Living Platform,Ltd.
7091・Growth Market・Services
Business
Living Platform Co., Ltd. was established in 2011 in Sapporo City, Hokkaido. Under its vision of "building a sustainable social security system," the company operates the Nursing Care Business (paid nursing homes, group homes, etc.), the Disability Support Business (Type B continuous employment support, group homes, etc.), and the Childcare Business (licensed nursery schools, etc.). With a group structure of 11 companies including 10 consolidated subsidiaries, as of the end of March 2025 the company operated nationwide with 93 Nursing Care Business facilities (capacity of 4,337), 42 Disability Support Business facilities (capacity of 665), and 16 Childcare Business facilities (capacity of 950). Its main customers are elderly people requiring care, people with disabilities, and infants and their families, with public benefits from long-term care insurance, disability welfare, and childcare serving as its primary revenue sources.
Business Model
The main revenue source is usage fee income based on public benefit systems—long-term care insurance, disability welfare, and childcare—centered on the Nursing Care Business, which accounts for approximately 82% of net sales. The company focuses on facility-based care (such as fee-based nursing homes for the elderly), targeting the volume zone with monthly usage fees of ¥150,000 to ¥300,000 or less. It expands its number of facilities through two pillars—in-house development and business succession (turning around unprofitable facilities)—and improves profitability by raising occupancy rates, obtaining additional premiums, and revising usage fees. A distinctive feature is its trinity model in which people with disabilities take on nursing care and childcare support tasks.
Company Strengths
The three businesses of nursing care, disability support, and childcare are organically linked. By having people with disabilities take on assistant duties in nursing care and childcare, the company compensates for chronic staff shortages while providing employment opportunities to people with disabilities. It also establishes childcare facilities near group nursing care facilities to support the retention of employees raising children, giving it a unique business structure in which each business generates synergies with the others.
Over the five years from the end of March 2020 to the end of March 2025, the number of nursing care facilities doubled from 45 to 93 (capacity increased from 2,024 to 4,337). In FY2025 (ending March 2025) alone, the company opened 11 new facilities and took over 2 facilities through business succession, combining in-house development with a business succession strategy specializing in the turnaround of underperforming facilities. It is also pursuing concentrated expansion into government-designated cities and core cities through a dominant strategy.
The company began hiring foreign nationals under the Specified Skilled Worker program in 2022, and by the end of FY2025 (ending March 2025) they accounted for 9.4% of full-time employees. Their retention rate is higher than that of Japanese staff, contributing to reduced turnover. The company implements multi-layered workforce securing measures, combining support for obtaining qualifications at group training centers (Hokkaido, Tokyo, Kanagawa, and Miyagi) with raising the retirement age to 70.
ENVALITH's Perspective
Performance Trend
Net sales expanded approximately 1.9x over five years, from ¥11,625 million in FY2022 (ended March 2022) to ¥22,058 million in FY2026 (ending March 2026). After two consecutive years of operating losses in FY2023 and FY2024, the company returned to profitability in FY2025, and in FY2026 achieved operating profit of ¥468 million (up 37.2% year on year) and net income of ¥397 million (up 8.5% year on year), marking the second consecutive year of profit growth. The operating margin, at 2.1%, remains low but is on an improving trend. As an external factor, expanding demand for nursing care amid an aging population has been a tailwind, while upward pressure on personnel expenses has constrained the improvement in profitability. Separately, under a correction dated June 25, 2026, certain items in the investing activities section of the cash flow statement (the classification between expenditures for business transfer and expenditures for acquisition of shares of subsidiaries) and some per-share information figures were revised, though this had no impact on profit and loss or financial position.
Growth Strategy
Expanding facility numbers through both proprietary development and business succession, while strengthening profitability through occupancy rate improvement and human resource strategy
Combining business succession from existing operators (absorption-type company splits and acquisition of subsidiary shares) with in-house new openings to rapidly expand the number of facilities. In FY2026 (ending March 2026), the company executed expenditures of ¥400,480 thousand for absorption-type company splits and ¥11,930 thousand for acquisition of subsidiary shares, representing a significant expansion in investment scale from the previous period (¥45,000 thousand for absorption-type company splits and ¥26,100 thousand for business transfers).
Occupancy rates at paid nursing homes and other facilities have improved to 88.6% at the end of Q3 (from 84.3% at the end of the previous period), and further improvement toward full-occupancy levels is expected to advance fixed cost absorption and improve profit margins. Since occupancy rate improvement directly contributes to profit without requiring additional investment, it is the most efficient profitability improvement measure.
The company has established hiring channels to the point where Specified Skilled Foreign Workers accounted for 9.4% of full-time employees as of the end of the previous period. In response to the structural labor shortage in the nursing care industry, the company aims to simultaneously suppress hiring costs and reduce turnover rates, thereby maintaining a human resource supply system capable of supporting the expanding number of facilities.
The company is working to escape its low-margin structure by expanding acquisition of various add-on payments, such as the Treatment Improvement Add-on and Specified Treatment Improvement Add-on, and by passing through costs via service fee revisions. Since revisions to nursing care fee schedules, an external factor, directly affect this initiative, prompt responses to institutional changes are required.
Last updated: July 17, 2026