Kaizen Platform, Inc., provides user experience (UX) solutions to improve conversion rates (CVR) for client websites. The company operates in two segments, Growth and Transformation. The Growth segment offers services such as, website production, customer relationship management (CRM) improvement, and video production, primarily under performance-based quasi-entrustment contracts. The Transformation segment provides consulting services for corporate digital transformation (DX), including DX workshops and system engineering services, mainly under performance-proportion quasi-commission contracts. It offers KAIZEN AD/VIDEO, which enhances advertising and mass production resources; KAIZEN CONSULTING, which supports DX project launch, strategy planning, and administrative support; KAIZEN SCHOOL, a video advertising creator training course; KAIZEN ENGINE, which improves customer experience across systems; and KAIZEN AI CLOUD, which manages various generative AI APIs and middleware. The company was founded in 2013 and is headquartered in Minato, Japan.
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โ TSE Capital Mandate
P / Book
0.59ร
Financials
Ownership
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Net Sales
ยฅ4.4B
ยฅ4.5B
ยฅ4.3B
ยฅ2.7B
ยฅ2.3B
ยฅ1.7B
Cost of Sales
ยฅ3.0B
ยฅ3.2B
ยฅ3.0B
ยฅ1.7B
ยฅ1.3B
ยฅ864M
Gross Profit
ยฅ1.4B
ยฅ1.4B
ยฅ1.3B
ยฅ955M
ยฅ934M
ยฅ822M
SG&A
ยฅ1.4B
ยฅ1.4B
ยฅ1.4B
ยฅ1.1B
ยฅ888M
ยฅ799M
Operating Income
ยฅ29M
ยฅ-29M
ยฅ-26M
ยฅ-103M
ยฅ46M
ยฅ23M
Non-Operating Income
ยฅ30M
ยฅ52M
ยฅ70M
ยฅ6M
ยฅ4M
ยฅ44M
Interest Income
ยฅ19M
ยฅ34M
ยฅ30M
ยฅ0M
ยฅ0M
ยฅ0M
Non-Operating Expenses
ยฅ21M
ยฅ17M
ยฅ32M
ยฅ30M
ยฅ75M
ยฅ31M
Interest Expense
ยฅ13M
ยฅ9M
ยฅ13M
ยฅ10M
ยฅ6M
ยฅ2M
Ordinary Income
ยฅ39M
ยฅ6M
ยฅ12M
ยฅ-127M
ยฅ-26M
ยฅ36M
Pre-tax Income
ยฅ39M
ยฅ-114M
ยฅ12M
ยฅ-217M
ยฅ-26M
ยฅ31M
Income Taxes
ยฅ9M
ยฅ48M
ยฅ17M
ยฅ61M
ยฅ70M
ยฅ-76M
Current Tax
ยฅ14M
ยฅ33M
ยฅ32M
ยฅ53M
ยฅ37M
ยฅ4M
Deferred Tax
ยฅ-5M
ยฅ15M
ยฅ-14M
ยฅ8M
ยฅ33M
ยฅ-81M
Net Income (owners)
ยฅ30M
ยฅ-172M
ยฅ-22M
ยฅ-286M
ยฅ-102M
ยฅ107M
Minority Interest
โ
ยฅ10M
ยฅ16M
ยฅ8M
ยฅ6M
โ
Comprehensive Income
ยฅ19M
ยฅ-37M
ยฅ66M
ยฅ-134M
ยฅ1M
ยฅ54M
EBITDA
ยฅ118M
ยฅ189M
ยฅ229M
