MRT Inc. (6034) AI Stock Analysis

• Market Cap: ¥3.57B
• Dividend Yield: N/A
• Average Volume (3M): 6.11K
• Price to Earnings (P/E): 65.0
• Beta (1Y): 0.13
• Revenue Growth: 1.51%
• EPS Growth: -13.66%
• Country: JP
• Employees: 304
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -3.60
• Shares Outstanding: 5,718,600
• 10 Day Avg. Volume: 13,250
• 30 Day Avg. Volume: 6,110
• PEG Ratio: -0.54
• Price to Book (P/B): 0.76
• Price to Sales (P/S): 0.84
• P/FCF Ratio: 8.57
• 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: 56 Neutral
• Price Target: ¥686.00 ▲(8.89% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by weakening financial performance (recent revenue declines and sharply reduced profitability) and a high P/E valuation. Offsetting factors include a conservative, improved balance sheet and moderately positive technical momentum, though short-term indicators look near overbought.

Positive Factors

Conservative balance sheet

Sustained low and improving leverage provides durable financial flexibility: it reduces refinancing and interest risk, preserves capacity for targeted capex or R&D, and supports resilience through cyclical downswings. This structural strength underpins strategic optionality over months.

High gross margins

Very strong gross margins reflect structural product or process advantages and pricing power. High margin on core sales creates long-term ability to absorb SG&A variability, fund R&D, and sustain profitability even with revenue pressure, supporting margin recovery when volumes rebound.

Diversified revenue & R&D focus

Multiple revenue streams (equipment, service contracts, consulting) plus active R&D and partnerships create recurring revenue and an innovation pipeline. This business model mix improves customer stickiness and reduces dependence on single-product cycles, supporting steadier medium-term cash generation.

Negative Factors

Recent revenue decline

A multi-year top-line decline erodes scale and limits operating leverage, making fixed costs harder to cover and reducing room to invest in growth. Persisting revenue contraction can compress long-term margins, slow product development, and weaken competitive position if not reversed.

Profitability volatility

Wide swings from strong profits to a loss then to thin margins indicate fragile operating leverage and exposure to cyclical demand or cost shocks. Unpredictable profitability impairs forecasting, constrains reinvestment, and raises the risk that temporary headwinds become structural.

Inconsistent cash flow generation

Irregular cash conversion reduces the reliability of internal funding for capex, R&D and working capital. Even with recent positive cash flow, historical volatility increases dependence on external financing for growth or smoothing, raising execution and liquidity risk over the medium term.

MRT Inc. Business Overview & Revenue Model

Company Description

MRT Inc. operates a medical information platform. The company provides temporary and part-time doctor services; doctor's career change support service; Door., an app to connect network of doctors; Door.into, which provides online health counseling, and online medical care; Pocket Doctor, a telemedicine/health consultation app; groupware for medical offices; FASTCALL that consolidates the functions required for hospital crisis management system as safety confirmation service for medical institution; and Good Doctors, which provides owned media sent by doctors. It also offers nurse and pharmacist recruitment service; human resources introduction service for clinical laboratory engineers, radiologists, and dialysis nurses, as well as for new business openings and succession projects; and recruitment information service for exclusive industrial physicians and contract industrial physicians. In addition, the company engages in employment agency business, opening of business, business succession support business, and PR business, and career support business. Further, it offers services for supporting the operation of medical institutions, such as fund management, utilizing medical fee factoring, payroll calculation for doctors' part-time jobs, and payroll transfer agency services. Additionally, the company sells human umbilical cord-derived stem cell culture supernatant; and provides babysitter services, tax accountant referral service, credit card payment agency service, questionnaire survey request for pharmaceuticals, etc., as well as media coverage cooperation, lecture request, event rescue, etc. It also publishes books on illness and treatment; and offers health maintenance service and member comprehensive compensation systems. The company was formerly known as Medical Research and Technology Co., Ltd and changed its name to MRT Inc. in September 2014. MRT Inc. was incorporated in 2000 and is headquartered in Tokyo, Japan.

