[{"data":1,"prerenderedAt":6830},["ShallowReactive",2],{"content-/2026-03-24-mf-vs-freee":3,"all-pages-for-dir":6828,"og-image-/2026-03-24-mf-vs-freee":6829},{"id":4,"title":5,"body":6,"category":6808,"description":6809,"extension":6810,"meta":6811,"navigation":6812,"path":6813,"project_name":6814,"published":6815,"publishedAt":6816,"seo":6817,"stem":6818,"tags":6819,"todo":6826,"updatedAt":6826,"__hash__":6827},"pages/2026-03/2026-03-24/mf-vs-freee-financial-comparison.md","マネーフォワード vs freee 財務データ比較 - 数字で見る両社の経営戦略の違い",{"type":7,"value":8,"toc":6748},"minimark",[9,14,30,34,38,140,146,149,153,157,164,167,170,176,183,185,189,195,199,338,341,343,347,353,356,442,445,459,461,465,471,557,560,562,566,572,575,577,581,587,591,699,703,805,808,810,814,817,865,872,874,878,884,888,1071,1077,1080,1082,1086,1092,1178,1181,1184,1245,1248,1255,1257,1261,1264,1268,1274,1281,1285,1439,1442,1448,1462,1466,1555,1566,1570,1577,1583,1731,1737,1747,1751,1754,1759,1862,1867,1965,1971,1974,1977,1982,2058,2063,2113,2171,2181,2185,2192,2197,2221,2226,2243,2248,2326,2333,2343,2347,2354,2357,2360,2364,2367,2518,2525,2532,2552,2555,2560,2563,2568,2571,2576,2579,2584,2587,2590,2597,2602,2622,2627,2638,2643,2651,2655,2658,2669,2672,2676,2766,2781,2785,2790,2793,2798,2801,2806,2809,2814,2817,2821,2824,2878,2881,2884,2886,2890,2896,2981,2984,2987,2989,2993,2996,3083,3086,3090,3174,3180,3184,3200,3204,3211,3215,5793,5797,5800,5858,5864,5868,5875,5877,5881,5884,5891,5896,5899,5902,5963,5966,5972,5978,5982,6043,6048,6051,6054,6059,6066,6070,6224,6231,6235,6383,6390,6394,6400,6421,6426,6447,6450,6457,6460,6497,6508,6510,6514,6518,6538,6542,6559,6562,6565,6568,6570,6573,6745],[10,11,13],"h1",{"id":12},"マネーフォワード-vs-freee財務データ比較","マネーフォワード vs freee：財務データ比較",[15,16,18,23,26],"div",{"style":17},"background-color: #FEE2E2; border: 1px solid #EF4444; border-radius: 8px; padding: 16px; margin-bottom: 24px;",[19,20,22],"strong",{"style":21},"color: #991B1B;","⚠ 注意事項",[24,25],"br",{},[27,28,29],"span",{"style":21},"この記事はClaude Code（AI）による公開データの調査・分析をもとに生成されたものです。IRBANK等の二次ソースから取得したデータには欠落や誤りが含まれる場合があります（実際、本記事の作成過程でIRBANKの連結子会社数が有報原本と大幅に乖離していた事例がありました）。数値の正確性については、各社の有価証券報告書・決算短信の原本で必ずご自身でファクトチェックをお願いいたします。",[31,32,33],"p",{},"「マネーフォワードは機能が改善しない。freeeはどんどん良くなる」――ユーザーとしての体感を、決算数字で裏づけてみる。",[35,36,37],"h2",{"id":37},"基本情報",[39,40,41,57],"table",{},[42,43,44],"thead",{},[45,46,47,51,54],"tr",{},[48,49,50],"th",{},"項目",[48,52,53],{},"マネーフォワード (3994)",[48,55,56],{},"freee (4478)",[58,59,60,72,83,94,107,118,129],"tbody",{},[45,61,62,66,69],{},[63,64,65],"td",{},"決算期",[63,67,68],{},"11月期",[63,70,71],{},"6月期",[45,73,74,77,80],{},[63,75,76],{},"上場市場",[63,78,79],{},"東証プライム",[63,81,82],{},"東証グロース",[45,84,85,88,91],{},[63,86,87],{},"直近売上高",[63,89,90],{},"503.5億円（FY2025/11）",[63,92,93],{},"332.7億円（FY2025/6）",[45,95,96,99,102],{},[63,97,98],{},"直近営業利益",[63,100,101],{},"▲26.5億円",[63,103,104],{},[19,105,106],{},"+6.1億円（黒字転換）",[45,108,109,112,115],{},[63,110,111],{},"ARR",[63,113,114],{},"約390〜410億円",[63,116,117],{},"約340億円",[45,119,120,123,126],{},[63,121,122],{},"従業員数",[63,124,125],{},"2,839名",[63,127,128],{},"約1,700名",[45,130,131,134,137],{},[63,132,133],{},"時価総額",[63,135,136],{},"約3,456億円",[63,138,139],{},"約5,373億円",[31,141,142,145],{},[19,143,144],{},"freeeは売上規模で6割強なのに、時価総額では1.5倍。"," 市場はfreeeの方を高く評価している。",[147,148],"hr",{},[35,150,152],{"id":151},"各社の業績推移売上高営業利益当期純利益","各社の業績推移（売上高・営業利益・当期純利益）",[154,155,156],"h3",{"id":156},"マネーフォワード",[31,158,159],{},[160,161],"img",{"alt":162,"src":163},"マネーフォワード年次業績推移","/2026-03/2026-03-24/images/chart-mf-annual-pnl.svg",[31,165,166],{},"売上高は7年で7倍に成長したが、営業利益は一度も黒字化していない。