Casa Inc.
7196・Standard Market・Other Financing Business
Business
Casa Inc. is a company specializing in rent guarantee services, established in 2008. It concludes guarantee agreements with tenants at the time of lease contracts and provides a service that jointly guarantees rent payments to landlords. Its main customers are tenants and landlords accessed through agencies such as real estate management companies (15,130 agencies as of the end of FY2026 (ending January 2026)), and demand has been expanding on the back of the 2020 revision of the Civil Code. In addition to Rent Guarantee Service, the company also operates the rental management platform "COMPASS," the Child Support Guarantee Business, and the Call Center Business. It is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
Revenue rests on two pillars: initial guarantee fees received at the time of contract execution (¥6,131 million for FY2026 (ending January 2026)) and continuing guarantee fees received annually starting one year after the contract (¥6,278 million for the same period). The structure allows continuing guarantee fees to grow steadily through the accumulation of contracts in force (683,602 contracts). The business operates through a cycle of application acquisition via the agency network → credit screening → subrogated payment → exercise of indemnity claims.
Company Strengths
The number of agency companies at the end of FY2026 (ending March 2026) was 15,130 (a net increase of 1,041 companies from the previous fiscal year-end). Over the most recent three fiscal years, the figure has grown from 13,039 to 14,089 to 15,130, maintaining net increases of over 1,000 companies each period. This expanding application base underpins stable growth in continuing guarantee fees.
The number of contracts in force expanded from 620,709 in FY2024 (ending March 2024) to 645,624 in FY2025 (ending March 2025) to 683,602 in FY2026 (ending March 2026), up 5.9% from the previous fiscal year-end. Continuing guarantee fees increased 6.9% year on year to ¥6,278 million, forming a stable revenue base that accounts for approximately 49% of net sales.
Since its founding in 2008, the company has focused exclusively on the rent guarantee business. It listed on the TSE Second Section in 2017, moved to the First Section designation in 2018, and is currently listed on the Standard Market. It has built a credit management framework combining credit bureau data with its proprietary database, and has also established operational infrastructure such as a collection agency partnership with Ricoh Leasing Company, Ltd.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, from ¥10,341 million in FY2022 to ¥12,754 million in FY2026. However, FY2026 fell into an operating loss of ¥63 million due to a sharp increase in credit costs. In Q1 FY2027 (February–April 2026), revenue continued to grow, reaching ¥3,295 million (up 4.5% year on year). On the credit cost front, provision for allowance for doubtful accounts decreased 6.0% year on year and litigation and disposal costs decreased 7.5% year on year, showing improvement, while SG&A expenses increased 11.2% year on year, resulting in an operating loss of ¥148 million. EBITDA was nearly zero (-¥0 million). The full-year forecast calls for revenue of ¥13,830 million (up 8.4% year on year) and operating income of ¥355 million, projecting a return to profitability. As for the market environment, rental demand remains firm, supported by increases in single-person households and foreign residents, and this external tailwind is expected to continue.
Growth Strategy
Aiming for earnings recovery and sustainable growth through a three-pronged approach combining advanced credit cost management, agency network expansion, and guarantee DX
Through rebuilding the collection framework, accelerating outsourcing to attorneys, and clearing up unresolved cases, the company is advancing improvements to its cost structure by focusing on allowance for doubtful accounts and litigation/disposal costs as key management items. In Q1 FY2027, both items decreased year on year, and this is expected to contribute to full-year cost ratio improvement.
The replacement of CasaWEB (guarantee application and contract management system) has been completed, improving convenience for real estate companies in application and contract management operations and strengthening the system infrastructure. Going forward, the company will further streamline its own application, screening, and contracting processes, aiming to continuously improve agency utilization rates and increase the number of active agency partners.
By strengthening relationships with agencies, developing new agency partners, and improving approval rates, the company is increasing the number of applications and approvals to maintain stable growth in recurring guarantee fees. Recurring guarantee fees in Q1 FY2027 grew steadily, up 7.8% year on year, further strengthening the stock revenue base.
The company is promoting community events and expanded support services for self-managing property owners through COMPASS (rental management platform). In the Child Support Guarantee Business, it has entered into a mutual support agreement with an employment support provider for single-parent households, strengthening comprehensive support for businesses addressing social issues.
Last updated: July 17, 2026