# STELLA PHARMA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/04/01－2026/03/31) (S100YDYN)
> Page: https://vizora.meequs.com/en/company/stella-pharma
> Retrieved: 2026-09-30T20:25:51.900Z

## Company

Stella Pharma is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 47 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STELLA PHARMA CORPORATION |
| Ticker | 4888 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4888.T) |
| Listing | TSE Growth |
| Head office | 大阪市中央区高麗橋三丁目2番7号 ORIX高麗橋ビル |
| Representative (per filing) | 代表取締役社長 上原 幸樹 |
| Share capital | ¥2.86B |
| Employees (consolidated) | 47 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | stella-pharma.co.jp (https://stella-pharma.co.jp/) |
| Corporate number | 5120001124194 |
| EDINET | E35496 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YDYN, filed 2026-06-23). As of filing

## Key points (generated from figures)

- Stella Pharma brought in ¥323.4M in revenue.
- It lost about ¥232 for every ¥100 of sales at the operating level.
- Revenue changed -66.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥323.4M |  |
| Operating income | -¥749M | Margin -231.6% |
| Net income | -¥780.9M | Margin -241.5% |
| Free cash flow | -¥346.2M |  |
| Employees (consolidated) | 47 |  |
| EPS | ¥-22.95 |  |
| Book value per share | ¥71.33 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 34,034,100 |  |
| Treasury shares | 14,100 |  |
| Shareholders | 10,659 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 61.9% | Cash ÷ revenue 859.0% |
| Vs. industry median margin | -238.7 pp | Biotech & Regenerative Medicine |
| ROA | -15.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 232 per ¥100 of revenue
- FY2026, revenue is 3.2× its level five years ago
- FY2026, cash is 62% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥205968000 | ¥323389000 | +57.0% |
| Operating income | ¥-680567000 | ¥-748957000 | — |
| Operating margin | -330.4% | -231.6% | +98.8 pp |
| Employees | 43 people | 47 people | +9.3% |
| Cash and equivalents | ¥837952000 | ¥2778006000 | +231.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 323 | 100.0% | S100YDYN |
| Cost of revenue | 44 | 13.7% | 算出 |
| Gross profit | 279 | 86.3% | S100YDYN |
| SG&A | 1,028 | 317.9% | S100YDYN |
| Operating income | -749 | -231.6% | S100YDYN |
| Ordinary income | -778 | -240.6% | S100YDYN |
| Pretax income | -778 | -240.6% | S100YDYN |
| Income tax | 3 | 0.9% | S100YDYN |
| Net income | -781 | -241.5% | S100YDYN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 14 |
| SG&A | 318 |
| Operating income | -232 |
| (Ref.) Net income | -241 |

### Margin funnel

Gross margin 86.3% → Operating margin -231.6% → Net margin -241.5%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 961 | 323 | -638 | -66.4% |
| Gross profit | 846 | 279 | -567 | -67.0% |
| Operating income | -90 | -749 | -659 | — |
| Operating cash flow | 140 | -335 | -475 | -338.2% |
| Free cash flow | 128 | -346 | -474 | -370.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 206 | -681 | -330.4% | -659 | -773 | -795 | S100OKWQ |
| FY ending Mar 2022 | 100 | -742 | -741.2% | -768 | -1,081 | -1,127 | S100R76K |
| FY ending Mar 2023 | 229 | -807 | -352.2% | -779 | -828 | -857 | S100TW8I |
| FY ending Mar 2024 | 269 | -760 | -282.1% | -764 | -877 | -888 | S100W6ZM |
| FY ending Mar 2025 | 961 | -90 | -9.4% | -141 | 140 | 128 | S100YDYN |
| FY ending Mar 2026 | 323 | -749 | -231.6% | -781 | -335 | -346 | S100YDYN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.9M |
| Operating income per employee (consolidated) | -¥15.9M |
| Net income per employee (consolidated) | -¥16.6M |

