Mental Health Technologies Co.,Ltd.
9218・Growth Market・Services
Business
Mental Health Technologies Co., Ltd., guided by its vision of "creating the standard for well-being," centers its operations on the Mental Health Solutions Business (47.4% of sales composition), which supports corporate industrial health and mental health measures, and the Medical Work Shift Business (50.8% of sales composition), which provides nursing assistant and medical office staffing services to medical institutions. The former's core offering is Sangyoi Cloud, which combines industrial physician and public health nurse service provision with the cloud service ELPIS, while the latter is operated by Task Force Co., Ltd., which became a wholly owned subsidiary in February 2024. Key customers are companies with 50 or more employees (approximately 100,000 domestic companies subject to the mandatory appointment of industrial physicians) and large acute-care hospitals. The company listed on the TSE Growth Market in March 2022.
Business Model
In the Mental Health Solutions Business, the company provides Sangyoi Cloud, which packages the provision of occupational physician and public health nurse services together with the cloud service ELPIS, on a monthly subscription basis, adopting a stock-type revenue model that accumulates MRR (monthly recurring revenue). The company aims to raise unit prices through additional proposals to ENT (client companies with 1,000 or more employees) customers. The Medical Work Shift Business is centered on staffing service revenue from nursing assistant dispatch. The company aims to expand the group through M&A and reduce overall group marketing costs by bringing digital marketing functions in-house.
Company Strengths
The number of ENT contracted groups expanded approximately 1.8x, from 125 groups at the end of December 2023 to 223 groups at the end of December 2025. NRR (net revenue retention) for ENT remained at 105% as of the end of December 2025, confirming a structure in which revenue from existing customers grows on a net basis. The ENT churn rate also remained at a low level throughout 2025.
MRR (monthly recurring revenue) increased continuously, with ENT rising from ¥91 million in Q4 2023 to ¥135 million in Q4 2025, and SMB rising from ¥69 million to ¥82 million over the same period. Through the monthly subscription model of Sangyoi Cloud, revenue expanded 4.4x over four fiscal periods, from ¥1,454 million in FY2021 to ¥6,435 million in FY2025.
Task Force holds a high share in nursing assistant staffing for large acute care hospitals in Aichi Prefecture, with its competitive advantage stemming from temporary staff who remain stably in place over long periods and a strong ability to propose operational improvements based on deep understanding of on-site work. In FY2025, revenue from the Medical Work Shift Business reached ¥3,269 million (full year).
ENVALITH's Perspective
Performance Trend
In Q1 FY2026 (ending December 2026) (January-March), net sales increased to ¥1,747 million (up 20.3% year-on-year), maintaining revenue growth. Looking at the past five fiscal periods, net sales expanded 4.4-fold from ¥1,454 million in FY2021 to ¥6,435 million in FY2025, and the growth trajectory driven primarily by M&A effects continues. On the other hand, operating profit deteriorated to ¥107 million (down 16.2% year-on-year). This was mainly due to increased various expenses associated with the establishment of the shareholder benefit program and the recording of fees related to the acquisition of Include. The cost of sales ratio rose from 64.6% in the same period last year to 68.5%, and SG&A expenses also increased to ¥443 million (up 14.8% year-on-year). The full-year FY2026 (ending December 2026) earnings forecast remains unchanged at net sales of ¥9,252 million and operating profit of ¥700 million. As for the external environment, expanding digital demand such as accelerating AI development investment is a tailwind, but headwinds also exist, such as an increase in bankruptcies among small and medium-sized enterprises and a decrease in Chinese tourists visiting Japan.
Growth Strategy
Aiming for consolidated sales of ¥15.0 billion in FY2028 through ENT customer deepening, geographic expansion of medical staffing, and M&A
Continuing to enhance the content of "Sangyoi Cloud" services, promoting consulting-based sales proposals to large enterprises and unit price improvement through additional proposals to existing customers. Mental Health Solutions Business revenue for Q1 FY2026 (ending December 2026) grew steadily, up 16.2% year on year.
Acquired all shares of Include Co., Ltd., which operates a rework business (workplace reintegration support), making it a consolidated subsidiary effective March 31, 2026. Established an integrated service system spanning from prevention of mental health issues to early detection and return-to-work support. Goodwill of ¥294 million arose on a provisional basis (purchase price allocation not yet finalized).
Newly opened a Fukuoka branch to expand the sales area. Promoting differentiation and improved retention rates through skill-up training for dispatched staff and the establishment of a personnel evaluation system. Revenue for Q1 FY2026 (ending December 2026) maintained high growth, up 27.6% year on year to ¥906 million.
Revised the previous medium-term plan "MHT100/20-25," extending the target achievement timing by one year to FY2028 (ending December 2028) and raising the consolidated revenue target from ¥10.0 billion to ¥15.0 billion. The operating profit target is set at ¥2.0 billion. The plan is based solely on organic growth of the existing two businesses, and does not include any additional contribution from future M&A.
Last updated: July 17, 2026