Worth reading
55In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
52210
million yenWording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+23.0%
基準 42,441Target52,210million yen
Operating profit+115.9%
基準 2,663Target5,750million yen
Operating profit margin+2.0pt
基準 2,026Target2,028%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planForecast (figures: Not disclosed) → 42,441 (actual net sales) / 2,663 (actual adjusted operating profit)
Investment amount by sectorField COGS / Amount Not disclosed / Percentage of revenue 19-22% (outlook for the fiscal year ending June 2027), Field R&D / Amount Not disclosed / Percentage of revenue 12-15% (outlook for the fiscal year ending June 2027), Field S&M / Amount Not disclosed / Percentage of revenue 45-48% (outlook for the fiscal year ending June 2027), Field Adjusted G&A / Amount Not disclosed / Percentage of revenue 7-8% (outlook for the fiscal year ending June 2027)
Key initiatives
01Accelerate AI initiatives
02Become the de facto standard for accounting firms
03Expand coverage of needs among corporate customers
04Strengthen the HR and finance domains
05Establish a position as a SaaS platform chosen by AI
06Create innovative use cases through the AI ecosystem
07Further enhance the value delivered in the finance domain and accelerate business growth
Segment targetSegment Corporate Mid / Indicator Platform ARR growth rate / Target 25% / Timing Fiscal year ending June 2027, Segment Corporate Small / Indicator Platform ARR growth rate / Target 20%+ / Timing Fiscal year ending June 2027, Segment Sole proprietors / Indicator Platform ARR growth rate / Target 10% / Timing Fiscal year ending June 2027
Non-financial targetsIndicator freee product penetration in the corporate segment / Target Approximately 30% / Timing Medium term, Indicator freee product penetration among small businesses / Target 50%+ / Timing Longer term, Indicator Corporate NRR / Target 110%+ / Timing Fiscal year ending June 2027
Size of the Target MarketThe current TAM (FY2026~) is approximately ¥3.7 trillion. Potential customers include approximately 4.5 million sole proprietors, 1.8 million Corporate Small businesses and 300,000 Corporate Mid businesses. The number of potential user companies is estimated based on the National Tax Agency's "2023 Income Tax Returns" and the Statistics Bureau of Japan's "2021 Economic Census for Business Activity." The estimation method for TAM and the sources of the statistical data are also provided.
Risks identified by the company
Cloud-related markets (likelihood: low, impact: high)
Responding to technological innovation, regulatory changes and other developments (likelihood: medium, impact: high)
The risk that the benefits expected from upfront investment will not materialize as anticipated (likelihood: medium, impact: high)
| Item | Details |
|---|---|
| Plan name | Medium- to Long-Term Financial Model |
| Plan period | 3 years from the fiscal year ended June 2026 (final year: fiscal year ending June 2028) |
| Progress against the plan | Annual update |
| Sales Target | 42,441 (actual results for the fiscal year ended June 2026) → 52,210 (forecast for the fiscal year ending June 2027)（+23.0%） |
| Operating profit target | 2,663 (actual results for the fiscal year ended June 2026, adjusted operating profit) → 5,750 (forecast for the fiscal year ending June 2027, adjusted operating profit)（+115.9%） |
| Operating profit margin target | 6.3% (actual results for the fiscal year ended June 2026, adjusted operating margin) → 11.0% (forecast for the fiscal year ending June 2027) / 15%+ (fiscal year ending June 2028) |
| Investment amount by sector | Field COGS / Amount Not disclosed / Percentage of revenue 19-22% (outlook for the fiscal year ending June 2027), Field R&D / Amount Not disclosed / Percentage of revenue 12-15% (outlook for the fiscal year ending June 2027), Field S&M / Amount Not disclosed / Percentage of revenue 45-48% (outlook for the fiscal year ending June 2027), Field Adjusted G&A / Amount Not disclosed / Percentage of revenue 7-8% (outlook for the fiscal year ending June 2027) |
| Segment target | Segment Corporate Mid / Indicator Platform ARR growth rate / Target 25% / Timing Fiscal year ending June 2027, Segment Corporate Small / Indicator Platform ARR growth rate / Target 20%+ / Timing Fiscal year ending June 2027, Segment Sole proprietors / Indicator Platform ARR growth rate / Target 10% / Timing Fiscal year ending June 2027 |
| Non-financial targets | Indicator freee product penetration in the corporate segment / Target Approximately 30% / Timing Medium term, Indicator freee product penetration among small businesses / Target 50%+ / Timing Longer term, Indicator Corporate NRR / Target 110%+ / Timing Fiscal year ending June 2027 |
| Key initiatives | Accelerate AI initiatives, Become the de facto standard for accounting firms, Expand coverage of needs among corporate customers, Strengthen the HR and finance domains, Establish a position as a SaaS platform chosen by AI, Create innovative use cases through the AI ecosystem, Further enhance the value delivered in the finance domain and accelerate business growth |
| Results under the previous plan | Forecast (figures: Not disclosed) → 42,441 (actual net sales) / 2,663 (actual adjusted operating profit) |
| Size of the Target Market | The current TAM (FY2026~) is approximately ¥3.7 trillion. Potential customers include approximately 4.5 million sole proprietors, 1.8 million Corporate Small businesses and 300,000 Corporate Mid businesses. The number of potential user companies is estimated based on the National Tax Agency's "2023 Income Tax Returns" and the Statistics Bureau of Japan's "2021 Economic Census for Business Activity." The estimation method for TAM and the sources of the statistical data are also provided. |
| Risks identified | Cloud-related markets (likelihood: low, impact: high), Responding to technological innovation, regulatory changes and other developments (likelihood: medium, impact: high), The risk that the benefits expected from upfront investment will not materialize as anticipated (likelihood: medium, impact: high) |
| Publication date | September 2026 |
Items this document does not state (11)
Net income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planPlan assumptionsReason for revision or withdrawalDate 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 company cited the acquisition of new customers, increased cross-selling to existing customers, company-wide productivity improvements through the use of AI and greater cost efficiency.
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.