# FB CARE SERVICE  CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YK1M)
> Page: https://vizora.meequs.com/en/company/fb-care-service
> Retrieved: 2026-09-30T20:26:53.048Z

## Company

FB Care Service, founded in 1987, is a company in Nursing Care listed on TSE Standard. It has 993 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FB CARE SERVICE CO.,LTD. |
| Ticker | 9220 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9220.T) |
| Listing | TSE Standard |
| Head office | 長野県佐久市長土呂159番地2 |
| Representative (per filing) | 代表取締役社長 栁澤 美穂 |
| Founded | Apr 1987 |
| Share capital | ¥496.5M |
| Employees (consolidated) | 993 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | March |
| Website | fb-kaigo.co.jp (https://fb-kaigo.co.jp/) |
| Corporate number | 2100001007791 |
| EDINET | E37523 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100YK1M, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 15 |
| Profitability | 40.5 | 21 |
| Cash conversion | 81.6 | 19 |
| Efficiency | 59.5 | 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 57% of FB Care Service's sales come from Nursing care business, with Nursing care equipment business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit -3.8%.

## Company structure

- Segment revenue mix: Nursing care business 56.9%、Nursing care equipment business 43.1%
- Revenue → net income: ¥11533904000 → ¥464480000
- Net income → operating cash flow: ¥464480000 → ¥1339186000（difference ¥874706000）
- Main uses of operating cash flow: CapEx ¥243815000 / dividends ¥82400000 / buybacks ¥93934000
- Change in cash: ¥161953000
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 | ¥11.5B |  |
| Operating income | ¥634.6M | Margin 5.5% |
| Net income | ¥464.5M | Margin 4.0% |
| Free cash flow | ¥1.1B |  |
| Largest business | Nursing care business | of segment revenue 56.9% |
| Employees (consolidated) | 993 |  |
| EPS | ¥176.8 |  |
| Book value per share | ¥1553.55 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 2,436,700 |  |
| Shareholders | 1,192 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 16.9% |
| Vs. industry median margin | -0.6 pp | Nursing Care |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9352208000 | ¥11533904000 | +23.3% |
| Operating income | ¥528007000 | ¥634552000 | +20.2% |
| Operating margin | 5.6% | 5.5% | -0.1 pp |
| Employees | 999 people | 993 people | -0.6% |
| Cash and equivalents | ¥1671802000 | ¥1947366000 | +16.5% |

### 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 |
| --- | ---: |
| 福祉用具事業 → 福祉用具事業 | 40.2% |
| 介護事業 → 介護事業 | 56.9% |
| 介護事業 → 事業再編・廃止 | 2.9% |
| 新設・再編 → 福祉用具事業 | 2.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,534 | 100.0% | S100YK1M |
| Cost of revenue | 9,754 | 84.6% | S100YK1M |
| Gross profit | 1,780 | 15.4% | S100YK1M |
| SG&A | 1,145 | 9.9% | S100YK1M |
| Operating income | 635 | 5.5% | S100YK1M |
| Ordinary income | 826 | 7.2% | S100YK1M |
| Pretax income | 685 | 5.9% | S100YK1M |
| Income tax | 221 | 1.9% | S100YK1M |
| Net income | 464 | 4.0% | S100YK1M |
| Net income attributable to owners | 464 | 4.0% | S100YK1M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.4% → Operating margin 5.5% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.2%; Core profit growth: -3.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.74×
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 | 10,968 | 11,534 | 566 | +5.2% |
| Gross profit | 1,697 | 1,780 | 83 | +4.9% |
| Operating income | 660 | 635 | -25 | -3.8% |
| Net income attributable to owners | 406 | 464 | 58 | +14.3% |
| Operating cash flow | 1,058 | 1,339 | 281 | +26.6% |
| Free cash flow | 813 | 1,095 | 283 | +34.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 9,352 | 528 | 5.6% | 477 | 1,181 | 946 | S100PETN |
| FY ending Mar 2022 | 9,186 | 650 | 7.1% | 529 | 899 | 865 | S100RAW5 |
| FY ending Mar 2023 | 9,619 | 544 | 5.7% | 445 | 970 | 208 | S100TX94 |
| FY ending Mar 2024 | 10,362 | 527 | 5.1% | 523 | 1,063 | 466 | S100W9FS |
| FY ending Mar 2025 | 10,968 | 660 | 6.0% | 406 | 1,058 | 813 | S100YK1M |
| FY ending Mar 2026 | 11,534 | 635 | 5.5% | 464 | 1,339 | 1,095 | S100YK1M |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.6M |
| Operating income per employee (consolidated) | ¥639K |
| Net income per employee (consolidated) | ¥467.8K |

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) | 985 | 1,011 | 1,060 | 1,001 | 993 |
| Average salary (parent company) | ¥3.8M | ¥3.9M | ¥4M | ¥4M | ¥4.1M |
| Average age (parent company) | 44.8 years | 45.7 years | 45.6 years | 45.3 years | 45.4 years |
| Average tenure (parent company) | 5.5 years | 5.8 years | 5.9 years | 6.3 years | 6.6 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +5.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nursing care equipment business | 4,974 | 43.1% | 321 | 6.5% |
| Nursing care business | 6,560 | 56.9% | 314 | 4.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nursing care equipment business | 43.1% | 50.6% | 7.4 | 6.5% |
| Nursing care business | 56.9% | 49.4% | -7.4 | 4.8% |

