As Partners CO.,LTD.
160A・Standard Market・Services
Business
As Partners is a metro Tokyo-focused nursing care and real estate conglomerate founded in 2004. In its senior business, the company operates a dominant network of 56 facilities concentrated inside National Route 16 in the greater Tokyo metropolitan area, comprising 33 residential care homes, 19 day service centers, and 4 short-stay facilities, targeting middle- to high-income customers as its primary client base. Its strengths lie in operational efficiency and scientific caregiving enabled by its proprietary IoT/ICT platform, "EGAO link®." In its real estate business, the company operates three pillars: in-house development and sale of residential care homes (senior development), redevelopment of aging real estate properties (solutions), and leasing of income-producing real estate. Of the ¥23,661 million in net sales for FY2026 (ending March 2026), the senior business accounted for 65.0% and the real estate business for 35.0%.
Business Model
The senior business is underpinned by stable recurring revenue from long-term care insurance comprehensive fees (for fee-based care homes for the elderly) and monthly usage fees (rent, management fees, etc.). The real estate business consists of flow revenue from selling self-developed fee-based care homes for the elderly to healthcare REITs and other investors, together with recurring revenue from leasing income-producing real estate. Even after a home is sold, the Company continues to lease and operate it, creating a circular structure that simultaneously expands the senior business and monetizes the real estate business.
Company Strengths
Since 2017, the company has deployed its proprietary IoT/ICT platform "EGAO link®" across all fee-based nursing homes (completed in 2020). The 27 existing facilities open for more than two years maintained an average mid-term occupancy rate of 93.5%, with short-stay services achieving 105.9%, exceeding capacity utilization. The operating model that reallocates time saved through operational efficiency to individualized care underpins this high occupancy rate.
Fee-based nursing homes face high entry barriers due to the total volume regulation based on municipalities' long-term care insurance business plans. All 33 facilities operated by the company are fee-based nursing homes, making it one of the few large-scale operators to maintain this format. The comprehensive fee (per-diem) payment system facilitates revenue forecasting, forming a stable earnings base.
Leveraging its operational track record and site-selection expertise in fee-based nursing homes, the company's in-house developed properties enable the formulation of highly profitable business plans premised on high occupancy, allowing sales to healthcare REITs and investors on favorable terms. In FY2026 (ending March 2026), the real estate segment posted sales of ¥8,199 million (up 96.7% year on year) and segment profit of ¥1,982 million (up 26.1% year on year), demonstrating high profitability.
ENVALITH's Perspective
Performance Trend
Revenue accelerated from ¥17,151 million in FY2024 (ended March 2024) to ¥17,918 million in FY2025 (ended March 2025) (up 4.5%), and further to ¥23,661 million in FY2026 (ending March 2026) (up 32.1%). The primary driver was the rapid expansion of real estate segment revenue, up 91.4% year-on-year to ¥8,330 million, driven by land and building sales such as the Azuhaim Narashino Project and Katsushika Hakucho Project. Operating income rose to ¥1,524 million (up 16.8% year-on-year) and net income attributable to owners of parent increased to ¥1,185 million (up 23.8%), securing profit growth. However, the operating margin declined to 6.4% (from 7.3% in the prior period), as rising costs from new senior business openings and higher personnel expenses pressured margins. Operating cash flow improved substantially to ¥4,452 million (from ¥775 million in the prior period), aided by progress in inventory sales. External factors, including firm real estate market conditions in the Greater Tokyo area (with published land prices and roadside land prices rising for the fourth consecutive year) and a positive revision to nursing care fees, supported overall performance.
Growth Strategy
A three-pronged growth strategy combining dominant expansion of residential care homes, deeper utilization of EGAO link®, and expansion of the senior development business
In FY2026 (ended March 2026), 6 new facilities were opened, establishing a 33-facility structure at fiscal year-end. In FY2027 (ending March 2027), the company plans to open 4 new residential care homes in Chofu, Tokorozawa, Kodaira, and Fuchu, along with 2 day service facilities, targeting a 37-facility structure by fiscal year-end. Occupancy rate maturation at newly opened facilities is the core driver of medium-term revenue expansion.
The company continues to promote greater utilization of its proprietary IoT/ICT platform, EGAO link®, to improve operational efficiency. Time freed up through this platform is redirected toward individualized care, aiming to raise occupancy rates and strengthen recruiting capability. The 93.5% occupancy rate at facilities open for more than two years demonstrates its effectiveness, with accelerating rollout to newer facilities remaining a key challenge.
Leveraging its in-house operational expertise, the company develops and sells residential care homes, recording real estate sales revenue of ¥7,898 million in FY2026 (ended March 2026). The balance of real estate held for sale in process, at ¥3,786 million, forms the sales pipeline for subsequent periods. The solutions business and income-generating real estate business are also being pursued in parallel.
Continued accumulation of net income has expanded retained earnings, leading to a gradual improvement in the equity ratio (from 19.4% in FY2025 (ended March 2025) to 21.2% in FY2026 (ended March 2026)). Net assets per share also rose from ¥1,164.14 to ¥1,440.46. The dividend was increased to ¥70 per share (payout ratio of 21.2%), with ¥80 per share (22.0%) projected for FY2027 (ending March 2027).
Last updated: July 19, 2026