Overview
Information & Communication

JMDC Inc.

JMDC is a healthcare data company that provides medical big data, insurer support services, and teleradiology solutions. The company aggregates anonymized claims (receipt) and health checkup data from health insurance societies, building a database of over 10 million individuals that is supplied to pharmaceutical companies, insurance firms, and research institutions for drug development, post-marketing surveillance, and actuarial applications. JMDC also operates 'Pep Up,' a personal health record (PHR) platform with over 5 million issued IDs, and through subsidiary Doctor-Net, runs Japan's largest teleradiology matching platform connecting medical facilities with specialist radiologists.

Market Cap
¥243B
US$1.55B
EV
¥263B
US$1.68B
Stock¥3,715▼-0.80%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
18.6
x
LTM EV/EBIT
24.3
x
LTM PER
35.1
x
LTM PBR
2.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-43.8%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 23, 26Market-wide: TOPIX -3.4% decline
2Aug 7, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
243BUS$1.55BMarket Cap51.0BUS$325M+ Debt30.8BUS$196M− Cash0.86BUS$5.50M− Inv. Sec.0.14BUS$0.90M+ NCI263BUS$1.68BEV
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Performance & Balance
Revenue 5Y (¥B)
21.8US$139M'22/327.8US$177M'23/332.4US$207M'24/341.7US$266M'25/350.5US$322M'26/3
EBITDA 5Y (¥B)
6.49US$41.4M'22/37.94US$50.7M'23/39.24US$58.9M'24/311.5US$73.4M'25/313.7US$87.5M'26/3
Net Income 5Y (¥B)
3.26US$20.8M'22/34.27US$27.2M'23/34.61US$29.4M'24/37.28US$46.4M'25/36.77US$43.1M'26/3
Capital Structure
62%
38%
EquityD/E 0.61xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
13.2US$84.1M16.5US$105M'22/322.8US$145M18.8US$120M'23/314.5US$92.3M37.1US$236M'24/332.2US$205M46.9US$299M'25/329.0US$185M52.0US$332M'26/3
Shareholders
Top 10 hold 78.3%
1
OMRON Corporation
54.19%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.30%
3
Custody Bank of Japan, Ltd. (Trust Account)
5.54%
4
Noritsu Koki Co.,Ltd.
4.55%
5
INDUS SELECT MASTER FUND, LTD. (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
3.43%
6
BNP PARIBAS LUXEMBOURG/2S/JASDEC SECURITIES/UCITS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.05%
7
NORTHERN TRUST CO.(AVFC) RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
0.89%
8
Yosuke MATSUSHIMA
0.86%
9
Yuta YAMAMOTO
0.76%
10
Morgan Stanley MUFG Securities Co., Ltd.
0.75%
Management
9 officers
Yosuke MATSUSHIMA
Chairman and Director
Apr 1995 Joined Dai-ichi Life Insurance Company, Limited Jun 2001 Joined A.T. Kearney K.K. Oct 2005 Joined McKinsey & Company Feb 2007 Joined MKS Partners Inc. Dec 2008 Joined Marunouchi Capital Inc. Apr 2012 Representative Director, NK Relations Inc. (now Noritz Keiki Co., Ltd.) Jul 2012 Director, NS Partners Inc. May 2013 Director, the Company Jun 2013 Executive Vice President and COO, Noritz Keiki Co., Ltd. Oct 2013 Representative Director, President, the Company Oct 2014 Resigned as Representative Director, President, the Company (Non-Executive Director) Jul 2015 Director, Dr. Net Inc. Jun 2016 Outside Director, PKSHA Technology Inc. Apr 2018 Representative Director, President and CEO, the Company Jun 2018 Director, Medical Database Inc. Apr 2020 Director, NS Partners Inc. Nov 2020 Director, Data Index Inc. Jun 2023 Representative Director, Chairman, the Company Oct 2023 Outside Director, Karada Note Inc. (current) Jun 2024 Chairman and Director, the Company (current)
