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Japanese company operating recruiting and information platforms for nursing, elderly care and healthcare workers.
Japanese company operating recruiting and information platforms for nursing, elderly care and healthcare workers.
Is paid by employers and facilities rather than by job-seekers or families: a fee when a nurse or caregiver it introduces is hired, and a fee when a person it refers moves into a care home. Revenue therefore follows placements, which depend on how tight the staffing shortage is.
In one line: A Japanese healthcare-staffing/information platform, like a niche Indeed for care workers.
Moat: narrow (network effects, brand, data). Large database of healthcare job listings/facility info creates a two-sided network advantage.
Headquarters: Tokyo, Japan · Founded: 2003 · Employees: 4,660
Size SMS (2175.T) is a Japan Industrials company (Personnel Services) with a market value of $1.31B, the 624th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,358 on 6 Nov 2026.
Performance Over six months the shares gained 32.5%, against +22.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median -0.3%); the operating margin is 10.8% (peer median 3.5%).
Valuation It trades at 31.1× forward earnings against a peer median of 14.0× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 16.9 points above its cost of capital (9.5% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥67.7B | ¥64.7B | ¥61.0B | ¥54.0B | ¥45.7B |
| Revenue growth | — | +6% | +13% | +18% | — |
| Gross profit | ¥56.9B | ¥52.7B | ¥50.0B | ¥44.1B | ¥37.2B |
| EBITDA | ¥11.6B | ¥11.4B | ¥10.1B | ¥11.7B | ¥10.2B |
| Net income | -¥15.1B | -¥14.3B | ¥6.05B | ¥7.23B | ¥6.41B |
| Free cash flow | n/a | ¥8.65B | ¥5.38B | ¥9.33B | ¥8.22B |
| Capital expenditure | n/a | ¥3.91B | ¥4.07B | ¥3.71B | ¥2.91B |
| Total debt | ¥7.17B | ¥7.23B | ¥8.05B | ¥6.43B | ¥8.33B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SMS 2175.T | $1.31B | +33% | +8% | 11% | 31.1× | 19.2% |
| Recruit 6098.T | $149B | +133% | +9% | 20% | 30.3× | 22.0% |
| Persol 2181.T | $4.11B | +22% | +10% | 4% | 13.7× | -10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2175.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -2.3% | 4th lowest of 21 |
| 6-month return | +32.5% | +22.5% | 9th highest of 21 |
| Distance from 52-week high | -14.4% | -17.0% | 9th highest of 21 |
| Revenue growth (TTM) | +8.2% | -0.3% | 4th highest of 21 |
| Operating margin | 10.8% | 3.5% | 4th highest of 21 |
| Forward P/E | 31.1× | 14.0× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 19.2% | 3.6% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +12.5% | +7.1% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | +6.7 pp | -3.3 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | +16.9 pp | +5.6 pp | 6th highest of 20 |
| EV / EBITDA | 17.0× | 8.8× | most expensive of 10 |
| Net debt / EBITDA | -0.8× | -0.7× | 10th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SMS 2175.T | Japan | $1.31B | +33% | +8% | 11% | 31.1× | 19.2% | +12.5% |
| Upwork UPWK | United States | $1.26B | +14% | -1% | 18% | 8.9× | -7.1% | +16.1% |
| Hays HAS.L | United Kingdom | $1.24B | +75% | -3% | 1% | 33.0× | 18.3% | +2.6% |
| JAC Recruitment 2124.T | Japan | $1.21B | +34% | +12% | 26% | 19.3× | -1.0% | +16.4% |
| Open Up 2154.T | Japan | $1.11B | +12% | -11% | 10% | 13.1× | -6.5% | +11.1% |
| Kforce KFRC | United States | $970M | +25% | +2% | 5% | 18.0× | 9.8% | -1.0% |
| Grupa Pracuj spolka akcyjna GPP.WA | Poland | $919M | +23% | +5% | 37% | 13.1× | -1.9% | +22.1% |
| Michael Page PAGE.L | United Kingdom | $896M | +60% | -3% | 2% | 43.4× | 23.5% | +4.1% |
| UT Group Co.,Ltd. 2146.T | Japan | $868M | +22% | -13% | 7% | 16.1× | 6.7% | +7.7% |
| ManpowerGroup MAN | United States | $2.07B | +49% | +7% | 2% | 10.3× | -0.4% | 0.0% |
| Synergie SDG.PA | France | $753M | -3% | +5% | 3% | 11.8× | -13.4% | +8.2% |
| Barrett Business Services BBSI | United States | $725M | 0% | +6% | 4% | 18.2× | 1.9% | +7.1% |
| Beijing Career International 300662.SZ | China | $643M | -10% | +13% | 2% | 12.0× | 10.6% | +29.9% |
| Jinhai Medical Technology 2225.HK | Hong Kong | $3.02B | -6% | +75% | -17% | n/a | n/a | n/a |
| Groupe Crit CEN.PA | France | $534M | -20% | +1% | 3% | 8.3× | n/a | n/a |
| dip 2379.T | Japan | $520M | -17% | -9% | 7% | 68.1× | -1.1% | +11.0% |
| HRnetGroup CHZ.SI | Singapore | $519M | -9% | +1% | 7% | 14.0× | -13.1% | +6.2% |
| Kelly Services KELYA | United States | $507M | +40% | -10% | 1% | 10.2× | 12.8% | -1.2% |
| Quess QUESS.NS | India | $505M | +41% | -12% | 2% | 17.1× | 16.3% | +7.1% |
| en Inc. 4849.T | Japan | $504M | +60% | -11% | 7% | 9.6× | 5.3% | +6.7% |
| SThree STEM.L | United Kingdom | $481M | +65% | -9% | 2% | 42.2× | 10.2% | +1.6% |