Research

Aidma Holdings: Founder-controlled sales outsourcer resets after a profit decline

Aidma Holdings, Inc. (7373) · Published 2026-11-08 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • Aidma Holdings reports a single segment, Work Innovation, which it splits into two services: sales support and human-resources support, plus smaller other businesses. Sales support is the main revenue source, and the human-resources side includes Mama Works, a job site for remote crowd workers, mainly homemakers.
  • In sales support, the company runs test-marketing programs for business-to-business clients, mostly small companies without an established sales force, over a period of roughly one year. It uses its in-house Sales Crowd system, a database built from more than 15,500 client engagements through August 2025, and crowd workers who make outbound telephone, email, fax and letter approaches.
  • The group is the parent, 16 consolidated subsidiaries and one equity-method affiliate, Proud Partners. It has grown through acquisitions, including Cozre and Kaimaku in fiscal 2025 and the purchase of the "For JAPAN" business in the year to August 2026. Sales are essentially all domestic, and no single customer accounts for a tenth or more of revenue.
  • The fiscal year ends in August. Contracts generally run about one year, and the company states that a portion of each year's orders turns into revenue in the following fiscal year, so order counts lead reported revenue.

Investment case

  1. The annual securities report for the year to August 2025 names revenue, operating profit and order count as the company's key indicators. Quarterly order counts rose in every quarter of that year, and revenue grew again in the year to August 2026 (see Performance & Balance).
  2. The balance sheet holds mainly cash and short-term securities, with little borrowing, and the group also has overdraft and commitment-line facilities (see Performance & Balance). The articles allow the board to buy back shares without a shareholder vote, and the company repurchased shares in both fiscal 2025 and fiscal 2026 while keeping the annual dividend per share unchanged.
  3. The earnings release for the year to August 2026 describes changes made from the latter part of the second quarter. These include requiring advance payment from owner-managed clients, enforcing a rule that support starts within 20 business days of an order, and no longer pulling future orders forward. The company states these steps have cut new uncollected receivables and the bad-debt charges that weighed on profit.
  4. The company is developing AI tools for its own operations, including systems that handle receptionist calls, run calls through to sending materials, and produce meeting minutes and sales-training feedback. It states that it is pursuing patents on these technologies.

Bear case

  1. In the year to August 2026, operating profit and net income fell even though revenue rose. The company attributes the decline to higher staff costs, a larger provision for uncollected receivables, and higher goodwill amortization from acquisitions and the For JAPAN business transfer.
  2. Management forecasts lower revenue, operating profit and net income for the year to August 2027. It says reported revenue will temporarily fall below the prior year as it moves away from pursuing scale.
  3. Receivable quality changed sharply during fiscal 2026: the bad-debt allowance and trade receivables rose, while contract liabilities from advance billings fell. A new long-term loan receivable also appeared on the balance sheet, and non-operating income included a gain from writing off long-outstanding liabilities.
  4. Acquisitions have added goodwill, and equity-method losses widened in fiscal 2026. The annual securities report for the year to August 2025 states that one wholly owned subsidiary, Addlast, had liabilities exceeding its assets and that the group lends it funds.

Catalysts

  • The annual general meeting is scheduled for November 26, 2026, and the annual securities report for the year to August 2026 is due to be filed and the year-end dividend paid on November 27, 2026.
  • Quarterly results for the year to August 2027 will show whether the four structural changes the company has announced are working. These cover customer and service strategy, collections, sales strategy and customer support, and the results will show their effect on order conversion, bad-debt charges and the full-year forecast.
  • The board can decide further share buybacks under the articles. The company forecasts an unchanged dividend per share for the year to August 2027.