1972-09-01
Ryo NOGUCHI
Representative Director, President and CEO
Apr 2007 Joined Boston Consulting Group K.K. Sep 2016 Joined NK Relations Inc. (now Noritz Keiki Co., Ltd.) Oct 2016 Representative Director, GeneTech Inc. Jun 2017 Representative Director, Nihon Saisei Iryo Inc. (now Metuselah Inc.) Jun 2018 Director, Genetechnoscience Inc. (now Kidswell Bio Inc.) May 2020 Executive Officer (in charge of Pharmaceutical Division), the Company Apr 2022 Executive Officer (in charge of Insurer Support Business Division), the Company Dec 2022 Executive Officer (in charge of Pharmaceutical Division and Medical Institution Support Business Division), the Company Jun 2023 Representative Director, President and CEO, the Company (current) Jun 2023 Director, Dr. Net Inc. (current) Jun 2023 Director, NS Partners Inc. (current) Jan 2024 Director, Cancerscan Inc. (current)
1980-08-27
Yuta YAMAMOTO
Director
Apr 2007 Joined Boston Consulting Group K.K. May 2012 Joined NK Relations Inc. (now Noritz Keiki Co., Ltd.) May 2013 Director, the Company Jan 2014 Registered as attorney-at-law; Representative, Yuta Yamamoto Law Office (now Yamamoto Law Office) (current) Jun 2015 Director, Noritz Keiki Co., Ltd. Jun 2016 Director, Dr. Net Inc. Apr 2019 Executive Vice President and CFO, the Company Jun 2019 Director, Medical Database Inc. Jun 2019 Director, Dr. Net Inc. Apr 2020 Director, NS Partners Inc. Jun 2020 Director and Executive Vice President and CFO, the Company Aug 2020 Outside Director, AViC Inc. Nov 2020 Director, Data Index Inc. Dec 2021 Outside Director (Audit and Supervisory Committee Member), AViC Inc. (current) Jun 2023 Director, the Company (current)
1982-12-14
Seiji TAKEDA
Director
Apr 1990 Joined Omron Corporation Jul 2006 Deputy General Manager, Omron Healthcare China Oct 2011 Vice President, Omron Healthcare Americas; President, Omron Healthcare Brazil Apr 2013 Head of Global Sales Planning Division and Head of Americas and Europe Sales Division, Omron Healthcare Co., Ltd.; CEO, Omron Healthcare Americas Mar 2017 General Manager, Corporate Strategy Department, Global Strategy Division, Omron Corporation Apr 2018 Executive Officer, Omron Corporation Jun 2022 Outside Director, the Company Apr 2023 Senior Managing Executive Officer, CFO and Head of Global Strategy Division, Omron Corporation Oct 2023 Director, the Company (current) Apr 2024 Executive Vice President, CFO and Head of Global Strategy Division, Omron Corporation (current)
1967-06-12
Chiken LEE
Director
Dec 1988 Joined Korea Durban Inc. Apr 1997 Joined Boston Consulting Group K.K. Apr 2000 Joined trans cosmos inc. Apr 2001 Director, trans cosmos inc. Apr 2001 Senior Vice President and COO, CIC Korea Inc. (now trans cosmos Korea Inc.) Apr 2003 Advisor, trans cosmos inc. Aug 2004 Joined Russell Reynolds Associates Japan, Inc. Feb 2007 Representative Director, RAYS Partners Inc. (current) Jul 2007 Faculty, Globis University Jun 2021 Outside Director, the Company (current) Jun 2023 Outside Director, Striders Inc. Jun 2024 Outside Director (Audit and Supervisory Committee Member), Striders Inc.
