# HIKARI HEIGHTS-VARUS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/04/01－2026/03/31) (S100YIGV)
> Page: https://vizora.meequs.com/en/company/hikari-heights-varus
> Retrieved: 2026-09-30T21:46:26.819Z

## Company

Hikari Heights-Varus, founded in 1987, is a company in Nursing Care listed on Sapporo. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIKARI HEIGHTS-VARUS CO.,LTD. |
| Ticker | 2137 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2137.T) |
| Listing | Sapporo |
| Head office | 札幌市中央区南十九条西十一丁目1番15号 |
| Representative (per filing) | 代表取締役社長 森 千恵香 |
| Founded | Apr 1987 |
| Share capital | ¥686.3M |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | March |
| Website | www.varus.co.jp (https://www.varus.co.jp/) |
| Corporate number | 6430001013893 |
| EDINET | E05670 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100YIGV, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.3 | 15 |
| Profitability | 2.4 | 21 |
| Efficiency | 7.1 | 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)

- Hikari Heights-Varus brought in ¥3.04B in revenue.
- It lost about ¥15 for every ¥100 of sales at the operating level.
- Revenue changed -0.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.04B |  |
| Operating income | -¥445M | Margin -14.7% |
| Net income | -¥315.7M | Margin -10.4% |
| Free cash flow | -¥299.3M |  |
| Employees (consolidated) | 259 |  |
| EPS | ¥-151.11 |  |
| Book value per share | ¥1450.54 |  |
| Equity ratio | 43.0% |  |
| Shares outstanding | 2,089,200 |  |
| Shareholders | 234 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 36.0% | Cash ÷ revenue 83.5% |
| Vs. industry median margin | -20.8 pp | Nursing Care |
| ROA | -4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 36% of total assets
- FY2026, operating loss is 15 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3108888000 | ¥3036308000 | -2.3% |
| Operating income | ¥125730000 | ¥-444975000 | -453.9% |
| Operating margin | 4.0% | -14.7% | -18.7 pp |
| Employees | 254 people | 259 people | +2.0% |
| Cash and equivalents | ¥3157017000 | ¥2535074000 | -19.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,036 | 100.0% | S100YIGV |
| Cost of revenue | 3,166 | 104.3% | S100YIGV |
| Gross profit | -130 | -4.3% | S100YIGV |
| SG&A | 315 | 10.4% | S100YIGV |
| Operating income | -445 | -14.7% | S100YIGV |
| Ordinary income | -310 | -10.2% | S100YIGV |
| Pretax income | -309 | -10.2% | S100YIGV |
| Income tax | 6 | 0.2% | S100YIGV |
| Net income | -316 | -10.4% | S100YIGV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 104 |
| SG&A | 11 |
| Operating income | -15 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin -4.3% → Operating margin -14.7% → Net margin -10.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,044 | 3,036 | -7 | -0.2% |
| Gross profit | -45 | -130 | -85 | — |
| Operating income | -361 | -445 | -84 | — |
| Operating cash flow | -339 | -274 | 65 | — |
| Free cash flow | -355 | -299 | 55 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,163 | 144 | 4.6% | 108 | -47 | -66 | S100LS6M |
| FY ending Mar 2021 | 3,109 | 126 | 4.0% | 100 | 18 | -13 | S100OFBB |
| FY ending Mar 2022 | 3,085 | 62 | 2.0% | 73 | 28 | 10 | S100RAQ2 |
| FY ending Mar 2023 | 3,054 | 10 | 0.3% | 45 | 451 | 435 | S100TXUM |
| FY ending Mar 2024 | 3,025 | -11 | -0.4% | 42 | 156 | 89 | S100W5CV |
| FY ending Mar 2025 | 3,044 | -361 | -11.9% | -297 | -339 | -355 | S100YIGV |
| FY ending Mar 2026 | 3,036 | -445 | -14.7% | -316 | -274 | -299 | S100YIGV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.7M |
| Operating income per employee (consolidated) | -¥1.7M |
| Net income per employee (consolidated) | -¥1.2M |

