ENVALITH
株式会社アドバンテッジリスクマネジメント logo

ADVANTAGE Risk Management Co., Ltd.

8769・Standard Market・Services

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株式会社アドバンテッジリスクマネジメント logo
ADVANTAGE Risk Management Co., Ltd.8769

Business

Advantage Risk Management Co., Ltd. operates under the corporate philosophy of "creating together an environment where people can work with peace of mind and vibrant individuals and organizations within companies," providing well-being related services primarily to corporate clients (HR and general affairs departments of companies). The business consists of four segments: (1) the Mentality Management Business, which handles mental health care and health management support (approximately 77% of sales), (2) the Employment Support for Persons with Disabilities Business, which handles GLTD (Group Long-Term Disability Income Protection Insurance) sales and leave-of-absence management support (approximately 17% of sales), (3) the Risk Financing Business, which handles workplace insurance sales, and (4) the Small-Amount Short-Term Insurance Business. With a 30-year history since beginning GLTD handling in 1995, the company is listed on the Tokyo Stock Exchange Standard Market. With a group structure including four subsidiaries, it comprehensively covers corporate HR challenges ranging from stress checks and health checkup management to leave-of-absence support and insurance sales.

Business Model

In the core Mentality Management Business, the company provides subscription-type services such as ADVANTAGE Toughness, along with outsourced occupational physicians and health nurses, and health checkup management systems, on a recurring billing basis, building up stable stock revenue. In the Employment Support for Persons with Disabilities Business, revenue sources include agency commissions from GLTD (Group Long-Term Disability Income Protection Insurance) insurance—which increase in line with wage hikes at existing client companies—and cloud service billing from ADVANTAGE HARMONY. Centered on ADVANTAGE Well-Being DXP, the company has a structure aimed at increasing per-customer revenue and cross-selling by proposing multiple services in an integrated manner.

Company Strengths

The company has accumulated 30 years of specialized services addressing workplace mental health and work-disability risk, beginning with the launch of GLTD (Group Long-Term Disability Income Protection Insurance) handling in 1995, EAP services in 2002, and the launch of ADVANTAGE Toughness in 2010. A specialist staff structure including psychiatrists, certified occupational physicians, and clinical psychologists, along with a track record of joint operations with Tokio Marine Nichido Medical Service, form barriers to entry.

Centered on the ADVANTAGE Well-Being DXP, a data management platform that consolidates stress check, health checkup, attendance, and leave data, the company achieves comprehensive proposals spanning mental health, health management, work-life balance support, and insurance. In FY2026 (ending March 2026), the Mentality Management Business achieved increased revenue and profit, with sales of ¥7,632 million and segment profit of ¥1,242 million, with bundled sales of multiple services contributing to an increase in per-customer spending.

In September 2024, the company made Mediplat and Fitz Plus consolidated subsidiaries through a corporate split, acquiring occupational physician/public health nurse services and the cloud-based health management service (first call). In June 2025, it made Kenko Nenrei Small-Amount Short-Term Insurance a subsidiary, newly establishing the Small-Amount Short-Term Insurance Business. The full-year contribution of Mediplat and Fitz Plus contributed to a 17.4% year-on-year increase in revenue for the Mentality Management Business, providing numerical confirmation of the effectiveness of M&A integration.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved revenue growth to ¥9,923 million (up 16.0% year on year), but operating profit fell into decline at ¥997 million (down 2.5% year on year). This was due to a combination of increased personnel expenses, increased software amortization expenses, upfront investment in new businesses, and temporary costs. Management has indicated that software amortization expenses are expected to peak out in the current fiscal year, making the achievability of the FY2027 (ending March 2027) operating profit forecast of ¥1,240 million (up 24.3% year on year) a key point of focus.

As an external factor, the decision under the amended Industrial Safety and Health Act (promulgated in May 2025) to mandate stress checks for workplaces with fewer than 50 employees is a medium- to long-term market expansion factor. On the other hand, in the Employment Support for Persons with Disabilities Business, a contract termination occurred with a major client due to the client company's system integration and other factors, causing segment profit for this business to decline 17.7% year on year to ¥414 million. The risk of concentration among large clients in the LTD (Long-Term Disability) domain continues to warrant monitoring.

EBITDA reached a record high, and cash generation capacity continues to grow, but return on equity (ROE) declined from 19.0% (FY2025, ended March 2025) to 16.7% (FY2026, ended March 2026). Goodwill balance surged from ¥252 million to ¥588 million, and total intangible fixed assets, including customer-related assets of ¥946 million and software of ¥1,855 million, reached ¥3,700 million, accounting for 43% of total assets. Continued attention is needed on the further buildup of goodwill and intangible assets accompanying the continuation of the M&A strategy, as well as the associated impairment risk.

Growth Strategy

Medium-Term Management Plan 2026 aims to establish an overwhelming position in the well-being domain centered on "ADVANTAGE Well-Being DXP"

Centered on a data management platform that integrates mental and physical health data with HR and labor information, the company is driving new customer acquisition and increased customer spend through integrated proposals combining multiple services. It aims to maximize customer LTV by expanding engagement-related offerings and data-utilization-type solutions.

In addition to the full-year contribution of Mediplat and Fitz Plus (realized in FY2026, ending March 2026), the company newly established the Small-Amount Short-Term Insurance Business through the consolidation of Kenko Nenrei Small-Amount Short-Term Insurance Co., Ltd. as a subsidiary (in FY2026, ending March 2026). In FY2027 (ending March 2027), the company expects to expand sales channels and realize business integration effects by leveraging group synergies.

Following the one-time impact of the loss of a major LTD (GLTD (Group Long-Term Disability Income Protection Insurance)) client contract (in FY2026, ending March 2026), the company aims to achieve sales recovery and improved profitability through new contract acquisition for ADVANTAGE HARMONY—driven by demand related to the revised Child Care and Family Care Leave Act—along with the effects of price revisions and the full-scale operation of the Rework Center, which opened in November 2025.

Software amortization expenses associated with aggressive system investments made over the past several years are expected to peak out in FY2026 (ending March 2026). Through the promotion of operational efficiency, including the use of AI, and thorough company-wide cost management, the company aims to improve its operating margin to 11.6% (forecast) in FY2027 (ending March 2027).

Last updated: July 19, 2026