# Pharmarise Holdings Corporation: 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40期(2025/06/01－2026/05/31) (S100YXWI)
> Page: https://vizora.meequs.com/en/company/pharmarise-holdings
> Retrieved: 2026-09-30T23:08:38.929Z

## Company

Pharmarise Holdings is a company in Business Process Outsourcing listed on TSE Standard. It has 2,031 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pharmarise Holdings Corporation |
| Ticker | 2796 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2796.T) |
| Listing | TSE Standard |
| Head office | 東京都中野区中央一丁目38番1号 |
| Representative (per filing) | 代表取締役 社長 秋山昌之 |
| Share capital | ¥1.96B |
| Employees (consolidated) | 2,031 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | May |
| Website | www.pharmarise.com (https://www.pharmarise.com/) |
| Corporate number | 5011201003645 |
| EDINET | E05379 |
| Industries (Vizora) | Business Process Outsourcing, Real Estate Development & Leasing, Drugstores & Pharmacies, Convenience Stores |

> Profile source: annual securities report (S100YXWI, filed 2026-08-20). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.4 | 16 |
| Profitability | 7.9 | 19 |
| Cash conversion | 97.2 | 18 |
| Efficiency | 92.1 | 19 |

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 85% of Pharmarise Holdings's sales come from Dispensing pharmacy, with Cosmetic,drug and convenience store and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +234.1%.

## Company structure

- Segment revenue mix: Dispensing pharmacy 85.4%、Cosmetic,drug and convenience store 11.6%、Other 1.4%、Custody of medical documents 0.9%、Medical mall 0.7%
- Revenue → net income: ¥69512000000 → ¥107000000
- Net income → operating cash flow: ¥107000000 → ¥3278000000（difference ¥3171000000）
- Main uses of operating cash flow: CapEx ¥721000000 / dividends ¥158000000 / buybacks —
- Change in cash: ¥1121000000
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 | ¥69.5B |  |
| Operating income | ¥979M | Margin 1.4% |
| Net income | ¥114M | Margin 0.2% |
| Free cash flow | ¥2.56B |  |
| Largest business | Dispensing pharmacy | of segment revenue 85.4% |
| Employees (consolidated) | 2,031 |  |
| EPS | ¥13.72 |  |
| Diluted EPS | ¥13.19 |  |
| Book value per share | ¥574.03 |  |
| Equity ratio | 20.3% |  |
| Shares outstanding | 12,060,381 |  |
| Treasury shares | 557,800 |  |
| Shareholders | 20,109 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -2.9 pp | Drugstores & Pharmacies |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 28.8× net income
- FY2026, employees 0% while operating income rose 234%
- FY2026, one segment accounts for 88% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52324000000 | ¥69512000000 | +32.8% |
| Operating income | ¥1246000000 | ¥979000000 | -21.4% |
| Operating margin | 2.4% | 1.4% | -1 pp |
| Employees | 1,546 people | 2,031 people | +31.4% |
| Cash and equivalents | ¥4604000000 | ¥6012000000 | +30.6% |

