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JMDC Inc.

4483.TMEDIUM

Satellite · Weight: 6%· Data as of 2026-04-17

¥3,360+1.2%

6-month daily

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

2026-05

2026-08

Update History

2026-04-17exploreNEW

View report →

Added to Healthcare theme — Japan's largest private claims DB; direct peer to M3 with Omron hardware-data flywheel.

status:not in themeadded

Key Metrics

35.85

29.06

Fwd PE

2.96

P/B

7.8%

ROE

22.3%

Op Margin

89.0%

D/E

0.4%

Div Yield

+¥9B

FCF

¥244B

Mkt Cap

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

Sources & References

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Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Nihon Kohden Corporation	20.3	18.9	7.1%	7.97%	N/A
M3, Inc.	19.4	17.9	12.2%	20.9%	N/A
Fukuda Denshi Co., Ltd.	15.87	15.66	8.6%	18.0%	+¥21B
JMDC Inc.	35.85	29.06	7.8%	22.3%	+¥9B
PHC Holdings Corporation	38.5	10.71	0.6%	6.2%	+¥32B
Sysmex Corporation	22.5	N/A	N/A	~20% (est. from EBITDA 25.3%)	N/A
Olympus Corporation	22.98	N/A	N/A	18.9% (adj FY2025)	+¥109B (adj FY2025)