Japan Animal Referral Medical Center Co., Ltd., together with its subsidiaries, owns and operates animal hospitals that provide advanced medical treatment for dogs and cats in Japan. The company's medical centers consist of cardiology, respiratory, urology, gastroenterology, oncology, neurology, orthopedics, ophthalmology, radiology and imaging, and anesthesiology departments. It also provides professional training services for veterinarian training and education for advanced medical treatments; and conducts research and development projects, including genetic testing, immunotherapy, and regenerative medicine. Japan Animal Referral Medical Center Co., Ltd. was incorporated in 2005 and is headquartered in Kawasaki, Japan.
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Financials
Ownership
Capital Allocation Signals 1
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Net Sales
ยฅ6.2B
ยฅ5.3B
ยฅ4.3B
ยฅ3.9B
ยฅ3.0B
ยฅ2.8B
Cost of Sales
ยฅ3.7B
ยฅ3.4B
ยฅ2.8B
ยฅ2.4B
ยฅ1.9B
ยฅ1.9B
Gross Profit
ยฅ2.5B
ยฅ1.8B
ยฅ1.5B
ยฅ1.4B
ยฅ1.1B
ยฅ995M
SG&A
ยฅ1.4B
ยฅ1.1B
ยฅ967M
ยฅ862M
ยฅ666M
ยฅ589M
Operating Income
ยฅ1.2B
ยฅ721M
ยฅ497M
ยฅ581M
ยฅ439M
ยฅ406M
Non-Operating Income
ยฅ38M
ยฅ31M
ยฅ37M
ยฅ40M
ยฅ28M
ยฅ30M
Non-Operating Expenses
โ
ยฅ32M
ยฅ44M
ยฅ86M
ยฅ29M
ยฅ25M
Interest Expense
โ
ยฅ26M
ยฅ19M
ยฅ18M
ยฅ12M
ยฅ14M
Ordinary Income
ยฅ1.1B
ยฅ720M
ยฅ490M
ยฅ534M
ยฅ439M
ยฅ411M
Pre-tax Income
ยฅ1.1B
ยฅ720M
ยฅ491M
ยฅ534M
ยฅ424M
ยฅ412M
Income Taxes
ยฅ309M
ยฅ199M
ยฅ154M
ยฅ153M
ยฅ137M
ยฅ127M
Current Tax
โ
ยฅ276M
ยฅ176M
ยฅ216M
ยฅ130M
ยฅ112M
Deferred Tax
โ
ยฅ-76M
ยฅ-22M
ยฅ-62M
ยฅ7M
ยฅ15M
Net Income (owners)
ยฅ833M
ยฅ521M
ยฅ337M
ยฅ381M
ยฅ287M
ยฅ285M
Comprehensive Income
โ
ยฅ521M
ยฅ337M
ยฅ381M
ยฅ287M
ยฅ285M
EBITDA
ยฅ1.7B
ยฅ1.3B
ยฅ961M
ยฅ992M
ยฅ680M
ยฅ626M
Goodwill Amort. (J-GAAP)
โ
ยฅ20M
ยฅ20M
ยฅ20M
โ
โ
EPS
ยฅ64.48
ยฅ40.22
ยฅ24.60
ยฅ31.27
ยฅ24.19
ยฅ24.15
Shares Outstanding
โ
13.6M
13.5M
13.7M
11.6M
11.9M
Shares Issued (total)
โ
14.4M
14.3M
14.2M
