Overview
Information & Communication

Nulab Inc.

Nulab Inc. develops and provides cloud-based collaboration tools aimed at improving productivity for businesses and individuals worldwide. Its core products include Backlog, a project and task management tool for cross-functional teams; Cacoo, an online whiteboard and visual collaboration tool; and Nulab Pass, a security and governance platform offering SSO and user provisioning for Nulab products. The company operates on a SaaS subscription model with unlimited-user pricing, driving product-led growth through referral networks across a broad range of industries including IT, marketing, and back-office operations.

Market Cap
¥7.94B
US$50.7M
EV
¥4.90B
US$31.3M
Stock¥1,250▼-1.03%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.5
x
LTM EV/EBIT
12.7
x
LTM PER
48.7
x
LTM PBR
3.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+33.2%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
7.94BUS$50.7MMarket Cap0.20BUS$1.28M+ Debt3.24BUS$20.7M− Cash0.00BUS$0.00M− Inv. Sec.4.90BUS$31.3MEV
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Performance & Balance
Revenue 5Y (¥B)
2.71US$17.3M'23/33.66US$23.4M'24/34.11US$26.2M'25/34.39US$28.0M'26/3
EBITDA 5Y (¥B)
0.19US$1.23M'23/30.43US$2.76M'24/30.74US$4.74M'25/30.47US$3.02M'26/3
Net Income 5Y (¥B)
0.09US$0.56M'23/30.31US$1.96M'24/30.55US$3.52M'25/30.18US$1.14M'26/3
Capital Structure
91%
EquityD/E 0.10xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
1.74US$11.1M0.01US$0.09M'23/32.48US$15.8M0.01US$0.03M'24/33.13US$20.0M0.00US$0.01M'25/32.98US$19.0M'26/3
Shareholders
Top 10 hold 73.5%
1
Masanori HASHIMOTO
24.46%
2
SHINSUKE TABATA (Standing Proxy: SMBC Nikko Securities Inc.)
23.57%
3
Founder Foundry No. 1 Investment Limited Partnership
5.05%
4
Ariot Co., Ltd.
4.57%
5
SBI SECURITIES Co., Ltd.
3.40%
6
Nulab Inc. Employee Stock Ownership Association
3.08%
7
XTech No. 1 Investment Limited Partnership
2.81%
8
East Ventures No. 2 Investment Limited Partnership
2.59%
9
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
2.17%
10
East Ventures No. 3 Investment Limited Partnership
1.81%
Management
7 officers
Masanori HASHIMOTO
Representative Director
Apr 1998 Joined Yugen Kaisha Hashimoto Kenso Apr 2001 Joined Media Five Co., Ltd. Mar 2004 Founded the Company; Representative Director (current)
1976-03-17
Jun OGAWA
Director
Apr 1995 Joined Recruit Co., Ltd. May 2007 Joined Google K.K. (now Google LLC) Feb 2014 Joined KAIZEN Platform, Inc. (now Kaizen Platform Inc.) as Country Manager Apr 2016 Joined Cookpad Inc. as CRO Jul 2018 Joined Pixie Dust Technologies, Inc. Aug 2023 Joined Toyokumo, Inc. as Executive Officer, Head of Corporate Planning Office Oct 2023 Visiting Professor, Kyushu Institute of Technology (current) Mar 2024 Toyokumo, Inc. Director, Head of Marketing Division Sep 2025 Joined the Company as Executive Officer, in charge of New Business Feb 2026 Executive Officer, COO of the Company Jun 2026 Director, COO of the Company (current)
1971-07-03
Seiichiro NAKAJIMA
Director
Apr 2012 Joined IHI Corporation Nov 2015 Joined Deloitte Tohmatsu Financial Advisory LLC (now Deloitte Tohmatsu LLC) Feb 2017 Joined Sumitomo Electric Industries, Ltd. Feb 2018 Joined Free Inc. Oct 2022 Free Inc., CPO of Advisory Business Nov 2023 Joined Kanmu Inc. as Senior Product Manager Mar 2025 Joined the Company as Executive Officer, CPO Jun 2026 Director, CPO of the Company (current)
