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Overview

Services

Japan Animal Referral Medical Center Co.,Ltd.

JARMeC Group is Japan's leading provider of secondary (referral-based) veterinary care for dogs and cats, operating four advanced animal hospitals in Kawasaki, Tokyo, Nagoya, and Osaka with 12 specialized clinical departments. The group also provides MRI/CT-based diagnostic imaging services through subsidiary CAMIC, and rents/sells oxygen cages for home animal care through subsidiary Telcom. With a network of 4,647 affiliated primary care clinics nationwide and Japan's largest repository of veterinary imaging and treatment data, the group is positioned as the top runner in small animal tertiary medical care.

Market Cap

¥12.8B

US$81.4M

¥16.7B

US$106M

Stock¥988▼-0.80%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

9.3

LTM EV/EBIT

13.4

LTM PER

14.3

LTM PBR

2.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-18.3%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Nov 14, 25Continued expectation for Telcom integration effects

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

49%

51%

EquityD/E 1.04xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 47.8%

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

KCP Equity Assist No. 1 Investment Business Limited Liability Partnership

11.74%

MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)

7.38%

Custody Bank of Japan, Ltd. (Trust Account E)

5.13%

Kazekoshi Construction Co., Ltd.

4.40%

The Master Trust Bank of Japan, Ltd. (Trust Account)

4.20%

SBI SECURITIES Co., Ltd.

3.43%

Hidehiro HIRAO

3.31%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

3.17%

Sanritsu Service Co., Ltd.

2.53%

Shigenori KONUMA

2.51%

Management

6 officers

Hidehiro HIRAO

Representative Director, President

Apr 1999 Joined Centerville Animal Hospital Ltd. Apr 2004 Technical Staff, Tokyo University of Agriculture and Technology Apr 2007 Joined the Company; subsequently served as head of the Cardiology and Respiratory, Urogenital and Gastroenterology, and Radiology and Diagnostic Imaging departments Jan 2014 Head of Medical Division, the Company (current) Jan 2014 Director, the Company Nov 2014 Representative Director, President, the Company (current) Mar 2022 Representative Director, President, Telcom Co., Ltd. (current)

1969-06-01

Satoru MATSUNAGA

Director

Jan 1996 Assistant Professor, Veterinary Hospital attached to the Faculty of Agriculture, The University of Tokyo (now Veterinary Medical Center, Graduate School of Agricultural and Life Sciences, The University of Tokyo) Aug 2007 Joined the Company; subsequently served as head of the Neurology and Orthopedics, Anesthesiology and Surgery, and Intensive Care departments (current) Apr 2013 Principal, Kawasaki Main Hospital, the Company Jan 2014 Director, the Company (current) Apr 2014 Director, CAMIC Co., Ltd. Mar 2015 Representative Director, President, CAMIC Co., Ltd. (current)

1965-04-01

Masami OE

Director

Apr 1988 Joined Sumitomo Life Insurance Company Feb 2005 General Manager, Corporate Planning Division, Aqua Clara Co., Ltd. Apr 2008 Executive Officer and COO, Patisserie Alice Co., Ltd. Jul 2010 Director, 3C Consulting Co., Ltd. Jun 2014 Director, Pacific Net Co., Ltd. Aug 2017 Director and Vice President, Pacific Net Co., Ltd. Dec 2017 Director, Kennet Co., Ltd. Dec 2018 Director, Techno Alliance Co., Ltd. Feb 2024 Director, Cashmo Co., Ltd. Jun 2025 Director, General Manager of Administration Division, the Company (current) Jun 2025 Director, CAMIC Co., Ltd. (current) Jun 2025 Director, Telcom Co., Ltd. (current)

1965-03-09

Ikuko TSUBOKAWA

Director, Audit and Supervisory Committee Member

Dec 2004 Joined Shin Nihon LLC (currently EY ShinNihon LLC) Jun 2008 Registered as Certified Public Accountant Sep 2014 Joined Capital International K.K. Jun 2019 Full-time Audit & Supervisory Board Member, Wedding Park Co., Ltd. Jun 2023 Outside Director (full-time Audit and Supervisory Committee Member), the Company (current) Sep 2024 Outside Audit & Supervisory Board Member, Basis Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, CAMIC Co., Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Telcom Co., Ltd. (current)

1978-07-05

Akihiro YOSHIJIMA

Director, Audit and Supervisory Committee Member

Apr 1987 Joined Yasuda Life Insurance Company (currently Meiji Yasuda Life Insurance Company) Sep 1990 Joined NED Co., Ltd. Apr 2009 Established Y's Associates, individual practice; Representative, Y's Associates (current) Jun 2013 Outside Audit & Supervisory Board Member, the Company Aug 2013 Outside Audit & Supervisory Board Member, Wonder Planet Co., Ltd. (current) Jun 2016 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1964-01-09

Toshiaki KOBAYASHI

Director, Audit and Supervisory Committee Member

Dec 2007 Registered as attorney-at-law; joined Nagashima Ohno & Tsunematsu Sep 2013 Worked at Quinn Emanuel Urquhart & Sullivan LLP May 2014 Registered as attorney in New York State Sep 2014 Joined Kotodori Law Office (became Partner in Sep 2017) Sep 2016 Seconded to NHK Educational Corporation Oct 2020 Seconded to Avex Entertainment Inc. Nov 2022 Partner Attorney, Takagicho Law Office (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1981-02-19

Large Shareholding Reports

Mizuho Trust & Banking Co., Ltd.

2026-05-12

4.86%→4.86%