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Japanese distributor of laboratory and medical equipment and consumables to research institutions and hospitals.
Japanese distributor of laboratory and medical equipment and consumables to research institutions and hospitals.
Sells from a large catalogue, in print and online, of lab and clinical supplies from many makers, so a lab can order thousands of small items from one source; its own-brand products carry better margins than resold goods. Japan is the core, with operations in China and elsewhere in Asia.
In one line: Japan's Fisher Scientific (lab supply distribution).
Moat: narrow (distribution, scale). Broad catalog and logistics network for lab supplies built over decades.
Headquarters: Tokyo, Japan · Founded: 1948 · Employees: 758
Size AS ONE (7476.T) is a Japan Health Care company (Medical Distributors) with a market value of $1.08B, the 701st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,481 on 6 Nov 2026.
Performance Over six months the shares gained 14.6%, against -6.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +4.1%); the operating margin is 11.7% (peer median 1.8%).
Valuation It trades at 18.2× forward earnings against a peer median of 15.2× (4th most expensive of 11).
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 +6%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.3 points above its cost of capital (6.4% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥117B | ¥111B | ¥104B | ¥95.5B | ¥91.4B |
| Revenue growth | — | +7% | +9% | +5% | — |
| Gross profit | ¥35.3B | ¥33.5B | ¥31.3B | ¥29.2B | ¥28.5B |
| EBITDA | ¥15.5B | ¥14.7B | ¥13.4B | ¥12.3B | ¥13.0B |
| Net income | ¥9.58B | ¥9.18B | ¥8.23B | ¥7.50B | ¥8.11B |
| Free cash flow | n/a | ¥4.42B | ¥8.11B | ¥5.55B | ¥6.40B |
| Capital expenditure | n/a | ¥2.75B | ¥1.79B | ¥1.58B | ¥1.15B |
| Total debt | ¥8.36B | ¥4.75B | ¥7.21B | ¥3.65B | ¥6.27B |
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 |
|---|---|---|---|---|---|---|
| AS ONE 7476.T | $1.08B | +15% | +10% | 12% | 18.2× | -1.0% |
| Ship Healthcare 3360.T | $1.34B | +4% | +7% | 3% | 13.8× | -14.7% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
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 | 7476.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.4% | +1.0% | 9th lowest of 21 |
| 6-month return | +14.6% | -6.8% | 6th highest of 21 |
| Distance from 52-week high | -7.3% | -20.3% | 4th highest of 21 |
| Revenue growth (TTM) | +9.8% | +4.1% | 5th highest of 21 |
| Operating margin | 11.7% | 1.8% | highest of 21 |
| Forward P/E | 18.2× | 15.2× | 4th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | -1.0% | -0.5% | 9th least demanding of 17 |
| Growth delivered (Del g) | +6.3% | +5.5% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -7.3 pp | -6.2 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +10.3 pp | +0.4 pp | 2nd highest of 21 |
| EV / EBITDA | 9.7× | n/a | — |
| Net debt / EBITDA | -1.2× | 1.2× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Shinva Medical Instrument 600587.SS | China | $1.16B | -7% | +6% | 5% | 14.2× | -5.9% | +1.2% |
| Guangxi LiuYao 603368.SS | China | $994M | +2% | +2% | 5% | 9.9× | -9.5% | +6.0% |
| Shanghai C and D INNOSTIC Medical Technology 301584.SZ | China | $1.20B | -28% | +8% | 3% | n/a | -1.3% | +17.9% |
| Shanghai Haohai Biological Technology 688366.SS | China | $946M | -24% | -9% | -2% | 17.4× | 18.9% | +13.2% |
| Entero Healthcare Solutions ENTERO.NS | India | $875M | +50% | +32% | 4% | 46.5× | 21.8% | +29.9% |
| Ship Healthcare 3360.T | Japan | $1.34B | +4% | +7% | 3% | 13.8× | -14.7% | +7.6% |
| Neuca NEU.WA | Poland | $817M | -1% | +8% | 2% | 15.3× | 5.0% | +8.1% |
| Toho 8129.T | Japan | $1.60B | -14% | +4% | 1% | 21.6× | -7.4% | +5.1% |
| Redcare Pharmacy RDC.DE | Germany | $1.63B | +52% | +19% | 0% | n/a | n/a | n/a |
| Shanghai New World 600628.SS | China | $623M | -11% | -2% | 6% | n/a | 0.3% | +1.0% |
| GKHT Medical Technology 301370.SZ | China | $569M | -22% | -11% | 1% | n/a | 14.4% | +7.5% |
| Arata 2733.T | Japan | $552M | -7% | +3% | 1% | 11.9× | -7.1% | +3.8% |
| Shanghai Lily & Beauty Cosmetics 605136.SS | China | $517M | -21% | +10% | 0% | n/a | 12.2% | -18.1% |
| Suzuken 9987.T | Japan | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% | +3.2% |
| Thalys Medical Technology 603716.SS | China | $501M | -29% | -41% | -17% | n/a | n/a | n/a |
| Shenzhen Neptunus Bioengineering 000078.SZ | China | $475M | -60% | -22% | -1% | n/a | 59.0% | -7.8% |
| Hanmi Science 008930.KS | South Korea | $2.71B | +44% | +6% | 5% | n/a | 24.2% | +9.6% |