# CARE TWENTYONE CORPORATION: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2024/11/01－2025/10/31) (S100XHNL)
> Page: https://vizora.meequs.com/en/company/care-twentyone
> Retrieved: 2026-09-30T21:03:07.535Z

## Company

Care Twentyone, founded in 1993, is a company in Nursing Care listed on TSE Standard. It has 6,319 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CARE TWENTYONE CORPORATION |
| Ticker | 2373 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2373.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区堂島二丁目2番2号 |
| Representative (per filing) | 代表取締役社長 依田雅 |
| Founded | Nov 1993 |
| Share capital | ¥100M |
| Employees (consolidated) | 6,319 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | October |
| Website | www.care21.co.jp (https://www.care21.co.jp/) |
| Corporate number | 5120001101680 |
| EDINET | E05353 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100XHNL, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.3 | 15 |
| Profitability | 21.4 | 21 |
| Cash conversion | 86.8 | 19 |
| Efficiency | 83.3 | 21 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 53% of Care Twentyone's sales come from Facility-based care, with Home-based care and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Facility-based care 53.1%、Home-based care 31.2%、Other 15.6%
- Revenue → net income: ¥48158162000 → ¥447619000
- Net income → operating cash flow: ¥447619000 → ¥2171448000（difference ¥1723829000）
- Main uses of operating cash flow: CapEx ¥307515000 / dividends ¥229122000 / buybacks —
- Change in cash: ¥1112924000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥48.2B |  |
| Operating income | ¥784.9M | Margin 1.6% |
| Net income | ¥384.2M | Margin 0.8% |
| Free cash flow | ¥1.86B |  |
| Largest business | Facility-based care | of segment revenue 53.1% |
| Employees (consolidated) | 6,319 |  |
| EPS | ¥23.31 |  |
| Book value per share | ¥242.85 |  |
| Equity ratio | 14.3% |  |
| Shares outstanding | 14,844,000 |  |
| Treasury shares | 1,334,200 |  |
| Shareholders | 7,978 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 13.4% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -4.5 pp | Nursing Care |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.7× net income

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33984307000 | ¥48158162000 | +41.7% |
| Operating income | ¥1339470000 | ¥784942000 | -41.4% |
| Operating margin | 3.9% | 1.6% | -2.3 pp |
| Employees | 5,011 people | 6,319 people | +26.1% |
| Cash and equivalents | ¥2925538000 | ¥4165260000 | +42.4% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 在宅系介護事業 → 在宅系介護事業 | 31.2% |
| 在宅系介護事業 → 事業再編・廃止 | 2.5% |
| 施設系介護事業 → 施設系介護事業 | 53.1% |
| 施設系介護事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 12.7% |
| 新設・再編 → その他 | 3.0% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Facility-based care | 5 years | +7.0% | ¥25585582000 | 6.5% | 2 |
| Home-based care | 5 years | +5.6% | ¥15037688000 | 20.8% | 2 |
| Other | 5 years | +11.9% | ¥7534891000 | 10.1% | 2 |

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,158 | 100.0% | S100XHNL |
| Cost of revenue | 37,037 | 76.9% | S100XHNL |
| Gross profit | 11,121 | 23.1% | S100XHNL |
| SG&A | 10,336 | 21.5% | S100XHNL |
| Operating income | 785 | 1.6% | S100XHNL |
| Ordinary income | 543 | 1.1% | S100XHNL |
| Pretax income | 668 | 1.4% | S100XHNL |
| Income tax | 221 | 0.5% | S100XHNL |
| Net income | 448 | 0.9% | S100XHNL |
| Net income attributable to owners | 384 | 0.8% | S100XHNL |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 21 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 23.1% → Operating margin 1.6% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 45,397 | 48,158 | 2,761 | +6.1% |
| Gross profit | 9,660 | 11,121 | 1,461 | +15.1% |
| Operating income | -461 | 785 | 1,246 | — |
| Net income attributable to owners | 278 | 384 | 106 | +38.0% |
| Operating cash flow | 710 | 2,171 | 1,462 | +205.9% |
| Free cash flow | -502 | 1,864 | 2,366 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 30,965 | 1,127 | 3.6% | 301 | 2,134 | 1,491 | S100KKMH |
| FY ending Oct 2020 | 33,984 | 1,339 | 3.9% | 705 | 2,875 | 2,142 | S100N9QJ |
| FY ending Oct 2021 | 36,361 | 1,507 | 4.1% | 937 | 2,611 | 1,415 | S100Q188 |
| FY ending Oct 2022 | 38,398 | 1,108 | 2.9% | 630 | 1,113 | 184 | S100SP3G |
| FY ending Oct 2023 | 41,099 | -401 | -1.0% | 6 | 2,142 | 480 | S100V5EN |
| FY ending Oct 2024 | 45,397 | -461 | -1.0% | 278 | 710 | -502 | S100XHNL |
| FY ending Oct 2025 | 48,158 | 785 | 1.6% | 384 | 2,171 | 1,864 | S100XHNL |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.6M |
| Operating income per employee (consolidated) | ¥124.2K |
| Net income per employee (consolidated) | ¥60.8K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,194 | 5,560 | 5,906 | 6,153 | 6,319 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.1M | ¥4.1M | ¥4M |
| Average age (parent company) | 47.4 years | 46.8 years | 46.6 years | 46.6 years | 46.6 years |
| Average tenure (parent company) | 4.6 years | 4.7 years | 4.8 years | 4.3 years | 4.3 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +6.1%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home-based care | 15,038 | 31.2% | 3,126 | 20.8% |
| Facility-based care | 25,586 | 53.1% | 1,652 | 6.5% |
| Other | 7,535 | 15.6% | 759 | 10.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Home-based care | 31.2% |
| Facility-based care | 53.1% |
| Other | 15.6% |

