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Overview

Services

f-code Inc.

f-code Inc. is a marketing technology company that provides end-to-end digital transformation (DX) support for businesses, ranging from website development and customer acquisition to repeat purchase promotion. The company offers proprietary SaaS-based marketing tools—including entry form optimization (EFO), web customer engagement, browser push notifications, and chatbot solutions—underpinned by a unique CX data platform built over a decade of service delivery. Leveraging both experienced consultants and technology products, f-code helps businesses optimize customer experience (CX) and implement data-driven digital marketing strategies.

Market Cap

¥14.4B

US$91.8M

¥18.8B

US$120M

Stock¥1,172▼-3.38%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.1

LTM EV/EBIT

6.6

LTM PER

8.7

LTM PBR

1.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-65.6%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Aug 20, 26FY guidance raised: revenue forecast up to ¥1.83bn from ¥1.70bn on strong AI business

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

38%

62%

EquityD/E 1.64xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 61.6%

as of 2026-06-30 · Source: Annual Securities Report

Tsutomu KUDO

39.03%

Koji UMEZAWA

3.66%

Mynavi Corporation

3.28%

Revamp Inc.

3.10%

BBH CO FOR ARCUS JAPAN VALUE FUND

2.79%

NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT

2.60%

Yuki ARAI

2.52%

STICHTING DEPOSITARY ASCENDER GLOBAL VALUE FUND

1.85%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)

1.58%

Ueda Yagi Tanshi Co., Ltd.

1.22%

Management

8 officers

Tsutomu KUDO

Representative Director, President

Jul 2004: Director, Menkyo On Demand Co., Ltd. Mar 2006: Established the Company; Director Mar 2011: Representative Director, President of the Company (current)

1983-07-04

Yuki ARAI

Director

Apr 2004: Joined Cascade Co., Ltd. May 2007: Joined the Company Feb 2008: Director of the Company (current)

1981-09-17

Shingo KINUGASA

Director, CFO

Dec 2010: Joined Deloitte Touche Tohmatsu LLC Oct 2016: Joined United Inc. Jan 2018: Joined Nagabot LLC Jan 2018: Opened Kinugasa CPA Office; Head of the same office (current) Feb 2018: Joined Takano Audit Corporation Jul 2018: Partner, Takano Audit Corporation (current) Apr 2019: Joined Shikumiya Inc. (current) Apr 2021: Executive Officer, Head of Accounting and Finance Division, the Company Apr 2023: Executive Officer, CFO, the Company Jun 2024: Outside Audit & Supervisory Board Member, FLIGHTS Inc. (current) Aug 2024: Outside Audit & Supervisory Board Member, matsuri technologies Inc. (current) Mar 2025: Director of the Company (current)

1988-07-03

Shinichi YAMAZAKI

Director

May 1988: Joined Recruit Co., Ltd. Jul 1990: Joined Recruit Staffing Co., Ltd. Jul 2006: Joined en Japan Inc. Feb 2009: Director, General Manager of Administration Division, en Japan Inc. Oct 2010: Joined Sleepy Group Co., Ltd. Jan 2011: Managing Executive Officer and Director, Sleepy Group Co., Ltd. Sep 2011: Joined Forum Engineering, Inc. Jan 2013: Joined Park24 Co., Ltd. Nov 2016: Transferred to Times Service Co., Ltd. Jun 2018: Joined the Company Jan 2021: Director of the Company Mar 2025: Retired as Director of the Company

1963-08-02

Mitsuru HARADA

Director, Audit and Supervisory Committee Member

Apr 1986: Joined Recruit Co., Ltd. Oct 2001: Transferred to Recruit Staffing Co., Ltd. Apr 2007: Executive Officer, Recruit Staffing Co., Ltd. Dec 2007: Director and Executive Officer, Staff Service Holdings Co., Ltd. Jun 2016: Audit & Supervisory Board Member, Recruit Sumai Company, Ltd. May 2021: Audit & Supervisory Board Member, Staff Service Holdings Co., Ltd.; Audit & Supervisory Board Member, Recruit Staffing Co., Ltd.

