Company research

Company researchTSE GROWTH · 4168 · FY end DEC

Yappli, Inc.

Yappli provides a no-code platform for retail and restaurant businesses to operate native apps. Churn below 1% and continued customer use form a competitive advantage. Four products can share the same ID infrastructure, but a clear capital-return policy has yet to be formalized.

Company

Yappli, Inc.

株式会社ヤプリ

A no-code platform for building and operating apps.

Last Close
¥745
May 19, 2026 · −41% from Aug-25 peak · +27% off Apr-25 trough
Market Cap / enterprise value (EV)
¥9.52bn / ¥8.48bn EV
net cash ¥1.04bn (11% of cap) · FY12/25 total payout 34%
EV / OP · forward
8.5x
trailing 9.6x · vs Aug-25 peak ~15x fwd · strict pass (≤12x)
Return on capital · trailing
24%
FY12/24 20.5% → FY12/25 24% · re-accelerating · ROE 37% on tax-shield-lifted NI
OP margin
23% · 1Q FY12/26 actual
FY12/25 reported 14.6% · FY12/26 guide 14.7% · 1Q record, ad-spend back-end-loaded
Shares & Float
12.78M sh · TSE Growth
treasury 209k (1.6%) · avg daily turnover ~¥79M · 60d
01 · Share-price regime

What moved the share price over the past two years?

stock price rose +116% in 4 months from ¥585 on April 7, 2025 to ¥1,263 on August 18 of the same year. The move reflected expectations for growth through the initial dividend and multiple products. It then fell about 40% over nine months. The turning point was the acquisition of Chew's Monster (currently Yappli Food Connect Co., Ltd.) announced on November 13, 2025. It was disclosed on the same day as the upward revision of FY25 company forecasts, and ¥113 million yen (87%) of the acquisition consideration ¥130 million yen was recorded as goodwill. In the final financial results on February 13, 2026, the company explained that the tax savings from loss carryforwards will be used up in FY26. The return of net profit to a level that reflects normal tax burden from FY27 has also changed the outlook on stock prices.

4168 vs. TOPIX · 24 months · Daily candle + volume
high price¥1,263 · 2025-08-18 low price¥585 · 2025-04-07 Currently¥745
Yappli · daily candle 60 day simple moving average TOPIX linked index (1308.T) rebase Volume

01 · The rally Yappli’s main business is no-code SaaS that lets customers build iOS and Android apps without specialist engineers and operate them after launch. Customers span apparel, restaurants, sports teams and media, with adoption for internal employee communication also growing in HR. Its strength lies less in app-building features than in continuously handling app-store reviews, OS updates, push notifications, member IDs, points and CMS. LTM churn in Q1 FY26 was 0.86%, down from 0.92%. Recurring fees account for about 80% of sales and implementation services about 20%. Since 2024, Yappli has expanded to four products by adding WebX, MiniApp and MobileOrder. In Q1 FY26, contracts totaled 958, GPM was 69.8%, monthly ARPU ¥466,000 and LTV/CAC 6.6x. Implementation support opens the relationship, while additional products connect to existing CRM, ID and points infrastructure to increase business per customer. The shares reached a 24-month low of ¥585 on April 7, 2025 and began recovering on May 14, when the Q1 FY25 results were accompanied by a dividend policy change and a first annual dividend of ¥12. This was raised to ¥13 on November 13, giving an FY25 payout of 18.1%. Beginning shareholder returns alongside growth investment changed the market’s view. The August 13, 2025 Q2 results showed growth in implementation services and progress with Yappli WebX, launched in May 2025 using smartLP software assets acquired in October 2024. The price reached ¥1,263 on August 18, up 116% in four months. Based on guidance at the time, that represented about 15x next-twelve-month EV/EBIT, a high valuation even for a profitable domestic mid-cap SaaS company.

