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ValueScreener company report

MEDIROM Healthcare Technologies Inc. (MRM)

NASDAQ / Consumer Cyclical / Personal Products & Services

Share price

0.34 USD Market dataClose of Oct 14, 2026

Market capitalisation

1.7M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2024, filed Apr 29, 2025
Ratios computed
Oct 14, 2026
Filed years
6, FY2019 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

15.9% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

1.82x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/m Computed

FY2024 accounts, priced at the latest close

Why n/m

Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 3.91B JPYFY2019 Net income: 17.3M JPYFY2020 Revenue: 3.34B JPYFY2020 Net income: -539.2M JPYFY2021 Revenue: 5.41B JPYFY2021 Net income: -990.7M JPYFY2022 Revenue: 6.95B JPYFY2022 Net income: 149.0M JPYFY2023 Revenue: 6.83B JPYFY2023 Net income: 115.4M JPYFY2024 Revenue: 8.30B JPYFY2024 Net income: 148.8M JPY
Revenue Net income6 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 1.82x at the close of 2026-10-14 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Consumer Cyclical sector (302 companies), 1.82x sits at the 2nd percentile; the middle half of that group runs from 12.42x to 30.68x.

Is it good

Return on equity was 15.9% in FY2024, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Consumer Cyclical sector (436 companies), 15.9% sits at the 73rd percentile; the middle half of that group runs from -19.6% to 16.9%.

Is it safe

Net debt to EBITDA was 13.34x in FY2024, in the band labelled "High, covenant territory" (4.00x and above), on lines set by credit-analyst convention, suggesting debt in the range lenders write covenants around.

Year by year against peers
Whether MEDIROM Healthcare Technologies Inc.'s gross margin stayed above the median of the Consumer Cyclical sector, year by year. (FY2022 to FY2024, 3 fiscal years of MEDIROM Healthcare Technologies Inc. with a comparable figure)
The direction
Which way MEDIROM Healthcare Technologies Inc.'s operating margin has moved, and how steadily. (FY2019 to FY2024, 6 filed years of MEDIROM Healthcare Technologies Inc.)
What could explain it
What in MEDIROM Healthcare Technologies Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines MEDIROM Healthcare Technologies Inc. filed)
What to check next
What to check next on MEDIROM Healthcare Technologies Inc., and where in its filings. (7 questions for MEDIROM Healthcare Technologies Inc.)
In one paragraph
One paragraph on MEDIROM Healthcare Technologies Inc.'s returns, cash, balance sheet and price. (11 of sixteen figures read for MEDIROM Healthcare Technologies Inc.)

These are MRM’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MRMPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 29, 2025, accession 0001558370-25-005850.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

MEDIROM Healthcare Technologies Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Return on equity15.9% ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Return on capital employed, pre-tax-0.5% ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Return on assets1.8% ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Gross margin27.1% ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Operating margin-0.2% ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Net margin1.8% ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
MRM 1.8%
EJH -6.4%TRNR -207.9%XWEL -58.2%BYAH -965.0%
-965.0%1.8%
Net margin: MRM against the 4 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

MEDIROM Healthcare Technologies Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity4.24 ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Current ratio0.65 ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Quick ratio0.61 ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Altman Z-score0.86 ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Net debt3.62B ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Total assets 8.09BTotal liabilities 6.90BShareholders' equity 933.3MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What MEDIROM Healthcare Technologies Inc owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 29, 2025, 0001558370-25-005850).

MEDIROM Healthcare Technologies Inc: balance sheet position
Total assets8.09B FiledFY2024 20-F, filed Apr 29, 2025
Total liabilities6.90B FiledFY2024 20-F, filed Apr 29, 2025
Shareholders' equity933.3M FiledFY2024 20-F, filed Apr 29, 2025
Cash335.6M FiledFY2024 20-F, filed Apr 29, 2025
Total debt3.96B FiledFY2024 20-F, filed Apr 29, 2025
Net debt3.62B
Current ratio0.65
Debt to equity4.24
  • Interest cover: FY2024: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

