Overview
Information & Communication

note inc.

note, Inc. operates 'note,' a CtoC media platform that enables creators—including individuals, corporations, celebrities, and public institutions—to publish and monetize content (text, images, audio, video, and manga) directly to readers via a subscription and pay-per-content model. The platform differentiates itself through an ad-free, ranking-free environment that fosters high-quality content creation and a creator economy ecosystem connecting creators, media partners, and fans. The company also operates an IP and content creation business through its subsidiary Tales & Co., Ltd., focused on developing and commercializing intellectual property and content.

Market Cap
¥52.8B
US$337M
EV
¥44.2B
US$282M
Stock¥2,719▼-0.69%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
45.1
x
LTM EV/EBIT
45.2
x
LTM PER
43.2
x
LTM PBR
6.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+65.4%pt
1001234
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 6, 25FY2025 results: Revenue ¥4.14B (+25.0%), Operating profit ¥256M (+384.7%)
2Jan 14, 26FY2026 performance expansion outlook announcement
3Jan 15, 26AI business contribution expectations and further performance growth outlook
4Oct 7, 26Q3 operating profit +567% YoY but FY guidance unchanged at ¥1.1bn, triggering 'priced-in' sell-off
MC → EV Bridge
52.8BUS$337MMarket Cap0.00BUS$0.00M+ Debt7.90BUS$50.4M− Cash0.65BUS$4.16M− Inv. Sec.44.2BUS$282MEV
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Performance & Balance
Revenue 5Y (¥B)
1.88US$12.0M'21/112.32US$14.8M'22/112.78US$17.7M'23/113.31US$21.1M'24/114.14US$26.4M'25/11
EBITDA 5Y (¥B)
-0.44-US$2.82M'21/11-0.71-US$4.54M'22/11-0.37-US$2.34M'23/110.06US$0.39M'24/110.26US$1.68M'25/11
Net Income 5Y (¥B)
-0.76-US$4.82M'22/11-0.41-US$2.64M'23/110.10US$0.63M'24/110.44US$2.81M'25/11
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
0.87US$5.56M0.16US$1.02M'21/112.19US$14.0M0.16US$1.02M'22/111.99US$12.7M'23/112.15US$13.7M0.08US$0.51M'24/113.81US$24.3M0.68US$4.35M'25/11
Shareholders
Top 10 hold 59.8%
1
Sadaaki KATO
26.26%
2
KOREA SECURITIES DEPOSITORY-SAMSUNG (Standing Proxy: Citibank, N.A., Tokyo Branch)
7.39%
3
KADOKAWA CORPORATION
5.16%
4
Google International LLC (Standing Proxy: Mizuho Securities Co., Ltd.)
5.08%
5
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
5.01%
6
Nikkei Inc.
3.41%
7
Rakuten Securities, Inc. (Joint Account)
2.60%
8
SBI SECURITIES Co., Ltd.
1.83%
9
NOMURA INTERNATIONAL PLC A/C JAPAN FLOW (Standing Proxy: Nomura Securities Co., Ltd.)
1.57%
10
Mynavi Corporation
1.53%
Management
7 officers
Sadaaki KATO
Representative Director, CEO
Apr 2000 ASCII Corporation, joined Sep 2005 Diamond Inc., joined Dec 2011 note Inc. established; assumed office as Representative Director, CEO (current) Dec 2023 note AI creative Inc., Director, assumed office (current) May 2024 Tales & Co., Ltd., Director, assumed office (current)
1973-06-11
Yuichi KON
Director, CTO
Apr 2011 DeNA Co., Ltd., joined Sep 2013 note Inc., joined Jan 2016 note Inc., CTO, assumed office Dec 2019 note Inc., CTO, Product Group Head, assumed office Feb 2020 note Inc., Director, CTO, Product Group Head, assumed office Jun 2022 note Inc., Director, CTO, Infrastructure Development Group Head, assumed office Dec 2023 note Inc., Director, CTO, assumed office (current) Dec 2023 note AI creative Inc., Representative Director, assumed office (current) Dec 2025 note Inc., Head of Development Division, assumed office (current)
1985-04-26
Yukihiro KASHIMA
Director, CFO
Apr 2006 Ministry of Foreign Affairs of Japan, joined Jun 2010 Stanford Graduate School of Business, graduated Sep 2010 Booz & Company Inc., joined Oct 2013 kakaku.com, Inc., joined Aug 2017 Headlight Inc., joined Sep 2018 note Inc., joined Dec 2018 note Inc., CFO, assumed office Dec 2019 note Inc., CFO, Corporate Group Head, assumed office Feb 2020 note Inc., Director, CFO, Corporate Group Head, assumed office Dec 2023 note Inc., Director, CFO, assumed office (current) Dec 2025 note Inc., Head of Organization Success Division, assumed office (current)
