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M3 Inc (MTHRF) Fair Value & Analysis

Healthcare · US · Market cap $5.7B · ISIN US55379N1063

What is M3 Inc really worth?

MI M3 Inc logo M3 Inc MTHRF · US
Price$10.36
Fair Value$10.26
Upside−1.0%
Quality67/100

A solid business, currently priced close to our fair value of $10.26.

As of Aug 28, 2026, the fair value of M3 Inc is $10.26 per share against a price of $10.36, so the fair value sits 1% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Healthy Growth (revenue 5y +15.9 %/yr)
✓Solidly profitable · 14.0% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (10/14)

Risks

!Moderate moat 58/100
!Weak on dividend: 27 out of 100

For context

·1.33% dividend yield
Evidence: High Range $7.70 – $12.83

Fair value as of: Aug 28, 2026

From 24 valuation models · updated 9 days ago

Share price +21.2% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

$98.61 $5.11 Fair Value $10.26 Jun 2015 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range $5.11 – $98.61 · fair‑value band $7.70 – $12.83 · the $10.36 price screens above the $10.26 fair value. Dashed = 300-day average. As of Aug 28, 2026.

Full chart & analysis →

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Analysis

M3 Inc (MTHRF) currently trades at $10.36, while our model-based Fair Value estimate is $10.26, implying the stock looks roughly 1.0% fairly valued today. The Quality Score stands at 67/100 (solid quality), in the Healthcare sector. Bull case: the Growth DCF group reads highest at a median of $15.86 per share, and 16 of the 24 models we run sit above the $10.36 price. Bear case: the Asset-Based group reads lowest at $2.60, and 8 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, M3 Inc generated revenue of ¥351B at a net margin of 14.0%. Revenue grew 9.6% year over year. It earns a return on equity of 12.6%. The balance sheet holds a net cash position of ¥153B. Fundamentals as of Aug 28, 2026

Our scenario range runs from $7.70 (bear case) to $12.83 (bull case); at $10.36, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −68% fair-value upside, at −1%, MTHRF screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly $0.1358 per share, which is 1.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $10.70 $15.84 $31.75 76
Growth DCF $10.13 $17.24 $31.10 75
EPV $5.42 $6.07 $6.63 74
All 24 models by family
DCF Models
FCF DCF $10.70 $15.84 $31.75 76
Owner Earnings $7.14 $14.26 $28.67 72
5Y Revenue Exit $8.58 $14.15 $25.40 70
5Y EBITDA Exit $8.94 $14.92 $26.20 73
5Y P/E Exit $9.44 $18.44 $30.32 68
10Y Revenue Exit $8.93 $17.12 $24.18 66
10Y EBITDA Exit $9.44 $17.84 $33.35 65
10Y P/E Exit $9.79 $18.82 $34.68 61
Earnings-Based
Graham-Dodd $3.17 $22.12 $31.04 63
Lynch FV $7.41 $10.59 $13.76 61
PEG = 1.0 $7.41 $10.59 $13.76 57
EPV $5.42 $6.07 $6.63 74
Multiples
P/E Multiple $7.70 $10.26 $12.83 63
P/S Multiple $5.95 $7.93 $9.91 58
P/B Multiple $5.95 $7.93 $9.91 55
EV/EBIT $9.77 $12.60 $15.43 66
EV/EBITDA $8.28 $10.62 $12.95 67
EV/Revenue $7.34 $9.94 $12.54 54
Asset-Based
NCAV (Graham) $1.94 $2.60 $3.88 54
Growth DCF
Growth DCF $10.13 $17.24 $31.10 75
Rev-Margin DCF $8.58 $15.86 $27.17 70
Economic Profit
Residual Income $3.54 $4.14 $8.12 67
ROIC Compounder $6.44 $8.99 $10.85 72
Growth Earnings
Growth-Adj P/E $9.96 $14.22 $18.49 67

Widest divergence: Growth DCF ($15.86) versus Asset-Based ($2.60). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 23.0
P/S ratio 3.22 P/E × margin
EPS (TTM) $0.4500 price ÷ EPS = P/E 23.0
Dividend yield 1.3% payout 30.7%
Net margin 14.0% FY2026
Return on equity 12.6% TTM
More key figures
Profitability
Return on assets (EBIT) 16.1% avg 5y
Operating margin 12.2% TTM
Growth
Revenue (TTM) ¥351B TTM
Revenue growth (YoY) +9.6% 3y avg +15.3%
EPS growth (YoY) −5.4%
Balance sheet & cash flow
Free cash flow ¥63.0B FY2026
Net cash ¥153B FY2026

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 67 · Market factors (momentum, volatility) 32

Profitability 50
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 84
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

M3, Inc. provides medical-related services to physicians and other healthcare professionals through the internet. It operates m3.com, a members-only website for providing information, tools, and services for medical professionals; MR-kun which delivers the latest medical information for daily medical practice; QOL-kun, a marketing support service that …