Key risks

  • The founder is the president and, counting companies in which he holds a majority of voting rights, owns a majority of the votes, which makes him a controlling shareholder (see Shareholders). Two of the six directors are outside directors. Since November 2023, a special committee of the two outside directors has reviewed conflict-of-interest transactions with the controlling shareholder.
  • The articles lower the quorum for special shareholder resolutions to one-third of voting rights. The company also lists dependence on the president for strategy and management as a business risk.
  • Revenue depends mainly on the sales-support service and on keeping a sufficient pool of qualified crowd workers. The company also cites reputational risk from large volumes of outbound calls to non-customers, mid-term contract cancellations, and bad debts from small clients.
  • The business is subject to the Telecommunications Business Act, the Employment Security Act, the Subcontract Act and the law governing transactions with freelance contractors. New rules on internet businesses or remote work could restrict operations, and outstanding stock options would dilute existing holders if exercised.

Trading liquidity

Median daily trading value US$0.72mn
Average daily volume 116,579 shares

2025-10-20 to 2026-11-06 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • Governance, risk and business descriptions come from the annual securities report for the year to August 2025, filed in November 2025. Results and the forecast come from the earnings release for the year to August 2026, so board composition and other non-financial details may have changed since.
  • Subsidiary Kaimaku changed its fiscal year-end from September to August, so 14 months of its results are included in fiscal 2026. The company states the effect is minor.
  • Qualitative statements are taken from the annual securities report for the year to August 2025 and the full-year earnings release for the year to August 2026.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

No offer or solicitation. This material is provided for information purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any security or other financial instrument in the United States or in any other jurisdiction, and it is not a recommendation to buy, sell or hold any security. It is not directed at, and may not be relied on by, any person in any jurisdiction where its publication or availability would be contrary to law or regulation.

Not investment advice. This material is general and impersonal. It does not take into account the investment objectives, financial situation or particular needs of any reader, and it is not tailored to any person. It is published to all readers on the same terms and on a regular basis, and no reader receives advice on the merits of any security for their own account. Readers should make their own independent decisions and consult their own legal, tax, accounting and investment advisers before making any investment.

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Securities of Japanese issuers. The securities discussed are issued by companies incorporated in Japan and listed on the Tokyo Stock Exchange. They may not be registered under the U.S. Securities Act of 1933, and the issuers may not be subject to the periodic reporting requirements of the Securities Exchange Act of 1934. Information about these issuers may be less extensive than information about U.S. issuers, and their financial statements are prepared under Japanese GAAP, IFRS or U.S. GAAP as each issuer elects. U.S. persons may face restrictions, tax consequences and practical limits on buying, holding or selling these securities. Investments in non-U.S. securities involve risks that include currency movements, lower trading liquidity, and differences in market practice, corporate governance and legal protection.

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Sources, accuracy and forward-looking statements. This material is based on the issuers' public disclosure documents and on market data, and it was prepared with the assistance of AI tools and reviewed by the Beluuga AI Research Team. We believe the sources to be reliable but do not guarantee that the information is accurate, complete or current, and the material may contain errors. Statements about the future, including catalysts and risks, are assumptions and are not guarantees; actual results may differ materially. Past performance is not a guide to future performance. The material speaks only as of its date, and we have no obligation to update it. Where the issuer's original disclosure is in Japanese, the Japanese original prevails over any English description given here.

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Overview
Services

Aidma Holdings,Inc.

Aidma Holdings provides B2B sales outsourcing and work innovation services primarily targeting small and medium-sized enterprises in Japan. The company leverages its proprietary sales support system 'Sales Crowd,' an accumulated database of over 15,500 client engagements, and AI-driven test marketing to identify optimal sales patterns across channels including telephone, email, fax, and direct mail. In addition to sales support, the company offers workforce solutions connecting latent labor resources with companies facing staffing shortages, addressing Japan's declining labor population.

