ¥21.36 |  |
| Diluted EPS | ¥21.33 |  |
| Book value per share | ¥444.98 |  |
| Equity ratio | 18.1% |  |
| Shares outstanding | 22,238,217 |  |
| Treasury shares | 900 |  |
| Shareholders | 13,693 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 5.0% |
| Vs. industry median margin | -2.2 pp | Specialty Trading & Wholesale |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.1× net income
- FY2025, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥210388116000 | ¥288689338000 | +37.2% |
| Operating income | ¥1100069000 | ¥1875749000 | +70.5% |
| Operating margin | 0.5% | 0.6% | +0.1 pp |
| Employees | 1,926 people | 2,614 people | +35.7% |
| Cash and equivalents | ¥8450260000 | ¥14320367000 | +69.5% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 医療機器販売事業 → 医療機器販売事業 | 97.6% |
| 介護・福祉事業 → 介護・福祉事業 | 2.1% |
| 介護・福祉事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 医療機器販売事業 | 0.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 288,689 | 100.0% | S100WQP5 |
| Cost of revenue | 254,249 | 88.1% | S100WQP5 |
| Gross profit | 34,441 | 11.9% | S100WQP5 |
| SG&A | 32,565 | 11.3% | S100WQP5 |
| Operating income | 1,876 | 0.6% | S100WQP5 |
| Ordinary income | 2,422 | 0.8% | S100WQP5 |
| Pretax income | 2,392 | 0.8% | S100WQP5 |
| Income tax | 1,016 | 0.4% | S100WQP5 |
| Net income | 1,375 | 0.5% | S100WQP5 |
| Net income attributable to owners | 1,375 | 0.5% | S100WQP5 |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 11 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 11.9% → Operating margin 0.6% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.1%; Core profit growth: +41.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.71×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 259,789 | 288,689 | 28,900 | +11.1% |
| Gross profit | 31,089 | 34,441 | 3,352 | +10.8% |
| Operating income | 1,327 | 1,876 | 549 | +41.3% |
| Net income attributable to owners | 1,125 | 1,375 | 251 | +22.3% |
| Operating cash flow | 1,922 | 7,012 | 5,090 | +264.9% |
| Free cash flow | 261 | 4,946 | 4,685 | +1793.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 197,691 | 875 | 0.4% | -70 | -1,085 | -1,859 | S100JS7R |
| FY ending Jun 2020 | 210,388 | 1,100 | 0.5% | 951 | 1,169 | 198 | S100MIHH |
| FY ending Jun 2021 | 207,758 | 2,657 | 1.3% | 2,066 | 6,849 | 2,934 | S100P9B6 |
| FY ending Jun 2022 | 226,606 | 2,268 | 1.0% | 1,868 | -3,899 | -8,488 | S100RXO4 |
| FY ending Jun 2023 | 239,054 | 1,881 | 0.8% | 1,498 | 1,224 | 301 | S100UFQT |
| FY ending Jun 2024 | 259,789 | 1,327 | 0.5% | 1,125 | 1,922 | 261 | S100WQP5 |
| FY ending Jun 2025 | 288,689 | 1,876 | 0.6% | 1,375 | 7,012 | 4,946 | S100WQP5 |

## People and productivity（FY ending Jun 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥110.4M |
| Operating income per employee (consolidated) | ¥717.6K |
| Net income per employee (consolidated) | ¥526.2K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,002 | 2,182 | 2,288 | 2,517 | 2,614 |
| Average salary (parent company) | ¥6.9M | ¥6.4M | ¥6.2M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 40.9 years | 40.1 years | 39.8 years | 41.0 years | 40.0 years |
| Average tenure (parent company) | 4.8 years | 4.5 years | 4.2 years | 4.3 years | 5.0 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +11.1%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical equipment sales | 282,688 | 97.9% | 10,447 | 3.7% |
| NursingWelfare | 6,001 | 2.1% | 516 | 8.6% |

### 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 equipment sales | 97.9% | 95.3% | -2.6 | 3.7% |
| NursingWelfare | 2.1% | 4.7% | 2.6 | 8.6% |

