Net cash basis: Cash and deposits ¥9,394M with zero interest-bearing debt, Q3 FY2026 balance sheet (2026-03-31), per the ship working notes and tanshin.
Revenue, operating profit, and operating margin by fiscal year
Annual figures as filed in each year's annual securities report (Japanese GAAP, non-consolidated, ¥M). Per-share figures are as filed and are not retroactively adjusted across the company's 2021 stock split. FY2026E is the company's own guidance. Links open the English disclosure when the company provides one; [JA] marks Japanese-only documents.
| FY | Revenue | YoY | Op Profit | YoY | OPM | Net Income | EPS ¥ | DPS ¥ | Disclosure |
|---|---|---|---|---|---|---|---|---|---|
| FY2021 | 2,088 | — | 855 | — | 40.9% | 615 | 39.30 | 5.00 | Results [EN] |
| FY2022 | 2,684 | +28.5% | 1,025 | +19.9% | 38.2% | 722 | 45.42 | 3.00 | Results [EN] |
| FY2023 | 3,289 | +22.5% | 1,372 | +33.9% | 41.7% | 954 | 59.80 | 4.00 | Results [EN] |
| FY2024 | 3,908 | +18.8% | 1,728 | +25.9% | 44.2% | 1,186 | 73.94 | 8.00 | Results [EN] |
| FY2025 | 4,582 | +17.2% | 1,971 | +14.1% | 43.0% | 1,429 | 88.94 | 14.00 | Results [EN] |
| FY2026E | 5,284 | +15.3% | 2,207 | +12.0% | 41.8% | 1,523 | 95.83 | 24.00 | Guidance (Q3 tanshin) [JA] |
Net income is profit attributable to owners of the parent. The shaded row is the company's own forecast, not a JII estimate.
Standalone quarters — the last 12
Standalone quarters derived from each period's own disclosure (year-to-date differences, ¥M); non-consolidated, Japanese GAAP. Cross-checked against the as-reported quarterly series on IRBANK; quarters reconcile to each year's annual figures.
| Quarter | Revenue | YoY | Op Profit | YoY | OPM | Net Income | Disclosure |
|---|---|---|---|---|---|---|---|
| FY23 Q4 † | 879 | — | 339 | — | 38.6% | 319 | Results [EN] |
| FY24 Q1 | 917 | — | 412 | — | 44.9% | 286 | Results [EN] |
| FY24 Q2 | 959 | — | 445 | — | 46.4% | 308 | Results [EN] |
| FY24 Q3 | 1,000 | — | 479 | — | 47.9% | 308 | Results [EN] |
| FY24 Q4 † | 1,032 | +17.4% | 392 | +15.6% | 38.0% | 285 | Results [EN] |
| FY25 Q1 | 1,067 | +16.4% | 504 | +22.3% | 47.2% | 348 | Q1 tanshin (EN) [EN] |
| FY25 Q2 | 1,126 | +17.4% | 497 | +11.7% | 44.1% | 344 | Semi-annual report [JA] |
| FY25 Q3 | 1,169 | +16.9% | 517 | +7.9% | 44.2% | 357 | Q3 tanshin (EN) [EN] |
| FY25 Q4 † | 1,220 | +18.2% | 453 | +15.6% | 37.1% | 380 | Results [EN] |
| FY26 Q1 | 1,267 | +18.7% | 616 | +22.2% | 48.6% | 430 | Q1 tanshin (EN) [EN] |
| FY26 Q2 | 1,314 | +16.7% | 601 | +20.9% | 45.7% | 484 | Q2 tanshin (EN) [EN] |
| FY26 Q3 | 1,354 | +15.8% | 672 | +30.0% | 49.6% | 470 | Results [EN] |
† Fourth quarters are derived as the full year minus the nine-month cumulative. YoY compares the same quarter a year earlier.
