Toyokumo, Inc.
4058・Growth Market・Information & Communication
Business
Toyokumo, Inc. operates under the mission of "freeing everyone from inefficient work," developing and selling cloud services for businesses. Its core offerings rest on three pillars: the Anpi Confirmation Service, which confirms employee safety during disasters; the kintone Integration Services (a suite of workflow-efficiency tools that integrate with Cybozu's kintone, including Print Creator, Form Bridge, kViewer, and three other services, totaling six services); and the knowledge management tool NotePM. Its customer base spans domestic corporations of all industries and sizes, with a strength in simple UI/UX usable even by IT beginners. Founded in 2010 as a subsidiary of Cybozu, the company became independent through an MBO in 2014, and listed on the Tokyo Stock Exchange Mothers market (now Growth Market) in 2020. In January 2025, it made Project Mode Inc. a subsidiary, expanding the scale of its business.
Business Model
A stock-type business built on monthly recurring revenue (MRR) linked to usage duration. Customers can complete everything from application to implementation online, and standardized service delivery—requiring no sales visits or individual customization—minimizes indirect costs. In addition to direct sales, the company also utilizes agency (reseller) channels. The structure is such that increases in the number of paid contracts and reductions in churn rate directly drive revenue and profit through MRR expansion. As of the end of December 2025, the number of paid contracts reached 4,753 for the Anpi Confirmation Service and 14,946 for kintone Integration Services and related offerings.
Company Strengths
The churn rate as of the end of December 2025 remained at a low 0.83%. The nature of the business—BCP and operational efficiency tools that are relatively unaffected by epidemics or economic conditions—has helped suppress cancellations, and the number of paid contracts has continued to accumulate: Anpi Confirmation Service grew 76% versus the end of 2021 (2,697 to 4,753 contracts), while kintone Integration Services and others grew 139% (6,244 to 14,946 contracts).
For FY2025 (ending December 2025), the company achieved operating profit of ¥1,605 million (operating margin of 33.0%) against net sales of ¥4,858 million. Its standardized model—requiring no field sales visits, no individual customization, and fully completed online—has kept SG&A expenses low. Capital expenditure is also light at ¥89 million, and operating cash flow of ¥2,020 million far exceeds the profit level, demonstrating strong cash-generating capability.
In January 2025, the company made Project Mode Inc. a subsidiary (acquisition cost of ¥1,185 million), recording goodwill of ¥881 million and customer-related assets of ¥308 million. Even after the M&A, cash and deposits remained at ¥4,407 million, giving the company a financial base to respond to the next investment opportunity using its own funds under debt-free management.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years expanded consistently from ¥1,577 million (FY2021) to ¥4,858 million (FY2025). FY2025 saw rapid expansion of +54% year-on-year due to M&A effects. In Q1 FY2026 (ending December 2026), revenue was ¥1,389 million (+29.0% year-on-year), operating profit was ¥600 million (+80.5% year-on-year), and EBITDA was ¥665 million (+70.0% year-on-year), with all metrics accelerating. The operating profit margin improved significantly to 43.2% from 30.8% in the same quarter of the prior year. In terms of the external environment, expanding domestic cloud demand—driven by the promotion of DX, the spread of generative AI, and the establishment of remote work—has been a tailwind. Total assets stood at ¥6,038 million, and the equity ratio was maintained at a healthy 68.1%.
Growth Strategy
Expanding NotePM adoption, growing the kintone enterprise business, and building the next business pillar through M&A
Promoting expanded NotePM sales through the reseller (agency) channel launched in February 2025, and acquiring new customers through mass advertising investment. Aiming to raise brand awareness in the knowledge management market and accelerate the accumulation of paid contracts.
Promoting cross-selling and upselling in kintone Integration Services while expanding functionality and strengthening the sales organization for local governments and large corporations to raise average revenue per customer. A deepening strategy leveraging the base of 14,946 paid contracts.
Steadily capturing the integration effects of the Project Mode acquisition (2025) while continuing to search for the next M&A candidate. In conjunction with nurturing new services including Gyomu Pack and Toyokumo Scheduler, reducing dependence on kintone and Anpi Confirmation Service.
Based on the resolution of the Board of Directors on February 13, 2026, a share buyback of 60,700 shares (¥110 million) was carried out. The annual dividend forecast for FY2026 (ending December 2026) is maintained at ¥27.00 per share (up ¥7.00 year on year), maintaining a policy of dividend increases and strengthening shareholder returns.
Last updated: July 17, 2026