JMDC Inc. (4483) AI Stock Analysis

• Market Cap: ¥273.19B
• Dividend Yield: 0.43%
• Average Volume (3M): 283.60K
• Price to Earnings (P/E): 39.5
• Beta (1Y): 0.76
• Revenue Growth: 20.55%
• EPS Growth: 48.62%
• Country: JP
• Employees: 1,773
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): N/A
• Shares Outstanding: 65,434,210
• 10 Day Avg. Volume: 398,940
• 30 Day Avg. Volume: 283,596
• PEG Ratio: 0.45
• Price to Book (P/B): 2.31
• Price to Sales (P/S): 4.32
• P/FCF Ratio: 14.35
• 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: ¥5,571.67
• Price Target Upside: 18.62% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ¥4,420.00 ▼(-5.90% Downside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is primarily supported by strong profitability and established scale, but is held back by rising leverage and a choppier/weakening cash-flow profile. Technicals are notably negative (below major moving averages with negative MACD), and valuation is only moderate given a ~31 P/E and low dividend yield.

Positive Factors

High Profitability

Sustained high gross and operating margins indicate strong unit economics for JMDC's data and analytics business. Durable margins support reinvestment in data assets, product development and sales while insulating profits from cyclical revenue swings, reinforcing long-term viability.

Recurring, Data-Driven Revenue

A subscription-like model tied to platform access and analytics creates predictable, recurring revenue. Longitudinal claims and checkup data increase switching costs for clients, improving retention and enabling higher-margin, repeatable service revenues over multiple years.

Scale of Revenue and Data

Material revenue scale over several years reflects successful commercialization of data assets. Larger datasets improve analytics quality and appeal to enterprise clients, creating network effects and competitive moats that support sustainable market position and pricing power.

Negative Factors

Rising Leverage

Steady increase in leverage reduces financial flexibility and raises interest exposure. If growth or cash generation weakens, higher debt amplifies downside risk and could force capital allocation trade-offs between servicing debt, investing in data assets, or returning capital.

Volatile Cash Generation

Intermittent negative operating and free cash flow and a TTM operating cash-to-net income ratio of 0.386 signal weaker cash conversion. Persistent volatility can constrain funding for product development, slow client onboarding, and increase reliance on external financing.

Growth Deceleration

A marked slowdown from earlier multi-year expansion to modest FY2025 growth suggests maturation or tougher market dynamics. Slower top-line momentum may pressure operating leverage and investment returns, requiring execution on new products or markets to sustain long-term growth.

JMDC Inc. Business Overview & Revenue Model

Company Description

JMDC Inc. (4483) is a leading company in the healthcare sector, primarily focused on providing data analytics and technology solutions. The company specializes in health data management, offering services that include healthcare big data analysis, consulting, and support for insurance claims processing. JMDC Inc. aims to improve healthcare efficiency and outcomes through its innovative products and services, which cater to both healthcare providers and insurance companies.

How the Company Makes Money

JMDC Inc. generates revenue through several key streams, including subscription fees for its data analytics platform, consulting services, and partnerships with healthcare organizations and insurance companies. The subscription model allows clients to access JMDC's comprehensive health data analytics tools, which help them make informed decisions based on real-time data. Additionally, JMDC earns income by providing tailored consulting services to optimize healthcare operations and improve patient outcomes. Significant partnerships with various healthcare stakeholders further enhance JMDC's revenue potential, as they often lead to collaborative projects and expanded service offerings.

JMDC Inc. Financial Statement Overview

Summary

Profitability is strong (TTM gross margin ~55%, operating margin ~23%, net margin ~17%) with multi-year revenue scale-up, but quality is tempered by rising leverage (debt-to-equity up to ~0.75 TTM) and volatile cash flow (FY2024 negative operating/free cash flow; TTM FCF growth down and weaker cash conversion vs net income).

Income Statement

JMDC shows strong, consistently high profitability with TTM (Trailing-Twelve-Months) gross margin ~55%, operating margin ~23%, and net margin ~17%. Revenue has scaled materially over the last several years (annual revenue rising from ~¥16.8B in 2021 to ~¥41.7B in 2025), but the latest growth profile is mixed: TTM growth is strong (4.385) while FY2025 growth is much more modest (0.29), suggesting some deceleration/normalization versus earlier years.