02 · Adjustment from the highs On November 13, 2025, management made two announcements. It raised FY25 OP guidance from ¥750M to ¥830M and increased the dividend forecast, an upgrade that in isolation could have sustained the rally. Separately, it announced the ¥130M cash acquisition of Choose Monster, now Yappli Food Connect. Of this, ¥113M (87%) was recognized as goodwill to be amortized straight-line over nine years. No framework was provided for subsequently comparing the deal’s IRR with a buyback of the same amount. As investors reassessed execution risk in the multi-product strategy through autumn, the shares fell from the ¥900s to the ¥700s. FY25 results on February 13, 2026 showed sales of ¥6,056M, parent-only OP of ¥889M (+61.5%) and net profit of ¥920M, exceeding the revised November guidance. However, FY26 guidance of ¥1,000M OP (+13.3%) and ¥930M net profit (+1.0%) implied slower growth. At the briefing, management said tax benefits from loss carryforwards would be exhausted in FY26 and FY27 net profit would normalize toward underlying operating earnings. This provided another catalyst for multiple compression, with the price moving from the ¥800s to the ¥700s through winter and spring. The reversal combines two effects: a reasonable adjustment to slower growth from FY25, and an excessive reaction to the FY27 expiry of tax benefits.

03 · Current position Q1 FY26 results were released on May 13, 2026. Sales were ¥1,707M (+19.1%), OP ¥396M (+77.6%) and net profit ¥390M (+75.1%). The 23.2% OP margin exceeded full-year guidance of 14.7% by 8.5ppt and was the highest since listing. LTM churn improved from 0.92% to 0.86%, one to two quarters ahead of the improvement management had expected in H2 FY26. LTV/CAC of 6.6x exceeded its 5x reinvestment threshold, and contracts across four products totaled 958. Cross-selling examples included Alpen, Dr. Martens and Sarutahiko Coffee. On the same day, management raised the FY26 annual dividend for a second time, from ¥14 to ¥15, implying a 20.6% payout. Four executive officers had already been appointed: COO, CFO and CHRO effective April 1, and CoS effective January 1. The CFO appointment in particular suggests that capital allocation discipline is becoming part of the management structure. The share price recovered to ¥745, but remained 41% below its August 2025 level, leaving about 6.5 turns of forward EV/EBIT compression. Roughly half can be read as a reasonable reservation about whether the Q1 margin is sustainable, and half as an excessive allowance for the FY27 expiry of tax benefits. Three questions should be resolved over the next four quarters: whether the 23.2% Q1 margin reflects a structural improvement, with both Q2 and Q3 FY26 delivering OP margins of at least 18% after advertising normalizes to ¥180M per quarter; whether capital returns become a formal policy with a payout of at least 30% or an explicit total-return formula; and whether churn disclosure by business shows the Marketing cohort remaining below 1.0% on an LTM basis.

02 · Investor issues

Three questions dividing investor views

Based on

's most recent financial results and IR briefing, there are three points at issue. Will profit margins continue to rise? Will shareholder returns continue? Will growth through multiple products be profitable?

