Overview
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Caulis Inc.

Caulis Inc. provides cloud-based fraud detection and identity verification services primarily to financial institutions, including banks, securities firms, and payment service providers. Its flagship service, 'Fraud Alert,' monitors account opening, login, and transaction activities in real time using over 300 detection parameters and a cross-industry blacklist database to prevent unauthorized access and money laundering. The company also offers 'Grid Data KYC,' a KYC service that leverages electricity contract data held by general transmission and distribution utilities to verify customer identities and detect fraudulent account openings.

Market Cap
¥16.7B
US$106M
EV
¥14.8B
US$94.5M
Stock¥2,600▼-7.37%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
30.8
x
LTM EV/EBIT
31.7
x
LTM PER
53.9
x
LTM PBR
10.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-13.5%pt
10012345
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 7, 26Buying in security stocks after MrMax HD (1.73M) and GMO unit (950K) data breaches disclosed
2Oct 8, 26Security-stock buying after MrMax HD (up to 1.73M) and GMO subsidiary (up to 950K) data leaks
3Oct 13, 26Continued buying in cybersecurity stocks amid wave of data breaches at MrMax, GMO subsidiary, and others
4Oct 15, 26TSE raised margin trading requirement to 50% for Caulis stock
5Oct 20, 26Continued sell-off after TSE raises margin requirement to 50% on speculative rally
MC → EV Bridge
16.7BUS$106MMarket Cap0.10BUS$0.64M+ Debt1.63BUS$10.4M− Cash0.30BUS$1.91M− Inv. Sec.14.8BUS$94.5MEV
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Performance & Balance
Revenue 5Y (¥B)
0.49US$3.12M'21/120.77US$4.90M'22/121.00US$6.35M'23/121.23US$7.81M'24/121.40US$8.93M'25/12
EBITDA 5Y (¥B)
0.42US$2.65M'24/120.42US$2.65M'25/12
Net Income 5Y (¥B)
0.01US$0.08M'21/120.25US$1.59M'22/120.26US$1.66M'23/120.28US$1.76M'24/120.28US$1.76M'25/12
Capital Structure
94%
EquityD/E 0.07xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
'21/12'22/12'23/121.73US$11.1M0.25US$1.59M'24/121.78US$11.4M0.10US$0.64M'25/12
Shareholders
Top 10 hold 73.2%
1
rhizome Inc.
47.50%
2
Atsuyoshi SHIMAZU
7.09%
3
GMO internet group,Inc.
4.48%
4
Hironori ZOUDA
3.15%
5
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
2.65%
6
CITICORP TRUSTEE (SINGAPORE) LIMITED PHILLIP GLOBAL RISING YIELD INNOVATORS FUND (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.05%
7
Hisayuki OKUBO
1.97%
8
Kansai Transmission and Distribution, Inc.
1.70%
9
Nobukazu SHINBU
1.34%
10
SU SHIH WEN
1.25%
Management
7 officers
Atsuyoshi SHIMAZU
Representative Director, President
Nov 2005 Joined DoriCom Inc. Aug 2010 Joined Rosetta Stone Japan K.K. Feb 2014 Joined Capy, Inc. Dec 2015 Established the Company; assumed office as Representative Director, President (current) Mar 2023 Established rhizome Inc.; assumed office as Representative Director (current)
1978-11-17
Hironori ZOUDA
Director
Oct 1996 Joined Tohmatsu & Co. (currently Deloitte Tohmatsu LLC) May 2000 Registered as Certified Public Accountant Sep 2002 Head of Accounting and Finance Department, Kōdo Asshuku Gijutsu Kenkyūsho Co., Ltd. Nov 2003 Head of Accounting and Finance Department, Ceratech Technology Co., Ltd. Mar 2005 Joined DoriCom Inc. Jun 2007 Assumed office as Director, DoriCom Inc. Oct 2007 Established Zouda Certified Public Accountant Office; assumed office as Office Head (current) Jan 2009 Assumed office as Head of Administration Division, Zappallas, Inc. Oct 2009 Assumed office as Director and CFO, Novot Inc. Nov 2011 Established Value Up Inc.; assumed office as Representative Director (current) Dec 2011 Assumed office as Director, Study Plus, Inc. May 2012 Assumed office as Director, YourGolf Online Co., Ltd. May 2012 Assumed office as Director, Dimers Lab Co., Ltd. Aug 2012 Assumed office as Director, Match Alarm Co., Ltd. Apr 2013 Assumed office as Director, 1K Co., Ltd. Jul 2013 Assumed office as Director, Sokusai Sensei Co., Ltd. Aug 2013 Assumed office as Director, Sassor Co., Ltd. (current) Oct 2013 Assumed office as Corporate Auditor, Horos Holdings Co., Ltd. (current) May 2014 Assumed office as Director, Repro Inc. Jun 2014 Assumed office as Corporate Auditor, Fablic Inc. Mar 2015 Assumed office as Corporate Auditor, Airnet Co., Ltd. (current) Jul 2015 Assumed office as Director, Omnis Co., Ltd. Mar 2016 Assumed office as Director, Apsel Co., Ltd. Apr 2016 Assumed office