FY2025で純利益のみ+15.9億円の黒字だが、これは投資有価証券の評価益等の特殊要因であり、本業（営業利益）はまだ▲26.5億円の赤字。",[154,168,169],{"id":169},"freee",[31,171,172],{},[160,173],{"alt":174,"src":175},"freee年次業績推移","/2026-03/2026-03-24/images/chart-freee-annual-pnl.svg",[31,177,178,179,182],{},"freeeはFY2022-24で当期純利益が▲100億円超の巨額赤字を記録したが、これはUUUM株等の投資損失による特殊要因。営業利益ベースでは▲30億円台で推移していた。FY2025に営業利益+6.1億円、純利益+13.7億円と",[19,180,181],{},"両方とも黒字転換","を達成。",[147,184],{},[35,186,188],{"id":187},"_1-売上高の推移","1. 売上高の推移",[31,190,191],{},[160,192],{"alt":193,"src":194},"売上高の年次比較","/2026-03/2026-03-24/images/chart-revenue-comparison.svg",[154,196,198],{"id":197},"年次データ百万円","年次データ（百万円）",[39,200,201,217],{},[42,202,203],{},[45,204,205,208,210,213,215],{},[48,206,207],{},"決算年",[48,209,156],{},[48,211,212],{},"YoY",[48,214,169],{},[48,216,212],{},[58,218,219,236,253,270,287,304,321],{},[45,220,221,224,227,230,233],{},[63,222,223],{},"2019",[63,225,226],{},"7,157",[63,228,229],{},"+55.7%",[63,231,232],{},"4,517",[63,234,235],{},"+87.1%",[45,237,238,241,244,247,250],{},[63,239,240],{},"2020",[63,242,243],{},"11,318",[63,245,246],{},"+58.1%",[63,248,249],{},"6,895",[63,251,252],{},"+52.6%",[45,254,255,258,261,264,267],{},[63,256,257],{},"2021",[63,259,260],{},"15,633",[63,262,263],{},"+38.1%",[63,265,266],{},"10,258",[63,268,269],{},"+48.8%",[45,271,272,275,278,281,284],{},[63,273,274],{},"2022",[63,276,277],{},"21,477",[63,279,280],{},"+37.4%",[63,282,283],{},"14,380",[63,285,286],{},"+40.2%",[45,288,289,292,295,298,301],{},[63,290,291],{},"2023",[63,293,294],{},"30,381",[63,296,297],{},"+41.5%",[63,299,300],{},"19,220",[63,302,303],{},"+33.7%",[45,305,306,309,312,315,318],{},[63,307,308],{},"2024",[63,310,311],{},"40,364",[63,313,314],{},"+32.9%",[63,316,317],{},"25,431",[63,319,320],{},"+32.3%",[45,322,323,326,329,332,335],{},[63,324,325],{},"2025",[63,327,328],{},"50,350",[63,330,331],{},"+24.7%",[63,333,334],{},"33,271",[63,336,337],{},"+30.8%",[31,339,340],{},"マネーフォワードは売上規模で常にfreeeの1.5倍。ただし2025年に成長率が逆転し、freee（+30.8%）がマネーフォワード（+24.7%）を上回った。",[147,342],{},[35,344,346],{"id":345},"_2-営業利益の推移","2. 営業利益の推移",[31,348,349],{},[160,350],{"alt":351,"src":352},"営業利益の推移","/2026-03/2026-03-24/images/chart-operating-profit.svg",[154,354,198],{"id":355},"年次データ百万円-1",[39,357,358,368],{},[42,359,360],{},[45,361,362,364,366],{},[48,363,207],{},[48,365,156],{},[48,367,169],{},[58,369,370,380,390,400,410,420,430],{},[45,371,372,374,377],{},[63,373,223],{},[63,375,376],{},"▲2,446",[63,378,379],{},"▲2,831",[45,381,382,384,387],{},[63,383,240],{},[63,385,386],{},"▲2,805",[63,388,389],{},"▲2,681",[45,391,392,394,397],{},[63,393,257],{},[63,395,396],{},"▲1,062",[63,398,399],{},"▲2,442",[45,401,402,404,407],{},[63,403,274],{},[63,405,406],{},"▲8,469",[63,408,409],{},"▲3,043",[45,411,412,414,417],{},[63,413,291],{},[63,415,416],{},"▲6,330",[63,418,419],{},"▲7,919",[45,421,422,424,427],{},[63,423,308],{},[63,425,426],{},"▲4,735",[63,428,429],{},"▲8,387",[45,431,432,434,437],{},[63,433,325],{},[63,435,436],{},"▲2,653",[63,438,439],{},[19,440,441],{},"+611",[31,443,444],{},"両社とも2022〜2023年に投資を加速して赤字が拡大。だがその後のアプローチが分かれた。",[446,447,448,454],"ul",{},[449,450,451,453],"li",{},[19,452,169],{},": FY2024で▲83.9億 → FY2025で**+6.1億**。1年で90億円の改善。劇的なV字回復",[449,455,456,458],{},[19,457,156],{},": ▲84.7億（FY2022）→ ▲26.5億（FY2025）。3年かけて漸減。まだ赤字",[147,460],{},[35,462,464],{"id":463},"_3-営業利益率の推移","3. 