ENVALITH
株式会社フィットクルー logo

Fitcrew Inc.

469A・Growth Market・Services

株式会社フィットクルー logo
Fitcrew Inc.469A

Business

Fit Crew Co., Ltd. upholds the corporate philosophy of "brightening society through fitness," directly operating four brands: the women-only personal training gyms "UNDEUX SUPERBODY" and "UNDEUX SUPERBODY LIFE," the healthcare-focused unisex gym "Dr.plus Fit," and the personal trainer training school "Progym." Its core customer base spans widely from young women with strong beauty and health awareness to middle-aged and senior demographics. Founded in Osaka in 2015, the company listed on the Tokyo Stock Exchange Growth Market in December 2025. As of the end of November 2025, it operated 53 locations nationwide and recorded net sales of ¥2,921 million.

Business Model

The core revenue source is personal training revenue (¥2,624 million, approximately 89.8% of sales composition). At UNDEUX SUPERBODY, customers transition to a monthly after-course subscription following completion of the short-term intensive course, securing rebound prevention and continued revenue. UNDEUX SUPERBODY LIFE and Dr.plus Fit adopt a monthly subscription model from the outset, building a stable recurring revenue base. In addition, merchandise sales revenue such as original protein products (¥180 million, +27.3% year-on-year) contributes to expanding LTV.

Company Strengths

In FY2025 (ending November 2025), revenue was ¥2,921 million (+19.0% year on year), operating profit was ¥275 million (+143.2% year on year), and net income was ¥249 million (+462.7% year on year), achieving top-line expansion and profitability improvement simultaneously. The operating profit margin reached 9.4%.

Recurring revenue is being built up through three formats—UNDEUX SUPERBODY After Course, UNDEUX SUPERBODY LIFE, and Dr.plus Fit—with their share of revenue on an expanding trend. The monthly subscription model diversifies cancellation risk, creating a structure in which revenue stability increases as the number of stores grows.

Merchandise sales revenue, including original protein products, achieved high growth of ¥180 million (+27.3% year on year). By expanding the merchandise lineup for existing members, the company is enhancing customer engagement and contributing to the expansion of LTV (customer lifetime value).

ENVALITH's Perspective

In the interim period of FY2026 (ending November 2026), the company secured revenue growth with net sales of ¥1,536 million (up 13.9% year on year), while operating loss came to ¥12 million (versus operating profit of ¥85 million in the same period of the previous year), a significant deterioration. While the cost of sales ratio remained flat at 62.6% (62.6% in the same period of the previous year), SG&A expenses increased by ¥83 million from ¥418 million to ¥502 million, which was the main cause. Front-loaded recognition of personnel expenses, advertising expenses, and store operating costs for newly opened and acquired stores is weighing on profit, and it will be necessary to assess the probability of expense absorption in the second half and achievement of the full-year forecast (operating profit of ¥172 million).

The full-year earnings forecast (net sales of ¥3,574 million, operating profit of ¥172 million) remains unchanged from the announcement on April 14, 2026. The progress rate of first-half net sales against the full-year forecast was 43.0%, generally within expectations, but since the first half posted an operating loss, more than ¥172 million in profit generation will be required in the second half. The full-scale contribution of the Pilates business (which contributed to interim period earnings for only one month, in May) and profitability improvement at existing stores will be key to second-half performance. As an external factor, the risk remains that heightened consumer selectiveness due to rising prices could affect average customer spending and membership enrollment rates.

On July 15, 2026, the company entered into a basic agreement with VALX Co., Ltd. regarding the acquisition of the "VALX GYM" business and a capital and business alliance. Entry into the 24-hour fitness gym business targeting both men and women will contribute to expanding the customer base and diversifying the business portfolio. However, the acquisition price, timing, and details of the target assets remain undetermined at this point, and the scale of additional goodwill recognition and financial burden is unclear. Following the acquisition of the Ascenders business (goodwill of ¥248 million, amortized evenly over 10 years), the impact of this continued series of M&A activity on financial soundness (equity ratio of 34.5%) needs to be closely monitored.

Growth Strategy

Expanding into multiple areas of the fitness sector through the expansion of multi-brand store openings, Pilates business integration, and entry into the VALX GYM business

Advancing the brand integration of "UNDEUX SUPERBODY" and "UNDEUX SUPERBODY LIFE" to unify the customer experience and improve operational efficiency. Aiming for profit recovery in the second half through improved profitability at existing stores.

Completed the business transfer effective May 1, 2026, at an acquisition cost of ¥325,000 thousand (goodwill of ¥248,090 thousand, amortized equally over 10 years). Plans to expand the recurring revenue base through the group lesson-style monthly membership model and promote cross-selling to the female customer segment.

Entered into a basic agreement with VALX Co., Ltd. on July 15, 2026. Aims to expand the customer base by entering the 24-hour fitness gym business for both men and women, and to expand continuous-use type services and revenue opportunities. The transfer price and timing remain undetermined.

Expanded from 53 stores at the end of the previous fiscal year to 69 stores at the end of the interim period. By opening stores in suburban and regional cities, the company aims to acquire new light-user customers and expand market coverage across multiple business formats, including personal training, Pilates, and 24-hour gyms.

Last updated: July 17, 2026