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M3
(2413)
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Rating:78Outperform
Price Target:
¥1,973.00
▲(7.58% Upside)
Action:Upgraded
Date:07/30/26
The score is driven primarily by strong financial quality (re-accelerating growth, solid margins, low leverage, and strong free cash flow) and supportive technical trend (price above key moving averages). The main offset is valuation, as the P/E is elevated relative to the modest dividend yield.
Positive Factors
Re-accelerating revenue growth
The return to double-digit revenue growth indicates renewed demand for M3’s healthcare information, marketing, research, and related platforms. If sustained, this expansion can broaden network monetization, support operating investment, and reinforce the company’s position across healthcare-sector digital services.
Negative Factors
Margin compression
Although profitability remains healthy, the multi-year margin decline signals that M3 is retaining less profit from each unit of revenue than at its earlier peak. Continued pressure from costs or business mix could limit earnings growth and reduce the operating leverage of future platform expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Re-accelerating revenue growth
The return to double-digit revenue growth indicates renewed demand for M3’s healthcare information, marketing, research, and related platforms. If sustained, this expansion can broaden network monetization, support operating investment, and reinforce the company’s position across healthcare-sector digital services.
Read all positive factors
M3 (2413) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.20T
Dividend Yield1.24%
Average Volume (3M)3.55M
Price to Earnings (P/E)25.7
Beta (1Y)0.53
Revenue Growth15.76%
EPS Growth13.53%
CountryJP
Employees17,010
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)68.68
Shares Outstanding679,127,600
10 Day Avg. Volume2,012,690
30 Day Avg. Volume3,546,800
Financial Highlights & Ratios
PEG Ratio1.02
Price to Book (P/B)2.66
Price to Sales (P/S)3.09
P/FCF Ratio17.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,035.00Price Target Upside10.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)77.89
Revenue Forecast (FY)¥389.16B
M3 Business Overview & Revenue Model
Company Description
M3, Inc. is a Japanese company that delivers a broad spectrum of internet-based services, predominantly catering to medical professionals and the broader healthcare industry. Its operations are segmented into five key areas: Medical Platform, Evid...
How the Company Makes Money
M3 makes money primarily by monetizing its healthcare professional network and digital platforms. Key revenue streams include: (1) marketing and promotional services sold to pharmaceutical and other healthcare-industry companies, such as digital a...
M3 Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 355.27B | 351.36B | 284.90B | 238.88B | 230.82B | 208.16B |
| Gross Profit | 175.73B | 175.84B | 154.36B | 140.53B | 135.19B | 123.27B |
| EBITDA | 91.22B | 94.52B | 77.71B | 78.11B | 81.82B | 102.51B |
| Net Income | 46.34B | 49.10B | 40.48B | 45.27B | 49.03B | 63.84B |
Balance Sheet | ||||||
| Total Assets | 634.80B | 637.40B | 581.74B | 490.78B | 400.64B | 345.98B |
| Cash, Cash Equivalents and Short-Term Investments | 162.17B | 156.18B | 166.75B | 179.74B | 146.25B | 141.12B |
| Total Debt | 37.56B | 33.15B | 51.42B | 31.78B | 10.38B | 8.30B |
| Total Liabilities | 191.17B | 190.75B | 168.94B | 124.08B | 91.13B | 82.03B |
| Stockholders Equity | 406.12B | 408.22B | 378.44B | 351.92B | 302.63B | 257.84B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 62.58B | 45.45B | 52.90B | 51.20B | 50.40B |
| Operating Cash Flow | 0.00 | 70.26B | 51.74B | 58.31B | 57.11B | 52.11B |
| Investing Cash Flow | 0.00 | -15.89B | -39.15B | -29.31B | -27.52B | -26.82B |
| Financing Cash Flow | 0.00 | -35.47B | -27.16B | -712.00M | -17.25B | -12.96B |
M3 Technical Analysis
Positive
1834.00
Price Trends
1777.14
Negative
1680.27
Positive
1748.36
Positive
Market Momentum
-0.49
Negative
51.74
Neutral
76.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2413, the sentiment is Positive. The current price of 1834 is above the 20-day moving average (MA) of 1758.58, above the 50-day MA of 1777.14, and above the 200-day MA of 1748.36, indicating a neutral trend. The MACD of -0.49 indicates Negative momentum. The RSI at 51.74 is Neutral, neither overbought nor oversold. The STOCH value of 76.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2413.
M3 Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥1.20T | 25.74 | 11.45% | 1.24% | 15.76% | 13.53% | |
71 Outperform | ¥235.94B | 34.04 | ― | 0.50% | 18.89% | 11.66% | |
61 Neutral | ¥11.06B | 17.24 | ― | 4.84% | 36.94% | -31.50% | |
59 Neutral | ¥74.71B | 39.07 | 12.35% | 0.00% | 24.03% | 34.50% | |
53 Neutral | ¥2.34B | -4.43 | ― | ― | 14.84% | 30.67% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
JP:2413
M3
1,767.50
-573.85
-24.51%
JP:4480
Medley
2,349.00
-91.00
-3.73%
JP:4438
Welby Inc.
277.00
-38.00
-12.06%
JP:4483
JMDC Inc.
3,605.00
-862.27
-19.30%
JP:9341
GENOVA Inc.
620.00
-24.21
-3.76%
M3 Corporate Events
M3 Reports Progress on Ongoing Share Repurchase Program
Sep 1, 2026
M3, Inc. has disclosed the latest status of its ongoing share repurchase program authorized by its board in May 2026. Between August 1 and August 31, the company bought back 1,116,200 common shares on the Tokyo Stock Exchange for a total of about ...
M3 Sets Final Terms for New Stock Option Issuance
Aug 21, 2026
M3, Inc. has finalized key terms for a new issuance of stock options in the form of share acquisition rights, following an earlier board decision made on August 6, 2026. The company set the total number of share acquisition rights at 1,028 units, ...
M3 Issues Cautionary Presentation on Strategic Outlook
Aug 6, 2026
M3, Inc. has released a presentation that outlines its forecasts, plans, and management targets, emphasizing that these projections are based on current data and may differ from actual future results. The company also notes that some external info...
M3 Introduces New Stock Option Plan to Align Employees with Long-Term Shareholder Value
Aug 6, 2026
M3, Inc. has approved the issuance of new stock options in the form of share acquisition rights, aimed at boosting employee motivation and aligning management with shareholder interests over the medium to long term. The options will be granted to ...
M3 posts modest sales growth but weaker profits, keeps full-year outlook
Aug 6, 2026
M3, Inc. reported consolidated revenue of ¥90.1 billion for the three months ended June 30, 2026, a 4.5% year-on-year increase, while operating profit declined 8.6% and profit attributable to owners of the parent fell 23.4%, reflecting margin...
M3 Reports No Share Buybacks to Date Under Approved ¥20 Billion Program
Aug 3, 2026
M3, Inc. reported that during the period from July 1 to July 31, 2026, it did not repurchase any of its own common shares under the share buyback program authorized by its board on May 1, 2026. The board’s resolution permits buybacks of up t...
M3 Leaves Share Buyback Authorization Untapped Through June 2026
Jul 1, 2026
M3, Inc. reported that during the period from June 1 to June 30, 2026, it did not repurchase any of its own common shares under a previously authorized share buyback program, resulting in zero shares bought and no capital deployed. The buyback fra...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.