Medical Data Vision Co.Ltd. (3902) AI Stock Analysis

• Market Cap: ¥65.48B
• Dividend Yield: 0.39%
• Average Volume (3M): 221.94K
• Price to Earnings (P/E): 226.8
• Beta (1Y): 0.12
• Revenue Growth: 6.17%
• EPS Growth: -8918.66%
• Country: JP
• Employees: 315
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 5.94
• Shares Outstanding: 40,027,527
• 10 Day Avg. Volume: 317,960
• 30 Day Avg. Volume: 221,940
• PEG Ratio: -1.68
• Price to Book (P/B): 20.73
• Price to Sales (P/S): 9.77
• P/FCF Ratio: 88.77
• 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): 19.4
• Revenue Forecast (FY): ¥8.10B

• Rating: 63 Neutral
• Price Target: ¥1,789.00 ▲(5.98% Upside)
• Action: Reiterated Date: 02/11/26
• Date: Action: Reiterated 02/11/26

The score is supported primarily by a strong, low-risk balance sheet and a recovering (but still volatile) financial profile. This is tempered by a stretched technical condition (RSI > 80) and especially by a very high P/E multiple, which increases downside sensitivity if earnings improvement does not continue.

Positive Factors

No debt; conservatively positioned balance sheet

Zero reported debt materially reduces financial risk and gives the company flexibility to fund product development, M&A or weather downturns without refinancing pressure. This durable capital structure supports multi‑year strategy execution and resilience to earnings volatility.

Recurring data‑platform and services business model

A subscription/usage and services mix tied to healthcare data platforms creates recurring, sticky revenue from pharma and life‑science customers. Structural secular demand for healthcare data and analytics supports predictable revenue streams and longer customer lifecycles.

Very high gross margins

Sustained gross margins near software‑like levels indicate scalable unit economics: incremental revenue largely flows to the bottom line once fixed platform costs are covered. This provides a durable opportunity to expand operating profitability as top line stabilizes.

Negative Factors

Operating profitability collapsed in 2024

A sharp collapse in operating profitability followed by only partial recovery signals structural sensitivity of margins to cost allocation, project timing or pricing pressure. Persistent thin operating margins reduce ability to self‑fund growth and amplify earnings risk.

Inconsistent cash generation across years

Large swings in operating and free cash flow indicate exposure to working‑capital swings or one‑off items, complicating capital planning. Even with recent rebound, inconsistent cash conversion reduces predictability for investments, dividends or buybacks over the next several quarters.

Choppy revenue growth trajectory

Erratic revenue momentum undermines visibility for scaling the business and achieving operating leverage. Reliance on project timing, client concentration or uneven platform adoption can delay margin recovery and makes multi‑quarter forecasting less reliable.

Medical Data Vision Co.Ltd. Business Overview & Revenue Model

Company Description

Medical Data Vision Co., Ltd. develops, produces, maintains, and sells medical information integration systems in Japan. The company also offers medical data analysis, survey, and consulting services; management consulting services for medical institutions; and medical data services, as well as plans, designs, develops, and operates portal sites. It provides its services to pharmaceutical companies, medical device manufacturer, academia, research institution, and health insurance providers. The company was founded in 2003 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Medical Data Vision Co., Ltd. makes money primarily through the sale and subscription of its healthcare IT solutions. The company's key revenue streams include licensing fees for its software products, subscription fees for its cloud-based services, and consulting fees for implementation and support services. Additionally, the company may generate income from partnerships with other healthcare technology firms and institutions, as well as from providing data analytics services to healthcare providers looking to optimize their operations and improve patient outcomes.

Medical Data Vision Co.Ltd. Financial Statement Overview

Summary

Strong balance sheet strength (no debt; Balance Sheet Score 86) supports resilience, but profitability and cash generation have been volatile (Income Statement Score 62; Cash Flow Score 65). 2025 shows a recovery from 2024, yet margins remain well below 2020–2023 levels.

