ENVALITH
株式会社アイズ logo

EYEZ,INC.

5242・Growth Market・Information & Communication

Official website
株式会社アイズ logo
EYEZ,INC.5242

Business

EYEZ, INC. upholds the corporate philosophy of "pursuing everyone's inspiration and happiness," and develops as its core services the BtoB platform for the advertising and marketing industry "Media Radar," the SNS word-of-mouth marketing service "Torami," and the factoring comparison site "Facclog." Its main customers are advertising and marketing service providers (listing companies) such as TV stations, publishers, web media, and marketing companies, as well as advertisers and advertising agencies (members). The company listed on the Tokyo Stock Exchange Growth Market in December 2022. In 2025, it acquired and merged with rimad, Inc., expanding its business portfolio into the financial services domain.

Business Model

In Media Radar, when a member seeking advertising/marketing information (free registration) takes an action such as downloading materials or attending a seminar, the resulting lead information is provided to the listing company, and revenue is monetized through per-lead billing. Torami is a service-delivery model in which SNS members (approximately 150,000) conduct product trials and post reviews, with the resulting output delivered to clients. Facclog provides leads to factoring companies on a performance-fee basis. All of these maintain a high-profitability structure with gross margins exceeding 90%.

Company Strengths

From FY2022 (ended December 2022) to FY2025 (ended December 2025), the gross profit margin rose from 90.2% → 90.8% → 91.5% → 90.9%, remaining above 90% for four consecutive periods. Due to the characteristics of the platform-type business, the cost of sales ratio is kept low, with cost of sales in FY2025 (ended December 2025) amounting to only ¥87,848 thousand (cost of sales ratio of 9.1%).

Media Radar's average lead unit price rose for four consecutive periods, from ¥2,723 in FY2022 (ended December 2022) → ¥2,950 in FY2023 (ended December 2023) → ¥3,095 in FY2024 (ended December 2024) → ¥3,890 in FY2025 (ended December 2025). In FY2025 (ended December 2025), the unit price increased significantly by 25.7% year on year, reflecting ongoing qualitative improvement in unit pricing.

The company has continuously expanded its business domains through M&A, including the business transfer acquisition of the cosmetics review site "COSMEbi" in May 2024, the business transfer acquisition of the influencer matching platform "Talema." in February 2025, and the acquisition of rimad Inc. (Facclog) as a subsidiary in September 2025 followed by its absorption-type merger in December of the same year.

ENVALITH's Perspective

The swing to operating profit of ¥2 million in Q1 FY2026 (ending December 2026) represents an improvement of approximately ¥5 million year-on-year. This appears mainly attributable to Facclog, which recorded sales of ¥63 million, accounting for roughly 24% of the company's total. On the other hand, the two mainstay services remain on a downward revenue trend, with Media Radar down 31.3% year-on-year to ¥94 million and Torami down 11.7% year-on-year to ¥75 million, warranting close attention to the structural risk of dependence on Facclog.

The full-year forecast for FY2026 (ending December 2026) calls for net sales of ¥1,008 million (up 4.4% year-on-year) and operating profit of ¥7 million. Q1 net sales of ¥257 million represent progress of approximately 25.5% against the full-year forecast, broadly in line with plan, while Q1 operating profit of ¥2 million represents progress of about 31% against the full-year forecast of ¥7 million, a relatively high progress rate. However, Torami has experienced delays in the acceptance of several projects and delayed booking of new projects, meaning the plan is premised on a catch-up in the second half, which represents a risk factor.

Interest expense in Q1 FY2026 (ending December 2026) rose to ¥852 thousand, approximately ten times the ¥82 thousand recorded in the same quarter of the previous year. This increase stems from interest costs on borrowings related to the Facclog acquisition (long-term borrowings balance: ¥191 million current + ¥149 million non-current = ¥340 million total). Amid the ongoing external environment of rising interest rates, the balance between the pace of debt reduction and profit-generating capacity remains a point of attention from a financial soundness perspective. The equity ratio improved to 57.6% (from 55.1% at the end of the previous fiscal year), indicating a stable financial base.

Growth Strategy

Cultivating Facclog as a third pillar while advancing qualitative transformation of the two core services

Deployed across four axes: customer acquisition through agency sales, customer attraction via advertising and SEO, lead provision through bulk appraisal services, and direct sales to factoring companies. Recorded ¥63 million in Q1 FY2026 (quarter ended March 2026), growing to account for approximately 24% of total company sales. The company aims for further expansion over the full fiscal year.

Strengthening the provision of higher-quality leads for listed companies by shifting the usage mix from bulk document downloads to individual document downloads. Combined with restraint on advertising investment, this is improving cost efficiency. However, sales in Q1 FY2026 (quarter ended March 2026) continued to decline, coming in at ¥94 million (down 31.3% year on year), leaving unit-price improvement as a challenge to offset the decline.

At Torami, the company is advancing automated creation of advertising reports using generative AI, aiming to improve the cost structure through operational efficiency gains. The cost of sales ratio fell to 6.5% in Q1 FY2026 (quarter ended March 2026), indicating that the effects of efficiency improvements are beginning to show in the numbers.

Continuing the model of expanding matching platform know-how into other industries, as demonstrated through the acquisition of Facclog (September 2025). The company's policy is to pursue medium- to long-term diversification of its earnings base, which is currently skewed toward the advertising and marketing domain.

Last updated: July 17, 2026