Full company description

M3, Inc. provides medical-related services to physicians and other healthcare professionals through the internet. It operates m3.com, a members-only website for providing information, tools, and services for medical professionals; MR-kun which delivers the latest medical information for daily medical practice; QOL-kun, a marketing support service that provides selected information useful for doctors; m3.com CAREER, a physician recruitment and career change support site; and Drug Carrier, a job information site for pharmacists. The company also provides online lectures; clinical trial; research targeting domestic medical professionals; medical-related self-planned data and research reports; global health professional research; survey panel provision services; and m3.com opening and management services. In addition, it offers AskDoctors, where registered doctors answer questions about health and illness from the public; MDLinx for medical professionals in the United States; and Doctors.net.uk, a website that provides services for pharmaceutical companies; and drug information database. Further, the company is involved in the sales activities and marketing operations for pharmaceuticals and medical devices; development, sale, and support business of electronic medical records and medical equipment for medical institutions; Support for recruiting subjects necessary for clinical development and clinical research, and related tasks; provision of management support to medical institutions, as well as visiting nursing, day care, and home care support services; and operates podiatry and venous disease clinics, and hospice facilities. Additionally, it offers clinical and medico-political news and education for medical professionals. The company was formerly known as So-netM3, Inc. and changed its name to M3, Inc. in January 2010. M3, Inc. was incorporated in 2000 and is headquartered in Tokyo, Japan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

M3 Inc reported revenue of ¥354B in FY2026 versus ¥208B in FY2022, a compound +14.2%/yr. Reported net income was ¥49.4B in FY2026, compounding −6.2%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
¥354B
Latest YoY
+24.1%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.3%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.9%
Avg. revenue growth/yr (21Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.2%
Value creation/yr (5Y, in JPY) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.9% · in JPY
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+5.6%
Dividend yield1.3%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 5.6% vs 10Y 14.2%, flattening
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.34.5% (2021) → 20.0% (2026) · falling
Worst earnings drop29% (2024) · in JPY
Revenue +14.2%/yr
FY22 ¥208B
FY23 ¥231B
FY24 ¥239B
FY25 ¥285B
FY26 ¥354B
Net income −6.2%/yr
FY22 ¥63.8B
FY23 ¥49.0B
FY24 ¥45.3B
FY25 ¥40.5B
FY26 ¥49.4B
Character of growth · EPS growth decomposed (2015-2026) +14.5 % p.a.
Revenue per share +17.6 %

of which total revenue +18.2 % · buybacks/dilution −0.5 %

EBIT margin −3.3 %
Tax rate +0.5 %
Residual (interest, one-offs) +0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "M3 Inc Fair Value". https://www.fairvalue-calculator.com/stock/MTHRF

Peer Group

Health Information Services · 128 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside −1% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 12% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.05× · Higher than median

Valuation Multiples vs Health Information Services median · lower = cheaper

P/E (TTM) 23.0× · Cheaper than median
P/B 2.17× · Pricier than median
P/S (TTM) 2.54× · Pricier than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 8.6× · Cheaper than 75% of peers

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must M3 Inc deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+1.7 % per year
Achieved revenue growth, 5 years+15.9 % p.a.
Sector median revenue growth+4.4 %
FCF yield on price5.74 %
Discount rate (WACC) in the models8.5 %

The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE32 · sector 0
FUTURE48 · sector 33
PAST50 · sector 5
HEALTH97 · sector 98
DIVIDEND27 · sector 44

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Health Information Services stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Veeva Systems Inc VEEV $282.13 $91.49 −68%
Pro Medicus Limited PME A$183.71 A$23.74 −87%
BrightSpring Health Services, Inc BTSG $59.68 $21.31 −64%
HealthEquity, Inc HQY $104.27 $56.63 −46%
Hinge Health, Inc HNGE $86.32 $24.03 −72%
10x Genomics, Inc TXG $55.63 $17.18 −69%
Waystar Holding WAY $25.76 $12.86 −50%
XtalPi Holdings 2228 HK$8.19 HK$1.04 −87%
Doximity, Inc DOCS $26.35 $25.91 −2%
Privia Health Group PRVA $21.07 $5.26 −75%

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Frequently asked questions

Is M3 Inc (MTHRF) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of $10.26 versus a price of $10.36, about −1% upside (fairly valued).
What is the fair value of MTHRF?
Our model-based fair value for M3 Inc is $10.26 (as of Aug 28, 2026), built from audited fundamentals. The current price: $10.36.
What is the quality score of MTHRF?
M3 Inc has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for M3 Inc (MTHRF)?
Our model-based price target is the fair value of $10.26 (as of Aug 28, 2026) from 24 valuation models. Cautious scenario $7.70, optimistic scenario $12.83. It is a calculation from audited fundamentals, not an analyst target.
What is the M3 Inc stock forecast for 2026?
Our models put fair value at $10.26, about −1% upside versus a price of $10.36 (fairly valued). Cautious scenario $7.70, optimistic scenario $12.83. The calculation is refreshed regularly with new filings.
What is the revenue of M3 Inc (MTHRF)?
M3 Inc reported trailing-twelve-month revenue of about ¥351B (latest available figure, as of Aug 28, 2026).
What is the net profit margin of MTHRF?
The net profit margin of M3 Inc is about 14.0%, meaning it keeps roughly 14.0% of revenue as net income. Based on the latest reported figures.
Does M3 Inc pay a dividend?
M3 Inc currently shows a dividend yield of about 1.33% relative to its recent price (as of Aug 28, 2026).
What growth is priced into M3 Inc (MTHRF)?
For today's price to be fair in a discounted-cash-flow model, M3 Inc would have to grow free cash flow by +1.7 % per year for ten years (discount rate 8.5 %, then 2 % perpetual growth). Over the last 5 years revenue grew +15.9 % per year. As of Aug 28, 2026.
What discount rate (WACC) does the fair value of MTHRF use?
Our models discount M3 Inc at 8.5 %: a base by market capitalisation (mid), damped by beta 0.47, country premium for USA. The same rate applies in all 26 models.
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