M3 Inc (MTHRF) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of M3 Inc stock $14.29, price $10.36, upside +37.9%, quality 67 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 18, 2026.
How to read this chart
60‑month range $5.11 – $98.61 · fair‑value band $9.83 – $18.58 · the $10.36 price screens below the $14.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 18, 2026.
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M3, Inc. provides medical-related services to physicians and other healthcare professionals through the internet.
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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.
Stock analysis
M3 Inc (MTHRF) currently trades at $10.36, while our model-based Fair Value estimate is $14.29, implying the stock looks roughly 27.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $18.47 per share, and 17 of the 26 models we run sit above the $10.36 price.
Bear case: the Dividend Discount group reads lowest at $2.33, and 9 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $9.83 (bear) to $18.58 (bull), the price of $10.36 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $7.0B Mid · P/E ratio 23.0 · P/S ratio 3.22 · EPS (TTM) $0.4500 · Dividend yield 1.3% · Net margin 14.0% · Return on equity 12.6% · Return on assets (EBIT) 16.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (medium confidence).
What moves the price
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 9% fair-value upside, at 38%, MTHRF screens cheaper than that median.
Fair Value models
Bear$9.83Fair Value $14.29Bull$18.58
Price $10.36 · Upside +37.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($0.1742 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+24.1%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.9%
Start year 2021 (pandemic). Over 10 years: +18.5% a year
Revenue growth 21 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+27.2%
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. 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%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.6%
Dividend (yield on the price)1.3%
Pace: 5 vs 10 years ⓘ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.5.6% vs 14.2%, slowing
Profit margin 2021 to 2026 ⓘ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.35% → 20%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −0.3% a year for the price and +6.0% for the forecasts.
AI conclusion: Decent margins and cash conversion support profitability durability, while limited public signals and insufficient information constrain a full quality assessment.
Main risk: Activist-driven changes in board composition and capital policy could impair execution on the online medical platforms and reduce returns.
M3 keeps repurchasing shares under its ongoing program while an activist has raised its stake to 9.48 percent and begun pushing proposals on governance, board composition, and capital policy. Our models see the shares as undervalued, yet the contrast raises whether the company’s online medical platforms will generate stronger returns through steady execution or through the governance and allocation shifts now under discussion. Will internal discipline or external pressure shape the next phase of capital returns?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Health Information Services · 118 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+37.9% · Top 25%
Profitability
Return on equity (12 months)12.6% · Above median
Return on assets7.7% · Top 25%
Net margin (12 months)14.0% · Top 25%
Operating margin (12 months)12.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)9.6% · Above median
Dividend yield (12 months)1.3% · Below median
Balance sheet
Debt / equity0.05× · Above median
Valuation Multiplesvs Health Information Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "M3 Inc Fair Value". https://www.fairvalue-calculator.com/stock/MTHRF
Frequently asked questions
Is M3 Inc (MTHRF) overvalued or undervalued?
As of Oct 18, 2026, our model estimates a fair value of $14.29 versus a price of $10.36, about +38% upside (undervalued).
What is the fair value of MTHRF?
Our model-based fair value for M3 Inc is $14.29 (as of Oct 18, 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 $14.29 (as of Oct 18, 2026) from 26 valuation models. Cautious scenario $9.83, optimistic scenario $18.58. 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 $14.29, about +38% upside versus a price of $10.36 (undervalued). Cautious scenario $9.83, optimistic scenario $18.58. 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 Oct 18, 2026).
Does M3 Inc pay a dividend?
M3 Inc currently shows a dividend yield of 1.33% relative to its recent price (as of Oct 18, 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 +1.8 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.9 % per year. As of Oct 18, 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.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For M3 Inc that is +1.8 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has M3 Inc (MTHRF) delivered so far?
Over the past 5 years revenue at M3 Inc grew +15.9 % a year. The price currently implies +1.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of M3 Inc (MTHRF) growing?
The median revenue growth in the sector is +5.6 % a year. That is the yardstick for the growth priced into M3 Inc (+1.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of M3 Inc (MTHRF)?
The free-cash-flow yield on the price is 5.68 %: that much free cash flow M3 Inc produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of M3 Inc (MTHRF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For M3 Inc it is $14.29 per share (as of Oct 18, 2026), against a price of $10.36. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is M3 Inc stock overvalued or undervalued in 2026?
As of Oct 18, 2026, MTHRF trades below its calculated fair value: price $10.36, fair value $14.29, a gap of about +38% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MTHRF?
No. The price is what the market pays today ($10.36); the fair value is what the company's own numbers justify ($14.29). For M3 Inc the two are $3.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is M3 Inc worth?
The market values M3 Inc at about $7.0B (market capitalisation, as of Oct 18, 2026). Per share that is $10.36; our models calculate a fair value of $14.29 per share.
What do the bullish and bearish scenarios say about MTHRF?
Our models span a range for M3 Inc: cautious scenario $9.83, base $14.29, optimistic $18.58 per share (as of Oct 18, 2026, price $10.36). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MTHRF?
M3 Inc trades at a price-to-earnings ratio of 23.0 (as of Oct 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $14.29 is built from several models across several years. Other multiples: P/B 2.7, P/S 3.2, EV/EBITDA 11.0.
How solid is the balance sheet of M3 Inc (MTHRF)?
Balance-sheet figures for M3 Inc (as of Oct 18, 2026): return on equity 12.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is MTHRF from its 52-week high?
M3 Inc trades at $10.36, about 32% below its 52-week high of $15.25 and 21% above the low of $8.55 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of $14.29 is for.
Which stocks are comparable to M3 Inc?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is M3 Inc stock attractive at the current price?
The data as of Oct 18, 2026: price $10.36, calculated fair value $14.29 (+38%), Quality Score 67/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MTHRF calculated?
We run M3 Inc through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $14.29, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.8 % above its aggregate fair value. M3 Inc currently trades 27 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of M3 Inc (MTHRF)?
The closing price on Oct 20, 2026 was $10.36. Our model-based fair value is $14.29, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with M3 Inc right now?
Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($9.83 to $18.58) leaves room in how you read the outcome.
Where does the earnings growth of M3 Inc (MTHRF) come from?
Earnings per share at M3 Inc grew +14.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +17.6 %, EBIT margin −3.3 %, tax rate +0.5 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of M3 Inc
How large is the market capitalisation of M3 Inc (MTHRF)?
The market capitalisation of M3 Inc is $7.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of M3 Inc (MTHRF)?
The price-to-sales ratio of M3 Inc is 3.22 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of M3 Inc (MTHRF)?
Earnings per share at M3 Inc are $0.4500 (price ÷ EPS = P/E 23.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of M3 Inc (MTHRF)?
The dividend yield of M3 Inc is 1.3% (payout 30.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of M3 Inc (MTHRF)?
The net margin of M3 Inc is 14.0% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of M3 Inc (MTHRF)?
The return on equity (ROE) of M3 Inc is 12.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of M3 Inc (MTHRF)?
On an EBIT basis the return on assets of M3 Inc is 16.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of M3 Inc (MTHRF)?
The operating margin of M3 Inc is 12.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at M3 Inc (MTHRF)?
Revenue at M3 Inc is growing +9.6% versus a year earlier (3y avg +15.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at M3 Inc (MTHRF)?
Earnings per share at M3 Inc are growing −5.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does M3 Inc (MTHRF) hold?
M3 Inc holds more cash than debt, ¥153B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 18, 2026