営業利益率の推移",[31,466,467],{},[160,468],{"alt":469,"src":470},"営業利益率の推移","/2026-03/2026-03-24/images/chart-operating-margin.svg",[39,472,473,483],{},[42,474,475],{},[45,476,477,479,481],{},[48,478,207],{},[48,480,156],{},[48,482,169],{},[58,484,485,495,505,515,525,535,545],{},[45,486,487,489,492],{},[63,488,223],{},[63,490,491],{},"-34.2%",[63,493,494],{},"-62.7%",[45,496,497,499,502],{},[63,498,240],{},[63,500,501],{},"-24.8%",[63,503,504],{},"-38.9%",[45,506,507,509,512],{},[63,508,257],{},[63,510,511],{},"-6.8%",[63,513,514],{},"-23.8%",[45,516,517,519,522],{},[63,518,274],{},[63,520,521],{},"-39.4%",[63,523,524],{},"-21.2%",[45,526,527,529,532],{},[63,528,291],{},[63,530,531],{},"-20.8%",[63,533,534],{},"-41.2%",[45,536,537,539,542],{},[63,538,308],{},[63,540,541],{},"-11.7%",[63,543,544],{},"-33.0%",[45,546,547,549,552],{},[63,548,325],{},[63,550,551],{},"-5.3%",[63,553,554],{},[19,555,556],{},"+1.8%",[31,558,559],{},"面白い逆転現象がある。FY2022時点ではfreee（-21.2%）の方がマネーフォワード（-39.4%）より利益率が良かった。翌年から関係が逆転してマネーフォワードがジリジリ改善する一方、freeeは-41%まで悪化。そこからfreeeは一気にゼロラインを突破した。",[147,561],{},[35,563,565],{"id":564},"_4-売上高成長率の推移","4. 売上高成長率の推移",[31,567,568],{},[160,569],{"alt":570,"src":571},"売上高成長率の推移","/2026-03/2026-03-24/images/chart-growth-rate.svg",[31,573,574],{},"両社の成長率は30%台で収束しつつあるが、FY2025でfreee（+30.8%）がマネーフォワード（+24.7%）を明確に上回った。マネーフォワードの成長鈍化は、売上規模500億円の壁に近づいている影響もあるが、プロダクト改善の停滞が顧客獲得に響いている可能性も否定できない。",[147,576],{},[35,578,580],{"id":579},"_5-四半期売上高の推移","5. 四半期売上高の推移",[31,582,583],{},[160,584],{"alt":585,"src":586},"四半期売上高の推移","/2026-03/2026-03-24/images/chart-quarterly-revenue.svg",[154,588,590],{"id":589},"マネーフォワード-四半期売上高百万円","マネーフォワード 四半期売上高（百万円）",[39,592,593,612],{},[42,594,595],{},[45,596,597,600,603,606,609],{},[48,598,599],{},"FY",[48,601,602],{},"Q1",[48,604,605],{},"Q2",[48,607,608],{},"Q3",[48,610,611],{},"Q4",[58,613,614,631,648,665,682],{},[45,615,616,619,622,625,628],{},[63,617,618],{},"2021/11",[63,620,621],{},"3,467",[63,623,624],{},"3,993",[63,626,627],{},"3,833",[63,629,630],{},"4,339",[45,632,633,636,639,642,645],{},[63,634,635],{},"2022/11",[63,637,638],{},"4,756",[63,640,641],{},"5,085",[63,643,644],{},"5,455",[63,646,647],{},"6,181",[45,649,650,653,656,659,662],{},[63,651,652],{},"2023/11",[63,654,655],{},"6,792",[63,657,658],{},"7,296",[63,660,661],{},"7,496",[63,663,664],{},"8,797",[45,666,667,670,673,676,679],{},[63,668,669],{},"2024/11",[63,671,672],{},"9,544",[63,674,675],{},"10,320",[63,677,678],{},"9,809",[63,680,681],{},"10,690",[45,683,684,687,690,693,696],{},[63,685,686],{},"2025/11",[63,688,689],{},"11,706",[63,691,692],{},"11,531",[63,694,695],{},"12,069",[63,697,698],{},"15,044",[154,700,702],{"id":701},"freee-四半期売上高百万円","freee 四半期売上高（百万円）",[39,704,705,719],{},[42,706,707],{},[45,708,709,711,713,715,717],{},[48,710,599],{},[48,712,602],{},[48,714,605],{},[48,716,608],{},[48,718,611],{},[58,720,721,738,755,772,789],{},[45,722,723,726,729,732,735],{},[63,724,725],{},"2022/6",[63,727,728],{},"3,392",[63,730,731],{},"3,464",[63,733,734],{},"3,652",[63,736,737],{},"3,872",[45,739,740,743,746,749,752],{},[63,741,742],{},"2023/6",[63,744,745],{},"4,239",[63,747,748],{},"4,479",[63,750,751],{},"5,095",[63,753,754],{},"5,406",[45,756,757,760,763,766,769],{},[63,758,759],{},"2024/6",[63,761,762],{},"5,720",[63,764,765],{},"6,052",[63,767,768],{},"6,652",[63,770,771],{},"7,007",[45,773,774,777,780,783,786],{},[63,775,776],{},"2025/6",[63,778,779],{},"7,376",[63,781,782],{},"7,874",[63,784,785],{},"8,599",[63,787,788],{},"9,421",[45,790,791,794,797,800,803],{},[63,792,793],{},"2026/6",[63,795,796],{},"9,743",[63,798,799],{},"10,198",[63,801,802],{},"—",[63,804,802],{},[31,806,807],{},"マネーフォワードのQ4（150.4億円）は突出しているが、これは年末の税務・経理需要の季節性によるもの。