Net cash basis: Cash 2,124M yen minus interest-bearing debt 1,105M yen (232M current plus 872M long-term borrowings), Q1 FY2026 consolidated balance sheet (2026-03-31).
Revenue, operating profit, and operating margin by fiscal year
Annual figures as filed (Japanese GAAP, ¥M). FY2021-FY2024 are non-consolidated; FY2025 is the first consolidated fiscal year after the November 2025 Yappli Food Connect acquisition (its profit-and-loss consolidation starts FY2026). FY2024 net income exceeds operating profit on deferred-tax-asset recognition; the loss-carryforward tax shield runs out after FY2026. 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 | 3,264 | — | -929 | — | -28.5% | -940 | -76.67 | — | Annual report [JA] |
| FY2022 | 4,142 | +26.9% | -819 | — | -19.8% | -941 | -74.87 | — | Results [EN] |
| FY2023 | 4,864 | +17.4% | 265 | to profit | 5.4% | -74 | -5.83 | — | Results [EN] |
| FY2024 | 5,511 | +13.3% | 551 | +107.9% | 10.0% | 749 | 57.75 | — | Results [EN] |
| FY2025 | 6,056 | +9.9% | 882 | +60.1% | 14.6% | 921 | 71.90 | 13.00 | Results [EN] |
| FY2026E | 6,800 | +12.3% | 1,000 | +13.4% | 14.7% | 930 | 72.78 | 15.00 | Guidance (FY2025 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 13
Standalone quarters derived from each period's own disclosure (year-to-date differences, ¥M). Quarters through Q3 FY2025 are non-consolidated; the FY2025 Q4 row is derived against the consolidated full-year total (consolidation began at the FY2025 year-end), so FY2025 quarters reconcile to the consolidated annual figures. FY2023 Q3 net income carries a one-time deferred-tax reversal.
| Quarter | Revenue | YoY | Op Profit | YoY | OPM | Net Income | Disclosure |
|---|---|---|---|---|---|---|---|
| FY23 Q1 | 1,191 | — | 71 | — | 6.0% | 42 | Results [EN] |
| FY23 Q2 | 1,154 | — | 28 | — | 2.4% | 10 | Results [EN] |
| FY23 Q3 | 1,246 | — | 73 | — | 5.9% | -548 | Results [EN] |
| FY23 Q4 † | 1,273 | — | 92 | — | 7.2% | 421 | Results [EN] |
| FY24 Q1 | 1,341 | +12.6% | 182 | +156.3% | 13.6% | 361 | Results [EN] |
| FY24 Q2 | 1,301 | +12.7% | 87 | +210.7% | 6.7% | 86 | Results [EN] |
| FY24 Q3 | 1,442 | +15.7% | 210 | +187.7% | 14.6% | 206 | Results [EN] |
| FY24 Q4 † | 1,426 | +12.0% | 71 | -22.8% | 5.0% | 97 | Results [EN] |
| FY25 Q1 | 1,433 | +6.9% | 223 | +22.5% | 15.6% | 223 | Results [EN] |
| FY25 Q2 | 1,484 | +14.1% | 226 | +159.8% | 15.2% | 223 | Results [EN] |
| FY25 Q3 | 1,538 | +6.7% | 274 | +30.5% | 17.8% | 269 | Results [EN] |
| FY25 Q4 † | 1,601 | +12.3% | 159 | +123.9% | 9.9% | 206 | Results [EN] |
| FY26 Q1 | 1,707 | +19.1% | 396 | +77.6% | 23.2% | 390 | 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 2025-12-31
| Holder | Shares | Ratio | |
|---|---|---|---|
| 1 | Yasubumi Ihara (co-founder & CEO)庵原保文 | 2,067,000 | 16.18% |
| 2 | Masashi Sano (co-founder & director)佐野将史 | 2,067,000 | 16.18% |
| 3 | Masumi Kuroda (co-founder, former director)黒田真澄 | 650,000 | 5.09% |
| 4 | Keiichiro Kinoshita木下圭一郎 | 347,000 | 2.72% |
| 5 | SBI Securities株式会社SBI証券 | 279,000 | 2.19% |
| 6 | Custody Bank of Japan (trust account)株式会社日本カストディ銀行（信託口） | 273,000 | 2.14% |
| 7 | Central Tanshi Co.セントラル短資株式会社 | 260,000 | 2.04% |
| 8 | State Street Bank and Trust OM02 (custodian)STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 | 191,000 | 1.50% |
| 9 | Bansei Research Institute株式会社ばんせい総合研究所 | 152,000 | 1.19% |
| 10 | Nomura Securities野村證券株式会社 | 126,000 | 0.99% |
Ratios as filed: percent of shares outstanding excluding treasury shares (209,034) at 2025-12-31. Share counts are disclosed in thousands and shown here multiplied out. Source: FY2025 annual securities report (filed 2026-03-30) [JA]
No filer group currently sits above the 5% large-shareholding line: Asset Management One amended below it in September 2025 and IPO-era venture investor Eight Roads exited through early 2025. The three co-founders together hold about 37% on the year-end register; their individual filings have not crossed reporting thresholds since 2022-2024.