### 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 |
| --- | ---: |
| 調剤薬局事業 → 調剤薬局事業 | 81.3% |
| 物販事業 → 物販事業 | 11.6% |
| 物販事業 → 事業再編・廃止 | 3.6% |
| 医学資料保管・管理事業 → 医学資料保管・管理事業 | 0.9% |
| 医学資料保管・管理事業 → 事業再編・廃止 | 0.3% |
| 医療モール経営事業 → 医療モール経営事業 | 0.7% |
| 医療モール経営事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 1.4% |
| 新設・再編 → 調剤薬局事業 | 4.1% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dispensing pharmacy | 5 years | +6.9% | ¥59331000000 | 2.3% | 2 |
| Cosmetic,drug and convenience store | 5 years | +0.2% | ¥8042000000 | -1.0% | 2 |
| Other | 5 years | +6.6% | ¥986000000 | -11.5% | 2 |
| Custody of medical documents | 5 years | +0.8% | ¥647000000 | 15.5% | 2 |
| Medical mall | 5 years | +0.6% | ¥505000000 | 17.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,512 | 100.0% | S100YXWI |
| Cost of revenue | 60,053 | 86.4% | S100YXWI |
| Gross profit | 9,459 | 13.6% | S100YXWI |
| SG&A | 8,479 | 12.2% | S100YXWI |
| Operating income | 979 | 1.4% | S100YXWI |
| Ordinary income | 715 | 1.0% | S100YXWI |
| Pretax income | 698 | 1.0% | S100YXWI |
| Income tax | 591 | 0.9% | S100YXWI |
| Net income | 107 | 0.2% | S100YXWI |
| Net income attributable to owners | 114 | 0.2% | S100YXWI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 12 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 13.6% → Operating margin 1.4% → Net margin 0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +234.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 24.77×
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 | 63,508 | 69,512 | 6,004 | +9.5% |
| Gross profit | 8,965 | 9,459 | 494 | +5.5% |
| Operating income | 293 | 979 | 686 | +234.1% |
| Net income attributable to owners | -367 | 114 | 481 | — |
| Operating cash flow | 1,311 | 3,278 | 1,967 | +150.0% |
| Free cash flow | 609 | 2,557 | 1,948 | +319.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 51,030 | 1,034 | 2.0% | 577 | 1,572 | 1,115 | S100MCTA |
| FY ending May 2021 | 52,324 | 1,246 | 2.4% | 426 | 1,945 | 1,393 | S100P3F9 |
| FY ending May 2022 | 51,608 | 1,520 | 2.9% | 447 | 713 | 247 | S100RSFU |
| FY ending May 2023 | 52,030 | 1,438 | 2.8% | 333 | 2,520 | 1,978 | S100UB27 |
| FY ending May 2024 | 54,466 | 916 | 1.7% | -351 | 2,714 | 2,095 | S100WL4W |
| FY ending May 2025 | 63,508 | 293 | 0.5% | -367 | 1,311 | 609 | S100YXWI |
| FY ending May 2026 | 69,512 | 979 | 1.4% | 114 | 3,278 | 2,557 | S100YXWI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | ¥482K |
| Net income per employee (consolidated) | ¥56.1K |

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) | 1,544 | 1,555 | 1,848 | 2,039 | 2,031 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.3M | ¥5.7M | ¥5.7M |
| Average age (parent company) | 45.0 years | 44.0 years | 43.0 years | 42.0 years | 41.0 years |
| Average tenure (parent company) | 9.0 years | 9.0 years | 8.0 years | 9.0 years | 8.0 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +9.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dispensing pharmacy | 59,331 | 85.4% | 1,386 | 2.3% |
| Cosmetic,drug and convenience store | 8,042 | 11.6% | -83 | -1.0% |
| Custody of medical documents | 647 | 0.9% | 100 | 15.5% |
| Medical mall | 505 | 0.7% | 87 | 17.2% |
| Other | 986 | 1.4% | -113 | -11.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dispensing pharmacy | 85.4% | 88.1% | 2.8 | 2.3% |
| Cosmetic,drug and convenience store | 11.6% | — | — | -1.0% |
| Custody of medical documents | 0.9% | 6.4% | 5.4 | 15.5% |
| Medical mall | 0.7% | 5.5% | 4.8 | 17.2% |
| Other | 1.4% | — | — | -11.5% |

Loss-making segment (excluded from profit shares): Cosmetic,drug and convenience store -83 JPY mn

Loss-making segment (excluded from profit shares): Other -113 JPY mn

Segment → industry: Custody of medical documents → Business Process Outsourcing / Medical mall → Real Estate Development & Leasing / Cosmetic,drug and convenience store → Drugstores & Pharmacies / Dispensing pharmacy → Drugstores & Pharmacies / Cosmetic,drug and convenience store → Convenience Stores

## 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 | 3,278 | 4.7% | S100YXWI |
| Capital expenditure | 721 | 1.0% | S100YXWI |
| Free cash flow | 2,557 | 3.7% | 算出 |
| Investing cash flow | -1,975 | -2.8% | S100YXWI |
| Financing cash flow | -181 | -0.3% | S100YXWI |
| Dividends paid | 158 | 0.2% | S100YXWI |
| Change in cash | 1,121 | 1.6% | S100YXWI |
| Cash and equivalents | 6,012 | 8.6% | S100YXWI |

