# Qol Holdings 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34期(2025/04/01－2026/03/31) (S100YJYW)
> Page: https://vizora.meequs.com/en/company/qol-holdings
> Retrieved: 2026-09-30T22:34:22.668Z

## Company

Qol Holdings, founded in 1992, is a company in HR & Staffing listed on TSE Prime. It has 6,247 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Qol Holdings Co.,Ltd. |
| Ticker | 3034 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3034.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門四丁目3番1号 城山トラストタワー37階 |
| Representative (per filing) | 代表取締役社長 中村 敬 |
| Founded | Oct 1992 |
| Share capital | ¥5.79B |
| Employees (consolidated) | 6,247 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.qolhd.co.jp (https://www.qolhd.co.jp/) |
| Corporate number | 6010401088941 |
| EDINET | E03476 |
| Industries (Vizora) | HR & Staffing, Pharmaceuticals, Drugstores & Pharmacies, CRO & Clinical Testing |

> Profile source: annual securities report (S100YJYW, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.1 | 16 |
| Profitability | 81.6 | 19 |
| Cash conversion | 52.8 | 18 |
| Efficiency | 71.1 | 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 61% of Qol Holdings's sales come from Health insurance pharmacy, with Pharmaceutical business and BPO making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.2% from the prior year, operating profit +10.0%.

## Company structure

- Segment revenue mix: Health insurance pharmacy 61.0%、Pharmaceutical business 34.1%、BPO 4.9%
- Revenue → net income: ¥290772000000 → ¥8473000000
- Net income → operating cash flow: ¥8473000000 → ¥18665000000（difference ¥10192000000）
- Main uses of operating cash flow: CapEx ¥8054000000 / dividends ¥1504000000 / buybacks ¥232000000
- Change in cash: ¥-5389000000
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 | ¥290.8B |  |
| Operating income | ¥14.8B | Margin 5.1% |
| Net income | ¥7.41B | Margin 2.5% |
| Free cash flow | ¥10.6B |  |
| Largest business | Health insurance pharmacy | of segment revenue 61.0% |
| Employees (consolidated) | 6,247 |  |
| EPS | ¥235.3 |  |
| Book value per share | ¥1743.3 |  |
| Equity ratio | 36.3% |  |
| Shares outstanding | 38,902,785 |  |
| Treasury shares | 1,325,200 |  |
| Shareholders | 26,287 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 7.2% |
| Vs. industry median margin | +0.7 pp | Drugstores & Pharmacies |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, employees 0% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥161832000000 | ¥290772000000 | +79.7% |
| Operating income | ¥7364000000 | ¥14811000000 | +101.1% |
| Operating margin | 4.6% | 5.1% | +0.5 pp |
| Employees | 5,517 people | 6,247 people | +13.2% |
| Cash and equivalents | ¥19498000000 | ¥20988000000 | +7.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 保険薬局事業 → 保険薬局事業 | 61.0% |
| 保険薬局事業 → 事業再編・廃止 | 30.9% |
| 医療関連事業 → 事業再編・廃止 | 8.1% |
