ENVALITH
フィットイージー株式会社 logo

FIT EASY Inc.

212APrime MarketServices

フィットイージー株式会社 logo
FIT EASY Inc.212A

Business

Fit Easy Co., Ltd. was established in July 2018. The company operates "Amusement Fitness Club" (Trademark Registration No. 6724824), which combines not only fitness machines but also amusement facilities such as simulation golf, saunas, coworking spaces, self-service esthetic treatment, and high-concentration oxygen rooms. As of the end of October 2025, the company operates 238 stores nationwide (23 directly managed stores and 215 franchise stores), with 224,740 members, and is accelerating nationwide expansion while maintaining its base in the three Tokai prefectures. The customer base is not limited to men in their 20s and 30s, with an increasing proportion of customers in their 40s and above as well as women, and its appeal as a "third place" is contributing to attracting a broad range of customer segments.

Business Model

Revenue is composed of three categories: directly-operated sales, management sales, and development sales. In FY2025 (ending October 2025), the revenue composition was directly-operated sales of ¥1,526 million (15.7%), management sales of ¥2,096 million (21.5%), and development sales of ¥6,087 million (62.6%). Because franchise stores bear the capital expenditures and personnel costs, the headquarters can enjoy earnings with low risk, and royalty income linked to the number of members forms a stable, stock-type revenue base.

Company Strengths

By utilizing existing turnkey properties (leaving prior fixtures in place), directly and bulk-purchasing building materials and equipment overseas and stocking inventory, in-house development of store plans and space design, and collaboration with construction contractors nationwide, the company achieves low-cost, high-quality design and construction. Membership forecasting using a proprietary multiple regression analysis tool has also been standardized, and the company expanded to 238 stores from its founding in 2018 through the end of October 2025.

The number of stores grew approximately 4.3-fold, from 56 stores in FY2020 (ending October 2020) to 238 stores in FY2025 (ending October 2025). Membership increased approximately 7.7-fold over the same period, from 29,371 to 224,740 members. Growth has accelerated, with the company reaching 200 stores in April 2025 and 200,000 members in August 2025, and it had reached 256 stores by the end of January 2026.

The company has introduced AI facial recognition, thermal sensing systems, a smart membership enrollment system, the FOS management system, web-based reservations, and a 24-hour interactive security system, enabling store operations with an average of approximately 1.5 staff per day. The head office also handles membership fee collection and management of outstanding fees on behalf of franchise stores, reducing the operational burden on franchisees and supporting long-term stable profitability.

ENVALITH's Perspective

The interim H1 (six months ended April 2026) revenue of ¥6,705 million represents 46.8% of the full-year forecast of ¥14,322 million, and operating profit of ¥1,607 million represents 45.8% of the full-year forecast of ¥3,506 million. Although the full-year forecast has already been revised upward, maintaining the pace of new store openings and building up membership at existing stores in the second half (May to October) will be key to achieving the plan. Regarding the market environment, consumer willingness to spend on health and wellness remains solid, but the risk that pressure on disposable income from rising consumer prices could become a headwind to member acquisition warrants continued monitoring.

Since flow revenue such as franchise fees and equipment sales at the time of new FC store openings is directly linked to the pace of store openings, there is a risk of a sharp slowdown in revenue and profit if the real estate acquisition environment deteriorates or the number of prospective franchisees declines. Interim selling, general and administrative expenses rose 75% year on year to ¥786 million from ¥449 million in the same period of the previous fiscal year, reflecting the emergence of increased fixed costs accompanying business expansion. Continued verification is needed regarding the company's ability to sustain earnings solely from stock revenue once store openings level off.

The dividend for the second quarter (interim period) end of FY2026 (ending October 2026) of ¥26 includes a commemorative dividend of ¥6 for the market transfer to the Tokyo Stock Exchange Prime Market and Nagoya Stock Exchange Premier Market, and the transition to the higher-tier markets has been completed. While the market transfer is expected to expand opportunities for inclusion in institutional investors' investment universe, it also demands further enhancement of information disclosure, internal controls, and corporate governance systems. The non-consolidated, single-segment disclosure structure will continue to be an area investors evaluate from a transparency perspective.

Growth Strategy

Pursuing growth along four axes: nationwide franchise network expansion, growth in existing-store membership, deepening of AI healthcare capabilities, and overseas expansion

Following the achievement of 250 stores in January 2026, the company continued opening new stores, reaching 275 stores by end-April 2026. It has maintained rapid expansion through a standardized store-opening package, and continues to pursue new franchise partner acquisition across the country.

The strategy focuses on steadily increasing membership per store through effective campaigns and initiatives to improve member satisfaction. Membership reached 261,527 as of end-April 2026 (a substantial year-on-year increase), contributing to the accumulation of recurring revenue such as royalties.

The company provides a "health automation" cycle (Know → Guide → Adjust → Act → Evaluate) via its app, integrating an AI facial-recognition body composition analyzer, AI-generated training menus, and diet and sleep management. This aims to stabilize recurring revenue by improving member retention, curbing cancellations, and strengthening differentiation. Patent applications are pending.

Under the VISION of "aiming to become the world's No. 1 wellness chain," the company has set as a medium- to long-term goal the deployment of its store-opening package, brand, and operational know-how—cultivated through building its domestic franchise network—into overseas markets. Specific timing and regions for overseas entry have not yet been disclosed.

Last updated: July 17, 2026