ENVALITH
株式会社アイドマ・ホールディングス logo

Aidma Holdings, Inc.

7373・Growth Market・Services

Official website
株式会社アイドマ・ホールディングス logo
Aidma Holdings, Inc.7373

Business

AIDMA Holdings Co., Ltd. is a company listed on the TSE Growth market, established in 2008. Under its core management policy of "turning population decline into an opportunity for growth," the company operates the Work Innovation Business along two axes: the "Sales Support Business," which addresses the shortage of sales resources at small and medium-sized enterprises through external outsourcing, and the "Staffing Support Business," which connects housewives and other latent labor pools to companies as home-based workers. The Group consists of 16 consolidated subsidiaries and 1 equity-method affiliate, and its core offering centers on its in-house developed sales support system, Sales Platform Service (Sales Crowd), leveraging a track record of support for over 15,500 companies cumulatively and a corporate database of approximately 2.1 million companies to provide test marketing support as its mainstay service. Its primary customers are small and medium-sized enterprises with underdeveloped sales structures, and its know-how in utilizing crowd workers—including approximately 3,500 home-based workers used in-house—also serves as a source of competitive advantage.

Business Model

Main revenue consists of two pillars: consulting-type flow revenue from designing sales plans tailored to client companies' products and executing approximately one year of test marketing (Sales Support Business: net sales of ¥8,796 million in FY2025 (ending August 2025)), and listing fees and consulting revenue from the home-based work specialized job site "Mama Works" (Staffing Support Business: ¥3,924 million). Establishing a recurring-type revenue model through ID sales and external expansion of the in-house developed "Sales Platform Service (Sales Crowd)" is also being pursued as an important priority. The main component of cost of sales is outsourcing expenses and subcontracting fees (utilizing crowd workers), and gross profit margin remains at a high level of approximately 69.9% (FY2025, ending August 2025).

Company Strengths

Revenue expanded approximately 3.6x from ¥3,716 million in FY2021 (ended August 2021) to ¥13,270 million in FY2025 (ended August 2025). Operating profit also grew approximately 3.7x from ¥830 million to ¥3,103 million over the same period. The operating profit margin in FY2025 (ended August 2025) remained at a high level of approximately 23.4%, with profitability improving even as the business scales.

As of the end of August 2025, the company possesses a sales success case database accumulated from support provided to a cumulative total of over 15,500 companies, along with "Sales Crowd," which contains corporate information on approximately 2.10 million companies. Multi-dimensional data organized by service, industry, area, and approach method forms a barrier to entry against competitors.

The number of orders received in FY2025 (ended August 2025) was 7,616 (up 52.6% year on year). By quarter, the figure increased at an accelerating pace, from 1,384 in Q1 to 2,400 in Q4, demonstrating strong sales momentum. This represents a significant increase from the 5,000 orders received in the previous fiscal year, FY2024 (ended August 2024).

ENVALITH's Perspective

For the cumulative nine months of FY2026 (ending August 2026), revenue increased +12.6% year on year, while operating profit declined -19.8% and profit attributable to owners of parent declined -27.3%, showing a pronounced deterioration in profitability. Selling, general and administrative expenses rose sharply from ¥4,361 million in the same period last year to ¥5,743 million, driven mainly by an increase in provision for allowance for doubtful accounts and an increase in goodwill amortization (from ¥160 million in the same period last year to ¥312 million in the current period). The structure has shifted to one in which revenue growth is no longer accompanied by profit growth, requiring ongoing verification of the effectiveness of cost management.

The full-year forecast for FY2026 (ending August 2026) has been revised to revenue of ¥14,000 million (+5.5%), operating profit of ¥2,200 million (-29.1%), and net income of ¥1,200 million (-38.6%). The progress rate of operating profit for the cumulative nine months has already reached 84.1%, implying that only about ¥350 million of operating profit remains for the fourth quarter alone. This profit level represents a significant departure from the growth trend of the past five fiscal years, and the focus of investment judgment will be on assessing the probability of a recovery scenario from next fiscal year onward.

Following the acquisition of the For JAPAN Business (acquisition cost of ¥420 million, goodwill of ¥420 million, amortized equally over 4 years), the goodwill balance increased to ¥1,342 million. At the same time, the allowance for doubtful accounts surged from ¥327 million at the end of the previous fiscal year to ¥987 million, indicating that concerns over the collectability of accounts receivable and other receivables are weighing on profits. A new long-term loan receivable of ¥500 million has also been recorded, making it important to grasp the overall picture of investment and lending risk. As a subsequent event, the company has resolved to conduct a share buyback (up to 450,000 shares, ¥900 million), which can be viewed positively in terms of shareholder returns, though attention should be paid to its consistency with the current profit level.

Growth Strategy

Expanding from sales support into the broader management support domain, aiming for sustainable growth through AI utilization and M&A

In response to growing demand for online sales support, the company is advancing the sophistication of solutions combining digital marketing and inside sales. This has led to continued order intake mainly among small and medium-sized enterprises, with cumulative net sales for the third quarter achieving a year-on-year increase of +12.6%.

The company is advancing efficiency improvements in sales processes through the use of generative AI and other technologies, aiming to strengthen its service delivery framework. While the goal is to achieve effects in both cost reduction and value-added enhancement, SG&A expenses have continued to rise at this stage, and the emergence of profit contribution remains a challenge going forward.

As of October 1, 2025, the company acquired the For JAPAN Business from Kizuna Holdings for cash consideration of ¥420 million. This marks its entry into the management support domain, providing learning and insights for business owners, and establishes a three-business structure alongside its existing sales support and operational support businesses. Goodwill of ¥420 million is being amortized on a straight-line basis over four years.

Through external sales expansion of Sales Platform Service (Sales Crowd), the company is promoting a shift from dependence on flow-type revenue to a stock-type (recurring) revenue model. Currently, flow-type orders remain the mainstay, and expanding the proportion of recurring revenue is key to stabilizing earnings. Quantitative disclosure of progress remains limited.

By resolution of the Board of Directors on July 10, 2026, the company decided to conduct a share buyback with an upper limit of 450,000 shares and a total acquisition value of ¥900 million (acquisition period: July 13, 2026 to August 31, 2026). The purpose is to improve capital efficiency, enable flexible capital policy, support M&A utilization, and facilitate incentive plans.

Last updated: July 17, 2026