Overview
Information & Communication

ELEMENTS,Inc.

ELEMENTS Inc. develops and provides AI-powered identity verification and personalization solutions under its IoP Cloud platform. Its flagship service, LIQUID eKYC, is Japan's top-share online identity verification (eKYC) service adopted by over 650 businesses including major financial institutions and telecom carriers such as KDDI, NTT Docomo, SoftBank, Japan Post Bank, and SMBC, with over 150 million cumulative verifications. The company also offers authentication services (LIQUID Auth), digital ID wallets, and AI-driven personalization solutions spanning apparel sizing, food customization, and smart home platforms, operating on a BtoBtoC, usage-based revenue model.

Market Cap
¥27.4B
US$175M
EV
¥27.2B
US$174M
Stock¥1,006▼-2.90%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
32.7
x
LTM EV/EBIT
71.9
x
LTM PER
82.6
x
LTM PBR
7.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+15.6%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 15, 26Q2 FY2026/11 earnings announced
2Oct 15, 26Q3 FY2026/11 earnings announced
MC → EV Bridge
27.4BUS$175MMarket Cap2.37BUS$15.1M+ Debt2.43BUS$15.5M− Cash0.16BUS$1.04M− Inv. Sec.0.02BUS$0.16M+ NCI27.2BUS$174MEV
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Performance & Balance
Revenue 5Y (¥B)
1.36US$8.69M'21/111.65US$10.5M'22/111.94US$12.4M'23/112.55US$16.2M'24/113.90US$24.8M'25/11
EBITDA 5Y (¥B)
-0.69-US$4.40M'21/11-0.57-US$3.64M'22/11-0.28-US$1.81M'23/110.21US$1.32M'24/110.06US$0.36M'25/11
Net Income 5Y (¥B)
-0.57-US$3.63M'21/11-0.56-US$3.58M'22/11-0.34-US$2.16M'23/11-0.13-US$0.84M'24/11-0.70-US$4.46M'25/11
Capital Structure
61%
39%
EquityD/E 0.65xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
2.32US$14.8M1.10US$7.02M'21/112.08US$13.2M1.43US$9.13M'22/113.00US$19.1M2.38US$15.2M'23/112.92US$18.6M1.75US$11.2M'24/113.44US$21.9M3.01US$19.2M'25/11
Shareholders
Top 10 hold 43.5%
1
Yasuhiro HISADA
24.24%
2
BOC Co., Ltd.
4.44%
3
SBI SECURITIES Co., Ltd.
4.02%
4
Ueda Yagi Tanshi Co., Ltd.
2.70%
5
Central Tanshi Co., Ltd.
2.20%
6
Custody Bank of Japan, Ltd. (Trust Account)
1.49%
7
Rakuten Securities, Inc. (Joint Account)
1.47%
8
JPMorgan Securities Japan Co., Ltd.
1.14%
9
MATSUI SECURITIES CO.,LTD.
0.97%
10
TOKYU LAND CORPORATION
0.86%
Management
5 officers
Keiki HASEGAWA
Representative Director, President
Apr 2002 Joined PwC Consulting Co., Ltd. (now IBM Japan, Ltd.) Nov 2005 Joined Dorikom Inc. Apr 2007 Executive Officer, Dorikom Inc. Oct 2011 Executive Officer and General Manager, Social Game Business Division, Dorikom Inc. Jun 2012 Director, Dorikom Inc. Nov 2016 Joined the Company Feb 2020 Representative Director, PASS Inc. (now Liquid Inc.) (current) Feb 2023 Director of the Company Feb 2024 Director, Admedica Inc. Apr 2024 Representative Director, President of the Company (current)
1977-12-17
Yoshiyuki OIWA
Director
Jan 2013 Joined Fastbid Inc. (now TokyoSmith Inc.) Aug 2014 Joined the Company; Director (current) Feb 2020 Director, PASS Inc. (now Liquid Inc.) (current)
1987-11-04
Masatoshi ISHIKAWA
Director, Audit and Supervisory Committee Member
Apr 1979 Joined the Products Science Research Laboratory, Agency of Industrial Science and Technology, Ministry of International Trade and Industry Jun 1989 Associate Professor, Faculty of Engineering, The University of Tokyo Apr 1999 Professor, Graduate School of Engineering, The University of Tokyo Apr 2001 Professor, Graduate School of Information Science and Technology, The University of Tokyo Apr 2004 Vice President, The University of Tokyo; Director, Industry-University Cooperation Headquarters Apr 2005 Executive Vice President, The University of Tokyo; Director, Industry-University Cooperation Headquarters and Information Systems Headquarters Jul 2009 Director, Xvision Inc. (current) Apr 2016 Dean, Graduate School of Information Science and Technology, The University of Tokyo Jun 2019 Director, Meiko Construction Co., Ltd. Apr 2020 Project Professor, Data Science Division, Information Technology Center, The University of Tokyo Jan 2022 President, Tokyo University of Science (current) Feb 2024 Director, Tokyo Advanced Technology Research Institute Co., Ltd. (current) Feb 2024 Director, Audit and Supervisory Committee Member of the Company (current)
