ENVALITH
株式会社レントラックス logo

Rentracks CO.,LTD.

6045・Growth Market・Services

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株式会社レントラックス logo
Rentracks CO.,LTD.6045

Business

Rentracks Co., Ltd. is an internet advertising company founded in 2005 that operates four business segments centered on its core Performance-Based Advertising Service Business "Rentracks": the Programmatic Advertising Agency Business, the Used Construction Machinery Marketplace Business, and the Precious Metal Reuse, Processing and Refining Business. Built on a platform business model connecting advertisers, partner site operators, and buyers, the company forms a group consisting of 5 domestic subsidiaries and 13 overseas subsidiaries. In FY2026 (ending March 2026), consolidated net sales were ¥4,440 million, with performance-based advertising accounting for 50.7% and used construction machinery accounting for 38.8%. The company is listed on the Growth Market of the Tokyo Stock Exchange.

Business Model

In the Performance-Based Advertising Service Business, no initial or monthly fees are charged to advertisers; compensation is received only upon approval of results. Partner site operators ensure quality through closed-type screening, providing advertisers with high cost-effectiveness. The Used Construction Machinery Marketplace Business similarly operates on a fully performance-based trading intermediary model, setting low entry barriers for both sellers and buyers. The Programmatic Advertising Agency Business collects agency fees as an official agency for LINE Yahoo and Google.

Company Strengths

As of the end of March 2026, the number of partner site operators was 64,719 (up 3,974 year on year). Media quality is maintained through a closed-type screening system under which registration is only possible via referral from existing operators, and this provides a point of differentiation from competitors by enabling advertisers to reach an actively engaged consumer segment.

The used construction machinery platform operated by subsidiary GROWTH POWER supports Japanese, English, and Chinese, and revenue from Asia in FY2026 (ending March 2026) rose sharply to ¥1,353 million (from ¥899 million in the prior fiscal year). New sales channels have also been developed for Europe and other regions, and the fully performance-based fee model keeps entry barriers low for both sellers and buyers.

In the Programmatic Advertising Agency Business, the company holds official agency status with LINE Yahoo Corporation (contract signed in 2009) and Google Japan G.K. (terms agreed in 2011). It has built a system that comprehensively covers the major programmatic advertising platforms, and revenue from this business expanded rapidly to 316.0% year on year in FY2026 (ending March 2026).

ENVALITH's Perspective

Net income attributable to owners of parent for FY2026 (ending March 2026) surged to ¥2,570 million (up 284.6% year on year), but the main driver was a gain on bargain purchase of ¥2,079 million (extraordinary income) recognized in connection with the consolidation of Ijima Kingin Kogyo as a subsidiary. Meanwhile, operating income declined 8.0% year on year to ¥1,051 million, as M&A-related expenses and increases in the provision for shareholder benefits and shareholder registry administrator-related costs weighed on profit. Investors need to clearly distinguish between the apparent surge in net income and the company's recurring earnings power when evaluating performance.

The consolidated earnings forecast for FY2027 (ending March 2027) calls for net sales of ¥43,182 million (up 872.6% year on year), reflecting a sharp expansion driven by the full-year consolidated contribution of Ijima Kingin Kogyo, while the operating margin is expected to fall sharply from 23.7% to 3.0%. In addition, for the first half, operating income and ordinary income are expected to fall below the year-earlier levels due to an increase in cost of sales resulting from the fair value measurement of inventories at the time of business combination, among other factors, raising concerns about a deterioration in short-term profit momentum.

Cash flow from operating activities for FY2026 (ending March 2026) turned negative at ¥-441 million (versus ¥1,579 million in the previous period). The main causes were an increase in trade receivables of ¥1,597 million and payments of corporate taxes of ¥644 million, with the deduction of the ¥2,079 million gain on bargain purchase as a non-cash item also having an impact. The balance of cash and cash equivalents at period end declined sharply to ¥4,052 million (versus ¥6,098 million in the previous period), and continuous monitoring of cash flow is required in conjunction with trends in investing activities (¥1,853 million for acquisition of shares of subsidiaries) and financing activities (¥2,050 million in long-term borrowings).

Growth Strategy

Parallel advancement of deepening the core advertising business, overseas expansion of used construction machinery, and monetization of the precious metal reuse business

While continuing to focus on existing genres such as finance, automobiles, and beauty clinics, the company will strengthen sales efforts targeting advertisers in new fields such as retail products. Leveraging the expansion of the internet advertising market (media spending up 111.8% year-on-year in 2025) as a tailwind, the company aims to expand its industry share. Revenue from this business in FY2026 (ending March 2026) rose steadily to ¥2,253 million (up 2.6% year-on-year).

Revenue from Asia increased substantially in FY2026 (ending March 2026) to ¥1,353 million (from ¥899 million in the previous period), and new sales channels were also developed in Europe and other regions. Leveraging multilingual support and a fully performance-based fee model, the company will continue to expand transactions with overseas buyers. Continued growth of this business is expected in FY2027 (ending March 2027) as well.

Through Ijima Kingin Kogyo, which was made a consolidated subsidiary in February 2026, the company aims to cultivate the Precious Metal Reuse, Processing and Refining Business as a new pillar of earnings. In FY2026 (ending March 2026), the consolidation period was short and there was no impact on revenue or operating profit/loss, but in FY2027 (ending March 2027), revenue is expected to expand substantially due to the full-year consolidation contribution. In the first half, profit is expected to be squeezed by factors such as increased cost of sales associated with mark-to-market valuation of inventory, making early stabilization of earnings a key challenge.

The company will promote sales activities tailored to the market characteristics of each region at its domestic and overseas subsidiaries, aiming to improve overall group performance. It will maintain and strengthen the competitiveness of each business through the continuous acquisition of talented personnel. The Programmatic Advertising Agency Business expanded rapidly in FY2026 (ending March 2026), with revenue of ¥171 million (up 316.0% year-on-year).

Last updated: July 19, 2026