Overview
Services

ValueCommerce Co.,Ltd.

ValueCommerce provides performance-based marketing solutions for e-commerce operators in Japan, covering customer acquisition through customer retention. Its core services include affiliate marketing (performance-based advertising), click-based advertising and CRM tools for Yahoo! Shopping store operators (StoreMatch and STORE's R∞), and hospitality technology solutions such as hotel booking and property management systems (Direct In and Dynalution) via its subsidiary Dynatech Co., Ltd. The company leverages proprietary tracking technology and a close relationship with LINEYahoo Corporation to maximize transaction volume for commerce clients.

Market Cap
¥9.57B
US$60.9M
EV
¥-1.55B
-US$9.88M
Stock¥440▼-0.23%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
3.5
x
LTM EV/EBIT
2.7
x
LTM PER
NM
LTM PBR
0.8
x
2026-08-25 closing price basis: ranked #111 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-4B).
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-60.6%pt
100123
Oct 23, 25 – Oct 23, 26StockTOPIX
1May 12, 26Kaname Capital, L.P. filed large shareholding report
2Jun 9, 26Kaname Capital, L.P. changed stake (6.86%→8.71%)
3Jun 23, 26Kaname Capital, L.P. changed stake (8.71%→9.71%)
MC → EV Bridge
9.57BUS$60.9MMarket Cap0.00BUS$0.00M+ Debt10.0BUS$63.8M− Cash1.10BUS$7.02M− Inv. Sec.-1.55B-US$9.88MEV
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Performance & Balance
Revenue 5Y (¥B)
33.6US$214M'21/1235.7US$227M'22/1229.4US$187M'23/1230.4US$194M'24/1224.2US$154M'25/12
EBITDA 5Y (¥B)
8.61US$54.8M'21/128.66US$55.2M'22/125.65US$36.0M'23/124.53US$28.8M'24/122.31US$14.7M'25/12
Net Income 5Y (¥B)
3.26US$20.8M'21/125.81US$37.0M'22/123.40US$21.6M'23/122.86US$18.2M'24/120.49US$3.10M'25/12
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
16.0US$102M'21/1220.9US$133M'22/1222.2US$141M'23/1212.5US$79.6M'24/1211.8US$75.0M'25/12
Shareholders
Top 10 hold 29.6%
1
PERSHING-DIV.OF DLJ SECS.CORP. (Standing Proxy: Citibank, N.A., Tokyo Branch)
16.21%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.06%
3
Bold Investment Co., Ltd.
1.48%
4
DAIWA CM SINGAPORE LTD (TRUST A/C; Standing Proxy: Daiwa Securities Co. Ltd.)
1.17%
5
STATE STREET BANK AND TRUST COMPANY 510371 (Standing Proxy: Mizuho Bank, Ltd.)
0.96%
6
BNP PARIBAS NEW YORK BRANCH FOR TREATY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
0.95%
7
STATE STREET BANK AND TRUST COMPANY 505044 (Standing Proxy: Mizuho Bank, Ltd.)
0.92%
8
Japan Securities Finance Co.,Ltd.
