# CUC Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/04/01－2026/03/31) (S100YKO7)
> Page: https://vizora.meequs.com/en/company/cuc-jpn
> Retrieved: 2026-09-30T20:25:11.390Z

## Company

CUC, founded in 2017, is a company in Nursing Care listed on TSE Growth. It has 5,740 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CUC Inc. |
| Ticker | 9158 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9158.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦三丁目1番1号 |
| Representative (per filing) | 代表取締役 濵口 慶太 |
| Founded | Mar 2017 |
| Share capital | ¥7.67B |
| Employees (consolidated) | 5,740 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.cuc-jpn.com (https://www.cuc-jpn.com/) |
| Corporate number | 9010401113614 |
| EDINET | E37214 |
| Industries (Vizora) | Nursing Care, Hospitals & Medical Services |

> Profile source: annual securities report (S100YKO7, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Hospitals & Medical Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 8 |
| Profitability | 93.8 | 8 |
| Cash conversion | 25 | 6 |
| Efficiency | 18.8 | 8 |

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 31% of CUC's sales come from Medical Institution, with Hospice and In-homeNursing making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +15.5% from the prior year, operating profit +8.2%.

## Company structure

- Segment revenue mix: Medical Institution 31.0%、Hospice 30.8%、In-homeNursing 23.8%、Medical Care Residence 14.2%、Other 0.3%
- Revenue → net income: ¥54353000000 → ¥2743000000
- Net income → operating cash flow: ¥2743000000 → ¥5706000000（difference ¥2963000000）
- Main uses of operating cash flow: CapEx ¥6618000000 / dividends — / buybacks —
- Change in cash: ¥8302000000
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 | ¥54.4B |  |
| Operating income | ¥5.78B | Margin 10.6% |
| Net income | ¥2.85B | Margin 5.3% |
| Free cash flow | -¥912M |  |
| Largest business | Medical Institution | of segment revenue 31.0% |
| Employees (consolidated) | 5,740 |  |
| EPS | ¥97.35 |  |
| Diluted EPS | ¥97.35 |  |
| Book value per share | ¥822.07 |  |
| Equity ratio | 34.1% | Derived from disclosed figures |
| Shares outstanding | 29,990,400 |  |
| Treasury shares | 675,000 |  |
| Shareholders | 2,949 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 29.1% |
| Vs. industry median margin | +6.9 pp | Hospitals & Medical Services |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, segment profit share differs by 34 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16606000000 | ¥54353000000 | +227.3% |
| Employees | 1,819 people | 5,740 people | +215.6% |
| Cash and equivalents | ¥3615000000 | ¥15835000000 | +338.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 医療機関 | 31.0% |
| 新設・再編 → ホスピス | 30.8% |
| 新設・再編 → 居宅訪問看護 | 23.8% |
| 新設・再編 → メディカルケアレジデンス | 14.2% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical Institution | 3 years | +1.4% | ¥16847000000 | 27.0% | 2 |
| Hospice | 3 years | +36.1% | ¥16714000000 | 5.9% | 2 |
| In-homeNursing | 3 years | +2.0% | ¥12939000000 | 10.9% | 2 |
| Medical Care Residence | — | — | ¥7704000000 | -3.4% | 2 |
| Other | 4 years | -33.7% | ¥148000000 | 18.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,353 | 100.0% | S100YKO7 |
| Cost of revenue | 28,940 | 53.2% | S100YKO7 |
| Gross profit | 25,413 | 46.8% | S100YKO7 |
| SG&A | 21,795 | 40.1% | S100YKO7 |
| Operating income | 5,783 | 10.6% | S100YKO7 |
| Pretax income | 5,110 | 9.4% | S100YKO7 |
| Income tax | 2,367 | 4.4% | S100YKO7 |
| Net income | 2,743 | 5.0% | S100YKO7 |
| Net income attributable to owners | 2,854 | 5.3% | S100YKO7 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 40 |
| Other operating | -4 |
| Operating income | 11 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 46.8% → Operating margin 10.6% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.5%; Core profit growth: +8.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.53×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 47,043 | 54,353 | 7,310 | +15.5% |
| Gross profit | 23,172 | 25,413 | 2,241 | +9.7% |
| Operating income | 5,343 | 5,783 | 440 | +8.2% |
| Net income attributable to owners | 3,131 | 2,854 | -277 | -8.8% |
| Operating cash flow | 2,503 | 5,706 | 3,203 | +128.0% |
| Free cash flow | -3,044 | -912 | 2,132 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 16,606 | — | — | 1,100 | 2,122 | — | S100W87M |
| FY ending Mar 2022 | 35,314 | 3,679 | 10.4% | 2,707 | 6,616 | 5,768 | S100S3W6 |
| FY ending Mar 2023 | 35,210 | 3,683 | 10.5% | 2,423 | 2,357 | -3,226 | S100TWCD |
| FY ending Mar 2024 | 33,025 | 3,737 | 11.3% | 2,595 | 4,156 | -747 | S100W87M |
| FY ending Mar 2025 | 47,043 | 5,343 | 11.4% | 3,131 | 2,503 | -3,044 | S100YKO7 |
| FY ending Mar 2026 | 54,353 | 5,783 | 10.6% | 2,854 | 5,706 | -912 | S100YKO7 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.5M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥497.2K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,470 | 2,994 | 3,743 | 5,145 | 5,740 |
| Average salary (parent company) | — | ¥6.2M | ¥6.1M | ¥6.4M | ¥6.7M |
| Average age (parent company) | — | 38.2 years | 38.5 years | 39.9 years | 39.7 years |
| Average tenure (parent company) | — | 2.7 years | 3.1 years | 3.2 years | 3.5 years |

