# PHC Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YHPK)
> Page: https://vizora.meequs.com/en/company/phc-holdings
> Retrieved: 2026-09-30T20:26:44.514Z

## Company

PHC Holdings, founded in 2013, is a company in Medical Devices listed on TSE Prime. It has 8,647 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PHC Holdings Corporation |
| Ticker | 6523 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6523.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区有楽町一丁目13番2号 |
| Representative (per filing) | 代表取締役社長CEO 出口 恭子 |
| Founded | Aug 2013 |
| Share capital | ¥48.8B |
| Employees (consolidated) | 8,647 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | www.phchd.com (https://www.phchd.com/) |
| Corporate number | 6010001155349 |
| EDINET | E36976 |
| Industries (Vizora) | Medical Devices, Health Tech, CRO & Clinical Testing |

> Profile source: annual securities report (S100YHPK, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.8 | 12 |
| Profitability | 65.4 | 13 |
| Cash conversion | 59.1 | 11 |
| Efficiency | 42.3 | 13 |

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 36% of PHC Holdings's sales come from Healthcare Solutions, with Diagnostics and Life Sciences and Diabetes Management making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit +0.5%.

## Company structure

- Segment revenue mix: Healthcare Solutions 35.8%、Diagnostics and Life Sciences 35.8%、Diabetes Management 28.4%
- Revenue → net income: ¥364403000000 → ¥219000000
- Net income → operating cash flow: ¥219000000 → ¥42458000000（difference ¥42239000000）
- Main uses of operating cash flow: CapEx ¥9093000000 / dividends ¥5306000000 / buybacks —
- Change in cash: ¥227000000
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 | ¥364.4B |  |
| Operating income | ¥22.7B | Margin 6.2% |
| Net income | ¥492M | Margin 0.1% |
| Free cash flow | ¥33.4B |  |
| Largest business | Healthcare Solutions | of segment revenue 35.8% |
| Employees (consolidated) | 8,647 |  |
| EPS | ¥3.9 |  |
| Diluted EPS | ¥3.87 |  |
| Book value per share | ¥761.42 |  |
| Equity ratio | 29.8% | Derived from disclosed figures |
| Shares outstanding | 126,724,020 |  |
| Treasury shares | 211,900 |  |
| Shareholders | 21,499 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 10.9% |
| Vs. industry median margin | -7.6 pp | Health Tech |
| ROE | 0.3% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 86.3× net income
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, segment profit share differs by 38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥306071000000 | ¥364403000000 | +19.1% |
| Operating income | ¥17599000000 | ¥22688000000 | +28.9% |
| Operating margin | 5.7% | 6.2% | +0.5 pp |
| Employees | 9,753 people | 8,647 people | -11.3% |
| Cash and equivalents | ¥60762000000 | ¥39820000000 | -34.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 糖尿病マネジメント → 糖尿病マネジメント | 28.4% |
| 糖尿病マネジメント → 事業再編・廃止 | 7.2% |
| ヘルスケアソリューション → ヘルスケアソリューション | 35.8% |
| ヘルスケアソリューション → 事業再編・廃止 | 2.3% |
| 診断・ライフサイエンス → 診断・ライフサイエンス | 26.3% |
| 新設・再編 → 診断・ライフサイエンス | 9.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Healthcare Solutions | 5 years | +2.0% | ¥128389000000 | 4.9% | 2 |
| Diagnostics and Life Sciences | 5 years | +9.9% | ¥128323000000 | 3.0% | 2 |
| Diabetes Management | 5 years | -1.2% | ¥101581000000 | 19.8% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 364,403 | 100.0% | S100YHPK |
| Cost of revenue | 199,138 | 54.6% | S100YHPK |
| Gross profit | 165,264 | 45.4% | S100YHPK |
| SG&A | 144,664 | 39.7% | S100YHPK |
| Operating income | 22,688 | 6.2% | S100YHPK |
| Pretax income | 6,390 | 1.8% | S100YHPK |
| Income tax | 6,170 | 1.7% | S100YHPK |
| Net income | 219 | 0.1% | S100YHPK |
| Net income attributable to owners | 492 | 0.1% | S100YHPK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 40 |
| Other operating | -1 |
| Operating income | 6 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 45.4% → Operating margin 6.2% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.8%; Core profit growth: +0.5%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.62×
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 | 361,593 | 364,403 | 2,810 | +0.8% |
| Gross profit | 166,224 | 165,264 | -960 | -0.6% |
| Operating income | 22,580 | 22,688 | 108 | +0.5% |
| Net income attributable to owners | 10,485 | 492 | -9,993 | -95.3% |
| Operating cash flow | 41,941 | 42,458 | 517 | +1.2% |
| Free cash flow | 30,331 | 33,365 | 3,034 | +10.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 186,546 | — | — | 15,453 | 33,790 | — | S100R2R0 |
| FY ending Mar 2020 | 272,637 | — | — | 5,276 | 36,865 | — | S100TU2J |
| FY ending Mar 2021 | 306,071 | 17,599 | 5.7% | 16,906 | 47,850 | 35,696 | S100OLA5 |
| FY ending Mar 2022 | 340,452 | 8,174 | 2.4% | -8,460 | 51,053 | 39,317 | S100R2R0 |
| FY ending Mar 2023 | 356,434 | 20,000 | 5.6% | -3,222 | 21,376 | 9,860 | S100TU2J |
| FY ending Mar 2024 | 353,900 | 1,566 | 0.4% | -12,893 | 41,304 | 26,674 | S100W5A5 |
| FY ending Mar 2025 | 361,593 | 22,580 | 6.2% | 10,485 | 41,941 | 30,331 | S100YHPK |
| FY ending Mar 2026 | 364,403 | 22,688 | 6.2% | 492 | 42,458 | 33,365 | S100YHPK |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.1M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥56.9K |

