| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥1596.6B | ¥1495.4B | +6.8% |
| 営業利益 | ¥93.8B | ¥81.9B | +14.5% |
| 経常利益 | ¥101.0B | ¥88.2B | +14.4% |
| 純利益 | ¥55.7B | ¥59.7B | -6.7% |
| ROE | 6.6% | 7.0% | - |
The fiscal year ended March 2026 posted Revenue of ¥1,596.6B (YoY +¥101.2B +6.8%), Operating Income of ¥93.8B (YoY +¥11.9B +14.5%), Ordinary Income of ¥101.0B (YoY +¥12.8B +14.4%), and Net Income attributable to owners of the parent of ¥60.7B (YoY +¥13.4B +28.3%), representing revenue and profit growth. Revenue increased across all segments, and margin improvement (Operating Margin 5.9%, YoY +0.4pt) drove double-digit growth at operating and ordinary income levels. HealthyLifeService improved margin to 10.4% and delivered Operating Income of ¥85.5B, serving as the main driver of profit growth. DispensingService grew Revenue by +8.3% but remained low-margin at 3.9%, continuing margin polarization. Extraordinary items included impairment losses of ¥10.6B resulting in net special losses that compressed Net Income, although this was a significant reduction from the prior-year level (special losses ¥22.5B). Basic EPS of ¥185.61 rose sharply YoY +33.6%.
【売上高】Revenue rose to ¥1,596.6B (+6.8%), showing solid growth. By segment, HealthyLifeService was ¥818.5B (+6.3%, composition 51.3%), DispensingService ¥628.8B (+8.3%, composition 39.4%), and EcologyService ¥154.0B (+3.3%, composition 9.6%), achieving revenue increases across all businesses. No detailed disclosure on regional revenue composition or FX contribution, but non-operating FX gains of ¥1.9B were recorded, suggesting some foreign-currency revenues. Top-line growth was likely driven by store/site expansion in core businesses and improved utilization at existing locations. Cost of sales was ¥1,208.8B (+8.2%), slightly outpacing revenue growth, but gross margin improved to 24.3% (prior 23.7%, +0.6pt), indicating structural improvement.
【損益】Operating Income was ¥93.8B (+14.5%), Operating Margin 5.9% (prior 5.5%, +0.4pt). SG&A was ¥294.0B (+7.9%), rising faster than revenue, with SG&A ratio at 18.4% (prior 18.2%, +0.2pt deterioration). Amortization of intangible assets including goodwill amortization ¥3.6B and labor costs were primary drivers, seen as structural costs accompanying service growth. Non-operating income of ¥8.2B (including dividend income ¥2.5B and FX gains ¥1.9B) boosted the ordinary level, yielding Ordinary Income ¥101.0B (+14.4%). Extraordinary items comprised special gains of ¥5.5B from sale of investment securities versus special losses of impairment losses ¥10.6B and loss on disposal of fixed assets ¥0.3B, netting -¥6.9B. Pre-tax profit was ¥94.1B, less corporate taxes ¥32.9B (effective tax rate 34.9%), resulting in Net Income attributable to owners of the parent ¥60.7B (+28.3%). The divergence between Ordinary Income and Net Income was driven mainly by special losses and tax burden; excluding one-off items, recurring profitability growth is intact. In conclusion, the company achieved revenue and profit growth with notable profitability improvement — a strong result.
HealthyLifeService delivered Revenue ¥818.5B (+6.3%), Operating Income ¥85.5B (+19.9%), and Operating Margin 10.4% (prior 9.3%, +1.1pt), with marked margin improvement. Scale expansion and gross margin improvement across hospital-related, nursing care, catering, and linen supply businesses drove results; this core segment accounted for 91.1% of company profits. DispensingService posted Revenue ¥628.8B (+8.3%), Operating Income ¥24.3B (+2.2%), and Operating Margin 3.9% (prior 4.1%, -0.2pt), remaining low-margin. Despite operating pharmacy chain "Tanpopo Pharmacy" and drugstore chain "DrugMick", prescription unit price and drug price revision pressures plus rising labor costs constrained profitability. Revenue grew but margin improvement remains incomplete. EcologyService recorded Revenue ¥154.0B (+3.3%), Operating Income ¥12.3B (+0.2%), and Operating Margin 8.0% (prior 8.5%, -0.5pt), delivering only marginal profit growth as increased labor costs in dust control and cleaning operations had an impact. The "Other" segment was small at ¥1.6B (-5.8%) with Operating Loss of -¥0.2B and limited impact.