四半期ベースではfreeeがジリジリと差を詰めている。",[147,809],{},[35,811,813],{"id":812},"_6-累積赤字の比較","6. 累積赤字の比較",[31,815,816],{},"両社がこれまでに積み上げてきた営業赤字の累計：",[39,818,819,829],{},[42,820,821],{},[45,822,823,825,827],{},[48,824,50],{},[48,826,156],{},[48,828,169],{},[58,830,831,842,852],{},[45,832,833,836,839],{},[63,834,835],{},"累計営業赤字（2019〜2024）",[63,837,838],{},"▲255.5億円",[63,840,841],{},"▲273.0億円",[45,843,844,847,849],{},[63,845,846],{},"FY2025営業利益",[63,848,101],{},[63,850,851],{},"+6.1億円",[45,853,854,857,860],{},[63,855,856],{},"黒字化達成",[63,858,859],{},"未達（純利益のみ黒字）",[63,861,862],{},[19,863,864],{},"営業利益で黒字化",[31,866,867,868,871],{},"freeeの方が累計赤字は大きいが、先に営業黒字化を達成した。マネーフォワードはFY2025で純利益は15.9億円の黒字だが、これは特殊要因（投資有価証券の評価益等）によるもので、",[19,869,870],{},"営業レベルではまだ赤字","。",[147,873],{},[35,875,877],{"id":876},"_7-従業員数の推移","7. 従業員数の推移",[31,879,880],{},[160,881],{"alt":882,"src":883},"従業員数の推移","/2026-03/2026-03-24/images/chart-employee-count.svg",[154,885,887],{"id":886},"連結従業員数正社員臨時","連結従業員数（正社員＋臨時）",[39,889,890,915],{},[42,891,892],{},[45,893,894,897,900,903,906,909,912],{},[48,895,896],{},"年度",[48,898,899],{},"マネーフォワード正社員",[48,901,902],{},"マネーフォワード臨時",[48,904,905],{},"マネーフォワード合計",[48,907,908],{},"freee正社員",[48,910,911],{},"freee臨時",[48,913,914],{},"freee合計",[58,916,917,939,961,983,1005,1027,1049],{},[45,918,919,921,924,927,930,933,936],{},[63,920,223],{},[63,922,923],{},"691",[63,925,926],{},"85",[63,928,929],{},"776",[63,931,932],{},"409",[63,934,935],{},"110",[63,937,938],{},"519",[45,940,941,943,946,949,952,955,958],{},[63,942,240],{},[63,944,945],{},"865",[63,947,948],{},"199",[63,950,951],{},"1,064",[63,953,954],{},"481",[63,956,957],{},"117",[63,959,960],{},"598",[45,962,963,965,968,971,974,977,980],{},[63,964,257],{},[63,966,967],{},"1,248",[63,969,970],{},"267",[63,972,973],{},"1,515",[63,975,976],{},"656",[63,978,979],{},"139",[63,981,982],{},"795",[45,984,985,987,990,993,996,999,1002],{},[63,986,274],{},[63,988,989],{},"1,894",[63,991,992],{},"332",[63,994,995],{},"2,226",[63,997,998],{},"916",[63,1000,1001],{},"158",[63,1003,1004],{},"1,074",[45,1006,1007,1009,1012,1015,1018,1021,1024],{},[63,1008,291],{},[63,1010,1011],{},"2,130",[63,1013,1014],{},"354",[63,1016,1017],{},"2,484",[63,1019,1020],{},"1,299",[63,1022,1023],{},"190",[63,1025,1026],{},"1,489",[45,1028,1029,1031,1034,1037,1040,1043,1046],{},[63,1030,308],{},[63,1032,1033],{},"2,597",[63,1035,1036],{},"426",[63,1038,1039],{},"3,023",[63,1041,1042],{},"1,722",[63,1044,1045],{},"202",[63,1047,1048],{},"1,924",[45,1050,1051,1053,1056,1059,1062,1065,1068],{},[63,1052,325],{},[63,1054,1055],{},"2,839",[63,1057,1058],{},"424",[63,1060,1061],{},"3,263",[63,1063,1064],{},"1,901",[63,1066,1067],{},"156",[63,1069,1070],{},"2,057",[31,1072,1073,1074,871],{},"マネーフォワードはfreeeの約1.6倍の人員を抱えている。売上比は1.5倍なので、",[19,1075,1076],{},"人員効率ではfreeeがやや上回っている",[31,1078,1079],{},"注目すべきはfreeeのFY2025。臨時従業員が202→156名に減少し、正社員は1,722→1,901名と増加。非正規を削減して正社員にシフトしつつ、コスト構造を改善して黒字化を達成している。",[147,1081],{},[35,1083,1085],{"id":1084},"_8-従業員1人あたり売上高","8. 従業員1人あたり売上高",[31,1087,1088],{},[160,1089],{"alt":1090,"src":1091},"従業員1人あたり売上高","/2026-03/2026-03-24/images/chart-revenue-per-employee.svg",[39,1093,1094,1104],{},[42,1095,1096],{},[45,1097,1098,1100,1102],{},[48,1099,896],{},[48,1101,156],{},[48,1103,169],{},[58,1105,1106,1116,1126,1136,1146,1156,1166],{},[45,1107,1108,1110,1113],{},[63,1109,223],{},[63,1111,1112],{},"922万円/人",[63,1114,1115],{},"870万円/人",[45,1117,1118,1120,1123],{},[63,1119,240],{},[63,1121,1122],{},"1,064万円/人",[63,1124,1125],{},"1,153万円/人",[45,1127,1128,1130,1133],{},[63,1129,257],{},[63,1131,1132],{},