# SHIN NIPPON BIOMEDICAL LABORATORIES, 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53期(2025/04/01－2026/03/31) (S100YK73)
> Page: https://vizora.meequs.com/en/company/shin-nippon-biomedical-laboratories
> Retrieved: 2026-09-30T19:13:38.214Z

## Company

Shin Nippon Biomedical Laboratories, founded in 1973, is a company in Electric Power & Gas listed on TSE Prime. It has 1,522 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIN NIPPON BIOMEDICAL LABORATORIES, LTD. |
| Ticker | 2395 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2395.T) |
| Listing | TSE Prime |
| Head office | 鹿児島県鹿児島市宮之浦町2438番地 |
| Representative (per filing) | 代表取締役会長兼社長 永田 良一 |
| Founded | May 1973 |
| Share capital | ¥9.68B |
| Employees (consolidated) | 1,522 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | snbl.com (https://snbl.com/) |
| Corporate number | 9340001000031 |
| EDINET | E05385 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, Hotels & Inns, CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YK73, 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 | 95.8 | 12 |
| Profitability | 80.8 | 13 |
| Cash conversion | 86.4 | 11 |
| Efficiency | 11.5 | 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 96% of Shin Nippon Biomedical Laboratories's sales come from CRO Services, with Medipolis and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit -11.1%.

## Company structure

- Segment revenue mix: CRO Services 95.9%、Medipolis 2.2%、Other 1.0%、US Asset Management 0.6%、Translational Research 0.3%
- Revenue → net income: ¥32524960000 → ¥4534196000
- Net income → operating cash flow: ¥4534196000 → ¥8327022000（difference ¥3792826000）
- Main uses of operating cash flow: CapEx ¥5336114000 / dividends ¥2083667000 / buybacks ¥34000
- Change in cash: ¥6527114000
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 | ¥32.5B |  |
| Operating income | ¥2.65B | Margin 8.2% |
| Net income | ¥4.57B | Margin 14.0% |
| Free cash flow | ¥2.99B |  |
| Largest business | CRO Services | of segment revenue 95.9% |
| Employees (consolidated) | 1,522 |  |
| EPS | ¥60.68 |  |
| Book value per share | ¥727.51 |  |
| Equity ratio | 41.0% |  |
| Shares outstanding | 41,632,400 |  |
| Treasury shares | 500 |  |
| Shareholders | 13,112 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 56.5% |
| Vs. industry median margin | +2.7 pp | CRO & Clinical Testing |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15110548000 | ¥32524960000 | +115.2% |
| Operating income | ¥2529534000 | ¥2653906000 | +4.9% |
| Operating margin | 16.7% | 8.2% | -8.6 pp |
| Employees | 986 people | 1,522 people | +54.4% |
| Cash and equivalents | ¥7279835000 | ¥18371101000 | +152.4% |

