revenue
6209 $million
FY 2026
official guidance
株式会社ファインデックス · FINDEX INC.
Last · Tokyo¥888.00+7.00 (+0.79%)close · yahoo · 11h ago
Market cap¥21.7B24.4M sh
P/E · TTM19.5fwd 15.2 · eps 45.47
Beta0.33vs S&P 500
Div yield3.08%annual · TTM
52w range
¥717.00¥1011.00
Volume23.7Ksession
| Revenue | ¥6.1B |
|---|---|
| Operating income | ¥1.8B |
| Net income | ¥1.3B |
| Free cash flow | ¥1.6B |
| Operating margin | 29.3% |
| Net margin | 20.6% |
| Return on equity | 22.9% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong recurring core and shareholder returns are offset by modest consolidated growth and execution risk in the new businesses.
Hold: FINDEX delivered H1 revenue of ¥3.145bn (+0.6%) and operating profit of ¥888m (-7.0%), with 50.7% and 48.6% progress toward unchanged FY2026 guidance of ¥6.209bn revenue and ¥1.829bn operating profit. The core medical business remains resilient—H1 revenue +1.8%, 32.5% operating margin, record order backlog, and stronger REMORA demand—but overall growth is modest while public-sector revenue fell 29.1% and health-tech remains loss-making; the investment case depends on second-half projects and unproven data-platform/cloud scaling.
Themes
- Medical Cloud
- Remora Demand
- Public Sector Dx
- Health Tech
- Medical Data Platform
- Recurring Revenue
Near term
Second-half medical-system revenue from government subsidies and REMORA replacement demand, particularly among ophthalmology clinics.
Whether public-sector revenue recovers toward the FY plan after the absence of a prior-year large-project cutover; H1 progress was only 41.3%.
Q3 shipment of 50 GAP units overseas and the launch of the next-generation medical-data-platform site.
Operating-expense discipline after front-office hiring, ERP renewal and security investment reduced H1 operating profit by 7.0%.
Longer term
Cloud adoption could improve retention and recurring revenue: medical-business recurring revenue rose to 31.9% of sales from 29.8%, while cloud products such as CocktailAI and REMORA Cloud are expanding.
The company has a credible installed-base advantage, with more than 2,000 medical facilities and roughly 80% of Japanese university hospitals using its systems; however, the disclosed ¥5.451bn FY2026 medical-business plan is still 4.2% below the prior year.
The medical-data platform could become a higher-margin growth engine if FINDEX converts its next-generation medical-infrastructure-law accreditation and hospital relationships into repeatable data projects.
Public-sector growth is becoming more recurring through monthly usage fees, but the business must demonstrate that its expanding user base can overcome project-timing volatility.
The 50% payout-ratio policy and planned FY2026 dividend of ¥27 provide shareholder support, but do not compensate for weak execution if cloud and health-tech growth fails to materialize.
Red flags
The headline FY2026 growth target is only 1.6% for revenue and 2.2% for operating profit despite substantial policy and cloud tailwinds.
Health-tech revenue reached only 19.1% of its full-year plan in H1 and the segment remains loss-making at a ¥85m operating loss; management gave directional assurances but limited quantitative evidence of sustainable profitability.
The medical-data platform is primarily described through accreditation, planned facilities and potential use cases for AI and drug development; recurring customer commitments and revenue visibility were not quantified.
H1 net profit fell 18.2% after an approximately ¥100m valuation loss on an investment in a Singapore company, highlighting non-core capital-allocation volatility.
The sole Q&A challenge focused on large-hospital cloud adoption. Management identified hardware scarcity, inter-facility connectivity and generative AI as catalysts, but did not quantify conversion rates, implementation timing or incremental economics.
Forward outlook
revenue growth
1.6 pct
FY 2026
official guidance
operating margin
—
FY 2026
official guidance
revenue
5451 $million
FY 2026
official guidance
revenue growth
-4.2 pct
FY 2026
official guidance
revenue
419 $million
FY 2026
official guidance
revenue growth
17.9 pct
FY 2026
official guidance
revenue
340 $million
FY 2026
official guidance
revenue growth
437.2 pct
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
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