Worth reading
57In 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
18
¥100 million (FY29 operating profit target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+59.3%
基準 4,393Target7,000million
Operating profit+408.5%
基準 354Target1,800million
Operating profit margin+3.0pt
基準 26Target29%
Net income for the current fiscal year+650.0%
基準 178Target1,335million
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 planFY26 growth strategy (sustainable growth of existing products / growth through new products / inorganic growth through M&A) → FY26 results: Backlog paid subscriptions increased by 913 year on year, paid users totaled 1.5 million, the monthly churn rate was 0.27%, and Nulab Pass licenses totaled 100,000. The Backlog AI Assistant was officially launched in March 2026.+384,515.4%Calculated from the two disclosed figures
Total investment planGrowth investments of up to approximately ¥8.0 billion (cumulative indicative amount through March 2030)
Investment amount by sectorField M&A Investment / Amount ¥4.5–5.5 billion, Field Business Development Investments / Amount ¥1.5–2.5 billion, Field Capital Policy / Amount ¥1 billion, Field Working capital / Amount ¥1 billion
Statements about the use of capital
Payout ratio / DOE policyThe company will flexibly consider its capital policy concerning dividends and share repurchases. Numerical targets and the target period are not disclosedThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company will flexibly consider its capital policy concerning share repurchases and dividends
Key initiatives
01Sustainable growth of existing products
02Growth through new products
03Growth through M&A
04Knowledge collection and structuring
05Use of knowledge through AI
06Investment in platform development
07Establishment of a product-led growth model
08Development of a marketing structure
09M&A target policy
10Creation of non-SaaS businesses
Plan assumptionsThe medium- to long-term plan reflects the impact of structural reforms, including revisions to Backlog plans and the liquidation of overseas offices. Selling, general and administrative expenses, excluding advertising expenses, will be capped at FY26 levels.
Non-financial targetsIndicator Number of paid contracts / Target value 19,700 subscriptions (including 16,620 Backlog subscriptions) / Timing End of the fiscal year ending March 2027
Size of the Target MarketThe global collaboration tools market is worth $71.6 billion in 2027, according to an IDC report, and the Japanese market is worth $2.7 billion in 2029, according to a QYResearch report. The adoption rate for project management tools is 16.9%, according to the Ministry of Internal Affairs and Communications' 2023 Communications Usage Trend Survey.
Risks identified by the company
Dependence on a specific service (Backlog accounts for 92% of revenue)
Advances in AI technology and competition
System failures and dependence on AWS
Information Management and Security
Reason for revision or withdrawal
The company will treat changes in the business environment driven by generative AI as an opportunity and aims to achieve operating profit of approximately ¥1.8 billion in FY29 by making profit generation a priority. The medium- to long-term plan reflects the impact of structural reforms, including revisions to Backlog plans and the liquidation of overseas offices.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (Matters Concerning Business Plans and Growth Potential) |
| Plan period | FY27–FY29 (three years) |
| Progress against the plan | Formulated |
| Sales Target | FY26 actual: ¥4,393 million → FY29 target: ¥7,000 million（＋59.3%） |
| Operating profit target | FY26 actual: ¥354 million → FY29 target: ¥1,800 million（Three-year CAGR: +71.8%） |
| Operating profit margin target | FY26 actual: 8.1% → FY29 target: 25.7%（＋17.6pt） |
| Net income target | FY26 actual: ¥178 million → FY29 target: ¥1,335 million（Three-year CAGR: +95.2%） |
| Payout ratio / DOE policy | The company will flexibly consider its capital policy concerning dividends and share repurchases. Numerical targets and the target period are not disclosed |
| Treasury share acquisition policy | The company will flexibly consider its capital policy concerning share repurchases and dividends |
| Total investment plan | Growth investments of up to approximately ¥8.0 billion (cumulative indicative amount through March 2030) |
| Investment amount by sector | Field M&A Investment / Amount ¥4.5–5.5 billion, Field Business Development Investments / Amount ¥1.5–2.5 billion, Field Capital Policy / Amount ¥1 billion, Field Working capital / Amount ¥1 billion |
| Non-financial targets | Indicator Number of paid contracts / Target value 19,700 subscriptions (including 16,620 Backlog subscriptions) / Timing End of the fiscal year ending March 2027 |
| Plan assumptions | The medium- to long-term plan reflects the impact of structural reforms, including revisions to Backlog plans and the liquidation of overseas offices. Selling, general and administrative expenses, excluding advertising expenses, will be capped at FY26 levels. |
| Key initiatives | Sustainable growth of existing products, Growth through new products, Growth through M&A, Knowledge collection and structuring, Use of knowledge through AI, Investment in platform development, Establishment of a product-led growth model, Development of a marketing structure, M&A target policy, Creation of non-SaaS businesses |
| Results under the previous plan | FY26 growth strategy (sustainable growth of existing products / growth through new products / inorganic growth through M&A) → FY26 results: Backlog paid subscriptions increased by 913 year on year, paid users totaled 1.5 million, the monthly churn rate was 0.27%, and Nulab Pass licenses totaled 100,000. The Backlog AI Assistant was officially launched in March 2026. |
| Reason for revision or withdrawal | The company will treat changes in the business environment driven by generative AI as an opportunity and aims to achieve operating profit of approximately ¥1.8 billion in FY29 by making profit generation a priority. The medium- to long-term plan reflects the impact of structural reforms, including revisions to Backlog plans and the liquidation of overseas offices. |
| Size of the Target Market | The global collaboration tools market is worth $71.6 billion in 2027, according to an IDC report, and the Japanese market is worth $2.7 billion in 2029, according to a QYResearch report. The adoption rate for project management tools is 16.9%, according to the Ministry of Internal Affairs and Communications' 2023 Communications Usage Trend Survey. |
| Risks identified | Dependence on a specific service (Backlog accounts for 92% of revenue), Advances in AI technology and competition, System failures and dependence on AWS, Information Management and Security |
| Publication date | 22 June 2026 |
Items this document does not state (6)
ROE targetROIC targetCost of capitalSelf-assessment of PBR and share priceSegment targetDate 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 will treat changes in the business environment driven by generative AI as an opportunity and shift to a high-profitability business structure by making profit generation a priority. The medium- to long-term plan reflects the impact of structural reforms, including revisions to Backlog plans and the liquidation of overseas offices.
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