Balance Sheet

The balance sheet is solid with a meaningful equity base (FY2025 equity ~¥78.0B; TTM ~¥81.9B) and moderate leverage, but leverage has increased over time: debt-to-equity rose from ~0.32 (2023) to ~0.60 (FY2025) and ~0.75 on TTM (Trailing-Twelve-Months). Returns on equity are reasonable (~9–10% in FY2025/TTM) but not exceptional, and the rising debt load introduces higher financial risk if growth or cash generation softens.

Cash Flow

Cash generation is positive overall with TTM (Trailing-Twelve-Months) free cash flow of ~¥8.5B and free cash flow close to net income (~0.89), indicating earnings are largely supported by cash. However, cash flow has been volatile: FY2024 showed negative operating and free cash flow, and TTM free cash flow growth is down (-10.891). In addition, the TTM operating cash flow-to-net income relationship (0.386) is weaker than FY2025 (0.716), pointing to a recent working-capital or cash conversion headwind.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	47.60B	41.72B	32.38B	27.81B	21.81B	16.77B
Gross Profit	26.36B	23.85B	19.25B	15.86B	12.59B	9.62B
EBITDA	13.82B	11.53B	9.23B	7.98B	6.51B	4.88B
Net Income	8.22B	7.28B	4.61B	4.27B	3.25B	2.48B
Balance Sheet
Total Assets	156.18B	143.02B	122.45B	98.57B	62.06B	57.85B
Cash, Cash Equivalents and Short-Term Investments	30.24B	32.18B	14.47B	22.78B	13.19B	19.90B
Total Debt	61.34B	46.89B	37.83B	20.40B	17.80B	19.45B
Total Liabilities	73.76B	64.54B	51.77B	34.04B	30.89B	29.60B
Stockholders Equity	81.91B	78.02B	70.59B	64.54B	31.18B	28.25B
Cash Flow
Free Cash Flow	8.53B	12.57B	-2.27B	2.12B	2.49B	952.00M
Operating Cash Flow	9.54B	14.69B	-17.00M	4.06B	3.81B	3.18B
Investing Cash Flow	-4.45B	-3.47B	-24.86B	-22.77B	-8.10B	-9.08B
Financing Cash Flow	1.27B	6.48B	16.58B	28.30B	-2.41B	18.11B

JMDC Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4697.00
• 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:4483, the sentiment is Positive. The current price of 4697 is above the 20-day moving average (MA) of 3671.50, above the 50-day MA of 3735.00, and above the 200-day MA of 4011.99, indicating a bullish trend. The MACD of 102.56 indicates Negative momentum. The RSI at 67.59 is Neutral, neither overbought nor oversold. The STOCH value of 79.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4483.

JMDC Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9438	71 Outperform	¥37.54B	11.27	―	2.58%	8.10%	42.93%
2413	70 Outperform	¥1.17T	23.50	12.15%	1.01%	33.50%	17.26%
4483	63 Neutral	¥273.19B	39.51	―	0.43%	20.55%	48.62%
3902	63 Neutral	¥65.48B	226.81	―	0.39%	6.17%	-8918.66%
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%

JMDC Inc. Corporate Events

JMDC Posts Double-Digit Profit Growth and Confirms Full-Year Outlook for FY2025

JMDC reported strong consolidated results for the nine months ended December 31, 2025, with revenue from continuing operations rising 23.2% year on year to ¥36.5 billion and operating profit climbing 37.1% to ¥7.8 billion, while profit attributable to owners of the parent increased 24.6% to ¥4.8 billion. EBITDA expanded to ¥9.7 billion, reflecting improved profitability after the divestiture of the dispensing pharmacy support business, and the balance sheet strengthened with total assets of ¥156.2 billion and equity attributable to owners at ¥81.9 billion, though the equity ratio dipped slightly to 52.4%. The company maintained a zero interim dividend for the current fiscal year and left its full-year forecast unchanged, projecting ¥50.5 billion in revenue and ¥7.4 billion in profit attributable to owners, implying continued double-digit top-line and earnings growth, which underscores management’s confidence in sustained expansion of its core healthcare data business despite only modest growth expected at the bottom line for the full year.

The most recent analyst rating on (JP:4483) stock is a Hold with a Yen3449.00 price target. To see the full list of analyst forecasts on JMDC Inc. stock, see the JP:4483 Stock Forecast page.