Hogy Medical Co (3593) AI Stock Analysis

• Market Cap: $144.02B
• Dividend Yield: 1.31%
• Average Volume (3M): 173.80K
• Price to Earnings (P/E): 257.6
• Beta (1Y): 0.43
• Revenue Growth: -2.06%
• EPS Growth: -79.17%
• Country: JP
• Employees: 1,408
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 8.12
• Shares Outstanding: 22,535,463
• 10 Day Avg. Volume: 159,390
• 30 Day Avg. Volume: 173,800
• PEG Ratio: -1.72
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 2.74
• P/FCF Ratio: 16.45
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 2.82
• Enterprise Value/Gross Profit: 8.66
• Enterprise Value/Ebitda: 12.83
• 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: 59 Neutral
• Price Target: ¥5,957.00 ▼(-10.96% Downside)

Hogy Medical Co's stock score is primarily influenced by its stable financial position and reasonable profitability margins, despite concerns over declining revenue and free cash flow growth. The technical analysis suggests a cautiously optimistic outlook, but the high P/E ratio raises valuation concerns. The absence of recent earnings call insights or notable corporate events limits additional context.

Positive Factors

Strong Equity Position

A strong equity position with low leverage enhances financial stability and reduces insolvency risk, providing a solid foundation for long-term growth.

Profitability Margins

Stable profitability margins indicate efficient cost management and pricing power, which are crucial for sustaining long-term financial health.

Sufficient Operating Cash Flow

Generating sufficient cash from operations ensures the company can meet its financial obligations and reinvest in growth opportunities.

Negative Factors

Declining Revenue Growth

A decline in revenue growth can impact the company's ability to expand and compete, potentially affecting its market position and long-term prospects.

Decline in Free Cash Flow

Reduced free cash flow limits the company's ability to invest in new projects, pay down debt, or return capital to shareholders, impacting future growth.

Low Return on Equity

A low ROE indicates inefficient use of equity capital, which can hinder the company's ability to generate shareholder value and attract investment.

Hogy Medical Co Business Overview & Revenue Model

Company Description

Hogy Medical Co.,Ltd., together with its subsidiaries, manufactures and sells medical supplies to healthcare facilities in Japan. It offers kit products for surgery applications; all-in-one kits for pre/mid/post-surgery; non-woven products, including gowns, personal protective equipment and wearables, drapes, packaged products, instrument table covers, and wraps; and Tigalyer, a multi-layer fabric. The company also provides sterilization products, such as hybrid Mekkin bags, hybrid Mekkin bags ID layered type, and autoclave forceps stand caps; Mekkin cards, which are detection cards used to judge the sterilization process when sterilizing in an autoclave; ethylene oxide gas cards that are detection cards used to judge the sterilization process when sterilizing using ethylene oxide gas; and indicator tapes for autoclave sterilization. In addition, it offers ME equipment operation management system; narcotics/poisons box, an automatic drug reading management system using radio frequency identification; and Securea, a polyurethane sponge for endoscopic surgery. The company was formerly known as Hogy Co., Ltd. and changed its name to Hogy Medical Co.,Ltd. in 1987. Hogy Medical Co.,Ltd. was founded in 1955 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Hogy Medical Co. generates revenue primarily through the sale of its medical devices and diagnostic products, which are distributed to healthcare institutions and practitioners. The company employs a multi-faceted revenue model that includes direct sales, partnerships with distributors, and long-term contracts with healthcare organizations. Key revenue streams include sales from surgical instruments, imaging technologies, and monitoring equipment. Additionally, Hogy Medical Co. may benefit from service agreements and maintenance contracts associated with its products. Strategic partnerships with healthcare providers and technology firms further enhance its market reach and drive sales growth, contributing significantly to its overall earnings.

Hogy Medical Co Financial Statement Overview

Summary

Hogy Medical Co exhibits a stable financial position with strong operational efficiency and a solid balance sheet. However, declining revenue growth and profitability metrics, along with reduced free cash flow, present challenges. The company needs to address these issues to sustain long-term growth and profitability.