5%-Rule Filings · current positions
Stake moves over 1% · filing timeline
Asset Management One — Sold below the 5% line — 5.37% to 3.66% (filed 2025-09-22); no 5% filer has been on the register since. Filing [JA]
Eight Roads Ventures Japan II (VC) — Final change filing at 4.11% (filed 2025-02-20) — the IPO-era venture holder sold from 7.2% to below 5% across January-February 2025, completing its exit. Filing [JA]
Asset Management One — Peak institutional position at 6.69% after adding through 2024.
Masumi Kuroda (co-founder) — Amended filing at 5.14% (filed 2024-07-01); the FY2025 register shows 5.09%. Filing [JA]
Yasubumi Ihara (co-founder & CEO) — Last founder filing at 16.78%; he and co-founder Sano each hold 16.18% on the FY2025 register. 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.
Yappli, Inc. — official English IR site · translated financial results and briefing materials ↗Key documents
2026-05-13 Start here Q1 FY2026 earnings briefing deck (English) — record 23.2% operating margin, multi-product KPIs (Yappli, WebX, MiniApp, MobileOrder), churn and LTV/CAC [EN] 2026-05-13 In English Q1 FY2026 tanshin (English) — summary of consolidated financial results for the three months ended March 31, 2026 [EN] 2026-05-27 In English Q1 FY2026 earnings-call transcript (English) — management Q&A from the May earnings call [EN] 2026-02-13 In English FY2025 annual results briefing deck (English) — full-year walkthrough of the business model and the multi-product pivot [EN] 2026-02-13 In English FY2025 earnings-call transcript (English, 55pp) — management Q&A on the FY2026 guide and the tax-shield runoff [EN] 2026-02-16 Strategy Business plan and growth potential (TSE Growth disclosure, 72pp) — the MTP equivalent, with the FY2030 vision of 10bn-yen revenue and 2bn-yen-plus adjusted EBITDA [JA] 2026-05-13 Capital policy Dividend forecast revision (English notice) — FY2026 annual dividend raised from 14 to 15 yen, the second consecutive upward revision [EN] 2025-05-14 Capital policy Dividend policy change and first-ever dividend declaration (FY2025: 13 yen) — the start of Yappli's capital-return story [JA] 2026-03-30 Annual report FY2025 annual securities report (YUHO) — full financials, single-segment notes, cap table [JA]Published Compounder Profiles on Yappli, Inc.
Long-form JII analysis. New write-ups are added here as results come in; the overview above always carries the latest numbers.
2026-05-21 JII Compounder Profile — Initiation ↗A no-code mobile-app platform pivoting to multi-product (Yappli, WebX, MiniApp, MobileOrder) that printed a record 23.2% operating margin in Q1 FY2026 while trading near 8x forward EV/EBIT. Central debates: the capital-return policy gap given net cash and a 37% return on equity, cohort-level churn opacity in the Marketing book, and whether the conservative FY2026 guide gets raised.
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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