JMDC Inc. (4483) AI Stock Analysis

• Market Cap: ¥199.59B
• Dividend Yield: 0.43%
• Average Volume (3M): 283.60K
• Price to Earnings (P/E): 26.8
• Beta (1Y): 0.78
• 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: 65,438,805
• 10 Day Avg. Volume: 398,940
• 30 Day Avg. Volume: 283,596
• PEG Ratio: 0.40
• 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: ¥4,047.00 ▼(-13.84% 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 margins across gross, operating and net metrics indicate a scalable, high-quality business. Strong profitability supports reinvestment in product development, covers fixed costs, and provides a durable buffer versus competitive pressure, strengthening long-term return potential.

Recurring data-platform revenue

A revenue base built on recurring platform fees, analytics services and data contracts means predictable, sticky cash flows and high client retention potential. Long-term contracts and longitudinal datasets create switching costs, supporting steady revenue visibility and sustained investment capacity.

Established scale & dataset growth

Material top-line growth to ¥41.7B reflects meaningful scale, increasing the value of JMDC's covered lives and longitudinal records. Scale enhances competitive moats, improves data utility for customers, and enables fixed-cost leverage that supports durable margin maintenance over time.

Negative Factors

Rising leverage

Leverage has materially increased, reducing financial flexibility. Higher debt raises interest and refinancing risk, constrains strategic optionality for M&A or innovation spend, and amplifies downside vulnerability if revenue growth or cash generation weakens in coming quarters.

Volatile cash generation

Cash flow has been uneven, with FY2024 showing negative operating and free cash flow and TTM FCF growth down. Weaker operating cash-to-income conversion and working-capital swings reduce internal funding capacity, complicate capital allocation, and heighten reliance on external financing.

Growth deceleration

After multi-year expansion, reported growth materially slowed in FY2025. Slowing revenue momentum limits the upside from scale economies, pressures future margin expansion and ROI on product investments, and raises the bar for management to sustain durable top-line improvement.

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 makes money by commercializing healthcare data and related analytics services. Its revenue model centers on: (1) data platform/processing services for insurers and employers, where JMDC aggregates and standardizes claims and health checkup data and provides ongoing access, reporting, and analytical outputs—typically structured as recurring service fees tied to continued use of the platform and services; (2) analytics and value-added services, where the company delivers insights, dashboards, and program support (e.g., for health management and cost optimization) that are billed as service/usage fees depending on the service scope; and (3) data utilization for life sciences and other healthcare stakeholders, where de-identified, processed datasets and analytical deliverables are provided for purposes such as research, outcomes analysis, and market/medical insights—monetized via data/analytics contracts. Significant earnings drivers include the size and continuity of the data asset (more covered lives and longer longitudinal records increase value), client retention (recurring contracts), and the company’s ability to create higher-margin value-added analytics on top of standardized datasets. Specific named partnerships, pricing terms, and segment revenue breakdowns: null.

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	30.57B	27.81B	21.81B	16.77B
Gross Profit	26.36B	22.47B	17.10B	14.77B	11.63B	9.14B
EBITDA	12.11B	10.93B	8.80B	7.73B	6.45B	4.89B
Net Income	6.91B	5.96B	3.32B	4.27B	3.25B	2.48B
Balance Sheet
Total Assets	156.18B	143.02B	122.45B	98.57B	62.05B	58.26B
Cash, Cash Equivalents and Short-Term Investments	30.24B	32.18B	14.47B	22.78B	13.19B	19.90B
Total Debt	52.64B	46.89B	37.83B	20.40B	17.80B	19.45B
Total Liabilities	73.76B	64.54B	51.76B	34.04B	30.89B	30.01B
Stockholders Equity	81.91B	78.02B	70.59B	64.54B	31.17B	28.25B
Cash Flow
Free Cash Flow	8.53B	12.57B	-910.00M	3.24B	3.36B	1.79B
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: Negative
• Last Price: 4697.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4483, the sentiment is Negative. The current price of 4697 is above the 20-day moving average (MA) of 3802.00, above the 50-day MA of 3702.00, and above the 200-day MA of 4053.64, indicating a bearish trend. The MACD of -120.28 indicates Positive momentum. The RSI at 34.29 is Neutral, neither overbought nor oversold. The STOCH value of 6.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥33.93B	16.74	―	2.58%	8.10%	42.93%
2413	70 Outperform	¥1.06T	18.91	12.15%	1.01%	33.50%	17.26%
4483	63 Neutral	¥199.59B	26.76	―	0.43%	20.55%	48.62%
3902	63 Neutral	¥65.67B	228.03	―	0.39%	6.17%	-8918.66%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4480	51 Neutral	¥58.33B	77.03	5.76%	―	31.95%	-40.95%
4438	50 Neutral	¥2.79B	-4.28	―	―	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.