# Medix Inc.: 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) (S100YHLO)
> Page: https://vizora.meequs.com/en/company/medix
> Retrieved: 2026-09-30T20:48:37.507Z

## Company

Medix, founded in 1984, is a company in Advertising listed on TSE Standard. It has 343 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Medix Inc. |
| Ticker | 331A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/331A.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田神保町一丁目105番地 |
| Representative (per filing) | 代表取締役社長 田中 正則 |
| Founded | Mar 1984 |
| Share capital | ¥259.8M |
| Employees (consolidated) | 343 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.medix-inc.co.jp (https://www.medix-inc.co.jp/) |
| Corporate number | 7010001030732 |
| EDINET | E40420 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YHLO, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 90.1 | 86 |
| Cash conversion | 19.3 | 75 |
| Efficiency | 11 | 86 |

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)

- Medix brought in ¥4.26B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit -17.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4256886000 → ¥434510000
- Net income → operating cash flow: ¥434510000 → ¥252733000（difference ¥-181777000）
- Main uses of operating cash flow: CapEx ¥38514000 / dividends ¥112270000 / buybacks ¥257256000
- Change in cash: ¥293259000
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 | ¥4.26B |  |
| Operating income | ¥659.4M | Margin 15.5% |
| Net income | ¥437M | Margin 10.3% |
| Free cash flow | ¥214.2M |  |
| Employees (consolidated) | 343 |  |
| EPS | ¥62.49 |  |
| Diluted EPS | ¥61.53 |  |
| Book value per share | ¥446.84 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 8,080,000 |  |
| Treasury shares | 412,500 |  |
| Shareholders | 2,466 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 52.6% | Cash ÷ revenue 95.5% |
| Vs. industry median margin | +9.8 pp | Advertising |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.3× dividends
- FY2026, cash is 53% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4179864000 | ¥4256886000 | — |
| Operating income | ¥801626000 | ¥659413000 | — |
| Operating margin | 19.2% | 15.5% | -3.7 pp |
| Employees | 274 people | 343 people | — |
| Cash and equivalents | ¥2780477000 | ¥4064327000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 | 4,257 | 100.0% | S100YHLO |
| Cost of revenue | 555 | 13.0% | S100YHLO |
| Gross profit | 3,702 | 87.0% | S100YHLO |
| SG&A | 3,042 | 71.5% | S100YHLO |
| Operating income | 659 | 15.5% | S100YHLO |
| Ordinary income | 662 | 15.5% | S100YHLO |
| Pretax income | 662 | 15.5% | S100YHLO |
| Income tax | 227 | 5.3% | S100YHLO |
| Net income | 435 | 10.2% | S100YHLO |
| Net income attributable to owners | 437 | 10.3% | S100YHLO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 13 |
| SG&A | 71 |
| Operating income | 16 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 87.0% → Operating margin 15.5% → Net margin 10.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,162 | 4,257 | 95 | +2.3% |
| Gross profit | 3,728 | 3,702 | -27 | -0.7% |
| Operating income | 803 | 659 | -143 | -17.8% |
| Operating cash flow | 500 | 253 | -247 | -49.4% |
| Free cash flow | 483 | 214 | -269 | -55.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 4,180 | 802 | 19.2% | 489 | 676 | 632 | S100W570 |
| FY ending Mar 2025 | 4,162 | 803 | 19.3% | 804 | 500 | 483 | S100W570 |
| FY ending Mar 2026 | 4,257 | 659 | 15.5% | 437 | 253 | 214 | S100YHLO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.4M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 274 | 279 | 343 |
| Average salary (parent company) | — | ¥6M | ¥5.8M |
| Average age (parent company) | — | 34.1 years | 34.6 years |
| Average tenure (parent company) | — | 7.6 years | 8.1 years |

## 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 | 253 | 5.9% | S100YHLO |
| Capital expenditure | 39 | 0.9% | S100YHLO |
| Free cash flow | 214 | 5.0% | 算出 |
| Investing cash flow | -322 | -7.6% | S100YHLO |
| Financing cash flow | 362 | 8.5% | S100YHLO |
| Dividends paid | 112 | 2.6% | S100YHLO |
| Share buyback | 257 | 6.0% | S100YHLO |
| Change in cash | 293 | 6.9% | S100YHLO |
| Cash and equivalents | 4,064 | 95.5% | S100YHLO |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,780 | 3,771 | 4,064 | S100W570, S100YHLO |
| Total assets | 5,904 | 6,670 | 7,732 | S100W570, S100YHLO |
| Net assets | 2,157 | 3,269 | 3,563 | S100W570, S100YHLO |
| Share capital | 76 | 260 | 260 | S100W570, S100YHLO |
| Property, plant and equipment | 132 | 115 | 122 | S100W570, S100YHLO |
| Intangible assets excluding goodwill | 35 | 23 | 333 | S100W570, S100YHLO |
| Goodwill | — | — | 307 | S100YHLO |
| Investment securities | 27 | 27 | 167 | S100W570, S100YHLO |
| Current assets | 5,175 | 6,102 | 6,747 | S100W570, S100YHLO |
| Current liabilities | 3,125 | 2,833 | 3,077 | S100W570, S100YHLO |
| Long-term borrowings | 111 | 16 | 634 | S100W570, S100YHLO |
| Total liabilities | 3,747 | 3,401 | 4,169 | S100W570, S100YHLO |
| Non-controlling interests | — | — | 127 | S100YHLO |
| Equity attributable to owners of parent | 2,157 | 3,269 | 3,372 | S100W570, S100YHLO |
| Retained earnings | 2,019 | 2,762 | 3,087 | S100W570, S100YHLO |
| Treasury stock | -16 | -16 | -205 | S100W570, S100YHLO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100YHLO |
| Property, plant and equipment | 2% | S100YHLO |
| Intangibles and goodwill | 8% | S100YHLO |
| Investment securities | 2% | S100YHLO |
| Other assets | 35% | S100YHLO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YHLO |
| Equity | 46% | S100YHLO |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 5,904 | 6,670 | 7,732 |
| Equity | 2,157 | 3,269 | 3,563 |
| Interest-bearing debt | — | — | — |
| Cash | 2,780 | 3,771 | 4,064 |

## 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) | 2.9% | S100YHLO |
| Fixed assets ÷ total assets | 1.6% | S100YHLO |
| Goodwill ÷ parent equity | 9.1% | S100YHLO |

### 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) | 52.6% |
| Cash ÷ revenue | 95.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 38.3% |
| Cash vs. profit gap | -184 JPY mn (of net income -42.2%) |
| Shareholder returns / net income | 84.6% |
| Shareholder returns / FCF | 172.5% |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | 52.4% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 127.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 11.7% | 0.71× | 8.3% | 2.74× | 22.7% | S100W570 |
| 2025 | 19.3% | 0.66× | 12.8% | 2.32× | 29.6% | S100W570 |
| 2026 | 10.3% | 0.55× | 5.7% | 2.29× | 13.0% | S100YHLO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小谷中 茂樹 | Major shareholder | 20.0% | 2026-03-31 |
| 水野 昌広 | Major shareholder | 15.8% | 2026-03-31 |
| メディックス従業員持株会 | Major shareholder | 9.4% | 2026-03-31 |
| 小谷中 一樹 | Major shareholder | 6.7% | 2026-03-31 |
| 田中 正則 | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社フォローワンズハート | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社EPARK | Major shareholder | 3.9% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.7% | 2026-03-31 |
| 今森 教仁 | Major shareholder | 1.4% | 2026-03-31 |
| 日中ブリッジ株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YHLO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHLO,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W570 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W570,, |

## 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).