12.2M
12.2M
Treasury Shares
โ
0.8M
0.8M
0.5M
0.5M
0.3M
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Total Assets
ยฅ11.3B
ยฅ8.8B
ยฅ8.8B
ยฅ8.6B
ยฅ7.0B
ยฅ5.8B
Current Assets
ยฅ2.1B
ยฅ1.6B
ยฅ1.8B
ยฅ2.4B
ยฅ1.5B
ยฅ1.5B
Cash & Deposits
ยฅ1.6B
ยฅ1.1B
ยฅ1.3B
ยฅ1.9B
ยฅ1.1B
ยฅ1.2B
Trade Receivables
โ
ยฅ326M
ยฅ297M
ยฅ263M
ยฅ229M
ยฅ149M
Inventories
โ
โ
โ
ยฅ96M
ยฅ119M
ยฅ60M
Non-Current Assets
ยฅ9.2B
ยฅ7.2B
ยฅ7.0B
ยฅ6.2B
ยฅ5.4B
ยฅ4.4B
PP&E
ยฅ8.2B
ยฅ6.3B
ยฅ6.2B
ยฅ5.3B
ยฅ4.7B
ยฅ4.2B
Goodwill
โ
ยฅ143M
ยฅ163M
ยฅ183M
ยฅ490M
โ
Intangible Assets
โ
ยฅ479M
ยฅ548M
ยฅ608M
ยฅ516M
ยฅ14M
Deferred Tax Assets
โ
ยฅ107M
ยฅ53M
ยฅ50M
ยฅ46M
ยฅ39M
Total Liabilities
ยฅ6.4B
ยฅ4.6B
ยฅ5.0B
ยฅ4.9B
ยฅ4.5B
ยฅ3.5B
Current Liabilities
ยฅ3.7B
ยฅ1.6B
ยฅ1.5B
ยฅ1.3B
ยฅ966M
ยฅ915M
ST Debt
ยฅ2.7B
ยฅ627M
ยฅ626M
ยฅ582M
ยฅ546M
ยฅ549M
Taxes Payable
โ
ยฅ205M
ยฅ81M
ยฅ149M
ยฅ89M
ยฅ60M
Non-Current Liabilities
ยฅ2.7B
ยฅ3.1B
ยฅ3.4B
ยฅ3.6B
ยฅ3.5B
ยฅ2.6B
Total LT Borrowings
ยฅ2.5B
ยฅ2.8B
ยฅ3.2B
ยฅ3.4B
ยฅ3.4B
ยฅ2.5B
Pension Obligations
โ
ยฅ46M
ยฅ38M
ยฅ34M
ยฅ27M
ยฅ24M
Deferred Tax Liab.
โ
ยฅ77M
ยฅ100M
ยฅ118M
ยฅ25M
โ
Total Equity
ยฅ4.9B
ยฅ4.1B
ยฅ3.8B
ยฅ3.7B
ยฅ2.5B
ยฅ2.3B
Capital Stock
โ
ยฅ802M
ยฅ797M
ยฅ791M
ยฅ386M
ยฅ386M
Capital Surplus
โ
ยฅ720M
ยฅ712M
ยฅ711M
ยฅ316M
ยฅ333M
Retained Earnings
ยฅ3.9B
ยฅ3.2B
ยฅ2.7B
ยฅ2.4B
ยฅ2.0B
ยฅ1.7B
Treasury Stock
โ
ยฅ-553M
ยฅ-410M
ยฅ-172M
ยฅ-186M
ยฅ-90M
Equity (owners)
ยฅ4.9B
ยฅ4.1B
ยฅ3.8B
ยฅ3.7B
ยฅ2.5B
ยฅ2.3B
Total Interest-Bearing Debt โ
ยฅ5.2B
ยฅ3.5B
ยฅ3.9B
ยฅ4.0B
ยฅ3.9B
ยฅ3.1B
Net Cash โ
ยฅ-3.6B
ยฅ-2.4B
ยฅ-2.5B
ยฅ-2.1B
ยฅ-2.9B
ยฅ-1.9B
NCAV โ
ยฅ-4.3B
ยฅ-3.0B
ยฅ-3.2B
ยฅ-2.5B
ยฅ-2.9B
ยฅ-2.1B
NCAV/Share
โ
ยฅ-221
ยฅ-236
ยฅ-181
ยฅ-251
ยฅ-172
BV/Share
โ
ยฅ305
ยฅ283
ยฅ271
ยฅ216
ยฅ196
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Operating CF
ยฅ1.4B
ยฅ1.4B
ยฅ900M
ยฅ811M
ยฅ558M
ยฅ504M
Interest Paid
โ
ยฅ-26M
ยฅ-19M
ยฅ-17M
ยฅ-13M
ยฅ-13M
Interest Received
โ
ยฅ1M
ยฅ0M
ยฅ0M
ยฅ0M
ยฅ0M
D&A
ยฅ568M
ยฅ550M
ยฅ444M
ยฅ391M
ยฅ241M
ยฅ220M
Goodwill Amort.
