Miahelsa Holdings Corporation
7129・Standard Market・Retail Trade
Business
Miahelsa Holdings Co., Ltd. is a holding company operating 45 dispensing pharmacies (Pharmaceutical Business), 51 licensed nursery schools and 78 after-school clubs and other facilities (Childcare Support Business), and 61 nursing care facilities and home care service locations (Nursing Care Business) primarily in the Tokyo metropolitan area. Guided by its purpose of "contributing to the creation of communities where all generations, from children to the elderly, connect and support one another," the company operates as a provider of the "Community-based Integrated Care System" that supports health and daily life from infancy through old age. Its primary customers are patients using insurance dispensing services, infants and young children requiring childcare along with their guardians, and elderly individuals requiring nursing care services—each supported by a stable revenue structure based on public insurance and subsidy programs. In August 2024, the company additionally listed on the Main Market of the Nagoya Stock Exchange, establishing a dual-listing structure alongside its listing on the Standard Market of the Tokyo Stock Exchange.
Business Model
The Pharmaceutical Business derives revenue from dispensing fees under the Health Insurance Act (insurer billing plus patient co-payments); the Childcare Support Business derives revenue from facility-based benefits and subsidies under the Child Welfare Act (billed to municipalities); and the Nursing Care Business derives revenue from nursing care fees under the Long-Term Care Insurance Act (billed to the National Health Insurance Federation plus user co-payments), as well as rent and meal charges, etc. from Service-provided Senior Housing. All three offer a stable revenue structure backed by public systems, and by concentrating deployment of the three businesses in the same regional areas (dominant store expansion), the company has built a composite regional care model that generates synergies such as cross-referral of users between facilities, shared personnel, and food supply (Food Business).
Company Strengths
The company operates its Pharmaceutical Business, Childcare Support Business, and Nursing Care Business in the same regions, and has a track record of realizing multi-function facilities such as "Miahelsa Oasis Wako" (a public-private collaboration model) and "Miahelsa Care Village Hibarigaoka" (a housing complex regeneration model). Its ability to provide one-stop community care by co-locating a dispensing pharmacy, day care service, and home care/home nursing alongside Service-provided Senior Housing (Miahelsa Oasis) is a unique strength that is difficult for competitors to replicate in a short period.
The Childcare Support Business is the Group's largest source of earnings, with net sales of ¥10,294 million and segment profit of ¥1,257 million (profit margin of 12.2%), operating 51 Licensed Nursery Schools and 78 facilities including After-school Clubs / Children's Centers, etc. The number of enrolled children stood at 36,735 (an increase from the previous period), giving the company a scale advantage, and its long-term outsourcing and designated-manager relationships with local governments form a stable earnings base.
The number of residents at the Hospice-compatible Home (capacity of 61) opened in Nagareyama City in August 2023 has stabilized, and segment profit for the Nursing Care Business recovered sharply, up 506.5% year on year to ¥55 million. The company maintained an average occupancy rate of 94.6% at its Service-provided Senior Housing (Miahelsa Oasis), while also reducing fixed costs by closing unprofitable facilities, resulting in ongoing improvement in the earnings structure.
ENVALITH's Perspective
Performance Trend
Revenue increased 27% over five fiscal periods, from ¥19,510 million in FY2022 (ended March 2022) to ¥24,850 million in FY2026 (ending March 2026), achieving four consecutive years of revenue growth. Operating profit recovered sharply from ¥186 million in FY2022 (ended March 2022) to ¥824 million in FY2026 (ending March 2026), with the operating margin improving to 3.3%. The main drivers of improvement were the upward revision of the government-set price for the Childcare Support Business (an external factor) and improved utilization rates in the Nursing Care Business (an internal effort). On the other hand, due to the recognition of an impairment loss of ¥454 million, profit before income taxes and other adjustments was limited to ¥437 million, and net profit declined sharply to ¥200 million (down 33.0% year on year). For FY2027 (ending March 2027), the company forecasts a decline in operating profit to ¥600 million (down 27.2%) due to the impact of drug price revisions, entering a phase of decelerating growth.
Growth Strategy
A three-year mid-term management plan that rolls out the two major welfare policy areas of childcare support and elderly care regionally, aiming to improve profit margins through synergies across three linked businesses
In FY2026 (ending March 2026), 3 new Insurance Dispensing (Medical Mall Pharmacy) stores were opened, bringing the total store count at fiscal year-end to 45 (up 2 stores year on year). Prescription volume increased to 105.6% of the previous fiscal year, but drug price revisions and declining unit prices at Medical Mall-type stores pressured profitability. Building up technical fee income through strengthening home-visit and family pharmacy functions remains a challenge.
In FY2026 (ending March 2026), 1 Licensed Nursery School was opened and 1 was closed, and 1 additional Children's Center was newly entrusted, bringing the total to 78 facilities. By capturing the increase in government-set prices from the Reiwa 7 supplementary budget, net sales reached ¥10,294 million (+5.7%) and segment profit reached ¥1,257 million (+17.5%). A decline in the number of children at existing facilities due to the reduction in children on waiting lists is a medium- to long-term risk.
The number of residents at the Hospice-compatible Home (capacity 61) opened in August 2023 has trended stably, improving profitability. Through strengthened occupancy sales efforts, the occupancy rate at Service-provided Senior Housing (Miahelsa Oasis) was maintained at a high level, and segment profit reached ¥55 million (up 506.5% year on year), solidifying the shift to profitability. Two unprofitable facilities were closed, consolidating the business to 61 facilities.
Internal transactions across the four businesses of Pharmaceutical, Childcare Support, Nursing Care, and Food (meal supply, pharmacy collaboration, etc.) are being deepened to improve the group-wide operating margin. The operating margin for FY2026 (ending March 2026) improved to 3.3% (up from 2.7% in the previous fiscal year), but a decline to approximately 2.4% is expected in FY2027 (ending March 2027) due to the impact of drug price revisions, making thorough cost management a challenge.
Last updated: July 19, 2026