【収益性】ROE 6.6% (Net Profit Margin 3.8% × Total Asset Turnover 1.39 × Financial Leverage 1.36x), Operating Margin 5.9% (prior 5.5%, +0.4pt), Ordinary Margin 6.3% (prior 5.9%, +0.4pt), Net Profit Margin 3.8% (prior 3.2%, +0.6pt improvement). HealthyLifeService’s 10.4% margin drove company-level profitability while DispensingService’s 3.9% margin pulled down the company average; profitability polarization across segments continues. 【キャッシュ品質】Operating Cash Flow (OCF) ¥114.4B is 1.88x Net Income ¥60.7B, indicating high cash conversion. Accrual ratio is -4.7% and OCF/EBITDA 0.81x, below 0.9x target but at a level that absorbed increases in trade receivables (-¥15.6B) and corporate tax payments (-¥32.5B). 【投資効率】Total Asset Turnover 1.39x, Capital Expenditure ¥32.9B vs Depreciation ¥47.8B giving CapEx/Depreciation 0.69x, indicating restrained investment. Free Cash Flow ¥72.1B supported dividends ¥21.3B and share buybacks ¥63.2B. 【財務健全性】Equity Ratio 73.6% (prior 75.1%, -1.5pt) remains high. Interest-bearing debt ¥30.4B (short-term borrowings ¥29.8B, long-term borrowings ¥0.6B) versus cash ¥260.0B yields a net cash position. Debt/EBITDA 0.21x and Interest Coverage 354x (EBITDA ¥141.6B / Interest Expense ¥0.4B) reflect very healthy leverage. Current Ratio 229.7% and Quick Ratio 204.3% indicate no liquidity concerns.
OCF ¥114.4B increased +13.3% YoY, aided by non-cash charges such as Depreciation ¥47.8B against Pre-tax Profit ¥94.1B. In working capital, increase in trade receivables -¥15.6B absorbed cash, partially offset by increase in trade payables +¥8.3B and decrease in inventories +¥1.3B. Corporate tax payments -¥32.5B were at normal levels. Investing Cash Flow was -¥42.3B, mainly CapEx -¥32.9B (primarily maintenance and renewal of existing stores and plants), intangible asset acquisitions -¥7.8B, and M&A-related items. Proceeds from sale of marketable securities +¥23.5B aided investing inflows. Financing Cash Flow was -¥78.3B, reflecting shareholder returns: dividend payments -¥21.3B and share buybacks -¥63.2B. Short-term borrowings increased net +¥13.7B while long-term borrowings were repaid -¥2.6B. Ending cash balance ¥260.0B was a slight increase YoY +¥2.0B, with Free Cash Flow ¥72.1B sufficiently covering shareholder returns and maintaining cash buffer.
Core recurring earnings derive from Operating Income ¥93.8B. Non-operating income ¥8.2B is minor at 0.5% of total Revenue, of which dividend income ¥2.5B, interest income ¥0.9B, and FX gains ¥1.9B are natural ancillary returns on holdings. One-off items included Special Gains ¥5.5B (gain on sale of investment securities) and Special Losses ¥12.4B (impairment losses ¥10.6B, loss on disposal of fixed assets ¥0.3B), netting -¥6.9B. Impairment losses were one-time adjustments related to unprofitable pharmacy/store site rationalization, roughly halved from prior year ¥22.5B. The gap between Ordinary Income ¥101.0B and Net Income ¥60.7B is mainly due to corporate taxes ¥32.9B and special losses; recurring profit quality is high. Accrual quality is supported by OCF/Net Income 1.88x and accrual ratio -4.7%, indicating cash backing for earnings. Under JGAAP, goodwill amortization ¥3.6B reduced Operating Income, but goodwill ¥27.8B / EBITDA ¥141.6B = 0.20x is small in scale, limiting future impairment risk.
Full Year guidance: Revenue ¥1,654.0B (actual achievement rate 96.5%), Operating Income ¥89.8B (104.4%), Ordinary Income ¥94.4B (107.0%), Net Income attributable to owners of the parent ¥61.2B (99.2%). Revenue fell short, but gross margin improvement and SG&A control led to outperformance at the operating and ordinary levels. Profitability improvements exceeded expectations, aided by expansion in high-margin businesses. Next fiscal year dividend forecast is ¥40 per share, representing normalization after discontinuation of the special dividend. Going forward, maintaining high profitability in core HealthyLifeService and improving margins in DispensingService are key to achieving the full-year forecast.
