toridori Inc.
9337・Growth Market・Services
Business
toridori, Inc. operates under the mission "Empowering the individual era" and runs an Influence Platform connecting influencers active on Instagram, YouTube, TikTok, and other platforms with companies. Its core service, toridori base, is a subscription-based influencer marketing platform for SMBs (small and medium-sized businesses and sole proprietors), enabling low-cost PR posts leveraging micro-influencers. For mid-sized and large enterprises, the company offers the performance-based advertising service toridori ad, the comprehensive advertising agency service toridori promotion, and the brand management support service toridori made. The company listed on the TSE Growth Market in December 2022 and continues to expand its business scope, including through M&A.
Business Model
Revenue is composed of two pillars: the "Product" segment and the "Marketing Partner" segment. In the Product segment (net sales of ¥3,470 million, +28.8% year on year), the main revenue source is the monthly usage fee for "toridori base", and the company adopts a two-sided market model in which it offers the service free of charge to influencers to expand the number of registered users, thereby enhancing convenience for corporate clients. The Marketing Partner segment (net sales of ¥1,902 million, +20.4% year on year) mainly consists of advertising agency commissions, performance-based fees, and production-related income. The gross profit margin is extremely high at 91.1%, with the influencer database accumulated since the company's founding serving as the source of its competitive advantage.
Company Strengths
Against net sales of ¥5,372 million in FY2025 (ending December 2025), gross profit was ¥4,895 million, representing a gross profit margin of 91.1%. The majority of cost of sales consists of product costs for "toridori made," while the core platform services generate revenue at nearly zero cost, creating a structure that accumulates earnings efficiently. This high-margin profile underpins the acceleration of profit growth.
Since the company's founding in 2016, it has built an influencer database based on cumulative matching performance data. Through enhanced machine learning, the company has advanced its engagement prediction model, which is also utilized in the AI-driven automatic selection function of the new product "Vooster." This data asset forms a barrier to entry that is difficult for late entrants to replicate in a short period.
Net sales expanded approximately 2.6-fold over three years, from ¥2,055 million in FY2022 (ending December 2022) to ¥5,373 million in FY2025 (ending December 2025). Operating profit turned positive from -¥371 million in FY2022 to ¥708 million in FY2025, achieving consecutive profit growth since turning profitable. In FY2025, operating profit increased +55.7% year on year and net profit increased +68.9% year on year, entering a phase in which profit growth exceeds revenue growth.
ENVALITH's Perspective
Performance Trend
Revenue continued to expand from ¥2,055 million in FY2022 → ¥3,222 million in FY2023 → ¥4,274 million in FY2024 → ¥5,373 million in FY2025, and growth accelerated further in 1Q of FY2026 (ending December 2026) to ¥1,632 million (+53.0% YoY). Operating profit recovered from a loss of ¥371 million in FY2022 to ¥708 million in FY2025, and more than doubled in 1Q of FY2026 (ending December 2026) to ¥194 million (+105.2% YoY). As an external tailwind, the domestic internet advertising market continued to expand (up 110.8% YoY in 2025, marking a new record high). On the other hand, the cost-of-sales ratio rose (from 3.8% in the same period last year to 12.2% in the current period), causing gross profit margin to decline, and it will be necessary to continue monitoring changes in the cost structure accompanying the expansion of "Vooster". There has been no change to the full-year earnings forecast (revenue of ¥7,200 million, operating profit of ¥1,000 million), with 1Q progress rates of 22.7% and 19.5%, respectively.
Growth Strategy
Pursuing mid-to-long-term growth through three pillars: product expansion, cultivation of major clients, and maximization of influencer database value
In addition to deepening the fixed-rate SaaS "toridori marketing," the company is cultivating "Vooster," a performance-based advertising platform featuring AI-driven influencer selection, results-linked billing, and automated execution, as a new revenue pillar. The aim is to promote continued advertiser spend and evolve influencer marketing into a medium comparable to performance-based advertising in terms of investment decision-making.
Centered on "toridori promotion," the company is strengthening its comprehensive advertising agency functions to enhance its proposal capabilities toward mid-sized and large enterprises with substantial budgets. It is leveraging multi-media capabilities, planning for large enterprises, and casting functions (Overflow Inc.) to drive acquisition of high-value projects.
The company is enhancing its accumulated influencer data through AI and machine learning to improve the accuracy of engagement prediction and the reliability of effectiveness measurement. By deepening integration with the AI selection function of "Vooster," it aims to strengthen the value provided to both advertisers and influencers, thereby continuously enhancing its competitive advantage.
Last updated: July 17, 2026