MEDIROM Healthcare Technologies Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings1.82x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.29x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Price to sales0.03x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Enterprise value to EBITDA14.34x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850

We publish no fair value or price target of our own. Value MRM on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for MEDIROM Healthcare Technologies Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

MEDIROM Healthcare Technologies Inc: valuation
Share price0.34 USD
Market capitalisation1.7M USD
Enterprise value to EBITDA14.34x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like MEDIROM Healthcare Technologies Inc

  1. E-Home Household Service Holdings Limited (EJH)Market cap 4.2M USD
  2. Interactive Strength Inc. (TRNR)Market cap 1.1M USD
  3. XWELL, Inc. (XWEL)Market cap 5.8M USD
  4. Park Ha Biological Technology Co., Ltd. Ordinary Shares (BYAH)Market cap 1.8M USD

Same industry (Personal Products & Services) and size band (Nano, under 50M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

MEDIROM Healthcare Technologies Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/m

Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

n/m ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Free cash flow-1.40B JPY ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Free cash flow margin-16.9% ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
FY2019 Free cash flow: 464.0K JPYFY2019 Net income: 17.3M JPYFY2020 Free cash flow: -440.0M JPYFY2020 Net income: -539.2M JPYFY2021 Free cash flow: -652.9M JPYFY2021 Net income: -990.7M JPYFY2022 Free cash flow: -806.4M JPYFY2022 Net income: 149.0M JPYFY2023 Free cash flow: -767.6M JPYFY2023 Net income: 115.4M JPYFY2024 Free cash flow: -1.40B JPYFY2024 Net income: 148.8M JPY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

MEDIROM Healthcare Technologies Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
1.82xFY2024Oct 14, 2026
0.29xFY2024Oct 14, 2026
n/aFY2024Oct 14, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
n/mFY2024Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2024Apr 29, 2025
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
n/aFY2024Oct 14, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
4.24FY2024Apr 29, 2025
0.65FY2024Apr 29, 2025
0.03xFY2024Oct 14, 2026
n/aFY2024Oct 14, 2026
n/a The filed income statement reports no earnings per share.
0.86FY2024Oct 14, 2026
-1.76FY2024Apr 29, 2025
6/9FY2024Apr 29, 2025

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 6 filed fiscal years on record, FY2019 to FY2024, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

6 filed fiscal years, FY2019 to FY2024, read from the annual reports MEDIROM Healthcare Technologies Inc filed with the SEC. Each year names its filing. Amounts in JPY, as filed.

MEDIROM Healthcare Technologies Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20248.30B-18.1M148.8Mn/a-1.40B-0.2%15.9%20-F, Apr 29, 20250001558370-25-005850
FY20236.83B-391.6M115.4Mn/a-767.6M-5.7%54.7%20-F, Jun 18, 20240001558370-24-009293
FY20226.95B97.0M149.0Mn/a-806.4M1.4%n/m20-F, May 30, 20230001558370-23-010611
FY20215.41B-470.6M-990.7Mn/a-652.9M-8.7%n/m20-F, Nov 14, 20220001558370-22-017729
FY20203.34B-746.1M-539.2Mn/a-440.0M-22.3%-109.8%20-F, May 17, 20210001558370-21-007318
FY20193.91B34.4M17.3Mn/a464.0K0.9%2.9%20-F, May 17, 20210001558370-21-007318
  • Revenue, compound annual growth FY2019 to FY2024: 16.3%
  • Earnings, compound annual growth FY2019 to FY2024: 53.7%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2024, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

MEDIROM Healthcare Technologies Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-1.76 ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Piotroski F-score6/9 ComputedFY2024 20-F, filed Apr 29, 2025, 0001558370-25-005850
Named tests met3 of 30 Computed
Beta1.11 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 3 met, 21 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Deep value; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
Earnings yield and ROIC (Joel Greenblatt); ROIC at or above WACC; Near the 52-week low; P/E times P/B (Benjamin Graham); Cash-covered dividend; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(15)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 15 figures could not be read on this company, among them Positive Earnings Streak, EV/EBIT, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 6 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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