Cap table and the latest capital-allocation signals
Major shareholders · as of 2025-06-30
| Holder | Shares | Ratio | |
|---|---|---|---|
| 1 | Masao Ito (founder & CEO)伊藤 将雄 | 6,072,600 | 37.92% |
| 2 | Master Trust Bank of Japan (trust account)日本マスタートラスト信託銀行株式会社（信託口） | 1,820,300 | 11.36% |
| 3 | Custody Bank of Japan (trust account)株式会社日本カストディ銀行（信託口） | 935,800 | 5.84% |
| 4 | Kazuyuki Watanabe渡邊 和行 | 730,000 | 4.55% |
| 5 | Shunsuke Mikami三上 俊輔 | 338,400 | 2.11% |
| 6 | Nomura Securities野村證券株式会社 | 204,682 | 1.27% |
| 7 | Key Value Inc. (founder-related company)株式会社キーバリュー | 200,000 | 1.24% |
| 8 | Kaichi Nakamura中村 賀一 | 192,000 | 1.19% |
| 9 | Shinichiro Yoshioka吉岡 慎一郎 | 133,000 | 0.83% |
| 10 | Hiroshi Hongo本郷 寛 | 119,400 | 0.74% |
Ratios as filed: percent of shares outstanding excluding treasury shares at fiscal year-end (treasury 207,800 shares at 2025-06-30; 351,839 at 2026-03-31 after subsequent buybacks). Source: FY2025 annual securities report (filed 2025-09-17) [JA]
Two filer groups currently sit above the 5% large-shareholding line: founder-CEO Masao Ito (with the related company Key Value) and the Sumitomo Mitsui DS Asset Management / SMBC Nikko group. Trust-bank accounts in the register above hold for unnamed institutional beneficiaries.
5%-Rule Filings · current positions
Held as a stable shareholder; the founder has not sold down — the ratio drifts only on share issuance. Filing [JA]
Pure investment (asset management), plus temporary brokerage-business holdings at SMBC Nikko. Filing [JA]
Stake moves over 1% · filing timeline
Sumitomo Mitsui DS Asset Management / SMBC Nikko group — Group filing amended to 6.74% (1,095,001 shares; filed 2026-05-22) as SMBC Nikko joined the filing with brokerage holdings. Filing [JA]
Sumitomo Mitsui DS Asset Management — First 5%-rule filing at 5.00% (812,700 shares; filed 2026-03-05) — a new institutional holder crossing the line. Filing [JA]
Asset Management One — Cut to 3.54% from 5.08% (first filed June 2024) — dropped below the 5% reporting line. Filing [JA]
Masao Ito (founder & CEO) — Amended filing at 38.69% for the group (37.46% direct plus Key Value Inc.) — the decline from earlier filings reflects share issuance, not selling. Filing [JA]
Grandeur Peak Global Advisors (US) — Sold below the 5% line (3.93%) after first filing at 5.06% in October 2021. Filing [JA]
The disclosures worth your time
The documents a first-time reader of this company actually needs, in reading order. Direct PDFs where the link is durable; everything else lives on the company's own library pages below. English documents are linked whenever the company provides them; [JA] marks items where no English version exists.
User Local, Inc. — official English IR site · translated financial results and briefing materials ↗Key documents
2026-02-12 Start here Q2 FY2026 earnings briefing deck (English) — business model, product families, and the operating-leverage story [EN] 2026-05-07 Results Q3 FY2026 tanshin (English translation) — 9M operating profit +24.4% YoY, year-end dividend raised to ¥14 (annual ¥24) [EN] 2026-02-12 In English Q2 FY2026 tanshin (non-consolidated, Japanese GAAP) — English translation [EN] 2026-02-13 Capital policy Share buyback authorization — up to 500,000 shares / ¥1,000M (3.12% of shares outstanding), the company's first sizeable capital-return move [EN] 2025-08-07 In English FY2025 results briefing deck (English) — full-year walkthrough of the analytics and AI-DX product families [EN] 2025-09-17 Annual report FY2025 annual securities report (YUHO) — full financials, cap table, key-person and single-segment disclosure [JA]Published Compounder Profiles on User Local, Inc.
Long-form JII analysis. New write-ups are added here as results come in; the overview above always carries the latest numbers.
2026-05-25 JII Compounder Profile — Initiation ↗A single-segment SaaS compounder in web analytics, social listening, and enterprise generative AI, earning ~24% returns on capital while a ¥9.4bn cash pile — roughly a third of the market cap — sits idle. Central debates: whether the FY2026 guide is structurally conservative, whether the AI-DX line carries the growth premium investors pay for, and whether the February 2026 buyback plus May dividend raise begin a multi-year payout path.
This is not investment advice. Japan Investor Interface Co., Ltd. ("JII") is an investor-relations consultancy, not a registered investment advisor, broker-dealer, or securities firm in any jurisdiction, and is not registered as a Financial Instruments Business Operator under Japan's Financial Instruments and Exchange Act. This page is an editorial compilation of publicly disclosed information for educational and research purposes. Nothing here constitutes a recommendation or solicitation to buy, sell, or hold any security. Figures may be incomplete, out of date, or incorrect; company forecasts are the company's own and are inherently uncertain. JII does not trade in or hold positions in the securities of companies profiled. Before making any investment decision, consult qualified, licensed advisors and rely on primary disclosures issued by the company.
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