ยฅ153M
ยฅ222M
ยฅ119M
Goodwill Amort. (J-GAAP)
ยฅ71M
ยฅ71M
ยฅ71M
ยฅ28M
ยฅ7M
โ
EPS
ยฅ1.75
ยฅ-10.17
ยฅ-1.29
ยฅ-17.23
ยฅ-6.41
ยฅ13.84
Shares Outstanding
17.0M
17.0M
16.9M
16.7M
16.4M
15.4M
Shares Issued (total)
17.0M
17.0M
16.9M
16.7M
16.4M
15.4M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
โ
โ
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Total Assets
ยฅ4.3B
ยฅ4.4B
ยฅ4.4B
ยฅ5.2B
ยฅ4.4B
ยฅ3.4B
Current Assets
ยฅ3.6B
ยฅ3.7B
ยฅ3.4B
ยฅ4.0B
ยฅ3.4B
ยฅ2.9B
Cash & Deposits
ยฅ3.0B
ยฅ2.9B
ยฅ2.5B
ยฅ3.3B
ยฅ3.0B
ยฅ2.7B
Trade Receivables
ยฅ504M
ยฅ669M
ยฅ681M
ยฅ593M
ยฅ353M
ยฅ206M
Non-Current Assets
ยฅ689M
ยฅ741M
ยฅ1.0B
ยฅ1.2B
ยฅ919M
ยฅ480M
PP&E
ยฅ24M
ยฅ22M
ยฅ21M
ยฅ22M
ยฅ14M
ยฅ5M
Goodwill
ยฅ461M
ยฅ532M
ยฅ603M
ยฅ677M
ยฅ273M
โ
Intangible Assets
ยฅ464M
ยฅ540M
ยฅ832M
ยฅ992M
ยฅ699M
ยฅ324M
Investment Securities
ยฅ112M
ยฅ95M
ยฅ52M
ยฅ62M
ยฅ77M
ยฅ44M
Deferred Tax Assets
ยฅ45M
ยฅ40M
ยฅ55M
ยฅ43M
ยฅ50M
ยฅ81M
Total Liabilities
ยฅ1.3B
ยฅ1.5B
ยฅ1.2B
ยฅ2.0B
ยฅ1.0B
ยฅ534M
Current Liabilities
ยฅ772M
ยฅ749M
ยฅ861M
ยฅ1.4B
ยฅ338M
ยฅ284M
ST Debt
ยฅ202M
ยฅ202M
ยฅ281M
ยฅ752M
โ
โ
Taxes Payable
ยฅ19M
ยฅ42M
ยฅ39M
ยฅ63M
ยฅ51M
ยฅ19M
Non-Current Liabilities
ยฅ514M
ยฅ712M
ยฅ318M
ยฅ586M
ยฅ671M
ยฅ250M
Total LT Borrowings
ยฅ514M
ยฅ712M
ยฅ318M
ยฅ586M
ยฅ671M
ยฅ250M
Total Equity
ยฅ3.0B
ยฅ3.0B
ยฅ3.2B
ยฅ3.3B
ยฅ3.3B
ยฅ2.9B
Capital Stock
ยฅ1.8B
ยฅ1.8B
ยฅ1.8B
ยฅ1.8B
ยฅ1.7B
ยฅ1.5B
Capital Surplus
ยฅ3.5B
ยฅ3.5B
ยฅ3.7B
ยฅ3.8B
ยฅ3.8B
ยฅ3.5B
Retained Earnings
ยฅ-2.7B
ยฅ-2.7B
ยฅ-2.5B
ยฅ-2.5B
ยฅ-2.2B
ยฅ-2.1B
Treasury Stock
ยฅ-0M
ยฅ-0M
ยฅ-0M
ยฅ-0M
โ
โ
AOCI
ยฅ349M
ยฅ359M
ยฅ235M
ยฅ163M
ยฅ19M
ยฅ-78M
Equity (owners)
ยฅ2.6B
ยฅ2.6B
ยฅ2.9B
ยฅ3.0B
ยฅ3.3B
ยฅ2.9B
Minority Interests
โ
โ
ยฅ39M
ยฅ98M
ยฅ65M
โ
Total Interest-Bearing Debt โ
ยฅ716M
ยฅ915M
ยฅ599M
ยฅ1.3B
ยฅ671M
ยฅ250M
Net Cash โ
ยฅ2.3B
ยฅ2.0B
ยฅ1.9B
ยฅ2.0B
ยฅ2.3B
ยฅ2.4B
NCAV โ
ยฅ2.3B
ยฅ2.2B
ยฅ2.2B
ยฅ2.1B
ยฅ2.4B
ยฅ2.4B
NCAV/Share
ยฅ135
ยฅ131
ยฅ129
ยฅ125
ยฅ148
ยฅ154
BV/Share
ยฅ155
ยฅ153
ยฅ173
ยฅ181
ยฅ199
ยฅ190
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Operating CF
ยฅ287M
ยฅ217M
ยฅ78M
ยฅ128M
ยฅ16M
ยฅ120M
Interest Paid
ยฅ-13M
ยฅ-9M
ยฅ-13M
ยฅ-10M
ยฅ-6M
ยฅ-2M
D&A
ยฅ18M
ยฅ147M
ยฅ184M
ยฅ228M
ยฅ169M
ยฅ96M
Goodwill Amort.