Income Statement

Revenue growth has been choppy (down in 2024, back to mid-single-digit growth in 2025), and profitability has been volatile. While gross profit remains very strong (roughly ~70–85% over the period), operating profitability collapsed in 2024 and remains low in 2025 (very thin operating and EBITDA margins versus 2020–2023). Net income swung from a large loss in 2024 to a modest profit in 2025, indicating recovery but still well below prior peak profitability.

Balance Sheet

The balance sheet is conservatively positioned with no debt reported across all periods, which materially reduces financial risk and improves flexibility. Equity remains sizable relative to assets, and returns on equity were strong in 2020–2023, turned sharply negative in 2024 on losses, and recovered to a positive level in 2025. Key watch-out is the earnings volatility, which can pressure equity returns even with low leverage.

Cash Flow

Cash generation has been inconsistent: operating and free cash flow were strong in 2020–2023, turned negative in 2024, and rebounded in 2025. In 2025, free cash flow is high relative to net income (suggesting solid cash conversion), but the 2024 cash outflow highlights potential working-capital swings or one-off impacts. Overall, cash flow quality looks good in “normal” years, but stability is a concern given the sharp 2024 reversal.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.16B	6.54B	5.91B	6.42B	6.10B	5.67B
Gross Profit	4.40B	4.55B	4.33B	5.03B	5.03B	4.64B
EBITDA	88.91M	174.77M	130.00M	1.87B	1.91B	1.73B
Net Income	-715.18M	280.24M	-791.17M	979.13M	870.51M	1.09B
Balance Sheet
Total Assets	4.63B	4.78B	4.75B	6.23B	4.90B	5.53B
Cash, Cash Equivalents and Short-Term Investments	1.83B	1.71B	1.35B	3.22B	2.26B	3.22B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.80B	1.67B	1.59B	1.91B	1.29B	1.33B
Stockholders Equity	2.80B	3.08B	3.10B	4.25B	3.52B	4.16B
Cash Flow
Free Cash Flow	0.00	719.83M	-1.03B	1.59B	857.55M	1.06B
Operating Cash Flow	0.00	782.21M	-877.85M	1.62B	910.79M	1.08B
Investing Cash Flow	0.00	-96.93M	-592.97M	-437.83M	-868.75M	-26.93M
Financing Cash Flow	0.00	-319.33M	-399.00M	-225.26M	-979.36M	-1.03B

Medical Data Vision Co.Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1688.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3902, the sentiment is Neutral. The current price of 1688 is above the 20-day moving average (MA) of 1681.90, above the 50-day MA of 1685.82, and above the 200-day MA of 785.10, indicating a neutral trend. The MACD of 22.52 indicates Positive momentum. The RSI at 69.82 is Neutral, neither overbought nor oversold. The STOCH value of 14.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:3902.

Medical Data Vision Co.Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2413	70 Outperform	¥1.17T	23.50	12.15%	1.01%	33.50%	17.26%
3902	63 Neutral	¥65.48B	226.81	―	0.39%	6.17%	-8918.66%
4483	63 Neutral	¥273.19B	39.51	―	0.43%	20.55%	48.62%
9218	52 Neutral	¥7.92B	30.86	―	―	41.16%	2750.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4480	51 Neutral	¥64.95B	64.70	8.79%	―	31.95%	-40.95%
4438	45 Neutral	¥3.02B	-5.60	―	―	16.19%	-4.42%

Medical Data Vision Co.Ltd. Corporate Events

Medical Data Vision Reports Strong Financial Turnaround for 2025

Medical Data Vision Co., Ltd. reported a significant turnaround in its financial performance for the nine months ending September 30, 2025, with net sales increasing by 12.7% year-on-year to 4,650 million yen. The company achieved a net income of 55 million yen, a notable improvement from the previous year’s loss. This positive financial performance reflects the company’s strengthened market position and operational efficiency, potentially impacting stakeholders positively by enhancing shareholder value and market confidence.