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SBC

SBC Medical Group Holdings Incorporated

SBC

SBC Medical Group Holdings Incorporated • NASDAQ
$3.57 ▼ -1.92% (-0.07)
Market Cap $366.20 M
52w High $7.25
52w Low $2.62
Dividend Yield 0%
P/E 8.5
Volume 8.80K
Outstanding Shares 102.58M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $43.353M ▼ $14.02M ▼ $12.825M ▲ 29.582% ▲ $0.125 ▲ $19.27M ▲
Q2-2025 $43.359M ▼ $15.456M ▲ $2.458M ▼ 5.67% ▼ $0.024 ▼ $14.226M ▼
Q1-2025 $47.329M ▲ $13.531M ▼ $21.502M ▲ 45.432% ▲ $0.208 ▲ $32.086M ▲
Q4-2024 $44.421M ▼ $29.155M ▼ $6.539M ▲ 14.721% ▲ $0.064 ▲ $7.003M ▼
Q3-2024 $53.085M $29.404M $2.833M 5.337% $0.03 $14.132M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $127.431M ▼ $321.363M ▲ $73.304M ▲ $247.988M ▲
Q2-2025 $152.741M ▲ $315.299M ▲ $70.647M ▲ $244.592M ▲
Q1-2025 $132.056M ▲ $284.606M ▲ $58.283M ▼ $226.446M ▲
Q4-2024 $125.044M ▼ $266.083M ▼ $71.061M ▼ $195.109M ▼
Q3-2024 $137.393M $296.479M $90.958M $204.981M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.825M ▲ $-20.884M ▼ $-12.158M ▼ $11.568M ▲ $-25.31M ▼ $-21.061M ▼
Q2-2025 $2.458M ▼ $-8.34M ▼ $16.377M ▲ $7.182M ▲ $20.685M ▲ $-8.851M ▼
Q1-2025 $21.492M ▲ $1.929M ▲ $-978.807K ▲ $-280.38K ▼ $7.012M ▲ $1.174M ▲
Q4-2024 $6.539M ▲ $-7.303M ▼ $-4.548M ▼ $11.381M ▼ $-12.349M ▼ $-7.894M ▼
Q3-2024 $2.833M $5.011M $3.852M $11.693M $33.69M $3.759M

Five-Year Company Overview

Income Statement

Income Statement SBC shows a clear pattern of steady growth and improving profitability since listing. Sales have risen each year, and profit has grown faster than sales, which suggests better cost control and operating leverage. Gross profit and operating profit margins look healthy for a consulting-style model, and net profit has expanded meaningfully from a small base in the IPO year. One nuance is that operating profit has flattened in the most recent year while cash-style earnings (like EBITDA) edged slightly down, which could reflect higher operating costs, investments in people or systems, or early spending on new growth initiatives. Overall, the income statement points to a young but already solidly profitable business that is still scaling up, with some early signs that future growth might require more investment to maintain margins.

Balance Sheet

Balance Sheet The balance sheet looks conservative and strengthening over time. Total assets have grown steadily, with cash rising notably faster than overall assets, which gives the company a comfortable liquidity cushion. Debt levels are very low and have been moving down, while shareholders’ equity has built up significantly, which means the business is largely funded by retained profits rather than borrowing. This combination—rising cash, low leverage, and growing equity—paints a picture of a financially solid company with room to invest or weather shocks, although it also raises the question of how aggressively management will choose to deploy that balance sheet strength going forward.

Cash Flow

Cash Flow Cash generation is positive but shows some mixed signals. Operating cash flow turned from roughly breakeven at IPO to clearly positive, then dipped in the most recent year even as accounting profits increased. That may indicate working capital swings, payment timing, or early spending that does not yet show up as revenue. Free cash flow is positive and has improved from a small deficit at the time of listing, helped by relatively light capital spending, which is typical of an asset-light consulting and management model. The key watchpoint is whether operating cash flow can consistently track profit growth; if not, it would warrant a closer look at how quickly the company is collecting cash from its growing clinic network and new initiatives.

Competitive Edge

Competitive Edge SBC appears to occupy a leading and differentiated position in Japan’s aesthetic medical market. Its strength comes less from owning devices and more from acting as the brains and backbone behind a large network of clinics. The flagship brand is widely recognized, and the company offers a turnkey package for doctors—covering marketing, operations, staffing, and systems—which is hard and time-consuming for competitors to replicate. Its scale gives it advantages in advertising, purchasing, and data insights that smaller players cannot easily match. On the risk side, SBC is tied to consumer spending on elective procedures, exposed to regulatory changes in healthcare and aesthetics, and must maintain consistent service quality across a large network. Its push into overseas markets introduces both growth potential and execution and localization risk.

Innovation and R&D

Innovation and R&D Historically, SBC’s main innovation has been its business model and digital backbone rather than laboratory-style R&D. It has built proprietary tools for digital marketing, patient management, and operational support, and uses data to refine treatment offerings and pricing across its brands. The acquisition of Waqoo signals a shift toward deeper technical innovation in regenerative medicine and skincare, potentially adding proprietary treatments and products to its service-heavy model. Partnerships in Thailand and alliances with healthcare-tech and wellness players also show a willingness to experiment with new formats and geographies. The opportunity is to blend its operational scale with unique treatments and products; the risk is that R&D and international expansion can be costly and uncertain, and successful integration and commercialization are not guaranteed.

Summary

SBC Medical Group combines a fast-growing, profitable consulting-style business with a strong brand and an asset-light financial profile. Its financials suggest a disciplined operator that has used a franchise-like model to scale quickly while keeping debt low and cash building. At the same time, recent trends in cash flow and operating profit hint that the next phase of growth may require heavier investment and more complex execution, especially as the company moves into regenerative medicine, proprietary products, and overseas markets. The core story is of a dominant domestic platform in aesthetic medicine trying to evolve into a more technology- and product-driven healthcare group, with solid financial foundations but the usual risks that come with innovation and international expansion.

NEWS

November 14, 2025 · 7:47 AM UTC

SBC Medical Group Enters the Thai Market through Partnership with BLEZ

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November 14, 2025 · 7:00 AM UTC

SBC Medical Group Holdings Announces Third Quarter 2025 Financial Results

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November 13, 2025 · 3:57 AM UTC

SBC Medical Group Announces Commencement of Tender Offer for Shares of Waqoo, Inc.

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October 31, 2025 · 8:00 AM UTC

SBC Medical to Announce Q3 2025 Financial Results on November 14 and Hold Earnings Call on November 17

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September 17, 2025 · 8:00 AM UTC

SBC Medical Accelerates Multi-Brand Strategy with Hybrid Dermatology Model “Hada no Aozora Clinic” Establishment

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