# Japan Hospice Holdings 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9期(2025/01/01－2025/12/31) (S100XTMW)
> Page: https://vizora.meequs.com/en/company/japan-hospice-holdings
> Retrieved: 2026-09-30T19:58:25.557Z

## Company

Japan Hospice Holdings, founded in 2005, is a company in Nursing Care listed on TSE Growth. It has 1,108 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Hospice Holdings Inc. |
| Ticker | 7061 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7061.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内三丁目3番1号 |
| Representative (per filing) | 代表取締役社長 CEO 高橋 正 |
| Founded | May 2005 |
| Share capital | ¥477.9M |
| Employees (consolidated) | 1,108 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | December |
| Website | www.jhospice.co.jp (https://www.jhospice.co.jp/) |
| Corporate number | 5010001180645 |
| EDINET | E34735 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100XTMW, filed 2026-03-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 15 |
| Profitability | 45.2 | 21 |
| Cash conversion | 44.7 | 19 |
| Efficiency | 21.4 | 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)

- Japan Hospice Holdings brought in ¥14.2B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +17.0% from the prior year, operating profit -34.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14168928000 → ¥278014000
- Net income → operating cash flow: ¥278014000 → ¥1046032000（difference ¥768018000）
- Main uses of operating cash flow: CapEx ¥2413642000 / dividends ¥123984000 / buybacks ¥72000
- Change in cash: ¥487270000
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 | ¥14.2B |  |
| Operating income | ¥849M | Margin 6.0% |
| Net income | ¥278M | Margin 2.0% |
| Free cash flow | -¥1.37B |  |
| Employees (consolidated) | 1,108 |  |
| EPS | ¥10.95 |  |
| Diluted EPS | ¥10.89 |  |
| Book value per share | ¥182.47 |  |
| Equity ratio | 19.4% |  |
| Shares outstanding | 8,428,100 |  |
| Treasury shares | 1,400 |  |
| Shareholders | 4,657 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | -0.1 pp | Nursing Care |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.8× net income
- FY2025, revenue is 2.4× its level five years ago
- FY2025, parent-company salary changed +71% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4916896000 | ¥14168928000 | +188.2% |
| Operating income | ¥358512000 | ¥849003000 | +136.8% |
| Operating margin | 7.3% | 6.0% | -1.3 pp |
| Employees | 440 people | 1,108 people | +151.8% |
| Cash and equivalents | ¥959456000 | ¥2013562000 | +109.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,169 | 100.0% | S100XTMW |
| Cost of revenue | 12,267 | 86.6% | S100XTMW |
| Gross profit | 1,902 | 13.4% | S100XTMW |
| SG&A | 1,053 | 7.4% | S100XTMW |
| Operating income | 849 | 6.0% | S100XTMW |
| Ordinary income | 551 | 3.9% | S100XTMW |
| Pretax income | 554 | 3.9% | S100XTMW |
| Income tax | 276 | 2.0% | S100XTMW |
| Net income | 278 | 2.0% | S100XTMW |
| Net income attributable to owners | 278 | 2.0% | S100XTMW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 7 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.4% → Operating margin 6.0% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +17.0%; Core profit growth: -34.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.01×
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 | 12,115 | 14,169 | 2,054 | +17.0% |
| Gross profit | 2,112 | 1,902 | -210 | -9.9% |
| Operating income | 1,287 | 849 | -438 | -34.0% |
| Net income attributable to owners | 640 | 278 | -362 | -56.5% |
| Operating cash flow | 836 | 1,046 | 210 | +25.2% |
| Free cash flow | -2,268 | -1,368 | 900 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,194 | 501 | 12.0% | 298 | 323 | 246 | S100L1M4 |
| FY ending Dec 2020 | 4,917 | 359 | 7.3% | 107 | 236 | -258 | S100NQRP |
| FY ending Dec 2021 | 6,019 | 598 | 9.9% | 241 | 467 | -1,446 | S100QGVM |
| FY ending Dec 2022 | 7,894 | 959 | 12.2% | 455 | 874 | 341 | S100T4ZB |
| FY ending Dec 2023 | 9,872 | 1,284 | 13.0% | 682 | 1,130 | -865 | S100VFZI |
| FY ending Dec 2024 | 12,115 | 1,287 | 10.6% | 640 | 836 | -2,268 | S100XTMW |
| FY ending Dec 2025 | 14,169 | 849 | 6.0% | 278 | 1,046 | -1,368 | S100XTMW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.8M |
| Operating income per employee (consolidated) | ¥766.2K |
| Net income per employee (consolidated) | ¥250.9K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 550 | 778 | 963 | 1,094 | 1,108 |
| Average salary (parent company) | ¥5.3M | ¥8.4M | ¥8.9M | ¥9.6M | ¥9.1M |
| Average age (parent company) | 44.7 years | 49.8 years | 50.8 years | 51.8 years | 50.3 years |
| Average tenure (parent company) | 2.6 years | 4.0 years | 5.0 years | 6.0 years | 5.8 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +17.0%

