ENVALITH
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Future Corporation

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Future Corporation4722

Business

Future Corporation, founded in 1989, transitioned to a holding company structure in 2016. It is an IT consulting group comprising 20 consolidated subsidiaries and 4 equity-method affiliates. In its core IT Consulting & Services Business (revenue of ¥67,515 million), the company handles DX and core system renewal for large enterprises using a "trinity" approach combining management strategy, business process reform, and system reform. Its second pillar, the Business Innovation Business (revenue of ¥8,486 million), develops original services in EC, media, sports DX, and other areas. Major customers include large enterprises in finance, retail, manufacturing, healthcare, and other sectors. Consolidated revenue for FY2025 (ending December 2025) was ¥75,993 million.

Business Model

From a vendor-neutral position independent of hardware and software vendors, the company provides consulting, design, development, and maintenance/operations in an integrated, end-to-end manner. In addition, it deploys its proprietary intellectual property—such as the Next-Generation Banking System, FutureBANK, and FutureApparel—through a hybrid model combining licensing and consulting, building up recurring revenue. The IT Consulting & Services Business maintains a high operating margin of 24.3%.

Company Strengths

In FY2025 (ending December 2025), the IT Consulting & Services Business posted an operating margin of 24.3% (23.9% in the prior period), significantly exceeding the company's own target of 20% or higher. The consolidated operating margin also reached 21.3%, with the high-value-added, consulting-centric model underpinning a highly profitable structure.

The cloud-based core banking system for financial institutions, the Next-Generation Banking System, began stable operation at Shimane Bank in July 2025. Deployment decisions and design work have started for three newly contracted banks—Sendai Bank, Kirayaka Bank, and Towa Bank. In addition, deployment at SBI Shinsei Bank was decided in January 2026, with concrete results accumulating from the IP-based expansion model.

Revenue increased 56% over five periods, from ¥48,699 million in FY2021 (ending December 2021) to ¥75,993 million in FY2025 (ending December 2025). Operating profit rose 80% over the same period, from ¥9,000 million to ¥16,176 million. Order intake also grew a solid +14.8% year on year (¥74,883 million), and order backlog rose +7.0% year on year (¥18,949 million), confirming the sustainability of growth through these leading indicators.

ENVALITH's Perspective

Proprietary intellectual property such as the Next-Generation Banking System and FutureBANK has a structure in which license revenue accumulates in layers as the number of implemented institutions increases. If expansion to major banks including SBI Shinsei Bank progresses, this is expected to help build a stable revenue base that is no longer dependent on one-off projects. However, maintaining operational stability and support systems after implementation remains an ongoing challenge.

Operating profit for the Business Innovation Business in FY2025 (ending December 2025) was ¥178 million (down 53.2% year on year), with an operating margin of 2.1%, far below the company's own target of 10%. This reflects continued losses at YOCABITO and a rebound decline at Curiosity, and the pace of earnings improvement in this business is a point investors should watch closely.

The company is stepping up investment in human capital, including raising expected starting salaries for new graduate hires in FY2026, expanding the value-based hiring compensation structure, and introducing the Future PhD Support Program. A mid-term evaluation point will be whether the impact of rising personnel costs on the profit margin of the highly profitable IT Consulting business can be offset by productivity gains from renewing the AI-driven design and development process.

Growth Strategy

Accelerating group growth through three pillars: AI-driven DX support, intellectual property deployment, and M&A

Following stable operation at Shimane Bank (July 2025), design work has begun at three banks: Sendai Bank, Kirayaka Bank, and Towa Bank. In January 2026, deployment at SBI Shinsei Bank was also decided. The company continues to promote horizontal expansion of its intellectual-property deployment model for financial institutions.

Under the management strategy of "designing management and AI," the company is promoting deep integration of generative AI into its own business processes. It is implementing new generative-AI-powered functions in FutureBANK and advancing AI utilization in its integrated project management tools.

Revamp, which became a consolidated subsidiary in March 2024, will contribute for the full fiscal year starting FY2025 (ending December 2025). Joint sales activities with Future Architect have secured new projects, and both the Management Marketing Business and DX Business exceeded plan.

The segment aims to shift to a sustained profitable trend through measures such as loss reduction at YOCABITO via strengthened private-brand offerings and fixed-cost reductions, and expanded composite revenue from Tokyo Calendar's advertising, events, and online services. In FY2025 (ending December 2025), the segment recorded operating profit of ¥178 million.

The company is accelerating the acquisition and development of advanced talent in fields such as AI through raising expected starting salaries for FY2026 new graduate hires, expanding the value-based hiring compensation structure, and introducing the "Future PhD Support Program," a support system for working professionals pursuing doctoral degrees.

Last updated: April 27, 2026