MEDIKIT CO.,LTD.7749

Results over the years

From the five-year summary in the latest annual report (consolidated where available). Operating profit is shown only for the two years the report tags.

Why the market may be pricing it low

• The founder-linked Nakajima Corporation and related individuals/foundation hold near-majority stakes, and financing relies solely on internal funds, so outside pressure for change is limited.

  ㈱ナカジマコーポレーション 40.7%／一般財団法人中島育英奨学会 4.1%／中島 崇 3.9%Shareholders

• The company funds both working capital and capex with internal cash by principle, showing little appetite for aggressive shareholder returns or growth investment despite a growing cash pile.

  当社グループは、運転資金及び設備投資資金については、原則自己資金により調達することとしております。MD&A

• Its core dialysis-needle business operates under a system where reimbursement prices are revised down roughly every two years, making the industry look structurally low-growth.

  特定保険医療材料の償還価格の改定が基本的に２年に１度実施されており……保険償還価格は全体として低下傾向にありRisk factors

What could close the gap

• Progress toward the FY2029 mid-term targets of ¥29-32bn sales and around 18% operating margin could shift how profitability is perceived.

  2029年３月期に売上高290～320億円、売上高年平均成長率5.5～8.5％、営業利益率18％程度を指標及び目標としております。Management policy

• Activist investor Valex has repeatedly filed large shareholding reports over two years, and any public push on capital policy or governance could change market perception.

  ヴァレックス：2024-01-11〜2026-09-11、報告書4件Shareholders

• A newly insured neurovascular device from an acquired subsidiary began sales in March 2025, and its adoption could become a fresh growth narrative.

  2025年３月の保険収載および販売開始以降、医療現場への早期浸透を目指し……取り組んでおります。MD&A

How a buyer could still lose (value trap)

• Even as sales grew, operating profit fell year-on-year due to rising depreciation from capex, and this profit erosion could continue.

  営業利益4,272,403千円（同4.8％減）……設備投資に伴う減価償却費の増加等の影響によりMD&A

• Sales of the mainstay dialysis product line already declined year-on-year, suggesting one core segment may be facing pricing pressure or demand saturation.

  人工透析類におきましては、7,815,602千円（前年同期比2.1％減）となりました。MD&A

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✗ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✓Current ratio up on last year
• ✓No new shares issued
• ✗Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

¥23.8bn

Operating profit

¥4.3bn

Net profit

¥3.0bn

Operating cash flow

¥4.7bn

Cash

¥21.0bn

Debt

¥0.0bn

Equity

¥46.8bn

Annual report for the year to 2026-03-31