Fureasu Co., Ltd.
7062・Growth Market・Services
Business
Fureasu Co., Ltd. is a home medical care support company whose core business is providing Insurance-Covered Massage Services, in which licensed anma-massage-shiatsu practitioners visit the homes and care facilities of elderly people with mobility difficulties. In addition to 81 directly-operated locations serving 10,337 users (as of the end of FY2026, ending March 2026), the company operates a franchise chain of 361 locations under the "Fureasu Home-Visit Massage" brand. It also operates 6 Multifunctional Long-Term Care with Nursing Service facilities, offering an integrated combination of home-visit nursing, day services, and short-stay care. Its main customers are elderly individuals requiring long-term care who use medical insurance and long-term care insurance, and the company acquires users through collaboration with care managers and attending physicians. Founded in 2000, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth market) in 2019.
Business Model
The primary revenue source is medical treatment fees (insurer-borne portion plus patient co-payment) under the medical insurance system, forming a recurring-fee structure in which claims are billed each time a licensed massage therapist (anma-massage-shiatsu practitioner) provides a home-visit treatment. In addition, the company combines this with an asset-light revenue stream, earning royalty income linked to monthly gross sales from franchise (FC) member stores. The FC business is highly profitable and asset-light, with a segment profit margin of approximately 25%, forming a profit pillar on par with the Directly-Operated Massage Business's margin (approximately 27.9%).
Company Strengths
As of the end of FY2026 (ending March 2026), the company operates a nationwide network of 442 locations in total, comprising 81 directly-operated locations and 361 franchise locations. The number of directly-operated users reached 10,337 (an increase of approximately 45% over five years from 7,110 in FY2022 (ending March 2022)), with annual visit volume reaching 902,396 visits. The wide-area network overcomes visit-distance constraints, achieving area coverage that is difficult for competitors to enter.
The Massage Franchise Business achieved net sales of ¥1,133 million and a segment profit margin of approximately 25.3% in FY2026 (ending March 2026). The number of franchise locations expanded 4.9% year on year to 361, and Royalty Income (Recurring Fees) benefits both from the increase in franchise locations and from the rise in per-treatment fees resulting from the June 2024 revision to medical treatment fee reimbursements. The asset-light model, which requires no capital investment in the company's own facilities, supports the high profit margin.
The company has established a dedicated department that utilizes case data accumulated from service provision records exceeding 900,000 visits annually (902,396 visits in FY2026, ending March 2026) for education and training. This has built a system for maintaining and improving service quality, serving as a differentiating factor toward strengthening the retention and recruitment of qualified practitioners (licensed Anma-Massage-Shiatsu practitioners) capable of independent practice.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 1.8-fold over five years, from ¥4,175 million in FY2022 to ¥7,638 million in FY2026, but the growth rate in FY2026 slowed to 0.7% year on year. Due to the business transfer of the Medical Care business (September 2025), FY2027 revenue is forecast to decline to ¥6,586 million (down 13.8% year on year). On the profit side, the company swung from an operating loss of ¥105 million in FY2025 to operating income of ¥293 million in FY2026. This was driven by an improvement in the cost of sales ratio (from 57.3% in the prior period to 54.3% in the current period) and a reduction in SG&A expenses (from ¥3,345 million in the prior period to ¥3,194 million in the current period). The rise in per-treatment fees resulting from the June 2024 revision of therapeutic treatment fees (an external factor) supported the improvement in profitability of both massage businesses. The equity ratio improved significantly from 17.5% to 40.4%, restoring financial soundness.
Growth Strategy
Concentrating management resources on expanding the Directly-Operated Massage and Massage Franchise businesses, while advancing profitability at existing Medical Care facility locations
Expanding therapist recruitment and outsourcing contracts under the leadership of a dedicated department. Enhancing the capability to acquire new users by increasing staff and providing training at the sales department newly established in the previous fiscal year. Combined with operational efficiency gains from DX promotion, the company aims for sales of ¥4,351 million in FY2027 (ending March 2027) (up 5.0% year on year).
Promoting new franchise openings through expansion of the franchise package and active public relations activities. Strengthening support for multi-store development by existing franchise owners to expand the franchise network. Aiming for further expansion from 361 locations at the end of FY2026 (ended March 2026), targeting sales of ¥1,257 million in FY2027 (ending March 2027) (up 10.9% year on year).
In September 2025, the entire Medical-Support Care Facility Service (Hospice) business and part of the Multifunctional Long-Term Care with Nursing Service facilities were transferred, restructuring unprofitable operations. Concentrating management resources on the remaining 6 locations, and expanding acceptance of users with high medical dependency by strengthening appeal of attached home-visit nursing offices. No new facility openings are planned for FY2027 (ending March 2027), with focus placed on improving profitability.
Last updated: July 19, 2026