M3 Inc. - Public Comps and Valuation Multiples

M3 Inc. Overview

About M3 Inc.

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.

Founded

2000

HQ

Employees

18.4K+

Website

corporate.m3.com

Sectors

Healthcare Software
Online Content & News
B2B SaaS
Vertical SaaS
HealthTech

Financials

LTM Revenue $2.2B

LTM EBITDA $544M

EV

$9.6B

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M3 Inc. Financials

As of November 2025, M3 Inc. reported last 12-month revenue of $2.2B and EBITDA of $544M.

In the same period, M3 Inc. generated $1.1B in LTM gross profit and $294M in net income.

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M3 Inc. P&L

In the most recent fiscal year, M3 Inc. reported revenue of $1.8B and EBITDA of $498M.

M3 Inc. expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.2B	XXX	$1.8B	XXX	XXX	XXX
Gross Profit	$1.1B	XXX	$990M	XXX	XXX	XXX
Gross Margin	53%	XXX	54%	XXX	XXX	XXX
EBITDA	$544M	XXX	$498M	XXX	XXX	XXX
EBITDA Margin	25%	XXX	27%	XXX	XXX	XXX
EBIT	$453M	XXX	$387M	XXX	XXX	XXX
EBIT Margin	21%	XXX	21%	XXX	XXX	XXX
Net Profit	$294M	XXX	$260M	XXX	XXX	XXX
Net Margin	14%	XXX	14%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for M3 Inc. including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.2B. EBITDA for the last twelve months was $544M. In the most recent fiscal year, M3 Inc. achieved $1.8B in revenue and $498M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.2B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.1B	Analyst estimates available to subscribers	$990M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	52.5% gross margin	Analyst estimates available to subscribers	54.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$544M	Analyst estimates available to subscribers	$498M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	25.3% EBITDA margin	Analyst estimates available to subscribers	27.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$453M	Analyst estimates available to subscribers	$387M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	21.0% EBIT margin	Analyst estimates available to subscribers	21.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$294M	Analyst estimates available to subscribers	$260M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.6% net profit margin	Analyst estimates available to subscribers	14.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for M3 Inc.

This financial data table provides comprehensive performance metrics for M3 Inc., a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

M3 Inc. generated $2.2B in revenue over the last twelve months.
The company achieved $544M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.1B.
Net income over the last twelve months reached $294M.

Fiscal Year Performance

In the most recent fiscal year, M3 Inc. reported $1.8B in total revenue.
Fiscal year EBITDA was $498M.
The company maintained a gross profit margin of 54.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 27.3%.
Net profit margin reached 14.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for M3 Inc.. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

M3 Inc. Stock Performance

M3 Inc. has current market cap of JPY 1.64T (or $10.5B), and EV of JPY 1.50T (or $9.6B).

Market Cap Evolution

M3 Inc. Stock Data

As of December 3, 2025, M3 Inc.'s stock price is JPY 2420 (or $16).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$9.6B	$10.5B	XXX	XXX	XXX	XXX	$0.44

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M3 Inc. Valuation Multiples

M3 Inc.'s trades at 5.5x EV/Revenue multiple, and 19.3x EV/EBITDA.

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M3 Inc. Financial Valuation Multiples

As of December 3, 2025, M3 Inc. has market cap of $10.5B and EV of $9.6B.

Equity research analysts estimate M3 Inc.'s 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

M3 Inc. has a P/E ratio of 35.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$10.5B	XXX	$10.5B	XXX	XXX	XXX
EV (current)	$9.6B	XXX	$9.6B	XXX	XXX	XXX
EV/Revenue	4.5x	XXX	5.5x	XXX	XXX	XXX
EV/EBITDA	17.7x	XXX	19.3x	XXX	XXX	XXX
EV/EBIT	21.3x	XXX	24.7x	XXX	XXX	XXX
EV/Gross Profit	8.5x	XXX	n/a	XXX	XXX	XXX
P/E	35.8x	XXX	39.3x	XXX	XXX	XXX
EV/FCF	49.6x	XXX	33.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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M3 Inc. Margins & Growth Rates

M3 Inc.'s last 12 month revenue growth is 16%

M3 Inc.'s revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $33K for the same period.

M3 Inc.'s rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

M3 Inc.'s rule of X is 65% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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M3 Inc. Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	16%	XXX	20%	XXX	XXX	XXX
EBITDA Margin	25%	XXX	28%	XXX	XXX	XXX
EBITDA Growth	13%	XXX	12%	XXX	XXX	XXX
Rule of 40	44%	XXX	44%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	65%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$33K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	33%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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