ENVALITH
株式会社笑美面 logo

Emimen Co., Ltd.

9237・Growth Market・Services

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株式会社笑美面 logo
Emimen Co., Ltd.9237

Business

Emi Corporation (笑美面) has set forth the vision of "steadfastly protecting a future in which elderly people can live with smiles," and its core business is the Senior Life Support Service, a free senior home referral service for families with elderly members requiring care. Coordinators work in cooperation with medical social workers (MSWs) and care managers to provide face-to-face matching services across all 47 prefectures. The group also comprises the Senior Home New Opening Consulting service (Senior Home Consulting Service) provided by its subsidiary Care Thanks, and the referral of foreign talent in the caregiving field provided by its affiliate Funtoco, forming a group that delivers value in three directions: to families seeking care, to senior home operators, and to talent. The company listed on the Tokyo Stock Exchange Growth Market in October 2023. The number of affiliated senior homes reached 10,758 (as of the end of October 2025).

Business Model

The referral service for families of care recipients and prospective residents is provided completely free of charge, with referral fees received from senior home operators upon completion of an occupancy contract. Since no cost of goods sold is incurred and no customer acquisition costs such as listing advertisements are required, the main cost is personnel expenses only. Revenue is structured as the number of referrals from MSWs (Medical Social Workers) and others × contract conversion rate × referral fee per unit per room. Care Thanks receives consulting fees and referral fees when senior homes are newly opened, and under Care Thanks Partner Lease, the sublease margin is recognized in a lump sum.

Company Strengths

In FY2025 (ending October 2025), key KPIs all recorded strong growth: referrals from MSWs and others reached 12,501 (up 48.8% year on year), family conferences conducted totaled 8,911 (up 40.8%), and Smile count reached 4,723 (up 33.0%). The referral partner network, built around direct sales to hospital MSWs, serves as a key differentiator against competitors.

As of the end of October 2025, the number of partner senior homes reached 10,758, while registrations on the information-sharing platform "Care Prime Community Site" expanded to 10,212 homes. This decision-maker network, centered on small and medium-sized operators, forms an entry barrier that is difficult for new entrants to replicate in a short period.

Due to the nature of its face-to-face matching service, the company incurs no cost of goods sold, and unlike typical customer acquisition methods, it requires no listing or media advertising expenses. With personnel costs as the primary expense, increases in Smile count translate directly into revenue growth, resulting in a highly leveraged earnings structure. The operating margin for FY2025 (ending October 2025) was approximately 6.1% (¥114 million / ¥1,873 million).

ENVALITH's Perspective

FY2026 (ending March 2026) interim period (H1) recorded operating revenue of ¥1,149 million (up 34.3% year on year) and operating profit of ¥34 million (up 16.6% year on year), achieving both revenue and profit growth. However, profit attributable to owners of parent fell sharply to ¥25 million (down 33.1% year on year). This was mainly due to the reversal effect from the ¥36,757 thousand deferred income tax adjustment (gain) recorded in the same period of the prior year, and the underlying earning power of the business is actually improving. To achieve the full-year forecast (operating revenue of ¥2,681 million and operating profit of ¥218 million), operating profit of ¥184 million must be recorded in the second half, and the key focus will be whether consulting projects carried over to Q3 and beyond are recovered as planned.

The Senior Life Support Service segment adopted a policy of concentrating recruitment and personnel expenses in H1, recording a segment loss of ¥13 million (an improvement from a loss of ¥41 million in the same period of the prior year). The upfront investment model for recruitment costs continues, and the time lag before newly hired coordinators generate contracts is suppressing profit margins. Meanwhile, with the full consolidation of Care Mix as a wholly owned subsidiary, a coordinator workforce of 180 is expected to become operational from H2, putting the company in a phase where it must balance accelerated growth in the number of Smile matches with improved efficiency of recruitment costs.

During the interim period, the company implemented a capital reduction of ¥220,440 thousand (transferred to other capital surplus) and acquired 80,300 treasury shares (¥60,000 thousand), causing the equity ratio to decline from 59.0% to 51.6%. Furthermore, as a subsequent event, the company procured an additional short-term borrowing of ¥200,000 thousand (Resona Bank commitment line) and disbursed ¥345 million (¥300 million in cash and ¥45 million in treasury shares) as consideration for the acquisition of Care Mix. Financial covenants require maintaining net assets at 75% or more of the prior-year level and maintaining positive ordinary income, and maintaining financial discipline amid rising integration costs following the M&A will be a focus for investors. External factors such as price inflation and monetary policy trends affecting personnel cost also warrant attention.

Growth Strategy

Continued high growth driven by three pillars: coordinator reinforcement, scale expansion through M&A, and expansion of Care Thanks room count

Recruitment costs and personnel expenses were intensively invested in the first half to promote coordinator onboarding. Through the introduction of Sales Enablement, the company aims for early ramp-up of new hires and the establishment of uniform operations, targeting continued expansion in the number of move-in contracts (Smile Count). The Smile Count for the first half of FY2026 (ending March 2026) was 2,955, up 35.6% year on year.

Care Mix (acquisition cost ¥345 million) became a wholly owned subsidiary effective June 1, 2026. Approximately 30 coordinators centered on the Greater Tokyo area have been brought in, expanding the group total to approximately 180 staff. The addition of the multifaceted services of the social work business and work-sharing business is expected to strengthen business competitiveness and improve service quality.

Through new opening support provided by Care Thanks, the company aims to achieve the FY2026 (ending October 2026) full-year KPI of 1,350 newly opened rooms (up 24.7% year on year). In the first half, the figure was limited to 512 due to a shift of planned projects to the third quarter and beyond (down 15.9% year on year), but revenue was accumulated through the active expansion of existing facility transaction support. Expansion of geographic coverage through the opening of a Kanto base is also underway.

The company continues to build out its nationwide network of offices aimed at expanding reach to MSWs (Medical Social Workers). A base has already been opened in the Kanto region, with expansion into regional cities also under consideration. In conjunction with the growth in the number of registered homes on the Care Prime Community Site (exceeding 10,212 homes), the company aims to deepen its network of referral destinations.

Last updated: July 17, 2026