ENVALITH
シップヘルスケアホールディングス株式会社 logo

SHIP HEALTHCARE HOLDINGS,INC.

3360・Prime Market・Wholesale Trade

Official website
シップヘルスケアホールディングス株式会社 logo
SHIP HEALTHCARE HOLDINGS,INC.3360

Business

Ship Healthcare Holdings is a comprehensive healthcare company founded in 1992, operating in the medical, health, welfare, nursing care, and services business domains. With 51 consolidated subsidiaries and 5 affiliated companies, it operates four businesses: the Total Pack Produce Business, which handles comprehensive order-taking for the construction, relocation, and renovation/expansion of medical institutions (19.0% of sales); the Medical Supply Business, which handles sales of medical supplies and equipment and SPD system operations (71.0%); the Life Care Business, encompassing nursing care facility operations and meal service (5.2%); and Dispensing Pharmacy Operation (4.8%). Its primary customers are medical and welfare institutions such as university-affiliated hospitals, regional core hospitals, and nursing care facilities, and it provides integrated services ranging from hospital construction to the daily supply of consumables, nursing care, and dispensing pharmacy services.

Business Model

In the Total Pack Produce Business, the company takes comprehensive orders for new construction and renovation projects at medical institutions, covering everything from consulting to equipment installation and construction work, earning high-value-added construction and engineering revenue. In the Medical Supply Business, the company builds stable trading relationships through the continuous supply of medical supplies via the Off-site SPD System (in-hospital logistics outsourcing), boasting revenue of ¥509,569 million. The Life Care Business and Dispensing Pharmacy Business generate recurring service revenue through nursing care facility operations and pharmacy operations, and the four businesses cover the entire healthcare domain through mutual customer referrals and synergies.

Company Strengths

The "Total Pack Produce" model, which takes comprehensive orders spanning from consulting to equipment/facility installation, construction, and maintenance, is a proprietary function that is difficult for competitors to replicate in the short term. In FY2026 (ending March 2026), this business's revenue was ¥136,604 million, maintaining a segment profit margin of 7.9%, with an order backlog base comprising orders received of ¥134,242 million and order backlog of ¥17,820 million.

The continuous supply of medical supplies through the Off-site SPD System (in-hospital logistics outsourcing) is a business model with high entry barriers that creates daily touchpoints with medical institutions. In FY2026 (ending March 2026), Medical Supply Business revenue was ¥509,569 million (up 7.3% year on year), with the start of operations at newly contracted SPD facilities and the acquisition of comprehensive contract SPD projects with multiple hospitals contributing to continued revenue expansion.

Since its founding in 1992, the company has formed a group of 51 consolidated subsidiaries and 5 affiliated companies through successive M&A and subsidiary formation. Under its umbrella are medical equipment manufacturer subsidiaries (Yamada Medical Lighting, Sakai Medical, etc.), SPD specialty companies, dispensing pharmacies, and nursing care facility operators, among others, building a circular customer base model through intra-group synergies. Management efficiency improvements are also progressing through the integration of five companies in October 2024.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue reached ¥718,163 million, marking five consecutive years of revenue growth, but operating profit declined 1.2% year on year to ¥24,482 million. While gross profit was roughly flat at ¥66,703 million, SG&A expenses increased. In the Total Pack Produce Business, the absence of completed Senior Condominium Business projects, delivery delays of materials for energy-saving-related construction work, and one-time costs such as M&A fees combined to cause a sharp 10.0% decline in segment profit.

Segment profit in the Dispensing Pharmacy Business was strong, rising 16.9% year on year to ¥4,004 million, while net profit attributable to owners of the parent fell 11.5% year on year to ¥13,394 million. The recording of extraordinary losses—a valuation loss on investment securities of ¥738 million and a provision for allowance for doubtful accounts of ¥2,415 million—significantly pushed down net profit. Equity in earnings of affiliates also shrank from ¥1,091 million to ¥613 million, and the declining profit contribution from investees warrants continued attention.

The company forecasts revenue of ¥740,000 million (up 3.0% year on year), operating profit of ¥26,000 million (up 6.2% year on year), and net profit attributable to owners of the parent of ¥16,000 million (up 19.5% year on year) for FY2027 (ending March 2027). The sharp recovery in net profit assumes the one-time factors behind the extraordinary losses will not recur, but attention should be paid to the risk of persistently high provisions for allowance for doubtful accounts and a recurrence of valuation losses on investment securities. The completion timing of the second and third Senior Condominium Business projects and the monetization of the Overseas ODA Business could serve as upside factors.

Growth Strategy

Portfolio management aiming for CAGR of 5%, operating margin of 4%, and ROE of 12% under SHIP VISION 2030

Promoting the expansion of newly contracted SPD facilities and the acquisition of comprehensive contract SPD projects with multiple hospitals under different management entities. Strengthened the business foundation through the establishment of a new medical supplies logistics hub in the greater Tokyo area. In FY2026 (ending March 2026), segment profit reached ¥7,484 million, up 7.4% year on year, continuing stable growth as a core business.

As a new revenue source within the Total Pack Produce Business, preparations for the 2nd and 3rd projects of the Senior Condominium Business are underway. In the previous fiscal year (FY2025, ended March 2025), the completion and sale of the 1st project were achieved, but in the current fiscal year (FY2026, ending March 2026), there were no completed projects, which contributed to a decline in profit compared to the previous year. Completion and sales from the next fiscal year onward are key to a performance recovery.

In May 2025, a specialized ODA trading company joined the group, achieving entry into the Overseas ODA Business. Its contribution to current-period performance has been confirmed. The medical information solutions business has also been performing steadily, and the company aims to capture growing demand driven by the advancement of medical DX.

Implemented the integration of 5 companies within the King Lang Group (October 2024) and multiple absorption-type mergers centered on the Dispensing Pharmacy Business and the meal service business. Through large-scale organizational reorganization involving changes in the scope of consolidation (5 newly included, 11 excluded), the company aims to reduce redundant costs and accelerate decision-making. The effect has become evident, with segment profit in the Dispensing Pharmacy Business up 16.9% year on year.

The plan targets a CAGR of 5%, an operating margin of 4% (in FY2030, ending March 2030), and ROE of 12% (in FY2030, ending March 2030) over the five years from FY2026 (ending March 2026) to FY2030 (ending March 2030). In the first year (FY2026, ending March 2026), the operating margin was 3.4%, falling short of the 4% target. The forecast for FY2027 (ending March 2027) anticipates an operating margin of 3.5%, aiming for gradual improvement.

Last updated: July 19, 2026