Market Cap
US$64.4M
¥10.3B
EV
US$21.4M
¥3.40B
StockUS$4.47(¥711)▼-0.56%
US$1 = ¥159.23 (2026-11-11)
LTM EV/EBITDA
1.1
x
LTM EV/EBIT
1.4
x
LTM PER
6.6
x
LTM PBR
1.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-92.2%pt
1001234
Nov 11, 25 – Nov 11, 26StockTOPIX
1May 15, 26Ascender Capital Limited filed large shareholding report
2Jul 13, 26Q3 FY2026/08 earnings announced; Board approved share buyback
3Jul 28, 26Ascender Capital Limited changed stake (5.06%→3.89%)
4Oct 15, 26Full-year FY2026/08 earnings announced
MC → EV Bridge
US$64.4M¥10.3BMarket CapUS$0.41M¥0.06B+ DebtUS$26.3M¥4.19B− CashUS$17.1M¥2.73B− Inv. Sec.US$21.4M¥3.40BEV
AI Briefing
Generating insights…
Performance & Balance
Revenue 5Y (US$)
US$38.9M¥6.19B'22/8US$56.9M¥9.06B'23/8US$66.7M¥10.6B'24/8US$83.3M¥13.3B'25/8US$89.8M¥14.3B'26/8
EBITDA 5Y (US$)
US$10.8M¥1.71B'22/8US$15.6M¥2.49B'23/8US$17.3M¥2.75B'24/8US$21.4M¥3.40B'25/8US$18.6M¥2.96B'26/8
Net Income 5Y (US$)
US$6.52M¥1.04B'22/8US$7.98M¥1.27B'23/8US$8.95M¥1.43B'24/8US$12.3M¥1.95B'25/8US$9.74M¥1.55B'26/8
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$32.7M¥5.21BUS$2.29M¥0.36B'22/8US$40.3M¥6.42BUS$3.93M¥0.63B'23/8US$41.5M¥6.61BUS$2.64M¥0.42B'24/8US$39.4M¥6.28BUS$0.84M¥0.13B'25/8US$32.1M¥5.12BUS$0.41M¥0.06B'26/8
Shareholders
Top 10 hold 81.3%
1
JPM Co., Ltd.
40.37%
2
Yohei MIURA
23.30%
3
Custody Bank of Japan, Ltd. (Trust Account)
6.05%
4
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.19%
5
Kazuhiro MIURA
1.76%
6
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)
1.64%
7
Nomura Securities Co., Ltd. (Standing Proxy: Sumitomo Mitsui Banking Corporation)
1.61%
8
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
0.92%
9
Rakuten Securities, Inc.
0.75%
10
THE BANK OF NEW YORK MELLON 140044 (Standing Proxy: Mizuho Bank, Ltd.)
0.66%
Management
9 officers
Yohei MIURA
Representative Director, President
Apr 2005 Joined TOTAL SERVICE Co., Ltd. Apr 2006 Joined Venture Online Co., Ltd. Dec 2008 Established the Company; Representative Director, President (current) Feb 2012 Established IDOMA INSIGHT Co., Ltd. (now SEA Dream Company Co., Ltd.); Representative Director Jul 2013 Established Monogatari TV Co., Ltd.; Director Jan 2017 Established meet in Co., Ltd.; Representative Director Sep 2025 Director, KAIMAKU Co., Ltd. (current)
1983-03-09
Kazuhiro MIURA
Director, Head of Sales Division
May 2009 Joined the Company Jul 2013 Representative Director, Monogatari TV Co., Ltd. Apr 2017 Head of Sales Support Division, the Company Oct 2018 Executive Officer, the Company Nov 2018 Director, the Company (current); Head of Sales Division and Head of Sales & Solutions Division Mar 2019 Director, meet in Co., Ltd. Nov 2020 Head of Sales Division and Head of Marketing Division, the Company Sep 2021 Representative Director, Sales Crowd Co., Ltd. Jun 2022 Representative Director, Marketing Media Co., Ltd. (current) Jul 2022 Head of Sales Division, the Company (current) Oct 2023 Director, Sales Crowd Co., Ltd. (current) Mar 2024 Representative Director, meet in Co., Ltd. (current) Jun 2024 Representative Director, M&A Madoguchi Co., Ltd. (now M&A Mirai Partners Co., Ltd.) Dec 2024 Director, Quants Co., Ltd. (current)
1985-07-02
Akihito KOYAMADA
Director, Head of Creative Division