"1,032万円/人",[63,1134,1135],{},"1,290万円/人",[45,1137,1138,1140,1143],{},[63,1139,274],{},[63,1141,1142],{},"965万円/人",[63,1144,1145],{},"1,339万円/人",[45,1147,1148,1150,1153],{},[63,1149,291],{},[63,1151,1152],{},"1,223万円/人",[63,1154,1155],{},"1,291万円/人",[45,1157,1158,1160,1163],{},[63,1159,308],{},[63,1161,1162],{},"1,335万円/人",[63,1164,1165],{},"1,322万円/人",[45,1167,1168,1170,1173],{},[63,1169,325],{},[63,1171,1172],{},"1,543万円/人",[63,1174,1175],{},[19,1176,1177],{},"1,617万円/人",[31,1179,1180],{},"FY2021-2023ではfreeeがマネーフォワードを大きく上回っていたが、直近は収束傾向。FY2025ではfreee 1,617万円 vs マネーフォワード 1,543万円と僅差。ただしfreeeは人員を抑制しながらこの数字を出しており、人的生産性は高い。",[154,1182,1183],{"id":1183},"エンジニア数の比較と開発生産性",[39,1185,1186,1196],{},[42,1187,1188],{},[45,1189,1190,1192,1194],{},[48,1191,50],{},[48,1193,156],{},[48,1195,169],{},[58,1197,1198,1208,1223,1234],{},[45,1199,1200,1203,1205],{},[63,1201,1202],{},"連結従業員数",[63,1204,125],{},[63,1206,1207],{},"1,901名",[45,1209,1210,1213,1218],{},[63,1211,1212],{},"エンジニア・デザイナー",[63,1214,1215],{},[19,1216,1217],{},"約1,100名（約40%）",[63,1219,1220],{},[19,1221,1222],{},"推定500-600名（約30%）",[45,1224,1225,1228,1231],{},[63,1226,1227],{},"エンジニア1人あたり売上",[63,1229,1230],{},"約4,600万円",[63,1232,1233],{},"約5,500-6,700万円",[45,1235,1236,1239,1242],{},[63,1237,1238],{},"プロダクト数",[63,1240,1241],{},"60以上",[63,1243,1244],{},"統合プラットフォーム",[31,1246,1247],{},"マネーフォワードはエンジニア向け採用資料で「エンジニア・デザイナー比率は全体の約4割」と公表。freeeは公式な開示がないが、開発者ブログでCodeRabbit（自動コードレビュー）利用者が「約500名のエンジニア」、AI開発ツールの月間アクティブユーザーが「600-700名で安定」と記載されており、エンジニアは概ね500-600名と推定される。",[31,1249,1250,1251,1254],{},"freeeはマネーフォワードの半分程度のエンジニアで、売上の6割を稼いでいる。",[19,1252,1253],{},"エンジニア1人あたりの売上はfreeeがマネーフォワードの1.2-1.5倍","。ただしマネーフォワードは60以上のプロダクトにエンジニアを分散させているのに対し、freeeは統合プラットフォームに集中投下している構造差が大きい。",[147,1256],{},[35,1258,1260],{"id":1259},"_9-saasの生産性は本当に上がるのか日米ベンチマーク比較","9. SaaSの生産性は本当に上がるのか：日米ベンチマーク比較",[31,1262,1263],{},"セクション8で見たとおり、マネーフォワードとfreeeの一人あたり売上高は1,500〜1,600万円（約10〜11万ドル）で推移している。SaaSは限界費用がほぼゼロの「ソフトウェアを売る」ビジネスだ。スケールすればするほど一人あたりの生産性が上がるはずだが、両社の数字はそれほど劇的に見えない。他のSaaS企業ではどうか。",[154,1265,1267],{"id":1266},"日米saas企業の一人あたり売上高","日米SaaS企業の一人あたり売上高",[31,1269,1270],{},[160,1271],{"alt":1272,"src":1273},"SaaS企業の一人あたり売上高：日米比較","/2026-03/2026-03-24/images/chart-saas-rpe-benchmark.svg",[31,1275,1276,1277,1280],{},"米国SaaS上位企業のRPE（Revenue Per Employee）は5,000〜10,000万円台。",[19,1278,1279],{},"マネーフォワード・freeeの4〜7倍","の水準にある。",[154,1282,1284],{"id":1283},"米国大手saas企業のrpe推移","米国大手SaaS企業のRPE推移",[39,1286,1287,1312],{},[42,1288,1289],{},[45,1290,1291,1294,1297,1300,1303,1306,1309],{},[48,1292,1293],{},"企業",[48,1295,1296],{},"2018年",[48,1298,1299],{},"2020年",[48,1301,1302],{},"2022年",[48,1304,1305],{},"2024年",[48,1307,1308],{},"直近（万円換算）",[48,1310,1311],{},"改善率",[58,1313,1314,1339,1364,1389,1414],{},[45,1315,1316,1319,1322,1325,1328,1331,1336],{},[63,1317,1318],{},"Adobe",[63,1320,1321],{},"$423K",[63,1323,1324],{},"$572K",[63,1326,1327],{},"$602K",[63,1329,1330],{},"$700K",[63,1332,1333],{},[19,1334,1335],{},"10,500万円",[63,1337,1338],{},"+65% (6年)",[45,1340,1341,1344,1347,1350,1353,1356,1361],{},[63,1342,1343],{},"ServiceNow",[63,1345,1346],{},"$419K",[63,1348,1349],{},"$436K",[63,1351,1352],{},"$429K",[63,1354,1355],{},"$485K",[63,1357,1358],{},[19,1359,1360],{},"7,575万円",[63,1362,1363],{},"+21% (7年)",[45,1365,1366,1369,1372,1375,1378,1381,1386],{},[63,1367,1368],{},"Salesforce",[63,1370,1371],{},"$336K",[63,1373,1374],{},"$349K",[63,1376,1377],{},"$360K",[63,1379,1380],{},"$480K",[63,1382,1383],{},[19,1384,1385],{},"7,440万円",[63,1387,1388],{},"+48% (7年)",[45,1390,1391,1394,1397,1400,1403,1406,1411],{},[63,1392