# EUCALIA Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/01/01－2025/12/31) (S100XUVY)
> Page: https://vizora.meequs.com/en/company/eucalia
> Retrieved: 2026-09-30T19:42:04.667Z

## Company

Eucalia, founded in 2005, is a company in Medical Devices listed on TSE Growth. It has 1,347 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EUCALIA Inc. |
| Ticker | 286A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/286A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区霞が関三丁目2番5号 |
| Representative (per filing) | 代表取締役社長 三沢 英生 |
| Founded | Feb 2005 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,347 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | eucalia.jp (https://eucalia.jp/) |
| Corporate number | 8010401056616 |
| EDINET | E12328 |
| Industries (Vizora) | Medical Devices, Health Tech, Nursing Care, Hospitals & Medical Services |

> Profile source: annual securities report (S100XUVY, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.3 | 15 |
| Profitability | 83.3 | 21 |
| Cash conversion | 2.6 | 19 |
| Efficiency | 2.4 | 21 |
| Financial strength | 16.7 | 3 |

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 36% of Eucalia's sales come from Elderly care related business, with Comprehensive medical management support business and Specially-controlled medical device business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +24.7% from the prior year, operating profit +3.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥24.7B |  |
| Operating income | ¥2.37B | Margin 9.6% |
| Net income | ¥2.78B | Margin 11.2% |
| Free cash flow | -¥2.8B |  |
| Largest business | Elderly care related business | of segment revenue 36.0% |
| Employees (consolidated) | 1,347 |  |
| EPS | ¥63.87 |  |
| Diluted EPS | ¥62.79 |  |
| Book value per share | ¥541.59 |  |
| Equity ratio | 31.5% |  |
| Shares outstanding | 37,982,900 |  |
| Treasury shares | 2,254,000 |  |
| Shareholders | 6,778 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 13.9% | Net cash -¥11.7B · Cash ÷ revenue 36.6% |
| Vs. industry median margin | +3.4 pp | Nursing Care |
| ROE | 14.5% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 65% of positive segment profit
- FY2025, segment profit share differs by 34 points

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18054924000 | ¥24734767000 | +37.0% |
| Operating income | ¥1899560000 | ¥2365010000 | +24.5% |
| Operating margin | 10.5% | 9.6% | -1 pp |
| Employees | 769 people | 1,347 people | +75.2% |
| Cash and equivalents | ¥6698468000 | ¥9052916000 | +35.1% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 医療経営総合支援事業 → 医療経営総合支援事業 | 29.9% |
| シニア関連事業 → シニア関連事業 | 36.0% |
| シニア関連事業 → 事業再編・廃止 | 0.9% |
| 高度管理医療機器事業 → 高度管理医療機器事業 | 30.1% |
| 高度管理医療機器事業 → 事業再編・廃止 | 2.9% |
| その他 → その他 | 0.2% |
| 新設・再編 → 医療経営総合支援事業 | 1.3% |
| 新設・再編 → その他 | 2.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Elderly care related business | 2 years | +15.6% | ¥8894022000 | 6.0% | 2 |
| Comprehensive medical management support business | 2 years | +19.6% | ¥7728235000 | 31.7% | 2 |
| Specially-controlled medical device business | 2 years | +11.8% | ¥7456078000 | 7.0% | 2 |
| Other | 2 years | +326.9% | ¥656431000 | 36.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,735 | 100.0% | S100XUVY |
| Cost of revenue | 14,198 | 57.4% | S100XUVY |
| Gross profit | 10,537 | 42.6% | S100XUVY |
| SG&A | 8,172 | 33.0% | S100XUVY |
| Operating income | 2,365 | 9.6% | S100XUVY |
| Ordinary income | 2,138 | 8.6% | S100XUVY |
| Pretax income | 3,091 | 12.5% | S100XUVY |
| Income tax | 211 | 0.9% | S100XUVY |
| Net income | 2,880 | 11.6% | S100XUVY |
| Net income attributable to owners | 2,776 | 11.2% | S100XUVY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 33 |
| Operating income | 10 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 42.6% → Operating margin 9.6% → Net margin 11.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.7%; Core profit growth: +3.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.13×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,834 | 24,735 | 4,901 | +24.7% |
| Gross profit | 8,692 | 10,537 | 1,845 | +21.2% |
| Operating income | 2,293 | 2,365 | 72 | +3.2% |
| Net income attributable to owners | 2,026 | 2,776 | 751 | +37.1% |
| Operating cash flow | 1,301 | -1,878 | -3,179 | -244.4% |
| Free cash flow | -53 | -2,799 | -2,746 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 18,055 | 1,900 | 10.5% | 1,051 | -209 | -5,247 | S100VGY6 |
| FY ending Dec 2024 | 19,834 | 2,293 | 11.6% | 2,026 | 1,301 | -53 | S100XUVY |
| FY ending Dec 2025 | 24,735 | 2,365 | 9.6% | 2,776 | -1,878 | -2,799 | S100XUVY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 769 | 833 | 1,347 |
| Average salary (parent company) | — | ¥7.5M | ¥7.5M |
| Average age (parent company) | — | 40.2 years | 39.7 years |
| Average tenure (parent company) | — | 2.9 years | 3.0 years |

