# VITAL KSK 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17期(2025/04/01－2026/03/31) (S100YDSN)
> Page: https://vizora.meequs.com/en/company/vital-ksk-holdings
> Retrieved: 2026-09-30T17:59:39.101Z

## Company

Vital KSK Holdings, founded in 2009, is a company in Pharmaceuticals listed on TSE Prime. It has 3,871 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VITAL KSK HOLDINGS,INC. |
| Ticker | 3151 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3151.T) |
| Listing | TSE Prime |
| Head office | 東京都世田谷区弦巻一丁目1番12号 |
| Representative (per filing) | 代表取締役社長 村井泰介 |
| Founded | Apr 2009 |
| Share capital | ¥5B |
| Employees (consolidated) | 3,871 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.vitalksk.co.jp (https://www.vitalksk.co.jp/) |
| Corporate number | 4010901024332 |
| EDINET | E22440 |
| Industries (Vizora) | Pharmaceuticals, Nursing Care, Specialty Trading & Wholesale, Drugstores & Pharmacies, Pets |

> Profile source: annual securities report (S100YDSN, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.1 | 179 |
| Profitability | 7.8 | 185 |
| Cash conversion | 64.5 | 179 |
| Efficiency | 72.2 | 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 94% of Vital KSK Holdings's sales come from Medicine wholesale, with Pharmacy Business and Veterinary drugs wholesale business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -29.4%.

## Company structure

- Segment revenue mix: Medicine wholesale 93.8%、Pharmacy Business 3.3%、Veterinary drugs wholesale business 2.1%、Nursing Care-related Rental and Other Business 0.8%
- Revenue → net income: ¥610497000000 → ¥7456000000
- Net income → operating cash flow: ¥7456000000 → ¥4833000000（difference ¥-2623000000）
- Main uses of operating cash flow: CapEx ¥5268000000 / dividends ¥2809000000 / buybacks ¥0
- Change in cash: ¥-636000000
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 | ¥610.5B |  |
| Operating income | ¥4.03B | Margin 0.7% |
| Net income | ¥7.36B | Margin 1.2% |
| Free cash flow | -¥435M |  |
| Largest business | Medicine wholesale | of segment revenue 93.8% |
| Employees (consolidated) | 3,871 |  |
| EPS | ¥97.03 |  |
| Book value per share | ¥1162.56 |  |
| Equity ratio | 36.6% |  |
| Shares outstanding | 51,902,000 |  |
| Treasury shares | 3,425,900 |  |
| Shareholders | 11,029 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 6.1% | Cash ÷ revenue 3.2% |
| Vs. industry median margin | -2.2 pp | Specialty Trading & Wholesale |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, parent-company salary changed +30% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥537030000000 | ¥610497000000 | +13.7% |
| Operating income | ¥-2260000000 | ¥4027000000 | — |
| Operating margin | -0.4% | 0.7% | +1.1 pp |
| Employees | 3,696 people | 3,871 people | +4.7% |
| Cash and equivalents | ¥26252000000 | ¥19437000000 | -26.0% |