| 新設・再編 → ＢＰＯ事業 | 4.9% |
| 新設・再編 → 製薬事業 | 34.1% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Health insurance pharmacy | 5 years | +3.6% | ¥177461000000 | 5.5% | 2 |
| Pharmaceutical business | 2 years | +681.5% | ¥99010000000 | 7.0% | 2 |
| BPO | 2 years | +3.6% | ¥14300000000 | 13.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 290,772 | 100.0% | S100YJYW |
| Cost of revenue | 249,870 | 85.9% | S100YJYW |
| Gross profit | 40,902 | 14.1% | S100YJYW |
| SG&A | 26,090 | 9.0% | S100YJYW |
| Operating income | 14,811 | 5.1% | S100YJYW |
| Ordinary income | 14,879 | 5.1% | S100YJYW |
| Pretax income | 14,380 | 4.9% | S100YJYW |
| Income tax | 5,907 | 2.0% | S100YJYW |
| Net income | 8,473 | 2.9% | S100YJYW |
| Net income attributable to owners | 7,408 | 2.5% | S100YJYW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 9 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 14.1% → Operating margin 5.1% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.2%; Core profit growth: +10.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.98×
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 | 263,972 | 290,772 | 26,800 | +10.2% |
| Gross profit | 39,056 | 40,902 | 1,846 | +4.7% |
| Operating income | 13,465 | 14,811 | 1,346 | +10.0% |
| Net income attributable to owners | 5,164 | 7,408 | 2,244 | +43.5% |
| Operating cash flow | 12,593 | 18,665 | 6,072 | +48.2% |
| Free cash flow | -9,333 | 10,611 | 19,944 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 165,411 | 7,733 | 4.7% | 4,067 | 4,468 | 2,858 | S100M1MP |
| FY ending Mar 2021 | 161,832 | 7,364 | 4.6% | 3,365 | 12,912 | 10,808 | S100OL51 |
| FY ending Mar 2022 | 166,199 | 9,855 | 5.9% | 5,489 | 10,112 | 8,380 | S100RBR1 |
| FY ending Mar 2023 | 170,036 | 9,495 | 5.6% | 5,656 | 11,662 | 7,152 | S100TXD7 |
| FY ending Mar 2024 | 180,052 | 8,324 | 4.6% | 4,880 | 13,533 | 11,219 | S100W4MB |
| FY ending Mar 2025 | 263,972 | 13,465 | 5.1% | 5,164 | 12,593 | -9,333 | S100YJYW |
| FY ending Mar 2026 | 290,772 | 14,811 | 5.1% | 7,408 | 18,665 | 10,611 | S100YJYW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.5M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 5,620 | 5,746 | 5,856 | 6,254 | 6,247 |
| Average salary (parent company) | ¥7M | ¥7.3M | ¥7.3M | ¥7.2M | ¥7.2M |
| Average age (parent company) | 44.0 years | 45.0 years | 46.2 years | 45.8 years | 45.8 years |
| Average tenure (parent company) | 2.5 years | 2.8 years | 3.4 years | 3.7 years | 4.2 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Health insurance pharmacy | 177,461 | 61.0% | 9,730 | 5.5% |
| BPO | 14,300 | 4.9% | 1,898 | 13.3% |
| Pharmaceutical business | 99,010 | 34.1% | 6,960 | 7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Health insurance pharmacy | 61.0% | 52.3% | -8.7 | 5.5% |
| BPO | 4.9% | 10.2% | 5.3 | 13.3% |
| Pharmaceutical business | 34.1% | 37.4% | 3.4 | 7.0% |

