# Fureasu 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24期(2025/04/01－2026/03/31) (S100YLVZ)
> Page: https://vizora.meequs.com/en/company/fureasu
> Retrieved: 2026-09-30T19:40:00.364Z

## Company

Fureasu, founded in 2002, is a company in Nursing Care listed on TSE Growth. It has 761 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fureasu Co.,Ltd. |
| Ticker | 7062 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7062.T) |
| Listing | TSE Growth |
| Head office | 山梨県中巨摩郡昭和町西条1514番地(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長CEO 澤登 拓 |
| Founded | Apr 2002 |
| Share capital | ¥50M |
| Employees (consolidated) | 761 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | March |
| Website | fureasu.jp (https://fureasu.jp/) |
| Corporate number | 4090001004657 |
| EDINET | E34725 |
| Industries (Vizora) | Nursing Care, Hospitals & Medical Services |

> Profile source: annual securities report (S100YLVZ, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 8 |
| Profitability | 56.3 | 8 |
| Cash conversion | 91.7 | 6 |
| Efficiency | 56.3 | 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 53% of Fureasu's sales come from MassageDirect, with Medical Care and MassageFranchise making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: MassageDirect 53.4%、Medical Care 30.2%、MassageFranchise 14.6%、Other 1.8%
- Revenue → net income: ¥7637505000 → ¥508915000
- Net income → operating cash flow: ¥508915000 → ¥590563000（difference ¥81648000）
- Main uses of operating cash flow: CapEx ¥26099000 / dividends — / buybacks —
- Change in cash: ¥802220000
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 | ¥7.64B |  |
| Operating income | ¥293.2M | Margin 3.8% |
| Net income | ¥508.9M | Margin 6.7% |
| Free cash flow | ¥564.5M |  |
| Largest business | MassageDirect | of segment revenue 53.4% |
| Employees (consolidated) | 761 |  |
| EPS | ¥161.45 |  |
| Diluted EPS | ¥160.37 |  |
| Book value per share | ¥722.22 |  |
| Equity ratio | 40.4% |  |
| Shares outstanding | 2,608,600 |  |
| Shareholders | 646 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 30.0% | Net cash ¥395.9M · Cash ÷ revenue 21.2% |
| Vs. industry median margin | -2.3 pp | Nursing Care |
| ROE | 27.5% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, segment profit share differs by 27 points
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3672197000 | ¥7637505000 | +108.0% |
| Operating income | ¥-16606000 | ¥293222000 | — |
| Operating margin | -0.5% | 3.8% | +4.3 pp |
| Employees | 443 people | 761 people | +71.8% |
| Cash and equivalents | ¥1215381000 | ¥1617219000 | +33.1% |

### 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 |
| --- | ---: |
| マッサージ直営 → マッサージ直営 | 53.4% |
| マッサージ直営 → 事業再編・廃止 | 28.0% |
| マッサージフランチャイズ → マッサージフランチャイズ | 10.7% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 6.0% |
| 新設・再編 → マッサージフランチャイズ | 3.9% |
| 新設・再編 → メディカルケア | 30.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| MassageDirect | 5 years | +6.8% | ¥4144207000 | 27.9% | 2 |
| Medical Care | — | — | ¥2344404000 | -7.9% | 2 |
| MassageFranchise | 5 years | +23.5% | ¥1133382000 | 25.3% | 2 |
| Other | 5 years | -13.2% | ¥142321000 | -14.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,638 | 100.0% | S100YLVZ |
| Cost of revenue | 4,150 | 54.3% | S100YLVZ |
| Gross profit | 3,487 | 45.7% | S100YLVZ |
| SG&A | 3,194 | 41.8% | S100YLVZ |
| Operating income | 293 | 3.8% | S100YLVZ |
| Ordinary income | 338 | 4.4% | S100YLVZ |
| Pretax income | 643 | 8.4% | S100YLVZ |
| Income tax | 134 | 1.8% | S100YLVZ |
| Net income | 509 | 6.7% | S100YLVZ |
| Net income attributable to owners | 509 | 6.7% | S100YLVZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 42 |
| Operating income | 4 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 45.7% → Operating margin 3.8% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 7,583 | 7,638 | 55 | +0.7% |
| Gross profit | 3,240 | 3,487 | 247 | +7.6% |
| Operating income | -105 | 293 | 398 | — |
| Net income attributable to owners | -245 | 509 | 753 | — |
| Operating cash flow | -319 | 591 | 910 | — |
| Free cash flow | -467 | 564 | 1,032 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 3,672 | -17 | -0.5% | 59 | -100 | -119 | S100OGRH |
| FY ending Mar 2022 | 4,175 | 184 | 4.4% | 148 | 309 | 166 | S100R2JT |
| FY ending Mar 2023 | 4,584 | 15 | 0.3% | 32 | -233 | -317 | S100TR6W |
| FY ending Mar 2024 | 5,710 | 111 | 1.9% | 58 | 172 | 42 | S100WAKU |
| FY ending Mar 2025 | 7,583 | -105 | -1.4% | -245 | -319 | -467 | S100YLVZ |
| FY ending Mar 2026 | 7,638 | 293 | 3.8% | 509 | 591 | 564 | S100YLVZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10M |
| Operating income per employee (consolidated) | ¥385.3K |
| Net income per employee (consolidated) | ¥668.7K |