### 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 |
| --- | ---: |
| 医薬品卸売事業 → 事業再編・廃止 | 94.3% |
| 薬局事業 → 薬局事業 | 3.1% |
| 動物用医薬品卸売事業 → 動物用医薬品卸売事業 | 1.8% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 医薬品卸売事業 | 93.8% |
| 新設・再編 → 薬局事業 | 0.1% |
| 新設・再編 → 動物用医薬品卸売事業 | 0.2% |
| 新設・再編 → 介護レンタルその他事業 | 0.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medicine wholesale | — | — | ¥572860000000 | 0.9% | 2 |
| Pharmacy Business | 5 years | +3.5% | ¥19960000000 | 1.3% | 2 |
| Veterinary drugs wholesale business | 5 years | +5.2% | ¥12627000000 | 2.4% | 2 |
| Nursing Care-related Rental and Other Business | — | — | ¥5048000000 | -2.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 610,497 | 100.0% | S100YDSN |
| Cost of revenue | 560,915 | 91.9% | S100YDSN |
| Gross profit | 49,581 | 8.1% | S100YDSN |
| SG&A | 45,553 | 7.5% | S100YDSN |
| Operating income | 4,027 | 0.7% | S100YDSN |
| Ordinary income | 7,822 | 1.3% | S100YDSN |
| Pretax income | 11,502 | 1.9% | S100YDSN |
| Income tax | 4,045 | 0.7% | S100YDSN |
| Net income | 7,456 | 1.2% | S100YDSN |
| Net income attributable to owners | 7,362 | 1.2% | S100YDSN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 7 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 8.1% → Operating margin 0.7% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -29.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -17.44×
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 | 600,370 | 610,497 | 10,127 | +1.7% |
| Gross profit | 49,214 | 49,581 | 367 | +0.7% |
| Operating income | 5,706 | 4,027 | -1,679 | -29.4% |
| Net income attributable to owners | 7,308 | 7,362 | 54 | +0.7% |
| Operating cash flow | -8,024 | 4,833 | 12,857 | — |
| Free cash flow | -12,361 | -435 | 11,926 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 562,505 | 3,556 | 0.6% | 4,642 | -8,323 | -9,834 | S100LP2Z |
| FY ending Mar 2021 | 537,030 | -2,260 | -0.4% | 1,171 | -1,389 | -5,234 | S100OJBQ |
| FY ending Mar 2022 | 577,249 | 2,945 | 0.5% | 4,770 | 7,487 | 3,347 | S100RAXF |
| FY ending Mar 2023 | 581,327 | 4,024 | 0.7% | 4,831 | -3,001 | -9,600 | S100TV6K |
| FY ending Mar 2024 | 587,481 | 5,556 | 0.9% | 5,843 | 23,570 | 18,472 | S100WBYI |
| FY ending Mar 2025 | 600,370 | 5,706 | 1.0% | 7,308 | -8,024 | -12,361 | S100YDSN |
| FY ending Mar 2026 | 610,497 | 4,027 | 0.7% | 7,362 | 4,833 | -435 | S100YDSN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥157.7M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 3,754 | 3,719 | 3,705 | 3,756 | 3,871 |
| Average salary (parent company) | ¥4.8M | ¥5.4M | ¥6.3M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 47.8 years | 47.6 years | 47.6 years | 43.5 years | 43.3 years |
| Average tenure (parent company) | 4.8 years | 5.4 years | 5.8 years | 5.9 years | 6.1 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medicine wholesale | 572,860 | 93.8% | 4,920 | 0.9% |
| Pharmacy Business | 19,960 | 3.3% | 252 | 1.3% |
| Veterinary drugs wholesale business | 12,627 | 2.1% | 304 | 2.4% |
| Nursing Care-related Rental and Other Business | 5,048 | 0.8% | -102 | -2.0% |
| Pharmaceutical Business | — | 0.0% | -1,312 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Medicine wholesale | 89.8% | 0.9% |
| Pharmacy Business | 4.6% | 1.3% |
| Veterinary drugs wholesale business | 5.6% | 2.4% |
| Nursing Care-related Rental and Other Business | — | -2.0% |
| Pharmaceutical Business | — | — |

Loss-making segment (excluded from profit shares): Nursing Care-related Rental and Other Business -102 JPY mn

Loss-making segment (excluded from profit shares): Pharmaceutical Business -1,312 JPY mn

Segment → industry: Pharmaceutical Business → Pharmaceuticals / Nursing Care-related Rental and Other Business → Nursing Care / Veterinary drugs wholesale business → Specialty Trading & Wholesale / Medicine wholesale → Specialty Trading & Wholesale / Pharmacy Business → Drugstores & Pharmacies / Veterinary drugs wholesale business → Pets

## 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 | 4,833 | 0.8% | S100YDSN |
| Capital expenditure | 5,268 | 0.9% | S100YDSN |
| Free cash flow | -435 | -0.1% | 算出 |
| Investing cash flow | -1,071 | -0.2% | S100YDSN |
| Financing cash flow | -4,399 | -0.7% | S100YDSN |
| Dividends paid | 2,809 | 0.5% | S100YDSN |
| Share buyback | 0 | 0.0% | S100YDSN |
| Change in cash | -636 | -0.1% | S100YDSN |
| Cash and equivalents | 19,437 | 3.2% | S100YDSN |

