# SHIP HEALTHCARE HOLDINGS, INC.: 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) (S100YJZ3)
> Page: https://vizora.meequs.com/en/company/ship-healthcare-holdings
> Retrieved: 2026-09-30T20:34:39.971Z

## Company

Ship Healthcare Holdings, founded in 1992, is a company in Nursing Care listed on TSE Prime. It has 7,819 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIP HEALTHCARE HOLDINGS,INC. |
| Ticker | 3360 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3360.T) |
| Listing | TSE Prime |
| Head office | 大阪府吹田市春日3丁目20番8号 |
| Representative (per filing) | 代表取締役社長 大橋太 |
| Founded | Aug 1992 |
| Share capital | ¥15.6B |
| Employees (consolidated) | 7,819 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | shiphd.co.jp (https://shiphd.co.jp/) |
| Corporate number | 9120901006249 |
| EDINET | E03450 |
| Industries (Vizora) | Nursing Care, Specialty Trading & Wholesale, Drugstores & Pharmacies, Hospitals & Medical Services |

> Profile source: annual securities report (S100YJZ3, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.7 | 179 |
| Profitability | 61.4 | 185 |
| Cash conversion | 43.9 | 179 |
| Efficiency | 67.3 | 185 |

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 71% of Ship Healthcare Holdings's sales come from Medical supplies, with Total pack produce and Life care making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.9% from the prior year, operating profit -1.2%.

## Company structure

- Segment revenue mix: Medical supplies 71.0%、Total pack produce 19.0%、Life care 5.2%、Dispensing pharmacy 4.8%
- Revenue → net income: ¥718163000000 → ¥13509000000
- Net income → operating cash flow: ¥13509000000 → ¥22078000000（difference ¥8569000000）
- Main uses of operating cash flow: CapEx ¥4715000000 / dividends ¥5472000000 / buybacks ¥4999000000
- Change in cash: ¥3742000000
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 | ¥718.2B |  |
| Operating income | ¥24.5B | Margin 3.4% |
| Net income | ¥13.4B | Margin 1.9% |
| Free cash flow | ¥17.4B |  |
| Largest business | Medical supplies | of segment revenue 71.0% |
| Employees (consolidated) | 7,819 |  |
| EPS | ¥58.58 |  |
| Book value per share | ¥567.34 |  |
| Equity ratio | 39.2% |  |
| Shares outstanding | 94,350,134 |  |
| Treasury shares | 2,331,200 |  |
| Shareholders | 3,328 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 10.9% |
| Vs. industry median margin | +0.5 pp | Specialty Trading & Wholesale |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -40 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥497156000000 | ¥718163000000 | +44.5% |
| Operating income | ¥21800000000 | ¥24482000000 | +12.3% |
| Operating margin | 4.4% | 3.4% | -1 pp |
| Employees | 6,769 people | 7,819 people | +15.5% |
| Cash and equivalents | ¥72950000000 | ¥78604000000 | +7.8% |