How the Company Makes Money

MRT Inc. generates revenue through multiple streams, primarily by selling its advanced manufacturing equipment and related services to businesses in various sectors. Key revenue streams include direct sales of machinery, maintenance and support contracts, and consulting services that assist clients in optimizing their manufacturing processes. Additionally, MRT Inc. benefits from strategic partnerships with other technology firms and suppliers, allowing it to enhance its product offerings and expand its market reach. The company also invests in research and development to innovate new products that meet evolving industry needs, contributing to sustained revenue growth.

MRT Inc. Financial Statement Overview

Summary

Balance sheet strength (low and improving debt-to-equity) supports resilience, but the income statement is a key drag: revenue has declined for 2023–2025 and profitability fell sharply from 2021–2022, including a loss in 2024 and only thin margins in 2025. Cash flow is positive in 2024–2025, but remains historically volatile.

Income Statement

Profitability has been volatile. After very strong results in 2021–2022 (high gross and net margins), the company saw a sharp step-down in 2023 and moved to a loss in 2024, before returning to modest profitability in 2025 (annual: net margin ~1.3%, EBIT margin ~2.0%). Revenue has also trended down recently (2023–2025 negative growth), which limits operating leverage. Strengths include consistently solid gross margins (~60%+), but the recent compression in operating and net profitability is a key weakness.

Balance Sheet

Leverage looks conservative and has improved versus earlier years. Debt-to-equity is low in recent periods (~0.14–0.23 from 2022–2025 versus ~0.73 in 2020), indicating a stronger capital structure and better balance-sheet resilience. Equity has remained sizable relative to total assets, supporting financial flexibility. The main drawback is that returns on equity have been inconsistent, turning negative in 2024 alongside the earnings downturn.

Cash Flow

Cash generation is mixed but improved recently. Operating cash flow and free cash flow are positive in 2024–2025, and free cash flow is close to reported earnings in 2025, suggesting earnings are reasonably backed by cash in the latest year. However, cash flow has been volatile historically (negative operating and free cash flow in 2021 and 2023), and free cash flow growth turned negative in 2025, highlighting uneven conversion and sustainability risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.19B	4.17B	5.41B	8.74B	4.47B
Gross Profit	2.60B	2.74B	3.27B	5.60B	3.55B
EBITDA	331.35M	139.00M	1.10B	3.16B	1.45B
Net Income	55.77M	-309.16M	517.00M	2.16B	774.49M
Balance Sheet
Total Assets	6.48B	6.75B	6.47B	8.16B	4.98B
Cash, Cash Equivalents and Short-Term Investments	1.67B	2.62B	3.78B	4.90B	1.03B
Total Debt	809.62M	1.05B	641.00M	875.86M	1.04B
Total Liabilities	1.83B	2.12B	1.76B	3.67B	2.69B
Stockholders Equity	4.65B	4.52B	4.58B	4.39B	2.22B
Cash Flow
Free Cash Flow	409.83M	462.00M	-208.00M	4.43B	-405.64M
Operating Cash Flow	417.84M	503.04M	-193.00M	4.51B	-298.89M
Investing Cash Flow	-623.37M	-1.84B	-243.61M	-431.11M	-206.51M
Financing Cash Flow	-730.16M	161.77M	-669.19M	-203.98M	-67.49M

MRT Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 630.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6034, the sentiment is Negative. The current price of 630 is below the 20-day moving average (MA) of 650.15, below the 50-day MA of 641.68, and below the 200-day MA of 680.88, indicating a bearish trend. The MACD of 0.70 indicates Positive momentum. The RSI at 45.53 is Neutral, neither overbought nor oversold. The STOCH value of 39.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:6034.

MRT Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3902	63 Neutral	¥65.51B	226.94	―	0.39%	6.17%	-8918.66%
6034	56 Neutral	¥3.57B	65.01	―	―	1.51%	-13.66%
9218	52 Neutral	¥7.68B	30.86	―	―	41.16%	2750.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4438	46 Neutral	¥3.68B	-6.82	―	―	16.19%	-4.42%
3628	40 Underperform	¥6.10B	-2.66	―	―	-4.07%	-88.89%