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Japanese maker of Kampo (traditional herbal) medicines, the market leader in prescription herbal drugs.
Japanese maker of Kampo (traditional herbal) medicines, the market leader in prescription herbal drugs.
Its Kampo formulations are on Japan's national health insurance drug price list, so doctors prescribe them with the cost largely reimbursed, and the government sets the price and reviews it regularly. Most herbal raw material is imported, largely from China, so ingredient supply and cost matter.
In one line: No direct US analogue — a prescription herbal-medicine maker.
Moat: wide (regulatory licence, brand, scale). Dominant share and long regulatory/insurance approval history in Japan's unique Kampo drug category.
Headquarters: Kyoto, Japan · Founded: 1893 · Employees: 4,923
Size Tsumura & (4540.T) is a Japan Health Care company (Pharmaceuticals: Major) with a market value of $1.81B, the 514th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,732 on 6 Nov 2026.
Performance Over six months the shares gained 2.2%, against -10.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +11.1%); the operating margin is 17.8% (peer median 12.2%).
Valuation It trades at 10.1× forward earnings against a peer median of 23.4× (2nd cheapest of 17).
Capital Return on invested capital runs 0.1 points below 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 | ¥199B | ¥193B | ¥181B | ¥151B | ¥140B |
| Revenue growth | — | +6% | +20% | +8% | — |
| Gross profit | ¥93.6B | ¥91.5B | ¥90.6B | ¥68.8B | ¥68.3B |
| EBITDA | ¥49.2B | ¥48.3B | ¥51.3B | ¥30.8B | ¥31.5B |
| Net income | ¥30.2B | ¥28.1B | ¥32.4B | ¥16.7B | ¥16.5B |
| Free cash flow | -¥20.0B | -¥9.16B | ¥6.23B | -¥11.2B | ¥4.23B |
| Capital expenditure | ¥42.0B | ¥34.4B | ¥29.8B | ¥20.1B | ¥14.7B |
| Total debt | ¥148B | ¥136B | ¥70.8B | ¥80.1B | ¥80.0B |
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| Measure | 4540.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.2% | -0.5% | 11th highest of 21 |
| 6-month return | +2.2% | -10.6% | 8th highest of 21 |
| Distance from 52-week high | -15.2% | -28.4% | 4th highest of 21 |
| Revenue growth (TTM) | +10.4% | +11.1% | 9th lowest of 20 |
| Operating margin | 17.8% | 12.2% | 9th highest of 20 |
| Forward P/E | 10.1× | 23.4× | 2nd cheapest of 17 |
| ROIC minus cost of capital | -0.1 pp | +1.4 pp | 9th lowest of 20 |
| EV / EBITDA | 8.3× | 16.7× | 3rd cheapest of 10 |
| Net debt / EBITDA | 1.4× | -1.0× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tsumura & 4540.T | Japan | $1.81B | +2% | +10% | 18% | 10.1× | n/a | n/a |
| Eris Lifesciences ERIS.NS | India | $1.82B | -11% | +11% | 26% | 25.7× | 24.7% | +20.9% |
| PharmaResearch 214450.KS | South Korea | $1.79B | -25% | +34% | 39% | 12.4× | -14.2% | +37.6% |
| Guobang Pharma 605507.SS | China | $1.84B | -8% | +3% | 12% | 15.9× | -5.8% | +7.4% |
| China National Accord Medicines 000028.SZ | China | $1.85B | -4% | 0% | 2% | 11.1× | -9.4% | +4.2% |
| Zhejiang Wolwo Bio-Pharmaceutical 300357.SZ | China | $1.77B | -11% | +7% | 39% | 27.8× | 19.5% | +10.8% |
| Beijing Aosaikang Pharmaceutical 002755.SZ | China | $1.76B | -25% | -13% | 12% | 63.3× | 14.7% | -14.0% |
| Pfizer PFIZER.NS | India | $1.87B | -19% | +12% | 34% | 21.5× | 11.2% | +2.4% |
| Agios Pharmaceuticals AGIO | United States | $1.76B | +6% | +141% | -467% | n/a | n/a | n/a |
| Cohance Lifesciences COHANCE.NS | India | $1.75B | -11% | +41% | 6% | 82.6× | n/a | n/a |
| Shenzhen Hepalink Pharmaceutical 002399.SZ | China | $1.88B | -13% | -6% | 8% | 22.5× | 0.1% | +0.5% |
| Sarepta Therapeutics SRPT | United States | $1.88B | -11% | -20% | -3% | n/a | 11.9% | +32.4% |
| Maze Therapeutics MAZE | United States | $1.90B | +29% | +700% | -728% | n/a | n/a | n/a |
| Yifan Pharmaceutical 002019.SZ | China | $1.72B | -14% | -5% | 8% | 27.8× | n/a | n/a |
| Shenyang Xingqi Pharmaceutical 300573.SZ | China | $1.91B | -25% | +17% | 33% | 13.7× | 6.0% | +29.1% |
| Caplin Point Laboratories CAPLIPOINT.NS | India | $1.92B | +28% | +15% | 31% | 24.6× | 29.3% | +15.7% |
| Faes Farma FAE.MC | Spain | $1.71B | +5% | +32% | 14% | 17.1× | 3.1% | +9.9% |
| Alivus Life Sciences ALIVUS.NS | India | $1.92B | +32% | +8% | 31% | 24.4× | 20.4% | +6.2% |
| Harmony Biosciences HRMY | United States | $1.93B | +7% | +20% | 22% | 8.6× | -10.9% | +40.3% |
| SELLAS Life Sciences SLS | United States | $1.70B | +68% | n/a | n/a | n/a | n/a | n/a |
| OneSource Specialty Pharma ONESOURCE.NS | India | $1.94B | -12% | +11% | 6% | 45.0× | n/a | n/a |