# PhoenixBio Co.,Ltd.: 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25期(2025/04/01－2026/03/31) (S100YKSV)
> Page: https://vizora.meequs.com/en/company/phoenixbio
> Retrieved: 2026-09-30T20:24:15.674Z

## Company

PhoenixBio, founded in 2002, is a company in CRO & Clinical Testing listed on TSE Growth. It has 55 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PhoenixBio Co.,Ltd. |
| Ticker | 6190 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6190.T) |
| Listing | TSE Growth |
| Head office | 広島県東広島市鏡山三丁目4番1号 |
| Representative (per filing) | 代表取締役 島田 卓 |
| Founded | Mar 2002 |
| Share capital | ¥2.57B |
| Employees (consolidated) | 55 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.phoenixbio.co.jp (https://www.phoenixbio.co.jp/) |
| Corporate number | 3240001023089 |
| EDINET | E32153 |
| Industries (Vizora) | CRO & Clinical Testing |

> Profile source: annual securities report (S100YKSV, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 12 |
| Profitability | 42.3 | 13 |
| Cash conversion | 13.6 | 11 |
| Efficiency | 57.7 | 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)

- PhoenixBio brought in ¥1.57B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1565532000 → ¥125228000
- Net income → operating cash flow: ¥125228000 → ¥68857000（difference ¥-56371000）
- Main uses of operating cash flow: CapEx ¥14654000 / dividends — / buybacks —
- Change in cash: ¥-2215000
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 | ¥1.57B |  |
| Operating income | ¥82.8M | Margin 5.3% |
| Net income | ¥125.2M | Margin 8.0% |
| Free cash flow | ¥54.2M |  |
| Employees (consolidated) | 55 |  |
| EPS | ¥43.07 |  |
| Book value per share | ¥360.53 |  |
| Equity ratio | 70.2% |  |
| Shares outstanding | 4,076,933 |  |
| Treasury shares | 6,700 |  |
| Shareholders | 1,948 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 52.3% | Cash ÷ revenue 73.3% |
| Vs. industry median margin | -0.2 pp | CRO & Clinical Testing |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 52% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1013543000 | ¥1565532000 | +54.5% |
| Operating income | ¥-276889000 | ¥82769000 | — |
| Operating margin | -27.3% | 5.3% | +32.6 pp |
| Employees | 69 people | 55 people | -20.3% |
| Cash and equivalents | ¥1327813000 | ¥1147175000 | -13.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,566 | 100.0% | S100YKSV |
| Cost of revenue | 365 | 23.3% | S100YKSV |
| Gross profit | 1,201 | 76.7% | S100YKSV |
| SG&A | 1,118 | 71.4% | S100YKSV |
| Operating income | 83 | 5.3% | S100YKSV |
| Ordinary income | 131 | 8.4% | S100YKSV |
| Pretax income | 131 | 8.4% | S100YKSV |
| Income tax | 6 | 0.4% | S100YKSV |
| Net income | 125 | 8.0% | S100YKSV |
| Net income attributable to owners | 125 | 8.0% | S100YKSV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 72 |
| Operating income | 5 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 76.7% → Operating margin 5.3% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 1,541 | 1,566 | 24 | +1.6% |
| Gross profit | 1,118 | 1,201 | 83 | +7.4% |
| Operating income | -142 | 83 | 225 | — |
| Net income attributable to owners | -449 | 125 | 574 | — |
| Operating cash flow | -73 | 69 | 142 | — |
| Free cash flow | -105 | 54 | 160 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,311 | -147 | -11.2% | -416 | -13 | -43 | S100LQGW |
| FY ending Mar 2021 | 1,014 | -277 | -27.3% | -238 | -102 | -284 | S100OKOI |
| FY ending Mar 2022 | 1,325 | -168 | -12.7% | -388 | 16 | 10 | S100R6RX |
| FY ending Mar 2023 | 2,124 | 508 | 23.9% | 493 | 277 | 265 | S100TVPD |
| FY ending Mar 2024 | 1,715 | 11 | 0.6% | 26 | -79 | -118 | S100W45D |
| FY ending Mar 2025 | 1,541 | -142 | -9.2% | -449 | -73 | -105 | S100YKSV |
| FY ending Mar 2026 | 1,566 | 83 | 5.3% | 125 | 69 | 54 | S100YKSV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 66 | 65 | 70 | 69 | 55 |
| Average salary (parent company) | ¥5.1M | ¥5.4M | ¥5.4M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 45.2 years | 45.7 years | 45.9 years | 45.9 years | 48.8 years |
| Average tenure (parent company) | 11.5 years | 12.1 years | 12.6 years | 13.1 years | 14.6 years |

