NAGAILEBEN Co.,Ltd.
7447・Prime Market・Wholesale Trade
Business
NAGAILEBEN Co., Ltd., founded in 1950, is a company listed on the Prime Market of the Tokyo Stock Exchange and specializes exclusively in medical wear manufacturing. It operates across three markets: Healthcare Wear / Doctor Wear (Core Market) worn by doctors, nurses, caregivers and other medical and nursing care professionals; Surgical Wear / Patient Wear (Peripheral Market); and Overseas Market Products (mainly in East Asia, including Taiwan and Korea). The company has built an integrated planning, production, and sales system combining domestic production through its manufacturing subsidiary, Nagai Hakui Kogyo Co., Ltd., with overseas contract manufacturing. Net sales for FY2025 (ending August 2025) were ¥16,983 million, with the Core Market accounting for approximately 70.6% of sales. The company has obtained ISO9001 and ISO14001 certifications and has established a quality and environmental management system.
Business Model
The in-house Product Planning Department handles marketing research, material development, and new product planning. Products manufactured by the manufacturing subsidiary Nagai Hakui Kogyo Co., Ltd. and overseas contract factories are sold through nationwide sales offices to medical and nursing care institutions and wholesalers (largest customer: Watakyu Seimore Co., Ltd., accounting for 19.4% of sales). The company maintains a multi-tiered product lineup ranging from high-end brands (MACKINTOSH PHILOSOPHY, etc.) to functional products (Pro-Function, etc.), and pursues differentiation through the use of brand licensing agreements. The gross profit margin remains at a high level of 39.5% (FY2025 (ended August 2025)).
Company Strengths
Through a vertically integrated model that unifies the in-house product planning office, the manufacturing subsidiary NAGAI HAKUI KOGYO Co., Ltd., and nationwide sales offices, the company maintained a gross profit margin of 39.5% in FY2025 (ended August 2025). It has a structure capable of flexibly implementing shifts to overseas production and price revisions even amid rising costs.
As of the end of FY2025 (ended August 2025), against total assets of ¥44,692 million, net assets stood at ¥41,318 million, with an equity ratio of 92.5% (improved from 91.4% in the previous fiscal year). While maintaining debt-free management with zero interest-bearing liabilities, the company has been actively returning value to shareholders, with dividends of ¥1,888 million and share buybacks of ¥2,181 million.
The company holds multiple license agreements, including MACKINTOSH PHILOSOPHY (contracted in 2023), Miffy (renewed in 2025), and Standard Textile Co. (technical partnership for surgical wear, renewed in 2025). As exemplified by MACKINTOSH PHILOSOPHY, which achieved sales results far exceeding forecasts in its very first year of launch, the company has achieved differentiation in the high-end market.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue peaked at ¥17,563 million in FY2021 and declined to ¥16,413 million in FY2024, before recovering slightly to ¥16,984 million in FY2025. Operating profit declined for four consecutive periods, from ¥5,212 million in FY2021 to ¥3,583 million in FY2025. In the cumulative nine months (Q3) of FY2026 (ending August 2026), revenue was ¥13,267 million (down 0.7% year-on-year) and operating profit was ¥2,813 million (down 3.5% year-on-year), continuing the trend of declining revenue and profit. However, the gross profit margin improved to 40.0% (up 0.4 percentage points year-on-year), indicating that the effects of cost reductions and price revisions are materializing at the gross profit level. As external factors, continued price increases due to inflation and yen depreciation, along with concerns over medical supply disruptions stemming from escalating tensions in the Middle East, are straining the operating environment of medical institutions, leading to delays in replacement orders and softening demand for patient wear. The full-year forecast remains unchanged at revenue of ¥18,000 million (up 6.0% year-on-year) and operating profit of ¥4,025 million (up 12.3% year-on-year).
Growth Strategy
Aiming for net sales of ¥19,500 million in FY2028 (ending August 2028) through the penetration of price revisions, expansion of high-value-added products, and development of overseas markets
The company continues to negotiate price revisions in response to soaring raw material prices and rising processing costs, aiming to improve the gross profit margin. It has achieved 40.0% (up 0.4 percentage points year on year) for the cumulative nine months, and plans to continue efforts from the fourth quarter onward.
The company aims to reliably capture replacement demand for Healthcare Wear, Doctor Wear, and other products for medical institutions. Large-scale orders carried over from the previous period have been delivered as scheduled, but some replacement orders for the current period have been delayed due to the impact of escalating tensions in the Middle East, making recovery in the fourth quarter a challenge.
In the Peripheral Market, Surgical Wear centered on Compel Pack has performed steadily, achieving ¥1,297 million for the cumulative nine months, up 5.3% year on year. The company continues to promote sales expansion as a growth area to offset weak demand for Patient Wear.
Through sales channel expansion and other measures, the company achieved high growth of ¥174 million for the cumulative nine months, up 24.1% year on year. Although this remains only 1.3% of total sales, it continues to invest in sales expansion as a key growth area under the medium-term management plan.
The company is promoting cost reduction measures combining an increased overseas production ratio with reduced overseas logistics costs. This has absorbed the impact of soaring raw material prices and rising processing costs at domestic factories, contributing to the improvement of the gross profit margin.
Last updated: July 17, 2026