,1393],{},"Workday",[63,1395,1396],{},"$261K",[63,1398,1399],{},"$297K",[63,1401,1402],{},"$339K",[63,1404,1405],{},"$383K",[63,1407,1408],{},[19,1409,1410],{},"5,745万円",[63,1412,1413],{},"+47% (6年)",[45,1415,1416,1419,1422,1425,1428,1431,1436],{},[63,1417,1418],{},"Atlassian",[63,1420,1421],{},"$331K",[63,1423,1424],{},"$329K",[63,1426,1427],{},"$318K",[63,1429,1430],{},"$359K",[63,1432,1433],{},[19,1434,1435],{},"5,670万円",[63,1437,1438],{},"+14% (8年)",[31,1440,1441],{},"※1ドル=150円換算",[31,1443,1444,1447],{},[19,1445,1446],{},"米国SaaS企業はスケールに伴いRPEが明確に改善している。"," Adobeは6年で+65%、Salesforceは2022年の大規模レイオフ後に一気に+38%改善した。ただし改善は直線的ではなく、Atlassianは2018-2022年でほぼ横ばい。投資フェーズでは採用が先行してRPEが一時的に低下するのは珍しくない。",[31,1449,1450,1451,1458,1459],{},"Tomasz Tunguzの分析によると、米国SaaS企業全体のRPEは2013年の",[1452,1453,1457],"code",{"className":1454},[1455,1456],"language-math","math-inline","200Kから2023年に","470Kへ、10年で約2.4倍に改善した。",[19,1460,1461],{},"SaaSのスケーラビリティ仮説は、マクロでは明確に成立している。",[154,1463,1465],{"id":1464},"日本saas企業のrpe比較直近期","日本SaaS企業のRPE比較（直近期）",[39,1467,1468,1483],{},[42,1469,1470],{},[45,1471,1472,1474,1477,1480],{},[48,1473,1293],{},[48,1475,1476],{},"RPE",[48,1478,1479],{},"USD換算",[48,1481,1482],{},"特徴",[58,1484,1485,1501,1515,1528,1542],{},[45,1486,1487,1490,1495,1498],{},[63,1488,1489],{},"サイボウズ",[63,1491,1492],{},[19,1493,1494],{},"約2,248万円",[63,1496,1497],{},"$150K",[63,1499,1500],{},"PLG型。営業効率が高い",[45,1502,1503,1506,1509,1512],{},[63,1504,1505],{},"Sansan",[63,1507,1508],{},"約1,785万円",[63,1510,1511],{},"$119K",[63,1513,1514],{},"名刺→営業DXに展開",[45,1516,1517,1519,1522,1525],{},[63,1518,169],{},[63,1520,1521],{},"1,617万円",[63,1523,1524],{},"$108K",[63,1526,1527],{},"統合プラットフォーム集中",[45,1529,1530,1533,1536,1539],{},[63,1531,1532],{},"ラクス",[63,1534,1535],{},"約1,585万円",[63,1537,1538],{},"$106K",[63,1540,1541],{},"楽楽精算・楽楽明細",[45,1543,1544,1546,1549,1552],{},[63,1545,156],{},[63,1547,1548],{},"1,543万円",[63,1550,1551],{},"$103K",[63,1553,1554],{},"60+プロダクト横展開",[31,1556,1557,1558,1562,1563,871],{},"日本SaaS企業のRPEは1,200〜2,200万円（",[1452,1559,1561],{"className":1560},[1455,1456],"80K〜","150K）のレンジに収まる。米国SaaS平均の",[19,1564,1565],{},"約半分以下",[154,1567,1569],{"id":1568},"同じ市場の先輩との比較勘定奉行オービック","同じ市場の「先輩」との比較：勘定奉行・オービック",[31,1571,1572,1573,1576],{},"しかし本当に比較すべき相手は米国SaaSではなく、",[19,1574,1575],{},"freee・マネーフォワードが破壊しようとしている既存プレイヤー","ではないか。",[31,1578,1579],{},[160,1580],{"alt":1581,"src":1582},"会計ソフト企業の一人あたり売上高と営業利益率","/2026-03/2026-03-24/images/chart-accounting-sw-rpe.svg",[39,1584,1585,1601],{},[42,1586,1587],{},[45,1588,1589,1591,1594,1597,1599],{},[48,1590,1293],{},[48,1592,1593],{},"RPE（万円/人）",[48,1595,1596],{},"営業利益率",[48,1598,122],{},[48,1600,1482],{},[58,1602,1603,1624,1645,1664,1683,1701,1716],{},[45,1604,1605,1608,1613,1618,1621],{},[63,1606,1607],{},"オービック (4684)",[63,1609,1610],{},[19,1611,1612],{},"5,539",[63,1614,1615],{},[19,1616,1617],{},"64.6%",[63,1619,1620],{},"2,189名",[63,1622,1623],{},"エンタープライズERP",[45,1625,1626,1629,1634,1639,1642],{},[63,1627,1628],{},"OBC 勘定奉行 (4733)",[63,1630,1631],{},[19,1632,1633],{},"4,722",[63,1635,1636],{},[19,1637,1638],{},"46.3%",[63,1640,1641],{},"995名",[63,1643,1644],{},"中堅向け会計",[45,1646,1647,1650,1655,1658,1661],{},[63,1648,1649],{},"弥生 (非上場)",[63,1651,1652],{},[19,1653,1654],{},"約3,072",[63,1656,1657],{},"約20%",[63,1659,1660],{},"約937名",[63,1662,1663],{},"個人・小規模向け",[45,1665,1666,1669,1674,1677,1680],{},[63,1667,1668],{},"TKC (9746)",[63,1670,1671],{},[19,1672,1673],{},"2,817",[63,1675,1676],{},"19.3%",[63,1678,1679],{},"2,964名",[63,1681,1682],{},"税理士向けプラットフォーム",[45,1684,1685,1688,1693,1696,1699],{},[63,1686,1687],{},"PCA (9629)",[63,1689,1690],{},[19,1691,1692],{},"2,340",[63,1694,1695],{},"16.2%",[63,1697,1698],{},"694名",[63,1700,1644],{},[45,1702,1703,1705,1708,1710,1713],{},[63,1704,56],{},[63,1706,1707],{},"1,617",[63,1709,556],{},[63,1711,1712],{},"2,057名",[63,1714,1715],{},"クラウドSaaS",[45,1717,1718,1720,1723,1726,1729],{},[63,1719,53],{},[63,1721,1722],{},"1,543",[63,1724,1725],{},"▲5.3%",[63,1727,1728],{},"3,263名",[63,1730,1715],{},[31,1732,1733,1736],{},[19,1734,1735],{},"「ディスラプター」が、壊すべき相手より圧倒的に生産性が低い。"