Year over year: Employees (consolidated) -20.3% · Revenue (consolidated) +1.6%

## 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 | 69 | 4.4% | S100YKSV |
| Capital expenditure | 15 | 0.9% | S100YKSV |
| Free cash flow | 54 | 3.5% | 算出 |
| Investing cash flow | -14 | -0.9% | S100YKSV |
| Financing cash flow | -88 | -5.6% | S100YKSV |
| Change in cash | -2 | -0.1% | S100YKSV |
| Cash and equivalents | 1,147 | 73.3% | S100YKSV |

## 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 | 1,326 | 1,555 | 1,385 | 1,149 | 1,147 | S100TVPD, S100W45D, S100YKSV |
| Total assets | 2,280 | 3,019 | 2,715 | 2,285 | 2,193 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Net assets | 828 | 1,514 | 1,798 | 1,365 | 1,553 | S100TVPD, S100W45D, S100YKSV |
| Share capital | 2,364 | 2,454 | 2,563 | 2,570 | 2,574 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Property, plant and equipment | 410 | 539 | 543 | 528 | 518 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Intangible assets excluding goodwill | 2 | 5 | 11 | 18 | 15 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Investment securities | — | 125 | 9 | 9 | 10 | S100TVPD, S100W45D, S100YKSV |
| Current assets | 1,854 | 2,292 | 2,132 | 1,717 | 1,643 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Current liabilities | 439 | 1,286 | 421 | 567 | 373 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Short-term borrowings | — | — | 100 | 100 | 110 | S100W45D, S100YKSV |
| Long-term borrowings | — | — | 300 | 220 | 140 | S100W45D, S100YKSV |
| Total liabilities | 1,452 | 1,504 | 918 | 920 | 640 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Equity attributable to owners of parent | 844 | 1,517 | 1,761 | 1,327 | 1,459 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Retained earnings | -2,104 | -1,610 | -1,584 | -2,033 | -1,908 | S100R6RX, S100TVPD, S100W45D, S100YKSV |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R6RX, S100TVPD, S100W45D, S100YKSV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YKSV |
| Property, plant and equipment | 24% | S100YKSV |
| Intangibles and goodwill | 1% | S100YKSV |
| Investment securities | 0% | S100YKSV |
| Other assets | 23% | S100YKSV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YKSV |
| Equity | 71% | S100YKSV |
| Other liabilities | 0% | S100YKSV |

### 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 | 2,280 | 3,019 | 2,715 | 2,285 | 2,193 |
| Equity | 828 | 1,514 | 1,798 | 1,365 | 1,553 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,326 | 1,555 | 1,385 | 1,149 | 1,147 |

## 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) | 33.1% | S100YKSV |
| Fixed assets ÷ total assets | 23.6% | S100YKSV |
| Goodwill ÷ parent equity | — | —, S100YKSV |

### 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) | 52.3% |
| Cash ÷ revenue | 73.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.2% |
| Cash vs. profit gap | -56 JPY mn (of net income -45.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 20.0% |

## 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 | — | —× | -17.0% | —× | — | S100R6RX |
| 2023 | 23.2% | 0.80× | 18.6% | 2.24× | 41.8% | S100TVPD |
| 2024 | 1.5% | 0.60× | 0.9% | 1.75× | 1.6% | S100W45D |
| 2025 | — | —× | -18.0% | —× | — | S100YKSV |
| 2026 | 8.0% | 0.70× | 5.6% | 1.61× | 9.0% | S100YKSV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三和澱粉工業株式会社 | Major shareholder | 31.3% | 2026-03-31 |
| 森本 俊一 | Major shareholder | 12.4% | 2026-03-31 |
| 株式会社特殊免疫研究所 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社叡拳 | Major shareholder | 2.2% | 2026-03-31 |
| 馬渡 祥二 | Major shareholder | 1.9% | 2026-03-31 |
| 島田 卓 | Major shareholder | 1.7% | 2026-03-31 |
| 安田 信也 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社関薬 | Major shareholder | 1.4% | 2026-03-31 |
| 中外テクノス株式会社 | Major shareholder | 1.4% | 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 | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YKSV | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKSV,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W45D | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W45D,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TVPD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVPD,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R6RX | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6RX,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OKOI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKOI,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LQGW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQGW,, |

## 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).