baby calendar inc.
7363・Growth Market・Services
Business
Baby Calendar Co., Ltd. operates digital media under the vision of "Filling the world with women's smiles," covering the entirety of a woman's life from pregnancy, childbirth, and childcare through menopause, senior years, and lifestyle information. The company operates multiple media properties including its flagship "Baby Calendar," as well as "Moon Calendar," "Woman Calendar," "Senior Calendar," and "Yomuuno," providing content supervised by approximately 80 experts (doctors, midwives, registered dietitians, etc.). As a second pillar, the company also operates an IT solutions business for medical corporations, centered on the Baby Pad Series, which has been adopted by more than 480 obstetrics and gynecology clinics nationwide. The company listed on the Tokyo Stock Exchange Mothers market in March 2021.
Business Model
The Media Business, which accounts for roughly 80% of revenue, generates income through three formats: (1) PV-linked advertising, (2) tie-up advertising, and (3) performance-based advertising. High-credibility content backed by expert supervision drives PV and UU growth, expanding the advertising inventory available for sale. External distribution to platforms such as LINE News and SmartNews also secures user inflow. The Business for Medical Corporations is characterized by recurring stock-type revenue from lease and monthly rental contracts, pursuing cross-selling across three pillars: Baby Pad Series, Echo Douga-kan, and Web Marketing Service.
Company Strengths
The company partners with approximately 80 experts, including physicians, midwives, nursery teachers, registered dietitians, and financial planners, and all articles undergo expert supervision. It offers around 5,200 practical information articles covering the period from before pregnancy to approximately age 2, as well as free expert consultation content. The reliability of its information serves as a differentiating factor from competitors.
Monthly page views for Baby Calendar expanded from approximately 2.78 million in December 2016 to approximately 298,639 thousand in December 2024. It recorded a peak of approximately 308,758 thousand page views in December 2023. The company has built a large-scale user base that supports the expansion of advertising sales space, leveraging external distribution to channels such as LINE News and SmartNews.
The Baby Pad Series has been adopted at 480 obstetrics and gynecology clinics nationwide. Since launching its Business for Obstetrics and Gynecology Clinics in 2008, the company has built up recurring revenue through lease and monthly rental contracts, with its long-term business relationships with medical institutions functioning as a barrier to entry.
ENVALITH's Perspective
Performance Trend
Revenue increased 85% over five fiscal years, from ¥1,043 million in FY2021 to ¥1,927 million in FY2025, maintaining its growth trajectory. In FY2025 (fiscal year ended December 2025), revenue was ¥1,927 million (up 26.1% year on year), operating profit was ¥214 million (up 362.3% year on year), and the operating margin was 11.1%, marking a clear recovery from the loss recorded in FY2023. The Media Business led this improvement with revenue up 31.7% and segment profit up 35.4%, and the Business for Medical Corporations also turned profitable. On the other hand, due to the recording of ¥119 million in extraordinary losses (including ¥81 million in restatement-related expenses and ¥37 million in impairment losses), net income attributable to owners of parent was limited to ¥44 million. For FY2026 (fiscal year ending December 2026), the company forecasts a significant downturn, with revenue of ¥1,838 million (down 4.6%) and operating profit of ¥111 million (down 47.7%), factoring in the suspension of advertising revenue from some YouTube channels, upfront costs for postpartum care facilities, and expenses for strengthening internal controls, with risks related to dependence on external platforms becoming apparent.
Growth Strategy
Three-pronged expansion through media diversification, enhanced comprehensive solutions for the Business for Medical Corporations, and a new postpartum care business
In addition to expanding content on existing media platforms and strengthening advertising product sales, the company is promoting productivity improvements in editorial operations through the use of technology, including generative AI. While segment profit margin reached 28.4% in FY2025 (ending December 2025), FY2026 (ending December 2026) is expected to see an impact on sales and profit for a certain period due to the discontinuation of YouTube channel advertising revenue.
In addition to expanding existing services such as the Baby Pad Series, Echo Douga-kan, and the Kantan Shinsatsu Yoyaku System, the company is strengthening Web Marketing support such as website production and SEO/MEO. In FY2025 (ending December 2025), the segment turned from a loss to a profit of ¥19 million, and the stabilization of the business foundation is progressing.
Operation of a postpartum care facility began in September 2025. The company is working to establish a business foundation by improving awareness, developing the operational structure, and enhancing user satisfaction. In FY2026 (ending December 2026), upfront costs associated with the launch are expected to weigh on profit, and the business is at a stage where monetization will take some time.
Following the restatement of past financial results, the company is progressively implementing recurrence prevention measures, including a review of business processes, clarification of division of duties, strengthening of internal audit functions, and development of sales management and accounting management systems. Strengthening the management foundation through oversight and monitoring by the Board of Directors, the Board of Corporate Auditors, and the internal audit department is positioned as a key priority.
Last updated: July 17, 2026