# Living Platform, 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15期(2025/04/01－2026/03/31) (S100YKPS)
> Page: https://vizora.meequs.com/en/company/living-platform
> Retrieved: 2026-09-30T21:00:52.439Z

## Company

Living Platform, founded in 2011, is a company in Nursing Care listed on TSE Growth. It has 1,326 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Living Platform,Ltd. |
| Ticker | 7091 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7091.T) |
| Listing | TSE Growth |
| Head office | 札幌市中央区南二条西二十丁目291番地 |
| Representative (per filing) | 代表取締役 金子 洋文 |
| Founded | Jun 2011 |
| Share capital | ¥375.4M |
| Employees (consolidated) | 1,326 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.living-platform.com (https://www.living-platform.com/) |
| Corporate number | 4430001059195 |
| EDINET | E35508 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100YKPS, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 15 |
| Profitability | 31 | 21 |
| Cash conversion | 76.3 | 19 |
| Efficiency | 88.1 | 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)

- Living Platform brought in ¥22.1B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +14.9% from the prior year, operating profit +37.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥22057544000 → ¥395941000
- Net income → operating cash flow: ¥395941000 → ¥871511000（difference ¥475570000）
- Main uses of operating cash flow: CapEx ¥542616000 / dividends — / buybacks —
- Change in cash: ¥-114734000
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 | ¥22.1B |  |
| Operating income | ¥467.9M | Margin 2.1% |
| Net income | ¥396.8M | Margin 1.8% |
| Free cash flow | ¥328.9M |  |
| Employees (consolidated) | 1,326 |  |
| EPS | ¥72.46 |  |
| Diluted EPS | ¥72.44 |  |
| Book value per share | ¥278.38 |  |
| Equity ratio | 18.7% |  |
| Shares outstanding | 4,484,742 |  |
| Shareholders | 1,352 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 11.3% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | -4 pp | Nursing Care |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9132535000 | ¥22057544000 | +141.5% |
| Operating income | ¥220371000 | ¥467864000 | +112.3% |
| Operating margin | 2.4% | 2.1% | -0.3 pp |
| Employees | 617 people | 1,326 people | +114.9% |
| Cash and equivalents | ¥1588687000 | ¥1478068000 | -7.0% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,058 | 100.0% | S100YKPS |
| Cost of revenue | 19,748 | 89.5% | S100YKPS |
| Gross profit | 2,309 | 10.5% | S100YKPS |
| SG&A | 1,841 | 8.3% | S100YKPS |
| Operating income | 468 | 2.1% | S100YKPS |
| Ordinary income | 559 | 2.5% | S100YKPS |
| Pretax income | 505 | 2.3% | S100YKPS |
| Income tax | 109 | 0.5% | S100YKPS |
| Net income | 396 | 1.8% | S100YKPS |
| Net income attributable to owners | 397 | 1.8% | S100YKPS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.5% → Operating margin 2.1% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.9%; Core profit growth: +37.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.50×
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 | 19,205 | 22,058 | 2,853 | +14.9% |
| Gross profit | 1,940 | 2,309 | 369 | +19.0% |
| Operating income | 341 | 468 | 127 | +37.1% |
| Net income attributable to owners | 366 | 397 | 31 | +8.5% |
| Operating cash flow | 612 | 872 | 259 | +42.3% |
| Free cash flow | 68 | 329 | 261 | +383.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,731 | 329 | 4.3% | 105 | 60 | -1,279 | S100LVEH |
| FY ending Mar 2021 | 9,133 | 220 | 2.4% | 57 | 255 | -1,377 | S100PQB2 |
| FY ending Mar 2022 | 11,625 | 491 | 4.2% | 408 | 444 | -727 | S100RSBM |
| FY ending Mar 2023 | 13,694 | -234 | -1.7% | 92 | 93 | -771 | S100TXWH |
| FY ending Mar 2024 | 16,663 | -81 | -0.5% | 189 | 1,510 | 878 | S100W8O4 |
| FY ending Mar 2025 | 19,205 | 341 | 1.8% | 366 | 612 | 68 | S100YKPS |
| FY ending Mar 2026 | 22,058 | 468 | 2.1% | 397 | 872 | 329 | S100YKPS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.6M |
| Operating income per employee (consolidated) | ¥352.8K |
| Net income per employee (consolidated) | ¥299.3K |

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) | 927 | 1,023 | 1,171 | 1,212 | 1,326 |
| Average salary (parent company) | ¥5M | ¥5.6M | ¥5.5M | ¥5.9M | ¥5M |
| Average age (parent company) | 48.5 years | 49.4 years | 47.2 years | 47.1 years | 48.3 years |
| Average tenure (parent company) | 2.9 years | 4.2 years | 3.0 years | 3.9 years | 4.5 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +14.9%

