Overview
Services

CURVES HOLDINGS Co.,Ltd.

Curves Holdings Co., Ltd. is a pure holding company operating the 'Curves' franchise business — a 30-minute women-only health fitness concept. The group's domestic subsidiary, Curves Japan, operates as the franchise headquarters in Japan with approximately 1,996 locations and 863,000 members as of August 2025. Internationally, Curves International, Inc. serves as the global franchisor, managing royalties and equipment sales to master franchisees worldwide, while Curves Europe B.V. oversees franchise operations across eight European countries with 124 locations.

Market Cap
¥92.8B
US$592M
EV
¥87.4B
US$558M
Stock¥1,042▲+2.26%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
—
LTM EV/EBIT
11.3
x
LTM PER
18.9
x
LTM PBR
4.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+14.0%pt
100123
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 21, 25Strong Q2 earnings results
2Jul 14, 26Q3 FY2026/08 earnings announced; Board approved share buyback
3Oct 14, 26Full-year FY2026/08 earnings announced
MC → EV Bridge
92.8BUS$592MMarket Cap3.33BUS$21.3M+ Debt8.74BUS$55.8M− Cash0.00BUS$0.00M− Inv. Sec.87.4BUS$558MEV
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Performance & Balance
Revenue 5Y (¥B)
27.5US$175M'22/830.0US$191M'23/835.5US$226M'24/837.6US$240M'25/843.4US$277M'26/8
EBITDA 5Y (¥B)
3.54US$22.6M'22/84.76US$30.4M'23/86.17US$39.4M'24/87.06US$45.0M'25/8
Net Income 5Y (¥B)
2.25US$14.3M'22/82.55US$16.3M'23/83.57US$22.7M'24/84.30US$27.4M'25/84.91US$31.3M'26/8
Capital Structure
87%
EquityD/E 0.15xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
8.24US$52.6M15.2US$97.2M'22/88.15US$52.0M12.0US$76.3M'23/88.30US$52.9M8.67US$55.3M'24/88.70US$55.5M5.37US$34.3M'25/88.74US$55.8M3.33US$21.3M'26/8
Shareholders
Top 10 hold 74.5%
1
Yozan Co., Ltd.
31.71%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
12.81%
3
NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
7.22%
4
Custody Bank of Japan, Ltd. (Trust Account)
6.00%
5
TYN Co., Ltd.
5.44%
6
IMO Co., Ltd.
4.03%
7
Maki SAKAMOTO
2.21%
8
Yoko MASUMOTO
2.21%
9
Custody Bank of Japan, Ltd. (Trust Account E)
1.88%
10
FIDELITY INVESTMENT TRUST : FIDELITY JAPAN FUND (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.03%
Management
7 officers
Takeshi MASUMOTO
Representative Director, President and Group CEO
Apr 1988 Joined Nihon LCA Co., Ltd. Jun 1989 Joined Venture Link Co., Ltd. Feb 2005 Representative Director and President, Curves Japan Co., Ltd. Apr 2005 Representative Director and Chairman and CEO, Curves Japan Co., Ltd. Sep 2010 Director, the Company; Director, High Standard Co., Ltd. Apr 2011 Representative Director and President, the Company (current) May 2011 Executive Officer, Koshidaka Holdings Co., Ltd. Jun 2015 Director, Sports and Health Industry Federation (Public Interest Incorporated Association) Jun 2017 Auditor, Japan Fitness Industry Association (General Incorporated Association) Director, Japan Healthcare Association (formerly Japan Healthcare Association General Incorporated Foundation) (current) Mar 2018 President and CEO, Curves International, Inc. (current) Director, Curves International UK LTD. Director, CFW Asia Management Company Limited May 2018 Vice Chairman and Chairman of Retail Services Committee, Japan Franchise Association Aug 2018 Auditor, Smart Wellness Community Council Nov 2018 Representative Director and Chairman, Curves Japan Co., Ltd. (current) Jul 2019 President and CEO, CFW International Management B.V. (now Curves Europe B.V.) (current) Director, CFW Operations Europe Limited (current) Director, Curves International of Spain, S.A. (current) Dec 2019 Director, Curves Operations Italy S.r.l. Jun 2020 Director, Japan Fitness Industry Association (current) Nov 2020 Representative Director and Chairman, High Standard Co., Ltd. (current) Advisor, Center for Smart Wellness City Policy Development, University of Tsukuba (current) May 2021 Chairman, Japan Franchise Association Jun 2021 Director, Smart Wellness Community Council (current) Nov 2021 Director, KIMOSCAPE (PTY) LTD (current) Feb 2024 Chairman, University of Tsukuba Graduate School Sports and Wellness City Creation Consortium (current) May 2025 Standing Director, Japan Franchise Association (current)
