JMDC Inc.
4483.TMEDIUMScore: 56.5Satellite · Weight: 6%· Data as of 2026-04-17
Investment Thesis
Japan's largest private healthcare claims database, 54.57% owned by Omron (since Oct 2023). Q3 FY2026: revenue +23.2% YoY, OP +37.1%. Health Big Data segment +26.4%. Hardware (Omron) + data (JMDC) flywheel not replicable by pure-play peers. Full-year guide ¥50.5B rev, ¥11.5B OP. Competes with M3 on healthcare data but takes the payer-side wedge.
Risk
1) Forward PE 29x — valuation demands sustained 20%+ growth. 2) Omron parent tender-offer overhang could cap upside. 3) Growth includes iCARE acquisition (Sep 2025) — organic rate unclear. 4) Dividend yield 0.44% — no income support. 5) Telemedicine segment decelerating (+5%).
Monitoring Trigger
If organic (ex-M&A) Health Big Data growth exceeds 15% at FY2026 full-year (May 2026), ADD to 8%. If Omron announces full tender offer, EXIT into the premium. If OpMar dips below 20% for two quarters, TRIM to 3%.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Health Big Data | |||
| Telemedicine | |||
| Dispensing pharmacy support |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Anonymized claims + subscriber data | Multi-insurer relationships since 2002 | |
| confirmed | Global + domestic pharma | Epidemiology & real-world evidence | Claims DB licensed for drug-utilization studies |
| confirmed | Omron Corp (54.57% parent) | Data integration for BP/BG monitor ecosystem | Omron acquired 54.57% Oct 2023 for ¥85.5B |
| confirmed | Healthcare data + physician network | M3 leads provider-side; JMDC leads payer-side |