Wantedly, Inc.
3991・Growth Market・Information & Communication
Business
Wantedly, Inc. operates under the mission of "increasing the number of people whose hearts race at work, through the ultimate right-person-right-place matching," running the "Wantedly" SNS platform for all business professionals. Its core company-visit app "Wantedly Visit" is characterized by empathy-based matching centered on vision and values rather than salary and benefits, and has 43,000 registered corporate users and 4.32 million individual users domestically. Beyond recruitment support, the company operates the next-generation recruitment management system "Wantedly Hire" and the employee engagement support service "Engagement Suite" (internal newsletters, team management, and employee benefits), aiming to evolve into a platform that provides seamless support across an individual's career, from initial encounter through retention and success. Listed on the TSE Growth Market.
Business Model
Revenue is structured around two axes: stock revenue (subscription usage fees for the basic plan) and flow revenue (optional sales such as scouting, advertising, and content creation). The company adopts a low-unit-price, multi-customer model, with the top 10 customers accounting for less than 10% of sales, eliminating dependence on specific customers. The fee structure, premised on continued usage, creates a structure in which long-term customers accumulate over time, forming a cycle of improved customer satisfaction → contract renewal → revenue accumulation. Funding needs are met through self-financing via operating cash flow, and the outstanding balance of borrowings is zero.
Company Strengths
For the fiscal year ended 2025, operating profit was ¥1,645 million against operating revenue of ¥4,909 million, representing an operating margin of approximately 33.5%. The company has maintained an operating margin above 30% for four consecutive periods since the fiscal year ended 2022, supported by a subscription-based business model and a low-unit-price, multi-customer structure that underpins high profitability. Zero borrowings and cash and deposits of ¥6,237 million also underscore its no-debt management and financial soundness.
The service has a word-of-mouth/viral structure in which corporate and individual users sharing content on the SNS drives inflow of new users. As of the end of August 2025, the company had 43,000 registered corporate users and 4.32 million individual users domestically in Japan. Since the service launched in 2012, it has achieved steady user growth without excessive reliance on marketing expenses.
The top 10 customers by sales account for less than 10% of total revenue, resulting in extremely low risk of revenue concentration on specific customers. The low-unit-price, multi-customer model limits the impact of any individual customer's cancellation on overall business performance, creating a structure with high revenue stability and predictability.
ENVALITH's Perspective
Performance Trend
From FY2021 to FY2025, the company achieved five consecutive years of revenue and profit growth, with revenue rising from ¥3,575 million to ¥4,909 million and operating profit from ¥414 million to ¥1,645 million. However, FY2026 (ending August 2026) marks a turning point. Cumulative nine-month operating revenue was ¥3,429 million (down 7.4% year-on-year) and operating profit was ¥700 million (down 49.2% year-on-year), reflecting a significant decline in both revenue and profit in the core business. The main cause was a decrease in new orders for Wantedly Visit, compounded by cost pressure from increased upfront investment, primarily in advertising expenses. Quarterly net profit increased to ¥1,378 million (up 59.0% year-on-year) due to the recording of extraordinary income from head office relocation compensation (¥1,550 million), but underlying earnings power, excluding this one-time factor, has declined substantially. The full-year forecast (operating revenue of ¥4,970 million and operating profit of ¥1,000 million) remains unchanged, premised on a recovery in the fourth quarter.
Growth Strategy
Pursuing mid-to-long-term growth through three pillars: enhancing Visit's value, new investment in Hire, and AI utilization
Through functional enhancements such as improvements to the recommendation algorithm of the core product Visit, the company aims to increase the value provided to corporate and individual users, thereby driving a recovery in new order intake and improving retention rates among existing customers. However, in the cumulative nine months of FY2026 (ending March 2026)... (note: fiscal year noted below), the decline in new order intake continued, making it urgent for these measures to show effect.
The company is increasing expenses, primarily advertising and promotional costs, as upfront investment in its new recruitment service "Wantedly Hire." In the cumulative nine months of FY2026 (ending August 2026), operating expenses increased year on year, reflecting the ongoing investment phase. While this lays the groundwork for future revenue diversification, it is a factor pressuring profit margins in the short term.
The company continues to offer Engagement Suite, aimed at expanding into the area of post-hire retention and employee engagement support. It aims to expand customer LTV through cross-selling to existing recruitment customers. As of the end of the third quarter, the offering remains ongoing, but the scale of its revenue contribution has not been disclosed.
The company aims to strengthen its competitive advantage and create new revenue opportunities through the utilization of AI across its business operations. While specific measures and progress details are not disclosed in the earnings report, this is positioned as a mid-to-long-term growth driver.
Last updated: July 17, 2026