# MIZUHO MEDY CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/01/01－2025/12/31) (S100XTF0)
> Page: https://vizora.meequs.com/en/company/mizuho-medy
> Retrieved: 2026-09-30T20:32:53.720Z

## Company

Mizuho Medy, founded in 1977, is a company in Medical Devices listed on TSE Standard. It has 193 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIZUHO MEDY CO.,LTD. |
| Ticker | 4595 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4595.T) |
| Listing | TSE Standard |
| Head office | 佐賀県鳥栖市藤木町5番地の4 |
| Representative (per filing) | 代表取締役会長兼社長 唐川 文成 |
| Founded | Nov 1977 |
| Share capital | ¥464M |
| Employees (consolidated) | 193 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.mizuho-m.co.jp (https://www.mizuho-m.co.jp/) |
| Corporate number | 2300001006311 |
| EDINET | E31946 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100XTF0, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.1 | 38 |
| Profitability | 96.2 | 39 |
| Cash conversion | 14.5 | 38 |
| Efficiency | 19.2 | 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)

- Mizuho Medy brought in ¥11.3B in revenue.
- Out of every ¥100 of sales, about ¥41 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -5.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11260000000 → ¥3425000000
- Net income → operating cash flow: ¥3425000000 → ¥1956000000（difference ¥-1469000000）
- Main uses of operating cash flow: CapEx ¥283000000 / dividends ¥2077000000 / buybacks ¥0
- Change in cash: ¥-7405000000
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 | ¥11.3B |  |
| Operating income | ¥4.65B | Margin 41.3% |
| Net income | ¥3.42B | Margin 30.4% |
| Free cash flow | ¥1.67B |  |
| Employees (consolidated) | 193 |  |
| EPS | ¥179.84 |  |
| Book value per share | ¥980.89 |  |
| Equity ratio | 83.5% |  |
| Shares outstanding | 19,051,000 |  |
| Treasury shares | 2,500 |  |
| Shareholders | 18,467 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | +30.2 pp | Medical Devices |
| ROE | 19.0% | Derived from disclosed figures |
| ROA | 15.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating income keeps 41 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4205453000 | ¥11260000000 | +167.7% |
| Operating income | ¥416222000 | ¥4646000000 | +1016.2% |
| Operating margin | 9.9% | 41.3% | +31.4 pp |
| Employees | 175 people | 193 people | +10.3% |
| Cash and equivalents | ¥54312000 | ¥2259000000 | +4059.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,260 | 100.0% | S100XTF0 |
| Cost of revenue | 3,441 | 30.6% | 算出 |
| Gross profit | 7,819 | 69.4% | S100XTF0 |
| SG&A | 3,172 | 28.2% | S100XTF0 |
| Operating income | 4,646 | 41.3% | S100XTF0 |
| Ordinary income | 4,736 | 42.1% | S100XTF0 |
| Pretax income | 4,736 | 42.1% | S100XTF0 |
| Income tax | 1,310 | 11.6% | S100XTF0 |
| Net income | 3,425 | 30.4% | S100XTF0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 28 |
| Operating income | 41 |
| (Ref.) Net income | 30 |

