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One of Japan's largest pharmaceutical wholesalers, distributing drugs and medical devices nationwide.
One of Japan's largest pharmaceutical wholesalers, distributing drugs and medical devices nationwide.
Buys drugs from manufacturers and resells them to hospitals, clinics and pharmacies, keeping a thin mark-up per delivery, so volume and efficient logistics carry the business. Japan's government sets prescription drug prices and revises them regularly, which shapes what wholesalers can charge. It is one of four nationwide drug wholesalers.
In one line: Japan's Cardinal Health.
Moat: narrow (scale, distribution, regulatory licence). Nationwide licensed distribution network and scale purchasing in a low-margin, logistics-heavy business.
Headquarters: Tokyo, Japan · Founded: 1948 · Employees: 12,525
Size Alfresa (2784.T) is a Japan Health Care company (Medical Distributors) with a market value of $2.79B, the 382nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,306 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against +4.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +6.0%); the operating margin is 1.1% (peer median 3.2%).
Valuation It trades at 17.4× forward earnings against a peer median of 15.7× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥3.13T | ¥3.10T | ¥2.96T | ¥2.86T | ¥2.70T |
| Revenue growth | — | +5% | +4% | +6% | — |
| Gross profit | ¥219B | ¥206B | ¥203B | ¥196B | ¥182B |
| EBITDA | ¥50.5B | ¥51.1B | ¥53.2B | ¥52.0B | ¥43.5B |
| Net income | ¥39.2B | ¥41.7B | ¥27.4B | ¥29.6B | ¥25.8B |
| Free cash flow | n/a | ¥16.1B | -¥10.9B | ¥73.6B | -¥9.63B |
| Capital expenditure | n/a | ¥29.1B | ¥21.1B | ¥15.7B | ¥25.5B |
| Total debt | ¥30.0B | ¥35.6B | ¥35.5B | ¥34.9B | ¥3.85B |
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 |
|---|---|---|---|---|---|---|
| Alfresa 2784.T | $2.79B | -3% | +5% | 1% | 17.4× | -9.1% |
| MEDIPAL 7459.T | $3.67B | +14% | +4% | 1% | 12.6× | -7.4% |
| Suzuken 9987.T | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% |
| Toho 8129.T | $1.60B | -14% | +4% | 1% | 21.6× | -7.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2784.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.7% | +4.4% | 9th lowest of 21 |
| 6-month return | -2.5% | +4.7% | 7th lowest of 21 |
| Distance from 52-week high | -14.1% | -14.7% | 10th highest of 21 |
| Revenue growth (TTM) | +4.6% | +6.0% | 9th lowest of 21 |
| Operating margin | 1.1% | 3.2% | 4th lowest of 21 |
| Forward P/E | 17.4× | 15.7× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -9.1% | -1.4% | 4th least demanding of 17 |
| Growth delivered (Del g) | +3.5% | +5.5% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -12.6 pp | -9.3 pp | 5th least demanding of 17 |
| ROIC minus cost of capital | +2.4 pp | +1.6 pp | 9th highest of 21 |
| Net debt / EBITDA | -3.2× | 0.5× | 2nd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alfresa 2784.T | Japan | $2.79B | -3% | +5% | 1% | 17.4× | -9.1% | +3.5% |
| Hanmi Science 008930.KS | South Korea | $2.71B | +44% | +6% | 5% | n/a | 24.2% | +9.6% |
| Asker Healthcare ASKER.ST | Sweden | $2.98B | -5% | +12% | 7% | 26.6× | 1.2% | +12.7% |
| COSMOS Pharmaceutical 3349.T | Japan | $3.20B | +5% | +9% | 4% | 15.7× | n/a | n/a |
| Suzuken 9987.T | Japan | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% | +3.2% |
| MEDIPAL 7459.T | Japan | $3.67B | +14% | +4% | 1% | 12.6× | -7.4% | +3.5% |
| Amplifon AMP.MI | Italy | $3.72B | +13% | 0% | 9% | 18.1× | 9.5% | +9.8% |
| Jointown Pharmaceutical 600998.SS | China | $3.96B | +1% | +9% | 2% | 11.7× | 0.1% | +7.8% |
| Redcare Pharmacy RDC.DE | Germany | $1.63B | +52% | +19% | 0% | n/a | n/a | n/a |
| Toho 8129.T | Japan | $1.60B | -14% | +4% | 1% | 21.6× | -7.4% | +5.1% |
| Galenica GALE.SW | Switzerland | $5.46B | +8% | +6% | 5% | 23.4× | 6.9% | +3.5% |
| Ship Healthcare 3360.T | Japan | $1.34B | +4% | +7% | 3% | 13.8× | -14.7% | +7.6% |
| DKSH DKSH.SW | Switzerland | $6.10B | +29% | -1% | 3% | 21.5× | -1.4% | +0.6% |
| Shanghai C and D INNOSTIC Medical Technology 301584.SZ | China | $1.20B | -28% | +8% | 3% | n/a | -1.3% | +17.9% |
| Shinva Medical Instrument 600587.SS | China | $1.16B | -7% | +6% | 5% | 14.2× | -5.9% | +1.2% |
| Sinopharm 1099.HK | Hong Kong | $6.83B | -4% | +3% | 3% | 6.3× | -8.1% | +4.0% |
| AS ONE 7476.T | Japan | $1.08B | +15% | +10% | 12% | 18.2× | -1.0% | +6.3% |
| Nanjing Pharmaceutical 600713.SS | China | $1.03B | +1% | +3% | 2% | n/a | n/a | n/a |
| DocMorris DOCM.SW | Switzerland | $1.02B | +136% | +11% | -8% | n/a | n/a | n/a |
| Arjo ARJO-B.ST | Sweden | $1.02B | +48% | 0% | 8% | 21.3× | -1.3% | +3.9% |
| Guangxi LiuYao 603368.SS | China | $994M | +2% | +2% | 5% | 9.9× | -9.5% | +6.0% |