Fureasu Co., Ltd.
7062・Growth Market・Services
Directly-Operated Massage Business
Fureasu's core business. Nationwide rollout of home-visit, insurance-covered massage services.
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (full year) | ¥4,144 million | ¥3,966 million | ↑ |
| Segment profit (full year) | ¥1,154 million | ¥1,228 million | ↓ |
| Segment profit margin (full year) | 27.9% | 30.9% | ↓ |
| YoY revenue change | +4.5% | — | ↑ |
| YoY segment profit change | -5.9% | — | ↓ |
Business Details
Licensed anma-massage-shiatsu practitioners visit the homes and care facilities of elderly individuals and others with mobility difficulties to provide insurance-covered massage services. Treatment is provided based on a consent form from the attending physician, with revenue derived from insurers such as health insurance associations and out-of-pocket payments from users. The company operates directly-managed offices nationwide, and this core segment accounts for approximately 54% of consolidated group revenue. Revenue increased, driven by higher per-treatment prices following the June 2024 revision of medical treatment fees and an increase in initial treatment cases resulting from the establishment of a dedicated sales department.
Recent Overview
Revenue increased due to fee revisions and enhanced sales efforts, but profit declined due to upfront personnel investment.
In the Directly-Operated Massage Business for FY2026 (ending March 2026), revenue rose to ¥4,144 million (up 4.5% year on year), driven by an increase in per-treatment prices following the June 2024 revision of medical treatment fees for acupuncturists, moxibustion practitioners, and anma-massage-shiatsu practitioners, an increase in initial treatment cases (new users) resulting from the establishment of a dedicated sales department, and an increase in the number of acupuncture/moxibustion claims from related initiatives. On the other hand, as the company actively pursued upfront personnel investment in recruitment and training, segment profit declined to ¥1,154 million (down 5.9% year on year), resulting in higher revenue but lower profit. For FY2027 (ending March 2027), revenue of ¥4,351 million (up 5.0% year on year) is expected.
Key Products
Growth Drivers
- Increase in per-treatment prices following the June 2024 revision of medical treatment fees
- Increase in initial treatment cases (new users) resulting from the establishment of a dedicated sales department, among other measures
- Increase in the number of acupuncture/moxibustion claims resulting from related initiatives
- Increase in the number of service provisions through proposals for high-frequency service provision aimed at improving ADL capability
- Strengthening of supply capacity through expanded recruitment of practitioners and expanded contracts with outsourcing partners
- Improved operational efficiency and productivity through DX promotion
- Structural expansion of demand for home-based treatment amid declining birthrate, aging population, and hospital bed reduction policies
Risks
- Risk of revisions to medical treatment fees (reimbursement rates), which may cause per-treatment prices to fluctuate due to changes in Ministry of Health, Labour and Welfare policy
- Risk related to recruitment and retention of licensed anma-massage-shiatsu practitioners, as securing personnel is a persistent challenge given that licensed practitioners can independently open their own practices
- Risk of dependence on the medical insurance system, as the majority of revenue is based on the insurance system and is directly affected by system changes
- Risk related to home-visit distance regulations, as there are legal restrictions on the distance eligible for treatment fees and home-visit fees, limiting the service coverage area
- Risk of declining profit margin due to upfront personnel investment, as increased recruitment and training costs put pressure on earnings in the short term
Last updated: June 26, 2026