### 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 |
| --- | ---: |
| ＣＲＯ事業 → ＣＲＯ事業 | 95.5% |
| トランスレーショナルリサーチ事業 → トランスレーショナルリサーチ事業 | 0.1% |
| メディポリス事業 → メディポリス事業 | 2.2% |
| メディポリス事業 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 1.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ＣＲＯ事業 | 0.4% |
| 新設・再編 → トランスレーショナルリサーチ事業 | 0.2% |
| 新設・再編 → 米国不動産事業 | 0.6% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| CRO Services | 5 years | +16.7% | ¥31204872000 | 22.1% | 2 |
| Medipolis | 5 years | +6.9% | ¥717061000 | -9.2% | 2 |
| Other | 5 years | +15.8% | ¥313109000 | 4.2% | 2 |
| US Asset Management | — | — | ¥184402000 | -0.8% | 2 |
| Translational Research | 5 years | +53.8% | ¥105514000 | -3818.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,525 | 100.0% | S100YK73 |
| Cost of revenue | 16,286 | 50.1% | S100YK73 |
| Gross profit | 16,239 | 49.9% | S100YK73 |
| SG&A | 13,585 | 41.8% | S100YK73 |
| Operating income | 2,654 | 8.2% | S100YK73 |
| Ordinary income | 5,833 | 17.9% | S100YK73 |
| Pretax income | 6,248 | 19.2% | S100YK73 |
| Income tax | 1,713 | 5.3% | S100YK73 |
| Net income | 4,534 | 13.9% | S100YK73 |
| Net income attributable to owners | 4,567 | 14.0% | S100YK73 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 42 |
| Operating income | 8 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 49.9% → Operating margin 8.2% → Net margin 14.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.3%; Core profit growth: -11.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -32.36×
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 | 32,414 | 32,525 | 111 | +0.3% |
| Gross profit | 16,961 | 16,239 | -722 | -4.3% |
| Operating income | 2,985 | 2,654 | -331 | -11.1% |
| Net income attributable to owners | 4,925 | 4,567 | -358 | -7.3% |
| Operating cash flow | 7,035 | 8,327 | 1,292 | +18.4% |
| Free cash flow | -3,897 | 2,991 | 6,888 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,561 | 2,228 | 15.3% | 2,550 | 3,018 | 1,788 | S100LVCO |
| FY ending Mar 2021 | 15,111 | 2,530 | 16.7% | 3,662 | 4,747 | 3,629 | S100OK5K |
| FY ending Mar 2022 | 17,748 | 4,196 | 23.6% | 7,128 | 5,953 | 4,339 | S100R875 |
| FY ending Mar 2023 | 25,091 | 5,245 | 20.9% | 6,060 | 4,004 | -952 | S100TS9X |
| FY ending Mar 2024 | 26,450 | 4,162 | 15.7% | 5,531 | 2,107 | -6,499 | S100W81X |
| FY ending Mar 2025 | 32,414 | 2,985 | 9.2% | 4,925 | 7,035 | -3,897 | S100YK73 |
| FY ending Mar 2026 | 32,525 | 2,654 | 8.2% | 4,567 | 8,327 | 2,991 | S100YK73 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.4M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥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) | 994 | 1,208 | 1,341 | 1,436 | 1,522 |
| Average salary (parent company) | ¥5.3M | ¥5.6M | ¥5.8M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 40.5 years | 40.5 years | 39.3 years | 39.3 years | 38.5 years |
| Average tenure (parent company) | 12.8 years | 11.8 years | 10.8 years | 10.4 years | 10.2 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CRO Services | 31,205 | 95.9% | 6,909 | 22.1% |
| Translational Research | 106 | 0.3% | -4,029 | -3818.2% |
| Medipolis | 717 | 2.2% | -66 | -9.2% |
| US Asset Management | 184 | 0.6% | -1 | -0.8% |
| Other | 313 | 1.0% | 13 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CRO Services | 95.9% | 99.8% | 3.9 | 22.1% |
| Translational Research | 0.3% | — | — | -3818.2% |
| Medipolis | 2.2% | — | — | -9.2% |
| US Asset Management | 0.6% | — | — | -0.8% |
| Other | 1.0% | 0.2% | -0.8 | 4.2% |

Loss-making segment (excluded from profit shares): Translational Research -4,029 JPY mn

Loss-making segment (excluded from profit shares): Medipolis -66 JPY mn

Loss-making segment (excluded from profit shares): US Asset Management -1 JPY mn

Segment → industry: Medipolis → Electric Power & Gas / US Asset Management → Real Estate Development & Leasing / Medipolis → Hotels & Inns / CRO Services → CRO & Clinical Testing / Translational Research → Biotech & Regenerative Medicine

## 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 | 8,327 | 25.6% | S100YK73 |
| Capital expenditure | 5,336 | 16.4% | S100YK73 |
| Free cash flow | 2,991 | 9.2% | 算出 |
| Investing cash flow | -6,791 | -20.9% | S100YK73 |
| Financing cash flow | 4,514 | 13.9% | S100YK73 |
| Dividends paid | 2,084 | 6.4% | S100YK73 |
| Share buyback | 0 | 0.0% | S100YK73 |
| Change in cash | 6,527 | 20.1% | S100YK73 |
| Cash and equivalents | 18,371 | 56.5% | S100YK73 |

