Kakaku.com, Inc. (TSE: 2371) reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under IFRS. Revenue rose 20.0% year-on-year to a record ¥94,127 million, but operating profit fell 7.0% to ¥27,243 million from ¥29,293 million. Pre-tax profit eased 4.8% to ¥27,347 million, and profit attributable to owners of the parent slipped 6.1% to ¥18,803 million from ¥20,032 million. Basic EPS came in at ¥95.05 versus ¥101.33. The operating margin compressed sharply to 28.9% from 37.3%, and ROE eased to 29.7% from 35.4%. Comprehensive income fell 5.6% to ¥18,880 million.
Top-line record powered by Kyujin Box
The defining feature of the year was the record ¥94.1 billion in revenue, up a fifth from a year earlier. Growth was broad-based across the company's flagship properties — the core Kakaku.com price-comparison website, the restaurant-review and reservation platform Tabelog, and, most notably, the fast-growing job-search aggregator Kyujin Box. Kyujin Box, in particular, has scaled rapidly and was the single biggest swing factor in both the top-line acceleration and the company's heavier spending. Alongside the operating businesses, Kakaku.com runs an incubation portfolio of newer online services that contributes to the longer-run growth story.
Margin compression on aggressive investment
The flip side of the record revenue was a sharp drop in profitability. Operating profit fell 7.0% even as the top line grew 20%, sending the operating margin down by more than eight percentage points to 28.9%. The compression reflects an aggressive investment posture — most visibly in Kyujin Box marketing spend to capture share in the job-search aggregation market — together with the absorption of M&A activity during the year. Management has framed this as a deliberate growth investment rather than a structural margin reset, and the FY27 plan calls for profitability to begin recovering as those investments mature.
Portfolio reshaped through M&A
Kakaku.com actively reshaped its portfolio during the year. It acquired LiPLUS Holdings, which was newly consolidated, while divesting Eiga.com and webCG, both of which were deconsolidated. The net effect tilts the group further toward its highest-growth verticals and away from lower-priority media assets, and contributed to the year's cost absorption as the new business was integrated.
Solid balance sheet and cash generation
The balance sheet remained robust. Total assets stood at ¥92,475 million, with owners' equity of ¥64,988 million and an owners'-equity ratio of 70.3%; book value per share was ¥328.50. Operating cash flow reached ¥25,354 million, and period-end cash and equivalents stood at ¥46,468 million. The company's high equity ratio and strong cash generation give it ample room to keep funding Kyujin Box and its incubation portfolio while sustaining shareholder returns.
Dividend held; FY27 guides rebound and adopts Adjusted EBITDA
The FY3/2026 annual dividend was ¥50.00 (¥25.00 interim + ¥25.00 year-end), down from ¥80.00 in FY3/2025. The decline is optical only: the prior-year ¥80.00 included a ¥30.00 special dividend, so the ordinary dividend is unchanged at ¥50.00, for a payout ratio of 51.6%. For FY3/2027, the company forecasts a ¥54.00 annual dividend (¥27.00 interim + ¥27.00 year-end). Full-year FY3/2027 guidance points to a rebound: revenue of ¥114,500 million (+21.6%), operating profit of ¥30,800 million (+13.1%), pre-tax profit of ¥30,700 million (+12.3%), and profit attributable to owners of ¥20,700 million (+10.1%), with EPS of ¥104.63. From FY3/2027 the company also introduces Adjusted EBITDA — defined as operating profit plus depreciation and amortization and share-based compensation, adjusted for one-off items such as M&A costs and impairments — as a key management indicator, guiding to ¥36,000 million.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 94,127 | 78,435 | +20.0% |
| Operating profit (¥M) | 27,243 | 29,293 | -7.0% |
| Pre-tax profit (¥M) | 27,347 | 28,715 | -4.8% |
| Profit attrib. to owners (¥M) | 18,803 | 20,032 | -6.1% |
| Basic EPS (¥) | 95.05 | 101.33 | -6.2% |
| Operating margin | 28.9% | 37.3% | -8.4pp |
| Annual dividend (¥) | 50.00 | 80.00 | -37.5% |
| FY27 revenue guidance (¥M) | 114,500 | — | +21.6% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.