# FRANCE BED HOLDINGS 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23期(2025/04/01－2026/03/31) (S100YE44)
> Page: https://vizora.meequs.com/en/company/france-bed-holdings
> Retrieved: 2026-09-30T20:50:23.090Z

## Company

France BED Holdings, founded in 2003, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 1,834 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FRANCE BED HOLDINGS CO.,LTD. |
| Ticker | 7840 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7840.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿六丁目22番1号 |
| Representative (per filing) | 代表取締役会長兼社長 池田茂 |
| Founded | May 2003 |
| Share capital | ¥3B |
| Employees (consolidated) | 1,834 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | francebed-hd.co.jp (https://francebed-hd.co.jp/) |
| Corporate number | 6011101037016 |
| EDINET | E02472 |
| Industries (Vizora) | Real Estate Development & Leasing, Nursing Care, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YE44, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 15 |
| Profitability | 59.5 | 21 |
| Cash conversion | 60.5 | 19 |
| Efficiency | 26.2 | 21 |
| Financial strength | 83.3 | 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 68% of France BED Holdings's sales come from Medical Services, with Home Furnishing and Health and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit -7.7%.

## Company structure

- Segment revenue mix: Medical Services 67.7%、Home Furnishing and Health 31.4%、Other 0.9%
- Revenue → net income: ¥61769000000 → ¥2746000000
- Net income → operating cash flow: ¥2746000000 → ¥6333000000（difference ¥3587000000）
- Main uses of operating cash flow: CapEx ¥5421000000 / dividends ¥1359000000 / buybacks ¥1503000000
- Change in cash: ¥-867000000
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 | ¥61.8B |  |
| Operating income | ¥4.33B | Margin 7.0% |
| Net income | ¥2.75B | Margin 4.4% |
| Free cash flow | ¥912M |  |
| Largest business | Medical Services | of segment revenue 67.7% |
| Employees (consolidated) | 1,834 |  |
| EPS | ¥35.8 |  |
| Diluted EPS | ¥31.96 |  |
| Book value per share | ¥964.75 |  |
| Equity ratio | 59.3% |  |
| Shares outstanding | 34,747,000 |  |
| Treasury shares | 1,374,900 |  |
| Shareholders | 42,918 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 18.2% | Net cash ¥5.68B · Cash ÷ revenue 20.0% |
| Vs. industry median margin | +0.9 pp | Nursing Care |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52430000000 | ¥61769000000 | +17.8% |
| Operating income | ¥3246000000 | ¥4335000000 | +33.5% |
| Operating margin | 6.2% | 7.0% | +0.8 pp |
| Employees | 1,631 people | 1,834 people | +12.4% |
| Cash and equivalents | ¥12202000000 | ¥12355000000 | +1.3% |

