SILVER LIFE CO., LTD.
9262・Standard Market・Retail Trade
Business
Silver Life Co., Ltd. upholds the management philosophy of "creating a society where everyone can age with peace of mind, from the perspective of food," and its core operations are the management of a franchise headquarters for elderly meal delivery services and the manufacturing and sale of prepared food ingredients. Its sales channels consist of three segments: FC member stores (three brands—Magokoro Bento, Haishoku no Fureai, and Takushoku Life—totaling 931 stores as of end-July 2025), food ingredient sales to elderly care facilities, facilities for people with disabilities, and similar institutions, and direct sales of frozen bento mainly via EC (BtoC) as well as OEM and warehousing operations. The company owns its own factories (Gunma Plant and Tochigi Plant) and the Kazo Warehouse, handling everything from food ingredient manufacturing to nationwide distribution, and operates as a single domestic segment business.
Business Model
For FC franchisees, the company wholesales prepared ingredients and collects a royalty of 5% of monthly sales (capped at ¥100,000). For elderly care facilities and similar clients, it sells in-house manufactured and procured ingredients directly, utilizing FC franchisees as delivery subcontractors. In the direct sales channel, it conducts BtoC sales of frozen bento via EC. The structure aims to pursue scale merits by promoting in-house production of previously outsourced ingredients, thereby improving the gross profit margin.
Company Strengths
The population of elderly people aged 75 and over is expected to increase for 30 years from 2025 onward, placing the company's meal delivery and food ingredient services for care facilities in a structurally expanding market environment. Net sales for FY2025 (ending July 2025) reached ¥14,918 million, marking five consecutive years of revenue growth, demonstrating steady capture of this market growth.
The company operates nationwide with a total of 931 stores as of end-July 2025, comprising 497 Magokoro Bento stores, 286 Haishoku no Fureai stores, and 148 Takushoku Life stores. By having FC franchisees handle the delivery infrastructure, headquarters can concentrate on food ingredient manufacturing and sales, realizing an asset-light expansion model.
Since the end of April 2024, the company has raised the proportion of in-house production of previously outsourced food ingredients. As a result, manufacturing costs increased 14.6% year-on-year to ¥7,243,219 thousand, while gross profit rose due to the reduction in external procurement costs. The two-plant system comprising the Gunma Plant and Tochigi Plant (both FSSC22000 certified) forms the foundation for quality control and in-house production.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods rose consistently, from ¥10,050 million (FY2021) to ¥14,918 million (FY2025). For the cumulative nine months of FY2026 (ending July 2026), revenue reached ¥12,125 million (+10.9% YoY), operating profit ¥794 million (+18.3% YoY), ordinary profit ¥916 million (+17.4% YoY), and quarterly net income ¥563 million (+17.9% YoY), with growth at every profit stage. On the external front, steady demand for meal delivery and facility-oriented services driven by the growing elderly population and expansion of the frozen bento market amid rising single-person households have provided tailwinds, while soaring energy and raw material prices, prolonged yen depreciation, rising logistics costs, and a shortage of delivery personnel continue to act as headwinds. The penetration of price revisions across channels and the promotion of in-house production have contributed to improving gross profit, and a structure in which profit growth outpaces revenue growth is becoming firmly established.
Growth Strategy
Targeting sales of ¥18,000 million in FY2028 (ending July 2028) through maintaining the FC network, strengthening frozen food ingredients for facility channels, and promoting in-house production
Maintaining and expanding the number of FC stores through on-demand information sessions and enhanced handover support to nearby owners for withdrawn stores. A price revision was implemented in December 2025 to improve franchisee profitability and raise unit prices for food ingredient supply. 911 stores as of the end of the third quarter.
Capturing labor-saving needs driven by labor shortages by promoting sales activities centered on frozen food ingredients. Expanded product lineup, including the launch of frozen bento with rice. The September 2025 price revision also contributed to strong results, achieving high growth of 40.1% year-on-year for the cumulative third quarter.
Promoting in-house production of ingredients previously outsourced externally; although labor costs and manufacturing expenses will increase, this aims to improve gross profit margin and strengthen quality control. Gross profit improved year-on-year for the cumulative third quarter.
Deploying active sales promotion activities, including optimized advertising and web promotions, for direct-to-consumer (BtoC) sales of frozen bento centered on EC. A phased price revision was also implemented from October 2025. Achieved growth of 18.9% year-on-year for the cumulative third quarter.
Price revisions have been implemented across all channels: FC franchisees (December 2025), elderly care facilities (September 2025), and direct sales (phased from October 2025). By passing on rising costs for raw materials, labor, and logistics through pricing, the company aims to achieve its full-year operating profit forecast of ¥1,040 million for FY2026 (ending July 2026) (+22.3% year-on-year).
Last updated: July 17, 2026