WIN-Partners Co., Ltd. (3183) AI Stock Analysis

• Market Cap: ¥38.38B
• Dividend Yield: 3.97%
• Average Volume (3M): 11.73K
• Price to Earnings (P/E): 17.4
• Beta (1Y): 0.64
• Revenue Growth: 6.63%
• EPS Growth: 11.04%
• Country: JP
• Employees: 629
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Distribution
• EPS (TTM): 19.13
• Shares Outstanding: 30,503,310
• 10 Day Avg. Volume: 13,600
• 30 Day Avg. Volume: 11,726
• PEG Ratio: 2.00
• Price to Book (P/B): 1.58
• Price to Sales (P/S): 0.47
• P/FCF Ratio: 23.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ¥1,512.00 ▲(14.03% Upside)

The score is driven primarily by strong financial stability (notably a debt-free balance sheet and steady profitability). Technicals add support with a positive trend and momentum, though some near-term froth is indicated by a high stochastic reading. Valuation is balanced, with a reasonable P/E and a strong dividend yield.

Positive Factors

Debt-Free Balance Sheet

A debt-free balance sheet reduces financial risk and interest-rate sensitivity, enhancing the company's long-term financial stability and flexibility.

Recent Acquisition

The acquisition strengthens geographic coverage and scale, supporting long-term growth and competitiveness in the medical equipment market.

Profitability and Margins

Consistent profitability and stable margins indicate effective cost management and a resilient business model, supporting sustainable earnings.

Negative Factors

Negative Revenue Growth

Negative revenue growth in 2025 suggests challenges in maintaining sales momentum, which could impact future profitability and market position.

Volatile Cash Flow

Volatile cash flow indicates potential unpredictability in financial performance, which can affect the company's ability to fund operations and growth.

Uneven Asset Growth

Uneven asset growth suggests potential issues with working capital management or investment strategies, which may affect long-term operational efficiency.

WIN-Partners Co., Ltd. Business Overview & Revenue Model

Company Description

WIN-Partners Co., Ltd., through its subsidiaries, distributes medical devices to medical institutions primarily in Japan. The company offers percutaneous transluminal coronary angioplasty balloon catheters, drug-eluting stents, and intravascular ultrasound catheters; pacemakers, implantable cardioverter defibrillators, cardiac resynchronization therapy defibrillators, and ablation catheters; and stent grafts, transcatheter heart valves, and mechanical heart valves. It also provides peripheral vascular stents, carotid artery stents, and embolic coils; and insulin pumps, as well as continuous glucose monitoring and magnetic resonance imaging equipment. The company was founded in 1973 and is headquartered in Tokyo, Japan.

How the Company Makes Money

WIN-Partners Co., Ltd. generates revenue primarily through the sale of medical equipment and devices to healthcare institutions such as hospitals and clinics. The company earns money by acting as a distributor, sourcing products from various manufacturers and supplying them to healthcare providers. Key revenue streams include the sale of diagnostic imaging equipment, surgical tools, and other medical devices. Strategic partnerships with leading medical equipment manufacturers and maintaining a robust distribution network are significant factors contributing to its earnings. Additionally, the company may offer after-sales services, maintenance, and support, which can also be a source of revenue.

WIN-Partners Co., Ltd. Financial Statement Overview

Summary

WIN-Partners Co., Ltd. demonstrates strong financial performance with consistent revenue growth and profitability, a robust balance sheet free of debt, and substantial equity. However, the cash flow statement requires attention due to the lack of recent data, which poses a potential risk.

Income Statement

WIN-Partners Co., Ltd. reports a strong income statement with consistent revenue growth, evidenced by a TTM revenue increase of 3.73% from the previous annual period. The company maintains healthy profit margins, with a TTM gross profit margin of 12.09% and a net profit margin of 2.38%. Additionally, the EBIT margin stands at 3.42% and the EBITDA margin is 2.14%. These figures indicate robust operational efficiency and profitability, though there is a slight decline in EBITDA margin compared to previous periods.