," オービックのRPEはfreeeの3.4倍、営業利益率に至ってはfreee（+1.8%）の36倍。OBC（勘定奉行）でもfreeeの2.9倍のRPEを、46%という驚異的な営業利益率で叩き出している。",[31,1738,1739,1740,1743,1744,871],{},"しかもオービックは7年間でRPE 3,604→5,539万円と**+54%改善",[19,1741,1742],{},"しながら、営業利益率も51%→65%に伸ばした。従業員はわずか+6%（2,058→2,189名）しか増やしていない。OBCも同様にRPE 3,718→4,722万円と","+27%改善**。クラウド移行（奉行クラウドのARR 405億円、売上の86%がリカーリング）を進めつつ、むしろ生産性を",[19,1745,1746],{},"上げている",[1748,1749,1750],"h4",{"id":1750},"同じ売上規模で損益構造を比較する",[31,1752,1753],{},"RPEの差はどこから来るのか。売上高が近い年度を揃えて、実額で並べると構造が見える。",[31,1755,1756],{},[19,1757,1758],{},"~330億規模：freee FY2025 vs OBC FY2023",[39,1760,1761,1775],{},[42,1762,1763],{},[45,1764,1765,1767,1769,1772],{},[48,1766,50],{},[48,1768,169],{},[48,1770,1771],{},"OBC",[48,1773,1774],{},"差",[58,1776,1777,1791,1803,1824,1840],{},[45,1778,1779,1782,1785,1788],{},[63,1780,1781],{},"売上高",[63,1783,1784],{},"332億",[63,1786,1787],{},"337億",[63,1789,1790],{},"≒",[45,1792,1793,1796,1799,1801],{},[63,1794,1795],{},"売上原価",[63,1797,1798],{},"59億",[63,1800,1798],{},[63,1802,1790],{},[45,1804,1805,1810,1815,1820],{},[63,1806,1807],{},[19,1808,1809],{},"売上総利益",[63,1811,1812],{},[19,1813,1814],{},"274億",[63,1816,1817],{},[19,1818,1819],{},"278億",[63,1821,1822],{},[19,1823,1790],{},[45,1825,1826,1829,1832,1835],{},[63,1827,1828],{},"販管費",[63,1830,1831],{},"268億",[63,1833,1834],{},"131億",[63,1836,1837],{},[19,1838,1839],{},"+137億",[45,1841,1842,1847,1852,1857],{},[63,1843,1844],{},[19,1845,1846],{},"営業利益",[63,1848,1849],{},[19,1850,1851],{},"6億",[63,1853,1854],{},[19,1855,1856],{},"147億",[63,1858,1859],{},[19,1860,1861],{},"▲141億",[31,1863,1864],{},[19,1865,1866],{},"~500億規模：マネーフォワード FY2025 vs OBC FY2025",[39,1868,1869,1881],{},[42,1870,1871],{},[45,1872,1873,1875,1877,1879],{},[48,1874,50],{},[48,1876,156],{},[48,1878,1771],{},[48,1880,1774],{},[58,1882,1883,1895,1908,1929,1944],{},[45,1884,1885,1887,1890,1893],{},[63,1886,1781],{},[63,1888,1889],{},"503億",[63,1891,1892],{},"470億",[63,1894,1790],{},[45,1896,1897,1899,1902,1905],{},[63,1898,1795],{},[63,1900,1901],{},"161億",[63,1903,1904],{},"76億",[63,1906,1907],{},"+85億",[45,1909,1910,1914,1919,1924],{},[63,1911,1912],{},[19,1913,1809],{},[63,1915,1916],{},[19,1917,1918],{},"342億",[63,1920,1921],{},[19,1922,1923],{},"393億",[63,1925,1926],{},[19,1927,1928],{},"▲51億",[45,1930,1931,1933,1936,1939],{},[63,1932,1828],{},[63,1934,1935],{},"369億",[63,1937,1938],{},"176億",[63,1940,1941],{},[19,1942,1943],{},"+193億",[45,1945,1946,1950,1955,1960],{},[63,1947,1948],{},[19,1949,1846],{},[63,1951,1952],{},[19,1953,1954],{},"▲27億",[63,1956,1957],{},[19,1958,1959],{},"217億",[63,1961,1962],{},[19,1963,1964],{},"▲244億",[31,1966,1967,1970],{},[19,1968,1969],{},"粗利はほぼ同じなのに、販管費が2倍 → 利益が全部飛ぶ。"," freeeとOBCは330億規模で粗利がほぼ同額（274億 vs 278億）。違いはすべて販管費にある。