FB CARE SERVICE CO.,LTD.
9220・Standard Market・Services
Business
FB Kaigo Service Co., Ltd. is a group company (including 3 consolidated subsidiaries) based in Saku City, Nagano Prefecture, operating a Welfare Equipment Business and a Nursing Care Business primarily across the Shin-etsu, North Kanto, and South Kanto areas. In the Welfare Equipment Business, the company operates Welfare Equipment Rental, sales, and Home Renovation Service based on the long-term care insurance system through 18 sales offices and 2 product management centers. In the Nursing Care Business, the company provides diverse services—including fee-based nursing homes with care, group homes, Small-Scale Multifunctional Home Care / Multifunctional Home Care with Nursing, Home-Visit Care / Home-Visit Nursing, and others—across a total of 97 locations. The company's core business philosophy is to provide seamless, one-stop care ranging from in-home support to residential facility admission, so that elderly people requiring nursing care can continue living in their familiar communities. As of the end of March 2026, the total number of business locations was 117.
Business Model
The majority of revenue derives from nursing care reimbursements based on the long-term care insurance system (users bear 10–30% of costs, with the remaining 70–90% paid by the insurer municipality). The Welfare Equipment Business (net sales of ¥4,974 million) centers on recurring rental revenue leveraging the company's proprietary product management center. The Nursing Care Business (net sales of ¥6,559 million) generates reimbursement income through diverse service offerings including residential care, day services, and home-visit services, and also benefits from public subsidies such as grants for establishing new care facilities, which contribute to ordinary income.
Company Strengths
The Company has established product management centers at two locations, Saku City in Nagano Prefecture and Isesaki City in Gunma Prefecture, where it carries out an integrated process covering collection, cleaning, disinfection, maintenance, inspection, and barcode management. Leveraging their locations near expressway interchanges, the centers make daily deliveries to each business site, enabling a fast and hygienic supply system for welfare equipment.
The Company employs a dedicated one-stop assignment system in which the same staff member handles sales, consultation, delivery, and contracting, enabling smooth adjustment of welfare equipment selection in response to changes in a user's condition and smooth information sharing with care managers. Its 24/7, 365-day response capability also allows it to handle urgent deliveries such as those needed at the time of hospital discharge, contributing to gaining user trust and improving retention.
Through a dominant strategy of concentrating multiple sites within specific areas, the Company efficiently secures both residents and personnel. It has built up a track record of operational efficiency improvements, including referring residents from fully occupied facilities to nearby facilities, maintaining staffing standards through personnel transfers within an area, and shortening training periods by appointing managers from nearby business sites when opening new facilities.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥9,186 million in FY2022 to ¥11,533 million in FY2026. However, the growth rate has remained stable in the 5% range. Operating profit decreased 3.8% from ¥660 million in FY2025 to ¥634 million in FY2026, with the operating margin declining from 6.0% to 5.5%. The main causes were initial investment costs associated with the opening of new group homes, along with rising food costs and personnel expenses. Ordinary profit rose sharply to ¥825 million (up 21.7% year on year), driven by the recognition of construction subsidies (¥164 million) from local governments. An impairment loss of ¥140 million was recorded as an extraordinary loss, but net income for the period increased 11.1% year on year to ¥451 million. As an external factor, the labor shortage environment—reflected in an effective job openings-to-applicants ratio of 3.46 for nursing care services—along with rising prices, continue to exert cost pressure.
Growth Strategy
Through dominant-area expansion, M&A, and nursing care DX, the company aims for net sales of ¥15.0 billion and adjusted operating profit of ¥1.0 billion in FY2029 (ending March 2029)
The company continues to acquire branches through business transfers to expand its regional market share. In FY2026 (ending March 2026), it acquired two branches in Nagano Prefecture via business transfer, achieving Welfare Equipment Business sales of ¥4,974 million, up 8.4% year on year. It will expand its network of locations while maintaining profitability through sales centered on its own rental products.
Given soaring construction costs, the company prioritizes converting existing facilities over building new ones. In March 2027, it will renovate and convert a housing-type paid nursing home in Ueda City, Nagano Prefecture, into a group home, strengthening its capacity to provide dementia care services, for which demand is high. The company will also continue to pursue M&A with peer companies.
To address the severe labor shortage, with an effective job openings-to-applicants ratio of 3.46, the company continues to promote the hiring of overseas personnel. It is simultaneously advancing nursing care DX to reduce workload and improve productivity, and aims to improve employee retention through wage increases utilizing the government's treatment improvement support subsidy.
With the falloff of the one-time initial costs recorded in FY2026 (ending March 2026) for the new group home, operating profit in FY2027 (ending March 2027) is expected to recover to ¥740 million, up 16.7% year on year. Net sales are projected at ¥12,125 million (up 5.1% year on year), and net income attributable to owners of parent at ¥508 million (up 12.7% year on year). The annual dividend is planned to increase to ¥43 (from ¥38 in the previous period).
Last updated: July 19, 2026