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
132906
¥ thousandWording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending December 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥661,957 thousand+21.4%
Operating profit¥132,906 thousand+91.1%
Ordinary income¥131,851 thousand+89.6%
Net income¥82,877 thousand+66.8%
Gross Profit Margin73.7%
Operating profit margin20.1%
Selling, general and administrative expenses¥355,018 thousand
Results for the three months of the current quarter
Net Sales
¥661,957 thousand
Gross profit
¥487,924 thousand
Selling, general and administrative expenses
¥355,018 thousand
Operating profit
¥132,906 thousand
Ordinary income
¥131,851 thousand
Net income
¥82,877 thousand
Full-year earnings forecast
Net Sales
¥3,109,128 thousand
Gross profit
¥2,106,340 thousand
Selling, general and administrative expenses
¥1,793,975 thousand
Operating profit
¥312,364 thousand
Ordinary income
¥312,369 thousand
Net income
¥207,673 thousand
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales21.3%
Gross profit23.2%
Selling, general and administrative expenses19.8%
Operating profit42.6%
Ordinary income42.2%
Net income39.9%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating profit is progressing at a high rate against the plan. Operating profit has been building steadily in the first quarter.Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Mandatory application of the new lease accounting standard to large enterprises will begin in April 2027 or later. Revenue tends to be weighted more heavily toward the second half of the year. Specific figures for foreign exchange rates, raw material prices and interest rates were not disclosed.New initiatives
- Productization and renaming of the accounting AI agent as “Steward”
- Shift Steward’s development toward a common-module-centered approach
- Expand sales of services supporting the new lease accounting standard
- Steward’s expense matching and payment matching functions have been completed, with plans to expand into cash application, fixed-asset management and support for preparing tax returns
- Plans to hire 14 additional employees, primarily for direct operations
Key KPIsA metric the company considers important as a management benchmark.
- ARR (annual recurring revenue)¥2,239,254 thousandYear on year against the same period last year22% annual average growth rate
- Monthly churn rate (gross churn rate)0.75%Year on year against the same period last yearNo significant change
- Average revenue per account (ARPA)¥1,097 thousand/month
- Companies adopting the service170 companiesYear on year against the same period last yearUp by 22 companies over the past year
- ROE15.6%Year on year against the same period last yearUp from 12.2% in the previous year
- ROIC16.4%Year on year against the same period last yearUp from 12.2% in the previous year
- ROA8.9%Year on year against the same period last yearUp from 7.0% in the previous year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
ARPA¥1.097 million per month. Tends to increase through upselling and cross-selling as the length of adoption increases
Companies adopting the service170 companies. Up by 22 companies over the past year
Medium-term management plan targets
TargetBy around 2028, revenue of ¥10 billion and an operating margin of 10%
Top-line targetFiscal 2026 revenue of ¥3.55 billion
Market Size / Share
Japan
TAM¥4.5 trillion
SAM¥75.5 billion
United States
TAMApproximately ¥19.3 trillion
SAMApproximately ¥167.4 billion
ShareNo. 1 revenue share in the accounting AI platform market and in AI OCR for invoices and receipts
Number of employees
Number of Employees73 people (as of 31 March 2026)
Hiring planPlans to increase headcount by 14 people, from 74 to 88. The planned additions are 6 sales staff, 3 developers, 3 AI staff and 2 customer success staff
Payout ratio
Policy is to raise the payout ratio in stages. Specific numerical targets were not disclosed.Acquisition of treasury shares
The company indicated that it intends to conduct share repurchases flexibly, but the repurchase limit, number of shares and period were not disclosed.| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥661,957 thousand (YoY +21.4%) |
| Operating profit | ¥132,906 thousand (YoY +91.1%) |
| Ordinary income | ¥131,851 thousand (YoY +89.6%) |
| Net income | ¥82,877 thousand (YoY +66.8%) |
| Gross Profit Margin | 73.7% |
| Operating profit margin | 20.1% |
| Selling, general and administrative expenses | ¥355,018 thousand |
