October 2026
 | Shionogi is a Japanese pharmaceutical company headquartered in Osaka, with business roots dating back to 1878 and incorporation in 1919. It develops, manufactures and sells prescription medicines, with particular strength in antimicrobials and antibiotics and in areas such as infectious disease and pain, and sells to hospitals, clinics and distributors. The company earns revenue from product sales and from licensing and royalty arrangements, including through its partial ownership of the HIV-focused company ViiV Healthcare since 2012. Shionogi is listed on the Tokyo Stock Exchange and is a constituent of the Nikkei 225 index, and reported consolidated revenue of about JPY 427 billion for 2022 with roughly 6,000 employees. In June 2023 it acquired Qpex Biopharma for about USD 140 million, and in April 2025 it set up a corporate venture capital function that invests in start-ups across healthcare, technology, infrastructure and resources. In October 2026 it invested in Celaid Therapeutics. | $17 | +4% | $15B | $15B | 4.8x | 12.4x | ||
| Olympus is a medical-device maker with a leading position in the endoscope market and a diversified global revenue stream. Originally founded in 1919 in Japan as a microscope and camera maker, Olympus has gradually pivoted into endoscopic and therapeutic solutions. As of March 2025, more than 60% of its revenue comes from endoscopic solutions. In addition, North America is the biggest revenue contributor by region, accounting for 38% of its total revenue. | $13 | +1% | $13B | $14B | 2.1x | 13.1x | ||
| Shimadzu Corp is a Japan-based company engaged in the manufacture of precision instruments, measuring equipment, and medical devices. The firm operates in four segments: Aviation Equipment, Industrial Equipment, Measuring Equipment, Medical Equipment, and Others. It generates the majority of its revenue from the Measuring Equipment segment, which is engaged in the provision of X-ray television (TV) systems, angiography systems, X-ray imaging systems, and others. | $27 | +1% | $7.9B | $7B | 2.0x | 11.0x | ||
| M3 Inc is a Japan-based company engaged in providing medical-related services through internet-based platforms and real-world operations. The company operates six reportable segments: Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, and Overseas. Its businesses include online marketing for medical professionals, clinical trial support, human resources services for medical professionals, operational support for medical institutions, and patient support services. The Overseas segment offers similar services internationally, including in the United States, the United Kingdom, China, South Korea, India, France, Germany, and Spain. | $12 | -17% | $7.8B | $7.1B | 3.2x | 15.3x | ||
| Sysmex Corp manufactures and sells laboratory testing equipment and reagents. It conducts product development, manufacturing, sales, and service activities in domestic markets, while certain products are also developed, manufactured, and sold through its subsidiaries. The company operates through five reportable segments based on headquarters: Head Office Management, Americas Headquarters, EMEA Headquarters, China Headquarters, and AP Headquarters. | $12 | +5% | $7.1B | $7.1B | 2.3x | 11.4x | ||
| Horiba Ltd provides analytical and measurement equipment. The company operates through five segments. The Automobile segment offers automotive validation, verification technologies, and consulting services. The Environment/Accounting Process segment provides measurement technologies for air, water, and soil quality to support environmental conservation. The Medical segment develops and distributes in vitro diagnostic systems, mainly in the field of hematology. The Science segment delivers high-performance scientific instruments and analytical solutions. The Semiconductor segment specializes in fluid control, measurement, and analysis technologies for researchers, developers, and manufacturers across regions. | $166 | +78% | $7B | $6.3B | 3.0x | 15.7x | ||
| Asahi Intecc Co Ltd is engaged in the development, manufacturing, and sales of medical and industrial equipment components. The company operates through two reportable segments: Medical Business and Device Business. The Medical Business develops, manufactures, and sells proprietary and OEM products in the medical equipment field, while the Device Business focuses on components for medical and industrial equipment applications. It generates the majority of its revenue from the Medical Business segment. | $21 | +33% | $5.6B | $5.3B | 5.7x | 15.6x | ||
| Canon Marketing Japan Inc is engaged in the sale of imaging and IT solutions across diverse customer segments, with four reportable segments: Consumer, Enterprise, Area, and Professional. The Consumer segment offers digital cameras, inkjet printers, and related products to individual customers. The Enterprise segment provides Canon input/output devices and IT solutions for large and mid-sized companies, mainly through Canon IT Solutions Inc. The Area segment caters to small and medium-sized businesses nationwide via Canon System & Support Inc. The Professional segment delivers specialized solutions in production printing, semiconductor manufacturing, and healthcare IT through companies like Canon Production Printing Systems Inc and Canon ITS Medical Inc. | $24 | +17% | $5B | $4.1B | 1.0x | 8.6x | ||