## 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 | 3,991 | 4,734 | 7,100 | 4,891 | 6,012 | S100UB27, S100WL4W, S100YXWI |
| Total assets | 23,746 | 23,421 | 29,486 | 31,924 | 32,680 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Net assets | 6,699 | 6,987 | 7,442 | 6,918 | 6,859 | S100UB27, S100WL4W, S100YXWI |
| Share capital | 1,274 | 1,298 | 1,961 | 1,961 | 1,961 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Property, plant and equipment | 6,355 | 6,010 | 6,198 | 7,209 | 7,621 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Intangible assets excluding goodwill | 3,629 | 3,250 | 6,419 | 7,266 | 7,602 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Goodwill | 3,220 | 2,748 | 5,917 | 6,800 | 7,257 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Investment securities | 60 | 82 | 67 | 339 | 339 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Current assets | 10,878 | 11,372 | 13,737 | 13,239 | 13,164 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Current liabilities | 8,477 | 9,835 | 10,688 | 11,988 | 14,010 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Long-term borrowings | 5,603 | 5,216 | 9,654 | 11,053 | 9,810 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Bonds | 1,482 | — | — | — | — | S100RSFU |
| Total liabilities | 17,047 | 16,433 | 22,043 | 25,005 | 25,820 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Non-controlling interests | 91 | 105 | 80 | 49 | 17 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Equity attributable to owners of parent | 6,405 | 6,655 | 7,118 | 6,614 | 6,570 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Retained earnings | 3,811 | 4,014 | 3,530 | 2,938 | 2,893 | S100RSFU, S100UB27, S100WL4W, S100YXWI |
| Treasury stock | -210 | -210 | -550 | -471 | -376 | S100RSFU, S100UB27, S100WL4W, S100YXWI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YXWI |
| Property, plant and equipment | 23% | S100YXWI |
| Intangibles and goodwill | 46% | S100YXWI |
| Investment securities | 1% | S100YXWI |
| Other assets | 12% | S100YXWI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 79% | S100YXWI |
| Equity | 21% | S100YXWI |
| Other liabilities | 0% | S100YXWI |

### 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 | 23,746 | 23,421 | 29,486 | 31,924 | 32,680 |
| Equity | 6,699 | 6,987 | 7,442 | 6,918 | 6,859 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,991 | 4,734 | 7,100 | 4,891 | 6,012 |

## 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) | 11.0% | S100YXWI |
| Fixed assets ÷ total assets | 23.3% | S100YXWI |
| Goodwill ÷ parent equity | 110.5% | S100YXWI |

Goodwill over 4 years: 3,220 → 7,257 JPY; total investing cash flow: -10,552 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) | 18.4% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 334.8% |
| Cash vs. profit gap | 3,164 JPY mn (of net income 2775.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 138.6% |
| Shareholder payments — dividends / FCF | 6.2% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 60.3% |

## 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 | 0.9% | 2.17× | 1.9% | 3.71× | 7.0% | S100RSFU |
| 2023 | 0.6% | 2.21× | 1.4% | 3.61× | 5.1% | S100UB27 |
| 2024 | — | —× | -1.3% | —× | — | S100WL4W |
| 2025 | — | —× | -1.2% | —× | — | S100YXWI |
| 2026 | 0.2% | 2.15× | 0.4% | 4.90× | 1.7% | S100YXWI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ビックフィールド | Major shareholder | 26.2% | 2026-05-31 |
| ㈱スズケン | Major shareholder | 20.1% | 2026-05-31 |
| 大野小夜子 | Major shareholder | 4.5% | 2026-05-31 |
| 大野利美知 | Major shareholder | 3.7% | 2026-05-31 |
| ファーマライズ従業員持株会 | Major shareholder | 3.6% | 2026-05-31 |
| 中北薬品㈱ | Major shareholder | 3.4% | 2026-05-31 |
| ㈱バイタルネット | Major shareholder | 3.4% | 2026-05-31 |
| 平松 仁 | Major shareholder | 1.0% | 2026-05-31 |
| 明治安田生命保険相互会社 | Major shareholder | 0.9% | 2026-05-31 |
| ㈱ファミリーマート | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/06/01－2026/05/31) | S100YXWI | 2026-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXWI,, |
| 有価証券報告書－第39期(2024/06/01－2025/05/31) | S100WL4W | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL4W,, |
| 有価証券報告書－第38期(2023/06/01－2024/05/31) | S100UB27 | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UB27,, |
| 有価証券報告書－第37期(2022/06/01－2023/05/31) | S100RSFU | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RSFU,, |
| 有価証券報告書－第36期(令和3年6月1日－令和4年5月31日) | S100P3F9 | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3F9,, |
| 有価証券報告書－第35期(令和2年6月1日－令和3年5月31日) | S100MCTA | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCTA,, |

## 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).