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

• Market Cap: ¥41.83B
• Dividend Yield: 3.97%
• Average Volume (3M): 11.73K
• Price to Earnings (P/E): 19.2
• Beta (1Y): 0.69
• Revenue Growth: 6.63%
• EPS Growth: 11.04%
• Country: JP
• Employees: 629
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Distribution
• EPS (TTM): N/A
• 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)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

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

Overall fundamentals are solid: steady profitability (gross margin ~12%, net margin ~2.4%–2.9%) and a very conservative, debt-free balance sheet with rising equity and consistent ROE (high-single-digits to ~9%). The key constraints are slightly negative revenue growth in 2025 and historically volatile free cash flow despite improvement in the last two years.

Income Statement

Profitability is steady for a distributor, with gross margin holding around 12% and EBIT margin generally in the mid-3% to ~4% range. Net margin is consistently positive (~2.4%–2.9%), supporting stable earnings. Growth is the main blemish: revenue expanded in 2022–2024 but turned slightly negative in 2025 (annual report), and margins have softened from the stronger 2020–2023 levels.

Balance Sheet

The balance sheet is conservatively positioned with zero reported debt across all periods, which materially lowers financial risk and interest-rate sensitivity. Equity is rising over time, and returns on equity are solid and consistent (roughly high-single-digits to ~9%), indicating the company is generating reasonable profit on its capital base. The main limitation is that asset growth has been uneven (assets dipped in 2024–2025 versus 2023), suggesting working-capital or investment swings that warrant monitoring.

Cash Flow

Cash generation is positive in the most recent two years, with free cash flow covering a large portion of net income (roughly ~77% in 2025 and ~83% in 2024). However, cash flow has been volatile: 2022 and 2023 showed negative free cash flow, including a meaningfully weak year in 2023. This pattern suggests working-capital and/or reinvestment needs can swing results, reducing predictability despite the recent rebound.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2021
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 below the 20-day moving average (MA) of 1409.25, below the 50-day MA of 1367.60, and below the 200-day MA of 1328.47, indicating a bullish trend. The MACD of 30.18 indicates Negative momentum. The RSI at 64.96 is Neutral, neither overbought nor oversold. The STOCH value of 72.71 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
2374	75 Outperform	¥30.25B	17.63	―	2.48%	3.88%	0.31%
3183	74 Outperform	¥41.83B	19.20	―	3.97%	6.63%	11.04%
7071	62 Neutral	¥46.99B	13.73	―	0.91%	15.77%	-50.57%
7600	58 Neutral	¥14.91B	-14.57	―	3.12%	3.59%	-163.08%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4480	51 Neutral	¥64.10B	61.41	8.79%	―	31.95%	-40.95%
7061	45 Neutral	¥7.52B	26.97	―	1.41%	18.03%	-11.68%

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.