| Hamamatsu Photonics KK is a Japan-based company engaged in the development, manufacture, and sale of optical and electronic devices. The company operates through four reportable segments: Electron Tube, Optical Semiconductor, Imaging and Measuring Instruments, and Laser Businesses. Its products include photomultiplier tubes, optical semiconductor components, imaging and measuring instruments, and laser-related products. | $15 | +35% | $4.4B | $4.3B | 3.2x | 16.2x | ||
| Jeol Ltd is engaged in the manufacture and sale of scientific and measuring instruments, industrial equipment, and medical equipment. The group has three reportable segments: Scientific and Measuring Instruments, Industrial Equipment, and Medical Equipment. The Scientific and Measuring Instruments segment manufactures and sells electron microscopes, nuclear magnetic resonance devices, and mass spectrometers. The Industrial Equipment segment manufactures and sells electron beam lithography equipment, electron beam metal 3D printers, and high-frequency power supplies. The Medical Equipment segment manufactures and sells automatic analyzers and related products. It generates the majority of its revenue from the Scientific and Measuring Instruments segment. | $53 | +57% | $2.6B | $2.5B | 2.2x | 11.4x | ||
| Fukuda Denshi Co Ltd develops and manufactures medical electronic equipment. The firm operates in four segments: physiological diagnostic equipment, patient monitoring equipment, medical treatment equipment, and consumables and other products. The physiological diagnostic equipment business sells electrocardiographs, vascular screening systems, and blood cell counters. The patient monitoring equipment segment sells patient monitors and transmitters. The medical treatment equipment segment contributes the largest proportion of revenue and sells pacemakers and medical equipment for home treatment. The consumables and other products segment sells disposable electrodes and consumables used for the firm’s devices. Fukuda Denshi generates the vast majority of its sales in Japan. | $71 | +54% | $1.9B | $1.5B | 1.7x | 6.1x | ||
| Nihon Kohden Corp is a Japan-based company engaged in the development, manufacturing, and sale of medical electronic equipment. It offers monitoring and diagnostic equipment such as electroencephalographs, electrocardiographs, and patient monitors, along with related systems and consumables. The company operates as a single business segment and manages its activities comprehensively across three reportable regions: Japan, North America, and Other Regions. | $10 | -10% | $1.7B | $1.5B | 1.0x | 9.1x | ||
| JMDC Inc is engaged in constructing and providing a medical database, offering PHR and other health promotion services, telemedicine such as diagnostic imaging, and providing digital solutions to dispensing pharmacies. The company operates in two segments namely, Health Big Data that collects, manages, and analyzes medical claims, prescription, and health examination data to support pharmaceutical companies, insurers, and research organizations with data-driven insights. Telemedicine segment which offers remote diagnostic imaging matching services and digital infrastructure that enable medical institutions to conduct efficient remote image interpretation and consultations. | $24 | -26% | $1.5B | $1.7B | 5.2x | 19.1x | ||
| Nakanishi Inc manufactures high-speed rotary cutting technology for the dental industry and the medical industry more broadly. The company distributes its products to countries internationally, earning its key revenue overseas. The company operates via three business segments. The dental product segment manufactures and sells handpieces for dental treatment, mechanical micro motors and handpieces as well as handpieces for surgeries. The surgical business segment manufactures and sells grinders for manual works and spindles for machinery attachment. The Machinery business segment provides inspection and repair services for its dental and medical equipment and general industrial cutting and grinding equipment. | $9 | -32% | $1.5B | $1.3B | 2.6x | 25.4x | ||
| SMS Co Ltd is a Japanese company involved in providing various services targeting information infrastructure for the aging society. The company divides its search service by the following segments: nursing care, medical care, career, healthcare/senior life, and global. | $17 | +93% | $1.4B | $1.3B | 3.2x | (21.6x) | ||
| PHC Holdings Corp is engaged in the development, manufacture and sale of healthcare devices and services. operations are organized into three business domains: the "Diabetes Management Domain," which develops, manufactures, and sells blood glucose monitoring (BGM) systems; the "Healthcare Solutions Domain," which provides clinical testing services, develops and sells medical IT products (such as medical billing computers, electronic medical record systems, and electronic medication history systems), and offers drug discovery support services (such as contract non-clinical studies, bioanalysis, and central laboratory services); and the "Diagnostics & Life Sciences Domain," which develops, manufactures, and sells life science research and medical support equipment. | $10 | +53% | $1.3B | $2.4B | ||||