ยฅ71M
ยฅ71M
ยฅ71M
ยฅ28M
ยฅ7M
โ
Investing CF
ยฅ-23M
ยฅ-129M
ยฅ-819M
ยฅ-447M
ยฅ-581M
ยฅ-265M
CapEx
ยฅ15M
ยฅ17M
ยฅ9M
ยฅ10M
ยฅ1M
ยฅ3M
Purchase Investments
ยฅ-27M
ยฅ-59M
ยฅ-3M
ยฅ-30M
ยฅ-80M
โ
Proceeds from Invest.
โ
โ
โ
โ
ยฅ59M
โ
Financing CF
ยฅ-198M
ยฅ111M
ยฅ-909M
ยฅ505M
ยฅ852M
ยฅ1.9B
Share Buybacks
ยฅ-0M
ยฅ-0M
ยฅ-0M
ยฅ-0M
โ
โ
LT Debt Repaid
ยฅ-198M
ยฅ-293M
ยฅ-526M
โ
โ
โ
Free Cash Flow
ยฅ272M
ยฅ200M
ยฅ69M
ยฅ118M
ยฅ15M
ยฅ117M
Net Change in Cash
ยฅ65M
ยฅ230M
ยฅ-1.6B
ยฅ332M
ยฅ346M
ยฅ1.7B
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Return on Equity (ROE) โ
1.0%
-5.6%
-0.7%
-8.6%
-3.3%
3.8%
Return on Assets (ROA) โ
0.7%
-3.9%
-0.5%
-6.0%
-2.6%
3.2%
Gross Margin โ
32.1%
30.3%
30.7%
35.8%
41.3%
48.8%
Operating Margin โ
0.7%
-0.6%
-0.6%
-3.9%
2.0%
1.4%
Net Margin โ
0.7%
-3.8%
-0.5%
-10.7%
-4.5%
6.4%
Current Ratio โ
4.64x
4.91x
3.90x
2.95x
10.17x
10.24x
Quick Ratio โ
4.64x
4.91x
3.90x
2.95x
10.17x
10.24x
Revenue / Share โ
ยฅ256
ยฅ267
ยฅ258
ยฅ160
ยฅ138
ยฅ109
BV/Share โ
ยฅ155
ยฅ153
ยฅ173
ยฅ181
ยฅ199
ยฅ190
NCAV/Share โ
ยฅ135
ยฅ131
ยฅ129
ยฅ125
ยฅ148
ยฅ154
EPS โ
ยฅ1.75
ยฅ-10.17
ยฅ-1.29
ยฅ-17.23
ยฅ-6.41
ยฅ13.84
DPS โ
ยฅ0.00
ยฅ0.00
ยฅ0.00
ยฅ0.00
ยฅ0.00
ยฅ0.00
Payout Ratio โ
0.0%
โ
โ
โ
โ
0.0%
FCF/Share โ
ยฅ16.01
ยฅ11.79
ยฅ4.11
ยฅ7.06
ยฅ0.93
ยฅ7.56
Market Valuation
Avg daily close price for calendar year ร most recently reported EPS / DPS
Metric
CY2023
CY2024
CY2025
Avg P/E โ
โ
โ
105.4ร
EPS from 2025-12
Avg Div Yield โ
0.00%
DPS from 2023-12
0.00%
DPS from 2024-12
0.00%
DPS from 2025-12
Avg Daily Close
ยฅ298
ยฅ223
ยฅ185
Growth Rates (CAGR)
Metric
3yr CAGR (FY2022โ2025)
5yr CAGR (FY2020โ2025)
Stock Price
-32.8%
โ
Sales
+17.7%
+20.9%
FCF/Share
+31.4%
+16.2%
EPS
โ
-33.9%
DPS
โ
โ
BV/Share
-5.0%
-4.0%
NCAV/Share
+2.7%
-2.6%
No capital allocation signals recorded for this company.
Top 10 Shareholders
Ownership DNA
Large Shareholder Reports 27
#
Shareholder
Shares (thou.)
% of Total
1
้ ่ค ๆฒๅธ
3,033
2
SBI Securities Co., Ltd.
ๆ ชๅผไผ็คพ๏ผณ๏ผข๏ผฉ่จผๅธ
2,108
3
Rakuten Securities, Inc.