Income Statement

Hogy Medical Co's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) gross profit margin is healthy at 32.19%, but the net profit margin has declined to 3.21%, indicating pressure on profitability. Revenue growth has turned negative at -0.89% TTM, reflecting challenges in maintaining sales momentum. EBIT and EBITDA margins are stable, suggesting operational efficiency, but the declining revenue growth is a concern.

Balance Sheet

The balance sheet of Hogy Medical Co is relatively strong with a low debt-to-equity ratio of 0.18 TTM, indicating prudent financial leverage. The return on equity has decreased to 1.67% TTM, reflecting reduced profitability. The equity ratio remains robust, suggesting a solid capital structure, but the declining ROE points to potential profitability challenges.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth by -25.12% TTM, indicating potential cash generation issues. The operating cash flow to net income ratio is strong at 0.96 TTM, showing good cash conversion. However, the free cash flow to net income ratio has decreased, highlighting challenges in sustaining free cash flow levels.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	38.38B	39.14B	39.10B	38.98B	36.78B	36.50B
Gross Profit	12.49B	12.62B	12.49B	15.74B	15.42B	15.33B
EBITDA	8.43B	8.75B	10.71B	9.84B	10.25B	10.18B
Net Income	560.00M	1.52B	2.80B	4.32B	4.37B	4.96B
Balance Sheet
Total Assets	94.92B	97.89B	100.04B	102.18B	98.97B	105.64B
Cash, Cash Equivalents and Short-Term Investments	20.28B	22.00B	19.42B	18.86B	14.36B	20.55B
Total Debt	12.67B	13.67B	5.82B	8.89B	10.00B	330.00M
Total Liabilities	21.62B	23.56B	13.92B	18.50B	18.97B	9.69B
Stockholders Equity	73.30B	74.32B	86.11B	83.61B	79.96B	95.88B
Cash Flow
Free Cash Flow	1.41B	6.53B	4.32B	7.78B	5.30B	-686.00M
Operating Cash Flow	6.89B	11.76B	7.12B	9.18B	8.50B	6.85B
Investing Cash Flow	-4.58B	-3.92B	-3.26B	-1.95B	-3.81B	-6.95B
Financing Cash Flow	-3.81B	-5.46B	-3.89B	-3.14B	-11.05B	-2.50B

Hogy Medical Co Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6690.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3593, the sentiment is Positive. The current price of 6690 is above the 20-day moving average (MA) of 6575.00, above the 50-day MA of 5982.40, and above the 200-day MA of 4892.67, indicating a bullish trend. The MACD of 212.83 indicates Positive momentum. The RSI at 73.85 is Negative, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3593.

Hogy Medical Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7817	76 Outperform	¥189.24B	21.64	6.47%	3.16%	1.96%	22.78%
7730	68 Neutral	¥147.58B	31.29	―	2.73%	5.10%	-26.13%
3154	67 Neutral	¥18.26B	12.76	―	2.46%	8.52%	25.85%
7716	66 Neutral	¥172.86B	25.13	5.66%	2.66%	5.43%	-20.67%
3593	59 Neutral	$144.02B	257.57	0.78%	1.31%	-2.06%	-79.17%
7702	54 Neutral	¥10.85B	69.28	―	3.85%	0.38%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Hogy Medical Co Corporate Events

Hogy Medical Updates Support Statement as Tender Offer Gathers Additional Backing

Hogy Medical has amended its previously announced statement supporting a tender offer for its shares by TCG2509 Co., Ltd., to reflect that the bidder has now also entered into a tender offer agreement with Grantham, Mayo, Van Otterloo & Co. LLC. This additional agreement requires that all Hogy Medical shares held by that investor be tendered, further bolstering the certainty and feasibility of the transaction and the bidder’s plan to make Hogy Medical a wholly owned subsidiary via the tender offer and subsequent squeeze-out procedures, which could materially change the company’s ownership structure and governance for existing shareholders and other stakeholders.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

TCG2509 Amends Tender Offer Documents for Hogy Medical After New Agreement and Clerical Corrections

