CELSYS,Inc.
3663・Prime Market・Information & Communication
Business
CELSYS, Inc. develops and sells "CLIP STUDIO PAINT," an application for illustration, manga, Webtoon, and animation production, and provides services for the creator economy market centered on this core product. Founded in 1991, the company listed on the Prime Market of the Tokyo Stock Exchange in 2024. Its flagship product supports 11 languages worldwide, and cumulative shipments surpassed 60 million units in January 2026. Over 80% of shipments are for overseas markets, with global creators as the primary customer base. The business consists of two areas: the Creator Support field (net sales of ¥8,123 million) and the Creator Platform field (net sales of ¥1,349 million). In January 2025, the company absorbed a subsidiary through merger and consolidated operations into a single segment.
Business Model
The flagship product "CLIP STUDIO PAINT" is offered through a combination of a subscription model and a perpetual license model. Subscription ARR reached ¥5,400 million in December 2025 (up 25.4% year on year), with the monthly churn rate remaining stable at 4.6%. For the perpetual license model, a price increase of up to 8% was implemented in conjunction with the Ver.4.0 major version upgrade. The company maintains diverse sales channels, including stores such as the App Store and Google Play, its own website, and device manufacturer channels, and also offers volume licenses for educational and professional use.
Company Strengths
Cumulative shipments of "CLIP STUDIO PAINT" surpassed 60 million units in January 2026 (up 26.5% year on year). Subscription ARR reached a record high of ¥5,400 million in December 2025 (up 25.4% year on year), and the monthly churn rate remained stable at 4.6%, indicating steady continued usage.
For FY2025 (ending December 2025), net sales were ¥9,471 million and operating profit was ¥2,968 million, with an operating margin of 31.3%. Both net sales and operating profit reached record highs, achieving 102.3% of the revised plan for net sales and 102.3% for operating profit. ROE stood at 35.5%, achieving the mid-term management plan KPI of ROE of 30% or higher in the very first year.
"CLIP STUDIO PAINT" supports 11 languages worldwide, with over 80% of shipments destined for overseas markets. In March 2024, Portuguese, Indonesian, and Thai versions were added, strengthening marketing and localization of payment methods for emerging markets such as Southeast Asia and Latin America.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal years, from ¥6,891 million in FY2021 to ¥9,472 million in FY2025. The operating margin bottomed out at 16.7% in FY2023 and has since improved at an accelerating pace, reaching 31.3% in FY2025 and 43.2% on a cumulative basis in Q1 FY2026 (up 11.6pt year on year)—a substantial improvement. In Q1 FY2026, revenue was ¥2,803 million (up 16.7% year on year), operating profit was ¥1,211 million (up 59.6% year on year), and quarterly net profit was ¥813 million (up 18.9% year on year), with key indicators marking new quarterly record highs. The relative decline in cost of sales resulting from the Ver.5.0 major version upgrade, along with the effect of the price revision, boosted profitability. The full-year forecast remains unchanged, at revenue of ¥9,963 million (up 5.2% year on year) and operating profit of ¥3,317 million (up 11.8% year on year).
Growth Strategy
Expanding CLIP STUDIO PAINT subscriptions and building a second earnings pillar through a new platform
Under the offering model requiring a subscription contract or preferential purchase to use the latest features from Ver.5.0 onward, the company is promoting the migration of one-time purchase users to subscriptions. ARR reached a record high of ¥5,800 million as of March 2026 (up 25.9% year-on-year), strengthening the medium- to long-term stable earnings base.
With the Ver.5.0 release in March 2026, the perpetual license price was raised by an average of 10%, achieving sales results significantly exceeding the initial plan. The company will continue periodic major version upgrades and price revisions in line with enhanced service value, aiming for sustained profitability improvement.
Of the cumulative shipment volume of 63.17 million units (as of March 2026), over 80% were for overseas markets. The company will continue to strengthen marketing toward emerging markets in Southeast Asia and Latin America and support mainstream payment methods in each country, aiming to maximize the potential customer base.
Leveraging the creator base cultivated through CLIP STUDIO PAINT, the company plans to globally release a new platform (Creator Monetization Support Platform (Name TBD)) to support creator monetization during FY2026 (ending March 2026). Planning and development toward building a second earnings pillar are ongoing.
In March 2026, the company retired 1.5 million treasury shares for the first time. An annual dividend of ¥38 per share is planned (an increase of ¥2 year-on-year), and full-year ROE is expected to exceed 40%, well above the medium-term management plan's target of 30% or more. The company aims to achieve both improved capital efficiency and financial soundness.
Last updated: July 17, 2026