Overview
Information & Communication

PLAID,Inc.

PLAID develops and provides KARTE, a cloud-based Customer Experience (CX) platform delivered as SaaS to businesses operating websites and smartphone applications. KARTE enables clients to collect and analyze individual-level user behavioral data, visualize customer journeys, and execute personalized communications across web, app, email, LINE, and chat channels without relying on in-house engineers. The company also offers professional services covering strategy design, organizational development, and DX support, targeting a broad range of industries including e-commerce, travel, finance, real estate, education, and public sector.

Market Cap
¥30.9B
US$197M
EV
¥25.8B
US$164M
Stock¥752▼-2.34%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
23.7
x
LTM EV/EBIT
25.0
x
LTM PER
57.4
x
LTM PBR
6.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-45.3%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 14, 26Q3 FY2026/12 earnings announced; Board approved share buyback
MC → EV Bridge
30.9BUS$197MMarket Cap4.29BUS$27.3M+ Debt8.89BUS$56.7M− Cash0.53BUS$3.40M− Inv. Sec.0.03BUS$0.17M+ NCI25.8BUS$164MEV
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Performance & Balance
Revenue 5Y (¥B)
5.44US$34.7M'21/97.30US$46.5M'22/98.63US$55.1M'23/911.0US$70.1M'24/913.4US$85.4M'25/9
EBITDA 5Y (¥B)
0.19US$1.24M'21/9-0.72-US$4.60M'22/9-0.70-US$4.43M'23/90.30US$1.93M'24/91.48US$9.43M'25/9
Net Income 5Y (¥B)
-0.11-US$0.68M'21/9-0.93-US$5.93M'22/9-2.11-US$13.4M'23/90.32US$2.04M'24/91.10US$7.01M'25/9
Capital Structure
54%
46%
EquityD/E 0.84xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
4.26US$27.1M0.92US$5.84M'21/94.35US$27.7M1.84US$11.7M'22/93.88US$24.8M1.38US$8.78M'23/94.79US$30.6M1.32US$8.42M'24/96.94US$44.3M1.82US$11.6M'25/9
Shareholders
Top 10 hold 67.3%
1
Kenta KURAHASHI
26.69%
2
Naoki SHIBAYAMA
17.20%
3
Shogo TABATA
9.48%
4
Google International LLC (Standing Proxy: Mizuho Securities Co., Ltd.)
3.45%
5
The Master Trust Bank of Japan, Ltd.
2.80%
6
THE BANK OF NEW YORK133595. (Standing Proxy: Mizuho Bank, Ltd.)
2.02%
7
Custody Bank of Japan, Ltd.
1.98%
8
Seven Oaks Capital Co., Ltd.
1.46%
9
Yuki MAKINO
1.14%
10
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
1.09%
Management
8 officers
Kenta KURAHASHI
Representative Director, Executive Officer and CEO
Apr 2005 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Oct 2011 Established the Company; assumed office as Representative Director and CEO Jan 2022 Assumed office as Representative Director, Executive Officer and CEO of the Company (current)
1983-03-14
Naoki SHIBAYAMA
Director, Executive Officer
Sep 2011 Joined S-Cubiz Inc. Apr 2013 Joined the Company; assumed office as Director and CTO Apr 2018 Assumed office as Executive Officer of the Company Feb 2019 Assumed office as Director, Executive Officer of the Company (current)
1982-09-19
Keitaro TAKAYANAGI
Director, Executive Officer
Apr 2005 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Nov 2008 Joined Agile Media Network, Inc. Oct 2011 Assumed office as Director of the Company Mar 2013 Assumed office as Director of Agile Media Network, Inc. Mar 2014 Assumed office as Vice President and COO of Agile Media Network, Inc. Apr 2016 Resigned as Director of the Company Dec 2018 Assumed office as Director, Executive Officer of the Company (current)
1982-09-21
Kaori MATSUZAWA
Director (Note 1)
Oct 2002 Registered as attorney-at-law; joined Mori Sogo Law Office (now Mori Hamada & Matsumoto) Jun 2008 Completed LL.M. program at Harvard Law School, USA Jan 2009 Registered as attorney in the State of New York Dec 2011 Assumed office as Head of the Investigation Division, General Affairs and Investigation Department, Secretariat of the National Diet Fukushima Nuclear Accident Investigation Commission Nov 2014 Assumed office as Advisor for Governance Enhancement, Government Pension Investment Fund (GPIF), Pension Bureau, Ministry of Health, Labour and Welfare Oct 2017 Established Kaori Matsuzawa Law Office Jan 2019 Established Miura Law Office; assumed office as Partner (current) Feb 2021 Assumed office as Representative Director of OnBoard Co., Ltd. (current) Dec 2022 Assumed office as Outside Director of the Company (current) Oct 2023 Assumed office as Deputy Mayor of Shibuya City (current)