0.68%
9
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
0.63%
10
Custody Bank of Japan, Ltd. (Trust Account)
0.57%
Management
10 officers
Hitoshi KAGAWA
Representative Director, President and CEO
Apr 1991 Joined Aida Engineering, Ltd. May 1992 Joined Nikkan Kogyo Shimbun, Ltd. Oct 2003 Joined Yahoo Japan Corporation (now LY Corporation) Oct 2009 General Manager, Product Planning Department, Advertising Division, Media Business Division, Yahoo Japan Corporation May 2010 General Manager, Product Planning Department, Advertising Division, Media Business Division; General Manager, Advertising Support Department, Advertising Division, Yahoo Japan Corporation Jul 2012 General Manager, Research Analysis Department, Business Promotion Division, Marketing Solutions Company, Yahoo Japan Corporation Oct 2012 Director, Crocos Inc. (now LY Corporation) Mar 2013 Director and Executive Vice President of the Company Jan 2014 Representative Director, President and CEO of the Company Jan 2019 Representative Director, President and CEO; General Manager, Corporate Division of the Company Apr 2019 Representative Director, President and CEO of the Company (current)
1968-09-24
Masatomo ENDO
Director, Chief Financial Officer and General Manager, Corporate Division
Apr 1993 Joined Kumagai Gumi Co., Ltd. May 2005 Joined Yahoo Japan Corporation (now LY Corporation) Jul 2010 General Manager, Group Planning Department, Management Strategy Division, Yahoo Japan Corporation Apr 2011 General Manager, Corporate Planning Department, Management Strategy Division, Yahoo Japan Corporation Mar 2013 Director of the Company Oct 2013 General Manager, M&A Strategy Department, CFO Office, Yahoo Japan Corporation (now LY Corporation) Jan 2014 Director and General Manager, Corporate Division of the Company Mar 2014 Director, Chief Financial Officer and General Manager, Corporate Division of the Company Jan 2019 Director and Chief Financial Officer of the Company Jan 2024 Director, Chief Financial Officer and General Manager, Corporate Division of the Company (current) Director, Dynatec Co., Ltd. (now the Company)
1970-04-24
Taku HASEGAWA
Director, in charge of Marketing Solutions Business
Apr 1991 Joined Bridgestone Corporation Jan 1996 Joined Seven-Eleven Japan Co., Ltd. Mar 1999 Merchandiser, Merchandising Division, Seven-Eleven Japan Co., Ltd. Aug 2003 Joined Yahoo Japan Corporation (now LY Corporation) Apr 2013 General Manager, Business Development Department, Shopping Company Business Promotion Division, Yahoo Japan Corporation Jul 2014 General Manager, Shopping Company Business Promotion Division, Yahoo Japan Corporation Apr 2015 General Manager, Shopping Company Business Development Division, Yahoo Japan Corporation Oct 2015 General Manager, President's Office of the Company Jan 2016 Executive Officer, Chief Strategy Officer (CSO) and General Manager, President's Office of the Company Mar 2018 Director, CSO and General Manager, President's Office of the Company Jan 2019 Director and Chief Operating Officer (COO) of the Company Jan 2024 Director; General Manager, Social Commerce Promotion Office of the Company Jan 2025 Director of the Company (current)
1968-11-24
Koichiro TANABE
Director, in charge of Global Marketing Solutions
Apr 1996 Joined Asahi Mutual Life Insurance Company Feb 2000 Joined Yahoo Japan Corporation (now LY Corporation) Jun 2009 Director, Cynex Co., Ltd. Jan 2010 Outside Director, JWord Inc. (now GMO Insight Inc.) Mar 2014 Outside Director of the Company Apr 2016 Executive Officer, Media & Marketing Solutions Group; General Manager, Marketing Solutions Company, Yahoo Japan Corporation Apr 2017 Executive Officer, Media Group; General Manager, Marketing Solutions Company, Yahoo Japan Corporation Jun 2017 Director, GYAO Corporation (now LY Corporation) Apr 2018 Executive Officer; General Manager, Marketing Solutions Division, Media Company, Yahoo Japan Corporation Mar 2019 Director of the Company Jan 2023 Director; General Manager, Sales Division of the Company Jan 2024 Director; General Manager, LY Solutions Division of the Company Oct 2025 Director of the Company (current)
