Yappli,Inc.
4168・Growth Market・Information & Communication
Business
Yappli Inc. operates under the mission of "Making digital simple, enriching society," supporting corporate DX (digital transformation) with no-code technology requiring no programming as its core. Its flagship product, "Yappli," is a cloud-based platform that unifies the development, operation, and analysis of native apps for iOS and Android, deployed across three axes: Marketing (official apps for customers), HR (internal apps for employees), and BtoB (portals for business partners). The company added the web-building platform "Yappli WebX" in May 2025, entered the LINE mini-app market through a subsidiary acquisition in November 2025, and added "Yappli MobileOrder" and "Yappli MiniApp" in February 2026, driving its evolution into a Digital Experience Platform (DXP) that integrates apps, web, and LINE. Its main customers are domestic enterprise companies, primarily in apparel, retail, food service, and manufacturing.
Business Model
Revenue consists of "Platform revenue (recurring revenue such as monthly usage fees)" and "Professional Services revenue (flow-type revenue such as initial development and growth support)." In the fiscal year ended December 2025, the proportion of monthly usage fees was high at 82%, and the structure is built around three key metrics: 939 contracted apps, a monthly churn rate of 0.92% (12-month trailing average), and an average monthly usage fee per app of ¥460 thousand, with revenue accumulating cumulatively through new customer acquisition and upselling/cross-selling.
Company Strengths
Since its founding in 2013, the company has invested more than 10 years cumulatively in developing a no-code native app platform, continuously expanding functionality, improving UI/UX, and acquiring patents. Cumulative app downloads surpassed 200 million in June 2024, and a contract track record of 939 agreements, mainly with large enterprises, along with a low churn rate, serves as evidence of its competitive advantage.
The monthly usage fee ratio for FY2025 (ending December 2025) stood at 82% (a continued rise from 77% in FY2021, ending December 2021). The number of contracted apps increased 47% over five years, from 639 in FY2021 (ending December 2021) to 939 in FY2025 (ending December 2025), forming a stable revenue base through the cumulative build-up of recurring revenue. The operating margin reached 14.6%.
In addition to the core product "Yappli," the company has sequentially rolled out new offerings: "Yappli WebX" in May 2025, entry into the LINE mini-app business through a subsidiary acquisition in November 2025, and "Yappli MobileOrder" and "Yappli MiniApp" in February 2026. "Yappli CRM" functions as a cross-product data infrastructure, supporting a framework that drives LTV improvement through cross-selling and up-selling.
ENVALITH's Perspective
Performance Trend
Revenue has continued to grow steadily: ¥3,264 million in FY2021 → ¥4,142 million in FY2022 → ¥4,864 million in FY2023 → ¥5,511 million in FY2024 → ¥6,056 million in FY2025. Operating profit moved from losses in FY2021 and FY2022 to an expanding trend of ¥265 million in FY2023, ¥551 million in FY2024, and ¥883 million in FY2025. In Q1 of FY2026 (ending December 2026), the company achieved revenue of ¥1,707 million, operating profit of ¥396 million, and an operating margin of 23.2%, with profit progress particularly strong relative to the full-year forecast (revenue of ¥6,800 million, up 12.3% year on year; operating profit of ¥1,000 million, up 13.3% year on year). As for the external environment, stable trends in corporate digitalization investment are providing a tailwind, while uncertainty about the outlook continues due to rising prices, a weaker yen, and rising labor costs. The equity ratio improved to 62.5% (from 59.5% at the end of the previous fiscal year), indicating enhanced financial soundness.
Growth Strategy
Expanding customer LTV and market share through DXP evolution, multi-product expansion, and M&A
Launched "Yappli WebX," a no-code website building and management system with AI-powered design support features, in May 2025. It enables website construction without requiring specialized knowledge, aiming to increase ARPU by driving cross-selling to existing app customers and acquiring new customers.
Released "Yappli MiniApp," which supports the management and operation of LINE mini-apps, in February 2026. This enhances the company's value as a DXP that centrally manages the key digital touchpoints of apps, websites, and LINE mini-apps, strengthening its business foundation in the growing LINE mini-app market.
Made Yappli Food Connect Inc. (formerly Choose Monster Inc.) a subsidiary in November 2025, adding the mobile order service "Yappli MobileOrder" to its lineup. This aims to strengthen the business foundation in the LINE mini-app market and expand the customer base in the food service and retail domains.
Following a board resolution in February 2026 and approval at the ordinary general meeting of shareholders in March, introduced a restricted stock compensation plan for directors and employees. On May 8, 2026, a total of 90,632 shares (at ¥717 per share) were allotted to 3 directors and 30 employees, promoting incentives to enhance corporate value and shared value creation with shareholders.
Raised the annual dividend forecast for FY2026 (ending December 2026) from ¥13.00 to ¥15.00 (¥7.50 at the second quarter-end and ¥7.50 at year-end). This clarifies the company's commitment to returning profit growth to shareholders following the shift to profitability, deepening shared value creation with investors.
Last updated: July 17, 2026