Annual dividend ¥68 (¥34 at Q2-end, ¥34 year-end, includes ¥5 per interim and ¥5 per year-end commemorative 70th anniversary dividends each period), a substantial increase from prior-year ¥29. Total dividends ¥21.3B against Net Income ¥60.7B imply a Payout Ratio of 37.1%, within sustainable range. Dividend yield requires market price for calculation, but with BPS ¥2,710.74, dividend ¥68 corresponds to a Return on Equity from dividends of approximately 2.5%. Share buybacks of ¥63.2B were executed, making Total Return (dividends + buybacks) ¥84.5B, representing a Total Return Ratio of 139% relative to Net Income, exceeding current-year Net Income. Cash ¥260.0B and Free Cash Flow ¥72.1B supported aggressive returns this year; next year normalization to dividend ¥40 is expected following the lapse of the special dividend. Under normal conditions, sustainable dividends are expected in the 30–40% payout ratio range.
Investment pace suppression risk: CapEx/Depreciation 0.69x was below 1.0x for two consecutive years, and CapEx ¥32.9B is below Depreciation ¥47.8B. Continued deferral of growth investments could erode competitiveness of stores/equipment, delay DX adoption, and slow medium-term growth. Securing adequate investment levels required for HealthyLifeService site expansion and productivity improvements is a challenge.
Low-margin structure in DispensingService: DispensingService margin 3.9% declined from 4.1% prior year; drug price revisions, prescription unit price pressure, and labor cost increases are pressuring profitability. Despite Revenue ¥628.8B and large scale, Operating Income ¥24.3B contribution is limited. To reach mid-single-digit margins (5%+), store efficiency improvements, pharmacist staffing optimization, and stronger prescription acquisition are essential; failure to improve would constrain company-level ROE expansion.
Short-term debt concentration risk: Short-term borrowings ¥29.8B and short-term debt ratio 98% indicate a shift to shorter maturities (short-term YoY +68.7% from ¥17.7B, long-term -63.3% from ¥1.7B). Cash/short-term debt is 8.73x, so liquidity buffer is ample, but rising interest rates or deterioration in credit conditions could increase refinancing frequency and operational burden. Total interest-bearing debt ¥30.4B is small and risk is limited, but shifting to longer-term fixed debt would further enhance stability.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 5.9% | 8.1% (3.6%–16.0%) | -2.2pt |
| 純利益率 | 3.5% | 5.8% (1.2%–11.6%) | -2.3pt |
Profitability trails the industry median by over 2pts, with DispensingService’s low margin being a drag compared with IT & Communications sector peers.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 6.8% | 10.1% (1.7%–20.2%) | -3.3pt |
Revenue growth rate is slightly below the median but comfortably above the IQR lower bound, indicating steady growth. Compared with high-growth IT & Communications names, performance is modest but maintains a stable upward trend.
※Source: Company compilation
Maintain high profitability and acceleration potential in HealthyLifeService: With 51.3% of revenue and Operating Income ¥85.5B (margin 10.4%), this segment is the primary profit engine and improved margin YoY +1.1pt. Structural demand and scale expansion in hospital/nursing linen, catering, and senior services underpin earnings growth. Resuming CapEx to invest in sites and equipment is key to sustaining growth momentum. If the current restraint on investment (CapEx/Depreciation 0.69x) is lifted, further expansion potential in the core business will re-emerge.
Margin improvement in DispensingService is critical to expanding company ROE: With Revenue ¥628.8B (39.4% composition) but margin 3.9%, earnings contribution is limited at Operating Income ¥24.3B. Addressing labor and drug price pressures via store efficiency, DX-driven productivity, and rationalization of unprofitable stores to reach 5%+ margins could lift company Operating Margin into the 6–7% range. Improving gross margin in this business is a medium-term focus for profit growth.
Ample cash and low leverage enable reacceleration of growth investments: Cash ¥260.0B, Interest-bearing debt ¥30.4B, and Debt/EBITDA 0.21x provide substantial financial capacity. Free Cash Flow ¥72.1B generation allows maintenance of cash buffer after dividends and buybacks. Given the current investment restraint, accelerating CapEx and M&A could restore growth trajectory. A healthy balance sheet supports agile capital allocation to expand core businesses and shore up low-return businesses.
This report is an earnings analysis document automatically generated by AI based on XBRL financial statement data. It does not constitute a recommendation to invest in any particular security. Industry benchmarks are compiled by our firm based on publicly disclosed financial statements for reference. Investment decisions are your own responsibility; please consult a professional advisor as needed.