## 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 | 872 | 4.0% | S100YKPS |
| Capital expenditure | 543 | 2.5% | S100YKPS |
| Free cash flow | 329 | 1.5% | 算出 |
| Investing cash flow | -990 | -4.5% | S100YKPS |
| Financing cash flow | 3 | 0.0% | S100YKPS |
| Change in cash | -115 | -0.5% | S100YKPS |
| Cash and equivalents | 1,478 | 6.7% | S100YKPS |

## 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 | 1,752 | 1,883 | 1,128 | 1,593 | 1,478 | S100TXWH, S100W8O4, S100YKPS |
| Total assets | 10,866 | 11,413 | 11,189 | 12,115 | 13,078 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Net assets | 1,346 | 1,472 | 1,663 | 2,052 | 2,496 | S100TXWH, S100W8O4, S100YKPS |
| Share capital | 358 | 359 | 359 | 368 | 375 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Trade receivables | 1,555 | 1,684 | 1,345 | — | — | S100RSBM, S100TXWH |
| Property, plant and equipment | 4,793 | 4,574 | 5,047 | 5,293 | 5,525 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Intangible assets excluding goodwill | 1,058 | 1,096 | 1,377 | 1,270 | 1,449 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Goodwill | 983 | 990 | 1,285 | 1,182 | 1,363 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Investment securities | 89 | 115 | 89 | 70 | 64 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Current assets | 3,803 | 4,414 | 3,256 | 3,869 | 4,173 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Current liabilities | 3,018 | 3,989 | 3,020 | 2,697 | 3,095 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Short-term borrowings | 288 | 926 | 150 | 131 | 211 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Long-term borrowings | 4,826 | 4,115 | 4,465 | 5,142 | 5,105 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Total liabilities | 9,520 | 9,941 | 9,527 | 10,063 | 10,582 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Non-controlling interests | — | — | — | — | 2 | S100YKPS |
| Equity attributable to owners of parent | 1,354 | 1,448 | 1,637 | 2,021 | 2,433 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Retained earnings | -222 | 263 | 453 | 818 | 1,215 | S100RSBM, S100TXWH, S100W8O4, S100YKPS |
| Treasury stock | -79 | -79 | -79 | — | — | S100RSBM, S100TXWH, S100W8O4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YKPS |
| Property, plant and equipment | 42% | S100YKPS |
| Intangibles and goodwill | 22% | S100YKPS |
| Investment securities | 1% | S100YKPS |
| Other assets | 24% | S100YKPS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100YKPS |
| Equity | 19% | S100YKPS |

### 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 | 10,866 | 11,413 | 11,189 | 12,115 | 13,078 |
| Equity | 1,346 | 1,472 | 1,663 | 2,052 | 2,496 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,752 | 1,883 | 1,128 | 1,593 | 1,478 |

## 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) | 25.0% | S100YKPS |
| Fixed assets ÷ total assets | 42.2% | S100YKPS |
| Goodwill ÷ parent equity | 56.0% | S100YKPS |

Goodwill over 4 years: 983 → 1,363 JPY; total investing cash flow: -3,488 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) | 11.3% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.3% |
| Cash vs. profit gap | 475 JPY mn (of net income 119.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 113.6% |

## 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% | 1.07× | 3.8% | 8.03× | 30.1% | S100RSBM |
| 2023 | 0.7% | 1.23× | 0.8% | 7.95× | 6.5% | S100TXWH |
| 2024 | 1.1% | 1.47× | 1.7% | 7.33× | 12.3% | S100W8O4 |
| 2025 | 1.9% | 1.65× | 3.1% | 6.37× | 20.0% | S100YKPS |
| 2026 | 1.8% | 1.75× | 3.2% | 5.66× | 17.8% | S100YKPS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社HCA | Major shareholder | 54.3% | 2026-03-31 |
| 金 子 洋 文 | Major shareholder | 19.5% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.7% | 2026-03-31 |
| IIB株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 田 口 孝 広 | Major shareholder | 1.3% | 2026-03-31 |
| social investment株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 小 沼 滋 紀 | Major shareholder | 0.9% | 2026-03-31 |
| 飯 田 幸 希 | Major shareholder | 0.5% | 2026-03-31 |
| リビングプラットフォーム従業員持株会 | Major shareholder | 0.5% | 2026-03-31 |
| 金 澤 秀 晃 | Major shareholder | 0.4% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YKPS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKPS,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W8O4 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8O4,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TXWH | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXWH,, |
| 訂正有価証券報告書－第12期(2022/04/01－2023/03/31) | S100RSBM | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RSBM,, |
| 訂正有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100PQB2 | 2022-12-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PQB2,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LVEH | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVEH,, |

## 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).