YAMASHITA HEALTH CARE HOLDINGS, INC.
9265・Standard Market・Wholesale Trade
Business
Yamashita Healthcare Holdings Co., Ltd. is a medical equipment sales holding company centered on Yamashita Medical Instruments Co., Ltd., founded in 1926. It transitioned to a holding company structure in December 2017 and currently comprises 9 consolidated subsidiaries. In its core Medical Equipment Sales Business, the company supplies a wide range of medical equipment, consumables, and IT systems to hospitals and other medical institutions across five fields: General Equipment, Consumables, Minimally Invasive Treatment, Specialty, and Information & Services. With its main base in the Kyushu and Chugoku regions, it plays a role in supporting regional medical infrastructure, including remote islands and depopulated areas. The company also engages in the Medical Equipment Manufacturing & Sales Business (orthopedic implants and ultrasound diagnostic devices) and operates a medical mall in Fukuyama City, Hiroshima Prefecture.
Business Model
The core earnings driver is a wholesale-type business selling equipment and consumables procured from medical equipment manufacturers to medical institutions. Consumables and medical supplies generate recurring demand, forming stock-type revenue, which is supplemented by value-added services such as equipment sales, medical IT system construction, maintenance services, and SPD (in-hospital materials management outsourcing). The company is also nurturing the manufacture and sale of its own developed products (orthopedic implants and ultrasound diagnostic devices).
Company Strengths
The core operating company, Yamashita Iikaikai Co., Ltd. (Yamashita Medical Instruments), will mark its 100th anniversary in August 2026. Backed by long-standing business relationships with medical institutions in the Kyushu and Chugoku regions, consolidated net sales for FY2025 (ended May 2025) remained stable at ¥64,486 million. The company explicitly states in its management policy the maintenance of a logistics network covering remote islands and depopulated areas, fulfilling its social role as regional healthcare infrastructure.
The company assigns specialized sales staff across five fields: General Equipment, General Consumables, Minimally Invasive Treatment, Specialty, and Information & Services. In endoscopy, it holds an authorized dealer agreement with Olympus Corporation, and also provides IT consulting through
The company has no interest-bearing debt (both the cash flow-to-interest-bearing debt ratio and interest coverage ratio are not applicable for calculation), and cash and cash equivalents stood at ¥5,698 million at the end of FY2025 (May 2025). The equity ratio was 32.6%. Operating cash flow was secured at ¥617 million, maintaining sound financial health by funding capital expenditures, dividends, and share buybacks from internal resources.
ENVALITH's Perspective
Performance Trend
Revenue had been on an expanding trajectory, growing from ¥55,146 million in FY2022 to ¥64,149 million in FY2026, but FY2026 saw its first slight decline, down 0.5% year on year. Operating profit peaked at ¥1,156 million in FY2023 and has continued to decline since, falling to ¥737 million in FY2026, with an operating margin of 1.1%. As an external factor, capital investment demand for radiological equipment and diagnostic imaging equipment fell below the previous year's level, weighing on revenue. Meanwhile, the Consumables, Minimally Invasive Treatment, and Specialty Fields remained solid, and underlying medical demand associated with an aging population continued to be firm as a market condition. Profit attributable to owners of parent increased to ¥648 million (up 5.1% year on year), but this was due to a decrease in corporate income taxes and other taxes (from ¥329 million in the previous period to ¥282 million in the current period), and is difficult to characterize as an improvement on an underlying basis.
Growth Strategy
Aiming to strengthen the medium-term earnings base through balanced management combining proactive investment and enhanced group functions
Promoting the expansion/renovation of the new Tosu TMS Center (tentative name) and the introduction of material handling equipment such as automated warehouses, transport robots, and warehouse management systems. Construction in progress has accumulated to ¥862 million, aiming to build a stable product supply system and improve productivity through labor savings.
Focusing on expanding sales of high-value-added products such as surgical support robots and high-performance diagnostic imaging equipment. Strengthening solution sales combining system proposals and maintenance services to improve customer satisfaction and profitability. Also aiming to reliably capture demand for medical DX, ICT infrastructure development, and equipment renewal driven by supplementary budgets.
Continuing human capital investment such as improved compensation, regular pay raises, and the granting of restricted stock. In FY2026 (ending May 2026), salaries, allowances, and bonuses increased to ¥3,973 million (up ¥169 million year on year). Aiming to secure and retain talent by building an attractive organization, serving as a source of medium- to long-term competitiveness.
On the occasion of the 100th anniversary of the founding of Yamashita Medical Instruments Co., Ltd. in August 2026, aiming to enhance brand value and deepen relationships with existing business partners through anniversary initiatives. Working to further strengthen the trust relationships built with customers over many years and to enhance corporate value over the medium to long term.
Aiming to reduce segment losses by expanding sales of orthopedic implants and the ultrasound diagnostic imaging device "Breast Scan". The segment loss for FY2026 (ending May 2026) improved to ¥185 million (narrowed from ¥220 million in the previous period), but losses continue, and achieving profitability remains a challenge.
Last updated: July 17, 2026