### 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 |
| --- | ---: |
| トータルパックプロデュース事業 → トータルパックプロデュース事業 | 19.0% |
| トータルパックプロデュース事業 → 事業再編・廃止 | 1.6% |
| メディカルサプライ事業 → メディカルサプライ事業 | 67.5% |
| ライフケア事業 → ライフケア事業 | 4.9% |
| 調剤薬局事業 → 調剤薬局事業 | 4.8% |
| 調剤薬局事業 → 事業再編・廃止 | 0.5% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → メディカルサプライ事業 | 3.5% |
| 新設・再編 → ライフケア事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical supplies | 5 years | +8.4% | ¥509569000000 | 1.5% | 2 |
| Total pack produce | 5 years | +5.5% | ¥136604000000 | 7.9% | 2 |
| Life care | 5 years | +8.7% | ¥37322000000 | 5.9% | 2 |
| Dispensing pharmacy | 5 years | +5.1% | ¥34666000000 | 11.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 718,163 | 100.0% | S100YJZ3 |
| Cost of revenue | 651,459 | 90.7% | S100YJZ3 |
| Gross profit | 66,703 | 9.3% | S100YJZ3 |
| SG&A | 42,221 | 5.9% | S100YJZ3 |
| Operating income | 24,482 | 3.4% | S100YJZ3 |
| Ordinary income | 26,331 | 3.7% | S100YJZ3 |
| Pretax income | 23,106 | 3.2% | S100YJZ3 |
| Income tax | 9,597 | 1.3% | S100YJZ3 |
| Net income | 13,509 | 1.9% | S100YJZ3 |
| Net income attributable to owners | 13,394 | 1.9% | S100YJZ3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.3% → Operating margin 3.4% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.9%; Core profit growth: -1.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.20×
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 | 678,229 | 718,163 | 39,934 | +5.9% |
| Gross profit | 66,743 | 66,703 | -40 | -0.1% |
| Operating income | 24,779 | 24,482 | -297 | -1.2% |
| Net income attributable to owners | 15,128 | 13,394 | -1,734 | -11.5% |
| Operating cash flow | 20,384 | 22,078 | 1,694 | +8.3% |
| Free cash flow | 16,202 | 17,363 | 1,161 | +7.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 484,395 | 18,794 | 3.9% | 11,803 | 24,010 | 20,198 | S100LUX3 |
| FY ending Mar 2021 | 497,156 | 21,800 | 4.4% | 12,280 | 19,772 | 14,762 | S100OKHC |
| FY ending Mar 2022 | 514,353 | 20,505 | 4.0% | 12,172 | 12,428 | 8,958 | S100R9RR |
| FY ending Mar 2023 | 572,285 | 21,144 | 3.7% | 12,063 | 14,105 | 10,197 | S100TSY0 |
| FY ending Mar 2024 | 630,988 | 24,539 | 3.9% | 13,799 | 31,609 | 28,093 | S100W7VG |
| FY ending Mar 2025 | 678,229 | 24,779 | 3.7% | 15,128 | 20,384 | 16,202 | S100YJZ3 |
| FY ending Mar 2026 | 718,163 | 24,482 | 3.4% | 13,394 | 22,078 | 17,363 | S100YJZ3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.8M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 6,943 | 8,046 | 7,793 | 7,805 | 7,819 |
| Average salary (parent company) | ¥7.7M | ¥7.2M | ¥7.7M | ¥8.1M | ¥8.5M |
| Average age (parent company) | 42.0 years | 42.1 years | 43.5 years | 42.9 years | 46.4 years |
| Average tenure (parent company) | 8.2 years | 7.6 years | 7.3 years | 9.3 years | 10.3 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Total pack produce | 136,604 | 19.0% | 10,812 | 7.9% |
| Medical supplies | 509,569 | 71.0% | 7,484 | 1.5% |
| Life care | 37,322 | 5.2% | 2,216 | 5.9% |
| Dispensing pharmacy | 34,666 | 4.8% | 4,004 | 11.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Total pack produce | 19.0% | 44.1% | 25.1 | 7.9% |
| Medical supplies | 71.0% | 30.5% | -40.4 | 1.5% |
| Life care | 5.2% | 9.0% | 3.8 | 5.9% |
| Dispensing pharmacy | 4.8% | 16.3% | 11.5 | 11.6% |

Segment → industry: Life care → Nursing Care / Medical supplies → Specialty Trading & Wholesale / Total pack produce → Specialty Trading & Wholesale / Dispensing pharmacy → Drugstores & Pharmacies / Total pack produce → Hospitals & Medical Services

## 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 | 22,078 | 3.1% | S100YJZ3 |
| Capital expenditure | 4,715 | 0.7% | S100YJZ3 |
| Free cash flow | 17,363 | 2.4% | 算出 |
| Investing cash flow | -2,075 | -0.3% | S100YJZ3 |
| Financing cash flow | -16,334 | -2.3% | S100YJZ3 |
| Dividends paid | 5,472 | 0.8% | S100YJZ3 |
| Share buyback | 4,999 | 0.7% | S100YJZ3 |
| Change in cash | 3,742 | 0.5% | S100YJZ3 |
| Cash and equivalents | 78,604 | 10.9% | S100YJZ3 |