### Margin funnel

Gross margin 69.4% → Operating margin 41.3% → Net margin 30.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -5.5%
Operating leverage (core profit growth ÷ revenue growth): 3.73×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,429 | 11,260 | -169 | -1.5% |
| Gross profit | 8,083 | 7,819 | -264 | -3.3% |
| Operating income | 4,917 | 4,646 | -271 | -5.5% |
| Operating cash flow | 3,348 | 1,956 | -1,392 | -41.6% |
| Free cash flow | 3,049 | 1,673 | -1,376 | -45.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,428 | 1,111 | 17.3% | 874 | 745 | -17 | S100L1D3 |
| FY ending Dec 2020 | 4,205 | 416 | 9.9% | 306 | 295 | 198 | S100NPM4 |
| FY ending Dec 2021 | 13,137 | 6,698 | 51.0% | 4,817 | 5,597 | 5,438 | S100QGUI |
| FY ending Dec 2022 | 17,582 | 11,104 | 63.2% | 7,838 | 6,173 | 5,993 | S100T4JZ |
| FY ending Dec 2023 | 10,989 | 5,151 | 46.9% | 3,774 | 3,991 | 3,722 | S100VI2E |
| FY ending Dec 2024 | 11,429 | 4,917 | 43.0% | 3,773 | 3,348 | 3,049 | S100XTF0 |
| FY ending Dec 2025 | 11,260 | 4,646 | 41.3% | 3,425 | 1,956 | 1,673 | S100XTF0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.3M |
| Operating income per employee (consolidated) | ¥24.1M |
| Net income per employee (consolidated) | ¥17.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 173 | 175 | 180 | 187 | 193 |
| Average salary (parent company) | ¥6.9M | ¥7.4M | ¥7.6M | ¥8.2M | ¥7.9M |
| Average age (parent company) | 44.4 years | 43.9 years | 43.9 years | 43.5 years | 43.2 years |
| Average tenure (parent company) | 11.8 years | 11.8 years | 11.7 years | 11.6 years | 11.0 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) -1.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,956 | 17.4% | S100XTF0 |
| Capital expenditure | 283 | 2.5% | S100XTF0 |
| Free cash flow | 1,673 | 14.9% | 算出 |
| Investing cash flow | -7,284 | -64.7% | S100XTF0 |
| Financing cash flow | -2,077 | -18.4% | S100XTF0 |
| Dividends paid | 2,077 | 18.4% | S100XTF0 |
| Share buyback | 0 | 0.0% | S100XTF0 |
| Change in cash | -7,405 | -65.8% | S100XTF0 |
| Cash and equivalents | 2,259 | 20.1% | S100XTF0 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,327 | 7,375 | 8,716 | 9,664 | 2,259 | S100T4JZ, S100VI2E, S100XTF0 |
| Total assets | 12,193 | 19,102 | 18,948 | 20,729 | 22,375 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Net assets | 8,029 | 14,282 | 15,675 | 17,354 | 18,684 | S100T4JZ, S100VI2E, S100XTF0 |
| Share capital | 465 | 465 | 464 | 464 | 464 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Property, plant and equipment | 2,099 | 2,153 | 2,251 | 2,271 | 2,264 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Intangible assets excluding goodwill | 12 | 14 | 11 | 10 | 36 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Investment securities | 8 | 8 | 8 | 8 | 3 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Current assets | 9,661 | 16,500 | 16,289 | 17,998 | 19,580 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Current liabilities | 3,336 | 3,922 | 2,279 | 2,287 | 2,660 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Total liabilities | 4,164 | 4,819 | 3,272 | 3,375 | 3,690 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Equity attributable to owners of parent | 8,028 | 14,282 | 15,675 | 17,353 | 18,684 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Retained earnings | 7,291 | 13,545 | 14,938 | 16,616 | 17,947 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100QGUI, S100T4JZ, S100VI2E, S100XTF0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XTF0 |
| Property, plant and equipment | 10% | S100XTF0 |
| Intangibles and goodwill | 0% | S100XTF0 |
| Investment securities | 0% | S100XTF0 |
| Other assets | 80% | S100XTF0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100XTF0 |
| Equity | 84% | S100XTF0 |
| Other liabilities | 0% | S100XTF0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,193 | 19,102 | 18,948 | 20,729 | 22,375 |
| Equity | 8,029 | 14,282 | 15,675 | 17,354 | 18,684 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,327 | 7,375 | 8,716 | 9,664 | 2,259 |

## 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) | 20.1% | S100XTF0 |
| Fixed assets ÷ total assets | 10.1% | S100XTF0 |
| Goodwill ÷ parent equity | — | —, S100XTF0 |

### 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) | 10.1% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.1% |
| Cash vs. profit gap | -1,469 JPY mn (of net income -42.9%) |
| Shareholder returns / net income | 60.6% |
| Shareholder returns / FCF | 124.1% |
| Shareholder payments — dividends / net income | 60.6% |
| Shareholder payments — dividends / FCF | 124.1% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 372.4% |

## 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 | 36.7% | 1.08× | 39.5% | 1.52× | 60.0% | S100QGUI |
| 2022 | 44.6% | 1.12× | 50.1% | 1.40× | 70.3% | S100T4JZ |
| 2023 | 34.3% | 0.58× | 19.8% | 1.27× | 25.2% | S100VI2E |
| 2024 | 33.0% | 0.58× | 19.0% | 1.20× | 22.8% | S100XTF0 |
| 2025 | 30.4% | 0.52× | 15.9% | 1.20× | 19.0% | S100XTF0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 唐川 文成 | Major shareholder | 20.5% | 2025-12-31 |
| ミズホメディー社員持株会 | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 2.1% | 2025-12-31 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 山口 和也 | Major shareholder | 1.1% | 2025-12-31 |
| 村田 淳一 | Major shareholder | 1.1% | 2025-12-31 |
| 唐川 則康 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/01/01－2025/12/31) | S100XTF0 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTF0,, |
| 有価証券報告書－第48期(2024/01/01－2024/12/31) | S100VI2E | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI2E,, |
| 有価証券報告書－第47期(2023/01/01－2023/12/31) | S100T4JZ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4JZ,, |
| 有価証券報告書－第46期(2022/01/01－2022/12/31) | S100QGUI | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGUI,, |
| 有価証券報告書－第45期(令和3年1月1日－令和3年12月31日) | S100NPM4 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPM4,, |
| 有価証券報告書－第44期(令和2年1月1日－令和2年12月31日) | S100L1D3 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1D3,, |

## 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).