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what it is
SBC runs the ads, hiring, bookings, supplies, and buildouts for cosmetic clinics in Japan, Vietnam, the US, and beyond.
how it gets paid
Last year Sbc Medical made $205M in revenue. Clinic management services was the main engine at $70M, or 34% of sales.
what just happened
The latest quarter put $134M of revenue on the board, with EPS at $0.36 and gross margin at 73.4%.
At a glance
n/a balance sheet
13.2x trailing p/e — the market's not buying it — or you found a deal
31.0% return on capital — every dollar works hard here
$0.64 fy2024 eps est
$205M fy2024 rev est
What they do
SBC runs the ads, hiring, bookings, supplies, and buildouts for cosmetic clinics in Japan, Vietnam, the US, and beyond.
SBC bundles marketing, bookings, staffing, rentals, and procurement for franchisee clinics (partner-owned clinics). You are not switching one vendor. You are replacing 5 jobs at once, and that gets ugly when 863 employees already run the machine.
How they make money
$205M
annual revenue
Clinic management services
$70M
Advertising and marketing
$42M
Staffing and bookings
$34M
Buildouts and rentals
$31M
Equipment and product resale
$28M
The products that matter
manages cosmetic clinics
Clinic Management Services
$70M · 34% of revenue (clinic management line)
this is the largest single revenue line in the filing breakdown. If clinic traffic, pricing, or expansion slips here, the rest of the mix has to absorb it.
core engine
ancillary revenue streams
Other Revenue
$135M · 66% of revenue (all other lines)
advertising, staffing, buildouts, and resale combine for the rest of the ~$205M total. Same company — still execution across the full stack.
small buffer
Key numbers
$205M
2024 revenue
That is a $205M business. Small-cap optics, real money.
34.2%
operating margin
You keep 34.2 cents from every dollar before taxes and interest. That is a fat spread for a management shop.
31.0%
return on capital
Each dollar tied up in the business produces 31 cents of operating profit. That beats a lot of healthcare dabblers.
$20M
long-term debt
Debt is 5% of capital. That leaves less drama if growth stumbles.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $20M (5% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SBC right now.
source: institutional data · return history unavailable
What just happened
mixed vs estimates
The latest quarter put $134M of revenue on the board, with EPS at $0.36 and gross margin at 73.4%.
Revenue grew sharply vs. prior year off a smaller base; gross margin at 73.4% says the business keeps most of what it bills before overhead. The risk section still flags a recent EPS miss vs consensus — do not read “beat” from the headline alone.
$134M
revenue
$0.36
eps
73.4%
gross margin
the number that mattered
The 73.4% gross margin is the tell. It means the company keeps 73 cents of every sales dollar before overhead.
source: EDGAR SEC filing
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What could go wrong
the top risk here is an insider-confidence problem after the ceo sold 83.7% of his stake.
med
ceo share sale becomes the story
Yoshiyuki Aikawa sold 4,422,900 shares for $9.38M on March 6, 2026. That reduced his ownership by 83.7%, which is large enough to change how outside investors read every future update.
If management does not explain the sale clearly, the stock can keep trading at a trust discount no matter how cheap the p/e looks.
med
earnings estimates are moving down, not up
Last quarter EPS missed by 20%, coming in at $0.12 versus a $0.15 estimate. Analysts then cut current-quarter EPS forecasts by 20%.
That raises the chance that the 13.2x trailing multiple is cheap for a reason rather than overlooked for no reason.
med
revenue concentration in one operating model
Clinic management services alone is about $70M of the ~$205M revenue mix (~34% in the segment table). The rest is still clinic-adjacent — there is limited true diversification if demand slows.
A stumble in the core management line still ripples through the model because the other lines mostly serve the same clinics.
At $205M of expected revenue and a $365M market cap, the valuation is not the hard part. Believing the story after the insider sale is.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
march 27 results need to reset the tone
Q4 and full-year 2025 earnings are scheduled for March 27, 2026. After a 20% EPS miss, you want cleaner numbers and cleaner commentary.
insiders
any follow-up explanation for the $9.38M ceo sale
The sale reduced ownership by 83.7%. Until management addresses why, every valuation argument has to fight that headline first.
margin
whether 73.4% gross margin still converts into earnings
Wide gross margin is nice. The last quarter still missed. You want to see operating discipline, not just attractive unit economics on paper.
estimates
whether cuts stop after the 20% forecast reset
If EPS estimates keep falling, the low multiple is a trap. If cuts stabilize, the stock gets room to trade on business performance again.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for SBC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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