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) | 251 | 250 | 264 | 267 | 259 |
| Average salary (parent company) | ¥3.7M | ¥3.7M | ¥3.7M | ¥4M | ¥3.8M |
| Average age (parent company) | 57.0 years | 57.7 years | 57.8 years | 58.5 years | 58.5 years |
| Average tenure (parent company) | 6.3 years | 6.3 years | 6.6 years | 6.8 years | 7.3 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) -0.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -274 | -9.0% | S100YIGV |
| Capital expenditure | 25 | 0.8% | S100YIGV |
| Free cash flow | -299 | -9.9% | 算出 |
| Investing cash flow | 46 | 1.5% | S100YIGV |
| Financing cash flow | -59 | -1.9% | S100YIGV |
| Change in cash | -223 | -7.3% | S100YIGV |
| Cash and equivalents | 2,535 | 83.5% | S100YIGV |

## 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 | 3,157 | 3,382 | 3,184 | 2,758 | 2,535 | S100TXUM, S100W5CV, S100YIGV |
| Total assets | 7,486 | 7,750 | 7,772 | 7,339 | 7,050 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Net assets | 3,631 | 3,651 | 3,668 | 3,346 | 3,030 | S100TXUM, S100W5CV, S100YIGV |
| Share capital | 686 | 686 | 686 | 686 | 686 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Property, plant and equipment | 522 | 490 | 495 | 518 | 525 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Intangible assets excluding goodwill | 36 | 28 | 19 | 10 | 7 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Current assets | 6,292 | 6,587 | 6,475 | 6,049 | 5,750 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Current liabilities | 962 | 955 | 980 | 982 | 971 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Long-term borrowings | — | — | 7 | 5 | 4 | S100W5CV, S100YIGV |
| Total liabilities | 3,855 | 4,099 | 4,104 | 3,993 | 4,019 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Equity attributable to owners of parent | 3,631 | 3,651 | 3,668 | 3,346 | 3,030 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |
| Retained earnings | 2,378 | 2,398 | 2,415 | 2,094 | 1,778 | S100RAQ2, S100TXUM, S100W5CV, S100YIGV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YIGV |
| Property, plant and equipment | 7% | S100YIGV |
| Intangibles and goodwill | 0% | S100YIGV |
| Other assets | 57% | S100YIGV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YIGV |
| Equity | 43% | S100YIGV |
| Other liabilities | 0% | S100YIGV |

### 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 | 7,486 | 7,750 | 7,772 | 7,339 | 7,050 |
| Equity | 3,631 | 3,651 | 3,668 | 3,346 | 3,030 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,157 | 3,382 | 3,184 | 2,758 | 2,535 |

## 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) | 17.3% | S100YIGV |
| Fixed assets ÷ total assets | 7.5% | S100YIGV |
| Goodwill ÷ parent equity | — | —, S100YIGV |

### 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) | 36.0% |
| Cash ÷ revenue | 83.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 42 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.4% | 0.41× | 1.0% | 2.06× | 2.0% | S100RAQ2 |
| 2023 | 1.5% | 0.40× | 0.6% | 2.09× | 1.2% | S100TXUM |
| 2024 | 1.4% | 0.39× | 0.5% | 2.12× | 1.2% | S100W5CV |
| 2025 | — | —× | -3.9% | —× | — | S100YIGV |
| 2026 | — | —× | -4.4% | —× | — | S100YIGV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤 井 伸 一 | Major shareholder | 65.1% | 2026-03-31 |
| 株式会社保健科学研究所 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社ＬＡホールディングス | Major shareholder | 3.7% | 2026-03-31 |
| 森 本 康 一 | Major shareholder | 3.0% | 2026-03-31 |
| 山 下 敬 弘 | Major shareholder | 2.5% | 2026-03-31 |
| 渡 邊 勲 | Major shareholder | 2.2% | 2026-03-31 |
| 岩倉建設株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社グンエイ | Major shareholder | 1.6% | 2026-03-31 |
| 森 千恵香 | Major shareholder | 1.2% | 2026-03-31 |
| フォーク株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YIGV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIGV,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W5CV | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5CV,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TXUM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXUM,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100RAQ2 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAQ2,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OFBB | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFBB,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LS6M | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS6M,, |

## 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).