ๆฅฝๅคฉ่จผๅธๆ ชๅผไผ็คพ
1,213
4
ๆ ชๅผไผ็คพใใใฏๆ่
900
5
็ณๆฉ ๅฉ็
668
6
ๅคงๆฅๆฌๅฐๅทๆ ชๅผไผ็คพ
400
7
๏ผน๏ผช๏ผๅทๆ่ณไบๆฅญ็ตๅ ๆฅญๅๅท่ก็ตๅๅก ๏ผบ ๏ผถ๏ฝ
๏ฝ๏ฝ๏ฝ๏ฝ๏ฝ
๏ผฃ๏ฝ๏ฝ๏ฝ๏ฝ๏ฝ๏ฝๆ ชๅผไผ็คพ
264
8
ๆฆฎไบ ๅพน
158
9
UBS AG
JP JPMSE LUX RE UBS AG LONDON BRANC๏ผจ EQ CO ๏ผๅธธไปปไปฃ็ไบบ ๆ ชๅผไผ็คพไธ่ฑUFJ้่ก๏ผ
143
10
ๆ ชๅผไผ็คพ่จผๅธใธใฃใใณ
130
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians โ GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
53.0%
+2.8% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2021
2022
2023
2024
2025
้ ่ค ๆฒๅธ
23.82%
18.00%
17.87%
17.83%
17.83%
SBI Securities Co., Ltd.
SBI่จผๅธ
โ
2.75%
4.56%
9.28%
12.40%
+3.12%
Rakuten Securities, Inc.
ๆฅฝๅคฉ่จผๅธ
โ
โ
4.07%
7.49%
7.13%
-0.36%
ๅผไผ็คพใใใฏๆ่
โ
5.39%
5.34%
5.31%
5.29%
-0.02%
็ณๆฉ ๅฉ็
6.53%
4.00%
3.96%
3.94%
3.93%
-0.01%
ๅคงๆฅๆฌๅฐๅท
2.44%
2.40%
2.37%
2.36%
2.35%
-0.01%
YJ2ๅทๆ่ณไบๆฅญ็ตๅ ๆฅญๅๅท่ก็ตๅๅก Z Venture Capital
โ
1.59%
1.57%
1.56%
1.56%
ๆฆฎไบ ๅพน
โ
โ
1.17%
0.90%
0.93%
+0.03%
โ
โ
โ
โ
โ
0.85%
NEW
ๅผไผ็คพ่จผๅธใธใฃใใณ
NEW ENTRY
โ
โ
โ
โ
โ
0.76%
NEW
่คๅท ไน
ๆ
last seen 2024
Exited Top 10
โ
โ
โ
0.82%
โ
ๆนฏ ๅฅๅฃซ
last seen 2024
Exited Top 10
โ
โ
โ
0.72%
โ
The Master Trust Bank of Japan, Ltd. (Trust Account)
ๆฅๆฌใในใฟใผใใฉในใไฟก่จ้่ก
last seen 2021
Exited Top 10
1.95%
โ
โ
โ
โ
Custody Bank of Japan, Ltd. (Trust Account)
ๆฅๆฌใซในใใใฃ้่ก
last seen 2021
Exited Top 10
11.37%
โ
โ
โ
โ
ๅผไผ็คพใจใใปใใฃใปใใฃใปใขใ
last seen 2023
Exited Top 10
6.18%
6.06%
6.00%
โ
โ
State Street Bank and Trust Company
State Street
last seen 2023
Exited Top 10
5.23%
5.13%
1.61%
โ
โ
Northern Trust Company
Northern Trust
last seen 2022
Exited Top 10
5.19%
4.89%
โ
โ
โ
Concentration (HHI)
โ
842
472
449
514
576
5 fiscal years ยท top-10 holders per year ยท >2,500 HHI = high concentration ยท entity-resolved
โ CSV
Date Shareholder Stake Event Flag Demands Source
2026-06-03
Naoki Kuroda
8.43%
+1.07%
increase
Passive
โ
2026-05-12
SBI SECURITIES Co.,Ltd.
9.24%
+0.46%
change
Passive
โ
2026-04-21
SBI SECURITIES Co.,Ltd.
8.78%
+0.71%
change
Passive
โ
2026-03-23
Rakuten Securities, Inc.
5.39%
+0.18%
change
Passive
โ
2026-02-27
Naoki Kuroda
7.36%
correction
Passive
โ
2026-02-25
Naoki Kuroda
7.36%
+0.34%
change
Passive
โ
2026-02-18
Naoki Kuroda
7.02%
correction
Passive
โ
2026-02-16
Naoki Kuroda
7.02%
+0.94%
change
Passive
โ
2026-02-06
Rakuten Securities, Inc.