โ
ยฅ20M
ยฅ20M
ยฅ20M
โ
โ
Investing CF
ยฅ-2.5B
ยฅ-994M
ยฅ-986M
ยฅ-784M
ยฅ-1.4B
ยฅ-70M
CapEx
ยฅ2.3B
ยฅ954M
ยฅ1.0B
ยฅ728M
ยฅ602M
ยฅ66M
Financing CF
ยฅ1.6B
ยฅ-608M
ยฅ-392M
ยฅ821M
ยฅ722M
ยฅ-469M
Dividends Paid
โ
ยฅ-54M
โ
โ
โ
โ
Share Buybacks
โ
ยฅ-172M
ยฅ-329M
โ
ยฅ-120M
ยฅ-148M
LT Debt Repaid
โ
ยฅ-681M
ยฅ-609M
ยฅ-572M
ยฅ-528M
ยฅ-530M
Free Cash Flow
ยฅ-953M
ยฅ419M
ยฅ-141M
ยฅ83M
ยฅ-44M
ยฅ439M
Net Change in Cash
โ
ยฅ-230M
ยฅ-478M
ยฅ847M
ยฅ-146M
ยฅ-35M
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Return on Equity (ROE) โ
18.5%
13.1%
9.0%
12.2%
11.8%
12.2%
Return on Assets (ROA) โ
8.3%
5.9%
3.9%
4.9%
4.5%
4.9%
Gross Margin โ
40.5%
34.7%
34.3%
37.3%
37.1%
34.9%
Operating Margin โ
18.6%
13.7%
11.6%
15.0%
14.7%
14.2%
Net Margin โ
13.5%
9.9%
7.9%
9.8%
9.6%
10.0%
Current Ratio โ
0.56x
1.03x
1.16x
1.89x
1.59x
1.59x
Quick Ratio โ
0.56x
1.03x
1.16x
1.81x
1.47x
1.53x
Revenue / Share โ
ยฅ455
ยฅ387
ยฅ317
ยฅ283
ยฅ256
ยฅ239
BV/Share โ
ยฅ358
ยฅ305
ยฅ283
ยฅ271
ยฅ216
ยฅ196
NCAV/Share โ
ยฅ-317
ยฅ-221
ยฅ-236
ยฅ-181
ยฅ-251
ยฅ-172
EPS โ
ยฅ64.48
ยฅ40.22
ยฅ24.60
ยฅ31.27
ยฅ24.19
ยฅ24.15
DPS โ
ยฅ0.00
ยฅ7.40
ยฅ4.00
ยฅ0.00
ยฅ0.00
ยฅ0.00
Payout Ratio โ
0.0%
18.4%
16.3%
0.0%
0.0%
0.0%
FCF/Share โ
ยฅ-69.98
ยฅ30.73
ยฅ-10.49
ยฅ6.04
ยฅ-3.79
ยฅ36.87
Market Valuation
Avg daily close price for calendar year ร most recently reported EPS / DPS
Metric
CY2023
CY2024
CY2025
Avg P/E โ
11.2ร
EPS from 2023-03
15.8ร
EPS from 2024-03
17.0ร
EPS from 2025-03
Avg Div Yield โ
0.00%
DPS from 2023-03
1.03%
DPS from 2024-03
1.08%
DPS from 2025-03
Avg Daily Close
ยฅ351
ยฅ389
ยฅ683
Growth Rates (CAGR)
Metric
3yr CAGR (FY2022โ2025)
5yr CAGR (FY2020โ2025)
Stock Price
+41.7%
+21.5%
Sales
+16.9%
+16.8%
FCF/Share
โ
โ
EPS
+27.3%
+21.7%
DPS
โ
โ
BV/Share
+9.8%
+12.8%
NCAV/Share
โ
โ
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-05-15
16:00
Div Increase
ยฅ163M ยฅ12.0/sh
+62%
G-Nippon Advanced Animal Medical Center announced a dividend increase to ยฅ12.00 per share (total ยฅ163 million) for fiscaโฆ
Summary
G-Nippon Advanced Animal Medical Center announced a dividend increase to ยฅ12.00 per share (total ยฅ163 million) for fiscal year ending March 31, 2026, representing a ยฅ4.00 increase from the prior forecast of ยฅ8.00. The increase reflects the company's dividend policy targeting a consolidated payout ratio of 20% or more while balancing growth investments and ensuring stable dividend expansion.
