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Overview

Services

M3,Inc.

M3, Inc. operates 'm3.com,' a leading online platform for medical professionals with over 340,000 physician members in Japan, providing pharmaceutical marketing support, clinical research services (CRO/SMO/PRO), and healthcare workforce solutions. The company also operates overseas platforms including MDLinx (USA) and Doctors.net.uk (UK), offering marketing support, medical surveys, and clinical trial services to pharmaceutical and healthcare clients globally. Additional business segments include site solutions (clinic management, hospice operations), patient support services, and electronic medical record systems for healthcare institutions.

Activists: Oasis Management Company Ltd. 9.48%

Market Cap

¥1,268B

US$8.08B

¥1,203B

US$7.66B

Stock¥1,900.5▼-1.76%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

13.5

LTM EV/EBIT

16.2

LTM PER

27.4

LTM PBR

3.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-35.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 13, 25Sharp rally on strong H1 FY2026/3 earnings (announced Nov 12)

2Aug 7, 26Q1 earnings: net profit -23% YoY, operating profit -9%, missing consensus by ~¥6bn

3Aug 10, 26Oasis Management Company Ltd. filed large shareholding report

4Aug 18, 26Oasis Management Company Ltd. changed stake (5.03%→6.26%)

5Sep 25, 26Oasis Management Company Ltd. changed stake (7.4%→8.46%)

MC → EV Bridge

AI Briefing

M3 runs Japan's dominant physician platform (m3.com, 340,000+ members), layered with pharma marketing, CRO/SMO and global extensions (MDLinx, Doctors.net.uk). FY26/3 revenue ¥351B, OP ¥73.5B (20.9% margin) — topline scaling but margins have compressed steadily from 31.2% in FY23/3. Sony holds 34.5%; at ¥1,267B cap vs ¥89.3B LTM EBITDA, market is pricing continued platform scale against margin-dilution from newer, lower-margin segments.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

86%

EquityD/E 0.16xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 70.8%

as of 2026-03-31 · Source: Annual Securities Report

SONY GROUP CORPORATION

34.50%

The Master Trust Bank of Japan, Ltd.

14.60%

Custody Bank of Japan, Ltd.

8.50%

Itaru TANIMURA

2.90%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

2.60%

NORTHERN TRUST CO.(AVFC) SUB A/C AMERICAN CLIENTS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)

2.30%

CITIBANK, N.A.-NY, AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS (Standing Proxy: Citibank, N.A.)

2.00%

OASIS JAPAN STRATEGI C FUND Y LTD. (Standing Proxy: Citibank, N.A.)

1.30%

OASIS JAPAN STRATEGIC FUND LTD. (Standing Proxy: Citibank, N.A.)

1.10%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.00%

Management

10 officers

Itaru TANIMURA

Representative Director, President

Apr 1987 Joined McKinsey & Company Dec 1999 Partner, McKinsey & Company Sep 2000 Representative Director, the Company (current)

1965-02-10

Akihiko TOMARU

Director

Apr 1996 Joined McKinsey & Company Jan 2003 Joined the Company Oct 2003 Director, So-net M3 USA Corporation (now M3 USA Corporation) (current) Jun 2012 Director, the Company (current)

1972-10-29

Eiji TSUCHIYA

Director

Apr 1987 Joined Asahi Mutual Life Insurance Company Feb 2000 Joined Deloitte Tohmatsu Consulting (now aBeam Consulting Ltd.) Sep 2001 Joined GMD Corporate Finance Co., Ltd. (now KPMG FAS Co., Ltd.) Aug 2006 Joined the Company Aug 2012 Executive Officer, the Company Jun 2016 Director, the Company (current)

1964-12-13

Rie NAKAMURA

Director

Apr 1988 Joined Recruit Co., Ltd. Jan 1998 Joined Harksley Inc. Mar 2001 Representative Director, Kito Planning Inc. (current) Jul 2001 Director, Yume-no-Machi Souzou Iinkai Co., Ltd. (now Demae-can Co., Ltd.) Jan 2002 Representative Director and President, Yume-no-Machi Souzou Iinkai Co., Ltd. (Representative Director and Chairman from Nov 2009) Dec 2009 CHRO, Culture Convenience Club Co., Ltd. Jun 2010 Director, Culture Convenience Club Co., Ltd. Jun 2010 Director, Fujisan Magazine Service Co., Ltd. Mar 2011 Director, Opt Inc. (now Digital Holdings Inc.) Nov 2011 Chairman of the Board, Yume-no-Machi Souzou Iinkai Co., Ltd. (now Demae-can Co., Ltd.) Nov 2012 Representative Director and President, Yume-no-Machi Souzou Iinkai Co., Ltd. (Representative Director and Chairman from Jun 2020) Apr 2021 Senior Managing Executive Officer and CCO, Nihon M&A Center Co., Ltd. (now Nihon M&A Center Holdings Inc.) Aug 2021 Outside Director, Leos Capital Works Co., Ltd. Mar 2022 Executive Officer, the Company Mar 2022 Representative Director and President, M3 Solutions Co., Ltd. Jun 2022 Director, the Company (current) Apr 2025 Visiting Professor, Faculty of Business Data Science, Kansai University (current) Apr 2025 Representative Director and Chairman, M3 Solutions Co., Ltd. (current)

