GLOME Holdings, Inc.
8938・Growth Market・Real Estate
Business
GLOME Holdings Corporation is a TSE Growth Market-listed holding company that shifted decisively toward the Healthcare-Related Business starting in 2016. Through its four consolidated subsidiaries, it provides a multi-layered, one-stop suite of services—management consulting, IT support, HR/labor support, medical equipment procurement, and financial support—to allied medical institutions (50 facilities and 4,826 beds as of the end of March 2026). Its main customers are private medical institutions in regional areas, such as hospitals and long-term care health facilities. As a secondary business, it owns two commercial facilities in Hokkaido under Commercial Facility Leasing (Real Estate-Related Business), and it is also nurturing new businesses including a grid-connected battery storage facility business and inbound Medical Tourism Service for Overseas Patients (GLOME International).
Business Model
Centered on GLOME Management, the company provides multi-layered services—management consulting, facility management, IT support, and lending—to alliance medical institutions, continuously receiving outsourcing fees and other compensation. Fukuyama Iryoki generates scale benefits through centralized purchasing of medical equipment and pharmaceuticals, while GLOME Work Support handles personnel/labor training and staffing placement. The structure is such that expansion in the number of facilities and beds directly translates into growth in revenue scale.
Company Strengths
Since 2016, the company has built a system that completes management guidance, IT support, HR/labor affairs, medical equipment procurement, financial support, and facility management within a single group. As of the end of March 2026, it held alliance partners comprising 50 facilities and 4,826 beds, accumulating comprehensive support know-how specialized for medical institutions. The securities report explicitly states that the company "continues to maintain an advantage in its system capable of providing multi-layered and comprehensive services on a one-stop basis."
Cash and cash equivalents at the end of FY2026 (ending March 2026) stood at ¥2,546 million. Interest-bearing debt consists only of minor borrowings at Fukuyama Iryoki, keeping financial leverage at a low level. The company maintains a financial base that can fund its unique model—lending funds to newly acquired alliance partners for a certain period—using its own capital, which serves as one of the entry barriers difficult for competitors to imitate.
Through Fukuyama Iryoki Co., Ltd., which became a subsidiary in September 2023, the company has built a concentrated procurement system for medical equipment, pharmaceuticals, and nursing care equipment for alliance partner medical institutions. By leveraging economies of scale to reduce costs and secure stable supply routes, this functions as a differentiating factor contributing to improved profitability at alliance partners. Fukuyama Iryoki's sales for FY2027 (ending March 2027) are projected at ¥1,815 million.
ENVALITH's Perspective
Performance Trend
Revenue fell sharply from ¥2,470 million in FY2022 to ¥1,238 million in FY2024, then recovered sharply to ¥2,043 million in FY2025, but declined slightly to ¥2,003 million in FY2026 (down 2.0% year on year). The operating loss narrowed to ¥37 million in FY2026 from ¥46 million in the prior period, but operating losses have now continued for 5 consecutive periods. The ordinary loss deteriorated significantly from ¥53 million to ¥358 million due to the recognition of a ¥313 million equity-method investment loss. Net income swung from a profit of ¥70 million in the prior period to a net loss of ¥538 million. The Healthcare-Related segment alone achieved an increase in operating profit to ¥319 million, and the burden of company-wide expenses (¥431 million) is the structural factor behind the consolidated loss. The company has disclosed its forecast for FY2027 (ending March 2027) of revenue of ¥3,166 million and a return to operating profit of ¥197 million.
Growth Strategy
Deepening the Healthcare-Related Business and strengthening peripheral businesses, combined with entry into the grid-connected storage battery business, to diversify revenue sources
GLOME Management plans to newly acquire 1 institution with a total of 100 beds in FY2027 (ending March 2027). Revenue including peripheral businesses is expected to reach ¥837 million. In FY2026 (ending March 2026), although 1 new institution was acquired, the number of beds at alliance institutions decreased to 4,826 beds due to bed reductions resulting from the termination of outsourcing contracts, among other factors.
In addition to improving profitability through strengthening the sales structure and reinforcing relationships with existing customers, the company is promoting centralized purchasing with alliance medical institutions. Revenue of ¥1,815 million is expected in FY2027 (ending March 2027). Revenue in the "Other" category of the Healthcare-Related segment was ¥1,132 million in FY2026 (ending March 2026), requiring a substantial buildup.
A new business disclosed on a timely basis on April 30, 2026. The company is currently examining projects with the aim of acquiring its first facility in September 2026. Business funds have been secured through a third-party allotment capital increase and issuance of stock acquisition rights (total funds raised of approximately ¥2,638 million). Revenue of ¥97 million is expected in FY2027 (ending March 2027).
The company is focusing on capturing inbound demand for medical tourism for health and medical purposes, and building a stable profit-generation structure through group collaboration. Revenue of ¥204 million is expected in FY2027 (ending March 2027). The hospice residence business was closed in February 2026 and is currently leased to another company as a rental property.
Last updated: July 19, 2026