### 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 |
| --- | ---: |
| メディカルサービス → メディカルサービス | 62.6% |
| インテリア健康 → インテリア健康 | 31.4% |
| インテリア健康 → 事業再編・廃止 | 5.2% |
| その他 → その他 | 0.8% |
| 新設・再編 → メディカルサービス | 5.1% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical Services | 5 years | +5.0% | ¥41830000000 | 8.1% | 2 |
| Home Furnishing and Health | 5 years | +0.2% | ¥19380000000 | 4.9% | 2 |
| Other | 5 years | +6.6% | ¥557000000 | 0.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,769 | 100.0% | S100YE44 |
| Cost of revenue | 27,955 | 45.3% | S100YE44 |
| Gross profit | 33,813 | 54.7% | S100YE44 |
| SG&A | 29,478 | 47.7% | S100YE44 |
| Operating income | 4,335 | 7.0% | S100YE44 |
| Ordinary income | 4,335 | 7.0% | S100YE44 |
| Pretax income | 4,253 | 6.9% | S100YE44 |
| Income tax | 1,507 | 2.4% | S100YE44 |
| Net income | 2,746 | 4.4% | S100YE44 |
| Net income attributable to owners | 2,746 | 4.4% | S100YE44 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 48 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 54.7% → Operating margin 7.0% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.0%; Core profit growth: -7.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.85×
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 | 60,561 | 61,769 | 1,208 | +2.0% |
| Gross profit | 33,056 | 33,813 | 757 | +2.3% |
| Operating income | 4,696 | 4,335 | -361 | -7.7% |
| Net income attributable to owners | 2,946 | 2,746 | -200 | -6.8% |
| Operating cash flow | 7,448 | 6,333 | -1,115 | -15.0% |
| Free cash flow | 2,498 | 912 | -1,586 | -63.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,430 | 2,492 | 4.8% | 1,520 | 1,164 | -4,455 | S100LOF8 |
| FY ending Mar 2021 | 52,430 | 3,246 | 6.2% | 2,295 | 10,408 | 3,674 | S100OD8O |
| FY ending Mar 2022 | 54,398 | 3,918 | 7.2% | 2,557 | 6,011 | -568 | S100R10T |
| FY ending Mar 2023 | 58,578 | 4,481 | 7.6% | 2,702 | 8,928 | 4,129 | S100TQR8 |
| FY ending Mar 2024 | 59,151 | 4,587 | 7.8% | 3,134 | 7,829 | 3,065 | S100W0N0 |
| FY ending Mar 2025 | 60,561 | 4,696 | 7.8% | 2,946 | 7,448 | 2,498 | S100YE44 |
| FY ending Mar 2026 | 61,769 | 4,335 | 7.0% | 2,746 | 6,333 | 912 | S100YE44 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.7M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 1,768 | 1,785 | 1,783 | 1,812 | 1,834 |
| Average salary (parent company) | ¥7.5M | ¥7.3M | ¥7M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 45.6 years | 45.0 years | 44.9 years | 46.2 years | 47.1 years |
| Average tenure (parent company) | 20.4 years | 19.4 years | 19.2 years | 20.8 years | 20.1 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical Services | 41,830 | 67.7% | 3,369 | 8.1% |
| Home Furnishing and Health | 19,380 | 31.4% | 952 | 4.9% |
| Other | 557 | 0.9% | 3 | 0.5% |

### 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 |
| --- | ---: |
| Medical Services | 67.7% |
| Home Furnishing and Health | 31.4% |
| Other | 0.9% |

Segment → industry: Other → Real Estate Development & Leasing / Medical Services → Nursing Care / Home Furnishing and Health → Furniture, Interior & Lifestyle Goods

## 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 | 6,333 | 10.3% | S100YE44 |
| Capital expenditure | 5,421 | 8.8% | S100YE44 |
| Free cash flow | 912 | 1.5% | 算出 |
| Investing cash flow | -4,323 | -7.0% | S100YE44 |
| Financing cash flow | -2,876 | -4.7% | S100YE44 |
| Dividends paid | 1,359 | 2.2% | S100YE44 |
| Share buyback | 1,503 | 2.4% | S100YE44 |
| Change in cash | -867 | -1.4% | S100YE44 |
| Cash and equivalents | 12,355 | 20.0% | S100YE44 |

