フリー(4478.T) 業績予想をアップデート。TPを3500円に設定

研报英文原文证据摘录

フリー(4478.T) 業績予想をアップデート。TPを3500円に設定

フリー (4478.T)

2026 年6 月17 日 Citi Research

キーチャート

図表 2. 課金顧客数 図表 3. ARPU（年額）

1,600,000 180,000

1,400,000 self employed self employed 1,387,230 160,000

1,312,230 corporate corporate

140,000 1,237,230

1,200,000 120,562 124,753 128,495 132,350 136,320 140,410 144,620 148,958 153,430 158,030 1,162,230

1,087,230 120,000 108,506

1,007,230 1,000,000 98,910

932,230 100,000 91,350

852,230

800,000 772,230

692,230 80,000

600,000 606,533

532,637 60,000

451,088

400,000

40,000

18,711 19,547 20,327 21,014 21,611 22,111 22,611 23,111 23,611 24,111 24,611 25,111 25,611

200,000 20,000 159,375 197,701 234,072 269,070 304,070 339,070 374,070 409,070 444,070 479,070 514,070 549,070 584,070

0 0

FY23/6A FY24/6A FY25/6A FY26/6E FY27/6E FY28/6E FY29/6E FY30/6E FY31/6E FY32/6E FY33/6E FY34/6E FY35/6E FY23/6A FY24/6A FY25/6A FY26/6E FY27/6E FY28/6E FY29/6E FY30/6E FY31/6E FY32/6E FY33/6E FY34/6E FY35/6E

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

出所: Citi Research, 会社資料 出所: Citi Research, 会社資料

図表 4. 業績推移 図表 5. 営業利益率

140,000 40.0%

OPM 27.2% 29.4% 31.5%

120,000 Revenue 115,502 30.0% 22.0% 24.8%

19.6% Adjusted OP 105,713 16.3% 20.0% 13.7% 96,368 11.4% 100,000

87,456 10.0% 5.7% 6.1%

78,898

80,000 71,419

0.0%

63,575 FY23/6A FY24/6A FY25/6A FY26/6E FY27/6E FY28/6E FY29/6E FY30/6E FY31/6E FY32/6E FY33/6E FY34/6E FY35/6E

56,582 60,000 -10.0% 49,910

42,009

40,000 33,271 31,130 36,376 -20.0%

25,431 26,228 -29.7%

21,661 19,220 -30.0% 13,966 17,369 20,000 -37.4%

1,885 2,568 5,667 7,726 10,353 -40.0%

FY23/6A FY24/6A FY25/6A FY26/6E FY27/6E FY28/6E FY29/6E FY30/6E FY31/6E FY32/6E FY33/6E FY34/6E FY35/6E -50.0%

-7,195 -7,562

-20,000