Stmn, Inc.
4019・Growth Market・Information & Communication
Business
Stamen Inc. operates under the mission of "Delivering inspiration and spreading happiness to as many people as possible," and is a SaaS company centered on the corporate engagement platform "TUNAG" and the online community platform "FANTS." Founded in Nagoya in 2016, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2020. TUNAG has been adopted by 1,344 companies, primarily in non-desk worker industries such as manufacturing, logistics, retail, and nursing care, with ARR surpassing ¥3,000 million. FANTS supports 566 communities including professional sports teams, artists, and influencers. The company is also expanding its cloud security service "Watchy," advancing the diversification of its business portfolio.
Business Model
Both TUNAG and FANTS adopt a subscription model based primarily on monthly usage fees tied to the number of accounts. TUNAG's recurring revenue ratio stands at 85.7%, while FANTS has also shifted from its former revenue-share model to a subscription-based model, raising its ratio to 66.1%. New customers are acquired through the company's own activities—web advertising, exhibitions, outbound calls, etc.—as well as via partners such as financial institutions and industry-specialized consulting firms. The structure is such that the Customer Success department maintains retention rates while driving up average MRR through upselling.
Company Strengths
TUNAG's revenue recurring ratio remained at 85.7%, while FANTS also rose sharply to 66.1% (up from 43.7% in the previous period) due to the transition to a subscription fee structure. Through the accumulation of monthly usage fees, revenue expanded approximately 2.9x from ¥1,301 million in FY2022 to ¥3,818 million in FY2025. ARR surpassed ¥3,000 million, resulting in high predictability of earnings.
The number of TUNAG client companies increased for 12 consecutive quarters, from 605 companies in 1Q FY2023 to 1,344 companies in 4Q FY2025. In FY2025 alone, the number increased by a net 288 companies. Average MRR also reached ¥202 thousand, up ¥6 thousand year-on-year, with revenue accumulating through both expansion of the customer base and upselling.
The number of communities operated on FANTS increased by 379 in a single period, from 187 at the end of the previous period to 566 (approximately 3x). The transition to a subscription-based fee structure and the strengthening of the sales and customer support systems have accelerated adoption among highly business-motivated customer segments such as influencers and school operators, markedly advancing the stabilization of the revenue base.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly 4.2x over four years, from ¥914 million in FY2021 to ¥3,818 million in FY2025. In 1Q (cumulative) of FY2026 (ending December 2026), revenue was ¥1,143 million (up 40.8% year on year), operating profit was ¥105 million (up 122.8%), ordinary profit was ¥108 million (up 117.4%), and quarterly net profit attributable to owners of the parent was ¥71 million (up 207.1%), with profit growth substantially outpacing revenue growth, revealing profit leverage. Quarterly net profit per share was ¥8.11 (versus ¥2.65 in the same period of the prior year). The financial position remains sound, with total assets of ¥2,483 million and an equity ratio of 60.5%. The full-year earnings forecast remains unchanged at revenue of ¥5,155 million and operating profit of ¥400 million. As for the external environment, growing interest in human capital management and expanding DX demand in the non-desk worker industry continue to serve as tailwinds.
Growth Strategy
Rapid breakthrough of TUNAG ARR to ¥5 billion, expansion of FANTS market share, and diversification of the business portfolio
The company maintains a multi-layered customer acquisition channel through enhanced web marketing, utilization of web-based sales meetings, exhibition participation, and partnerships with financial institutions and partner companies, while pursuing continuous improvement in average MRR through upselling driven by strengthened customer success efforts. As of the end of March 2026, the number of client companies reached 1,404 and average MRR reached ¥202 thousand.
The company completed the transition of its fee structure from a revenue-share model to a subscription-based model, shifting to contract forms premised on continuous usage. It has accelerated adoption among highly motivated customer segments such as influencers and school operators, achieving 607 operated communities and average MRR of ¥61 thousand as of the end of March 2026.
Watchy, launched in February 2023, is being developed to expand into the security domain in addition to the engagement business. While it is currently not considered significant as a core segment, it is positioned as groundwork for medium- to long-term revenue diversification.
The full-year forecast for FY2026 (ending December 2026) is net sales of ¥5,155 million (up 35.0% year-on-year), operating profit of ¥400 million (up 37.4% year-on-year), and net income of ¥266 million (up 27.9% year-on-year). As of Q1, progress rates stood at 22.2% for net sales and 26.4% for operating profit, generally proceeding as planned. There has been no change to the earnings forecast.
Last updated: July 17, 2026