## 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 | 10,778 | 10,355 | 13,202 | 13,223 | 12,355 | S100TQR8, S100W0N0, S100YE44 |
| Total assets | 64,298 | 64,679 | 68,575 | 70,888 | 67,747 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Net assets | 37,540 | 38,124 | 38,211 | 40,607 | 40,162 | S100TQR8, S100W0N0, S100YE44 |
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Property, plant and equipment | 22,016 | 21,069 | 20,870 | 20,621 | 20,808 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Intangible assets excluding goodwill | 2,423 | 2,225 | 1,736 | 1,301 | 962 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Goodwill | 1,167 | 929 | 691 | 457 | 222 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Investment securities | 716 | 519 | 535 | 326 | 747 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Current assets | 31,159 | 32,966 | 37,184 | 38,483 | 35,330 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Current liabilities | 19,174 | 16,721 | 15,144 | 15,546 | 13,568 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Trade payables | 2,672 | 2,658 | 2,844 | 2,666 | 2,320 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Short-term borrowings | 3,975 | 2,550 | 2,070 | 1,540 | 1,540 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Long-term borrowings | 2,140 | 3,900 | 4,810 | 4,520 | 3,630 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Bonds | 300 | 1,500 | 1,500 | 1,500 | 1,500 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Interest-bearing debt | 6,415 | 7,950 | 8,380 | 7,560 | 6,670 | 算出 |
| Total liabilities | 26,757 | 26,555 | 30,363 | 30,281 | 27,584 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Equity attributable to owners of parent | 35,677 | 36,766 | 36,584 | 38,213 | 38,103 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Retained earnings | 37,236 | 38,706 | 37,755 | 35,418 | 36,802 | S100R10T, S100TQR8, S100W0N0, S100YE44 |
| Treasury stock | -4,560 | -4,941 | -4,170 | -205 | -1,699 | S100R10T, S100TQR8, S100W0N0, S100YE44 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YE44 |
| Property, plant and equipment | 31% | S100YE44 |
| Intangibles and goodwill | 2% | S100YE44 |
| Investment securities | 1% | S100YE44 |
| Other assets | 48% | S100YE44 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YE44 |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 28% | S100YE44 |
| Equity | 59% | S100YE44 |
| Other liabilities | 0% | S100YE44 |

### 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 | 64,298 | 64,679 | 68,575 | 70,888 | 67,747 |
| Equity | 37,540 | 38,124 | 38,211 | 40,607 | 40,162 |
| Interest-bearing debt | 6,415 | 7,950 | 8,380 | 7,560 | 6,670 |
| Cash | 10,778 | 10,355 | 13,202 | 13,223 | 12,355 |

## 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) | 33.7% | S100YE44 |
| Fixed assets ÷ total assets | 30.7% | S100YE44 |
| Goodwill ÷ parent equity | 0.6% | S100YE44 |

Goodwill over 4 years: 1,167 → 222 JPY; total investing cash flow: -29,337 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) | 18.2% |
| Cash ÷ revenue | 20.0% |
| Net cash (cash − interest-bearing debt) | ¥5.68B |
| Net debt ÷ operating cash flow | -0.90× |
| Cash conversion (operating CF ÷ operating income) | 146.1% |
| Cash vs. profit gap | 3,587 JPY mn (of net income 130.6%) |
| Shareholder returns / net income | 104.2% |
| Shareholder returns / FCF | 313.8% |
| Shareholder payments — dividends / net income | 49.5% |
| Shareholder payments — dividends / FCF | 149.0% |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 68.3% |

## 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 | 4.7% | 0.85× | 4.0% | 1.80× | 7.2% | S100R10T |
| 2023 | 4.6% | 0.91× | 4.2% | 1.78× | 7.5% | S100TQR8 |
| 2024 | 5.3% | 0.89× | 4.7% | 1.82× | 8.5% | S100W0N0 |
| 2025 | 4.9% | 0.87× | 4.2% | 1.86× | 7.9% | S100YE44 |
| 2026 | 4.4% | 0.89× | 4.0% | 1.82× | 7.2% | S100YE44 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 池田 茂 | Major shareholder | 16.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）（うち、投資信託400千株、年金信託２千株、その他1,801千株） | Major shareholder | 6.6% | 2026-03-31 |
| 有限会社しげる不動産 | Major shareholder | 6.3% | 2026-03-31 |
| 渡部 惠美子 | Major shareholder | 3.0% | 2026-03-31 |
| 早崎 静子 | Major shareholder | 3.0% | 2026-03-31 |
| 永井 美代子 | Major shareholder | 3.0% | 2026-03-31 |
| フランスベッド取引先持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 池田 一実 | Major shareholder | 1.8% | 2026-03-31 |
| フランスベッドホールディングス従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 公益財団法人フランスベッド・ホームケア財団 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YE44 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE44,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W0N0 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0N0,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TQR8 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQR8,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R10T | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R10T,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OD8O | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD8O,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LOF8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOF8,, |

## 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).