ENVALITH
株式会社メンバーズ logo

Members Co., Ltd.

2130・Prime Market・Services

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株式会社メンバーズ logo
Members Co., Ltd.2130

Business

Members Co., Ltd. is a DX (digital transformation) hands-on support service company founded in 1995. Across five business domains—"Production/UI-UX," "Marketing DX," "Digital Service Development," "Data Utilization Support," and "Decarbonization DX"—the company forms dedicated client teams of three or more Digital Creators (DC), who work on-site "as if they were employees" to support clients' in-house DX implementation. Listed on the Prime Market of the Tokyo Stock Exchange. The company has 1 consolidated subsidiary and 21 in-house companies, with revenue of ¥24,424 million for FY2026 (ending March 2026). Its main clients are major operating companies, and the number of clients generating annual revenue of ¥300 million or more has reached 14.

Business Model

A continuity contract model close to a subscription type, in which DC dedicates full-time teams that reside on-site with client companies and provide ongoing support for the planning and execution of DX projects. The company treats value-added sales (¥23,507 million) — generated primarily from in-house resources with outsourcing and procurement kept to a minimum — as a key indicator, and enhances profitability by shifting toward the DX domain and developing PMO personnel to raise per-employee sales unit prices. Cross-selling across the 21 specialized companies expands the transaction scale per client.

Company Strengths

As of the end of FY2026 (ending March 2026), the ratio of DX personnel reached 72.0% (exceeding the 65% target), and the number of PMO personnel reached 1,482 (an increase of 1,124 from the previous fiscal year-end). Revenue per employee rose 6.5% year on year to ¥971,866, providing numerical evidence of the shift toward higher value-added positions.

Through a cross-selling strategy leveraging 21 specialist companies covering five business domains, value-added revenue from specialist companies grew strongly to ¥10,959 million (up 54.7% year on year). Value-added revenue per company among the top 50 DGT (Digital Growth Transformation) clients reached ¥75.44 million, reflecting progress in deepening high-value-added relationships with key customers.

Value-added revenue from the decarbonization DX business grew strongly, up 48.5% year on year. The company is building out its business foundation through initiatives such as the establishment of the Circular DX Company and strengthened collaboration with local governments. Its unique positioning combining GX (green transformation) and DX represents a differentiating factor that is difficult for competitors to replicate in the short term.

ENVALITH's Perspective

For FY2026 (ending March 2026), operating profit achieved a V-shaped recovery, reaching ¥1,600 million, up 224.6% year on year; however, DC utilization rate excluding first- and second-year new graduates remained flat at 85.0% (down 0.4 percentage points year on year). Simultaneously achieving the FY2027 (ending March 2027) targets of an 85% utilization rate and a 10% operating margin will require rapid deployment of the 244 new hires and a planned withdrawal from low-margin projects; the certainty of execution will be the focal point of the assessment.

The turnover rate for FY2026 (ending March 2026) worsened to 12.1% (up 1.0 percentage point year on year), which the company itself recognizes as its top management priority. As competition for domestic IT talent intensifies as an external factor, attention should be paid to whether the base pay increase implemented in April 2026 and the review of the compensation structure will contribute to improved retention. There remains a risk that upfront increases in recruitment and training costs will keep the SG&A expense ratio (19.8%, up 1.1 percentage points year on year) elevated.

The earnings forecast for FY2027 (ending March 2027) sets ambitious targets of revenue of ¥26,866 million (up 10.0% year on year) and operating profit of ¥2,500 million (up 56.2% year on year). As an external factor, the robust expansion of the domestic DX market (projected to reach ¥10,275.7 billion in scale by FY2030) is a tailwind, but the forecast is premised on the simultaneous achievement of multiple KPIs, including a DX revenue ratio of 70% (currently 54.2%), the establishment of 5 new companies, and a net increase of 5 client companies with annual transactions of ¥300 million or more, making the degree of difficulty in realization high.

Growth Strategy

Completing the transition of DX field support positions and establishing a highly profitable, high-growth business by FY2027 (ending March 2027)

The company aims to develop 90% or more of its overall DC (Development Center) workforce into DX talent by the end of FY2027 (ending March 2027), promoting planned withdrawal from low-price, low-growth projects along with a personnel rotation and development plan. As of the end of FY2026 (ending March 2026), the DX talent ratio reached 72.0%, leaving a remaining 18-point gap to close as a key challenge.

The company plans to establish 5 new specialized companies in FY2027 (ending March 2027) to build a high-growth service portfolio across 4 business domains. Through enhanced ABM-based account management, it aims to achieve a net increase of 5 large-account clients with annual revenue of ¥300 million or more year-on-year, raising the DX revenue ratio from the current 54.2% to 70%.

The company has set a target of developing and producing 1,000 Decarbonization DX talents by FY2027 (ending March 2027), promoting the cultivation of specialized personnel who combine GX (green transformation) literacy with digital skills. In FY2026 (ending March 2026), value-added revenue from the Decarbonization DX business grew 48.5% year-on-year, achieving strong growth, and the segment is being cultivated as a new revenue pillar.

Based on the guideline 'Creator's Value 1.6,' which aims to increase annual income by 1.6 times by 2030, the company implemented a base salary increase in April 2026. It has set targets for FY2027 (ending March 2027) of a 0.2-point year-on-year improvement in employee engagement score and a 1.0-point year-on-year improvement in turnover rate, aiming to strengthen talent retention and recruiting competitiveness.

Last updated: July 19, 2026