Segment → industry: Nursing care business → Nursing Care / Nursing care equipment business → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,339 | 11.6% | S100YK1M |
| Capital expenditure | 244 | 2.1% | S100YK1M |
| Free cash flow | 1,095 | 9.5% | 算出 |
| Investing cash flow | -411 | -3.6% | S100YK1M |
| Financing cash flow | -767 | -6.6% | S100YK1M |
| Dividends paid | 82 | 0.7% | S100YK1M |
| Share buyback | 94 | 0.8% | S100YK1M |
| Change in cash | 162 | 1.4% | S100YK1M |
| Cash and equivalents | 1,947 | 16.9% | S100YK1M |

## 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 | 1,595 | 2,179 | 2,183 | 1,785 | 1,947 | S100TX94, S100W9FS, S100YK1M |
| Total assets | 7,699 | 9,019 | 9,500 | 8,859 | 9,327 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Net assets | 2,009 | 3,038 | 3,479 | 3,642 | 3,929 | S100TX94, S100W9FS, S100YK1M |
| Share capital | 190 | 497 | 497 | 497 | 497 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Property, plant and equipment | 3,796 | 4,259 | 4,518 | 4,327 | 4,277 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Intangible assets excluding goodwill | 66 | 110 | 149 | 113 | 214 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Goodwill | 20 | 75 | 75 | 56 | 117 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Investment securities | 34 | 40 | 48 | 49 | 48 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Current assets | 3,371 | 4,119 | 4,284 | 3,846 | 4,196 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Current liabilities | 2,228 | 2,689 | 2,953 | 2,428 | 2,577 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Trade payables | 147 | 175 | 204 | 190 | 214 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Short-term borrowings | 400 | 700 | 906 | 606 | 606 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Long-term borrowings | 2,916 | 2,692 | 2,291 | 1,941 | 1,661 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Total liabilities | 5,690 | 5,981 | 6,021 | 5,217 | 5,398 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Equity attributable to owners of parent | 2,009 | 3,032 | 3,467 | 3,630 | 3,918 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Retained earnings | 1,639 | 2,049 | 2,484 | 2,802 | 2,935 | S100RAW5, S100TX94, S100W9FS, S100YK1M |
| Treasury stock | — | — | — | -155 | — | S100YK1M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YK1M |
| Property, plant and equipment | 46% | S100YK1M |
| Intangibles and goodwill | 4% | S100YK1M |
| Investment securities | 0% | S100YK1M |
| Other assets | 29% | S100YK1M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YK1M |
| Other liabilities | 56% | S100YK1M |
| Equity | 42% | S100YK1M |
| Other liabilities | 0% | S100YK1M |

### 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 | 7,699 | 9,019 | 9,500 | 8,859 | 9,327 |
| Equity | 2,009 | 3,038 | 3,479 | 3,642 | 3,929 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,595 | 2,179 | 2,183 | 1,785 | 1,947 |

## 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) | 37.1% | S100YK1M |
| Fixed assets ÷ total assets | 45.9% | S100YK1M |
| Goodwill ÷ parent equity | 3.0% | S100YK1M |

Goodwill over 4 years: 20 → 117 JPY; total investing cash flow: -2,184 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) | 20.9% |
| Cash ÷ revenue | 16.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.0% |
| Cash vs. profit gap | 875 JPY mn (of net income 188.3%) |
| Shareholder returns / net income | 38.0% |
| Shareholder returns / FCF | 16.1% |
| Shareholder payments — dividends / net income | 17.7% |
| Shareholder payments — dividends / FCF | 7.5% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 30.7% |

## 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 | 5.8% | 1.19× | 6.9% | 3.83× | 26.3% | S100RAW5 |
| 2023 | 4.6% | 1.15× | 5.3% | 3.32× | 17.7% | S100TX94 |
| 2024 | 5.1% | 1.12× | 5.7% | 2.85× | 16.1% | S100W9FS |
| 2025 | 3.7% | 1.19× | 4.4% | 2.59× | 11.5% | S100YK1M |
| 2026 | 4.0% | 1.27× | 5.1% | 2.41× | 12.3% | S100YK1M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 栁澤 秀樹 | Major shareholder | 15.0% | 2026-03-31 |
| ㈱カントリビューション | Major shareholder | 12.3% | 2026-03-31 |
| SUN㈱ | Major shareholder | 8.2% | 2026-03-31 |
| 栁澤 美穂 | Major shareholder | 6.8% | 2026-03-31 |
| 栁澤 翔 | Major shareholder | 4.1% | 2026-03-31 |
| 栁澤 瞬 | Major shareholder | 4.1% | 2026-03-31 |
| ㈱日本カストディ銀行 （信託口） | Major shareholder | 3.3% | 2026-03-31 |
| 栁澤 陽子 | Major shareholder | 2.6% | 2026-03-31 |
| エフビーグループ従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| フランスベッドホールディングス㈱ | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YK1M | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK1M,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W9FS | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9FS,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TX94 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX94,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100RAW5 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAW5,, |
| 訂正有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100PETN | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PETN,, |

## 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).