ENVALITH
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Timee, Inc.

215A・Growth Market・Services

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Timee, Inc.215A

Business

Timee, Inc. is a paid employment placement business operator whose core business is "Timee," a gap-time job (sukima baito) matching service that connects "time available to work" with "time needing workers." Since launching the service in August 2018, the company has achieved rapid growth through its unique value proposition of no résumé, no interview, and same-day payment, growing into Japan's No.1 gap-time job platform, with 12.74 million registered workers and 417,000 registered client business locations as of the end of October 2025. It functions as a social infrastructure connecting clients across a wide range of industries—including logistics, food service, retail, hotels, and elderly care—with diverse workers ranging from those in their twenties to seniors. In addition to its core "Timee" matching service, the company also offers peripheral services such as "Timee Career Plus," a full-time employment placement service, and projects to reduce the onboarding burden for client acceptance.

Business Model

Clients can recruit workers with no initial fees or listing fees, adopting a fully success-based fee structure under which approximately 30% of wages and other compensation incurred after a worker completes their assignment is paid to the Company as a commission. The average commission rate for FY2025 (ending October 2025) was 29.3%. Growth in gross merchandise value (the total amount of wages and other compensation paid to workers) directly drives continuous growth in net sales. By having the Company advance wage payments to workers, clients are provided with a system that requires only a single lump-sum settlement, closed at month-end and paid at the end of the following month.

Company Strengths

As of the end of October 2025, the company had 12.74 million registered workers and 417,000 registered client business locations, establishing itself as Japan's No.1 gig work platform. The utilization rate for FY2025 (ending October 2025) was maintained at a high level of 86.1%, substantially exceeding the part-time industry average of approximately 14%. The expansion of core workers (working 8 or more times per month) supports stable utilization.

In Q4 of FY2025 (ending October 2025), 95% of gross merchandise value came from accounts that were already active in prior quarters, with continued use by the existing customer base accounting for the majority of revenue. Additionally, approximately 65% of workers are repeat users who have worked multiple times at the same workplace, and the accumulation of 45.2 million cumulative mutual reviews enhances the platform's reliability and promotes autonomous expansion.

In FY2025 (ending October 2025), the company recorded revenue of ¥34,289 million, operating profit of ¥6,747 million (operating margin of approximately 19.7%), and net income of ¥5,310 million. The success-fee-based model, which is free of initial fees and listing charges, lowers barriers to entry for clients while enabling revenue to grow in line with the expansion of gross merchandise value, achieving a high profit margin.

ENVALITH's Perspective

FY2026 (ending April 2026) is an irregular six-month fiscal period due to a change in the fiscal year-end (net sales of ¥21,006 million, operating profit of ¥3,812 million), and a simple comparison with the previous period (12 months) is not meaningful. However, on a monthly-converted basis, net sales are approximately ¥3,501 million/month and operating profit approximately ¥635 million/month, exceeding the previous period's monthly average (net sales of approximately ¥2,857 million/month, operating profit of approximately ¥562 million/month). The full-year forecast for FY2027 (ending April 2027) (net sales of ¥47,613 million to ¥48,823 million, operating profit of ¥8,821 million to ¥9,746 million) shows substantial revenue and profit growth compared with the previous period, confirming the continuation of the growth trajectory.

The company has explained that in FY2027 (ending April 2027), "the year-on-year increase amount, which had been on a declining trend, will reverse to an increase in both the first half and second half." As external factors, the company explicitly cites risks including sluggish consumer sentiment and reduced logistics volume stemming from the Middle East situation, as well as a decline in the number of agents due to material supply constraints in food retail, which underpin the lower bound of the forecast. On the other hand, the expansion of field manager deployment and the materialization of marketing investment effects in the nursing care and welfare industry underpin the upper bound. Whether this reversal is achieved will be the dividing line for share price valuation.

For FY2027 (ending April 2027), the company has explicitly stated a policy of front-loading upfront investment in the first half, including recruitment and marketing costs for field managers in the logistics industry and costs for acquiring qualified personnel in the nursing care and welfare industry. The cumulative operating profit forecast for the first half (¥3,997 million to ¥4,388 million) accounts for only about 45–46% of the full-year forecast (¥8,821 million to ¥9,746 million), indicating a structure in which profit is concentrated in the second half. Whether the investment effects materialize in the second half is key to the full-year outcome, making it important to monitor quarterly KPIs (utilization rate, gross merchandise value, and number of active accounts).

Growth Strategy

Accelerating the platform's transformation into social infrastructure through advance investment in focus areas and diversification into adjacent businesses

The company is actively recruiting and increasing the number of field managers, who are responsible for on-site training of workers accepted by client locations, aiming to expand the number of assigned worksites and improve productivity. With August 1, 2026 set as the business combination date, the Field Manager business will be transferred via a company split (absorption-type split) to Sukima Works Inc., establishing a dedicated subsidiary to enable a more agile operating structure.

The company is implementing strategic investments such as strengthened marketing and allocation of sales resources, concentrating worker marketing expenditures in the first half of FY2027 (ending April 2027) to acquire qualified personnel and promote utilization. It is building the foundation for improving utilization rates, aiming for the revenue contribution to become apparent from the second half onward.

As a revenue source beyond spot work, the company is advancing development of a direct recruiting platform that supports the hiring of full-time employees and long-term part-time workers. By leveraging Timee's extensive worker data and employment track record for recruitment matching, the company aims to generate cross-selling opportunities with existing clients.

At the Board of Directors meeting on June 11, 2026, the company resolved to establish Timee Financial (capital of ¥100,000 thousand, wholly owned by the company). The purpose is to commercialize adjacent business areas, such as financial-related solutions, leveraging the Timee platform, with establishment scheduled for July 10, 2026. The impact on FY2027 (ending April 2027) results is expected to be minor.

Based on the Board of Directors resolution of March 25, 2026, the company implemented a share buyback with an upper limit of 1,007,280 shares and a total acquisition amount of ¥1,460,556,000. As of May 31, 2026, a cumulative total of 1,007,200 shares had been acquired for ¥1,275,666,600, nearly completing the program. While prioritizing growth investment above all, the company aims to balance the expansion of earnings per share with agile shareholder returns.

Last updated: July 17, 2026