ENVALITH
株式会社FCE logo

FCE Inc.

9564・Standard Market・Services

Official website
株式会社FCE logo
FCE Inc.9564

Business

FCE Inc. is a corporate group centered on the DX Promotion Business and the Education & Training Business, under the mission of "contributing to the maximization of human capital through autonomy and productivity." In the DX Promotion Business, the company provides the purely domestic RPA software "Robo-Pat DX" to small and medium-sized enterprises, with adoption by 1,834 companies as of the end of September 2025. In the Education & Training Business, the company offers the integrated talent development platform "Smart Boarding" and programs related to "The 7 Habits" to schools and companies. The company listed on the Standard Market of the Tokyo Stock Exchange in October 2022, and in 2024 absorbed and merged several subsidiaries to transition to a division-based management structure. The company is also strengthening its education DX domain through its consolidated subsidiary, Nippon Cosmotopia Co., Ltd.

Business Model

The DX Promotion Business generates its main revenue from monthly license fees for RPA software, with recurring revenue built up through an expanding base of client companies supporting stable growth. In the Education & Training Business, recurring usage fees from the e-learning platform are combined with in-person training and consulting, aiming to raise per-customer revenue through cross-selling to existing clients. The company leverages the customer bases of both businesses reciprocally—such as proposing Smart Boarding to companies that have adopted RPA—positioning inter-business synergies as a pillar of revenue expansion.

Company Strengths

The number of companies adopting "Robo-Pat AI (formerly: RPA Robo-Pat DX)" expanded roughly fourfold, from 449 companies at the end of September 2019 to 1,834 companies at the end of September 2025. The DX Promotion Business segment achieved a segment profit margin of 25.8% in FY2025 (ending September 2025), with recurring license revenue underpinning a high-profitability structure.

Centered on The 7 Habits, licensed from Franklin Covey Japan, the company has developed a multi-layered business spanning school class programs (cumulative 350,000 students), corporate training (adopted by over 3,100 companies), publishing, and self-coaching. Brand recognition helps suppress new customer acquisition costs.

The company has been recognized as a Best Company for 13 consecutive years in the "Great Place to Work®" rankings. Its unique human resource development system, in which all employees become consultants, serves as the source of organizational strength, enabling differentiation through support for fundamentally resolving customers' underlying issues.

ENVALITH's Perspective

In the interim period of FY2026 (ending March 2026), DX Promotion Business segment sales were ¥2,027 million (up 25.3% year-on-year), maintaining high growth. Against the full-year forecast (sales of ¥6,800 million, operating profit of ¥1,130 million), the interim progress rate was 50.5% for sales and 65.7% for operating profit, generally on track. However, whereas costs had traditionally been concentrated in the fourth quarter (July–September period) due to seasonality, in the current period costs have been leveled out due to accelerated hiring and new business investment, requiring caution in interpreting the profit level for the second half. There has been no revision to the earnings forecast, and the company is maintaining its full-year plan.

Education & Training Business segment sales for the interim period remained flat at ¥1,357 million (up 0.4% year-on-year), while segment profit declined to ¥153 million (down 6.8% year-on-year). Upfront investments such as increased headcount and advertising expenses are weighing on profit. While progress is being made in strengthening direct sales of Smart Boarding and raising customer unit prices, declining revenue in the cram school area within the Education segment and the consulting area within the HR segment are acting as a drag, widening the growth gap with the DX Promotion Business. While the external tailwind from the growing adoption of human capital management is favorable, the transition to profitability will be a key focus for investors.

Due to upfront investment associated with the launch of the AI Solutions Division, selling, general and administrative expenses in the DX Promotion Business increased at a rate exceeding sales growth, resulting in a year-on-year decline in segment profit margin. While the external tailwind from growing market interest in generative AI and AI agents is favorable, the timing and scale of the new business's sales contribution and profitability have not yet been disclosed, leaving uncertainty for investors. In addition, structural risks such as dependence on partner companies and reliance on the representative director continue to warrant close monitoring.

Growth Strategy

Multi-layered growth driven by AI feature enhancement and expanded adoption of Robo-Pat AI, along with the cultivation of the new AI agent business

Continuously expand AI option features such as AI Advisor and text-input assist, aiming to broaden usage scope among existing customers and increase LTV through additional license sales. Building on a base of 2,055 companies adopting the service as of the end of March 2026 (up 26.2% year on year), the company is pursuing deeper revenue capture through upselling.

Cultivating a platform service that advances organizational use of generative AI and corporate productivity as a new growth driver. The business is in an upfront investment phase and is the main factor behind the increase in selling, general and administrative expenses in the DX Promotion Business, though the specific timing and scale of monetization have not been disclosed.

Raise per-customer revenue by promoting direct sales of the integrated talent development platform Smart Boarding and expanding new content such as additional AI learning content and resilience training. With the external tailwind of the spread of human capital management, the company aims to expand revenue in the HR DX domain.

Create new business opportunities by focusing on the certification program that develops DX promotion personnel capable of utilizing RPA and AI in the field, and by leveraging various partner programs. This simultaneously achieves market expansion through user talent development and deeper utilization by existing customers.

Based on the track record over the past five fiscal periods (FY2021 through FY2025, ending September) of a revenue CAGR of 13.0% and an ordinary income CAGR of 32.0%, the company targets continued annual revenue growth of 10% or more and annual ordinary income growth of 20-25% or more. The full-year forecast for FY2026 (ending September 2026) is revenue of ¥6,800 million (up 11.5% year on year) and ordinary income of ¥1,160 million (up 25.4% year on year), within the target range.

Last updated: July 17, 2026