1967-02-28
Tsuneo SHIMODA
Director (Audit and Supervisory Committee Member)
Apr 1978 Joined Kyowa Hakko Kogyo Co., Ltd. (now Kyowa Kirin Co., Ltd.) May 2005 General Manager, Legal Department, Kyowa Hakko Kogyo Co., Ltd. Apr 2009 General Manager, General Affairs Department, Kyowa Hakko Kogyo Co., Ltd. Mar 2010 Full-time Corporate Auditor, Kyowa Hakko Chemical Co., Ltd. (now KH Neochem Co., Ltd.) Mar 2011 Director and General Manager of Administration Division, Kyowa Hakko Chemical Co., Ltd. Sep 2013 Senior Managing Director, Miyako Chemical Co., Ltd. Jan 2014 Executive Vice President and Director, Miyako Chemical Co., Ltd. Jun 2016 Outside Corporate Auditor, the Company Jun 2016 Director, Healthcare Data Science Institute (current) Jun 2016 Auditor, Medical Database Association (current) Apr 2019 Outside Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1954-07-01
Nanpei HAYASHI
Director (Audit and Supervisory Committee Member)
Apr 1996 Joined The Nippon Kogyo Bank, Ltd. (now Mizuho Bank, Ltd.) Sep 2000 Joined McKinsey & Company Oct 2002 Joined MKS Partners Inc. Apr 2007 Partner, MKS Partners Inc. Apr 2007 Outside Director, Pressio Inc. (current) Dec 2008 Representative Director, MKS Partners Inc. Jan 2010 Representative Director and Managing Partner, NH Partners Inc. (current) Sep 2011 Outside Director, Alflex Japan Inc. (current) Jun 2013 Chairman, Feed Inc. Sep 2013 Representative Director, Chairman and President, Feed Inc. May 2014 Chairman and Director, TOOT Inc. (current) Jun 2015 Outside Director, Daiko Electronics Communications Co., Ltd. (now DAIKO XTECH Inc.) Mar 2016 Outside Director, Noritz Precision Co., Ltd. (current) Jun 2018 Outside Corporate Auditor, the Company Apr 2019 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jul 2020 Outside Director, Halmek Holdings Inc. Jun 2021 Outside Director (Audit and Supervisory Committee Member), Halmek Holdings Inc. (current) Mar 2022 Outside Director, Rex Advisors Inc. (current)
1974-02-17
Daisuke FUJIOKA
Director (Audit and Supervisory Committee Member)
Dec 2004 Joined Shin Nihon & Co. (now EY Shin Nihon LLC) Jan 2014 Joined Yamato Capital Partners Inc. (now YCP Japan Inc.) Aug 2015 Representative Director, YGA Partners Inc. Jun 2016 Auditor, PKSHA Technology Inc. Jun 2018 Outside Corporate Auditor, the Company Dec 2018 Outside Director (Audit and Supervisory Committee Member), Logly Inc. Apr 2019 Outside Director (Audit and Supervisory Committee Member), the Company (current) Dec 2020 Outside Director (Audit and Supervisory Committee Member), PKSHA Technology Inc. (current) Jan 2021 Representative Partner, ES Next Audit Corporation (now ES Next LLC) Mar 2021 Outside Corporate Auditor, Toridori Inc. (current) Feb 2022 Managing Partner, ES Next LLC (current)
1981-07-08
Nanako TAMIYA
Director (Audit and Supervisory Committee Member)
Jul 1991 Assistant Professor, Department of Social Medicine, University of Tsukuba Sep 1992 Assistant, Department of Hygiene and Public Health, Teikyo University School of Medicine Apr 1999 Director, Minami-Yamato Health Care Facility for the Elderly Jun 2000 Lecturer, Department of Hygiene and Public Health, Teikyo University School of Medicine Apr 2003 Professor, Department of Social Medicine, University of Tsukuba Apr 2004 Professor, Department of Health Services Research, Graduate School of Comprehensive Human Sciences, University of Tsukuba (now Department of Health Services Research, Faculty of Medicine, University of Tsukuba) Jul 2017 Director, Center for Health Services Research and Development, University of Tsukuba (current) Mar 2022 Representative Director, Tsukuba Health and Care Services Research Institute Inc. (current) Apr 2026 Specially Appointed Professor, Department of Health Services Research, University of Tsukuba (current)
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-06-01
株主総会招集通知
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-06
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-05
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-02
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-22
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINETAmended
2021-07-07
Amended Annual Securities Report
EDINET
2021-06-28
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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