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Medical Net,Inc. (3645) AI Stock Analysis

JP:3645

Medical Net,Inc.

(TSE/TYO:3645)

Select Model
Rating:62Neutral
Price Target:JPY 246.00â–²(6.03% Upside)
Action:reiterated
Date:09/08/26

The score is primarily driven by mixed financial performance: strong revenue growth is offset by volatile profitability, uneven cash generation, and higher leverage. Technical indicators are moderately supportive, while valuation is fair but not especially compelling given the modest dividend yield.

Positive Factors
Multi-year revenue growthThe substantial increase in revenue demonstrates that Medical Net has expanded its operating scale over several years. Continued top-line growth can broaden its market presence, create a larger base for operating leverage, and support future investment if profitability becomes more consistent.
Negative Factors
Materially higher debtDebt has increased materially relative to earlier periods, raising financial leverage as the company grows. Higher leverage can reduce flexibility when earnings weaken, increase pressure on future cash allocation, and make the uneven profitability profile more consequential for financial stability.

Medical Net,Inc. (3645) vs. iShares MSCI Japan ETF (EWJ)

-30%-20%-10%0%10%20%30%JP:3645-23.12%EWJ+15.87%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
JPY 2.15B
Dividend Yield
1.29%
Average Volume (3M)
65.94K
Price to Earnings (P/E)
29.6
Beta (1Y)
0.50
Revenue Growth
7.12%
EPS Growth
―
Country
Japan
Employees
290
Sector
Communication Services
Sector Strength
60
Industry
Internet Content & Information

Medical Net,Inc. Business Overview & Revenue Model

Company Description

Medical Net, Inc. provides a comprehensive business platform for dental medicine. The company engages in the management and operation of portal websites, provides marketing and management support for dental clinics, and develops and installs POS syst...

Medical Net,Inc. Financial Statement Overview

Summary

Strong multi-year revenue growth, but earnings quality is inconsistent (near-breakeven in 2024, loss in 2025, recovery in 2026). Debt has risen materially, and cash flow stability is a concern given the swing to negative free cash flow in 2025 and only modest recovery in 2026.

Income Statement

66Positive

Balance Sheet

64Positive

Cash Flow

52Neutral
Financial statement breakdown
BreakdownTTMMay 2025May 2024May 2023May 2022May 2021
Income Statement
Total Revenue6.73B6.73B6.07B5.25B4.50B3.75B
Gross Profit2.00B1.99B1.96B1.84B1.78B1.46B
EBITDA269.58M264.15M170.87M351.75M442.45M479.57M
Net Income137.50M137.50M-68.15M5.96M116.18M380.10M
Balance Sheet
Total Assets4.57B4.57B4.08B3.99B3.47B3.15B
Cash, Cash Equivalents and Short-Term Investments1.96B1.96B1.46B1.53B1.52B1.13B
Total Debt1.42B1.42B1.26B1.03B790.83M773.54M
Total Liabilities2.50B2.50B2.31B2.06B1.54B1.42B
Stockholders Equity1.99B1.99B1.72B1.91B1.92B1.70B
Cash Flow
Free Cash Flow89.54M89.54M-212.40M86.79M408.50M340.39M
Operating Cash Flow98.84M98.84M-80.86M119.59M429.13M342.55M
Investing Cash Flow87.46M87.46M-259.73M-285.40M-62.37M-355.05M
Financing Cash Flow290.62M290.62M219.18M144.11M-17.90M282.17M

Medical Net,Inc. Technical Analysis

Technical Analysis SentimentNegative
Last Price232.00

Price Trends

50DMA251.80Negative
100DMA246.43Negative
200DMA270.68Negative

Market Momentum

MACD-6.22Positive
RSI32.09Neutral
STOCH15.93Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3645, the sentiment is Negative. The current price of 232.00 is below the 20-day moving average (MA) of 244.50, below the 50-day MA of 251.80, and below the 200-day MA of 270.68, indicating a bearish trend. The MACD of -6.22 indicates Positive momentum. The RSI at 32.09 is Neutral, neither overbought nor oversold. The STOCH value of 15.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3645.

Medical Net,Inc. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (60)

Financial Indicators

JP:3645 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:5139JP:513974OutperformJPY 19.33B18.94―0.49%31.11%0.55%
JP:4176JP:417672OutperformJPY 6.96B17.04――9.63%30.86%
JP:4194JP:419471OutperformJPY 387.20B20.72――23.88%15.10%
JP:5243JP:524365NeutralJPY 55.34B42.91――32.22%312.16%
JP:3645JP:364562NeutralJPY 2.05B29.55―1.29%7.12%―
Sector *60Neutral$48.67B4.58-11.27%4.14%2.83%-41.78%
JP:2454JP:245451NeutralJPY 4.38B-8.41―0.32%-8.10%-833.44%

* Communication Services Sector Average

Performance Comparison

0%100%200%JP:3645JP:2454JP:4176JP:4194JP:5139JP:5243Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
JP:3645 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:3645Medical Net,Inc.232.00-70.76-23.37%
JP:2454All About, Inc.316.00-70.96-18.34%
JP:4176coconala Inc.289.00-67.00-18.82%
JP:4194Visional, Inc.9560.00-540.00-5.35%
JP:5139OpenWork Inc.910.00-101.38-10.02%
JP:5243note inc.2850.001578.00124.06%
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.

Date of analysis: Sep 08, 2026