Enjin Co., Ltd.
7370・Growth Market・Services
Business
Enjin Inc. has set forth the mission of "visualizing all forms of value" and operates its PR business across two segments: PR Consulting Service and Media Platform Service. Through a multimedia strategy combining television, newspapers, magazines, radio, and WEB/SNS, the company primarily supports brand value enhancement for small and medium-sized enterprises. Through its subsidiary AZ・Worldcom Japan, it participates in the global PR network "WORLDCOM," which spans 115 cities and 113 offices across 49 countries, and also handles government-related projects both domestically and internationally. The company owns proprietary media outlets "KENJA GLOBAL," "Watashi no Kakugo," and "Qualitas," establishing a two-tier revenue structure of production fees and placement fees. Founded in 2007, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2021.
Business Model
In the PR Consulting Service, the company provides a one-stop offering from client interviews through media selection and placement, establishing a dual-layer revenue structure of "production fee + placement fee." Per-customer revenue and retention rates are high, resulting in stable LTV, and the renewal rate also remains high. In the Media Platform Service, the company operates the matching platform "Medichoku" on a SaaS basis, and seeks to raise per-customer revenue through value-added services such as the News Release Drafting Service. For FY2025 (ending May 2025), net sales were ¥2,920 million, with an operating margin of approximately 28.8%.
Company Strengths
In FY2025 (ending May 2025), the company significantly exceeded its plans on both key metrics: net sales came in at ¥2,919 million against a plan of ¥2,701 million (achievement ratio of 108.0%), and operating profit came in at ¥841 million against a plan of ¥700 million (achievement ratio of 120.1%). Despite a year-on-year decline in both revenue and profit, the company exceeded its plans, demonstrating high forecasting accuracy and strong earnings management capability.
The subsidiary AZ・Worldcom Japan is the Japan representative of "WORLDCOM," a global PR network connecting 115 cities and 113 offices across 49 countries worldwide. In addition to private-sector companies, it is capable of handling government-related projects both domestically and internationally, giving it a global project handling capability that is rare among domestic small and mid-sized PR firms.
At the end of FY2025 (ending May 2025), cash and cash equivalents stood at ¥4,127,950 thousand (up 16.6% year on year), with total liabilities of ¥659,287 thousand against total assets of ¥5,302,835 thousand, reflecting virtually debt-free management with zero interest-bearing debt. The equity ratio reached approximately 87.6%, indicating an extremely high level of financial soundness.
ENVALITH's Perspective
Performance Trend
Consolidated results for FY2026 (ending May 2026) showed net sales of ¥2,699 million (down 7.6% YoY), operating profit of ¥361 million (down 57.0% YoY), and profit attributable to owners of parent of ¥250 million (down 53.6% YoY). Net sales declined by ¥221 million YoY due to a reduction in headcount in the core PR Consulting Service. On the profit side, cost of sales increased by ¥251 million reflecting the business characteristics of a newly consolidated subsidiary, pushing the cost of sales ratio up from 20.0% to 30.9%, which reduced gross profit by ¥471 million. SG&A expenses were roughly flat, but an impairment loss of ¥44 million associated with an office relocation and lease termination was recorded as an extraordinary loss. Operating cash flow turned negative for the first time, at ¥-41 million. On the financial side, cash and cash equivalents fell sharply from ¥4,128 million to ¥1,740 million due to the acquisition of investment securities (an outlay of ¥1,860 million).
Growth Strategy
Four pillars: PR talent development, Medichoku regrowth, full-year contribution from newly consolidated subsidiaries, and cross-group customer referrals
To address the decline in personnel, which is the primary cause of the decrease in sales in the core PR business, the company is actively investing in making young employees immediately productive and developing management-level staff. The FY2027 (ending May 2027) non-consolidated sales forecast of ¥2,197 million (down 2.5% year on year) still points to a decline, and it is expected to take time before the effects of personnel recovery materialize.
In FY2026 (ending May 2026), Medichoku recorded sales of ¥195 million (down 46.9% year on year) and a segment loss of ¥62 million, a significant deterioration. Restoring customer acquisition through the resumption of new sales activities after service improvements are completed is an urgent priority. No specific profitability target has been disclosed in the FY2027 (ending May 2027) forecast.
Real Estate Business (Crossroad Co., Ltd.), Tour Bus Business (En Journey Co., Ltd.), and Inbound Tourism Business (Hotalus Co., Ltd.), all acquired in FY2026 (ending May 2026), will be consolidated for a full year from FY2027 (ending May 2027) onward. This is the main driver behind the projected sales of ¥3,510 million (up 30.0% year on year). However, operating profit is forecast to decline to ¥322 million (down 10.8% year on year), indicating a limited contribution to profitability.
Leveraging a customer base of over 7,000 companies built through the PR business, the company is promoting service expansion and mutual customer referrals across its real estate, travel, and PR-related businesses. New schemes such as real estate fractionalization and tokenization are also being considered from a medium- to long-term perspective. At present, no quantitative disclosure of specific cross-referral results has been made.
Last updated: July 17, 2026