## 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 | 1,046 | 7.4% | S100XTMW |
| Capital expenditure | 2,414 | 17.0% | S100XTMW |
| Free cash flow | -1,368 | -9.7% | 算出 |
| Investing cash flow | -512 | -3.6% | S100XTMW |
| Financing cash flow | -47 | -0.3% | S100XTMW |
| Dividends paid | 124 | 0.9% | S100XTMW |
| Share buyback | 0 | 0.0% | S100XTMW |
| Change in cash | 487 | 3.4% | S100XTMW |
| Cash and equivalents | 2,014 | 14.2% | S100XTMW |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,035 | 1,509 | 1,884 | 1,526 | 2,014 | S100T4ZB, S100VFZI, S100XTMW |
| Total assets | 9,147 | 11,451 | 15,160 | 18,311 | 18,925 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Net assets | 1,536 | 2,037 | 2,692 | 3,447 | 3,678 | S100T4ZB, S100VFZI, S100XTMW |
| Share capital | 362 | 373 | 378 | 437 | 478 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Property, plant and equipment | 6,069 | 7,312 | 10,207 | 13,133 | 12,817 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Intangible assets excluding goodwill | 462 | 491 | 441 | 390 | 392 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Goodwill | 454 | 476 | 415 | 354 | 292 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Current assets | 2,081 | 2,947 | 3,602 | 3,787 | 4,552 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Current liabilities | 1,972 | 1,689 | 1,885 | 2,989 | 3,407 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Short-term borrowings | 450 | 100 | 100 | 1,102 | 600 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Long-term borrowings | 1,637 | 1,921 | 2,420 | 3,119 | 3,250 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Total liabilities | 7,611 | 9,414 | 12,468 | 14,864 | 15,247 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Non-controlling interests | — | 26 | — | — | — | S100T4ZB |
| Equity attributable to owners of parent | 1,527 | 2,003 | 2,685 | 3,441 | 3,677 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Retained earnings | 446 | 901 | 1,582 | 2,222 | 2,376 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100QGVM, S100T4ZB, S100VFZI, S100XTMW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XTMW |
| Property, plant and equipment | 68% | S100XTMW |
| Intangibles and goodwill | 3% | S100XTMW |
| Other assets | 18% | S100XTMW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100XTMW |
| Equity | 19% | S100XTMW |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,147 | 11,451 | 15,160 | 18,311 | 18,925 |
| Equity | 1,536 | 2,037 | 2,692 | 3,447 | 3,678 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,035 | 1,509 | 1,884 | 1,526 | 2,014 |

## 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) | 90.5% | S100XTMW |
| Fixed assets ÷ total assets | 67.7% | S100XTMW |
| Goodwill ÷ parent equity | 8.0% | S100XTMW |

Goodwill over 4 years: 454 → 292 JPY; total investing cash flow: -6,249 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) | 10.6% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.2% |
| Cash vs. profit gap | 768 JPY mn (of net income 276.3%) |
| Shareholder returns / net income | 44.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.0% |
| Investing CF relative to operating CF | 48.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.0% | 0.66× | 2.6% | 5.99× | 15.8% | S100QGVM |
| 2022 | 5.8% | 0.77× | 4.4% | 5.83× | 25.8% | S100T4ZB |
| 2023 | 6.9% | 0.74× | 5.1% | 5.68× | 29.1% | S100VFZI |
| 2024 | 5.3% | 0.72× | 3.8% | 5.46× | 20.9% | S100XTMW |
| 2025 | 2.0% | 0.76× | 1.5% | 5.23× | 7.8% | S100XTMW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| スギホールディングス株式会社 | Major shareholder | 19.0% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 9.3% | 2025-12-31 |
| DEUTSCHE BANK AG, SINGAPORE A/C CLIENTS(NON TREATY) 4600600（常任代理人株式会社みずほ銀行） | Major shareholder | 8.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2025-12-31 |
| BBH CO FOR ARCUS JAPAN VALUE FAND（常任代理人株式会社三菱UFJ銀行） | Major shareholder | 4.0% | 2025-12-31 |
| 高橋 正 | Major shareholder | 3.6% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 3.0% | 2025-12-31 |
| 大田 宜明 | Major shareholder | 2.9% | 2025-12-31 |
| 加藤 晋一郎 | Major shareholder | 2.9% | 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 | 2.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/01/01－2025/12/31) | S100XTMW | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTMW,, |
| 有価証券報告書－第8期(2024/01/01－2024/12/31) | S100VFZI | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFZI,, |
| 有価証券報告書－第7期(2023/01/01－2023/12/31) | S100T4ZB | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4ZB,, |
| 有価証券報告書－第6期(2022/01/01－2022/12/31) | S100QGVM | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGVM,, |
| 有価証券報告書－第5期(令和3年1月1日－令和3年12月31日) | S100NQRP | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQRP,, |
| 有価証券報告書－第4期(令和2年1月1日－令和2年12月31日) | S100L1M4 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1M4,, |

## 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).