## 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 | 72,804 | 79,020 | 83,128 | 74,857 | 78,604 | S100TSY0, S100W7VG, S100YJZ3 |
| Total assets | 335,074 | 381,977 | 387,562 | 381,702 | 385,109 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Net assets | 122,318 | 131,115 | 142,226 | 150,280 | 152,428 | S100TSY0, S100W7VG, S100YJZ3 |
| Share capital | 15,553 | 15,553 | 15,553 | 15,553 | 15,553 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Property, plant and equipment | 57,995 | 65,127 | 63,305 | 58,960 | 56,663 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Intangible assets excluding goodwill | 9,354 | 16,149 | 14,855 | 12,731 | 11,720 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Goodwill | 8,336 | 12,320 | 9,121 | 7,414 | 6,706 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Investment securities | 23,608 | 25,424 | 29,414 | 29,381 | 27,690 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Current assets | 226,529 | 257,241 | 260,023 | 259,457 | 270,599 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Current liabilities | 148,371 | 197,020 | 181,165 | 188,013 | 195,914 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Trade payables | 100,071 | 109,883 | 109,144 | 121,667 | 127,939 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Short-term borrowings | 2,401 | 1,815 | 708 | 698 | 1,333 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Long-term borrowings | 29,970 | 41,571 | 50,459 | 30,620 | 25,606 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Total liabilities | 212,756 | 250,862 | 245,335 | 231,421 | 232,681 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Non-controlling interests | 4,028 | 3,077 | 2,699 | 1,203 | 1,357 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Equity attributable to owners of parent | 115,899 | 123,718 | 133,607 | 144,008 | 146,679 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Retained earnings | 91,964 | 100,158 | 109,996 | 120,407 | 116,758 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |
| Treasury stock | -15,526 | -15,526 | -15,526 | -15,527 | -5,049 | S100R9RR, S100TSY0, S100W7VG, S100YJZ3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJZ3 |
| Property, plant and equipment | 15% | S100YJZ3 |
| Intangibles and goodwill | 5% | S100YJZ3 |
| Investment securities | 7% | S100YJZ3 |
| Other assets | 53% | S100YJZ3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 33% | S100YJZ3 |
| Other liabilities | 27% | S100YJZ3 |
| Equity | 40% | S100YJZ3 |

### 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 | 335,074 | 381,977 | 387,562 | 381,702 | 385,109 |
| Equity | 122,318 | 131,115 | 142,226 | 150,280 | 152,428 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 72,804 | 79,020 | 83,128 | 74,857 | 78,604 |

## 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) | 7.9% | S100YJZ3 |
| Fixed assets ÷ total assets | 14.7% | S100YJZ3 |
| Goodwill ÷ parent equity | 4.6% | S100YJZ3 |

Goodwill over 4 years: 8,336 → 6,706 JPY; total investing cash flow: -23,946 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) | 20.4% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.2% |
| Cash vs. profit gap | 8,684 JPY mn (of net income 64.8%) |
| Shareholder returns / net income | 78.2% |
| Shareholder returns / FCF | 60.3% |
| Shareholder payments — dividends / net income | 40.9% |
| Shareholder payments — dividends / FCF | 31.5% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 9.4% |

## 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 | 2.4% | 1.54× | 3.6% | 2.89× | 10.5% | S100R9RR |
| 2023 | 2.1% | 1.60× | 3.4% | 2.99× | 10.1% | S100TSY0 |
| 2024 | 2.2% | 1.64× | 3.6% | 2.99× | 10.7% | S100W7VG |
| 2025 | 2.2% | 1.76× | 3.9% | 2.77× | 10.9% | S100YJZ3 |
| 2026 | 1.9% | 1.87× | 3.5% | 2.64× | 9.2% | S100YJZ3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 11.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社コッコー | Major shareholder | 8.7% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 7.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.5% | 2026-03-31 |
| JP MORGAN CHASE BANK(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.1% | 2026-03-31 |
| 春日興産合同会社 | Major shareholder | 3.0% | 2026-03-31 |
| JP MORGAN CHASE BANK(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.0% | 2026-03-31 |
| 古川 幸一郎 | Major shareholder | 2.7% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE FIDELITY FUNDS(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 reached ¥718.2B, up 5.9% from ¥678.2B a year earlier.
- Profit did not follow: operating income edged down 1.2% to ¥24.5B, and net income attributable to owners fell 11.5% to ¥13.4B.
- Cash generation improved, with operating cash flow up 8.3% to ¥22.1B and free cash flow rising to ¥17.4B.

### Drivers

- In medical supplies, new hospitals began using its SPD supply-management service, and a joint contract with several hospitals under different owners got underway, lifting sales.
- The hospital building and equipment business had no senior-condominium project completed and sold this year, unlike the year before; delayed parts for energy-saving renovation work and one-off costs such as M&A fees also weighed on its profit.
- The pharmacy business held up well, helped by small acquisitions and consolidation that made operations leaner.

### Risks

- Results in the hospital building business swing with how many hospitals relocate, rebuild or expand
- Delays, changes or cancellations of large projects can hurt results, and sales tend to bunch up near the fiscal year-end because of hospital budget cycles
- Revisions to reimbursement prices and price competition may squeeze earnings in medical supplies

Cited: Annual Securities Report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/03/31) | S100YJZ3 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJZ3,, |
| 有価証券報告書－第33期(2024/04/01－2025/03/31) | S100W7VG | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7VG,, |
| 有価証券報告書－第32期(2023/04/01－2024/03/31) | S100TSY0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSY0,, |
| 有価証券報告書－第31期(2022/04/01－2023/03/31) | S100R9RR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9RR,, |
| 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) | S100OKHC | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKHC,, |
| 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) | S100LUX3 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUX3,, |

## 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).