ENVALITH
株式会社ラストワンマイル logo

Last One Mile Co.,Ltd.

9252・Growth Market・Services

Official website
株式会社ラストワンマイル logo
Last One Mile Co.,Ltd.9252

Business

Last One Mile, Inc. operates five businesses under the Last One Mile Business (Single Segment): the Alliance Business, which serves as its core operation selling daily-life-related services such as electricity, gas, home-delivered water, and internet connections through alliance partners including real estate management companies; the Free Internet Service for Apartment Complexes; the Contact Center Business (BPO); the Hotel Management Outsourcing Business; and the Listing & Media Business. Its main customers span a wide range, including apartment complex residents, real estate management companies, government agencies, and hotel owners. The company listed on the Tokyo Stock Exchange Growth Market in November 2021. Following a management restructuring in November 2022, it has been expanding its business base while actively utilizing M&A.

Business Model

By receiving introductions of prospective customers from alliance partners (real estate management companies, etc.) and selling in-house and third-party services, the company earns both one-time commissions (flow-type revenue) and monthly continuing incentives/usage fees that accrue as long as customers continue their contracts (stock-type revenue). Stock-type revenue has been accumulating, rising from ¥4,001 million in FY2023 (ending August 2023) to ¥5,430 million in FY2024 (ending August 2024) to ¥6,809 million in FY2025 (ending August 2025), contributing to a more stable earnings base.

Company Strengths

Stock-type revenue increased approximately 70% over three years, from ¥4,001 million in FY2023 (ended August 2023) to ¥6,809 million in FY2025 (ended August 2025) (+25.4% versus two years prior). Stock-type revenue accounts for approximately 43.9% of revenue of ¥15,510 million, underpinning business performance. Its distinguishing feature is a structure in which revenue accumulates each month for as long as customers continue their contracts.

The company employs a BtoBtoC model that acquires prospective customers from alliance partners such as real estate management companies. Its securities report states that, even for identical services, its proprietary sales methods enable it to secure a competitive advantage. Sales to its major business partner, Life In 24 Co., Ltd., increased 54.1%, from ¥1,381 million in FY2024 (ended August 2024) to ¥2,128 million in FY2025 (ended August 2025).

Since 2022, the company has successively made subsidiaries of Broadband Connection Inc., Carrier Co., Ltd., Vender Co., Ltd., HOTEL STUDIO Co., Ltd., SHC Co., Ltd., Telbell Co., Ltd. (September 2025), and others. Through M&A, it has absorbed know-how that would be difficult to acquire with existing resources alone, expanding its business domain into areas such as Hotel Management Outsourcing Business and Free Internet Service for Apartment Complexes.

ENVALITH's Perspective

Revenue of ¥14,912 million for the first nine months of FY2026 (ending August 2026) represents 79.3% of the full-year forecast of ¥18,800 million, while operating profit of ¥1,681 million has reached 93.0% of the full-year forecast of ¥1,807 million. The remaining room for achievement of the full-year operating profit forecast in the fourth quarter (3 months) is only ¥126 million, which could be read as the full-year forecast being kept unchanged conservatively. Although the company states there is no change to its earnings forecast, investors should be mindful of the possibility of an upside outcome at this stage.

Goodwill balance stood at ¥2,383 million, accounting for 18.1% of total assets of ¥13,161 million, an increase of ¥335 million from the end of the previous fiscal year. Further accumulation is expected going forward as the M&A strategy continues. On the other hand, the ratio of equity attributable to owners of the parent has shown an improving trend at 40.5% (38.9% at the end of the previous fiscal year), and operating cash flow was also solid at ¥1,605 million. While the financial base is improving, impairment risk in the event of deteriorating performance at M&A targets remains a key item for ongoing monitoring.

Income tax expense for the first nine months of FY2026 (ending August 2026) increased substantially to ¥602 million (compared with ¥390 million in the same period of the previous year), with the effective tax rate against profit before tax at 36.9% (39.6% in the same period of the previous year). While operating profit increased 68.4%, growth in quarterly profit attributable to owners of the parent was limited to 73.1%. The increase in the absolute tax burden is also a reflection of expanding earnings, but the accumulation of deferred tax assets (¥246 million) and the effectiveness of tax strategy are points that warrant continued monitoring, as they will affect future net income levels.

Growth Strategy

Pursuing sustainable growth through a three-pronged approach combining deepening of existing businesses, active M&A, and utilization of treasury stock

Aiming to maximize revenue from the existing customer base by increasing the number of services provided per household and expanding alliance partners. Leveraging the growth in the number of households nationwide (an expected increase of 542 thousand households in major metropolitan areas) as a favorable market environment, the company continues to steadily acquire new customers. Cumulative revenue for Q3 of FY2026 (ending August 2026) increased 29.7%, indicating that initiatives are progressing well.

The company continues its strategy of acquiring, through M&A, businesses and know-how capable of building new markets, regardless of industry or business format. In the third quarter, Teruberu Co., Ltd. was newly consolidated, expanding the scope of consolidation. On July 15, 2026, the company established a treasury stock acquisition framework (up to 56,000 shares / ¥200 million) in preparation for future M&A strategy, strengthening its readiness for stock-for-stock M&A transactions.

Through the emergence of operating leverage, profit growth is being achieved at a pace exceeding revenue growth. For FY2026 (ending August 2026), the annual dividend per share is planned at ¥30 (interim ¥18, year-end ¥12), representing a substantial increase from the previous fiscal year (equivalent to approximately ¥22). The interim dividend was already paid on May 29, 2026, marking concrete progress in strengthening shareholder returns.

Last updated: July 17, 2026