| Mani Inc manufactures medical devices and dental instruments. It sells products in four categories: surgical instruments, ophthalmic instruments, suture needles, and dental instruments. Mani's surgical products include instruments such as staplers, vessel knives, and bone saws. Its ophthalmic instruments include a range of knives used during eye surgery and ophthalmic sutures. Mani's suture needles business includes a variety of taper point and cutting eyeless needles, which require suture attachment and sterilization by the customer, as well as stainless-steel eyed needles. The firm's dental instruments include endodontic instruments and accessories, root canal equipment, and finishing and polishing instruments. | $9 | -2% | $929M | $779M | ||||
| Kaken Pharmaceutical Co Ltd is a specialty and generic drug manufacturing company. The company organizes its segments between pharmaceutical and real estate activities. The pharmaceutical segment consists of pharmaceutical drugs, medical devices, and agrochemicals. In the real estate segment, the majority of revenue is generated through commercial facility rental fees. Sales in Japan constitute more than 90% of revenue. Kaken considers merger and acquisition investment to be a potential component of its operational growth strategy for expanding its research, development, manufacturing, and marketing capabilities. | $23 | -2% | $887M | $591M | ||||
| Japan Lifeline Co Ltd is a medical device company operating in Japan. It is engaged in the trading and manufacturing of medical devices specialized in the cardiovascular field. The company offers medical devices mainly for the treatment of cardiac and vascular diseases. It focuses on providing implantable devices to treat arrhythmias; disposable catheter devices with electrodes for diagnosis and treatment of arrhythmias; prosthetic devices to replace blood vessels and heart valves that lost their functions; and devices for intravascular treatment of cardiac infarction, arterial occlusions of the lower extremities and congenital cardiac diseases. | $9 | -1% | $661M | $619M | ||||
| MEDLEY Inc is engaged in providing medical information service for patients, and nursing care, a nursing care information service for citizens resolving issues in the field of medical healthcare. It provides its services through three platforms, Talent Platform Business which provides human resource recruitment systems in the medical and healthcare field and related businesses; and Medical Platform Business that is a telemedicine system for both patients and medical institutions. And the Newly developed services engaged in developing new businesses aimed at medium- to long-term growth, one of these newly developed services, Minkai, is a web and in-person service that provides information on nursing care facilities. | $15 | +12% | $464M | $507M | ||||
| Software Service Inc installs, develops and sells Electric Medical Record System, Hospital Total Ordering System, and nursing support system. The product line includes - Anesthesia recording system, Dialysis management system, Infection control system, Bacterial test system, Personnel payroll system, Visiting system for nursing, In-home medical care, Office-based care system, Hospital entrance care system, among others. | $75 | -16% | $339M | $242M | ||||
| Value HR Co Ltd provides health management services through value cafeteria system. The company is engaged in the planning, development, operation, and management of the welfare support system; and the provision of health management and healthcare support services. | $10 | -11% | $262M | $276M | ||||
| EM Systems Co Ltd is a Japan-based company. Along with its subsidiaries, the firm is engaged in the development, sales, and maintenance of computer software for medical business. It operates its business in three divisions Dispensing system business develops and sells systems for pharmacies. Medical system business develops and sells medical office processing computer system for medical institutions, mainly clinics, and provides supplementary supply and maintenance service. Other business division develops, sell and maintain maintenance service for medical care nursing collaboration solutions and systems for nursing care service providers. | $4 | -33% | $247M | $209M | ||||
| MTI Ltd is engaged in the content distribution business for mobile phones in Japan. The company provides health care services through Lunaruna app, Lunaruna baby, and Lunaruna medicine notebook. It is involved in providing music/video services, electronic book services, life information services, and entertainment services. | $4 | -28% | $208M | $136M | ||||
| eWeLL Co Ltd provide services that support businesses in the home-based care industry such as SaaS business support tools for home-visit nursing stations. | $15 | -18% | $200M | $182M | ||||
| Kusurinomadoguchi Inc is engaged in providing solutions for pharmacies and medical facilities. The Group operates in a single segment and develops and sells medical solutions. | $16 | -18% | $183M | $170M | ||||
| CE Holdings Co Ltd is a Japan-based company engages in the development and sale of medical information systems focused on electronic medical record systems. It provides packaged software, medical information and accounting systems, electronic health record systems, and blood transfusion systems. | $10 | +58% | $172M | $147M | ||||