Segment → industry: BPO → HR & Staffing / Pharmaceutical business → Pharmaceuticals / Health insurance pharmacy → Drugstores & Pharmacies / BPO → CRO & Clinical Testing

## 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 | 18,665 | 6.4% | S100YJYW |
| Capital expenditure | 8,054 | 2.8% | S100YJYW |
| Free cash flow | 10,611 | 3.6% | 算出 |
| Investing cash flow | -9,088 | -3.1% | S100YJYW |
| Financing cash flow | -14,966 | -5.1% | S100YJYW |
| Dividends paid | 1,504 | 0.5% | S100YJYW |
| Share buyback | 232 | 0.1% | S100YJYW |
| Change in cash | -5,389 | -1.9% | S100YJYW |
| Cash and equivalents | 20,988 | 7.2% | S100YJYW |

## 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 | 16,516 | 18,596 | 26,944 | 26,378 | 20,988 | S100TXD7, S100W4MB, S100YJYW |
| Total assets | 95,984 | 101,905 | 117,779 | 159,669 | 158,116 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Net assets | 43,881 | 48,856 | 52,837 | 62,138 | 59,840 | S100TXD7, S100W4MB, S100YJYW |
| Share capital | 5,786 | 5,786 | 5,786 | 5,786 | 5,786 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Property, plant and equipment | 12,846 | 16,108 | 16,281 | 18,141 | 17,801 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Intangible assets excluding goodwill | 33,238 | 33,790 | 33,136 | 70,338 | 69,962 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Goodwill | 32,339 | 32,818 | 32,133 | 39,395 | 36,423 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Investment securities | 152 | 142 | 132 | 143 | 162 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Current assets | 42,296 | 44,214 | 52,690 | 60,348 | 59,277 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Current liabilities | 35,460 | 36,330 | 38,823 | 74,202 | 76,134 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Short-term borrowings | — | — | — | 13,500 | 11,000 | S100YJYW |
| Long-term borrowings | 13,952 | 14,038 | 23,477 | 19,202 | 18,226 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Bonds | 608 | — | — | — | — | S100RBR1 |
| Total liabilities | 52,103 | 53,049 | 64,941 | 97,531 | 98,276 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Non-controlling interests | 45 | 47 | 48 | 5,014 | 2,387 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Equity attributable to owners of parent | 43,849 | 48,823 | 52,790 | 57,116 | 57,433 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Retained earnings | 29,798 | 34,355 | 38,030 | 41,988 | 47,884 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |
| Treasury stock | -3,012 | -2,596 | -2,303 | -1,959 | -1,969 | S100RBR1, S100TXD7, S100W4MB, S100YJYW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YJYW |
| Property, plant and equipment | 11% | S100YJYW |
| Intangibles and goodwill | 68% | S100YJYW |
| Investment securities | 0% | S100YJYW |
| Other assets | 8% | S100YJYW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YJYW |
| Equity | 38% | S100YJYW |

### 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 | 95,984 | 101,905 | 117,779 | 159,669 | 158,116 |
| Equity | 43,881 | 48,856 | 52,837 | 62,138 | 59,840 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,516 | 18,596 | 26,944 | 26,378 | 20,988 |

## 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) | 6.1% | S100YJYW |
| Fixed assets ÷ total assets | 11.3% | S100YJYW |
| Goodwill ÷ parent equity | 63.4% | S100YJYW |

Goodwill over 4 years: 32,339 → 36,423 JPY; total investing cash flow: -52,703 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) | 13.3% |
| Cash ÷ revenue | 7.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.0% |
| Cash vs. profit gap | 11,257 JPY mn (of net income 152.0%) |
| Shareholder returns / net income | 23.4% |
| Shareholder returns / FCF | 16.4% |
| Shareholder payments — dividends / net income | 20.3% |
| Shareholder payments — dividends / FCF | 14.2% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 48.7% |

## 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 | 3.3% | 1.73× | 5.7% | 2.19× | 12.5% | S100RBR1 |
| 2023 | 3.3% | 1.72× | 5.7% | 2.14× | 12.2% | S100TXD7 |
| 2024 | 2.7% | 1.64× | 4.4% | 2.16× | 9.6% | S100W4MB |
| 2025 | 2.0% | 1.90× | 3.7% | 2.52× | 9.4% | S100YJYW |
| 2026 | 2.5% | 1.83× | 4.7% | 2.77× | 12.9% | S100YJYW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社メディパルホールディングス | Major shareholder | 20.2% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 10.1% | 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 | 6.2% | 2026-03-31 |
| クオールグループ従業員持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 中村 敬 | Major shareholder | 4.4% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| ＵＢＳ ＡＧ ＳＩＮＧＡＰＯＲＥ－ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＳＡＴ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.7% | 2026-03-31 |
| 第一三共株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社メディパル保険サービス | Major shareholder | 2.9% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/03/31) | S100YJYW | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJYW,, |
| 有価証券報告書－第33期(2024/04/01－2025/03/31) | S100W4MB | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4MB,, |
| 有価証券報告書－第32期(2023/04/01－2024/03/31) | S100TXD7 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXD7,, |
| 訂正有価証券報告書－第31期(2022/04/01－2023/03/31) | S100RBR1 | 2023-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RBR1,, |
| 有価証券報告書－第30期(令和3年4月1日－令和4年3月31日) | S100OL51 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL51,, |
| 訂正有価証券報告書－第29期(令和2年4月1日－令和3年3月31日) | S100M1MP | 2021-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1MP,, |

## 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).