SBC Medical Group Holdings
SBC on Nasdaq. Offices & clinics of doctors of medicine. Market value $549m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
What to watch out for
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $11.27 of spare cash in the past 12 months. A savings account pays about $4.
You pay 6.1 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$5.33 a share, 92% above its 1-year low
Over the past year the price has ranged from $2.78 to $5.51.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $62 million in the past 12 months, $23 million in the year to December 2025.
| Revenue | |||
| Revenue | $194m | $205m | $174m |
| Operating margin | |||
| Operating margin | 36.5% | 34.2% | 38.9% |
| Debt to equity | |||
| Debt to equity | n/a | 0.03 | 0.17 |
| Shares outstanding | |||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive3 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.17× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $49 million last quarter, up 13% on a year ago.
- Profit: $11 million, up 335% on a year ago.
- It keeps 37 cents of each $1 of sales as operating profit, up from 30 cents a year earlier.
- Spare cash over the past 12 months: $62 million. A year earlier it spent $10 million more than it brought in.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $146 million more cash than debt, up from $145 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $53m |
| December 2024 | $44m |
| March 2025 | $47m |
| June 2025 | $43m |
| September 2025 | $43m |
| December 2025 | $40m |
| March 2026 | $43m |
| June 2026 | $49m |
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $7m |
| March 2025 | $22m |
| June 2025 | $2m |
| September 2025 | $13m |
| December 2025 | $14m |
| March 2026 | $11m |
| June 2026 | $11m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 57 funds in all.
Largest holders overall
- Lumbard & Kellner$5mAdded
- BlackRock$3mAdded
- Geode Capital Management$1mAdded
- Citadel Advisors$445,731New
- Vanguard Capital Management$418,212
- Northern Trust$404,108Added
- Vanguard Portfolio Management$395,149Added
- Hillsdale Investment Management$384,384New
- Segall Bryant & Hamill$250,426
- Vanguard Fiduciary Trust$204,145Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Yoshiyuki AikawaInsider or founder82.2%−3.0 ptsSince 19 April 2026
What they said
Item 4 of the Schedule 13D is hereby amended and restated as set forth below: On April 19, 2026, the Reporting Person, as a selling stockholder and the Issuer entered into an underwriting agreement (the "Underwriting Agreement") with Maxim Group LLC, as representative of the…
Read the filing - Aikawa Equity Management Co., Ltd.Passive investor5.2%Since 6 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Yoshiyuki Aikawa Insider or founder | 82.2%−3.0 pts | 19 April 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and restated as set forth below: On April 19, 2026, the Reporting Person, as a selling stockholder and the Issuer entered into an underwriting agreement (the "Underwriting Agreement") with Maxim Group LLC, as representative of the… Read the filing |
Aikawa Equity Management Co., Ltd. Passive investor | 5.2% | 6 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $20m.
- Aikawa YoshiyukiChairman and CEO, DirectorSold
- Date
- 28 April 2026
- Shares
- 465,000
- Price
- $3.02
- Value
- $1m
- Aikawa YoshiyukiChairman and CEO, DirectorSold
- Date
- 21 April 2026
- Shares
- 3,100,000
- Price
- $3.02
- Value
- $9m
- Aikawa YoshiyukiChairman and CEO, DirectorSold
- Date
- 6 March 2026
- Shares
- 4,422,900
- Price
- $2.12
- Value
- $9m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 April 2026 | Aikawa Yoshiyuki Chairman and CEO, Director | Sold | 465,000 | $3.02 | $1m |
| 21 April 2026 | Aikawa Yoshiyuki Chairman and CEO, Director | Sold | 3,100,000 | $3.02 | $9m |
| 6 March 2026 | Aikawa Yoshiyuki Chairman and CEO, Director | Sold | 4,422,900 | $2.12 | $9m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in SBC Medical Group Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, management concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the previously identified material weaknesses in our internal control over financial reporting.”
Show the full paragraph
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report. Based on this evaluation, management concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the previously identified material weaknesses in our internal control over financial reporting. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.