ENVALITH
株式会社シーユーシー logo

CUC Inc.

9158・Growth Market・Services

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株式会社シーユーシー logo
CUC Inc.9158

Business

CUC Inc. is a medical and nursing care services group founded in 2014. Building on Management Support for Medical Institutions (Medical Institutions segment) both domestically and internationally, it operates across four segments: Operation of Hospice-Type Residences for terminal cancer and intractable neurological disease patients (Hospice segment), Home-Visit Nursing for home-based patients (Home-Visit Nursing segment), and housing and care services for moderately-to-severely care-dependent individuals (Medical Care Residence segment). With 19 domestic consolidated subsidiaries and 28 overseas consolidated subsidiaries, the company covers every stage of medical and nursing care from the acute phase through end-of-life care. Its main customers are Medical Institutions such as hospitals and clinics, terminal cancer and intractable disease patients, and elderly individuals requiring long-term care. Consolidated revenue for FY2026 (ending March 2026) was ¥54,353 million.

Business Model

In the Medical Institutions segment, the company stations management support personnel at client medical institutions, generating revenue through a combination of an all-in-one monthly fee (stock-type) and project-based fees (flow-type) such as M&A and PMI. In the Hospice, Home-Visit Nursing, and Medical Care Residence segments, in addition to rental income from residents, the main revenue sources are medical treatment fees and nursing care fees based on health insurance and long-term care insurance. A notable feature is the virtuous cycle within the group, whereby cash flow generated by the Medical Institutions segment is allocated to capital investment in Hospice, Home-Visit Nursing, and other businesses.

Company Strengths

By stationing management support personnel on-site at partner medical institutions, the company builds continuous relationships and maintains a high retention rate. A virtuous cycle has formed in which partner medical institutions that achieve scale expansion and stable operations through this support seek additional M&A or new clinic openings, generating further support opportunities. In FY2026 (ending March 2026), this contributed to the hiring of 286 doctors and 1,076 co-medical staff at partner medical institutions.

As of the end of March 2026, the company operates Hospice-Type Residences with capacity for 2,853 residents (existing facility occupancy rate of 82.9%), 95 Home-Visit Nursing stations (15,298 users, total cumulative care hours of 1,275 thousand hours), and Medical Care Residence with capacity for 2,010 residents (existing facility occupancy rate of 80.1%). Through a dominant store opening strategy within a 2–15km radius, the company achieves efficient customer acquisition, hiring capability, and synergies across locations.

In the Hospice segment, the company hired 702 nurses and caregivers in FY2026 (ending March 2026), with the turnover rate decreasing by 0.3 percentage points year on year to 21.7%. In the Home-Visit Nursing segment, the company hired 302 staff, with the turnover rate decreasing by 3.2 percentage points year on year to 12.3%. Through systems such as support for obtaining qualifications, internal recognition programs, and flexible work arrangements, the company demonstrates differentiated hiring and retention capability amid severe talent shortages in the medical and nursing care industry.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue was ¥54,353 million (+15.5% year-on-year) and operating profit was ¥5,783 million (+8.2% year-on-year), maintaining revenue and profit growth. However, net income for the period declined to ¥2,854 million (-10.9% year-on-year), and profit before tax also declined to ¥5,110 million (-2.6% year-on-year). It should be noted that the growth rates of revenue and operating profit have slowed significantly from the prior year (+42.4% and +43.0%, respectively), with cost increases associated with the expansion in scale and rising financial expenses putting pressure on profits.

In the restated consolidated statement of financial position, total assets stood at ¥97,949 million against total liabilities of ¥63,911 million (liability ratio of 65.3%), with total borrowings (current and non-current) at ¥32,267 million, an increase of ¥8,803 million from the prior period. Goodwill stood at ¥14,727 million (revised downward by ¥105 million from the pre-restatement figure of ¥14,832 million). As business expansion through M&A continues, investors should continue to monitor, as external factors, the increased interest payment burden amid rising interest rate conditions and the risk of goodwill impairment.

At the core of this restatement is the revision of the foreign currency translation adjustment on foreign operations from ¥913 million (pre-restatement) to ¥1,059 million (post-restatement), which revised comprehensive income for the period upward from ¥3,468 million to ¥3,615 million (+72.4% year-on-year). While there is said to be no impact on the consolidated statement of income or the consolidated statement of cash flows, items such as goodwill, other financial liabilities, and other non-current liabilities on the balance sheet were revised, resulting in changes to total assets, total liabilities, and total equity, respectively. It is important to accurately understand the nature and scope of the restatement.

Growth Strategy

Combining organic growth across the four segments with M&A to expand the vertically integrated medical and long-term care platform

Continued opening of Hospice-Type Residences, focusing on regions with weak end-of-life care functions. As of the end of FY2026 (ending March 2026), property, plant and equipment expanded to ¥23,704 million (up ¥4,874 million year on year). The Company continues to expand facilities by utilizing long-term borrowings aimed at replenishing funds for domestic hospice construction.

Continued opening of home-visit nursing stations based on a dominant strategy within a 2-5km radius. Profitability improved through an increase in total care hours, driven by growth in the number of users and expansion of care hours per user. In FY2026 (ending March 2026), the segment recorded segment revenue of ¥12,309 million and segment profit of ¥1,205 million.

Expanding overseas revenue through roll-up M&A of overseas clinics, primarily in the US podiatry business. Long-term borrowings were arranged for the purpose of replenishing funds for the acquisition of overseas clinics, etc. and for overseas business funds. Translation differences on foreign operations (restated to ¥1,059 million) contributed to comprehensive income.

In October 2024, Noah Konzern Co., Ltd. was made a consolidated subsidiary, and the Company has begun full-scale development of its residence and care service business for residents requiring moderate to severe levels of care. The Company is nurturing this newly established segment to capture growing demand for facilities amid rapid population aging (with 275,000 people on waiting lists for special nursing homes for the elderly).

The Company is promoting the phased optimization of monthly fees in line with improved performance at supported medical institutions, as well as expanding the acquisition of project-based fees, such as M&A and PMI support, against the backdrop of an increasing number of medical institutions lacking successors. In FY2026 (ending March 2026), the segment recorded segment revenue of ¥17,603 million and segment profit of ¥3,616 million.

Last updated: July 19, 2026