ENVALITH
株式会社ココナラ logo

coconala Inc.

4176・Growth Market・Information & Communication

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株式会社ココナラ logo
coconala Inc.4176

Business

coconala, Inc. was founded in 2011 with the vision of "creating a world in which each individual can live out their own story." At its core is coconala Skill Market (approximately 1 million listed services, with over 1.2 million registered skill providers), a marketplace for buying and selling individual knowledge, skills, and experience. The company also operates coconala Legal Consultation, a lawyer-matching service; coconala Tech, a matching service for IT freelance talent; and coconala Assist, a time-based billing BPO service, among others. While the potential market size for person-to-person and business-to-person services is estimated at approximately ¥37 trillion, the online transaction ratio remains at only about 1%. The company aims to capture first-mover advantages as a pioneer driving this shift to e-commerce. It is listed on the Tokyo Stock Exchange Growth Market.

Business Model

In the Marketplace segment, the core revenue driver is a take-rate model in which a 20% fee is collected from sellers and a 5% fee from buyers upon completion of service provision. In addition, "coconala Legal Consultation" generates fixed monthly advertising fees from lawyers, and "Seller Support," launched in July 2025, has created a monthly subscription-based seller support charge, advancing revenue diversification. In the Agent segment, coconala acts as the contracting party under a subcontracting arrangement, earning recurring service-based revenue from staffing matching and BPO operations.

Company Strengths

As of the end of August 2025, the company has over 1.2 million registered skill providers and approximately 1 million listed services. It covers 19 main categories and over 740 subcategories, addressing a wide range of needs from production and business-related services to consultation and personal services. This scale of database forms a barrier to entry that is difficult for competitors to replicate in a short period.

The company launched its Skill Marketplace in July 2012 and has led the domestic service e-commerce market. It also has institutional backing for its credibility, including its listing on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2021 and its acquisition of Sharing Economy Association certification in 2017. The ecosystem it has built as a first mover, including transaction ratings and ranking systems, fosters a sense of security among buyers.

Revenue expanded approximately 2.5x over three years, from ¥3,837 million in FY2022 (ending August 2022) to ¥9,411 million in FY2025 (ending August 2025). The company achieved a turnaround to operating profit (¥305 million) in FY2024 (ending August 2024), and recorded profit attributable to owners of parent of ¥307 million in FY2025 (ending August 2025) as well. The Agent segment expanded rapidly, up 140.4% year on year to ¥3,690 million, driving growth for the group as a whole.

ENVALITH's Perspective

For the cumulative nine months of FY2026 (ending August 2026), operating profit was ¥410 million (up 42.2% year-on-year) and ordinary profit was ¥416 million (up 60.1% year-on-year), showing substantial improvement. However, quarterly net income attributable to owners of the parent decreased to ¥284 million (down 5.4% year-on-year). The main cause was a significant increase in total corporate income taxes to ¥132 million for the current period, reflecting a rebound from the prior-year period, when a reversal gain from deferred tax assets (income tax adjustment of ¥-84 million) had occurred. While underlying business profitability has improved, it should be noted that the falloff in tax effects is depressing net income.

Against the full-year earnings forecast (net sales of ¥11,000 million, operating profit of ¥450 million), the cumulative nine-month progress rate was 69.5% for net sales and 91.2% for operating profit, indicating a high level of progress on the profit side. The plan for standalone Q4 operating profit is approximately ¥40 million, and achievement of the full-year forecast appears to be within reach. However, gross merchandise value declined slightly by 0.5% year-on-year, and the slowdown in the pace of transaction volume expansion in the Marketplace segment continues to warrant close attention.

Following the subsidiarization of Frame Career in March 2026, goodwill in the Agent segment increased by ¥196 million, expanding the consolidated goodwill balance to ¥1,045 million (from ¥919 million at the end of the previous fiscal year). Combined with customer-related assets of ¥271 million, total intangible fixed assets reached ¥1,342 million, reflecting the continued buildup of intangible assets as the M&A strategy progresses. The Agent segment remains loss-making, and the realization of acquisition synergies and progress toward profitability will be an important point to monitor going forward in terms of impairment risk management.

Growth Strategy

Expansion of the service economic zone through a compound strategy and early monetization of the Agent business

Renewed categories in coconala Skill Market to develop areas where sellers with generative AI-compatible skills can thrive. Aimed at improving buyer convenience and expanding listings, contributing to a 6.0% year-on-year increase in Marketplace revenue for the same quarter.

Acquired all shares of Frame Career Co., Ltd., which operates an SES business, making it a consolidated subsidiary as of March 2, 2026. Expanded the scale of the Agent segment's business, contributing to an 11.7% year-on-year increase in revenue for the same quarter. Goodwill increased by ¥196 million.

Promoted the use of AI and revision of the sales model in the Agent segment, significantly improving sales efficiency at coconala Tech. The Agent segment loss narrowed to ¥186 million from ¥188 million in the same quarter of the previous year, confirming progress toward profitability.

The corporate BPO service "coconala Assist" has achieved rapid growth driven by increases in the number of clients and workers, leading revenue expansion in the Agent segment. It contributes to the expansion of the economic zone as a stable revenue source based on continuous service provision.

The full-year forecast for FY2026 (ending August 2026) is revenue of ¥11,000 million (up 16.9% year on year) and operating profit of ¥450 million (up 75.7% year on year). The cumulative Q3 progress rate for operating profit stands at a high 91.2%, and there is no revision to the earnings forecast.

Last updated: July 17, 2026