RAKUS Co., Ltd.
3923・Prime Market・Information & Communication
Business
RAKUS Co., Ltd. operates under the mission "To continuously support the growth of companies through IT services," and is a SaaS company that plans, develops, and operates in-house multiple cloud services, including the expense reimbursement system Rakuraku Seisan, the statement issuance system Rakuraku Meisai, the sales management system Rakuraku Hanbai, and the attendance management system Rakuraku Kintai. Its primary customers are corporations, mainly domestic mid-sized and small-to-medium enterprises, and it addresses their needs for digitalization and efficiency improvement of back-office operations. In April 2026, the company transferred its IT Human Resources Business (RAKUS Partners Co., Ltd.) and shifted to a structure focused exclusively on the Cloud Business. It conducts business operations from 9 locations (10 locations as of the filing date of this document), including Tokyo, Osaka, Sapporo, Nagoya, and Fukuoka.
Business Model
The company adopts a stock-type business model that provides cloud services on a monthly subscription basis, generating stable recurring revenue as the number of client companies using the services accumulates. Planning, development, marketing, and customer success functions are handled consistently within the group, enabling continuous feature improvements and churn reduction by feeding customer feedback back into development. Increasing per-customer revenue through price revisions and upselling/cross-selling also serves as a pillar of revenue growth.
Company Strengths
Under the 5-year mid-term management targets based on FY2021 (ended March 2021), the company achieved and exceeded all targets: revenue CAGR of 31.4% (target: 31-32%), FY2026 (ending March 2026) net income of ¥13,293 million (target: ¥10 billion or more), and net assets of ¥26,034 million (target: ¥20 billion or more). This reliable execution of numerical targets underpins management credibility.
In FY2026 (ending March 2026), operating profit reached ¥17,345 million (up 70.2% year on year), and the EBITDA margin expanded sharply to 31.0% (from 23.2% in the prior period). The combination of advertising expense optimization in light of market conditions and the effects of price revisions has led to a structure in which revenue growth substantially outpaces the growth of cost of sales and selling expenses, and this trend is becoming entrenched.
As of the end of FY2026 (ending March 2026), the company had zero interest-bearing debt outstanding and held cash and cash equivalents of ¥13,891 million. Operating cash flow increased substantially to ¥13,391 million from ¥9,006 million in the prior period, providing a financial foundation that enables the company to flexibly execute growth investments, shareholder returns, and M&A using its own funds.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), the company recorded net sales of ¥60,286 million (up 23.3% year on year), operating profit of ¥17,345 million (up 70.2% year on year), and net income of ¥13,293 million (up 66.1% year on year), achieving its mid-term management targets (net income of ¥10.0 billion or more and net assets of ¥20.0 billion or more). The operating margin improved substantially from 20.8% (previous period) to 28.8%. As an external factor, ongoing demand from companies for digitalization and operational efficiency continued to serve as a tailwind. As an internal factor, optimization of advertising expenses and the effect of price revisions drove the improvement in profit margin. For FY2027 (ending March 2027), with the exclusion of the IT Human Resources Business, net sales are expected to decline slightly, but net income is planned to increase substantially due to the recording of a gain on business transfer of ¥16,685 million.
Growth Strategy
Pursuing quality growth that balances high growth with high profitability, aiming to achieve the Rule of 50 through the shift to a cloud-only business focus
In April 2026, the company transferred all shares of the IT Human Resources Business (Raksul Partners) to shift to a cloud-focused business structure. Under the next medium-term management plan, the company targets a CAGR of 15% or more in Cloud Business revenue, and aims for sales per full-time employee of ¥30 million or more (FY2029, ending March 2029).
The company aims to achieve the Rule of 50—where the sum of revenue growth rate and operating margin exceeds 50%—continuously from FY2028 (ending March 2028) onward. In FY2026 (ending March 2026), the actual result already reached 52.1% (growth rate of 23.3% plus margin of 28.8%), and maintaining and improving this level after becoming cloud-focused is the key challenge.
Viewing the rapid rise in corporate interest in generative AI as a driver of new value propositions and market opportunities, the company is accelerating the expansion of AI integration and the implementation of operational automation across the Rakuraku series. This aims to enhance added value in response to customers' needs for operational efficiency.
In FY2026 (ending March 2026), the company paid a dividend of ¥7.00 per share (payout ratio of 19.0%) and conducted share buybacks of ¥6,999 million (with full cancellation of repurchased shares), resulting in a total payout ratio of 71.3%. From the following fiscal year onward, the policy is to maintain a total payout ratio of 20% or more, with a planned dividend of ¥8.00 per share (up ¥1.00 year on year) for FY2027 (ending March 2027). The company intends to flexibly disclose additional shareholder return measures during the fiscal year as appropriate.
Last updated: July 19, 2026