Year over year: Employees (consolidated) +61.7% · Revenue (consolidated) +24.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Comprehensive medical management support business | 7,728 | 31.2% | 2,449 | 31.7% |
| Elderly care related business | 8,894 | 36.0% | 530 | 6.0% |
| Specially-controlled medical device business | 7,456 | 30.1% | 525 | 7.0% |
| Other | 656 | 2.7% | 239 | 36.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Comprehensive medical management support business | 31.2% | 65.4% | 34.2 | 31.7% |
| Elderly care related business | 36.0% | 14.2% | -21.8 | 6.0% |
| Specially-controlled medical device business | 30.1% | 14.0% | -16.1 | 7.0% |
| Other | 2.7% | 6.4% | 3.7 | 36.4% |

Segment → industry: Specially-controlled medical device business → Medical Devices / Other → Health Tech / Elderly care related business → Nursing Care / Comprehensive medical management support business → Hospitals & Medical Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,878 | -7.6% | S100XUVY |
| Capital expenditure | 921 | 3.7% | S100XUVY |
| Free cash flow | -2,799 | -11.3% | 算出 |
| Investing cash flow | -2,275 | -9.2% | S100XUVY |
| Financing cash flow | 1,830 | 7.4% | S100XUVY |
| Change in cash | -2,331 | -9.4% | S100XUVY |
| Cash and equivalents | 9,053 | 36.6% | S100XUVY |

## 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 Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,698 | 11,140 | 9,053 | S100XUVY |
| Total assets | 50,985 | 60,148 | 65,126 | S100VGY6, S100XUVY |
| Net assets | 11,765 | 18,951 | 21,780 | S100XUVY |
| Share capital | 100 | 2,023 | 100 | S100VGY6, S100XUVY |
| Property, plant and equipment | 30,269 | 32,278 | 31,731 | S100VGY6, S100XUVY |
| Intangible assets excluding goodwill | 1,241 | 1,355 | 2,910 | S100VGY6, S100XUVY |
| Goodwill | 679 | 842 | 2,347 | S100VGY6, S100XUVY |
| Investment securities | 461 | 434 | 1,115 | S100VGY6, S100XUVY |
| Current assets | 17,451 | 24,139 | 27,210 | S100VGY6, S100XUVY |
| Current liabilities | 8,468 | 11,827 | 12,559 | S100VGY6, S100XUVY |
| Short-term borrowings | 1,496 | 1,665 | 4,212 | S100VGY6, S100XUVY |
| Long-term borrowings | 18,365 | 14,800 | 16,472 | S100VGY6, S100XUVY |
| Bonds | — | — | 20 | S100XUVY |
| Interest-bearing debt | — | — | 20,704 | 算出 |
| Total liabilities | 39,220 | 41,197 | 43,346 | S100VGY6, S100XUVY |
| Non-controlling interests | 945 | 991 | 1,262 | S100VGY6, S100XUVY |
| Equity attributable to owners of parent | 10,782 | 17,867 | 20,471 | S100VGY6, S100XUVY |
| Retained earnings | 7,502 | 9,528 | 12,020 | S100VGY6, S100XUVY |
| Treasury stock | -939 | -589 | -510 | S100VGY6, S100XUVY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XUVY |
| Property, plant and equipment | 49% | S100XUVY |
| Intangibles and goodwill | 8% | S100XUVY |
| Investment securities | 2% | S100XUVY |
| Other assets | 27% | S100XUVY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 32% | 算出 |
| Other liabilities | 35% | S100XUVY |
| Equity | 33% | S100XUVY |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 50,985 | 60,148 | 65,126 |
| Equity | 11,765 | 18,951 | 21,780 |
| Interest-bearing debt | — | — | 20,704 |
| Cash | 6,698 | 11,140 | 9,053 |

## 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) | 128.3% | S100XUVY |
| Fixed assets ÷ total assets | 48.7% | S100XUVY |
| Goodwill ÷ parent equity | 11.5% | S100XUVY |

### 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) | 13.9% |
| Cash ÷ revenue | 36.6% |
| Net cash (cash − interest-bearing debt) | -¥11.7B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -79.4% |
| Cash vs. profit gap | -4,655 JPY mn (of net income -167.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 5.8% | 0.35× | 2.1% | 4.73× | 9.8% | S100VGY6 |
| 2024 | 10.2% | 0.36× | 3.6% | 3.88× | 14.1% | S100XUVY |
| 2025 | 11.2% | 0.39× | 4.4% | 3.27× | 14.5% | S100XUVY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エクソソーム | Major shareholder | 44.8% | 2025-12-31 |
| 古川 淳 | Major shareholder | 12.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.3% | 2025-12-31 |
| 株式会社クラリバ | Major shareholder | 4.3% | 2025-12-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS（常任代理人香港上海銀行東京支店） | Major shareholder | 3.5% | 2025-12-31 |
| 住友生命保険相互会社（常任代理人株式会社日本カストディ銀行） | Major shareholder | 2.6% | 2025-12-31 |
| SBI Ventures Two株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社シグマクシス・ホールディングス | Major shareholder | 1.6% | 2025-12-31 |
| 三井住友信託銀行株式会社（常任代理人株式会社日本カストディ銀行） | Major shareholder | 1.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XUVY | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUVY,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VGY6 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGY6,, |

## 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).