as Director, AmazingLife Co., Ltd. Jun 2016 Assumed office as Director of the Company Sep 2016 Assumed office as Director, VISITS Technologies Co., Ltd. Jan 2018 Assumed office as Corporate Auditor of the Company Mar 2018 Assumed office as Corporate Auditor, Study Plus, Inc. (current) Sep 2018 Assumed office as Director, 1ne studio Inc. (now foriio Inc.) (current) Jan 2019 Assumed office as Director of the Company (current) Jul 2019 Assumed office as Director, Serun Co., Ltd. Oct 2019 Assumed office as Director, Beautydoors Co., Ltd. Apr 2022 Assumed office as Corporate Auditor, Naps Co., Ltd. Sep 2024 Assumed office as Corporate Auditor, VISITS Technologies Co., Ltd. Dec 2024 Assumed office as Corporate Auditor, Poetics Co., Ltd. (current)
1972-02-04
Nobukazu SHINBU
Director
Apr 2007 Joined DoriCom Inc. Oct 2008 Joined Serego Japan K.K. Feb 2012 Joined CyberAgent America Feb 2013 Joined GREE, Inc. Mar 2016 Established YAuth.jp LLC; assumed office as Representative Member (current) Jan 2017 Assumed office as Director of the Company Dec 2017 Resigned as Director of the Company Mar 2019 Assumed office as Director of the Company (current) Jun 2022 Joined Money Forward, Inc. (current)
1981-12-13
Hiroshi ITO
Director
Apr 1980 Enlisted in the Japan Ground Self-Defense Force Apr 2007 Joined Symantec Research Labs, Japan; assumed office as Chief Analyst Jun 2010 Joined LAC Co., Ltd.; assumed office as Director of National Security Research Institute May 2016 Joined the Ministry of Economy, Trade and Industry; assumed office as Senior Director-General for Cybersecurity and Information Policy Jul 2018 Joined FireEye K.K.; assumed office as Chief Technology Officer Oct 2020 Joined the National Institute of Information and Communications Technology; assumed office as Senior Researcher (current) Aug 2021 Assumed office as Director of the Company (current) Sep 2021 Assumed office as Cybersecurity Advisor, Science Park Co., Ltd. (current)
1955-10-15
Kazuyoshi SAWADA
Full-time Corporate Auditor
Apr 1981 Joined Kokusai Denshin Denwa Co., Ltd. (now KDDI Corporation) Apr 2012 Executive Officer and General Manager, Kyushu Regional Head Office, KDDI Corporation Jun 2016 Assumed office as Full-time Corporate Auditor, Web Money Co., Ltd. (now au PAY Corporation) Jan 2019 Assumed office as Full-time Corporate Auditor of the Company (current)
1955-04-12
Yoko KOMANO
Corporate Auditor
Apr 2001 Joined NTT DATA Corporation Aug 2006 Joined TAC Co., Ltd. Sep 2007 Established Komano Accounting Office (now Yoko Komano Certified Public Accountant Office) Sep 2010 Registered as Certified Public Accountant Apr 2015 Joined Tsubasa Tax Corporation (current) May 2015 Registered as Certified Tax Accountant Apr 2020 Assumed office as Corporate Auditor of the Company (current)
1978-10-18
Eiki TAKAHASHI
Corporate Auditor
Dec 2011 Registered with Osaka Bar Association Dec 2011 Joined Chuo Sogo Law Office Jan 2016 Assistant Manager, General Affairs Division, Supervisory Bureau, Financial Services Agency (in charge of legal affairs); concurrently served in International Supervision Office, Compliance Investigation Office, and Policy Division Sep 2020 Registered as Certified Fraud Examiner Nov 2021 Advisor, Osaka Prefecture Securities Market Anti-Organized Crime Promotion Council Oct 2022 Assumed office as Corporate Auditor of the Company (current) Apr 2023 Deputy Chair, Committee on Countermeasures against Civil Intervention and Obstruction of Attorney Duties, Osaka Bar Association (current)
1986-01-19
Large Shareholding Reports
rhizome Co., Ltd.
2026-03-25
46.42%→46.14%
Annual report (as of 2026-06-30): 47.50%
rhizome Co., Ltd.
2026-03-25
46.14%→46.13%
Annual report (as of 2026-06-30): 47.50%
rhizome Co., Ltd.
2025-08-29
46.54%→46.42%
Annual report (as of 2026-06-30): 47.50%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-30
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-25
Large Shareholding Report
EDINET
2026-03-25
Large Shareholding Report
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-29
Large Shareholding Report
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-13
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-29
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINETAmended
2024-03-19
Amended Securities Registration Statement
EDINETAmended
2024-03-11
Amended Securities Registration Statement
EDINET
2024-02-22
Securities Registration Statement
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