1973-09-21
Yoshimasa KASUYA
Director, in charge of Business Development; General Manager, Business Development Office
Apr 1995 Joined McKinsey & Company, Inc. Japan Apr 2007 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Sep 2012 Joined Yahoo Japan Corporation (now LY Corporation) Oct 2012 General Manager, Company-wide Business Promotion Office, Corporate Business Planning Department, Business Strategy Division, Yahoo Japan Corporation; Partner, YJ Capital Inc. (now Z Venture Capital Inc.) Dec 2014 Outside Director, Machikoe Inc. (now Palette Cloud Inc.) May 2015 Outside Director, White Plus Inc. Jun 2016 Director, Commerce 21 Inc. Oct 2016 General Manager, Business Development Department, Shopping Company Business Development Division; Service Manager, Shopping Business Development Service, Yahoo Japan Corporation Dec 2017 Representative Director, President, Commerce 21 Inc. Jan 2020 Representative Director, President, B-SLASH Inc. (now the Company) Mar 2020 Director of the Company Jan 2022 Director; General Manager, EC Solutions Division of the Company Jan 2023 Director of the Company Jan 2024 Director; General Manager, Business Development Office of the Company (current)
1971-12-13
Masahiro AWA
Director, in charge of Travel Tech Business
Apr 1990 Joined All Nippon Airways Co., Ltd. Apr 2001 Joined Asahi Audit Corporation (now Azusa Audit LLC) Apr 2004 Joined Culture Convenience Club Co., Ltd. Oct 2004 General Manager, Management Strategy Office, Culture Convenience Club Co., Ltd. Sep 2005 Audit & Supervisory Board Member, CCC Communications Inc. Nov 2005 Audit & Supervisory Board Member, TC Entertainment Co., Ltd. Mar 2006 Audit & Supervisory Board Member, TSUTAYA Inc. (now Culture Convenience Club Co., Ltd.) Apr 2007 Joined Rakuten, Inc. (now Rakuten Group, Inc.); Deputy General Manager, Business Strategy Division, Rakuten Ichiba Business Unit; Deputy General Manager, Marketing Division Nov 2011 Joined Yahoo Japan Corporation (now LY Corporation) Jul 2012 Unit Manager, Shopping Unit, Consumer Business Company, Yahoo Japan Corporation; Director, Tabigator Inc. Oct 2014 General Manager, Service Planning Division and General Manager, Marketing Division, Shopping Company, Yahoo Japan Corporation Apr 2018 Executive Officer, Chief Digital Officer (CDO) and Chief Utilization Officer (CUO), Y.J. Card Co., Ltd. (now PayPay Card Corporation) Oct 2018 Managing Executive Officer, in charge of CDO/CUO Office, Credit Planning Division and Operations Planning Division, Y.J. Card Co., Ltd. Jun 2020 Managing Executive Officer, in charge of DX Division, Credit Planning Division and Operations Planning Division; General Manager, Human Resources & General Affairs Division, Y.J. Card Co., Ltd. Dec 2022 Joined the Company; Chief Marketing Officer (CMO) Jan 2023 Executive Officer, CMO of the Company Jun 2023 Director, Dynatec Co., Ltd. (now the Company) Jan 2024 Representative Director, President, Dynatec Co., Ltd. Mar 2024 Director of the Company (current)
1967-03-30
Toshio TAKAHASHI
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined Tokai Bank, Ltd. (now MUFG Bank, Ltd.) Apr 1991 Research Officer, Foreign Exchange Department (London), Tokai Bank, Ltd. Jun 1996 Research Officer, Securities & Foreign Exchange Department (New York), Tokai Bank, Ltd. Jan 1999 Senior Research Officer, Risk Management Division (London); Senior Research Officer, Investment Banking Planning Division; Deputy General Manager, London Branch, Tokai Bank, Ltd. Oct 2002 Deputy General Manager, Internal Audit Division, UFJ Holdings, Inc. (now Mitsubishi UFJ Financial Group, Inc.) Oct 2004 Deputy General Manager, Audit Planning Office, UFJ Bank Limited (now MUFG Bank, Ltd.) Jan 2006 Senior Research Officer, Audit Division (Planning Group), Mitsubishi Tokyo UFJ Bank, Ltd. (now MUFG Bank, Ltd.) Jun 2008 Joined SAP Japan Co., Ltd. Jun 2011 Full-time Audit & Supervisory Board Member, SAP Japan Co., Ltd. May 2016 Outside Audit & Supervisory Board Member (full-time), Lawson, Inc. Mar 2020 Outside Director (Audit and Supervisory Committee Member) of the Company May 2020 Outside Director (Audit and Supervisory Committee Member, full-time) of the Company (current)