Issue 01 · Sustainability of profit margin
Will the operating profit margin of 23.2% in Q1 FY26 continue going forward, or is it a temporary increase due to the timing of recording advertising expenses?
bullish Bulls see higher margins in Q1 FY26 while increasing spending on headcount, R&D and multiple products as evidence of improved profitability due to scale. Even after bearing the costs for the first year of full-scale rollout of multiple products, profit margins are increasing. The gross profit margin will increase due to the composition ratio of production support services and the efficiency of server costs.69.8%rose to Total of 4 products958 contract, the churn rate is less than 1%, and the LTV/CAC ratio (customer lifetime value divided by acquisition cost) is6.6 timesThe company uses this as a guideline for reinvestment.5 timesexceed.This view will hold true if Q2 and Q3 FY26 have an operating profit margin of over 18% and a sales growth rate of over 15%, respectively, and if they can maintain the high incremental profit margin of H1 even if they return advertising expenses to quarterly ¥180M as planned.
bearish Bears believe Q123.2%The company points out that this is due to the combination of the effect of recording high-margin production support services ahead of schedule and the effect of advertising expenses being lower than the company's quarterly ¥150M and ¥180M plans. The profit margin that is close to the current ability of developing multiple products is the company's forecast for FY26.14.7%I think so.If the Q2 FY26 operating profit margin falls to 14-16%, it can be concluded that the 23.2% in Q1 was a temporary increase due to the product mix and the timing of recording expenses, and the profit margin did not permanently increase.
Issue 02 · Capital return
Is ¥15's dividend the beginning of a continuous return policy, or is it the upper limit while continuing to invest in growth?
bullish For bulls, Yappli is ROE37%, net cash¥1.04bn, FY25 operating CF¥0.776bnPay attention to the fact that it has been achieved. It has become a business that generates cash faster than finding new investments. We also view the appointment of a CFO as of April 1, 2026 as a sign that the company will institutionalize its capital policy. The total return rate for FY25 is34%(¥0.166bn + share buyback ¥0.149bn), which was the first return to shareholders after several years of reinvesting in growth. ¥15 dividend for FY26 has a payout ratio of20.6%pull up toThis view will hold true if the dividend payout ratio target increases to 30% or higher in the FY26 final results (February 2027), or if the multi-year share buyback limit or the formula for calculating the total return amount becomes clear.
bearish Bears point out that the company continues to prioritize growth investments. Chew's Monster, which was acquired in November 2025, will receive 1 million yen of the acquisition consideration ¥130.87% goodwillHowever, the company did not disclose how it would verify the results after the acquisition. Q1 In FY26 as well, stock buybacks have not been determined, and the company's stance has not changed from the past.This view will hold true if the dividend payout ratio target remains unchanged even in the FY26 financial results, there is no stock buyback, and even if net cash exceeds ¥1.5bn, it is not clear how it will be used.
Issue 03 · Multi-product strategy
Will the unit price and number of contracts increase with the rollout of the four products, or will the profitability of the monthly business deteriorate?
bullish Bulls believe that the total of the four products in FY26 Q1 will be958 contract(+6.9% compared to the previous year). Of these, 939 were for the core Yappli, and the rest were existing customers who also used WebX and MiniApp. YFC's "Yappli Mobile Order" is not included in the number of contracts. Although the price of WebX/MiniApp is low, the average monthly usage fee is¥466,000(+3.9% compared to the previous year). Case studies such as Alpen, Dr. Martens, and Sarutahiko Coffee show that companies are consolidating multiple digital touchpoints into Yapuri.This view holds if FY26 contracts exceed 1,020 and average monthly fees are at least ¥460,000.
bearish Bearishists point out that cross-selling cases are concentrated among a handful of major company names, and that the overall number of contracts is62%How the LTM churn rate of Yappli for Marketing (for retail), which accounts for the majority of sales, rose from 0.77% to 0.92% during FY25, and improved to 0.86% in Q1 FY26 — However, we caution —, whose churn rate by area is still not disclosed. There remains a possibility that the rapid growth of HR/UNITE is diluting the high churn rate in the Marketing area.This view will hold true if the churn rate by area is announced in the FY26 financial results disclosure and it is confirmed that the marketing customer group still has LTM of over 1.0%.
03 · Materials that affect capital efficiency

Three disclosure and capital-policy changes that could shift valuations

List three factors that can reduce questions surrounding capital efficiency. can change the evaluation without waiting for profits to increase.