| Kanamic Network Co Ltd provides platforms and management systems for the health care industry. The firm develops software to support medical care and nursing care business management. It offers cloud services for construction of information sharing platform in the medical and nursing care field to local government staff, doctors, nurses, care managers; system integration and system solution business; Website production/management work; and planning, production, and sale of Web content and video, and various sales promotion tools. In addition, it offers management and system consulting services, and education and training services; and engages in planning and holding lectures, seminars, academic conferences. | $3 | +1% | $150M | $127M | ||||
| Findex Inc is engaged in the operation of the system development business and health tech business. | $5 | +2% | $134M | $118M | ||||
| Data Horizon Co Ltd is engaged in development and provision of medical information services, data health related services, generic drug notification services, and health business support system. | $5 | +9% | $57M | $71M | ||||
| Waqoo Inc is engaged in planning and developing its brand-name goods, like cosmetics, and selling them on the company's website and others, by using digital marketing strategies. It has two segments the D2C business involves planning and developing original brands (cosmetics, etc.) using digital marketing, and the Medical Support Business is an initiative in the field of regenerative medicine, and is expanding into the areas of orthopedics and AGA. | $15 | +64% | $53M | $47M | ||||
| SOFTMAX Co Ltd provides optimal solutions for customers based on their developed PlusUs series such as Web type electronic charts and medical accounting. It offers Web-type electronic medical record and ordering systems, health checkup systems, radiology department information systems, rehabilitation department systems, surgical department systems, hospital goods management systems, and nursing care management systems. Geographically it operates through the region of Japan. | $2 | -23% | $48M | $46M | ||||
| Susmed Inc is engaged in the development of therapeutic smartphone apps and digital solutions to streamline clinical trials. It is currently developing therapeutic apps for patients with insomnia, breast cancer, kidney disease, and other conditions. In addition, it has developed Susumed System, which uses a proprietary blockchain technology to ensure the reliability of clinical trial data, and can reduce the manpower and costs allocated to clinical trials. The company's reportable segments are: the DTx Product Business, which derives maximum revenue, and consists of the development of therapeutic apps; and the DTx Platform Business, which provides general-purpose clinical trial systems and machine learning automated analysis systems. | $2 | -58% | $42M | $19M | ||||
| Emimen Co Ltd is engaged in the business of senior home introduction services and senior home management consulting. It is a professional in selecting senior homes, providing paid nursing homes with nursing care, residential-type paid nursing homes, and elderly care homes with services, depending on the thoughts and circumstances of the caregiving family. It helps to find a suitable place to live from among a wide variety of options, including residential housing and group homes. | $5 | -26% | $21M | $20M | ||||
| MRSO Inc operates a healthcare platform and provides vertical SaaS solutions for medical institutions, government entities, and corporations. The company offers a preventive medical platform that enables reservations for medical checkups and various cancer screenings. It also provides administrative DX services that support tasks carried out by local governments, including the acceptance of reservations for resident health checkups and vaccinations. These administrative DX services are used by local governments across regions with varying population sizes. | $5 | -16% | $19M | $8M | ||||
| MRT Inc engages in the business of medical personnel placement services through the Internet. It provides part-time and full-time physician referral services through the physician referral site, as well as part-time job referral, job change introduction services to nurses, pharmacists, clinical laboratory technicians, clinical engineers, and radiologists. Further, the company engages in the research and development of analytical and analytical methods for various biological samples, such as microorganisms, blood, proteins, and genes; and research and development, manufacture, and sale of medical and medical examination equipment, and analytical instruments. | $3 | -- | $19M | $11M | ||||
| Welby Inc offers patients and their families digital tools helping medical treatment and prevention of the progression of disease. The company co-develops and co-provides digital services with pharmaceuticals, medical device companies, governments, along with patients and healthcare professionals. | $2 | -1% | $16M | $16M | ||||
| Median | $12 | +0% | $661M | $591M | 2.2x | 11.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.