1964-06-16
Maki SAKAMOTO
Director
Mar 1993 Joined Panaringa Co., Ltd. Mar 1996 Joined Venture Link Co., Ltd. Mar 2005 Seconded to Curves Japan Co., Ltd. Apr 2005 Representative Director and President, Curves Japan Co., Ltd. May 2011 Director and President, Curves Japan Co., Ltd. Director, High Standard Co., Ltd. (current) Director, the Company (current) Nov 2024 Representative Director and President, Curves Japan Co., Ltd. (current)
1967-01-20
Yoko MASUMOTO
Director (Note 4)
Apr 1995 Joined Venture Link Co., Ltd. Feb 2005 Seconded to Curves Japan Co., Ltd. May 2011 Director and Vice President, Curves Japan Co., Ltd. Director, the Company (current) Nov 2024 Representative Director and Vice President, Curves Japan Co., Ltd. (current)
1973-03-13
Shinya MATSUDA
Director, General Manager of Administration Division
Apr 1980 Joined Takashimaya Co., Ltd. Apr 2011 Joined Koshidaka Holdings Co., Ltd.; General Manager, Management Department, Curves Japan Co., Ltd. (current) Mar 2014 Executive Officer, Koshidaka Holdings Co., Ltd.; General Manager, Administration Division, the Company Nov 2018 Director and General Manager, Administration Division, the Company (current) Jul 2019 Director, CFW International Management B.V. (now Curves Europe B.V.) (current)
1955-11-27
Toyokazu KAWADA
Director (Audit and Supervisory Committee Member) (Note 1)
Apr 1983 Joined Chuo Trust and Banking Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited) Oct 2007 Joined Japan Securities Agent, Ltd. Feb 2012 Joined IR Japan Co., Ltd. Feb 2020 Joined Wills Co., Ltd. Nov 2023 Auditor, Curves Japan Co., Ltd. (current) Auditor, High Standard Co., Ltd. (current) Outside Director (full-time Audit and Supervisory Committee Member), the Company (current)
1960-03-16
Sadayoshi YAMAMOTO
Director (Audit and Supervisory Committee Member) (Note 1)
Nov 1978 Joined Ota Tetsuzo Certified Public Accountant Office (now EY ShinNihon LLC) Jul 1992 Partner, Ota Tetsuzo Certified Public Accountant Office (now EY ShinNihon LLC) Jul 2000 Representative Partner, Ota Tetsuzo Certified Public Accountant Office (now EY ShinNihon LLC) Jul 2017 Head, Sadayoshi Yamamoto Certified Public Accountant Office (current) Aug 2017 Outside Auditor, Toa Kogyo Co., Ltd. (current) Jun 2018 Outside Auditor, Meneki Seibutsu Kenkyusho Co., Ltd. Auditor, Tokyo Metropolitan Disaster Prevention and Town Planning Center Foundation (current) Nov 2018 Auditor, the Company; Auditor, Curves Japan Co., Ltd.; Auditor, High Standard Co., Ltd. Nov 2019 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1955-05-17
Masahide TERAISHI
Director (Audit and Supervisory Committee Member) (Note 1)
Apr 1993 Associate Professor, Faculty of Commerce, Nagoya University of Commerce and Business Apr 1995 Associate Professor, Faculty of Social Informatics, Gunma University Jun 2001 Outside Auditor, S.E. Co., Ltd. (current) Apr 2002 Professor, Faculty of Social Informatics, Gunma University Nov 2005 Outside Auditor, Koshidaka Holdings Co., Ltd. Apr 2011 Professor, Career Education Center, Otsuma Women's University (current) Nov 2015 Outside Director (Audit and Supervisory Committee Member), Koshidaka Holdings Co., Ltd. Apr 2019 Director, Japan Business Science Association (current) Nov 2019 Outside Director (Audit and Supervisory Committee Member), the Company (current) Oct 2023 Outside Auditor, T2 Co., Ltd. (current)
1961-07-10
Large Shareholding Reports
TYN Co., Ltd.