Year over year: Employees (consolidated) +11.6% · Revenue (consolidated) +15.5%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical Institution | 16,847 | 31.0% | 4,555 | 27.0% |
| Hospice | 16,714 | 30.8% | 980 | 5.9% |
| In-homeNursing | 12,939 | 23.8% | 1,416 | 10.9% |
| Medical Care Residence | 7,704 | 14.2% | -262 | -3.4% |
| Other | 148 | 0.3% | 27 | 18.2% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Medical Institution | 31.0% | 65.3% | 34.3 | 27.0% |
| Hospice | 30.8% | 14.0% | -16.7 | 5.9% |
| In-homeNursing | 23.8% | 20.3% | -3.5 | 10.9% |
| Medical Care Residence | 14.2% | — | — | -3.4% |
| Other | 0.3% | 0.4% | 0.1 | 18.2% |

Loss-making segment (excluded from profit shares): Medical Care Residence -262 JPY mn

Segment → industry: Medical Care Residence → Nursing Care / In-homeNursing → Nursing Care / Hospice → Nursing Care / In-homeNursing → Hospitals & Medical Services / Hospice → Hospitals & Medical Services / Medical Institution → Hospitals & Medical Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,706 | 10.5% | S100YKO7 |
| Capital expenditure | 6,618 | 12.2% | S100YKO7 |
| Free cash flow | -912 | -1.7% | 算出 |
| Investing cash flow | -3,420 | -6.3% | S100YKO7 |
| Financing cash flow | 5,957 | 11.0% | S100YKO7 |
| Change in cash | 8,302 | 15.3% | S100YKO7 |
| Cash and equivalents | 15,835 | 29.1% | S100YKO7 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,355 | 4,120 | 8,256 | 7,533 | 15,835 | S100TWCD, S100W87M, S100YKO7 |
| Total assets | 34,526 | 39,750 | 62,836 | 85,167 | 97,949 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Net assets | 9,679 | 11,920 | 28,005 | 30,286 | 34,037 | S100TWCD, S100W87M, S100YKO7 |
| Share capital | 1,049 | 1,063 | 7,669 | 7,669 | 7,669 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Property, plant and equipment | 3,044 | 7,350 | 12,028 | 18,830 | 23,704 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Goodwill | 4,403 | 4,723 | 13,642 | 13,665 | 14,727 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Current assets | 15,153 | 12,732 | 17,651 | 20,520 | 30,132 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Total liabilities | 24,847 | 27,830 | 34,831 | 54,881 | 63,911 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Equity attributable to owners of parent | 9,457 | 11,704 | 27,316 | 29,678 | 33,400 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Retained earnings | 5,290 | 7,715 | 10,307 | 13,457 | 16,338 | S100S3W6, S100TWCD, S100W87M, S100YKO7 |
| Treasury stock | — | — | 0 | 0 | 0 | S100W87M, S100YKO7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YKO7 |
| Property, plant and equipment | 24% | S100YKO7 |
| Intangibles and goodwill | 15% | — |
| Other assets | 45% | S100YKO7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YKO7 |
| Equity | 35% | S100YKO7 |
| Other liabilities | 0% | S100YKO7 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,526 | 39,750 | 62,836 | 85,167 | 97,949 |
| Equity | 9,679 | 11,920 | 28,005 | 30,286 | 34,037 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,355 | 4,120 | 8,256 | 7,533 | 15,835 |

## 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) | 43.6% | S100YKO7 |
| Fixed assets ÷ total assets | 24.2% | S100YKO7 |
| Goodwill ÷ parent equity | 44.1% | S100YKO7 |

Goodwill over 4 years: 4,403 → 14,727 JPY; total investing cash flow: -21,866 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) | 16.2% |
| Cash ÷ revenue | 29.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.7% |
| Cash vs. profit gap | 2,852 JPY mn (of net income 99.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.2% |
| Investing CF relative to operating CF | 59.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.7% | 1.02× | 7.8% | 3.65× | 28.6% | S100S3W6 |
| 2023 | 6.9% | 0.95× | 6.5% | 3.51× | 22.9% | S100TWCD |
| 2024 | 7.9% | 0.64× | 5.1% | 2.63× | 13.3% | S100W87M |
| 2025 | 6.7% | 0.64× | 4.2% | 2.60× | 11.0% | S100YKO7 |
| 2026 | 5.3% | 0.59× | 3.1% | 2.90× | 9.0% | S100YKO7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エムスリー株式会社 | Major shareholder | 63.4% | 2026-03-31 |
| NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク エヌ・エイ東京支店） | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 3.0% | 2026-03-31 |
| BBH CO FOR ARCUS JAPAN VALUE FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 田邉 隆通 | Major shareholder | 1.4% | 2026-03-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN（LUXEMBOURG）SCA CUSTODIAN FOR SMD－AM FUNDS－DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.3% | 2026-03-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY （常任代理人 香港上海銀行 東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク エヌ・エイ東京支店） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YKO7 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKO7,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100W87M | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W87M,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TWCD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWCD,, |
| 訂正有価証券報告書－第9期(2022/04/01－2023/03/31) | S100S3W6 | 2023-11-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3W6,, |

## 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).