1954-08-22
Shinichi INOUE
Director, Audit and Supervisory Committee Member
Apr 1983 Joined Canon Sales Co., Ltd. (now Canon Marketing Japan Inc.) Jul 2001 General Manager, Planning and Sales Department, Distribution Company, Canon Sales Jan 2003 Head, Distribution Company, Canon Sales Apr 2005 Executive Officer, Canon Sales Apr 2007 General Manager, Electronic Equipment Sales Business Division, Consumer Imaging Company, Canon Sales Mar 2008 Director, Canon Sales Jan 2010 General Manager, Marketing Headquarters, Consumer Imaging Company, Canon Sales Jan 2011 Senior Executive Officer, Head of IT Headquarters, Canon Sales Mar 2013 Managing Executive Officer, Head of IT Headquarters, Canon Sales Apr 2014 Managing Executive Officer, Canon Sales; Director and Senior Managing Executive Officer, Canon IT Solutions Inc. Mar 2018 Full-time Audit & Supervisory Board Member, Canon IT Solutions Inc. Jun 2022 Director, Audit and Supervisory Committee Member of the Company (current) Aug 2022 Audit & Supervisory Board Member, Archem Inc. (current)
1958-02-22
Takashi OKITA
Director, Audit and Supervisory Committee Member
Apr 1999 Joined SoftBank Corp. (now SoftBank Group Corp.) Feb 2004 Director, Veritrans Inc. (now DG Financial Technology, Inc.) Jun 2005 Representative Director, SBI Veritrans Inc. (now DG Financial Technology, Inc.) Jun 2008 Director, SBI Holdings, Inc. Sep 2012 Representative and CEO, econtext Asia Limited Mar 2016 Director, Audit and Supervisory Committee Member of the Company (current) May 2016 Representative Director, SBI Ripple Asia Inc. Jan 2020 Director, WED Inc. Feb 2020 Representative Director, Q Inc. (now Nudge Inc.) (current) Oct 2020 Chairman of the Board, Fintech Association of Japan (current)
1977-03-11
Large Shareholding Reports
Yasuhiro KUDA
2026-05-19
27.96%→24.53%
Annual report (as of 2026-05-31): 24.24%
BOC Co., Ltd.
2026-02-25
5.30%→4.52%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-05-31): 4.44%
BOC Co., Ltd.
2026-02-25
5.30%→4.52%
Annual report (as of 2026-05-31): 4.44%
Amova Asset Management Co., Ltd.
2025-12-04
6.12%→4.60%
Amova Asset Management Co., Ltd.
2025-09-19
6.22%→6.12%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-14
Q3 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-14
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
TDnet
2026-07-14
Q2 Earnings Flash
FY ending Nov 2026
EDINET
2026-05-19
Large Shareholding Report
TDnet
2026-04-13
Q1 Earnings Flash
FY ending Nov 2026
EDINETAmended
2026-02-25
Change Report
EDINET
2026-02-25
Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINET
2026-02-25
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
TDnet
2025-10-14
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-07-14
Semi-Annual Securities Report
Period: Dec 2024 – Nov 2025
TDnet
2025-04-14
Q1 Earnings Flash
FY ending Nov 2025
EDINETAmended
2025-04-04
Amended Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2025-02-27
Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-02-28
Annual Securities Report
Period: Dec 2022 – Nov 2023
EDINET
2023-10-12
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-08-17
Securities Registration Statement
EDINET
2023-07-13
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-12
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-02-24
Annual Securities Report
Period: Dec 2021 – Nov 2022
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