Segment → industry: Facility-based care → Nursing Care / Home-based care → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,171 | 4.5% | S100XHNL |
| Capital expenditure | 308 | 0.6% | S100XHNL |
| Free cash flow | 1,864 | 3.9% | 算出 |
| Investing cash flow | 139 | 0.3% | S100XHNL |
| Financing cash flow | -1,197 | -2.5% | S100XHNL |
| Dividends paid | 229 | 0.5% | S100XHNL |
| Change in cash | 1,113 | 2.3% | S100XHNL |
| Cash and equivalents | 4,165 | 8.6% | S100XHNL |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,824 | 1,870 | 2,606 | 3,077 | 4,165 | S100SP3G, S100V5EN, S100XHNL |
| Total assets | 37,600 | 36,378 | 31,819 | 31,669 | 31,030 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Net assets | 6,774 | 6,476 | 5,518 | 4,728 | 4,492 | S100SP3G, S100V5EN, S100XHNL |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Property, plant and equipment | 19,166 | 18,606 | 13,009 | 12,719 | 11,474 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Intangible assets excluding goodwill | 357 | 510 | 582 | 503 | 484 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Goodwill | 66 | 93 | 89 | 19 | 33 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Investment securities | 5,221 | 4,207 | 2,983 | 1,510 | 718 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Current assets | 9,802 | 9,672 | 11,082 | 12,194 | 13,286 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Current liabilities | 9,227 | 9,428 | 11,089 | 11,959 | 12,612 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Short-term borrowings | 550 | 950 | 1,850 | 2,300 | 2,350 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Long-term borrowings | 2,415 | 2,468 | 3,965 | 4,927 | 4,672 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Total liabilities | 30,826 | 29,903 | 26,301 | 26,941 | 26,539 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Non-controlling interests | 8 | 12 | 21 | 16 | 69 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Equity attributable to owners of parent | 3,580 | 3,983 | 3,771 | 3,829 | 3,984 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Retained earnings | 2,988 | 3,379 | 3,156 | 3,205 | 3,354 | S100Q188, S100SP3G, S100V5EN, S100XHNL |
| Treasury stock | -515 | -509 | -503 | -497 | -491 | S100Q188, S100SP3G, S100V5EN, S100XHNL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XHNL |
| Property, plant and equipment | 37% | S100XHNL |
| Intangibles and goodwill | 2% | S100XHNL |
| Investment securities | 2% | S100XHNL |
| Other assets | 46% | S100XHNL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 86% | S100XHNL |
| Equity | 14% | S100XHNL |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 37,600 | 36,378 | 31,819 | 31,669 | 31,030 |
| Equity | 6,774 | 6,476 | 5,518 | 4,728 | 4,492 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,824 | 1,870 | 2,606 | 3,077 | 4,165 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 23.8% | S100XHNL |
| Fixed assets ÷ total assets | 37.0% | S100XHNL |
| Goodwill ÷ parent equity | 0.8% | S100XHNL |

Goodwill over 4 years: 66 → 33 JPY; total investing cash flow: -6,258 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 13.4% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 276.6% |
| Cash vs. profit gap | 1,787 JPY mn (of net income 465.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.6% |
| Shareholder payments — dividends / FCF | 12.3% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 6.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.6% | 0.97× | 2.5% | 10.50× | 26.2% | S100Q188 |
| 2022 | 1.6% | 1.04× | 1.7% | 9.78× | 16.7% | S100SP3G |
| 2023 | 0.0% | 1.21× | 0.0% | 8.80× | 0.2% | S100V5EN |
| 2024 | 0.6% | 1.43× | 0.9% | 8.35× | 7.3% | S100XHNL |
| 2025 | 0.8% | 1.54× | 1.2% | 8.02× | 9.8% | S100XHNL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社浅科依田 | Major shareholder | 22.3% | 2025-10-31 |
| 吉田 嘉明 | Major shareholder | 15.3% | 2025-10-31 |
| スターツコーポレーション株式会社 | Major shareholder | 11.0% | 2025-10-31 |
| 依田 雅 | Major shareholder | 9.5% | 2025-10-31 |
| アズワン株式会社 | Major shareholder | 5.2% | 2025-10-31 |
| 依田 平 | Major shareholder | 3.5% | 2025-10-31 |
| ケア21従業員持株会 | Major shareholder | 3.1% | 2025-10-31 |
| ケア21役員持株会 | Major shareholder | 2.3% | 2025-10-31 |
| 依田 明子 | Major shareholder | 1.8% | 2025-10-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2024/11/01－2025/10/31) | S100XHNL | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHNL,, |
| 有価証券報告書－第31期(2023/11/01－2024/10/31) | S100V5EN | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5EN,, |
| 有価証券報告書－第30期(2022/11/01－2023/10/31) | S100SP3G | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP3G,, |
| 有価証券報告書－第29期(2021/11/01－2022/10/31) | S100Q188 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q188,, |
| 有価証券報告書－第28期(令和2年11月1日－令和3年10月31日) | S100N9QJ | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9QJ,, |
| 有価証券報告書－第27期(令和1年11月1日－令和2年10月31日) | S100KKMH | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KKMH,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).