Earnings quality
Compare earnings and operating cash flow for earnings quality.
M3, Inc.
Ticker 2413 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-25 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 64.0%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio64.0%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
エムスリー株式会社 is a Japanese listed company. Its reportable segments include Site Solution, Patient Solution, Overseas, Career Solution.
- Site Solution
- Patient Solution
- Overseas
- Career Solution
- Evidence Solution
- Medical Platform
Segments Site Solution · Patient Solution · Overseas · Career Solution · Evidence Solution · Medical Platform
Compare trends
No phone/email found in this filing · Filing date 2026-06-25
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥154.4B | ¥175.8B |
| Operating profit (loss) | ¥63.0B | ¥73.5B |
| Finance income | ¥2.5B | ¥3.7B |
| Finance costs | ¥717.0M | ¥1.0B |
| Income tax expense | ¥20.4B | ¥22.2B |
| Profit (loss) | ¥44.3B | ¥54.0B |
| Profit (loss) attributable to owners | ¥40.5B | ¥49.1B |
| Basic EPS (¥) | 59.62 | 72.53 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥134.9B | ¥156.2B |
| Current assets | ¥243.4B | ¥273.0B |
| Non-current assets | ¥338.3B | ¥364.4B |
| Total assets | ¥581.7B | ¥637.4B |
| Short-term borrowings | ¥3.1B | ¥4.2B |
| Current liabilities | ¥82.1B | ¥100.0B |
| Non-current liabilities* | ¥86.8B | ¥90.7B |
| Total liabilities | ¥168.9B | ¥190.7B |
| Equity attributable to owners | ¥378.4B | ¥408.2B |
| Total equity | ¥412.8B | ¥446.6B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥51.7B | ¥70.3B |
| Cash flows from investing activities | -¥39.1B | -¥15.9B |
| Cash flows from financing activities | -¥27.2B | -¥35.5B |
| Net increase (decrease) in cash | -¥14.7B | ¥21.2B |
| Cash at end of period | ¥134.9B | ¥156.2B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥208.2B | ¥230.8B | ¥238.9B | ¥284.9B | ¥351.4B | |
| Operating profit | — | — | — | ¥63.0B | ¥73.5B | |
| Profit to owners | ¥63.8B | ¥49.0B | ¥45.3B | ¥40.5B | ¥49.1B | |
| Total assets | ¥346.0B | ¥400.6B | ¥490.8B | ¥581.7B | ¥637.4B | |
| Cash & equivalents | ¥104.3B | ¥118.3B | ¥149.7B | ¥134.9B | ¥156.2B | |
| Owners’ equity | ¥257.8B | ¥302.6B | ¥351.9B | ¥378.4B | ¥408.2B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥154.4B to ¥175.8B, while operating profit swung from ¥63.0B to ¥73.5B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥70.3B (prior ¥51.7B), and cash on the balance sheet rose to ¥156.2B from ¥134.9B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥190.7B while owners’ equity fell to ¥408.2B. ROE moved from 11.1% to 12.5%, and the equity ratio from 65.1% to 64.0%. Employee count is 17,010 vs 15,360 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 65.1% to 64.0%; the balance sheet absorbed a heavy loss year.
Was this page helpful?
Source: EDINET S100YJ25
(エムスリー株式会社), period end 2026-03-31.