1964-12-16

Yoshinao TANAKA

Director

Apr 1986 Joined McKinsey & Company Apr 1997 Joined Neuromagic Co., Ltd.; Director, Neuromagic Co., Ltd. Oct 2002 Executive Vice President, Neuromagic Co., Ltd. Apr 2006 Director, Business Architects Inc. Jul 2016 Joined the Company; Operating Executive Officer Oct 2016 Executive Officer, the Company Jun 2023 Director, the Company (current)

1962-10-18

Satoshi YAMAZAKI

Director

Apr 2003 Administrative Assistant, R&D Department, Media Education Development Center, Ministry of Education, Culture, Sports, Science and Technology Apr 2004 Operations Assistant, R&D Department, National Institute of Multimedia Education Apr 2005 Joined W.O. Enterprise Ltd. Apr 2006 Joined Landfuture Co., Ltd. (now Funai Soken IT Solutions Co., Ltd.) Apr 2008 Joined Mevix Co., Ltd. Jun 2017 Joined the Company Apr 2018 Operating Executive Officer, the Company Nov 2019 Executive Officer, the Company Jun 2023 Director, the Company (current) Jun 2024 Representative Director, M3 Technologies Co., Ltd. (current)

1978-08-09

Yusuke TSUGAWA

Director

Apr 2005 Worked at St. Luke's International Hospital Sep 2010 Worked at Beth Israel Deaconess Medical Center / Harvard Medical School Jul 2013 Health Specialist, World Bank Group Jun 2016 Worked at Harvard T.H. Chan School of Public Health Jul 2017 Assistant Professor, UCLA Department of Medicine (Internal Medicine) and Fielding School of Public Health (Health Policy and Management) Oct 2018 Director, Health and Global Policy Institute (current) Jul 2021 Associate Professor, UCLA Department of Medicine (Internal Medicine) and Fielding School of Public Health (Health Policy and Management) (current) Oct 2021 Director, Statistics Core and Data Core, UCLA Department of Medicine (current) Jun 2023 Outside Director, the Company (current) Feb 2024 Representative Director, Japan Society for Health Policy Studies (current) Jul 2025 Deputy Director, UCLA Terasaki Japan Center (current)

1980-04-15

Mayuka YAMAZAKI

Director, Audit and Supervisory Committee Member

Apr 2000 Joined McKinsey & Company Jun 2002 Project Assistant Professor, Research Center for Advanced Science and Technology, University of Tokyo Nov 2006 Assistant Director, Harvard Business School Japan Research Center Sep 2010 Project Assistant Professor (concurrent), Graduate School of Medicine, University of Tokyo Jan 2017 Special Contributing Editor, DIAMOND Harvard Business Review, Diamond, Inc. (current) Mar 2017 Ikebana Artist, head of IKERU (current) Jun 2019 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2021 Outside Director, Renova Inc. (current) Nov 2022 Outside Director, Ryohin Keikaku Co., Ltd. (current)

1978-01-23

Takako EBATA

Director, Audit and Supervisory Committee Member

Apr 1982 Joined Fujitsu Limited Jul 1992 Joined McKinsey & Company Feb 1998 Joined Amgen K.K. Jul 2005 Associate Professor (Special Appointment), University of Tokyo Apr 2006 Outside Director, Astellas Pharma Inc. Dec 2007 Chapter Chief, Democratic Party of Japan Tokyo District 10 Sep 2009 Member of the House of Representatives Apr 2012 Outside Director, SymBio Pharmaceuticals Ltd. Apr 2016 Head of Group Corporate Government Affairs and Policy, Johnson & Johnson K.K. Apr 2021 Outside Director, Alpha Purchase Co., Ltd. (current) Jan 2022 Senior Advisor, Policy and Government Affairs, Microsoft Japan Co., Ltd. Jun 2022 Outside Director (Audit and Supervisory Committee Member), the Company (current) Sep 2023 Outside Director, Rigaku Holdings Corporation (current)

1959-12-22

Makiko SHINODA

Director, Audit and Supervisory Committee Member

Apr 1991 Joined The Nippon Credit Bank, Ltd. (now SBI Shinsei Bank, Limited) Sep 1998 Joined McKinsey & Company Oct 2002 Joined Novartis Pharma K.K. Jul 2007 General Manager, Corporate Planning Division, Nestle Nutrition K.K. Dec 2008 Director and CFO, Tokyo Itoi Shigesato Office Co., Ltd. (now Hobonichi Co., Ltd.) Mar 2020 Director, Ale Co., Ltd. (current) Sep 2020 Outside Director, Mercari, Inc. (current)

1968-03-01

Large Shareholding Reports

Oasis Management Company Ltd.

2026-10-08

8.46%→9.48%

Oasis Management Company Ltd.

2026-09-25

7.40%→8.46%

Oasis Management Company Ltd.

2026-09-15

6.26%→7.40%

Oasis Management Company Ltd.

2026-08-18

5.03%→6.26%

Oasis Management Company Ltd.

2026-08-10

5.03%

BlackRock Japan Co., Ltd.

2026-05-22

1.57%→1.36%

Nomura Asset Management Co., Ltd.

2026-05-11

5.79%→5.69%

Nomura Asset Management Co., Ltd.

2026-04-06

5.10%→5.79%

Nomura Asset Management Co., Ltd.

2026-02-19

4.92%→5.10%

Nomura Asset Management Co., Ltd.

2025-11-07

4.32%→4.92%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-08

Large Shareholding Report

M3,Inc.

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M3,Inc.

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