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Runs an online platform connecting doctors with drug information, clinical trials and medical marketing.
Runs an online platform connecting doctors with drug information, clinical trials and medical marketing.
Pharmaceutical companies pay to reach its members through online advertising, surveys and clinical-trial recruiting, so revenue follows drug makers' marketing budgets rather than anything doctors pay. Overseas arms add physician networks outside Japan. Sony Group helped start the business and remains a major shareholder.
In one line: A Sony-backed medical version of a professional network like LinkedIn for doctors.
Moat: narrow (network effects, installed base). Large registered physician network creates a two-sided platform hard for new entrants to replicate.
Headquarters: Tokyo, Japan · Founded: 2000 · Employees: 17,010
Size M3 Inc (2413.T) is a Japan Health Care company (Internet Software/Services) with a market value of $7.78B, the 166th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,806 on 6 Nov 2026.
Performance Over six months the shares gained 20.1%, against +8.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 19 in its peer set.
Growth Revenue grew 9.5% over the last twelve months (peer median +7.3%); the operating margin is 19.0% (peer median 13.2%).
Valuation It trades at 23.5× forward earnings against a peer median of 15.6× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.5 points above its cost of capital (5.3% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥362B | ¥351B | ¥285B | ¥239B | ¥231B |
| Revenue growth | — | +23% | +19% | +3% | — |
| Gross profit | ¥192B | ¥161B | ¥144B | ¥133B | ¥129B |
| EBITDA | n/a | ¥87.3B | ¥73.6B | ¥74.4B | ¥77.8B |
| Net income | ¥46.4B | ¥49.1B | ¥40.5B | ¥45.3B | ¥49.0B |
| Free cash flow | n/a | ¥62.6B | ¥45.5B | ¥52.9B | ¥51.2B |
| Capital expenditure | n/a | ¥11.9B | ¥8.99B | ¥7.58B | ¥7.58B |
| Total debt | ¥36.5B | ¥60.5B | ¥51.4B | ¥31.8B | ¥10.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| M3 Inc 2413.T | $7.78B | +20% | +9% | 19% | 23.5× | 0.5% |
| Doximity DOCS | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% |
| Iqvia IQV | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% |
| Veeva Systems VEEV | $49.2B | +83% | +16% | 30% | 31.4× | 24.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2413.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | +5.6% | 4th lowest of 19 |
| 6-month return | +20.1% | +8.8% | 3rd highest of 19 |
| Distance from 52-week high | -33.3% | -14.8% | 3rd lowest of 19 |
| Revenue growth (TTM) | +9.5% | +7.3% | 8th highest of 19 |
| Operating margin | 19.0% | 13.2% | 6th highest of 19 |
| Forward P/E | 23.5× | 15.6× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.5% | -0.7% | 9th most demanding of 18 |
| Growth delivered (Del g) | +15.7% | +8.9% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -15.2 pp | -8.2 pp | 4th least demanding of 18 |
| ROIC minus cost of capital | +7.5 pp | +3.5 pp | 4th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| M3 Inc 2413.T | Japan | $7.78B | +20% | +9% | 19% | 23.5× | 0.5% | +15.7% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Kyowa Kirin 4151.T | Japan | $8.05B | +4% | +10% | 24% | 15.6× | -6.1% | +9.3% |
| ONO Pharmaceutical 4528.T | Japan | $7.01B | +2% | -2% | 22% | 14.7× | -8.2% | +10.8% |
| Eisai 4523.T | Japan | $8.68B | +4% | +7% | 5% | 24.2× | 11.8% | +5.0% |
| Asahi Intecc 7747.T | Japan | $6.28B | +13% | +21% | 31% | 26.0× | 13.6% | +18.8% |
| Sumitomo Pharma 4506.T | Japan | $5.23B | +7% | +11% | 10% | 8.3× | 1.4% | -2.6% |
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
| Santen Pharmaceutical 4536.T | Japan | $3.86B | +17% | -1% | 16% | 15.6× | -5.2% | +3.2% |
| MEDIPAL 7459.T | Japan | $3.67B | +14% | +4% | 1% | 12.6× | -7.4% | +3.5% |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| COSMOS Pharmaceutical 3349.T | Japan | $3.20B | +5% | +9% | 4% | 15.7× | n/a | n/a |
| Alfresa 2784.T | Japan | $2.79B | -3% | +5% | 1% | 17.4× | -9.1% | +3.5% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Suzuken 9987.T | Japan | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% | +3.2% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |