First, the conclusion
When you see Every as a ``recipe app company,'' you miss the reality. The main source of sales is the Marketing Solution business, which uses Delish Kitchen's user contact points to provide advertising, sales promotion, and DX support to food manufacturers and retail companies. The sales composition ratio for the fiscal year ending June 2025 is 74%. Consumer business remains at 10%.
The growth story is easy to understand. By overlaying recipe search and browsing data with in-store signage, foot traffic, and POS purchasing data, we can show whether advertising has led to actual sales. Once the effectiveness is confirmed, it will be easier for advertisers to expand from one-off projects to continuous placement, multiple brands, and multiple solutions.
However, this is not a matter of "buying because there are many users". Advertising business is affected by the economy and budget allocation. Immediately after a company goes public, there are many sales by existing shareholders, and even if business performance is good, supply and demand can suppress stock prices. The decision should be made based on whether the company's profit margin and cash flow will continue after it becomes profitable, rather than the low public price.
Company overview and profit model
Every was founded in 2015. Starting from our mainstay Delish Kitchen, we operate a dietary platform that connects manufacturers, retail distribution, and consumers.
| Business | Customers | Main revenue sources | Sales composition ratio for the fiscal year ending June 2025 |
|---|---|---|---|
| Marketing Solution | Food and beverage manufacturers, retail companies, etc. | Advertising distribution, content production, retail DX support | 74% |
| Consumer | Individual users | Premium members, EC/frozen home delivery meals | 10% |
| Others | Corporate customers | Contract production/development, etc. | 16% |
Marketing Solution provides tie-up advertisements for apps and SNS, display advertisements, and store vision advertisements for in-store signage. We also handle application development and maintenance operations for retail companies. In addition to distribution and production income from advertisers, this structure generates retail DX development and operation income.
Consumer offers premium charges and frozen lunch boxes such as Meals. This business has the role of deepening relationships with consumers, but in current profit evaluations, growth in the corporate business should be looked at first.
Will business performance be able to shift from deficit reduction to profit expansion?
For the fiscal year ending June 2024, sales will be 3.359 billion yen and operating loss will be 642 million yen. In the fiscal year ending June 2025, sales increased to 4.25 billion yen, and operating loss decreased to 2.4 billion yen. In the cumulative third quarter of the fiscal year ending June 2026, we are back in the black with sales of 3.83 billion yen and operating income of 323 million yen.
The company's forecast for the fiscal year ending June 2026 is as follows.
| Indicators | Results for the fiscal year ending June 2025 | Company forecasts for the fiscal year ending June 2026 | Changes and views |
|---|---|---|---|
| Sales | 4.25 billion yen | 5.016 billion yen | 18.0% increase compared to the previous period |
| Operating income/loss | Deficit of 200 million yen | Profit of 345 million yen | Operating profit margin 6.9% |
| Ordinary income/loss | Deficit of 300 million yen | Surplus of 335 million yen | Including listing-related expenses, etc. |
| Net income/loss | Deficit of 320 million yen | Profit of 331 million yen | Company forecast EPS 16.88 yen |
3Q cumulative operating income is 93.8% of the full-year forecast. However, the company expects a decline in orders from large customers, an increase in personnel costs, and listing procedure costs in the fourth quarter. It is too early to assume that there will be an upside just by looking at the high rate of progress. From here on, profit is more important than sales, and cash is more important than profit.
Four mechanisms that support growth
Large-scale consumer contact points
As of the end of April 2026, Delish Kitchen has over 31 million app and web MAUs, over 13 million SNS followers, and over 57,000 professional contents. In-store signage has also expanded to more than 11,000 units nationwide.
What I would like to note is that MAU does not eliminate duplication between apps and the web. Although you can check the size of your reach, these numbers do not directly represent the actual number of users or advertising value. Profitability can only be achieved by linking frequency of use, exposure to advertisements, and conversion to purchases.
Connecting online and in-store data
The idea is to combine recipe search and browsing, user attributes, and food preferences with in-store POS purchasing, foot traffic, and signage viewing. Food products have a high proportion of in-store purchases, and if it is possible to connect the process from ad viewing to purchase, it will be easier for advertisers to measure cost-effectiveness.
This can be a competitive advantage. However, competitive comparisons and the expression "unique" in company materials are the company's own evaluations. The authenticity of the advantage must be tested by the reproducibility of advertising effectiveness, the extent of retail data available, and the speed at which competitors are building similar measurement infrastructure.
Upsell to loyal customers
The company defines customers with an annual transaction amount of 10 million yen or more as "loyal customers." The number of loyal customers increased to 42 companies in the fiscal year ending June 2024, 62 companies in the fiscal year ending June 2025, and a cumulative total of 66 companies in the 3Q of the fiscal year ending June 2026. The overall average customer spend also rose from 4.0 million yen to 5.3 million yen.
Rather than rapidly increasing the number of new customers, the key to growth is to obtain continued advertising from existing customers and expand into multiple brands and multiple initiatives. While this makes it easier to increase sales efficiency, it also makes it easier for large customers to reduce their budgets to affect business performance.
Expanding to retail media and AI
The retail app is designed to integrate payment, points, flyers, and coupons to increase advertising space and purchasing data. "Delish AI" aims to improve the accuracy of suggestions and user experience by capturing vague requests before deciding on a dish.
The headline AI alone is not profitable. What you need to look at is whether the number of searches and retention rates have increased, whether it has led to premium charges, and whether it has been effective in increasing unit prices as insight for advertisers. It is appropriate to treat it as a growth option until the profit contribution, including development and inference costs, is reflected in numbers.
How strong is your competitive advantage?
Every's strength lies in its ability to connect media, advertising production, in-store distribution, and purchasing effect measurement in one company. Rather than simply selling advertising space, if we can support advertisers from recognition to purchase, it will be easier to stay out of price competition.
The partnership with Itochu Foods is also significant. The company owns 11.98% of Every's shares and collaborates in signage sales, installation, maintenance, and advertising sales. Because we have access to the retail network of food wholesalers, we can have in-store contacts that are difficult to create with online companies alone.
At the same time, this is a dependent risk. If the terms of the partnership or ITOCHU Foods' policies change, it will affect the expansion speed and profitability of the signage business. Competitive advantage and dependence on specific partners are two sides of the same coin.
Evaluation of public price 230 yen
Based on the public price of 230 yen and the number of outstanding shares at the time of listing, 20,738,108 shares, the market capitalization is approximately 4.77 billion yen. A simple evaluation based on the company's forecast for the fiscal year ending June 2026 is approximately 13.6 times the expected PER and approximately 1.0 times the expected PSR.
| Evaluation axis | Public price base | How to read |
|---|---|---|
| Market capitalization | Approximately 4.77 billion yen | Based on number of shares outstanding at time of listing |
| Forecast PER | Approximately 13.6 times | Based on company forecast EPS 16.88 yen |
| Forecast PSR | Approx. 1.0x | Based on company forecast sales of 5.016 billion yen |
| Expected operating profit margin | 6.9% | Focus on sustainability after profitability |
| Market capitalization target set by the company | Over 10 billion yen as soon as possible | Management goal, not performance forecast |
If we look at the public price alone, there is no strong sense of overheating as an advertising/DX company that is turning a profit. However, the company's market capitalization of 10 billion yen or more is approximately 2.1 times the public price base. If the market capitalization were to reach 10 billion yen with the current net income of 331 million yen, the company's valuation relative to profits would rise approximately 30 times. To achieve your goals, you need proof that you can simultaneously increase loyal customers, customer spend, and operating profit.
In addition, of the 1,105,300 shares publicly offered, 4,815,100 shares will be sold, and the maximum overallotment will be 888,000 shares. Immediately after listing, stock prices are driven not only by business valuations, but also by the redemption of existing shareholders and demand from new investors. Even if the published price index appears low, the valuation will not be determined until supply and demand settle down.
Bullish scenario
The bullish scenario is for Marketing Solution sales to continue to grow at around 20% and increase operating profit margins while suppressing growth in SG&A expenses.
- Increase in loyal customers and shift from one-off ads to continuous ads
- The number of signage and retail apps increases, expanding the scope of measuring effectiveness with POS data
- Horizontal expansion to multiple brands and multiple solutions will increase unit price per customer
- Sales leverage is effective as labor costs grow more slowly than sales increase
- Consumer business and AI functions contribute to continued usage and billing
In this format, Every can change its reputation from a `well-known recipe media'' to a `food and retail sales promotion platform.'' What the market values highly is not MAU, but when data can be used to obtain recurring budgets from advertisers.
Bearish scenario
A bearish scenario is one in which Every's profits do not remain even if the advertising market grows.
- Advertising slows down due to economic slowdown and budget reviews by food manufacturers
- Quarterly sales fluctuate due to the completion of a major customer project
- Fees to advertising agencies, food wholesalers, and external media will increase, slowing gross profit growth
- Operating profit margin will decline due to upfront costs for servers, development, and human resources.
- Loss of trust due to personal information/purchasing data management accidents and advertising issues
- Collaboration conditions with Itochu Foods have changed, delaying signage deployment
- Selling pressure continues after listing, and stock price is difficult to react even with good performance
Visualizing advertising effectiveness is appealing, but one success story cannot be replicated with all customers. If outcome measurement varies from project to project, the premise of continued advertising and unit price increases will be undermined.
KPIs that investors should look at
| KPI | Current levels confirmed | What to watch next |
|---|---|---|
| Marketing Solution sales | Forecast for the fiscal year ending June 2026: 4.015 billion yen | Can we achieve a 27.7% increase compared to the previous fiscal year |
| Number of loyal customers | 66 companies (3Q total) | Will it increase for the full year and the next period? |
| Average customer spend | 5.2 million yen (3Q total) | Will it increase even after adjusting for period differences |
| Operating profit margin | Full-year forecast 6.9% | Can it grow further after turning profitable |
| MAU | Over 31 million | Look at usage frequency rather than size including duplication |
| In-store signage | Over 11,000 units | Does the number of installed signages lead to advertising sales and profits |
| Operating cash flow | 3Q cumulative total not disclosed | Does profit and cash income match? |
I would especially like to see the number of loyal customers and operating profit margin side by side. If the profit margin decreases even though the number of customers increases, the cost of acquiring projects and external distribution costs may be high. Conversely, if the cost per customer and profit margin increase at the same time, the value of the integrated solution is supported by the numbers.
Wrap-Up
It is not appropriate to give a single answer to the question "Is Every a buy?" even before the stock price is formed on the first day of listing. At the public price of 230 yen, the company's expected PER is approximately 13.6 times and PSR is approximately 1.0 times. Metrics alone seem easy to reach.
The fun of this business is not Delish Kitchen's popularity, but the system that connects online eating behavior and in-store purchases and returns the results to advertisers. The increase in loyal customers and profitability are early evidence supporting that hypothesis.
It is also clear what is still missing. Full-year financial results, operating cash flow, customer unit price after listing, operating profit margin, and stable supply and demand. If these things are met, the view will change from a `cheap IPO'' to a `retail media company that can evaluate profit growth.'' If not, the evaluation will return to the one based on MAU and market size.
Related pages
- Every (607A) stock analysis
- Every (607A) IPO News
- 2026 IPO list
- Japanese stocks/IPO morning edition: 8/4 8 noteworthy items
Source
- Every Co., Ltd. “Matters related to business plans and growth potential”, published on August 4, 2026
- Every Co., Ltd. “Notice regarding approval of new listing on the Tokyo Stock Exchange Growth Market”
- Every Co., Ltd. “Regarding business forecasts for the fiscal year ending June 2026”, published on June 30, 2026
- Every Co., Ltd. “Company Information”
- Every Co., Ltd. "Services"
- Japan Exchange Group "Newly listed company information"
- Japan Exchange Group “Newly listed company profile Every Co., Ltd.”, published on June 30, 2026
*MAU, number of SNS followers, number of recipes, and number of in-store signage are as of the end of April 2026. Market size and competitive comparisons include estimates and evaluations of company materials.