Deadline: 2026-06-10YoY: +62%
Source (JP)
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ๅฝใฏ็ด่ฟใฎ้
ๅฝไบๆณใใ๏ผๅ00้ญๅข้
ใใ12ๅ00้ญใจใใใใจใจใใใใพใใใ
ๅฐไฝ้ใฎ้
ๅฝ๏ผๅข้
๏ผใซ้ขใใใ็ฅใใ
TDnet PDF
Top 10 Shareholders
Ownership DNA
Large Shareholder Reports 15
#
Shareholder
Shares (thou.)
% of Total
1
MSIP CLIENT SECURITIES
MSIP CLIENT SECURITIES ๏ผๅธธไปปไปฃ็ไบบ ใขใซใฌใณใปในใฟใณใฌใผMUFG่จผๅธๆ ชๅผไผ็คพ๏ผ
419,900
2
KCPใจใฏใคใใฃใขใทในใ1ๅทๆ่ณไบๆฅญๆ้่ฒฌไปป็ตๅ
320,000
3
Japan Custody Bank
ๆ ชๅผไผ็คพๆฅๆฌใซในใใใฃ้่ก๏ผไฟก่จ๏ผฅๅฃ๏ผ
140,000
4
้ขจ่ถๅปบ่จญๆ ชๅผไผ็คพ
120,000
5
ๅนณๅฐพ ็งๅ
90,100
6
ใตใณใชใใตใผใในๆ ชๅผไผ็คพ
85,000
7
Nippon Life Insurance
ๆฅๆฌ็ๅฝไฟ้บ็ธไบไผ็คพ ๏ผๅธธไปปไปฃ็ไบบ ๆฅๆฌใในใฟใผใใฉในใไฟก่จ้่กๆ ชๅผไผ็คพ๏ผ
81,400
8
ใจใทใ ใใขใใญ
64,000
9
ๆพๆฐธ ๆ
41,500
10
Ueda Yagi Tanshi Co., Ltd.
ไธ็ฐๅ
ซๆจ็ญ่ณๆ ชๅผไผ็คพ
38,600
Domestic Nominees
5.1%
+3.1% vs 2024
Trust bank custodians โ GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
46.3%
+1.4% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2022
2023
2024
2025
MSIP CLIENT SECURITIES
MSIP CLIENT SECURITIES
โ
โ
14.68%
15.41%
+0.73%
KCPใจใฏใคใใฃใขใทในใ1ๅทๆ่ณไบๆฅญๆ้่ฒฌไปป็ตๅ
โ
11.70%
11.88%
11.74%
-0.14%
Japan Custody Bank
โ
ๆฅๆฌใซในใใใฃ้่ก
1.57%
โ
2.03%
5.14%
+3.11%
้ขจ่ถๅปบ่จญ
5.16%
4.39%
4.46%
4.40%
-0.06%
ๅนณๅฐพ ็งๅ
3.01%
2.56%
2.97%
3.31%
+0.34%
ใตใณใชใใตใผใใน
โ
3.11%
3.16%
3.12%
-0.04%
Nippon Life Insurance
ๆฅๆฌ็ๅฝไฟ้บ
2.66%
2.27%
2.30%
2.99%
+0.69%
ใจใทใ ใใขใใญ
NEW ENTRY
โ
โ
โ
โ
2.35%
NEW
ๆพๆฐธ ๆ
โ
โ
1.50%
1.52%
+0.02%
Ueda Yagi Tanshi Co., Ltd.
NEW ENTRY
ไธ็ฐๅ
ซๆจ็ญ่ณ
โ
โ
โ
โ
1.42%
NEW
ๅฒกไธ่จผๅธ
last seen 2024
Exited Top 10
โ
โ
2.57%
โ
็ณๅท ้่ก
last seen 2024
Exited Top 10
โ
โ
1.36%
โ
็ฝ็ฅ ไน
่ผ
last seen 2023
Exited Top 10
2.43%
2.92%
โ
โ
UBS AG
UBS
last seen 2022
Exited Top 10
3.62%
โ
โ
โ
SBI Securities Co., Ltd.
