GMO Commerce, Inc.
410A・Growth Market・Services
GMO Commerce, Inc.
410A・Growth Market・Services
Business
GMO Commerce, Inc. operates under the management philosophy of becoming "the 'marketing platform' for every store," providing a digital marketing platform that offers seamless support from customer acquisition to repeat-customer development for store operators across a wide range of industries, including retail, food service, apparel, and services. Founded in 2012, the company listed on the Growth Market of the Tokyo Stock Exchange in September 2025. Its core services are "GMO Marketing DX," which integrates LINE, Instagram, apps, and email, and "GMO Marketing Connect," which enables AI-personalized message delivery. As of the end of December 2025, the company's services had been adopted by 17,011 stores, giving it a broad customer base ranging from small and medium-sized stores to major nationwide chains. As a member of the GMO Internet Group, the company also leverages reliability and group synergies as strengths.
Business Model
Revenue is composed of three categories: "stock (monthly fixed fee)," "transaction (usage-based fee)," and "other (initial fees, etc.)." FY2025 results were ¥1,719 million for stock (approx. 70%), ¥308 million for transaction (approx. 13%), and ¥431 million for other (approx. 17%). While automatic renewal of one-year contracts forms a stable revenue base, the structure is such that the increase in the number of deliveries accompanying the spread of AI-personalized delivery drives the expansion of transaction revenue. Dedicated staff providing hands-on support underpins the high retention rate and raises switching costs.
Company Strengths
The monthly average churn rate for January-December 2025 remained low at 1.7% (down 0.4 pt year-on-year). Fixed monthly recurring revenue from one-year auto-renewal contracts accounts for approximately 70% of sales (¥1,719 million), forming a highly predictable revenue base. On-site adoption support through hands-on assistance is the main driver of churn suppression.
For four consecutive years since 2022, the company has ranked among the top performers in both the "Sales Partner" and "Store Promotion Partner" categories of the LINE Yahoo Partner Program. In 2025, it received the "Best LINE Official Account Growth" award. The company holds a top-class track record among LINE official account support providers, forming a barrier to entry.
The number of stores using the service reached 17,011 (up 10.7% year-on-year) as of the end of December 2025, while the fourth-quarter customer unit price rose to ¥12,205 (up 19.4% year-on-year), with both volume and price expanding in tandem. As a result, the company achieved record-high profits, with net sales of ¥2,460 million (up 24.0% year-on-year) and operating profit of ¥524 million (up 50.2% year-on-year).
ENVALITH's Perspective
Performance Trend
Growth is expected to accelerate from full-year FY2025 (ended December 2025) results (revenue of ¥2,460 million, operating profit of ¥524 million, net income of ¥343 million) to the full-year FY2026 (ending December 2026) forecast (revenue of ¥2,956 million, up 20.2% year on year; operating profit of ¥640 million, up 22.3%; net income of ¥423 million, up 23.6%). Q1 FY2026 (ending December 2026) results (revenue of ¥710 million, operating profit of ¥157 million, quarterly net income of ¥111 million) secured a progress rate of roughly 25% against the full-year forecast, indicating a high probability of achieving the plan. Regarding the external environment, the services sector is trending steadily on the back of wage increases and inbound demand, while resource price volatility stemming from geopolitical risk, domestic interest rate trends, and labor shortages remain factors of uncertainty going forward. Total assets stood at ¥3,894 million (down ¥144 million from the previous fiscal year-end), net assets at ¥2,665 million, and the equity ratio at 68.5%, maintaining sound financial health.
Growth Strategy
Pursuing ARR maximization through an integrated approach of expanding customer store count, improving ARPU, and driving upsell
Expanding the number of customer stores through enhanced direct sales, cross-selling within existing brands, leveraging the GMO Group customer base, and collaboration with sales partners. As of the end of March 2026, the number reached 17,514 stores (+503 stores versus the end of December 2025), showing favorable progress. Penetration into new industries such as beauty/barber services and healthcare is also advancing.
The policy is to expand usage-based revenue through the activation of personalized distribution accompanying the accumulation of operational data, centered on "GMO Marketing Connect" (launched February 2025), thereby achieving mid- to long-term ARPU improvement. ARPU as of the end of March 2026 was ¥12,035, a slight decrease, but the company explains this as due to temporary factors.
Improving capital efficiency through the share buyback resolved on March 23, 2026 (upper limit of 166,000 shares, ¥265 million, April-June 2026). As of the end of April, 53,400 shares had been acquired (acquisition value of ¥64 million). Combined with the projected annual dividend of ¥48.24 (an increase of ¥7.94 year-on-year), total shareholder returns are being strengthened.
Promoting penetration into new industries such as beauty/barber services and healthcare through strengthened collaboration with sales partners. Continuing mutual customer referrals leveraging the GMO Internet Group customer base, aiming to diversify risk and expand growth opportunities through diversification of target industries.
Last updated: July 17, 2026