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) | 9,374 | 9,403 | 9,245 | 9,041 | 8,647 |
| Average salary (parent company) | ¥9M | ¥9.8M | ¥10M | ¥9.2M | ¥9.8M |
| Average age (parent company) | 47.9 years | 47.2 years | 48.0 years | 48.8 years | 49.0 years |
| Average tenure (parent company) | 17.4 years | 16.2 years | 16.8 years | 18.8 years | 17.5 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) +0.8%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Diabetes Management | 101,581 | 28.4% | 20,085 | 19.8% |
| Healthcare Solutions | 128,389 | 35.8% | 6,234 | 4.9% |
| Diagnostics and Life Sciences | 128,323 | 35.8% | 3,893 | 3.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Diabetes Management | 28.4% | 66.5% | 38.1 | 19.8% |
| Healthcare Solutions | 35.8% | 20.6% | -15.2 | 4.9% |
| Diagnostics and Life Sciences | 35.8% | 12.9% | -22.9 | 3.0% |

Segment → industry: Diagnostics and Life Sciences → Medical Devices / Diabetes Management → Medical Devices / Healthcare Solutions → Health Tech / Healthcare Solutions → CRO & Clinical Testing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 42,458 | 11.7% | S100YHPK |
| Capital expenditure | 9,093 | 2.5% | S100YHPK |
| Free cash flow | 33,365 | 9.2% | 算出 |
| Investing cash flow | -8,454 | -2.3% | S100YHPK |
| Financing cash flow | -39,821 | -10.9% | S100YHPK |
| Dividends paid | 5,306 | 1.5% | S100YHPK |
| Change in cash | 227 | 0.1% | S100YHPK |
| Cash and equivalents | 39,820 | 10.9% | S100YHPK |

