Nulab Inc.
5033・Growth Market・Information & Communication
Business
Nulab Inc. operates under the mission of "To make creating simple and enjoyable," providing three SaaS services: the project management tool "Backlog," the visual collaboration tool "Cacoo," and the security and governance enhancement tool "Nulab Pass." Its main customers are companies and teams across a wide range of industries, both IT and non-IT, and its services are characterized by user interfaces that are easy to use for everyone from engineers to general office workers. The company was founded in Fukuoka in 2004 and listed on the Tokyo Stock Exchange Growth Market in 2022. Net sales for FY2026 (ending March 2026) were ¥4,394 million. The company has liquidated its overseas subsidiary and is concentrating management resources on its core domestic business.
Business Model
Backlog and Cacoo adopt flat-rate subscriptions based on usage period and capacity (some plans offer unlimited users), while Nulab Pass adopts usage-based billing according to the number of user IDs. The design allows shared use with members outside the contract, enabling product-led growth (PLG) in which users who experience the product encourage adoption within their own companies. ARR (as of March 2026) stood at ¥4,574 million, the monthly churn rate remained low at 0.27%, and the LTV/CAC ratio reached 10.9x.
Company Strengths
As of March 2026, the monthly churn rate stood at an extremely low 0.27%, with the LTV/CAC ratio reaching 10.9x. Paid subscriptions totaled 18,906, and deferred revenue accumulated to ¥1,874 million (up 8.1% year on year), numerically underscoring the stability of the subscription-based revenue foundation.
Backlog's main plan adopts a flat-rate pricing model with unlimited users, allowing external members outside the contract to use the same space. This creates a referral cycle in which users who experience the product encourage their own companies to adopt it, enabling product-led customer acquisition that does not depend on advertising spend. In FY2026 (ending March 2026), Backlog sales amounted to ¥4,042 million, accounting for 92% of the total.
Cash and cash equivalents at the end of FY2026 (ending March 2026) stood at ¥2,976 million. The company has no interest-bearing debt and has retained the funds raised through the public offering at the time of its IPO as internal reserves. It possesses the financial capacity to fund capital expenditures (¥306 million in FY2026) as well as future M&A and new business investments from its own funds.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥2,328 million in FY2022 (ended March 2022) to ¥4,393 million in FY2026 (ending March 2026), roughly 1.9x over five fiscal years, maintaining a continued growth trend. However, the revenue growth rate decelerated from 12.3% in FY2025 (ended March 2025) to 6.8% in FY2026 (ending March 2026). Operating profit surged to ¥640 million (up 92.8% year on year) in FY2025 (ended March 2025), then plunged to ¥354 million (down 44.6% year on year) in FY2026 (ending March 2026). In addition to SG&A expenses rising to ¥2,888 million (up 24.3% year on year), significantly outpacing revenue growth, an extraordinary loss of ¥111,699 thousand associated with the liquidation of an overseas subsidiary weighed on net profit, resulting in profit attributable to owners of parent of ¥178 million (down 67.7% year on year). Operating cash flow decreased sharply to ¥282 million (from ¥749 million in the prior period), while investing cash flow expanded to an outflow of ¥350 million (from ¥128 million in the prior period). The cash balance remained ample at ¥2,975 million. For FY2027 (ending March 2027), the company forecasts operating profit of ¥650 million, which would mark a new record high.
Growth Strategy
Deepening the existing business through AI feature enhancement and new business creation, while pursuing discontinuous growth via M&A
Following highly favorable feedback during the beta phase, the company is actively rolling out "Backlog AI Assistant," an AI-powered operations support feature officially released in March 2026, to existing customers. By converting it into a paid option, the company aims to raise average revenue per customer and strengthen Backlog's earnings base, positioning this as a key initiative driving profit growth in FY2027 (ending March 2027).
In FY2026 (ending March 2026), selling, general and administrative expenses were expanded by 24.3% year on year to ¥2,888 million to strengthen the sales and marketing organization. The company aims to capture demand for DX promotion and information security, accelerating new contract acquisition for Backlog and Nulab Pass. In FY2027 (ending March 2027), profit margins are expected to recover through optimization of investment efficiency.
An internal-external collaboration program that promotes the development of innovative new products through a selection process based on entries from outside the company. It aims to reduce dependence on Backlog and establish new future revenue sources, with the selection process currently underway. The specific timing and scale of commercialization have not been disclosed.
The company decided to liquidate Nulab USA, Inc. and Nulab Netherlands B.V., recording a provision for business structure improvement of ¥102,447 thousand. This is intended to reduce overseas expansion costs, concentrate management resources on the core domestic business, and improve the financial structure. A risk remains that actual liquidation-related expenses may diverge from the estimated amount.
The company has announced a policy of focusing on M&A in parallel with new product development, in order to establish a new growth model that does not depend on Backlog in the future. It has investment capacity backed by a debt-free financial base with ¥2,975 million in cash, but specific deals and target areas have not been disclosed at this time.
Last updated: July 19, 2026