1989-01-21
Fumi OZASA
Outside Director (Note 1)
Apr 1999 Joined Recruit Co., Ltd. Jun 2006 Joined Google K.K. (now Google LLC) Jun 2009 Representative Director and President, Ninth Slash One Inc. Mar 2011 Chief Operating Officer, Eventregist Inc. Jan 2012 Director and Chief Operating Officer, Eventregist Inc. Jul 2018 Representative Member, Colorful G.K. (current) Mar 2021 Outside Director (Audit and Supervisory Committee Member), Metaps Inc. Jul 2023 Outside Director, Metaps Inc. Feb 2024 Director, Community Marketing Promotion Association (general incorporated association) Feb 2024 Part-time Lecturer, Nihon Institute of Technology Mar 2024 Outside Director (Audit and Supervisory Committee Member), Jichi Holdings Inc. (current) Jun 2024 Outside Director, Fukui Computer Holdings, Inc. (current) Jun 2024 Outside Director of the Company (current) Nov 2024 Outside Director, Demae-can Co., Ltd. Apr 2025 Associate Professor, Graduate School of Technology Management, Nihon Institute of Technology (current)
1977-01-28
Shingo OKAZAKI
Full-time Statutory Auditor (Note 2)
Jun 1990 Joined Andersen Consulting K.K. (now Accenture K.K.) Apr 1996 Joined Ark Mount Corporation (now AMC Inc.) Jul 1997 Director, Ark Mount Corporation Mar 2000 Representative Director, Ecom Japan Inc. Sep 2001 Director, AMC Inc. Jun 2006 Representative Director, Casual Press Inc. Aug 2012 Representative Director, Ark Mount Corporation Mar 2014 Representative Director, Postal Media Inc. Jan 2017 Joined Daishinkan Co., Ltd. Apr 2018 Outside Statutory Auditor of the Company (current)
1965-04-15
Katsumasa NIKI
Statutory Auditor (Note 2)
Apr 1991 Joined International Digital Communications Co., Ltd. (now IDC Frontier Inc.) Jun 2005 Joined SoftBank Corp. (now SoftBank Group Corp.) Mar 2007 Director, Gung Ho Online Entertainment, Inc. Oct 2013 Member of the Board of Directors, Supercell Oy Nov 2014 Executive Officer, SoftBank Corp. (now SoftBank Group Corp.) May 2017 Senior Ambassador, SoftBank Corp. (current) Sep 2017 Representative Director, Deepcore Inc. (current) Apr 2018 Outside Statutory Auditor of the Company (current) Nov 2020 Outside Director, MedMain Inc. Jun 2021 Outside Statutory Auditor, Telexistence Inc. (current) Feb 2023 Outside Director, New Innovations Inc. (current) Apr 2025 Statutory Auditor, VistaNet Inc. (current)
1968-02-04
Munehiro INOUE
Statutory Auditor (Note 2)
Apr 2003 Joined Nippon Steel Elex Co., Ltd. (now Nippon Steel Techno-Engineering Co., Ltd.) Jan 2005 Joined Telesystems Co., Ltd. Dec 2007 Joined Tohmatsu & Co. (now Tohmatsu LLC) Aug 2011 Joined Aratana Inc. (now ZOZO, Inc.) May 2015 Established Munehiro Inoue CPA Office; Director (current) Mar 2017 Outside Statutory Auditor of the Company (current) Feb 2019 Established Aifer Tax Corporation; Managing Partner (current) Nov 2020 Outside Statutory Auditor, MedMain Inc. (current) Aug 2023 Outside Statutory Auditor, CAST Inc. (current) Feb 2024 Outside Statutory Auditor, Himuka AM Pharma Inc. (current) Jun 2026 Outside Statutory Auditor, IDS Inc. (current)
1977-12-04
Large Shareholding Reports
Koutsushin Co., Ltd.
2026-10-07
5.10%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-07
Large Shareholding Report
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-27
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
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