Apr 2005 Joined SMBC Consumer Finance Co., Ltd. Mar 2007 Established JOYOVERFLOWS Co., Ltd.; Representative Director Feb 2015 Established Rapid Progress Co., Ltd.; Representative Director Apr 2015 Established NEXT AD Co., Ltd.; Representative Director (current) Dec 2020 Director, the Company (current); Head of Creative Division, the Company (current) Director, Techgens Co., Ltd.
1982-09-08
Yuta OSHIMA
Director, General Manager of System Division
Jan 2013 Joined the Company Jul 2018 Head of Creative Division, the Company Nov 2018 Director, the Company (current) Dec 2020 Head of System Division, the Company (current)
1988-05-05
Yasuhiro KOBAYASHI
Director
Apr 1992 Joined Recruit Co., Ltd. (now Recruit Holdings Co., Ltd.) Apr 1999 Joined MTI Ltd. Nov 2000 Director, Hi-Ji Co., Ltd. (now Accel Mark Co., Ltd.) Oct 2002 Representative Director, Hi-Ji Co., Ltd. (now Accel Mark Co., Ltd.) Oct 2003 Director, Septeni Co., Ltd. (now Septeni Holdings Co., Ltd.) Jan 2012 Representative Director, Koba Co., Ltd. (current) May 2017 Representative Director, MMB Co., Ltd. (current) Jan 2018 Director, the Company (current) May 2019 Director, Viscas Co., Ltd. (current) Dec 2020 Director and Audit and Supervisory Committee Member, IC Co., Ltd. (current) Aug 2022 Director, Max Support Co., Ltd. (current)
1969-05-28
Mieko NAKABAYASHI
Director
Jan 1993 Staff Member, Senate Budget Committee, U.S. Congress (U.S. civil servant, Republican Party) Apr 2002 Researcher, Research Institute of Economy, Trade and Industry (RIETI) Apr 2006 Associate Professor, Faculty of Management, Atomi University Jan 2007 Member, Financial System Council, Ministry of Finance Aug 2009 Member, House of Representatives Sep 2013 Associate Professor, Waseda University Global Leadership Program (Center for International Education) Jul 2015 Director, Global Business Society (current) Apr 2017 Professor, Faculty of Social Sciences, Waseda University Jan 2018 Distinguished Fellow, The Mansfield Foundation, U.S. (current) Jul 2020 Director, TOPPAN Holdings Inc. (current) Jul 2021 President, Global Business Society (current) Apr 2022 Professor, Center for International Education, Waseda University (current) Aug 2023 Representative Director, Impresio Inc. (current) Apr 2025 Chairperson, Tokyo Foundation for Policy Research (current) Nov 2025 Director, the Company (current)
1960-09-24
Minoru WAKABAYASHI
Full-time Audit and Supervisory Board Member
Apr 1985 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Nov 2004 Joined WebCrew Co., Ltd. Dec 2005 Director, WebCrew Co., Ltd. Oct 2008 Director, Hoken Mitsumi Honpo Co., Ltd. Feb 2012 Head of Business Audit Office, WebCrew Co., Ltd. Dec 2013 Audit and Supervisory Board Member, WebCrew Co., Ltd. Jul 2017 Advisor, WebCrew Co., Ltd. Jan 2018 Audit and Supervisory Board Member, the Company (current) Mar 2023 Audit and Supervisory Board Member, S-Design Co., Ltd.
1961-04-13
Motoki HONDA
Audit and Supervisory Board Member
Apr 1998 Joined Nippon Telegraph and Telephone Corporation Dec 2012 Registered as attorney-at-law; joined Matsuo Chiyoda Law Office Jun 2013 Audit and Supervisory Board Member, Plathome Inc. Jun 2017 Director, Plathome Inc. Jul 2017 Executive Officer, COO, Plathome Inc. (current) Sep 2018 Partner, Honda Morita Law Office (now Honda Matsuo Yoshida Law & Accounting Office) (current) Nov 2018 Audit and Supervisory Board Member, the Company (current) Apr 2019 Part-time Lecturer, Faculty of Law, Rikkyo University (current)
