Worth reading
89Important
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
2001176
¥ thousand (revenue for the nine months ended December 2026)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending December 2026, third quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,001,176 thousand+16.8%
Operating profit¥257,640 thousand+6.9%
Ordinary income¥270,207 thousand+12.1%
Net income¥168,706 thousand+8.1%
Gross Profit Margin69.2 %
Operating profit margin12.9 %
Selling, general and administrative expenses¥1,126,273 thousand
Results for the three months of the current quarter
Net Sales
¥702 millions
Operating profit
¥87 millions
QoQ Revenue10
Quarter-on-quarter operating profit133
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 Sales64.4
Gross profit65.7
Selling, general and administrative expenses62.8
Operating profit82.5
Ordinary income86.5
Net income81.2
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Achievement of the full-year revenue forecast cannot be viewed optimisticallyBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Revenue year-on-year growth
MRR210
Usage-Based44
Implementation Revenue32
Operating profit year-on-year growth
Net Sales287
Personnel Expenses-45
Outsourcing expenses-67
Communication expenses-43
Depreciation and amortization-29
Other expenses-86
QoQ Operating Profit
Net Sales65
Personnel Expenses-1
Outsourcing expenses-19
Communication expenses-6
Depreciation and amortization1
Other expenses10
New initiatives
- Improved implementation efficiency through Steward’s common modules
- Capital and business alliance with プロシップ社
- Advisory agreement with Fujino Hideto (藤野英人)
- Investment in servers for research and development aimed at achieving accounting singularity
Key KPIsA metric the company considers important as a management benchmark.
- ARR¥2,448,168 thousandYear on year against the same period last year+19.0%
- Monthly churn rate0.81 %Year-on-year change (points)0.18
- Companies adopting the service184 companiesYear-on-year change21
- Monthly usage fees¥518 millions
- EBITDA¥396,567 thousand
- ROE12.8 %Year-on-year change (points)0.6
- ROIC12.8 %Year-on-year change (points)0.6
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average revenue per account (ARPA)
¥1,108 thousand/month
Year-on-year change56
Companies adopting the service
184 companies
Year-on-year change21
Financial targets
ROE
Actual results12.8 %
ROIC
Actual results12.8 %
Equity ratio
Actual results56.3 %
Market Size / Share
Japan
TAM4.5
TAM_unit¥ trillion
SAM755
SAM_unit¥100 million
United States
TAM19.3
TAM_unit¥ trillion
SAM1,674
SAM_unit¥100 million
Number of employees
80 people
Change during the period6
Hiring planThe development division reached the planned level of 19 employees
Capital expenditures
¥350,000 thousand investment in servers for research and development
Acquisition of treasury shares
Policy of conducting flexible treasury share acquisitions. Acquisition limit and period: Not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending December 2026, third quarter |
| Net Sales | ¥2,001,176 thousand (YoY +16.8%) |
| Operating profit | ¥257,640 thousand (YoY +6.9%) |
| Ordinary income | ¥270,207 thousand (YoY +12.1%) |
| Net income | ¥168,706 thousand (YoY +8.1%) |
| Gross Profit Margin | 69.2 % |
| Operating profit margin | 12.9 % |
| Selling, general and administrative expenses | ¥1,126,273 thousand |
| Results for the three months of the current quarter | Net Sales ¥702 millions / Operating profit ¥87 millions / QoQ Revenue 10 / Quarter-on-quarter operating profit 133 |
| 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 64.4 / Gross profit 65.7 / Selling, general and administrative expenses 62.8 / Operating profit 82.5 / Ordinary income 86.5 / Net income 81.2 |
| Self-assessment against the plan | Achievement of the full-year revenue forecast cannot be viewed optimistically |
| Breakdown of Factors Affecting the Change | Revenue year-on-year growth MRR 210 / Usage-Based 44 / Implementation Revenue 32 / Operating profit year-on-year growth Net Sales 287 / Personnel Expenses -45 / Outsourcing expenses -67 / Communication expenses -43 / Depreciation and amortization -29 / Other expenses -86 / QoQ Operating Profit Net Sales 65 / Personnel Expenses -1 / Outsourcing expenses -19 / Communication expenses -6 / Depreciation and amortization 1 / Other expenses 10 |
| Key KPIs | ARR ¥2,448,168 thousand, Monthly churn rate 0.81 %, Companies adopting the service 184 companies, Monthly usage fees ¥518 millions, EBITDA ¥396,567 thousand, ROE 12.8 %, ROIC 12.8 % |
| Unit price and quantity metrics | Average revenue per account (ARPA) ¥1,108 thousand/month / Companies adopting the service 184 companies / Processing Volume Not disclosed |
| Number of employees | 80 people |
| Financial targets | ROE Actual results 12.8 % / ROIC Actual results 12.8 % / Equity ratio Actual results 56.3 % |
| Acquisition of treasury shares | Policy of conducting flexible treasury share acquisitions. Acquisition limit and period: Not disclosed |
| Capital expenditures | ¥350,000 thousand (investment in servers for research and development) |
| Market Size / Share | Japan TAM 4.5 / TAM_unit ¥ trillion / SAM 755 / SAM_unit ¥100 million / United States TAM 19.3 / TAM_unit ¥ trillion / SAM 1,674 / SAM_unit ¥100 million |
| New initiatives | Improved implementation efficiency through Steward’s common modules, Capital and business alliance with プロシップ社, Advisory agreement with Fujino Hideto (藤野英人), Investment in servers for research and development aimed at achieving accounting singularity |
Items this document does not state (9)
Segment resultsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioOrders 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 main reason for the revenue shortfall was that implementation support for Steward’s response to the new lease accounting standard was below expectations. Operating profit increased because the rise in revenue exceeded increases in personnel expenses, outsourcing expenses, communication expenses and depreciation, among other costs.
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.