TCG2509 Co., Ltd., which launched a tender offer on December 18, 2025 for the common shares of Hogy Medical Co., Ltd., has submitted an amendment to its tender offer registration statement and related public notice after entering into a tender agreement with Grantham, Mayo, Van Otterloo & Co. LLC on December 25, 2025 and identifying clerical errors in the original documents. While the disclosure formally revises previously announced tender offer documentation in line with Japan’s Financial Instruments and Exchange Act, TCG2509 states that the amendment does not alter the core terms and conditions of the tender offer itself, suggesting that the transaction’s fundamental structure and timeline for Hogy Medical shareholders remain unchanged.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Endorses Carlyle Group Affiliate’s Tender Offer for Privatization

Hogy Medical’s Board of Directors has approved the tender offer from TCG2509 Co., Ltd., an affiliate of Carlyle Group, which aims to acquire all shares and take the company private by delisting its stock. This strategic move could position the company for a streamlined operational structure under Carlyle’s management, potentially impacting shareholders and fostering new opportunities for growth within the private sector.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Expresses Support for Privatization via Tender Offer

Hogy Medical Co., Ltd. has announced its Board of Directors’ approval in support of a tender offer for its shares by TCG2509 Co., Ltd., aiming to take the company private. This move is expected to delist the company’s shares, enabling strategic restructuring under the Carlyle Group, which manages significant global investments and provides expertise in buyout investments and privatization.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Revises Dividend Policy and Ends Shareholder Benefits Amid Tender Offer Developments

Hogy Medical Co., Ltd. has announced its decision to forgo dividend payments for the current fiscal year and abolish its shareholder benefit program starting from 2027, pending the successful completion of a tender offer for its shares by TCG 2509 Co., Ltd. This strategic move aligns with plans for potential delisting, ensuring fairness among shareholders, and consolidating its positioning as part of the transaction’s framework.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

TCG2509 Initiates Tender Offer for Hogy Medical Co., Ltd. Stock

TCG2509 Co., Ltd. has announced the launch of a tender offer to acquire the common stock of Hogy Medical Co., Ltd. at a price of 6,700 yen per share, with the purchase period set between December 18, 2025, and February 5, 2026. This move could significantly impact Hogy Medical’s shareholding structure and market operations, potentially affecting stakeholders and positioning the company within its industry.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Announces Strategic Leadership Changes

Hogy Medical Co., Ltd. has announced key personnel changes effective January 1, 2026, aimed at enhancing organizational development and strategic leadership. These appointments reflect the company’s focus on bolstering its business administration and corporate strategy divisions to support its long-term growth and industry leadership.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Considers Privatization Amid Carlyle Discussions

Hogy Medical Co., Ltd. is in discussions with The Carlyle Group regarding potential privatization to enhance its corporate value. While no official decision has been made, the company is considering a tender offer price of JPY 6,700 per share, and will announce any significant developments in a timely manner.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5957.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Co. Clarifies Stance on Privatization Reports

Hogy Medical Co., Ltd. addressed recent media reports about its potential privatization, clarifying that while it is exploring various strategic options to enhance corporate value, no decision has been made regarding privatization. This announcement highlights the company’s ongoing efforts to evaluate strategies for improving its market position, though it remains non-committal at this stage.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen6235.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Reports Decline in Financial Performance for H1 2025

Hogy Medical Co., Ltd. reported a decline in its financial performance for the six months ended September 30, 2025, with net sales decreasing by 3.9% and significant drops in operating and ordinary profits. The company’s profit attributable to owners of the parent fell by 51.4% compared to the previous year. Despite the downturn, the company plans to increase its annual dividend per share, indicating confidence in its long-term financial health. The forecast for the fiscal year ending March 31, 2026, shows a slight increase in net sales but continued pressure on profits, reflecting ongoing challenges in the market.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5652.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.

Hogy Medical Revises Earnings Forecasts Amid Business Challenges

Hogy Medical Co., Ltd. has announced a downward revision of its earnings forecasts for both the interim and full fiscal year ending March 31, 2026, due to recent business performance developments. The revised forecasts indicate significant reductions in net sales, operating profit, ordinary profit, and profit attributable to owners of the parent, reflecting challenges that may impact the company’s financial health and market position.

The most recent analyst rating on (JP:3593) stock is a Hold with a Yen5652.00 price target. To see the full list of analyst forecasts on Hogy Medical Co stock, see the JP:3593 Stock Forecast page.