Segment → industry: NursingWelfare → Nursing Care / Medical equipment sales → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,012 | 2.4% | S100WQP5 |
| Capital expenditure | 2,065 | 0.7% | S100WQP5 |
| Free cash flow | 4,946 | 1.7% | 算出 |
| Investing cash flow | -2,505 | -0.9% | S100WQP5 |
| Financing cash flow | -3,469 | -1.2% | S100WQP5 |
| Dividends paid | 465 | 0.2% | S100WQP5 |
| Change in cash | 1,038 | 0.4% | S100WQP5 |
| Cash and equivalents | 14,320 | 5.0% | S100WQP5 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,584 | 9,067 | 10,291 | 13,545 | 14,320 | S100RXO4, S100UFQT, S100WQP5 |
| Total assets | 84,480 | 92,954 | 97,456 | 114,827 | 113,025 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Net assets | 15,843 | 17,308 | 18,572 | 19,737 | 20,478 | S100RXO4, S100UFQT, S100WQP5 |
| Share capital | 1,285 | 1,345 | 1,345 | 1,345 | 1,381 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Trade receivables | 43,543 | 47,134 | 50,268 | 58,045 | 57,989 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Property, plant and equipment | 7,247 | 10,989 | 11,019 | 12,078 | 13,100 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Intangible assets excluding goodwill | 2,225 | 2,131 | 2,008 | 2,790 | 2,428 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Goodwill | 1,208 | 1,026 | 844 | 1,500 | 1,198 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Investment securities | 4,384 | 4,350 | 4,461 | 4,714 | 4,289 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Current assets | 68,194 | 71,554 | 76,228 | 91,253 | 89,053 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Current liabilities | 60,694 | 67,522 | 71,543 | 84,327 | 81,379 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Trade payables | 50,665 | 50,363 | 52,543 | 60,208 | 60,110 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Short-term borrowings | 6,192 | 12,328 | 14,965 | 19,963 | 16,756 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Long-term borrowings | 5,403 | 5,460 | 4,580 | 4,196 | 4,472 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Bonds | — | 22 | 15 | 8 | — | S100RXO4, S100UFQT, S100WQP5 |
| Interest-bearing debt | — | 17,810 | 19,561 | 24,167 | — | 算出 |
| Total liabilities | 68,637 | 75,646 | 78,884 | 95,089 | 92,547 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Equity attributable to owners of parent | 14,097 | 15,626 | 16,707 | 17,523 | 18,466 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Retained earnings | 10,200 | 11,611 | 12,692 | 13,334 | 14,206 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100P9B6, S100RXO4, S100UFQT, S100WQP5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100WQP5 |
| Receivables | 51% | S100WQP5 |
| Property, plant and equipment | 12% | S100WQP5 |
| Intangibles and goodwill | 3% | S100WQP5 |
| Investment securities | 4% | S100WQP5 |
| Other assets | 17% | S100WQP5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 53% | S100WQP5 |
| Other liabilities | 29% | S100WQP5 |
| Equity | 18% | S100WQP5 |
| Other liabilities | 0% | S100WQP5 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 84,480 | 92,954 | 97,456 | 114,827 | 113,025 |
| Equity | 15,843 | 17,308 | 18,572 | 19,737 | 20,478 |
| Interest-bearing debt | — | 17,810 | 19,561 | 24,167 | — |
| Cash | 12,584 | 9,067 | 10,291 | 13,545 | 14,320 |

## 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) | 4.5% | S100WQP5 |
| Fixed assets ÷ total assets | 11.6% | S100WQP5 |
| Goodwill ÷ parent equity | 6.5% | S100WQP5 |

Goodwill over 4 years: 1,208 → 1,198 JPY; total investing cash flow: -15,482 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) | 12.7% |
| Cash ÷ revenue | 5.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 373.8% |
| Cash vs. profit gap | 5,636 JPY mn (of net income 409.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | 9.4% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 35.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.0% | 2.46× | 2.4% | 5.99× | 14.7% | S100P9B6 |
| 2022 | 0.8% | 2.55× | 2.1% | 5.97× | 12.6% | S100RXO4 |
| 2023 | 0.6% | 2.51× | 1.6% | 5.89× | 9.3% | S100UFQT |
| 2024 | 0.4% | 2.45× | 1.1% | 6.20× | 6.6% | S100WQP5 |
| 2025 | 0.5% | 2.53× | 1.2% | 6.33× | 7.6% | S100WQP5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱エム・ケー | Major shareholder | 9.8% | 2025-06-30 |
| ㈱Ｍ’ｓ | Major shareholder | 9.8% | 2025-06-30 |
| ㈱イケヤ | Major shareholder | 7.8% | 2025-06-30 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 5.0% | 2025-06-30 |
| メディアスホールディングス従業員持株会 | Major shareholder | 4.9% | 2025-06-30 |
| 栗原医療従業員持株会 | Major shareholder | 2.7% | 2025-06-30 |
| 池谷 保彦 | Major shareholder | 2.2% | 2025-06-30 |
| 野田 了子 | Major shareholder | 1.8% | 2025-06-30 |
| 宮地 修平 | Major shareholder | 1.7% | 2025-06-30 |
| アルフレッサホールディングス㈱ | Major shareholder | 1.7% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/07/01－2025/06/30) | S100WQP5 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQP5,, |
| 有価証券報告書－第15期(2023/07/01－2024/06/30) | S100UFQT | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFQT,, |
| 有価証券報告書－第14期(2022/07/01－2023/06/30) | S100RXO4 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXO4,, |
| 有価証券報告書－第13期(令和3年7月1日－令和4年6月30日) | S100P9B6 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9B6,, |
| 有価証券報告書－第12期(令和2年7月1日－令和3年6月30日) | S100MIHH | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIHH,, |
| 有価証券報告書－第11期(令和1年7月1日－令和2年6月30日) | S100JS7R | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JS7R,, |

## 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).