Balance Sheet

The balance sheet of WIN-Partners Co., Ltd. is notably strong, with zero total debt, resulting in an exceptional debt-to-equity ratio. The return on equity (ROE) is 8.03% for the TTM, reflecting effective use of equity to generate profits. The equity ratio is substantial at 50.86%, indicating a solid capital structure with significant equity backing. The company's high cash reserves further enhance its financial stability and risk profile.

Cash Flow

The cash flow statement reveals some areas of concern for WIN-Partners Co., Ltd. The operating cash flow in the TTM is reported as zero, which could be due to reporting timing or operational issues. Historically, the company has shown positive cash flow generation, with a notable free cash flow growth rate from negative to positive in the prior year. However, the absence of recent operating and investing cash flow data limits a comprehensive analysis.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	83.89B	81.41B	77.06B	70.85B	66.39B	62.12B
Gross Profit	10.10B	9.89B	9.53B	8.66B	8.52B	7.74B
EBITDA	3.17B	3.10B	2.92B	3.11B	2.82B	2.45B
Net Income	2.10B	2.02B	1.84B	2.05B	1.83B	1.54B
Balance Sheet
Total Assets	46.98B	46.62B	47.73B	43.88B	41.56B	40.19B
Cash, Cash Equivalents and Short-Term Investments	16.83B	16.21B	18.16B	16.77B	15.57B	17.12B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	24.96B	22.55B	24.34B	21.10B	19.84B	19.05B
Stockholders Equity	22.02B	24.07B	23.39B	22.78B	21.72B	21.14B
Cash Flow
Free Cash Flow	0.00	1.59B	2.54B	-525.17M	-136.90M	673.91M
Operating Cash Flow	0.00	2.06B	3.04B	445.15M	2.62B	1.85B
Investing Cash Flow	0.00	-2.17B	-219.47M	1.92B	-2.89B	-1.28B
Financing Cash Flow	0.00	-1.83B	-1.45B	-1.16B	-1.28B	-947.37M

WIN-Partners Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1326.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3183, the sentiment is Positive. The current price of 1326 is above the 20-day moving average (MA) of 1320.75, above the 50-day MA of 1297.92, and above the 200-day MA of 1314.50, indicating a bullish trend. The MACD of 10.03 indicates Negative momentum. The RSI at 58.19 is Neutral, neither overbought nor oversold. The STOCH value of 35.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3183.

WIN-Partners Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3183	74 Outperform	¥38.38B	17.38	―	3.97%	6.63%	11.04%
3417	73 Outperform	¥19.57B	6.84	―	1.83%	4.30%	52.38%
2689	71 Outperform	¥12.56B	8.56	―	3.90%	3.64%	-4.70%
9265	70 Outperform	¥8.42B	15.32	―	1.87%	2.65%	8.83%
4350	70 Outperform	¥15.33B	9.85	―	2.32%	6.60%	27.97%
3151	67 Neutral	¥65.02B	7.08	―	4.22%	2.23%	72.07%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

WIN-Partners Co., Ltd. Corporate Events

WIN-Partners Expands Hokkaido Footprint With Acquisition of Plusten Medical

WIN-Partners has announced that its consolidated subsidiary WIN International will acquire all shares of Plusten Medical Co., Ltd., a medical equipment sales and service company based in Hakodate, Hokkaido. The all-cash acquisition, effective January 1, 2026, gives WIN International 100% ownership of Plusten Medical, which has posted stable sales of around ¥3.8–4.0 billion and consistent profitability over the past three years. By integrating Plusten Medical’s established customer base and operations, WIN-Partners aims to strengthen its geographic coverage and scale in the Hokkaido medical equipment market, reinforcing its M&A-led growth strategy and potentially enhancing its regional competitiveness and service network for healthcare providers.

WIN-Partners Reports Strong Financial Growth for First Half of 2025

WIN-Partners Co., Ltd. reported a notable increase in its financial performance for the six months ending September 30, 2025, with net sales rising by 12.3% and profit attributable to owners increasing by 19.7% compared to the previous year. The company maintains a stable financial outlook with a slight increase in forecasted net sales and profits for the fiscal year ending March 31, 2026, indicating steady growth and stability in its operations.