## 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 | 4,549 | 9,198 | 10,275 | 11,844 | 18,371 | S100TS9X, S100W81X, S100YK73 |
| Total assets | 39,313 | 57,242 | 76,302 | 92,417 | 105,056 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Net assets | 19,723 | 26,359 | 34,161 | 40,086 | 43,489 | S100TS9X, S100W81X, S100YK73 |
| Share capital | 9,679 | 9,679 | 9,679 | 9,679 | 9,679 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Inventories | 4,359 | 7,329 | 12,373 | 12,618 | 15,114 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Property, plant and equipment | 13,156 | 18,879 | 26,358 | 34,833 | 36,202 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Intangible assets excluding goodwill | 212 | 1,699 | 2,159 | 2,103 | 2,122 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Goodwill | — | 1,439 | 1,934 | 1,884 | 1,763 | S100TS9X, S100W81X, S100YK73 |
| Investment securities | 7,080 | 11,980 | 15,236 | 19,762 | 21,373 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Current assets | 16,134 | 23,900 | 30,838 | 32,940 | 42,989 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Current liabilities | 13,374 | 21,012 | 23,568 | 29,256 | 39,325 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Trade payables | — | 420 | 461 | 461 | 407 | S100TS9X, S100W81X, S100YK73 |
| Short-term borrowings | 2,943 | 8,923 | 7,826 | 11,778 | 19,670 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Long-term borrowings | 5,810 | 9,480 | 18,148 | 22,271 | 21,121 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Total liabilities | 19,590 | 30,883 | 42,142 | 52,331 | 61,566 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Non-controlling interests | 162 | 147 | 46 | 63 | 368 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Equity attributable to owners of parent | 22,182 | 25,752 | 29,253 | 32,124 | 34,650 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Retained earnings | 10,196 | 13,766 | 17,216 | 20,088 | 22,573 | S100R875, S100TS9X, S100W81X, S100YK73 |
| Treasury stock | -0 | -0 | -0 | -1 | -1 | S100R875, S100TS9X, S100W81X, S100YK73 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YK73 |
| Inventories | 14% | S100YK73 |
| Property, plant and equipment | 34% | S100YK73 |
| Intangibles and goodwill | 4% | S100YK73 |
| Investment securities | 20% | S100YK73 |
| Other assets | 10% | S100YK73 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YK73 |
| Other liabilities | 58% | S100YK73 |
| Equity | 42% | S100YK73 |

### 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 | 39,313 | 57,242 | 76,302 | 92,417 | 105,056 |
| Equity | 19,723 | 26,359 | 34,161 | 40,086 | 43,489 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,549 | 9,198 | 10,275 | 11,844 | 18,371 |

## 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) | 111.3% | S100YK73 |
| Fixed assets ÷ total assets | 34.5% | S100YK73 |
| Goodwill ÷ parent equity | 5.1% | S100YK73 |

### 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) | 17.5% |
| Cash ÷ revenue | 56.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 313.8% |
| Cash vs. profit gap | 3,760 JPY mn (of net income 82.3%) |
| Shareholder returns / net income | 45.6% |
| Shareholder returns / FCF | 69.7% |
| Shareholder payments — dividends / net income | 45.6% |
| Shareholder payments — dividends / FCF | 69.7% |
| CapEx intensity (capex ÷ revenue) | 16.4% |
| Investing CF relative to operating CF | 81.6% |

## 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 | 40.2% | 0.45× | 18.1% | 1.77× | 32.1% | S100R875 |
| 2023 | 24.2% | 0.52× | 12.6% | 2.01× | 25.3% | S100TS9X |
| 2024 | 20.9% | 0.40× | 8.3% | 2.43× | 20.1% | S100W81X |
| 2025 | 15.2% | 0.38× | 5.8% | 2.75× | 16.0% | S100YK73 |
| 2026 | 14.0% | 0.33× | 4.6% | 2.96× | 13.7% | S100YK73 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Nagata and Company株式会社 | Major shareholder | 40.3% | 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 | 7.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| 永田 貴久 | Major shareholder | 4.4% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.7% | 2026-03-31 |
| 一般社団法人メディポリス医学研究所 | Major shareholder | 3.5% | 2026-03-31 |
| 梅原 理恵 | Major shareholder | 2.5% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 新日本科学従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YK73 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK73,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W81X | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W81X,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TS9X | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9X,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R875 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R875,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OK5K | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK5K,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LVCO | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVCO,, |

## 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).