ENVALITH
クックパッド株式会社 logo

Cookpad Inc.

2193・Standard Market・Services

Official website
クックパッド株式会社 logo
Cookpad Inc.2193

Business

Cookpad Inc. was founded in 1997 and operates under the mission of "making everyday cooking something to look forward to," as a cooking-focused internet services company. Its core business is "Cookpad," a recipe posting and search service (with a paid premium membership model) that is offered both in Japan and overseas. In addition, the company operates "moment," an AI camera-based personal cooking coaching service, and "Cookpad Mart," a fresh food distribution service that utilizes refrigerated delivery lockers installed at apartment buildings and other locations. With a group structure of six consolidated subsidiaries, the company is pursuing global expansion, and it listed on the Standard Market of the Tokyo Stock Exchange in 2022. Its primary customers are general household users who cook on a daily basis, spanning a wide range of demographics both in Japan and abroad.

Business Model

Main revenue source is paid premium membership for the recipe service (providing added-value features such as popularity-ranked search and menu suggestions). Revenue for FY2025 (ending December 2025) was ¥5,336 million, with premium membership revenue accounting for the majority. In addition to operating profit of ¥264 million, financial income of ¥948 million from securities investment (up 114% year on year) supported pre-tax profit. Capital expenditure was light at ¥58 million, and the company follows a capital allocation policy of directing cash on hand toward new business investment and share buybacks.

Company Strengths

Launched a recipe posting and search service in 1998, followed by the introduction of a premium service in 2004. Over 27 years of operating history along with accumulated recipe assets and a user community (including the "Tsukurepo" feature, etc.) form an entry barrier. The company has integrated its Japan and global development organizations, establishing an improvement framework as a common global platform.

Financial income from securities investment in FY2025 (ending December 2025) was ¥948 million (up 114% year on year). Securities were acquired (¥5,961 million in expenditure) with the aim of diversifying the risk of asset value erosion in cash and deposits. Financial income, substantially exceeding operating profit of ¥264 million, supported pre-tax profit of ¥1,098 million, complementing fluctuations in business earnings.

As of the end of FY2025 (ending December 2025), against total assets of ¥14,102 million, total liabilities stood at only ¥1,205 million, with total equity of ¥12,897 million. Interest-bearing debt consists substantially only of lease liabilities, indicating high financial soundness. In addition to cash and cash equivalents of ¥5,885 million, the company holds highly liquid securities, maintaining a level of liquidity on hand sufficient relative to the scale of its business.

ENVALITH's Perspective

Revenue for Q1 FY2026 (fiscal year ending December 2026) was ¥1,267 million (down 7.7% year on year), continuing the decline. Meanwhile, selling, general and administrative expenses swelled to ¥1,397 million (up 10.5% year on year), including a one-time cost of ¥182 million related to workforce restructuring at overseas offices, resulting in an operating loss of ¥137 million (versus operating profit of ¥89 million in the same period a year earlier). Annual revenue has declined by approximately 47% over five years, from ¥10,004 million in FY2021 to ¥5,337 million in FY2025, making the shrinking revenue base the most significant concern.

In Q1 FY2026 (fiscal year ending December 2026), fair value valuation losses on held securities, driven mainly by market fluctuations in the U.S. market, were recorded as financial expenses of ¥365 million, widening the pre-tax loss to ¥415 million (compared with pre-tax profit of ¥149 million in the same period a year earlier). This structure, in which external factors such as market volatility significantly sway earnings, makes it difficult to grasp the true state of the business and substantially undermines the stability and predictability of performance.

The consolidated earnings forecast for FY2026 (ending December 2026) remains undisclosed, as the company continues to state that it is "difficult to reasonably estimate." While it states that it will flexibly determine the timing and scale of investments, no specific numerical targets have been provided regarding the profitability outlook for moment and Cookpad Mart. With the progress of new businesses remaining difficult to evaluate, the lack of information serving as a basis for investment decisions continues to be an issue for institutional investors.

Growth Strategy

Aiming to transform the cooking experience through AI utilization, global market expansion, and the development of new businesses

The company is rolling out "moment," a service that personalizes individual cooking experiences using AI technology. As of Q1 FY2026 (ending December 2026), the company reports gaining positive traction, but specific revenue contribution and KPIs have not been disclosed.

The company continues to expand "Cookpad Mart," a fresh food distribution service aimed at removing barriers to cooking. Specific progress and target figures for monetization remain undisclosed, and the investment phase continues.

In Q1 FY2026 (ending December 2026), the company recorded one-time expenses of ¥182 million related to workforce restructuring at overseas locations. This effort to streamline business operations is underway as part of a mid- to long-term initiative to improve the cost structure.

As of March 31, 2026, the company cancelled 28,621,500 shares of treasury stock, reducing the number of shares issued from 107,429,400 to 78,807,900. This measure, aimed at enhancing per-share value and improving capital efficiency, has been completed.

Last updated: July 17, 2026