Worth reading
63In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
26.8
Year-on-year change in revenue (%)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateOperating profitNot disclosed → ¥700 million
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planAdjusted EBITA ¥500 million (FY25 performance target) / Operating profit ¥400 million (FY25 performance target) → Adjusted EBITA ¥590 million / Operating profit ¥430 million / Payout ratio 19.2% (FY25 dividend of ¥9 per share)
Total investment plan¥3 billion (M&A investments)
Investment amount by sectorField M&A / Amount ¥3 billion
Statements about the use of capital
Payout ratio / DOE policyThe company expects to raise its payout ratio to at least 30% by FY27. Its policy is to target total shareholder returns of ¥1 billion over the next 3 years.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Growth of the existing rakumo business
02Product expansion into new areas
03Acceleration of M&A
04Growth of rakumo services
05Growth in the HR tech sector
06Development and growth of new products
07Consideration of M&A and business alliance opportunities
Plan assumptionsJapan's groupware market is expected to grow from ¥636.5 billion in FY25 to ¥740.1 billion in FY28 (+16.3% versus FY25)., The software market is expected to grow from ¥2.7 trillion in FY24 to ¥4.2 trillion in FY29, representing a CAGR of approximately 9%., The SaaS sector is expected to grow at a CAGR of approximately 12%., The market size in FY2027 is forecast at ¥620 billion.
Size of the Target MarketSoftware market ¥2.7 trillion in FY24, ¥4.2 trillion in FY29, CAGR of approximately 9%. Source: Fuji Keizai, Software Business New Market 2025 Edition / Japan groupware market ¥636.5 billion in FY25, ¥740.1 billion in FY28, +16.3% versus FY25. Source: Fuji Keizai, Software Business New Market 2025 Edition / HR tech cloud market ¥80 billion in 2022, forecast at ¥180 billion in 2025 and approximately ¥300 billion in 2028. Source: The Current State and Outlook of the HR Tech Cloud Market, FY2024 Edition (Deloitte Tohmatsu Mic Economic Research)
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | FY25–FY27 |
| Progress against the plan | Annual update |
| Operating profit target | Not disclosed → ¥700 million |
| Payout ratio / DOE policy | The company expects to raise its payout ratio to at least 30% by FY27. Its policy is to target total shareholder returns of ¥1 billion over the next 3 years. |
| Total investment plan | ¥3 billion (M&A investments) |
| Investment amount by sector | Field M&A / Amount ¥3 billion |
| Plan assumptions | Japan's groupware market is expected to grow from ¥636.5 billion in FY25 to ¥740.1 billion in FY28 (+16.3% versus FY25)., The software market is expected to grow from ¥2.7 trillion in FY24 to ¥4.2 trillion in FY29, representing a CAGR of approximately 9%., The SaaS sector is expected to grow at a CAGR of approximately 12%., The market size in FY2027 is forecast at ¥620 billion. |
| Key initiatives | Growth of the existing rakumo business, Product expansion into new areas, Acceleration of M&A, Growth of rakumo services, Growth in the HR tech sector, Development and growth of new products, Consideration of M&A and business alliance opportunities |
| Results under the previous plan | Adjusted EBITA ¥500 million (FY25 performance target) / Operating profit ¥400 million (FY25 performance target) → Adjusted EBITA ¥590 million / Operating profit ¥430 million / Payout ratio 19.2% (FY25 dividend of ¥9 per share) |
| Size of the Target Market | Software market ¥2.7 trillion in FY24, ¥4.2 trillion in FY29, CAGR of approximately 9%. Source: Fuji Keizai, Software Business New Market 2025 Edition / Japan groupware market ¥636.5 billion in FY25, ¥740.1 billion in FY28, +16.3% versus FY25. Source: Fuji Keizai, Software Business New Market 2025 Edition / HR tech cloud market ¥80 billion in 2022, forecast at ¥180 billion in 2025 and approximately ¥300 billion in 2028. Source: The Current State and Outlook of the HR Tech Cloud Market, FY2024 Edition (Deloitte Tohmatsu Mic Economic Research) |
| Publication date | 27 March 2026 |
Items this document does not state (13)
Sales TargetOperating profit margin targetNet income targetROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceSegment targetNon-financial targetsReason for revision or withdrawalRisks identifiedDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The increase in revenue was primarily attributed to the steady progress of measures including price revisions and M&A. Although the operating margin declined due to the burden of amortization of goodwill, the company aims to increase the margin in FY2026 through rakumo for Microsoft 365 and the effects of price revisions.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.