ENVALITH
株式会社MTG logo

MTG Co., Ltd.

7806・Growth Market・Other Products

Official website
株式会社MTG logo
MTG Co., Ltd.7806

Business

MTG Co., Ltd. was founded in 1996 and is headquartered in Nagoya, Aichi Prefecture, as a beauty and health device manufacturer with "VITAL LIFE" as its business vision. Its flagship brands are ReFa (Hair Care & Beauty Devices), launched in 2009, and SIXPAD (EMS Training Devices), launched in 2015. Sales channels are categorized into six segments—Direct Marketing, Professional Business, Retail Store Business, Global Business, Smart Ring Business, and Other Businesses—delivering products to consumers and corporate clients both in Japan and overseas through diverse touchpoints ranging from e-commerce to hair salons, hotels, and department stores. Consolidated net sales for FY2025 (ended September 2025) reached ¥98,810 million, and the company is listed on the Tokyo Stock Exchange Growth Market.

Business Model

The company develops products through a proprietary brand development system that integrates four elements—Creation, Technology, Branding, and Marketing—and sells them mainly through three channels: Direct Marketing (EC and mail order), Professional (B2B2C such as hair salons and hotels), and Retail Store (department stores and mass merchandisers). The structure aims to improve LTV through repeat demand cultivated via the B happy platform and ReFa Room installations, as well as stock-type businesses such as Smart Plan. The company invested ¥3,423 million (FY2025, ending September 2025) in R&D expenses, maintaining product competitiveness through industry-government-academia collaboration.

Company Strengths

ReFa hair care products swept the top 3 positions in WWD JAPAN's Best Cosmetics 2025 (First Half) and secured the No.1 ranking by number of entries among all brands. The Lock series, including ReFa LOCK OIL, achieved the No.1 domestic brand share in the hair styling agent category. The products have also achieved the No.1 daily ranking in Rakuten's hair care ranking, providing data-backed evidence of product strength.

The B happy platform has 36,657 member stores, with 44,360 contracted hair salons (exceeding the initial fiscal year target of over 42,000 salons), and ReFa Room installations have reached a cumulative total of 3,840 facilities and 84,700 rooms, with an estimated monthly experience count of over 1.74 million people. A cyclical model has been established in which lodging and salon experiences spill over into purchases, and maintaining a high repeat rate contributes to stable earnings.

In FY2025 (ending September 2025), the company achieved consolidated net sales of ¥98,810 million (up 37.5% year on year) and operating profit of ¥10,665 million (up 225.4% year on year). The three main channels all achieved strong growth together, with the Retail Store Business up 55.7% year on year, the Direct Marketing Business up 29.5%, and the Professional Business up 29.0%. This was supported by the opening of 27 new stores during the year and the introduction of displays at approximately 1,800 consumer electronics retail stores.

ENVALITH's Perspective

Net sales of ¥66,523 million for the interim period (first half) of FY2026 (ending September 2026) represent 49.3% of the full-year forecast of ¥135,000 million, while operating profit of ¥10,022 million represents 66.8% of the full-year forecast of ¥15,000 million. Even accounting for the seasonality in which the majority of profit is earned in the first half, the full-year forecast (net sales up 36.6% YoY, operating profit up 40.6% YoY) has already been revised upward, and the probability of achievement is judged to be reasonably high. Note that the full-year earnings forecast was revised upward as of May 12, 2026.

At the end of the interim period, inventories (merchandise and finished goods) stood at ¥25,481 million, up 33.1% from the previous fiscal year-end, while long-term borrowings surged to ¥10,886 million, up 193.1% from the previous fiscal year-end. This is attributable to aggressive investments including the consolidation of Kirala as a subsidiary (acquisition cost of ¥3,912 million) and acquisition of tangible fixed assets (¥7,218 million). Operating cash flow contracted significantly to ¥2,218 million (down 57.8% YoY), as inventory buildup and expanded investment are putting pressure on funds, a point requiring ongoing monitoring. The equity ratio remains at a healthy level of 63.3%.

Other Businesses expanded interim net sales to ¥4,019 million (up 55.6% YoY), but the ordinary loss widened to ¥600 million (compared to a loss of ¥504 million in the same period of the previous fiscal year). Goodwill of ¥1,443 million arising from the consolidation of Kirala as a subsidiary (amortized on a straight-line basis over 20 years) will result in an annual amortization burden of approximately ¥72 million. While the gradual recovery in personal consumption is a tailwind in the external environment, the global surge in resource prices, rapid exchange rate fluctuations, and geopolitical risks continue to be factors of uncertainty for performance, and particular attention should be paid to their impact on overseas procurement costs and export profitability.

Growth Strategy

Aiming for sustainable growth through three pillars: focused investment in ReFa and SIXPAD, deepening of stock-type businesses, and creation of synergies with Kirala

Continuing to introduce new products across a wide range of categories including hair care, skin care, fragrance, inner care, and VITAL TECH. ReFa HONEY QUEEN HAIR CARE SERIES, ReFa MILK PROTEIN STRAIGHT LINE, ReFa THE PERFUME HAIR MIST and other products were successively launched during the interim period, advancing the acquisition of new customer segments and strengthening the revenue base.

During the interim period, 5 new department store locations, 3 shopping center locations, and 3 outlet locations were opened. ReFa GINZA (opened November 2025) surpassed 160,000 visitors within four months. It functions as a hub for outreach to 124 countries worldwide, and the company is concurrently pursuing enhanced brand recognition and sales uplift through renovations of existing stores (3 locations).

Rolling out a usage-based smart plan for ReFa HYDRAID in the beauty salon market to deepen the recurring revenue model. Expanding the installation of ReFa Room in lodging facilities (cumulative total of 4,137 facilities and 110,356 rooms) and the adoption of ReFa hair care cosmetics by hotels (cumulative total of 348 facilities), strengthening the experience-driven purchase cycle and repeat revenue.

In October 2025, Kirala was made a wholly owned subsidiary at an acquisition cost of ¥3,912 million. The company aims to create cross-selling synergies among the Total Life Service Platform (Kirala) business, the high-end market expansion of the natural water brand "Toki," and the beauty device brand "STELLA BEAUTE." Goodwill of ¥1,443 million (amortized on a straight-line basis over 20 years) has arisen, and realizing these synergies is key to earnings contribution.

In the femtech category launched in September 2025, "SIXPAD Perine Fit" was released in January 2026, achieving sales performance exceeding the initial plan. In the medical field, the company is advancing evidence-building through participation in the Japanese Society for Surgery of the Foot's annual academic meeting and other activities, aiming to deepen product understanding among medical professionals and promote potential clinical applications.

Last updated: July 17, 2026