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) | 449 | 510 | 604 | 801 | 761 |
| Average salary (parent company) | ¥3.8M | ¥4.2M | ¥4.1M | ¥4.2M | ¥4.2M |
| Average age (parent company) | 42.7 years | 44.4 years | 46.6 years | 44.3 years | 44.4 years |
| Average tenure (parent company) | 5.2 years | 5.3 years | 3.9 years | 3.6 years | 5.7 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MassageDirect | 4,144 | 53.4% | 1,154 | 27.9% |
| MassageFranchise | 1,133 | 14.6% | 287 | 25.3% |
| Medical Care | 2,344 | 30.2% | -184 | -7.9% |
| Other | 142 | 1.8% | -20 | -14.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| MassageDirect | 53.4% | 80.1% | 26.7 | 27.9% |
| MassageFranchise | 14.6% | 19.9% | 5.3 | 25.3% |
| Medical Care | 30.2% | — | — | -7.9% |
| Other | 1.8% | — | — | -14.4% |

Loss-making segment (excluded from profit shares): Medical Care -184 JPY mn

Loss-making segment (excluded from profit shares): Other -20 JPY mn

Segment → industry: Medical Care → Nursing Care / MassageFranchise → Nursing Care / MassageDirect → Nursing Care / Medical Care → Hospitals & Medical Services / MassageDirect → Hospitals & Medical Services

## 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 | 591 | 7.7% | S100YLVZ |
| Capital expenditure | 26 | 0.3% | S100YLVZ |
| Free cash flow | 564 | 7.4% | 算出 |
| Investing cash flow | 802 | 10.5% | S100YLVZ |
| Financing cash flow | -590 | -7.7% | S100YLVZ |
| Change in cash | 802 | 10.5% | S100YLVZ |
| Cash and equivalents | 1,617 | 21.2% | S100YLVZ |

## 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 | 1,214 | 975 | 1,131 | 815 | 1,617 | S100TR6W, S100WAKU, S100YLVZ |
| Total assets | 3,390 | 4,530 | 6,190 | 8,701 | 5,391 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Net assets | 1,719 | 1,726 | 1,767 | 1,548 | 2,180 | S100TR6W, S100WAKU, S100YLVZ |
| Share capital | 292 | 296 | 296 | 316 | 50 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Property, plant and equipment | 139 | 654 | 1,828 | 4,083 | 644 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Intangible assets excluding goodwill | 542 | 806 | 714 | 627 | 336 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Goodwill | 235 | 478 | 437 | 393 | 145 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Current assets | 2,601 | 2,743 | 3,270 | 3,465 | 4,155 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Current liabilities | 831 | 865 | 1,475 | 2,128 | 1,963 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Short-term borrowings | — | — | 300 | 834 | 850 | S100WAKU, S100YLVZ |
| Long-term borrowings | 602 | 1,132 | 977 | 682 | 191 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Bonds | — | — | — | 240 | 180 | S100YLVZ |
| Interest-bearing debt | — | — | — | 1,756 | 1,221 | 算出 |
| Total liabilities | 1,671 | 2,804 | 4,423 | 7,153 | 3,211 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Equity attributable to owners of parent | 1,709 | 1,724 | 1,757 | 1,528 | 2,179 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Retained earnings | 1,136 | 1,143 | 1,176 | 907 | 1,416 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R2JT, S100TR6W, S100WAKU, S100YLVZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YLVZ |
| Property, plant and equipment | 12% | S100YLVZ |
| Intangibles and goodwill | 9% | S100YLVZ |
| Other assets | 49% | S100YLVZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 23% | 算出 |
| Other liabilities | 37% | S100YLVZ |
| Equity | 40% | S100YLVZ |

### 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 | 3,390 | 4,530 | 6,190 | 8,701 | 5,391 |
| Equity | 1,719 | 1,726 | 1,767 | 1,548 | 2,180 |
| Interest-bearing debt | — | — | — | 1,756 | 1,221 |
| Cash | 1,214 | 975 | 1,131 | 815 | 1,617 |

## 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) | 8.4% | S100YLVZ |
| Fixed assets ÷ total assets | 12.0% | S100YLVZ |
| Goodwill ÷ parent equity | 6.7% | S100YLVZ |

Goodwill over 4 years: 235 → 145 JPY; total investing cash flow: -413 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) | 30.0% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | ¥395.9M |
| Net debt ÷ operating cash flow | -0.67× |
| Cash conversion (operating CF ÷ operating income) | 201.4% |
| Cash vs. profit gap | 82 JPY mn (of net income 16.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 135.7% |

## 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 | 3.5% | 1.23× | 4.4% | 1.98× | 8.6% | S100R2JT |
| 2023 | 0.7% | 1.16× | 0.8% | 2.31× | 1.8% | S100TR6W |
| 2024 | 1.0% | 1.07× | 1.1% | 3.08× | 3.3% | S100WAKU |
| 2025 | — | —× | -3.3% | —× | — | S100YLVZ |
| 2026 | 6.7% | 1.08× | 7.2% | 3.80× | 27.5% | S100YLVZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社優美 | Major shareholder | 30.7% | 2026-03-31 |
| 澤登 拓 | Major shareholder | 27.2% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.8% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人：モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 4.6% | 2026-03-31 |
| フレアス従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 加藤 誠悟 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社アルソア慧央グループ | Major shareholder | 1.3% | 2026-03-31 |
| 塚田 崇 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YLVZ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLVZ,, |
| 訂正有価証券報告書－第23期(2024/04/01－2025/03/31) | S100WAKU | 2025-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAKU,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TR6W | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR6W,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R2JT | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2JT,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OGRH | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGRH,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LUU9 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUU9,, |

## 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).