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) | 43 | 46 | 44 | 43 | 47 |
| Average salary (parent company) | ¥7M | ¥6.9M | ¥6.7M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 45.4 years | 45.1 years | 45.5 years | 47.7 years | 48.5 years |
| Average tenure (parent company) | 6.2 years | 6.2 years | 6.6 years | 7.4 years | 7.0 years |

Year over year: Employees (consolidated) +9.3% · Revenue (consolidated) -66.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -335 | -103.4% | S100YDYN |
| Capital expenditure | 12 | 3.6% | S100YDYN |
| Free cash flow | -346 | -107.0% | 算出 |
| Investing cash flow | -16 | -4.8% | S100YDYN |
| Financing cash flow | -33 | -10.3% | S100YDYN |
| Change in cash | -383 | -118.6% | S100YDYN |
| Cash and equivalents | 2,778 | 859.0% | S100YDYN |

## 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 | 3,236 | 2,670 | 2,012 | 3,161 | 2,778 | S100TW8I, S100W6ZM, S100YDYN |
| Total assets | 4,719 | 4,329 | 3,821 | 5,417 | 4,487 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Net assets | 3,080 | 2,753 | 2,377 | 3,207 | 2,427 | S100TW8I, S100W6ZM, S100YDYN |
| Share capital | 3,808 | 3,300 | 2,938 | 2,859 | 2,859 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Property, plant and equipment | 92 | 103 | 82 | 67 | 47 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Intangible assets excluding goodwill | 68 | 62 | 53 | 49 | 43 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Investment securities | 305 | 303 | — | — | — | S100R76K, S100TW8I |
| Current assets | 4,175 | 3,793 | 3,629 | 5,243 | 4,353 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Current liabilities | 308 | 422 | 456 | 390 | 260 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Long-term borrowings | 1,093 | 933 | 773 | 608 | 589 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Total liabilities | 1,639 | 1,577 | 1,444 | 2,210 | 2,060 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Equity attributable to owners of parent | 3,080 | 2,742 | 2,370 | 3,207 | 2,427 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Retained earnings | -2,637 | -779 | -764 | -141 | -781 | S100R76K, S100TW8I, S100W6ZM, S100YDYN |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100TW8I, S100W6ZM, S100YDYN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100YDYN |
| Property, plant and equipment | 1% | S100YDYN |
| Intangibles and goodwill | 1% | S100YDYN |
| Other assets | 36% | S100YDYN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YDYN |
| Equity | 54% | S100YDYN |

### 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 | 4,719 | 4,329 | 3,821 | 5,417 | 4,487 |
| Equity | 3,080 | 2,753 | 2,377 | 3,207 | 2,427 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,236 | 2,670 | 2,012 | 3,161 | 2,778 |

## 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) | 14.6% | S100YDYN |
| Fixed assets ÷ total assets | 1.0% | S100YDYN |
| Goodwill ÷ parent equity | — | —, S100YDYN |

### 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) | 61.9% |
| Cash ÷ revenue | 859.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 446 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -16.3% | —× | — | S100R76K |
| 2023 | — | —× | -17.2% | —× | — | S100TW8I |
| 2024 | — | —× | -18.7% | —× | — | S100W6ZM |
| 2025 | — | —× | -3.0% | —× | — | S100YDYN |
| 2026 | — | —× | -15.8% | —× | — | S100YDYN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ステラケミファ株式会社 | Major shareholder | 33.7% | 2026-03-31 |
| 中村 沢司 | Major shareholder | 3.5% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 一般財団法人国際クラブ | Major shareholder | 1.5% | 2026-03-31 |
| 村上 宜己 | Major shareholder | 1.4% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| ビーエヌワイメロン エスエー／エヌブイ（ビーエヌワイ・メロン グループ顧客口座） （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| 青山 英世 | Major shareholder | 0.9% | 2026-03-31 |
| 青山 馥 | Major shareholder | 0.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YDYN | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDYN,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W6ZM | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6ZM,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TW8I | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW8I,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R76K | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R76K,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OKWQ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKWQ,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LUIT | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIT,, |

## 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).