MINKABU THE INFONOID, Inc.
4436・Growth Market・Information & Communication
Business
Minkabu the Infonoid, Inc. was established in 2006 under the corporate philosophy of "providing a mechanism to embody the value of information." The company is composed of two pillars: the Media Business, which operates comprehensive internet media (livedoor News / livedoor Blog, etc.) with approximately 100 million monthly users, and the Solutions Business, which develops "Kabutan", one of the largest domestic stock information media platforms, and B2B information solutions for over 170 financial institutions. The company holds a customer base of approximately 10 million individual investors along with long-accumulated financial data and behavioral information as information assets, providing multi-layered information services spanning B2C, B2B, and B2B2C. At the end of FY2025 (ending March 2025), the company shifted its policy from an aggressive investment stance to "selection and concentration," returning to a profitable structure in FY2026 (ending March 2026).
Business Model
The Media Business generates revenue from display advertising, network advertising, performance-based advertising, and monthly subscriptions (Minkabu Premium, etc.). The Solutions Business builds up revenue from monthly subscriptions and advertising income from Kabutan Premium, as well as ASP initial setup fees for financial institutions, subscription-based monthly usage fees (stock-type income), and contracted development and maintenance income from SI & Package Solutions Service. The company positions highly recurring B2B stock-type income as a growth pillar, and is transitioning toward a structure that enhances revenue stability.
Company Strengths
Through the provision of financial information services since its founding, the company has built a B2C customer base of approximately 10 million individual investors and a B2B customer base of over 170 financial institutions that serve as an indirect information distribution route. This two-tier customer base is a proprietary asset that is difficult for competitors to replicate in a short period, and forms the foundation for expanding stock-type recurring revenue in the Solutions Business.
The company operates a comprehensive internet media platform—including livedoor News, livedoor Blog, and Kabutan, among others—with approximately 100 million average monthly unique users, and holds long-accumulated behavioral information and financial data on individual investors and general consumers as a structured information asset. This information asset serves as the foundation for developing new AI-powered services (Robot Report AI, Kabutan Market AI, etc.).
"Kabutan Premium" implemented a monthly fee increase in October 2024, and the combination of growth in paid membership—supported by an active stock market—and the price increase effect resulted in the Solutions Business achieving revenue growth of 5.5% year-on-year and segment profit growth of 379.1% year-on-year (FY2026, ending March 2026). The continued growth in membership even after the price increase demonstrates the company's pricing power.
ENVALITH's Perspective
Performance Trend
Net sales trended upward from ¥5,482 million in FY2022 → ¥6,836 million in FY2023 → ¥9,920 million in FY2024 → ¥10,549 million in FY2025, but in FY2026 sales fell 16.8% year-on-year to ¥8,780 million, marking the first revenue decline in five periods. On the other hand, operating income turned positive at ¥549 million in FY2026, following consecutive losses of ¥700 million in FY2024 and ¥1,911 million in FY2025. Net income also improved significantly, from ¥5,525 million in losses in FY2025 to ¥742 million in profit in FY2026. As an external factor, the buoyant domestic stock market appears to have spurred individual investor activity, contributing to the expansion of revenue from Kabutan Premium. Additionally, following a correction to the consolidated statement of comprehensive income, comprehensive income for FY2026 was revised to ¥933 million (post-correction).
Growth Strategy
Established a stable earnings structure through selection and concentration, aiming to re-accelerate growth centered on Kabutan and Information Solutions Service
The company implemented withdrawal from unprofitable businesses in the Media Business and a fundamental reduction in fixed costs. In FY2026 (ending March 2026), despite a decline in revenue, it achieved operating profit of ¥549 million, realizing a significant improvement in the break-even point.
The company aims to expand stock-type revenue in the Solutions Business through the effect of the monthly fee increase implemented in October 2024 and the continued growth in the number of paid subscribers. Demand for investment information among individual investors is rising, driven by a buoyant domestic equity market.
The company has officially launched high-value-added SaaS-type services such as Robot Report AI and Workplace Asset Formation Solution for financial institutions, aiming to increase unit prices and build up stock-type revenue through upselling to its existing customer base of over 170 companies.
The company aims to expand traffic through efficient, AI-driven accumulation of stock-type content, while also aiming to recover advertising revenue through improvements in network advertising inventory. It is also promoting the strengthening of creator economy-related businesses to expand revenue from UGC platforms.
The company aims to expand its Information Solutions Service, cultivated for domestic financial institutions, into overseas markets. It is expected to develop new revenue sources by leveraging its existing domestic track record and technology base.
Last updated: July 19, 2026