## 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 | 95,232 | 60,933 | 47,044 | 39,592 | 39,820 | S100TU2J, S100W5A5, S100YHPK |
| Total assets | 591,320 | 561,567 | 564,327 | 532,482 | 542,510 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Net assets | 136,065 | 138,827 | 139,163 | 141,171 | 160,880 | S100TU2J, S100W5A5, S100YHPK |
| Share capital | 47,065 | 47,946 | 48,423 | 48,623 | 48,785 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Property, plant and equipment | 48,276 | 47,593 | 49,708 | 48,374 | 49,242 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Goodwill | 197,754 | 199,707 | 208,719 | 206,500 | 221,524 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Current assets | 216,361 | 197,583 | 187,849 | 172,790 | 176,180 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Total liabilities | 455,255 | 422,740 | 425,163 | 391,310 | 381,630 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Equity attributable to owners of parent | 135,374 | 138,008 | 139,515 | 141,639 | 161,668 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Retained earnings | 28,353 | 17,081 | -2,773 | 2,991 | -3,846 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |
| Treasury stock | -568 | -568 | -568 | -568 | -568 | S100R2R0, S100TU2J, S100W5A5, S100YHPK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YHPK |
| Property, plant and equipment | 9% | S100YHPK |
| Intangibles and goodwill | 41% | — |
| Other assets | 43% | S100YHPK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100YHPK |
| Equity | 30% | S100YHPK |

### 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 | 591,320 | 561,567 | 564,327 | 532,482 | 542,510 |
| Equity | 136,065 | 138,827 | 139,163 | 141,171 | 160,880 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 95,232 | 60,933 | 47,044 | 39,592 | 39,820 |

## 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) | 13.5% | S100YHPK |
| Fixed assets ÷ total assets | 9.1% | S100YHPK |
| Goodwill ÷ parent equity | 137.0% | S100YHPK |

Goodwill over 4 years: 197,754 → 221,524 JPY; total investing cash flow: -68,040 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) | 7.3% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 187.1% |
| Cash vs. profit gap | 41,966 JPY mn (of net income 8529.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 1078.5% |
| Shareholder payments — dividends / FCF | 15.9% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 19.9% |

## 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 | — | —× | -1.4% | —× | — | S100R2R0 |
| 2023 | — | —× | -0.6% | —× | — | S100TU2J |
| 2024 | — | —× | -2.3% | —× | — | S100W5A5 |
| 2025 | 2.9% | 0.66× | 1.9% | 3.90× | 7.5% | S100YHPK |
| 2026 | 0.1% | 0.68× | 0.1% | 3.54× | 0.3% | S100YHPK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| KKR PHC INVESTMENT L.P. （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 37.9% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 14.7% | 2026-03-31 |
| 三菱ケミカル株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| パナソニックホールディングス株式会社 | Major shareholder | 6.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| LCA 3 MOONSHOT LP （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| J.P. MORGAN SECURITIES PLC （常任代理人 JPモルガン証券株式会社） | Major shareholder | 1.9% | 2026-03-31 |
| 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 | 1.5% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.2% | 2026-03-31 |
| 岡 秀朋 | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- For the year to March 2026, revenue was ¥364.4B (+0.8%) and operating income was ¥22.7B (+0.5%), so the core business held steady.
- Net income attributable to owners, however, dropped from ¥10.5B to ¥492M, down -95.3%.
- Cash generation stayed solid: operating cash flow was ¥42.5B (+1.2%) and free cash flow was ¥33.4B (+10.0%).

### Drivers

- Diabetes Management earned much more, thanks to steady glucose meter sales in developed markets despite a shrinking market, cost cuts, and the sale of its continuous glucose monitoring (CGM) business.
- Diagnostics and Life Sciences sold less because demand stalled, mainly in the US, and its profit was also hit by US tariffs and a reshuffle of head-office costs.
- Healthcare Solutions earned less as demand fell for high-margin e-prescription software and the contract research business shrank, even though the clinical lab business improved.
- Net income fell mainly because last year's foreign exchange gain turned into an exchange loss, and because of taxes tied to capital returns and dividends from subsidiaries.

### Risks

- Changes to Japan's medical fee and drug price schedules could make its medical products and lab testing less profitable.
- A weaker economy or currency swings could lead customers to delay purchases and squeeze margins.
- Natural disasters, pandemics or international conflicts could disrupt plants and supply chains and delay shipments.

Cited: Annual Securities Report (13th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (13th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YHPK | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHPK,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W5A5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5A5,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TU2J | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU2J,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R2R0 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2R0,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OLA5 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLA5,, |

## 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).