1978-09-29
Masamune MIMURA
Director (Note 1)
Oct 2006 Joined McKinsey & Company Feb 2008 Joined Microsoft Japan Co., Ltd. Apr 2009 Joined Better Place Japan K.K. Oct 2011 Assumed office as Representative Director, President of Concur K.K. Jun 2022 Assumed office as Representative Director, CEO of U-ZERO Inc. (current) Dec 2024 Assumed office as Outside Director of the Company (current)
1969-08-15
Keishi GOTO
Full-time Corporate Auditor
Apr 2005 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Jul 2007 Joined Study-On Inc. Jul 2008 Joined S-Cubiz Inc. Jul 2012 Joined S.M.S. Co., Ltd. Jan 2014 Joined S-Cubiz Inc. Jan 2015 Joined the Company Dec 2019 Assumed office as Full-time Corporate Auditor of the Company (current)
1982-04-30
Kenji YAMANAMI
Corporate Auditor (Note 2)
Apr 1997 Joined Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Sep 2006 Joined McKinsey & Company, Inc. Sep 2009 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Oct 2012 Assumed office as Chief Legal Officer of Buy.com (now Rakuten Commerce LLC) Oct 2013 Assumed office as Head of Strategy and Senior Vice President, Strategy & Corporate Development of Rakuten USA Inc. Dec 2018 Assumed office as Outside Corporate Auditor of the Company (current) Oct 2019 Established Smart Opinion Inc.; assumed office as Representative Director, President (current) Jun 2021 Assumed office as Outside Director of Architects Studio Japan Inc. (current)
1972-08-11
Fumiyuki FUKUSHIMA
Corporate Auditor (Note 2)
May 2006 Joined Azusa Audit LLC Sep 2014 Assumed office as Full-time Outside Corporate Auditor of Mercari, Inc. Jan 2020 Assumed office as Corporate Auditor of Findy Inc. (current) May 2022 Assumed office as Corporate Auditor of Kashima Antlers F.C. Co., Ltd. Mar 2023 Assumed office as Outside Director (Audit and Supervisory Committee Member) of Chatwork Inc. (now kubell Inc.) (current) Sep 2023 Assumed office as Outside Director of Mercari, Inc. Mar 2024 Assumed office as Outside Corporate Auditor of Kurashiru Inc. (current) Dec 2024 Assumed office as Outside Corporate Auditor of the Company (current)
1982-01-10
Large Shareholding Reports
Asset Management One Co., Ltd.
2026-10-22
5.04%
Shogo TABATA
2026-07-03
9.16%→9.44%
Annual report (as of 2026-03-31): 9.48%
Kenta KURAHASHI
2026-02-20
26.99%→26.57%
Annual report (as of 2026-03-31): 26.69%
Asset Management One Co., Ltd.
2026-02-06
5.12%→4.10%
Asset Management One Co., Ltd.
2026-01-09
5.12%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-22
Large Shareholding Report
TDnet
2026-08-13
Q3 Earnings Flash
FY ending Dec 2026
EDINET
2026-07-03
Large Shareholding Report
EDINET
2026-05-14
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
EDINET
2026-02-20
Large Shareholding Report
TDnet
2026-02-12
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-02-06
Large Shareholding Report
EDINET
2026-01-09
Large Shareholding Report
EDINETAmended
2025-12-19
Amended Annual Securities Report
Period: Oct 2024 – Sep 2025
EDINET
2025-12-17
Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-08-14
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-05-15
Semi-Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-02-13
Q1 Earnings Flash
FY ending Sep 2025
EDINET
2024-12-20
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-05-10
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINETAmended
2024-01-18
Amended Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-12-22
Annual Securities Report
Period: Oct 2022 – 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
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-12-21
Annual Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-05-10
Quarterly Securities Report
EDINET
2022-02-09
Quarterly Securities Report
EDINET
2021-12-23
Annual Securities Report
EDINET
2021-08-10
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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