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Employees: 4,694
Size Tokai (9729.T) is a Japan Health Care company (Services to the Health Industry) with a market value of $553M, the 1012th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,695 on 6 Nov 2026.
Performance Over six months the shares gained 2.7%, against +36.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 6 in its peer set.
Growth Revenue grew 4.9% over the last twelve months (peer median +9.1%); the operating margin is 6.0% (peer median 11.1%).
Valuation It trades at 12.4× forward earnings against a peer median of 22.0× (cheapest of 6).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥161B | ¥160B | ¥150B | ¥138B | ¥130B |
| Revenue growth | — | +7% | +8% | +6% | — |
| Gross profit | ¥39.5B | ¥38.8B | ¥35.4B | ¥33.6B | ¥31.9B |
| EBITDA | ¥14.6B | ¥14.5B | ¥13.3B | ¥12.8B | ¥11.9B |
| Net income | ¥6.16B | ¥6.07B | ¥4.73B | ¥5.81B | ¥6.11B |
| Free cash flow | n/a | ¥8.15B | ¥5.99B | -¥372M | ¥2.94B |
| Capital expenditure | n/a | ¥4.07B | ¥4.76B | ¥8.70B | ¥6.22B |
| Total debt | ¥4.70B | ¥3.48B | ¥2.63B | ¥2.35B | ¥2.87B |
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.
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 | 9729.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | +10.8% | 2nd lowest of 6 |
| 6-month return | +2.7% | +36.4% | 2nd lowest of 6 |
| Distance from 52-week high | -9.9% | -5.7% | 3rd lowest of 6 |
| Revenue growth (TTM) | +4.9% | +9.1% | 3rd lowest of 6 |
| Operating margin | 6.0% | 11.1% | 2nd lowest of 6 |
| Forward P/E | 12.4× | 22.0× | cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | -13.2% | 11.2% | least demanding of 6 |
| Growth delivered (Del g) | +6.2% | +9.1% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | -19.4 pp | +3.2 pp | 2nd least demanding of 6 |
| ROIC minus cost of capital | +5.4 pp | +2.7 pp | 3rd highest of 6 |
| EV / EBITDA | 4.5× | 14.6× | cheapest of 4 |
| Net debt / EBITDA | -1.5× | 3.5× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokai 9729.T | Japan | $553M | +3% | +5% | 6% | 12.4× | -13.2% | +6.2% |
| NRC Health NRC | United States | $572M | +38% | +3% | 11% | 26.1× | 11.2% | +0.6% |
| Astrana Health ASTH | United States | $1.71B | -12% | +59% | 3% | 19.3× | 12.8% | +35.9% |
| Attendo ATT.ST | Sweden | $1.92B | +23% | -1% | 10% | 17.7× | 1.7% | +9.1% |
| Pro Medicus PME.AX | Australia | $14.8B | +63% | +23% | 75% | 112.9× | 55.0% | +31.0% |
| Quest Diagnostics DGX | United States | $28.1B | +36% | +9% | 15% | 22.0× | 6.4% | +3.2% |