Kakaku.com,Inc.
2371・Prime Market・Services
Business
The Kakaku.com Group operates under the mission of "creating new conventions through a user-first approach," and runs four segments: the purchase-support site 'Kakaku.com,' the restaurant search and reservation service 'Tabelog,' the job-listing aggregation service 'Kyujin Box,' and an incubation business handling real estate, travel, lifestyle services, and more. Consolidated revenue for FY2026 (ending March 2026) was ¥94,127 million. Tabelog alone reached 97.08 million monthly users, and as a platform supporting consumer decision-making across diverse life scenarios such as purchasing, dining out, job hunting, and travel, the company maintains a customer base spanning both individual users and businesses (restaurants, recruiting companies, insurance companies, etc.).
Business Model
The company attracts a large user base and generates revenue from business operators in three forms: fees based on referral outcomes (Shopping, reservation, and job-posting click charges), listing and promotional service fees (restaurant advertising and paid plans), and banner/text advertising income. In the Insurance Agency Business (Kakaku.com Insurance, Inc.), fees are also earned based on contracts concluded. Segment profit margins remain high across businesses, with the Kakaku.com Business at 53.1% and the Tabelog Business at 55.2%.
Company Strengths
Tabelog lists information on over 890,000 restaurants nationwide, and monthly active users reached 97.08 million in March 2026. Revenue for FY2026 (ending March 2026) was ¥40,239 million (up 20.2% year on year), with a high segment profit margin of 55.2%. Restaurant reservation sales expanded rapidly, up 29.9% year on year to ¥20,063 million, with continued growth in the number of paying member restaurants and online reservation users supporting the revenue base.
Operating cash flow for FY2026 (ending March 2026) was ¥25,354 million. The two core businesses, Kakaku.com and Tabelog, boast extremely high profitability, with segment profit margins of 53.1% and 55.2% respectively. While maintaining debt-free management, the company holds ¥46,468 million in cash and cash equivalents, giving it a financial foundation capable of funding M&A, growth investment, and shareholder returns from its own funds.
The company has a track record of continuously expanding its business domains through M&A, including making Time Design a subsidiary in 2014, LCL a subsidiary in 2018, Pathee a subsidiary in 2022, and LiPLUS Holdings a subsidiary in April 2025 (acquisition consideration of ¥3,943 million). Revenue in the Incubation business grew 26.6% year on year to ¥10,071 million in FY2026 (ending March 2026), with M&A synergies contributing to business performance.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 1.8x over five periods, from ¥51,723 million in FY2022 (ended March 2022) to ¥94,127 million in FY2026 (ending March 2026), with growth accelerating to 20.0% in FY2026. Meanwhile, operating profit fell to ¥27,243 million (down 7.0% year on year), marking the first profit decline in five periods. Tabelog Business (segment profit of ¥22,196 million, up 22.8% year on year) and the Incubation Business (¥2,740 million, up 42.3%) drove profit growth, but the Kyujinbox Business's swing into a loss (-¥1,486 million) and expanded company-wide costs (-¥8,756 million) weighed on profit. In the Kakaku.com Business, rising interest rates have dampened demand for housing loans as an external factor, contributing to a decline in revenue in the finance area. The operating margin declined from 37.3% in the previous period to 28.9%.
Growth Strategy
Aiming for double-digit CAGR growth under the medium-term management plan, driving three pillars: deepening Tabelog, expanding the HR business, and pursuing M&A
Through expansion of online reservation services (including for inbound demand) and continued rollout of DX services for restaurants, restaurant reservation revenue reached ¥20,063 million in FY2026 (ending March 2026), up 29.9% year on year. The company will continue to expand services that meet the needs of both users and restaurants.
In April 2026, the company made Engage (with over 6 million registered job seekers and over 700,000 companies using its recruitment support tools) a subsidiary, establishing a two-brand structure comprising "Kyujinbox" and "Engage." By leveraging the strengths of both services to enhance content and improve functionality, the company aims to create medium- to long-term synergies and strengthen its earnings base.
Through the consolidation of LiPLUS Holdings, Inc. (made a subsidiary in April 2025 at an acquisition cost of ¥3,943 million), the company newly established the "Lifestyle" domain, and Incubation Business revenue reached ¥10,071 million, up 26.6% year on year. The company will continue to pursue new business development and M&A.
From FY2027 (ending March 2027), the company will introduce Adjusted EBITDA (operating profit + depreciation and amortization + share-based compensation expenses ± one-time gains/losses) as its Management Performance Metric (MPM). The forecast for FY2027 (ending March 2027) is ¥36,000 million. The aim is to promote dialogue with investors and appropriately disclose earning power during the growth investment phase.
While capturing external factors such as PC replacement demand driven by the end of Windows 10 support, the company is promoting content enhancement, expansion of value-added services, and the establishment of an efficient operating structure. In the finance domain, mortgage-related revenue continues to decline due to rising interest rates, making the exploration of new revenue opportunities a key challenge.
Last updated: July 19, 2026