ENVALITH
株式会社ナック logo

NAC CO.,LTD.

9788・Prime Market・Services

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株式会社ナック logo
NAC CO.,LTD.9788

Business

NAC Co., Ltd. is a diversified corporate group originating from a Duskin franchise store founded in 1971. It comprises five segments: the 'Cleclea Business,' which operates delivered-water and water-purifying water server services nationwide; the 'Rental Business,' handling Duskin operations, pest control, cleaning, and restoration services; the 'Architectural Consulting Business,' providing consulting to local construction companies; the 'Housing Business,' covering custom-built and subdivision houses; and the 'Beauty & Health Business,' dealing in cosmetics and health foods. The group, including 15 consolidated subsidiaries, recorded consolidated net sales of ¥58,919 million in FY2026 (ending March 2026). With a core focus on stock-type businesses supported by a base of recurring customers, the company continues to expand its business domains through M&A.

Business Model

The Cuclear, rental, and beauty/health businesses each have a recurring-revenue (stock-type) earnings structure based on ongoing transactions with subscription customers. Leveraging delivery and visit routes as a "last mile" customer touchpoint, the company aims to increase LTV (lifetime value) through cross-selling and multi-year plans. The construction consulting and housing businesses complement this with a flow-type model, earning revenue by selling products and know-how to franchise members and through housing construction contracts and condominium sales.

Company Strengths

In the Cook Water ("CLICLA") business, the company operates a nationwide network of directly-managed and franchised outlets utilizing approximately 700 delivery vehicles, and in the rental business it has locations in the Kanto, Hokkaido, Fukuoka, Aichi, and Kansai regions. A stock-type revenue structure based on ongoing transactions with regular customers underpins stable cash flow, and operating cash flow for FY2026 (ending March 2026) amounted to ¥1,323 million.

Since 2013, the company has made numerous companies its subsidiaries through M&A, including JIMOS, J-Wood, KDI, Tremie, Cans, Shuwa Juken, Combibox, and CLICLA Ehime. Most recently, in January 2026 it made CLICLA Ehime Co., Ltd. a subsidiary, and the company has a track record of expanding its business area and customer base through ongoing M&A, including support for business succession among franchise outlets.

"putio," a compact water-purifying water server sold primarily online, continued to see strong customer acquisition amid growing market demand, and sales for FY2026 (ending March 2026) increased significantly year on year. As customer acquisition progressed steadily while sales promotion expenses were kept in check, promotional efficiency improved, and operating profit for the CLICLA business as a whole increased by ¥196 million year on year (up 11.9%).

ENVALITH's Perspective

Operating profit for FY2026 (ending March 2026) declined sharply to ¥2,483 million (down 17.4% year on year). The main causes were a 76.9% decline (to ¥92 million) in the architectural consulting business, a 30.5% decline (to ¥278 million) in the housing business, and increased rent, vehicle expenses, and sales promotion costs associated with new store openings in the rental business. This reflects intentional front-loaded costs as the first year of the three-year investment phase set out in the "Medium-Term Management Plan 2028," but the timing and scale of the investment effects materializing warrant continued monitoring.

Profit attributable to owners of parent for FY2026 (ending March 2026) increased to ¥1,631 million (up 19.5% year on year), but this was due to a large reduction in extraordinary losses, from ¥630 million in the prior period (mainly ¥289 million in losses on sale of investment securities and ¥194 million in valuation losses) to ¥213 million. Meanwhile, extraordinary gains also increased to ¥168 million (from ¥13 million in the prior period). On an operating profit basis, earnings declined, so caution is warranted in interpreting the increase in net profit as an improvement in underlying earnings power.

The consolidated earnings forecast for FY2027 (ending March 2027) projects a bullish recovery, with net sales of ¥63,500 million (up 7.8% year on year) and operating profit of ¥2,800 million (up 12.7% year on year). This assumes that the impact of the revised Building Standards Act on the housing business will have run its course, that the full-year contribution from price revisions in the Cul Ligne (water delivery) business will materialize, and that new store openings in other segments will contribute. However, given the external environment, including downward pressure on personal consumption from price increases and the continuing decline in housing starts, the feasibility of the recovery scenario—particularly for the housing business and architectural consulting business—warrants careful scrutiny.

Growth Strategy

Under Long-term Vision 2035, the company is advancing a three-year investment phase centered on last-one-mile logistics and LTV maximization

The company implemented a price revision for CLICLA bottles in January 2026, with the cancellation rate tracking below expectations. It aims to enhance customer retention and LTV through the introduction of multi-year plans, expansion of CrePF (CLICLA Platform) franchise stores, and delivery staff skill improvement via video training tools. Customer acquisition for the water purifier

The company is pursuing sales network expansion through M&A and business succession of Duskin franchise stores, along with strengthened outbound sales in the Care Service Division. In FY2026 (ending March 2026), operating profit declined 4.5% due to upfront costs from new store openings, but improved profitability at newly opened stores is expected to contribute to profit over the medium term.

Construction start delays caused by revisions to the Building Standards Act (reduction in Article 4 exemptions and prolonged confirmation application review periods) directly impacted FY2026 (ending March 2026) results. In the Housing Business, the company is focusing on strengthening land acquisition in Tokyo's 23 wards and establishing a brand for high-value-added construction, while in Architectural Consulting, it is focusing on securing orders for AI/DX utilization support products. However, as the market environment continues to see a declining trend in housing starts, recovery is expected to take time.

New businesses such as the Korean food supermarket "Yesmart" (operating 7 stores) and "Kaitori Daikichi" franchise stores (6 stores) have been newly established as the "Other" segment. In FY2026 (ending March 2026), sales increased 51.0% year on year to ¥1,933 million, while the segment recorded an operating loss of ¥231 million, reflecting the upfront investment stage. Going forward, the policy is to shift focus toward improving profitability and optimizing operations at existing stores.

In FY2026 (ending March 2026) as well, the company made CLICLA Ehime Co., Ltd. and Duskin Yamanaka Co., Ltd. subsidiaries and carried out multiple absorption-type mergers. The company continues to pursue new business development beyond the scope of existing businesses and business scale expansion through M&A as a means of realizing "Long-term Vision 2035."

Last updated: July 19, 2026