SBI่จผๅธ
last seen 2023
Exited Top 10
โ
1.95%
โ
โ
ๅคงๆดฅ ๅ
็พฉ
last seen 2023
Exited Top 10
2.15%
1.83%
โ
โ
SIX SIS LTD.
last seen 2022
Exited Top 10
4.27%
โ
โ
โ
ๅฐๆ ็
ง็ท
last seen 2023
Exited Top 10
โ
3.83%
โ
โ
ใฏใฏใฏใฏใใผใใใผใบๆ้่ฒฌไปปไบๆฅญ็ตๅ
last seen 2022
Exited Top 10
1.56%
โ
โ
โ
Rakuten Securities, Inc.
ๆฅฝๅคฉ่จผๅธ
last seen 2022
Exited Top 10
2.44%
โ
โ
โ
BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE SEGREGATION ACC FOR THIRDPARTY
last seen 2023
Exited Top 10
โ
7.21%
โ
โ
Concentration (HHI)
โ
95
260
415
461
4 fiscal years ยท top-10 holders per year ยท >2,500 HHI = high concentration ยท entity-resolved
โ CSV
Date Shareholder Stake Event Flag Demands Source
2026-05-12
Mizuhoย Trustย &ย Bankingย Co.,ย Ltd.
5.46%
-2.26%
change
Passive
โ
2026-04-17
Pilgrim Partners Asia (Pte.) Ltd.
6.85%
-1.04%
change
Passive
โ
2026-01-30
Pilgrim Partners Asia (Pte.) Ltd.
7.89%
-1.24%
change
Passive
โ
2026-01-22
Mizuhoย Trustย &ย Bankingย Co.,ย Ltd.
7.72%
+1.01%
change
Passive
โ
2025-12-26
Pilgrim Partners Asia (Pte.) Ltd.
9.13%
-1.14%
change
Passive
โ
2025-12-05
Mizuhoย Trustย &ย Bankingย Co.,ย Ltd.
6.71%
+1.28%
change
Passive
โ
2025-12-01
Pilgrim Partners Asia (Pte.) Ltd.
10.27%
-1.48%
change
Passive
โ
2025-11-21
Pilgrim Partners Asia (Pte.) Ltd.
11.75%
-1.59%
change
Passive
โ
2025-10-07
Mizuhoย Trustย &ย Bankingย Co.,ย Ltd.
5.43%
initial_5pct
Passive
โ
2025-10-01
Pilgrim Partners Asia (Pte.) Ltd.
13.34%
-1.25%
change
Passive
โ
2024-10-07
Pilgrim Partners Asia (Pte.) Ltd.
14.59%
+1.04%
change
Passive
โ
2024-03-07
Pilgrim Partners Asia (Pte.) Ltd.
13.55%
+2.01%
change
Passive
โ
2024-02-07
Pilgrim Partners Asia (Pte.) Ltd.
11.54%
+1.01%
change
Passive
โ
2023-12-08
Pilgrim Partners Asia (Pte.) Ltd.
10.53%
+1.0%
change
Passive
โ
2023-10-12
Pilgrim Partners Asia (Pte.) Ltd.
9.53%
change
Passive
โ
Date
Category
Summary
Amount
2026-01-16
๐ค Governance
Shareholder Rights
Pilgrim Partners Asia Pte Ltd ceased to be a major shareholder of the company on December 17, 2025. The shareholder's voting rights decreased from 2,955 units (10.87%) before the change to 13,146 units (9.67%) after the change, following a 1:5 stock split that became effective on December 17, 2025.
โ
โบ
Summary
Pilgrim Partners Asia Pte Ltd ceased to be a major shareholder of the company on December 17, 2025. The shareholder's voting rights decreased from 2,955 units (10.87%) before the change to 13,146 units (9.67%) after the change, following a 1:5 stock split that became effective on December 17, 2025.
Counterparty: Pilgrim Partners Asia Pte Ltd
ๅฝ็คพใฎไธป่ฆๆ ชไธปใซ็ฐๅใใใใพใใใฎใงใ้่ๅๅๅๅผๆณ็ฌฌ24ๆกใฎ๏ผ็ฌฌ๏ผ้
ๅใณไผๆฅญๅ
ๅฎน็ญใฎ้็คบใซ้ขใใๅ
้ฃๅบไปค็ฌฌ19ๆก็ฌฌ๏ผ้
็ฌฌ๏ผๅทใฎ่ฆๅฎใซๅบใฅใใๆฌ่จๆๅ ฑๅๆธใๆๅบใใใใฎใงใใใพใใ
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