ENVALITH
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RACCOON HOLDINGS, Inc.

3031・Prime Market・Information & Communication

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株式会社ラクーンホールディングス logo
RACCOON HOLDINGS, Inc.3031

Business

Raccoon Holdings, Inc. is a holding company that operates under the management philosophy of "making corporate activities more efficient and convenient," providing services that digitalize inefficient commercial transactions among small and medium-sized enterprises. In its E-Commerce Business, it operates the BtoB wholesale e-commerce platform for apparel and general merchandise, "SUPER DELIVERY (domestic)" (domestic and overseas sites); in its Financial Business, it operates the accounts receivable guarantee service "URIHO" and the interbusiness payment processing service "Paid." Its main customers are small and medium-sized manufacturers, retailers, and general business operators in Japan and overseas, and the group as a whole holds a customer base of approximately 500,000 companies. Founded in 1993, it transitioned to the Prime Market of the Tokyo Stock Exchange in 2022.

Business Model

In the EC business, the company collects system usage fees from exhibiting companies based on transaction volume, and receives monthly membership fees (Standard Plan) from member retailers. In the Financial business, Paid collects guarantee fees from partner companies based on transaction volume, while URIHO is a subscription-based model that earns monthly membership fees per plan (fixed-rate or unlimited guarantee) from contracted companies. Both businesses have a highly recurring, subscription-like structure in which revenue expands through the accumulation of transaction volume and number of contracts.

Company Strengths

Across its three services—Super Delivery, URIHO, and Paid—the company holds a customer base of approximately 500,000 small and medium-sized enterprise (SME) clients in total. This is a unique customer segment not held by other companies, and it functions as a foundation for promoting cross-selling and improving LTV (lifetime value). The concept of the "Raccoon BtoB Network," which leverages this customer base, is positioned at the core of the company's long-term growth strategy.

As a result of discontinuing TV commercials in FY2025 (ended April 2025) and shifting focus to listing advertisements, advertising and promotion expenses decreased by 28.0% year on year, and overall selling, general and administrative expenses declined by 9.0% year on year. The EC business segment achieved a profit margin of 34.8%, while the Financial business segment profit increased by 97.6% year on year. Operating profit rose 121.3% year on year to ¥1,255 million, marking a record high.

Paid's transaction volume outside the group expanded to ¥41,287 million (up 14.5% year on year) in FY2025 (ended April 2025), while total transaction volume grew to ¥53,764 million (up 12.9% year on year). URIHO's guarantee balance stood at ¥62,999 million at the end of FY2025 (up 12.0% from the previous fiscal year-end). Appropriate control of credit screening has kept the cost of sales ratio at a low level, contributing to the improvement in the Financial business's profit margin.

ENVALITH's Perspective

The earnings forecast for FY2027 (ending April 2027) calls for net sales of ¥7,500 million (up 14.1% year on year), against which operating profit is projected at ¥600 million (down 54.6% year on year) and net income at ¥300 million (down 62.7% year on year), a substantial decline in profits. The main cause cited is upfront promotional investment based on the new medium-term management plan, but the timing and scale of the resulting investment effects remain unclear, making confirmation of the depth of the profit decline and the trajectory of recovery the key evaluation points for the time being.

As a result of issuing ¥2,000 million in convertible bond-type bonds with stock acquisition rights in FY2026 (ending April 2026), the equity ratio fell from 27.3% to 21.6%, and fixed liabilities surged from ¥939 million to ¥2,886 million. In addition, as a subsequent event, the issuance of 12,600 paid stock options (equivalent to a maximum of 5.93% of total shares outstanding) has also been resolved, and investors are likely to be conscious of the expanded financial leverage and potential share dilution as risk factors.

The "Raccoon BtoB Network" initiative, which includes a business alliance with Advantage Partners, aims to expand business through the utilization of the group's customer base and M&A, but concrete results remain at an early stage. In a pilot conducted in the fourth quarter of FY2026 (ending April 2026), the number of new domestic member registrations increased 40.9% quarter on quarter, a favorable leading indicator, but a full-fledged contribution to sales and profit is planned only from FY2028 (ending April 2028) onward, meaning that the medium- to long-term stock valuation depends heavily on the feasibility of realizing this initiative.

Growth Strategy

Expanding the BtoB customer base through increased promotional investment and the 'Raccoon BtoB Network'

The company is raising its level of promotional investment to expand its customer base. In the first year (FY2027, ending April), investment will precede revenue growth, causing a temporary decline in profit, but from the second year onward, the effects of the investment are expected to materialize, accelerating revenue growth and driving profit recovery and expansion. Favorable leading indicators were already confirmed in a pilot trial conducted in Q4 of FY2026 (ending April).

A business alliance agreement was concluded on November 28, 2025, advancing initiatives to accelerate growth strategy and strengthen execution capabilities. By incorporating services operated by the alliance partner into the 'Raccoon BtoB Network', the company aims to drive business growth through both its own operations and the alliance.

The company has announced a policy of actively pursuing M&A from FY2027 (ending April) onward. It has already secured funding through the issuance of ¥2,000 million in convertible bond-type stock acquisition rights bonds, establishing a financial foundation for M&A. However, the impact of M&A is not yet incorporated into the current earnings forecast.

Domestically, the company continues initiatives such as coupon and point issuance to expand wallet share, along with measures to increase new member registrations. Overseas, despite headwinds such as U.S. tariffs, growth in average purchase price per customer has supported transaction value. Total transaction value for FY2026 (ending April) reached ¥30,986 million (up 12.0% year on year).

The strategy is to continuously build up the guarantee balance through an increasing number of contracted companies, thereby driving revenue growth. The guarantee balance at the end of FY2026 (ending April) reached ¥76,434 million (up 21.3% from the end of the previous fiscal year), maintaining high growth. Appropriate control of credit screening has continued to keep the cost of sales ratio at a low level.

Last updated: July 17, 2026