5.21%
-1.03%
change
Passive
โ
2026-01-13
SBI SECURITIES Co.,Ltd.
8.07%
-2.86%
change
Passive
โ
2026-01-07
SBI SECURITIES Co.,Ltd.
10.93%
+4.16%
change
Passive
โ
2025-12-16
Naoki Kuroda
6.08%
correction
Passive
โ
2025-12-03
Naoki Kuroda
6.08%
+1.08%
change
Passive
โ
2025-08-25
Naoki Kuroda
5.0%
correction
Passive
โ
2025-08-22
SBI SECURITIES Co.,Ltd.
6.77%
+1.17%
change
Passive
โ
2025-07-22
SBI SECURITIES Co.,Ltd.
5.6%
-2.25%
change
Passive
โ
2025-07-04
SBI SECURITIES Co.,Ltd.
7.85%
+3.31%
initial_5pct
Passive
โ
2025-01-21
SBI SECURITIES Co.,Ltd.
4.54%
-1.73%
change
Passive
โ
2025-01-09
SBI SECURITIES Co.,Ltd.
6.27%
initial_5pct
Passive
โ
2024-12-18
Rakuten Securities, Inc.
6.24%
+1.03%
change
Passive
โ
2024-08-21
Rakuten Securities, Inc.
5.21%
initial_5pct
Passive
โ
2024-07-22
NTT ADVERTISING,INC.
4.22%
correction
Passive
โ
2024-07-16
NTT ADVERTISING,INC.
4.22%
change
Passive
โ
2023-07-19
Coupland Cardiff Asset Management LLP
4.84%
-1.22%
change
Passive
โ
2023-06-22
Coupland Cardiff Asset Management LLP
6.06%
-1.32%
change
Passive
โ
2023-06-15
Coupland Cardiff Asset Management LLP
7.38%
-1.07%
change
Passive
โ
2023-06-08
Coupland Cardiff Asset Management LLP
8.45%
change
Passive
โ
Date
Category
Summary
Amount
2026-01-14
๐ค Governance
Shareholder Rights
SBI Securities Co., Ltd. ceased to be a major shareholder of the company as their voting rights decreased from 12.40% (21,089 shares) to 8.08% (13,728 shares) on January 5, 2026. This change is reported under the Financial Instruments and Exchange Act Article 24-5(4) and related Cabinet Office Ordinance requirements for material shareholder modifications.
โ
โบ
Summary
SBI Securities Co., Ltd. ceased to be a major shareholder of the company as their voting rights decreased from 12.40% (21,089 shares) to 8.08% (13,728 shares) on January 5, 2026. This change is reported under the Financial Instruments and Exchange Act Article 24-5(4) and related Cabinet Office Ordinance requirements for material shareholder modifications.
Counterparty: SBI Securities Co., Ltd. (ๆ ชๅผไผ็คพSBI่จผๅธ)
ไธป่ฆๆ ชไธปใจใชใใใฎใๆ ชๅผไผ็คพ๏ผณ๏ผข๏ผฉ่จผๅธ...็ฐๅๅ21,089ๅ12.40๏ผ
็ฐๅๅพ13,728ๅ8.08๏ผ
โ
2026-01-08
๐ค Governance
Shareholder Rights
SBI Securities Co., Ltd. has increased its voting rights in the company from 6.78% to 10.95%, crossing a significant shareholding threshold. This change occurred on December 24, 2025, and is being reported pursuant to financial instruments exchange law requirements for major shareholder notifications.
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Summary
SBI Securities Co., Ltd. has increased its voting rights in the company from 6.78% to 10.95%, crossing a significant shareholding threshold. This change occurred on December 24, 2025, and is being reported pursuant to financial instruments exchange law requirements for major shareholder notifications.
Counterparty: ๆ ชๅผไผ็คพSBI่จผๅธ (SBI Securities Co., Ltd.)
ๅฝ็คพใฎไธป่ฆๆ ชไธปใซ็ฐๅใใใใพใใใฎใงใ้่ๅๅๅๅผๆณ็ฌฌ24ๆกใฎ๏ผ็ฌฌ๏ผ้
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ๅฎน็ญใฎ้็คบใซ้ขใใๅ
้ฃๅบไปค็ฌฌ19ๆก็ฌฌ๏ผ้
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