ENVALITH
株式会社CaSy logo

CaSy Co.,Ltd.

9215・Growth Market・Services

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株式会社CaSy logo
CaSy Co.,Ltd.9215

Business

CaSy, Inc. operates under the vision "To make a life of smiles the norm," running "CaSy," a matching platform that enables customers to complete the entire process of housework support services—including Cleaning Proxy & Cooking Proxy Service, house cleaning, and organizing/storage—entirely online. The service coverage area spans 10 prefectures and metropolises (Tokyo, Kanagawa, Saitama, Chiba, Osaka, Hyogo, Kyoto, Aichi, Fukui, and Miyagi), and has expanded to Okinawa, Hiroshima, and Okayama prefectures following the consolidation of Sanju Co., Ltd. as a subsidiary in August 2025. The main customers are individuals and households requiring housework support, centered on dual-income households and families raising children. The company listed on the Tokyo Stock Exchange Growth Market in February 2022.

Business Model

Customers book services via a smartphone app or the service website, and registered casts (housework support staff) visit to provide the service. The Company's main revenue is the usage fee for services performed by casts, with the entire process from request to payment completed online. The Company has a structure that maximizes matching opportunities and enhances operational efficiency through its proprietary matching automation system and dynamic pricing function. Gross profit (sales less cast compensation) is adopted as a key management indicator.

Company Strengths

The company has independently developed algorithm tuning that leverages accumulated matching data, a dynamic pricing function that varies cast compensation according to matching difficulty, and an automatic recommendation function for casts. In FY2025 (ending November 2025), capital expenditure of ¥32,973 thousand was allocated to software acquisition, and continuous platform improvement is being carried out.

The company has participated as a housework and childcare support provider for the Tokyo Metropolitan Government since FY2024, and in October 2025 was awarded contracts for Shibuya City's "Prenatal and Postnatal Housework Support Dispatch Program" and Bunkyo City's "Home Housework and Childcare Support Program." The number of municipalities served has expanded to a total of 7 in the current fiscal year, building a foundation for stably capturing administrative demand driven by measures to address the declining birthrate.

In February 2025, the company made Sukkiri Meister Co., Ltd. a wholly owned subsidiary to expand its house cleaning business, and in August of the same year made Sanju Co., Ltd. a wholly owned subsidiary, expanding its service area into Okinawa, Hiroshima, and Okayama prefectures. Sanju possesses an established customer base, an extensive staff network, and a high repeat customer rate.

ENVALITH's Perspective

Sales for the cumulative interim period of FY2026 (ending November 2026) grew to ¥1,033 million (up 15.1% year on year), maintaining growth momentum. However, selling, general and administrative expenses expanded at a pace exceeding sales growth, rising to ¥387 million (up 19.2% year on year), causing the company to swing from a profit in the same period last year to an operating loss of ¥6 million and an interim net loss of ¥5 million. The full-year forecast calls for sales of ¥2,124 million and a substantial operating loss of ¥133 million, clearly indicating a shift into an investment phase. The timing of a return to profitability and progress in cost control will be the most important points for evaluation.

On the external front, tailwinds for market expansion continue, driven by the increase in dual-income households, changing attitudes toward outsourcing housework, and expanded government subsidies aimed at addressing the declining birthrate. On the other hand, intensifying competitive entry from other companies and rising initial costs associated with accepting foreign personnel and expanding partnerships with local governments are weighing on profitability. The cost of sales ratio rose from 62.4% in the same period last year to 63.2%, and the resulting changes in cost structure accompanying the strengthening of supply capacity warrant close monitoring.

Cash and deposits stood at ¥287 million as of the end of May 2026, down ¥63 million from the end of the previous fiscal year. Cash outflows continued across all three activities: operating cash flow of negative ¥6 million, investing cash flow of negative ¥23 million, and financing cash flow of negative ¥32 million. The balance of long-term borrowings stood at ¥128 million (including ¥50 million due within one year), and if the full-year forecast of an operating loss of ¥133 million is realized, a further decline in financial capacity is expected. The equity ratio remains at a certain level of 40.1%, but attention should also be paid to the widening deficit in retained earnings (negative ¥319 million).

Growth Strategy

The company aims to expand its market share in the housework support market through three pillars: strengthening supply capacity, expanding partnerships with local governments, and leveraging group synergies.

The company is accelerating the acceptance of foreign housework support personnel utilizing the National Strategic Special Zone system, with service provision to begin in May 2026. This aims to resolve chronic labor shortages, expand service supply capacity, and accelerate the capture of demand.

The company is steadily promoting partnerships with local governments, primarily in the Tokyo metropolitan area. In April 2026, it will newly enter into business with Musashino City, expanding housework support services through the use of administrative subsidies. This strategy incorporates the external environment of expanded administrative subsidies driven by declining birthrate countermeasures into the company's own growth.

The company is promoting the strengthening of house cleaning services through Sukkiri Meister Co., Ltd., and the expansion of housework support service areas through partnership with Sanju Co., Ltd. Through rapid business expansion via M&A, the company aims to achieve service diversification that would be difficult to realize on its own.

In the interim period of FY2026 (ending November 2026), the company invested ¥23 million in the acquisition of intangible fixed assets (software). Through the enhancement of features such as automated matching systems and dynamic pricing, the company aims to maximize matching opportunities and improve service quality.

Last updated: July 17, 2026