2026-10-21
5.44%→6.62%
Annual report (as of 2026-02-28): 5.44%
FMR Investment Management (UK) Limited
2026-09-24
5.96%→5.98%
FMR Investment Management (UK) Limited
2026-07-23
7.04%
TYN Co., Ltd.
2026-07-07
5.44%→5.44%
Annual report (as of 2026-02-28): 5.44%
Fidelity Management & Research Company LLC
2026-06-16
8.96%→8.95%
FMR LLC
2026-06-16
—
Fidelity Management & Research Company LLC
2026-06-16
8.69%→8.87%
Fidelity Management & Research Company LLC
2026-06-16
8.95%→8.92%
FMR LLC
2026-06-16
—
FMR LLC
2026-06-16
—
Fidelity Management & Research Company LLC
2026-06-16
8.92%→8.92%
FMR LLC
2026-06-16
—
Fidelity Management & Research Company LLC
2026-06-16
8.87%→8.96%
FMR LLC
2026-06-16
—
Fidelity Management & Research Company LLC
2026-06-16
8.10%→8.69%
FMR LLC
2026-06-16
—
Fidelity Management & Research Company LLC
2026-06-11
7.02%→8.10%
FMR LLC
2026-06-11
—
FMR LLC
2026-06-10
10.00%→8.88%
Fidelity Management & Research Company LLC
2026-06-10
8.02%→7.02%
Yozan Co., Ltd.
2026-05-13
31.72%→31.72%
Annual report (as of 2026-02-28): 31.71%
FMR LLC
2026-03-23
9.96%→9.96%
IMO Co., Ltd.
2025-11-20
4.03%→4.03%
Annual report (as of 2026-02-28): 4.03%
FMR LLC
2025-09-22
10.00%→9.99%
FMR LLC
2025-09-05
9.91%→10.00%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-21
Large Shareholding Report
TDnet
2026-10-13
Full-Year Earnings Flash
FY ending Aug 2026
EDINET
2026-09-24
Large Shareholding Report
EDINET
2026-07-23
Large Shareholding Report
TDnet
2026-07-13
Q3 Earnings Flash
FY ending Aug 2026
EDINET
2026-07-07
Large Shareholding Report
EDINETAmended
2026-06-16
Change Report
EDINETAmended
2026-06-16
Change Report
EDINETAmended
2026-06-16
Change Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-06-16
Large Shareholding Report
EDINETAmended
2026-06-16
Change Report
EDINETAmended
2026-06-16
Change Report
EDINETAmended
2026-06-16
Change Report
EDINET
2026-06-11
Large Shareholding Report
EDINETAmended
2026-06-11
Change Report
EDINET
2026-06-10
Large Shareholding Report
EDINET
2026-06-10
Large Shareholding Report
EDINET
2026-05-13
Large Shareholding Report
EDINET
2026-04-13
Semi-Annual Securities Report
Period: Sep 2025 – Aug 2026
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-03-06
Large Shareholding Report
TDnet
2026-01-13
Q1 Earnings Flash
FY ending Aug 2026
EDINET
2025-11-21
Annual Securities Report
Period: Sep 2024 – Aug 2025
EDINET
2025-11-20
Large Shareholding Report
EDINET
2025-09-22
Large Shareholding Report
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