ENVALITH
株式会社アルマード logo

ALMADO, INC.

4932・Standard Market・Chemicals

Official website
株式会社アルマード logo
ALMADO, INC.4932

Business

Almado Inc. upholds the corporate philosophy of "bringing health and beauty to people around the world through eggshell membrane and biotechnology," and manufactures and sells cosmetics and health foods using "eggshell membrane"—the thin membrane found on the inside of chicken egg shells—as the main raw material. All manufacturing is outsourced, with the company itself focusing on marketing, R&D, and sales. Sales channels consist of four categories: TV Shopping (for QVC), External Sales (General Distribution/OEM), and Direct Sales (EC), with Direct Sales (EC) accounting for 73.3% of net sales of ¥10,119 million in FY2026 (ending March 2026). Main customers are general consumers with high beauty and health consciousness, and the number of subscription members reached 126,121 as of the end of March 2026.

Business Model

The company has a high-gross-margin structure with a gross profit margin of 75.4% (FY2026, ending March 2026), securing stable LTV by locking in acquired customers as recurring subscription members. The model involves actively investing in advertising expenses (TV commercials, etc.) to acquire new customers, then recovering profit through conversion to subscription membership and cross-selling. Since all manufacturing is outsourced, fixed costs are low, resulting in a structure where cost of sales decreases proportionally as sales expand.

Company Strengths

Since the start of industry-academia collaboration in 2007, the company has continuously published papers in international academic journals such as "Cell & Tissue Research," "Scientific Reports," and "Food Science & Nutrition." It has scientifically demonstrated a wide range of effects, including wound healing, skin elasticity, liver function, gut microbiota, and increased bone mass, forming a unique intellectual asset that is difficult for competitors to replicate in a short period.

Since the launch of its proprietary EC subscription service in April 2018, membership has grown approximately threefold, from 42,303 members at the end of March 2022 to 126,121 members at the end of March 2026. Subscription members are a source of stable recurring revenue, and Direct Sales (EC) revenue grew to ¥7,418 million (up 41.1% year on year) in FY2026 (ending March 2026), accounting for 73.3% of total sales.

In FY2026 (ending March 2026), gross profit was ¥7,624 million, with a gross margin of 75.4%. By outsourcing all manufacturing, the company avoids fixed manufacturing costs, enabling it to maintain profit margins even as sales expand. Cost of sales decreased year on year (from ¥2,553 million to ¥2,495 million), reflecting the emergence of economies of scale.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue reached ¥10,119 million (up 19.4% year on year), an accelerated growth rate; however, advertising expenses swelled to ¥3,992 million (versus ¥2,644 million in the prior period, up 51.0% year on year), far outpacing the revenue growth rate. As a result, operating profit fell to ¥685 million (down 27.6% year on year) and the operating margin dropped sharply to 6.8% (from 11.2% in the prior period). A trade-off between revenue growth and profit growth has become apparent, making it essential to verify the efficiency of returns on advertising investment at this stage.

Citing deterioration in the crude oil and naphtha procurement environment stemming from heightened tensions in the Middle East, the company has left its FY2027 (ending March 2027) earnings forecast and dividend forecast undetermined at this time. Given the structure in which external factors such as rising raw material and logistics costs directly affect the business environment, investors face continued poor visibility into earnings. The dividend payout ratio declined from 92.2% in FY2025 (ended March 2025) to 75.0% in FY2026 (ending March 2026), and dividend per share was also cut from ¥65 to ¥42.

External Sales (OEM) fell sharply in FY2026 (ending March 2026) to ¥895 million in revenue (down 42.6% year on year), while TV Shopping also remained weak at ¥940 million (down 21.1% year on year). Meanwhile, the top two customers, QVC Japan, Inc. (¥937 million) and Ogio Co., Ltd. (¥827 million), continue to account for the largest shares, and the risk of dependence on specific customers persists. As revenue increasingly concentrates in Direct Sales (EC), attention should be paid to the risk of earnings downside should advertising effectiveness diminish or competition intensify.

Growth Strategy

Driving expansion of the eggshell membrane market along three axes: deepening direct EC sales, expanding general distribution channels, and developing overseas sales channels

New customer acquisition and subscription membership numbers trended favorably, driven by TV commercial broadcasts of men's skincare products containing eggshell membrane. In FY2026 (ending March 2026), Direct Sales (EC) revenue grew to ¥7,418 million (up 41.1% year on year), growing to account for 73.3% of consolidated revenue. Advertising expenses of ¥3,992 million have driven this growth.

Expansion in the number of stores carrying the products at drugstores and variety shops drove substantial revenue growth, with External Sales (General Distribution) revenue reaching ¥866 million in FY2026 (ending March 2026), up 83.5% year on year. Increased brand recognition through physical stores is also expected to complement EC purchasing.

The company has set forth a policy of developing new sales channels in Asia and Western markets, centered on Greater China. As of FY2026 (ending March 2026), domestic sales account for over 90% of total revenue, and overseas expansion remains at an early stage. This initiative is being pursued amid an external environment in which geopolitical risks such as the situation in the Middle East affect raw material procurement costs.

Last updated: July 19, 2026