Highlights 01 · Capital policy
Total refund policy and lower limit of refund amount
Breakdown of FY25 capital return and room for future allocation
FY25 dividend
¥0.166bn
FY25 Share buyback
¥0.149bn
FY25 Parent company net profit
¥0.92bn
Net cash on balance sheet
¥1.04bn
FY25 total return 34% (under ROE 37%) · FY26 share buyback “TBD” · Cash balance continues to increase
Walk through the arithmetic of capital allocation in five steps.Firstly, FY25 net profit is ¥920M, total return rate is 34%, retained earnings rate is 66% —Retained profit ¥605MIt is.secondly, disclosure-based organic development is the sum of R&D ¥337M (expense processing), capex ¥0.6M, and Choose Monster acquisition ¥130M —Development amount ¥468MIt is.thirdly, the remainder is¥605M − ¥468M ≈ ¥137M, this is the surplus that directly flows into the cash pile (BS cash moves from ¥1,959M to ¥2,204M during the year, so the direction is consistent).Fourthly, Yapuri's trailing ROCE is24%, this is the hurdle — 1 yen retained must earn at least 24% in additional deployments for it to be value accretive compared to simply being paid out as a dividend.Fifthly, but marginal opportunities narrow once organic investment exceeds roughly ¥500M. M&A with a goodwill ratio near the Choose Monster deal’s 87% does not clear the hurdle. The marginal yen that cannot add value therefore remains in bank deposits earning about 0.4%. Cash continues rising relative to market capitalization, and no capital allocation framework has been published.Unless a reinvestment target that exceeds ROCE is found, the cash balance will continue to accumulate every year.This gap can be bridged by a formula-based total return policy that absorbs the surplus when expansion cannot keep up.
execution burden
Board of Directors resolution + IR materials 1 slide
Earliest confirmation time
FY26 Q2 financial results disclosure · August 2026
Highlight 02 · Disclosure
Churn rate and sales retention rate (NRR) by field
FY25-Q1 FY26 LTM churn rate Overall and by customer segment
Marketing area (62%)
~1.1% estimated
HR / UNITE（16%）
~0.3% estimate
Others (22%)
~0.8% estimated
Overall LTM (disclosed)
0.86%
Churn rate by area not disclosed · Composition ratio of customer base is estimated from disclosure of number of contracts
Yappli's customer base is organized into three customer areas (cohorts): apps for retail, e-commerce, and apparel (Yappli for Marketing), apps for HR and employee engagement (UNITE by Yappli), and the remaining areas for BtoB, media, and local governments. These three are the company's customer cohorts, and each cohort's retention dynamics determine how much revenue is ultimately collected from a single contract. The longer a contract lasts, the greater the cumulative revenue from that contract.The — company calls this Lifetime Value (LTV). Currently, only one LTM company-wide churn rate is disclosed. The company explained in its Q4 FY25 IR briefing that the increase in headline LTM churn rate from 0.77% to 0.92% was primarily due to the Marketing cohort. Q1 FY260.86%However, it remains unclear from the outside whether the Marketing cohort itself has recovered, or whether the rapid growth in the HR/UNITE field is merely a result of diluting Marketing's still high churn rate. Marketing cohort is the number of contracts62%, and is in a position to control the profit structure.Quarterly disclosure of LTM churn rate by area and sales-based NRR (Marketing/HR/Others)However, along with the number of contracts by cohort, it is possible to separate the structural retention story from the mix-derived headlines. The market currently imposes an opacity discount on Marketing Cohort's LTV because its cohort numbers are opaque, and symmetric disclosure removes that discount.
execution burden
Added 1 financial statement document
Earliest confirmation time
FY26 Q2 Financial Results · August 2026
Highlight 03 · Disclosure
M&A's judgment criteria and YFC's first year's independent performance
Choose Monster (YFC) acquisition mechanism
Acquisition consideration
¥0.13bn
Goodwill recorded
¥0.113bn (87%)
Net asset acceptance
¥0.017bn
9-year straight-line amortization
¥12.6 million yen
Comparison with the case where the same amount was used for share buybacks is not disclosed.
The company acquired Chew's Monster (November 28, 2025, ¥130 million yen cash, goodwill)¥113 million yen = 87%(9-year straight-line amortization) is positioned as a project to acquire capabilities in the LINE mini app channel and the restaurant vertical. On the other hand, the IRR comparison with an alternative plan in which the acquisition consideration ¥130 million yen was allocated to share buybacks at the same valuation has not yet been disclosed, and the institutionalization of capital allocation discipline suggested by the appointment of CFO on April 1st remains at the sketch stage.Yappli Food Connect's first-year non-consolidated sales and operating profit were disclosed in the FY26 financial results.If a CFO-signed IRR vs. alternative utilization threshold frame were also made public for future deals, it would be easier to verify acquisition decisions after the fact, and the assessment of impairment risk would change.
execution burden
IR document 1 slide + related notes of securities report
Earliest confirmation time
FY26 final financial results · February 2027
04 · Valuation

Scenarios for the next four quarters

We have divided the possible developments in the next four quarters into three categories: bearish, basic, and bullish. is a combination of disclosure and performance, and is not a prediction of 's future stock price.

bearish scenario
¥550 – ¥650
−26% to −13%
Estimated valuation multiple · ~5–6x EV/EBIT (forecast basis)
The high operating profit margin in Q1 was due to temporary factors in the PS mix and timing.Churn rate of marketing customer group begins to rise again. Capital will only accumulate, and none of the three disclosure/capital policy levers will be activated.
Conditions for this route to hold
  • Q2 FY26 operating profit margin16% or lessThe company's sales were reduced to 14.7% of the full-year company's plan.
  • Growth in the number of contracts for FY26+5% or less. LTM churn rate once again exceeds 1.0% due to renewed churn pressure in the marketing area.
  • The dividend payout ratio target remains unchanged in the FY26 results, there is no approval for share buybacks, and net cash is¥1.5bnBreak through.
  • No disclosure of churn rate by area, YFC first year sales areLess than ¥0.25bnThe operating profit and loss is below the break-even point.
  • Market views continue to be dominated by concerns that the effect of tax burden relief will wear off in FY27 and net profits will return to levels that reflect normal tax burdens.
¥550–¥650 in the