1975-05-10
Kazumi OKAMOTO
Audit and Supervisory Board Member
Apr 1984 Joined ZETT Co., Ltd. Oct 1991 Joined Chuo Shinko Audit Corporation (Misuzu Audit Corporation; dissolved) Oct 2003 Joined Shin Nihon & Co. (now EY Shin Nihon LLC) May 2011 Senior Partner, Shin Nihon LLC (now EY Shin Nihon LLC) Apr 2014 Chairman, Committee on Contract Oversight, House of Representatives Jul 2019 Audit and Supervisory Board Member, the Company (current); Audit and Supervisory Board Member, Viscas Co., Ltd. (current); Audit and Supervisory Board Member, R&AC Co., Ltd. (current) Apr 2021 Audit and Supervisory Board Member, Imfactory Inc. (current) Mar 2023 Audit and Supervisory Board Member, Oz Vision Inc. (current) Mar 2024 Supervisor, Japan Professional Golf Association (current) Jun 2025 Supervisor, Kasumi-kai Foundation (current)
1960-05-23
Large Shareholding Reports
JPM Co., Ltd.
2026-08-07
39.16%→39.16%
Annual report (as of 2026-02-28): 40.37%
Ascender Capital Limited
2026-07-28
5.06%→3.89%
JPM Co., Ltd.
2026-07-14
39.18%→39.16%
Annual report (as of 2026-02-28): 40.37%
JPM Co., Ltd.
2026-06-26
39.18%→39.18%
Annual report (as of 2026-02-28): 40.37%
Ascender Capital Limited
2026-05-15
5.06%
Asset Management One Co., Ltd.
2026-04-22
5.06%→3.97%
JPM Co., Ltd.
2026-04-13
39.18%→39.18%
Annual report (as of 2026-02-28): 40.37%
Asset Management One Co., Ltd.
2026-04-07
5.93%→5.06%
JPM Co., Ltd.
2026-04-06
39.18%→39.18%
Annual report (as of 2026-02-28): 40.37%
JPM Co., Ltd.
2026-02-26
39.18%→39.18%
Annual report (as of 2026-02-28): 40.37%
JPM Co., Ltd.
2025-10-02
39.18%→39.18%
Annual report (as of 2026-02-28): 40.37%
JPM Co., Ltd.
2025-09-02
39.19%→39.18%
Annual report (as of 2026-02-28): 40.37%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-14
Full-Year Earnings Flash
FY ending Aug 2026
EDINET
2026-08-07
Large Shareholding Report
EDINET
2026-07-28
Large Shareholding Report
EDINET
2026-07-14
Large Shareholding Report
TDnet
2026-07-10
業績予想の修正
TDnet
2026-07-10
Q3 Earnings Flash
FY ending Aug 2026
EDINET
2026-06-26
Large Shareholding Report
EDINET
2026-05-15
Large Shareholding Report
EDINET
2026-04-22
Large Shareholding Report
EDINET
2026-04-13
Semi-Annual Securities Report
Period: Sep 2025 – Aug 2026
EDINET
2026-04-13
Large Shareholding Report
EDINET
2026-04-07
Large Shareholding Report
EDINET
2026-04-06
Large Shareholding Report
EDINET
2026-02-26
Large Shareholding Report
TDnet
2026-01-14
Q1 Earnings Flash
FY ending Aug 2026
EDINET
2025-11-28
Annual Securities Report
Period: Sep 2024 – Aug 2025
TDnet
2025-10-10
Full-Year Earnings Flash
FY ending Aug 2025
EDINET
2025-10-02
Large Shareholding Report
EDINET
2025-09-02
Large Shareholding Report
TDnet
2025-07-11
Q3 Earnings Flash
FY ending Aug 2025
EDINET
2025-04-14
Semi-Annual Securities Report
Period: Sep 2024 – Aug 2025
TDnet
2025-01-10
Q1 Earnings Flash
FY ending Aug 2025
EDINET
2024-11-29
Annual Securities Report
Period: Sep 2023 – Aug 2024
EDINET
2024-07-16
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-15
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-01-15
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-11-30
Annual Securities Report
Period: Sep 2022 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-01-13
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
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