M3, Inc.

M3's full-year results for the fiscal year ending March 2026 showed revenue of 351.3 billion yen, up 23.3% year on year, operating profit of 73.5 billion yen, up 16.8%, and net profit of 49.1 billion yen, up 21.3%, marking the first operating profit increase in four fiscal years and a return to a growth trajectory. Operating profit had fallen for three consecutive fiscal years after peaking at 95.1 billion yen in the fiscal year ended March 2022, but recovered this period. However, the operating margin has declined from 45.7% in the fiscal year ended March 2022 to 20.9%, as revenue grew nearly 70% over four years from 208.1 billion yen to 351.3 billion yen while profit remains below its peak. The main reason for the margin decline is a shift in the business mix as the company has successively taken in businesses with different profitability profiles: its largest earner, the Medical Platform, kept a profit margin of 34.5% on revenue of 104 billion yen, while Patient Solution, which absorbed Ewell after it became a subsidiary in April 2025, saw revenue swell to 56.8 billion yen, 2.6 times the previous year's level, yet its profit margin stood at just 4.7%. For the fiscal year ending March 2027, the company forecasts revenue of 400 billion yen, up 13.8% year on year, operating profit of 80 billion yen, up 8.8%, and net profit of 53 billion yen, up 7.9%.