ENVALITH
株式会社エフ・コード logo

f-code Inc.

9211・Growth Market・Services

Official website
株式会社エフ・コード logo
f-code Inc.9211

Business

F-CODE, Inc. operates under the mission of "Enriching the World with Marketing Technology," combining the provision of CX Improvement SaaS (Marketing Tools) with hands-on DX promotion support from professionals to provide end-to-end support for corporate digital transformation. The company originated as a web consulting firm founded in 2006 and listed on the Tokyo Stock Exchange Mothers market in 2021. Since 2023, it has pursued an aggressive M&A strategy, building a consolidated group of 15 subsidiaries as of the end of December 2025. It operates in three service areas—Digital Marketing Support Service, AI & Technology Support Service, and Online School & Talent Education Service—serving a broad customer base ranging from enterprises to small businesses.

Business Model

With a CX data platform covering over 1,000 companies and over 3,000 accounts as its core, the company combines recurring subscription revenue from SaaS-based marketing tools with contract revenue from professional services delivered by consultants. It creates synergies by cross-selling the service capabilities of subsidiaries acquired through M&A to its existing customer base, forming a structure that expands both revenue and operating profit.

Company Strengths

Since 2013, the company has provided SaaS-type marketing tools and has accumulated CX-domain data—including EFO data, VOC data, and Web customer service data—covering more than 1,000 companies cumulatively and over 3,000 accounts. This data is organized as an infrastructure that can be analyzed by industry, business type, and issue, forming an entry barrier that is difficult for competitors to easily replicate.

Since FY2023 (ended December 2023), the company has made subsidiaries of multiple companies including CRAFT, JITT, Microwave Creative, BINKS, Ragnarok, SpinFlow, and BUZZ, building a consolidated group of 15 subsidiaries as of the end of December 2025. Revenue for FY2025 (ended December 2025) reached ¥11,938 million, a 132.7% increase year-on-year.

Operating profit for FY2025 (ended December 2025) was ¥2,309 million, with an operating margin of 19.6%. Despite continued scale expansion through M&A, the company has maintained high profitability, supported by steady order trends in Technology & SaaS and Professional Services.

ENVALITH's Perspective

A significant portion of the growth in 1Q FY2026 revenue of ¥3,904 million (up 61.6% year on year) is attributable to the expansion of the consolidation scope through M&A, making it difficult to grasp the organic growth rate of existing businesses, which poses a challenge for evaluation. Against the full-year forecast of ¥14,500 million (up 21.5% year on year), the 1Q progress rate of 26.9% is generally on track, but verification of the underlying performance excluding M&A effects remains important. As an external factor, the continued high growth of the AI/DX market is providing a tailwind.

As of the end of March 2026, goodwill stood at ¥15,872 million (up ¥3,917 million from the end of the previous fiscal year), non-current corporate bonds and borrowings stood at ¥10,473 million (up ¥1,448 million), and non-current other financial liabilities (contingent consideration, etc.) surged to ¥4,704 million (up ¥2,127 million). The ratio of equity attributable to owners of the parent has declined to 25.3% (28.5% at the end of the previous fiscal year), and close attention is needed to the rise in financial leverage and the risk of goodwill impairment. Further expansion is expected with the subsequent event of the acquisition of Roombox (¥432 million).

The full-year forecast for FY2026 (ending December 2026) remains unchanged, with revenue of ¥14,500 million, operating profit of ¥3,300 million, and profit attributable to owners of the parent of ¥1,900 million. However, the earnings impact of En place, AI ONE, and ONE, which became consolidated subsidiaries during 1Q FY2026, as well as the subsequent event of Roombox, is currently under review and has not been reflected in the forecast. Once the contribution of these entities is confirmed, there is potential for an upward revision, but attention should also be paid to integration costs and fair value changes in contingent consideration as potential downside factors.

Growth Strategy

Continuous expansion of service capabilities through ongoing M&A and maximization of group synergies

Made En place, AI ONE, and ONE consolidated subsidiaries during 1Q of FY2026. As a subsequent event, acquired Roombox, which specializes in marketing for the real estate industry, on May 8, 2026 (85.0% voting rights, acquisition cost of ¥432 million). The company will continue to leverage its M&A pipeline to expand service capabilities and its customer base.

Strengthening both the Marketing domain, which addresses the diversification of digital touchpoints, and the AI & Technology domain, which promotes DX through AI utilization and system development, as two complementary pillars. Against the backdrop of remarkable progress in AI technology, the company will expand its support for improving corporate productivity through business automation and enhanced decision-making.

Promoting cross-selling between services by leveraging the strengths and customer bases of each group company. The company is working to realize industry-specific synergies, such as co-creating an "AI marketing model for the real estate industry" by deploying the group's AI advertising and content distribution know-how to Roombox.

On January 22, 2026, JITT acquired the reskilling business and sales support business, among others, from HIKIYOSE Inc. Through expansion into new domains adjacent to its existing DX support business, the company aims to diversify group revenue and expand customer touchpoints.

Last updated: July 17, 2026