ENVALITH
株式会社アトラエ logo

Atrae, Inc.

6194・Prime Market・Services

Official website
株式会社アトラエ logo
Atrae, Inc.6194

Business

Atrae, Inc. operates under the vision of "creating a company that captivates people around the world," developing its business as a "People Tech Company" that fuses technology with the HR domain. Its core services are two pillars: the success-fee-based recruitment media "Green" (specialized in the IT/Web industry) and the organizational strength improvement platform "Wevox". In addition, it operates the business matching app "Yenta" as a new business. The company covers the entire talent lifecycle—job seekers, hiring companies, and organizations—and aims to transform the structure of the traditionally labor-intensive HR industry by leveraging big data analytics and AI recommendations. Founded in 2003, the company is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

"Green" operates on a flat-fee success model in which a fixed success fee is earned when a job seeker is hired, with no restrictions on listing period or number of job postings, encouraging continued use by client companies. "Wevox" is a SaaS subscription for an engagement survey, generating stable recurring revenue as the number of client companies accumulates. In the fiscal year ended September 2025, revenue composition was ¥4,426 million for Green (down 13.7% year on year) and ¥3,154 million for Wevox (up 29.1% year on year), with the SaaS ratio expanding rapidly.

Company Strengths

Due to the nature of the success-fee-based model, the company can accumulate data across the entire recruitment process. Through its AI recommendation system, the document screening pass rate reached 22.5% in FY2025 (ended September 2025), improving from 19.9% in FY2021 (ended September 2021). The company has established a competitive advantage by offering a lower, fixed success fee compared to conventional recruitment agencies.

Wevox, officially launched in May 2017, achieved sales of ¥3,154 million in FY2025 (ended September 2025), up 29.1% year on year. As of the filing date of this document, the number of companies using the service has expanded to over 4,100, functioning as a stable SaaS-based revenue base. The establishment of the joint venture SMBC Wevox Inc. with Sumitomo Mitsui Financial Group (October 2023) is also driving sales channel expansion.

Operating profit for FY2025 (ended September 2025) was ¥1,853 million (operating margin of 24.3%). Operating cash flow was ¥1,869 million, and cash and cash equivalents stood at ¥4,161 million. The company maintains a robust financial base built on a principle of debt-free management, backed by a ¥2,100 million commitment line (with ¥1,600 million undrawn) from five partner banks.

ENVALITH's Perspective

In the first half of FY2026 (ending September 2026), the number of new hires placed through Green fell to 1,499 (down 8.3% year on year), and Green revenue remained sluggish at ¥1,981 million (down 6.4% year on year). Meanwhile, Wevox maintained high growth at ¥1,818 million (up 28.1% year on year). However, selling, general and administrative expenses expanded to ¥3,074 million (up 8.3% year on year) due to increased advertising expenses and rising personnel costs, resulting in a substantial decline in operating profit to ¥568 million (down 17.2% year on year). The gap between revenue growth (up 7.2% year on year) and the decline in profit is widening, and attention should be paid to the risk of a prolonged investment phase.

The full-year earnings forecast for FY2026 (ending September 2026) (revenue of ¥8,600 million, operating profit of ¥1,100 million, and net income of ¥756 million) remains unchanged. However, the first-half progress rate stood at only 44.4% for revenue and 51.7% for operating profit. In particular, the full-year operating profit forecast of ¥1,100 million represents a substantial decline from the previous fiscal year's actual result of ¥1,853 million, and whether cost control in the second half and a recovery at Green can be achieved will be key to attaining the full-year targets.

Operating profit before deduction of stock-based compensation was ¥717 million (down 15.9% year on year), and the ¥149 million difference from the reported operating profit of ¥568 million corresponds to stock-based compensation expenses (a non-cash expense not accompanied by cash outflow). As for the external environment, while uncertainty over U.S. trade policy and volatility in financial and capital markets pose risks that could affect corporate hiring appetite, demand for AI- and IoT-related talent in the IT and web industries remains firm, and this is noteworthy as an external factor that could support Green's recovery.

Growth Strategy

Aiming for sustainable growth on three axes: Green's re-growth, Wevox sales expansion, and enhanced shareholder returns

Increased advertising expenses to recover the number of hires at Green, while strengthening web marketing as a measure to increase the number of registered users. Also concurrently promoting improved recommendation accuracy through big data analysis and content expansion. In the first half of FY2026 (ending March 2026), the number of hires was 1,499 (down 8.3% year on year), still in the process of recovery.

Accelerating expansion into a wide range of industries and sectors through continuous product feature improvements and a strengthened customer success system. As of the first half of FY2026 (ending March 2026), the number of client companies exceeded 4,300, and net sales maintained high growth of 28.1% year on year.

The annual dividend forecast for FY2026 (ending March 2026) is ¥33 (an increase from ¥31 in the previous fiscal year). Repurchased 700,000 shares of treasury stock (¥502 million) between February and March 2026 and cancelled them within the same period. Also implemented a transfer to other capital surplus through a reduction of capital stock and capital reserve, aiming to improve capital efficiency.

Last updated: July 17, 2026