bearish case is equivalent to ~4.6–5.6x in FY26 expected EV/EBIT. This is significantly lower than the 10-15x of domestic mid-sized SaaS competitors, and also lower than the 7-10x seen in private takeovers of Japanese light-asset technology companies. This only works if only the valuation multiple, not business performance, declines, and the market valuation continues to be lower than the level paid by the strategic acquirer.

Basic scenario
¥850 – ¥1,000
+14% to +34%
Estimated valuation multiple · ~10–11x EV/EBIT (forecast basis)
Q1's operating profit margin was partially maintained even under normal advertising expense levels, leading to an upward revision in Q3 results.One of the three improvement measures listed in disclosure/capital policy will be realized.。
Conditions for this route to hold
  • FY26 Q2 (August 2026) Operating profit margin18% or more・Sales growth rate of 15% or more, FY26 operating profit¥1.08bn or more(+8% compared to company plan) and announced an upward revision in Q3.
  • The number of contracts for FY26 wasOver 1,020 itemsAdditional introduction of multiple products continues.
  • Disclosure of churn rate/NRR by areaorThe official total return calculation formula will be announced at the end of FY26.
  • YFC first year sales¥0.25bn〜¥0.4bnWithin this range, contribution margin is positive.
bullish scenario
¥1,150 – ¥1,350
+54% to +81%
Estimated valuation multiple · ~13–15x EV/EBIT (forecast basis)
Q1 operating margin confirmed as structural floor;Two of the three improvement measures listed in disclosure/capital policy will be realized.. FY27 tax effect run-off will be pre-framed.
Conditions for this route to hold
  • Q2 FY26 operating profit margin20% or more, sales growth rate of 18% or more, FY26 operating profit¥1.15bn or moreAnnounced upward revision (+15% compared to company plan).
  • Total number of contractsMore than 1,050 itemsTo. Yappli MiniApp + MobileOrder will expand beyond key customers.
  • Capital return policy will be institutionalized in FY26 final settlement, and ¥3~500 million share buyback limit will be approved in parallel with dividends.
  • Marketing customer groups are confirmed to have LTM of less than 1.0% in the area-specific churn rate disclosure.
  • The normalization of FY27 net profit will be explained in advance in the FY26 financial results — While maintaining the FY27 operating profit growth rate of 15% or more, net profit will be reset to the operating profit standard.

The upper limit of the bullish case ¥1,350 is slightly above the August 2025 high ¥1,263, which is the level if the expected base EV/EBIT rises to ~13-15x. It is in the middle of the evaluation level of domestic medium-sized profitable SaaS, along with Cybozu (10x), PR TIMES (12x), and HENNGE (25x). An even higher evaluation will require Yappli WebX/MiniApp to become established as the second source of revenue growth, but this is room for medium-term growth that cannot be confirmed in the next four quarters.

SOTP · Main job Yappli platform
Yappli + Yappli WebX + Yappli MiniApp · Approximately 95% of group sales
FY26 segment sales (estimated)~¥6.5bn
Segment operating profit margin (approximate value based on FY26 company plan)~15%
Estimated segment operating income (medium)~¥0.975bn
Peer valuation multiple (Cybozu 10x, PR TIMES 12x)~10–12x EV/EBIT
Moderate entailment EV:~¥100–12 billion(11x forward segment operating profit)
SOTP · YFC + Equity Method + Net Cash
Yappli Food Connect (51.4%) + Fuller Equity Method (21.8%) + Net Cash
YFC FY26 sales (estimated)~¥2.5–400 million
YFC estimated EV (sales 1.5–2x)~¥3.75–800 million
Fuller equity method book value¥0.499bn
Surplus net cash addition¥1.04bn
Comparison of SOTP estimate and current EVEstimated market capitalization ~¥110–14 billion / current ¥9.5bn
If one of the three CATALYST highlights is activated, SOTP supports the base to bullish scenario
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