## 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 | 23,239 | 15,147 | 31,125 | 20,074 | 19,437 | S100TV6K, S100WBYI, S100YDSN |
| Total assets | 313,033 | 297,316 | 317,258 | 299,426 | 320,568 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Net assets | 100,041 | 100,165 | 105,940 | 107,306 | 118,707 | S100TV6K, S100WBYI, S100YDSN |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Trade receivables | 119,533 | 118,585 | 117,993 | 116,944 | 121,233 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Inventories | 31,788 | 30,846 | 31,421 | 33,253 | 33,283 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Property, plant and equipment | 45,761 | 49,024 | 49,704 | 49,168 | 50,990 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Intangible assets excluding goodwill | 5,036 | 3,377 | 3,913 | 4,291 | 6,887 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Goodwill | 2,874 | 818 | 682 | 615 | 2,646 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Investment securities | 47,508 | 44,642 | 46,956 | 45,131 | 53,057 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Current assets | 198,532 | 188,502 | 203,303 | 187,896 | 194,905 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Current liabilities | 190,092 | 178,659 | 193,407 | 174,880 | 183,219 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Trade payables | 176,685 | 164,571 | 179,174 | 162,492 | 169,767 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Short-term borrowings | 990 | 990 | 890 | 900 | 950 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Long-term borrowings | 7,760 | 6,790 | 5,820 | 4,850 | 3,893 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Total liabilities | 212,991 | 197,150 | 211,317 | 192,120 | 201,861 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Non-controlling interests | 1,080 | 1,179 | 1,276 | 1,393 | 1,483 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Equity attributable to owners of parent | 75,631 | 78,099 | 79,958 | 82,678 | 87,355 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Retained earnings | 64,402 | 67,864 | 71,339 | 76,460 | 81,013 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |
| Treasury stock | -6,581 | -7,575 | -1,653 | -4,074 | -3,960 | S100RAXF, S100TV6K, S100WBYI, S100YDSN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YDSN |
| Receivables | 38% | S100YDSN |
| Inventories | 10% | S100YDSN |
| Property, plant and equipment | 16% | S100YDSN |
| Intangibles and goodwill | 3% | S100YDSN |
| Investment securities | 17% | S100YDSN |
| Other assets | 10% | S100YDSN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 53% | S100YDSN |
| Other liabilities | 10% | S100YDSN |
| Equity | 37% | S100YDSN |

### 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 | 313,033 | 297,316 | 317,258 | 299,426 | 320,568 |
| Equity | 100,041 | 100,165 | 105,940 | 107,306 | 118,707 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,239 | 15,147 | 31,125 | 20,074 | 19,437 |

## 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) | 8.4% | S100YDSN |
| Fixed assets ÷ total assets | 15.9% | S100YDSN |
| Goodwill ÷ parent equity | 3.0% | S100YDSN |

Goodwill over 4 years: 2,874 → 2,646 JPY; total investing cash flow: -2,428 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) | 6.1% |
| Cash ÷ revenue | 3.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.0% |
| Cash vs. profit gap | -2,529 JPY mn (of net income -34.4%) |
| Shareholder returns / net income | 38.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 22.2% |

## 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 | 0.8% | 1.84× | 1.5% | 4.14× | 6.3% | S100RAXF |
| 2023 | 0.8% | 1.90× | 1.6% | 3.97× | 6.3% | S100TV6K |
| 2024 | 1.0% | 1.91× | 1.9% | 3.89× | 7.4% | S100WBYI |
| 2025 | 1.2% | 1.95× | 2.4% | 3.79× | 9.0% | S100YDSN |
| 2026 | 1.2% | 1.97× | 2.4% | 3.65× | 8.7% | S100YDSN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社MH | Major shareholder | 10.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 7.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| 鈴木 賢 | Major shareholder | 2.9% | 2026-03-31 |
| ケーエスケー従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 2.5% | 2026-03-31 |
| ㈲クエコ | Major shareholder | 2.4% | 2026-03-31 |
| 鈴木 宏一郎 | Major shareholder | 2.1% | 2026-03-31 |
| みずほ信託銀行㈱退職給付信託 | Major shareholder | 2.1% | 2026-03-31 |
| バイタルネット従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥610.5B, up +1.7% from ¥600.4B.
- Gross profit barely moved (+0.7%, to ¥49.6B), while operating income dropped -29.4%, from ¥5.71B to ¥4.03B.
- Net income still edged up +0.7% to ¥7.36B.
- Operating cash flow swung back to a positive ¥4.83B after -¥8.02B the year before.

### Drivers

- Sales grew as the company pushed newer drugs, mainly cancer treatments, and flu vaccines
- Higher prices raised logistics and IT costs, lifting SG&A
- The newly launched drug-development business booked R&D costs with no sales yet, so it ran at a loss
- Competitive bidding in parts of the Kinki region cut sales and profit at KSK
- Gains from selling investment securities kept net income level with the prior year

### Risks

- Official drug prices are now cut almost every year, and changes to the insurance system can hit results
- Drug makers can change the rebates and sales incentives they pay wholesalers
- Aggressive price competition from rivals in some regions could push selling prices down

Cited: Annual Securities Report (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 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/04/01－2026/03/31) | S100YDSN | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDSN,, |
| 訂正有価証券報告書－第16期(2024/04/01－2025/03/31) | S100WBYI | 2025-07-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBYI,, |
| 有価証券報告書－第15期(2023/04/01－2024/03/31) | S100TV6K | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV6K,, |
| 訂正有価証券報告書－第14期(2022/04/01－2023/03/31) | S100RAXF | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAXF,, |
| 有価証券報告書－第13期(令和3年4月1日－令和4年3月31日) | S100OJBQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJBQ,, |
| 有価証券報告書－第12期(令和2年4月1日－令和3年3月31日) | S100LP2Z | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP2Z,, |

## 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).