1963-12-06

Reona AMEMIYA

Director, Audit and Supervisory Committee Member

Apr 1998: Joined Koutsu Co., Ltd. Jun 2003: Joined Recruit Avic Co., Ltd. (now Recruit Co., Ltd.) Dec 2005: Representative Director, Nihon Iryo Joho Center Co., Ltd. (now Recruit Medical Career Co., Ltd.); Representative Director, Jamix Finance Co., Ltd. (now Recruit Medical Career Co., Ltd.); Representative Director, Jamix Co., Ltd. (now Recruit Medical Career Co., Ltd.) Apr 2009: Unit General Manager (Division Head), Medical Unit, Business Development Office, Recruit Co., Ltd.; Director, R3 Healthcare Co., Ltd. (now Recruit Medical Career Co., Ltd.) Apr 2012: Executive Officer, Mid-career Business Planning Division, Recruit Agent Co., Ltd. (now Recruit Co., Ltd.) Apr 2013: Company Partner, Domestic Business Management Office, Recruit Holdings Co., Ltd.; Director, Staff Service Holdings Co., Ltd.; Director, Recruit Staffing Co., Ltd. Apr 2014: Representative Director, President, I'm & Interworks Co., Ltd. (now Confidence Interworks Co., Ltd.) Jun 2017: Established Smart Agency Co., Ltd.; Representative Director (current) Jul 2017: Director, Japan Health Sports Federation (incorporated foundation) Mar 2018: Audit & Supervisory Board Member, the Company Jun 2018: Director, MRT Co., Ltd. (current) Jun 2018: Director, Confidence Interworks Co., Ltd. (current) May 2019: Director, Grooves Co., Ltd. (current) Jul 2020: Audit & Supervisory Board Member, Nasiel Holdings Co., Ltd. (current) Dec 2020: Director, Ashita no Team Co., Ltd. (current) Jan 2021: Director of the Company Feb 2023: Audit & Supervisory Board Member, Akaric Co., Ltd. Mar 2024: Director, Audit and Supervisory Committee Member, the Company (current) Sep 2024: Director, I'm Factory Co., Ltd. (current) Apr 2025: Director, Digirize Inc. (current)

1975-04-03

Fumiko KATO

Director, Audit and Supervisory Committee Member

Jan 2011: Joined Sanyu Audit Corporation Oct 2013: Joined Deloitte Touche Tohmatsu LLC Nov 2017: Joined Tokyo Tatemono Co., Ltd. Jul 2020: Joined EY ShinNihon LLC Sep 2023: Established K.A.T.O. Consulting Co., Ltd.; Representative Director (current) Sep 2023: Opened Fumiko Kato Certified Public Accountant Office; Head of the same office (current) Oct 2023: Opened Fumiko Kato Tax Accountant Office; Head of the same office (current) Mar 2024: Director, Audit and Supervisory Committee Member, the Company (current) Dec 2025: Auditor, Japan IT Business Professionals Association (general incorporated association) (current)

1988-03-03

Sosuke TAKAHASHI

Director, Audit and Supervisory Committee Member

Apr 2003: Joined the Legal Training and Research Institute of the Supreme Court of Japan Oct 2004: Joined Atsumi & Sakai (formerly Atsumi Sogo Law Offices), registered with Dai-ni Tokyo Bar Association May 2007: Joined Midosuji Law Office (Legal Professional Corporation), registered with Tokyo Bar Association May 2010: Graduated, LL.M., University of Michigan Law School Aug 2010: Visiting Research Fellow, University of Michigan Law School Aug 2011: Registered as attorney in California, USA Jan 2012: Outside Audit & Supervisory Board Member, JQ Inc. Jan 2013: Partner, Midosuji Law Office (Legal Professional Corporation) Jul 2015: Opened Kaname Sogo Law Office Sep 2015: Outside Director, JQ Inc. (current) May 2016: Outside Director, Ichigo Investment Advisors Co., Ltd. (current) Mar 2018: Outside Director, Realize Corporation (current) Nov 2019: Outside Audit & Supervisory Board Member, A-Tie Inc. (current) Sep 2020: Director, TechVoice Co., Ltd. Jun 2021: Outside Director, Realize Securities Co., Ltd. (current)

1978-08-23

Large Shareholding Reports

Tsutomu KUDO

2026-10-19

38.40%→37.21%

Annual report (as of 2026-06-30): 39.03%

Tsutomu KUDO

2026-10-01

38.40%→38.40%

Annual report (as of 2026-06-30): 39.03%

Ascender Capital Limited

2026-07-10

5.28%→4.21%

Ascender Capital Limited

2026-03-12

5.28%

Ascender Capital Limited

2026-03-12

—

Asset Management One Co., Ltd.

2025-12-05

5.16%→3.99%

Tsutomu KUDO

2025-11-05

38.74%→38.62%

Annual report (as of 2026-06-30): 39.03%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-19

Large Shareholding Report

f-code Inc.

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f-code Inc.

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