1983-04-25
Kotomi MIHARA
Director
Apr 2007 I.M.J. Co., Ltd. (now Accenture Japan Ltd.), joined Jun 2011 One More Inc., joined Jun 2014 note Inc., joined Dec 2023 note Inc., Group Head, Platform Planning (now Planning & Communications Division), assumed office (current) Aug 2024 Tales & Co., Ltd., Director, assumed office (current) Dec 2024 note Inc., Executive Officer, assumed office (current)
1985-01-25
Michiko TANABE
Full-time Audit and Supervisory Committee Member, Director
Oct 2003 Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC), joined Mar 2008 Registered as Certified Public Accountant Feb 2019 toBe Marketing Inc., Outside Audit & Supervisory Board Member, assumed office Mar 2019 Fordigit Inc., Outside Audit & Supervisory Board Member, assumed office Feb 2020 note Inc., Director (Audit and Supervisory Committee Member), assumed office (current) Nov 2021 Team Spirit Inc., Outside Director (Audit and Supervisory Committee Member), assumed office (current) Mar 2024 Ignition Point Inc., Outside Audit & Supervisory Board Member, assumed office (current)
1978-02-21
Yu MIZUNO
Director (Audit and Supervisory Committee Member)
Dec 2009 Registered as attorney-at-law Jan 2013 Opened City Lights Law Office (current) Dec 2017 tsumug Inc., Audit & Supervisory Board Member, assumed office Apr 2018 Startburn Inc., Audit & Supervisory Board Member, assumed office (current) Arts and Law: resigned as Representative Director; assumed office as Director Dec 2018 Denshi Kokokusha Inc. (now Digitalift Inc.), Audit & Supervisory Board Member, assumed office (current) Feb 2020 note Inc., Director (Audit and Supervisory Committee Member), assumed office (current)
1981-01-20
Minako TAKEKAWA
Director (Audit and Supervisory Committee Member)
Oct 1991 Nikkei Business Publications, Inc. (now Nikkei HR, Inc.), joined Dec 2010 LIFE MAP LLC, Representative, assumed office (current) Jul 2016 Member, Financial System Council Markets Working Group, Financial Services Agency Feb 2017 Member, Financial System Council Working Group on Long-term, Accumulation and Diversified Investment-Oriented Investment Trusts, Financial Services Agency Sep 2022 Member, Financial System Council Task Force on Customer-Oriented Business Conduct, Financial Services Agency (current) Feb 2023 note Inc., Director (Audit and Supervisory Committee Member), assumed office (current)
1967-10-04
Large Shareholding Reports
Sadaaki KATO
2026-04-22
36.68%→26.31%
Annual report (as of 2026-05-31): 26.26%
KADOKAWA Co., Ltd.
2026-04-13
5.18%
NAVER Corporation
2025-12-02
7.91%
Nikkei Inc.
2025-11-06
6.68%→3.97%
Annual report (as of 2026-05-31): 3.41%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-06
Q3 Earnings Flash
FY ending Nov 2026
TDnet
2026-07-07
Q2 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-07
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
EDINET
2026-04-22
Large Shareholding Report
TDnet
2026-04-14
Q1 Earnings Flash
FY ending Nov 2026
EDINET
2026-04-13
Large Shareholding Report
EDINET
2026-03-24
Securities Registration Statement
EDINET
2026-02-25
Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINET
2025-12-02
Large Shareholding Report
EDINET
2025-11-06
Large Shareholding Report
EDINET
2025-11-05
Securities Registration Statement
TDnet
2025-10-07
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-07-08
Semi-Annual Securities Report
Period: Dec 2024 – Nov 2025
TDnet
2025-04-08
Q1 Earnings Flash
FY ending Nov 2025
EDINET
2025-02-25
Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2025-01-14
Securities Registration Statement
EDINET
2024-07-10
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-10
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-02-26
Annual Securities Report
Period: Dec 2022 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINETAmended
2023-07-07
Amended Annual Securities Report
Period: Dec 2021 – Nov 2022
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-02-28
Annual Securities Report
Period: Dec 2021 – Nov 2022
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