| Results for the three months of the current quarter | Net Sales ¥661,957 thousand / Gross profit ¥487,924 thousand / Selling, general and administrative expenses ¥355,018 thousand / Operating profit ¥132,906 thousand / Ordinary income ¥131,851 thousand / Net income ¥82,877 thousand |
| Full-year earnings forecast | Net Sales ¥3,109,128 thousand / Gross profit ¥2,106,340 thousand / Selling, general and administrative expenses ¥1,793,975 thousand / Operating profit ¥312,364 thousand / Ordinary income ¥312,369 thousand / Net income ¥207,673 thousand |
| Progress against full-year forecast | Net Sales 21.3% / Gross profit 23.2% / Selling, general and administrative expenses 19.8% / Operating profit 42.6% / Ordinary income 42.2% / Net income 39.9% |
| Self-assessment against the plan | Operating profit is progressing at a high rate against the plan. Operating profit has been building steadily in the first quarter. |
| Key KPIs | Indicator name ARR (annual recurring revenue) / Value ¥2,239,254 thousand / Year on year against the same period last year 22% annual average growth rate, Indicator name Monthly churn rate (gross churn rate) / Value 0.75% / Year on year against the same period last year No significant change, Indicator name Average revenue per account (ARPA) / Value ¥1,097 thousand/month / Year on year against the same period last year Not disclosed, Indicator name Companies adopting the service / Value 170 companies / Year on year against the same period last year Up by 22 companies over the past year, Indicator name ROE / Value 15.6% / Year on year against the same period last year Up from 12.2% in the previous year, Indicator name ROIC / Value 16.4% / Year on year against the same period last year Up from 12.2% in the previous year, Indicator name ROA / Value 8.9% / Year on year against the same period last year Up from 7.0% in the previous year |
| Unit price and quantity metrics | ARPA ¥1.097 million per month. Tends to increase through upselling and cross-selling as the length of adoption increases / Companies adopting the service 170 companies. Up by 22 companies over the past year |
| Number of employees | Number of Employees 73 people (as of 31 March 2026) / Hiring plan Plans to increase headcount by 14 people, from 74 to 88. The planned additions are 6 sales staff, 3 developers, 3 AI staff and 2 customer success staff |
| Assumptions Underlying the Business Outlook | Mandatory application of the new lease accounting standard to large enterprises will begin in April 2027 or later. Revenue tends to be weighted more heavily toward the second half of the year. Specific figures for foreign exchange rates, raw material prices and interest rates were not disclosed. |
| Medium-term management plan targets | Target By around 2028, revenue of ¥10 billion and an operating margin of 10% / Top-line target Fiscal 2026 revenue of ¥3.55 billion |
| Payout ratio | Policy is to raise the payout ratio in stages. Specific numerical targets were not disclosed. |
| Acquisition of treasury shares | The company indicated that it intends to conduct share repurchases flexibly, but the repurchase limit, number of shares and period were not disclosed. |
| Market Size / Share | Japan TAM ¥4.5 trillion / SAM ¥75.5 billion / United States TAM Approximately ¥19.3 trillion / SAM Approximately ¥167.4 billion / Share No. 1 revenue share in the accounting AI platform market and in AI OCR for invoices and receipts |
| New initiatives | Productization and renaming of the accounting AI agent as “Steward”, Shift Steward’s development toward a common-module-centered approach, Expand sales of services supporting the new lease accounting standard, Steward’s expense matching and payment matching functions have been completed, with plans to expand into cash application, fixed-asset management and support for preparing tax returns, Plans to hire 14 additional employees, primarily for direct operations |
Items this document does not state (9)
Segment resultsBreakdown of Factors Affecting the ChangeNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsAnnual DividendCapital expendituresOrders received and order backlogKey points of the Q&A
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 reported that its gross margin improved from 70.5% in the same period of the previous year to 73.7%, while its SG&A ratio declined from 57.8% to 53.6%. It also described revenue growth from large enterprises, an increase in the number of adopting companies, and upselling and cross-selling to existing customers as evidence of business progress.
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.