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Japanese provider of cloud-based business software including expense management and webmail for SMBs.
Japanese provider of cloud-based business software including expense management and webmail for SMBs.
Customers pay a subscription, priced per user, so revenue builds from a base that renews each period; the expense-settlement product carries the most. Additional modules sold to the same customers are the main way each account grows.
In one line: A Japanese Concur/Expensify combined with a business email SaaS.
Moat: narrow (switching costs, installed base). Recurring SaaS subscriptions embedded in customer workflows create moderate switching costs.
Headquarters: Osaka, Japan · Founded: 2000 · Employees: 3,569
Size RAKUS (3923.T) is a Japan Information Technology company (Packaged Software) with a market value of $2.38B, the 427th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,060 on 6 Nov 2026.
Performance Over six months the shares gained 23.7%, against +10.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 16.7% over the last twelve months (peer median +16.6%); the operating margin is 30.5% (peer median 6.5%).
Valuation It trades at 14.1× forward earnings against a peer median of 21.6× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 61.4 points above its cost of capital (10.2% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥60.4B | ¥60.3B | ¥48.9B | ¥38.4B | ¥27.4B |
| Revenue growth | — | +23% | +27% | +40% | — |
| Gross profit | ¥46.4B | ¥45.4B | ¥36.3B | ¥27.6B | ¥18.8B |
| EBITDA | ¥19.7B | ¥18.6B | ¥11.3B | ¥6.44B | ¥2.23B |
| Net income | ¥24.4B | ¥13.3B | ¥8.00B | ¥4.18B | ¥1.27B |
| Free cash flow | n/a | ¥12.3B | ¥7.74B | ¥4.47B | ¥1.54B |
| Capital expenditure | n/a | ¥1.05B | ¥1.36B | ¥854M | ¥634M |
| Total debt | ¥0 | ¥0 | ¥216M | ¥970M | ¥36.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| RAKUS 3923.T | $2.38B | +24% | +17% | 31% | 14.1× | 15.8% |
| Money Forward 3994.T | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a |
| Sansan 4443.T | $1.67B | +65% | +22% | 18% | 27.4× | 20.3% |
| freee K.K 4478.T | $1.72B | +100% | +28% | 3% | 79.1× | n/a |
| Cybozu 4776.T | $862M | +43% | +20% | 27% | 16.8× | -2.8% |
| OBIC Business Consultants 4733.T | $4.74B | +62% | +12% | 47% | 36.1× | 3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3923.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | +2.2% | 11th highest of 21 |
| 6-month return | +23.7% | +10.2% | 9th highest of 21 |
| Distance from 52-week high | -20.3% | -24.5% | 11th highest of 21 |
| Revenue growth (TTM) | +16.7% | +16.6% | 11th highest of 21 |
| Operating margin | 30.5% | 6.5% | highest of 21 |
| Forward P/E | 14.1× | 21.6× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 15.8% | 10.2% | 6th most demanding of 13 |
| Growth delivered (Del g) | +31.4% | +23.8% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -15.6 pp | -5.2 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +61.4 pp | -1.3 pp | highest of 18 |
| EV / EBITDA | 18.0× | 10.0× | 4th most expensive of 10 |
| Net debt / EBITDA | -1.0× | -0.2× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RAKUS 3923.T | Japan | $2.38B | +24% | +17% | 31% | 14.1× | 15.8% | +31.4% |
| nCino NCNO | United States | $2.40B | +28% | +9% | 9% | 15.8× | 23.9% | +23.8% |
| ePlus PLUS | United States | $2.40B | +2% | +15% | 7% | 16.1× | 4.3% | +9.5% |
| Affle 3i AFFLE.NS | India | $2.36B | +6% | +20% | 18% | 40.0× | 33.0% | +39.3% |
| Asana ASAN | United States | $2.43B | +60% | +9% | -15% | 27.4× | 10.7% | +28.4% |
| Blackbaud BLKB | United States | $2.43B | +44% | +2% | 21% | 9.4× | -1.6% | +4.3% |
| Guangdong Aofei Data Technology 300738.SZ | China | $2.44B | -34% | +24% | 23% | 42.6× | n/a | n/a |
| Shanghai Suochen Information Technology 688507.SS | China | $2.31B | +97% | +32% | -2% | 196.7× | n/a | n/a |
| NetScout Systems NTCT | United States | $2.29B | -19% | +6% | 15% | 11.6× | -0.1% | +0.7% |
| Meitu 1357.HK | Hong Kong | $2.50B | -9% | +24% | 24% | 12.8× | 7.5% | +25.5% |
| Money Forward 3994.T | Japan | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a | n/a |
| Schrodinger SDGR | United States | $2.23B | +125% | +9% | -59% | n/a | n/a | n/a |
| Urban URBANCO.NS | India | $2.58B | +8% | +36% | -26% | n/a | n/a | n/a |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |
| Ethos Technologies LIFE | United States | $2.18B | +13% | +112% | -16% | 33.9× | 24.1% | n/a |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
| JWIPC Technology 001339.SZ | China | $2.72B | -19% | +41% | 21% | 21.9× | n/a | n/a |