1958-06-29
Akika IKEDA
Director (Audit and Supervisory Committee Member)
Apr 1982 Joined Nihon Godo Finance Co., Ltd. (now JAFCO Group Co., Ltd.) Jun 2004 General Manager, Public Relations Department, JAFCO Co., Ltd. (now JAFCO Group Co., Ltd.) Jan 2019 Joined Asian Bridge Inc. Jun 2019 Full-time Audit & Supervisory Board Member, Asian Bridge Inc. Jul 2019 Outside Audit & Supervisory Board Member, ASTROSCALE Holdings Inc. (current) Mar 2021 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Mar 2023 Full-time Audit & Supervisory Board Member, paiza Inc. (current)
1959-01-01
Aya WATANABE
Director (Audit and Supervisory Committee Member)
Dec 2014 Joined Ishizaki & Yamanaka Law Office Oct 2018 Joined Nomura Securities Co., Ltd. Seconded from Nomura Securities Co., Ltd. to Nomura Holdings, Inc. Jan 2020 Joined Amemiya Shinya Law Office (current) Sep 2022 Outside Director, Nihon Joho Create Co., Ltd. Mar 2024 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Aug 2024 Outside Director (Audit and Supervisory Committee Member), Cosel Co., Ltd. (current)
1987-04-17
Naoko SHIOKAWA
Director (Audit and Supervisory Committee Member)
Oct 2001 Joined Tohmatsu Audit Corporation (now Tohmatsu LLC) Jan 2012 Joined BDO Tax Corporation Jul 2017 Joined Meiji Ark Audit Corporation (now Ark Audit LLC) Oct 2020 Joined Gyosei Audit Corporation (current) Mar 2026 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1977-11-30
Large Shareholding Reports
Kaname Capital, L.P.
2026-10-13
10.84%→11.97%
Kaname Capital, L.P.
2026-08-18
9.71%→10.84%
Kaname Capital, L.P.
2026-08-17
10.84%→9.71%
Kaname Capital, L.P.
2026-06-23
8.71%→9.71%
Kaname Capital, L.P.
2026-06-09
6.86%→8.71%
Kaname Capital, L.P.
2026-05-12
6.86%
Arrowstreet Capital, Limited Partnership
2026-03-23
5.32%→3.56%
Arrowstreet Capital, Limited Partnership
2026-01-09
5.32%
Barclays Bank PLC
2025-10-07
0.02%→0.63%
Barclays Capital Securities Ltd.
2025-09-22
5.29%→5.50%
Barclays Capital Securities Ltd.
2025-08-22
5.29%
Z Holdings Intermediate Co., Ltd.
2025-08-18
17.69%→0.00%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-13
Large Shareholding Report
EDINETAmended
2026-08-18
Change Report
EDINET
2026-08-17
Large Shareholding Report
EDINET
2026-08-06
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-07-29
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-06-23
Large Shareholding Report
EDINET
2026-06-09
Large Shareholding Report
EDINET
2026-05-12
Large Shareholding Report
TDnet
2026-04-28
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-01-09
Large Shareholding Report
TDnet
2025-10-28
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-09-22
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
EDINET
2025-08-18
Large Shareholding Report
EDINET
2025-08-06
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-04-30
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-25
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-06
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINET
2024-05-09
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-25
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-08
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-11
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-28
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-08
Quarterly Securities Report
EDINET
2022-05-12
Quarterly Securities Report
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