マネーフォワードに至っては、OBCより売上が多いのに粗利が51億少なく（原価率の差）、販管費が193億多い。",[1748,1972,1973],{"id":1973},"販管費193億の差はどこから来るのか",[31,1975,1976],{},"マネーフォワードとOBCの販管費の差193億を分解する（EDINET有報データ・決算説明資料より）。",[31,1978,1979],{},[19,1980,1981],{},"OBC FY2025の販管費内訳（売上470億に対して176億）",[39,1983,1984,1996],{},[42,1985,1986],{},[45,1987,1988,1990,1993],{},[48,1989,50],{},[48,1991,1992],{},"金額",[48,1994,1995],{},"売上比",[58,1997,1998,2009,2020,2031,2042],{},[45,1999,2000,2003,2006],{},[63,2001,2002],{},"販管人件費",[63,2004,2005],{},"54億",[63,2007,2008],{},"11.5%",[45,2010,2011,2014,2017],{},[63,2012,2013],{},"研究開発費",[63,2015,2016],{},"41億",[63,2018,2019],{},"8.7%",[45,2021,2022,2025,2028],{},[63,2023,2024],{},"広告宣伝費",[63,2026,2027],{},"26億",[63,2029,2030],{},"5.5%",[45,2032,2033,2036,2039],{},[63,2034,2035],{},"その他（家賃・償却等）",[63,2037,2038],{},"55億",[63,2040,2041],{},"11.7%",[45,2043,2044,2049,2053],{},[63,2045,2046],{},[19,2047,2048],{},"販管費合計",[63,2050,2051],{},[19,2052,1938],{},[63,2054,2055],{},[19,2056,2057],{},"37.4%",[31,2059,2060],{},[19,2061,2062],{},"マネーフォワード FY2025の販管費（売上503億に対して369億）",[39,2064,2065,2075],{},[42,2066,2067],{},[45,2068,2069,2071,2073],{},[48,2070,50],{},[48,2072,1992],{},[48,2074,1995],{},[58,2076,2077,2087,2098],{},[45,2078,2079,2081,2084],{},[63,2080,2024],{},[63,2082,2083],{},"~80億",[63,2085,2086],{},"16%",[45,2088,2089,2092,2095],{},[63,2090,2091],{},"人件費+外注費（全社）",[63,2093,2094],{},"~352億",[63,2096,2097],{},"70%",[45,2099,2100,2104,2108],{},[63,2101,2102],{},[19,2103,2048],{},[63,2105,2106],{},[19,2107,1935],{},[63,2109,2110],{},[19,2111,2112],{},"73.3%",[39,2114,2115,2129],{},[42,2116,2117],{},[45,2118,2119,2121,2123,2125],{},[48,2120],{},[48,2122,156],{},[48,2124,1771],{},[48,2126,2127],{},[19,2128,1774],{},[58,2130,2131,2143,2155],{},[45,2132,2133,2135,2137,2139],{},[63,2134,2048],{},[63,2136,1935],{},[63,2138,1938],{},[63,2140,2141],{},[19,2142,1943],{},[45,2144,2145,2148,2150,2152],{},[63,2146,2147],{},"うち広告宣伝費",[63,2149,2083],{},[63,2151,2027],{},[63,2153,2154],{},"+54億（28%）",[45,2156,2157,2162,2164,2166],{},[63,2158,2159],{},[19,2160,2161],{},"広告以外の差",[63,2163],{},[63,2165],{},[63,2167,2168],{},[19,2169,2170],{},"+139億（72%）",[31,2172,2173,2176,2177,2180],{},[19,2174,2175],{},"広告を削っただけでは足りない。"," 仮にマネーフォワードが広告をOBCと同じ26億まで削減しても、残る差は139億。販管費差の72%は",[19,2178,2179],{},"人件費の差","であり、GTM（Go-To-Market）モデルの構造差に起因する。",[1748,2182,2184],{"id":2183},"なぜ先輩はこんなに効率がいいのかgtmモデルの違い","なぜ「先輩」はこんなに効率がいいのか：GTMモデルの違い",[31,2186,2187,2188,2191],{},"OBCとマネーフォワード/freeeの利益率の差は、「製品力」や「ブランド」ではなく",[19,2189,2190],{},"販売モデルの構造差","で説明できる。",[31,2193,2194],{},[19,2195,2196],{},"OBC：パートナー代販モデル",[446,2198,2199,2202,2208,2211,2214],{},[449,2200,2201],{},"約3,000事業所の契約パートナー（事務機器販売、SIer）＋1,400の会計事務所が顧客を連れてくる",[449,2203,2204,2207],{},[19,2205,2206],{},"勘定奉行は代理店経由でしか買えない","（直販なし）",[449,2209,2210],{},"パートナーの収益源：ライセンス販売マージン＋年間保守契約（OMSS）＋導入支援。「1社入れるだけで初期売上＋毎年の保守収入＋導入支援」の3層構造",[449,2212,2213],{},"OBC自身は「一度販売いただいたら継続した収益性を担保出来るライセンス形態」と公式に明言",[449,2215,2216,2217,2220],{},"OBC自身は",[19,2218,2219],{},"製品を作るだけ。売るのはパートナー","。だから営業人員が最小限で済む",[31,2222,2223],{},[19,2224,2225],{},"マネーフォワード / freee：直販SaaSモデル",[446,2227,2228,2231,2237,2240],{},[449,2229,2230],{},"Web広告でリード獲得→インサイドセールス→フィールドセールス→CS/サポート",[449,2232,2233,2236],{},[19,2234,2235],{},"全プロセスを自社人員で回す","ので、成長に比例して人が増える",[449,2238,2239],{},"会計事務所パートナー（マネーフォワード: 7,900所、freee: 3,000所）はいるが、主力販路ではない",[449,2241,2242],{},"マネーフォワードは7,900の会計事務所パートナーを持ちながら広告80億。OBCは1,400事務所で広告26億",[31,2244,2245],{},[19,2246,2247],{},"パートナーのインセンティブが根本的に違う：",[39,2249,2250,2261],{},[42,2251,2252],{},[45,2253,2254,2256,2258],{},[48,2255],{},[48,2257,1771],{},[48,2259,2260],{},"マネーフォワード / freee",[58,2262,2263,2277,2288,2305,2316],{},[45,2264,2265,2268,2274],{},[63,2266,2267],{},"パートナーの役割",[63,2269,2270,2271],{},"販売・導入・保守の",[19,2272,2273],{},"全プロセス",[63,2275,2276],{},"推薦・紹介のみ",[45,2278,2279,2282,2285],{},[63,2280,2281],{},"パートナーの収益",[63,2283,2284],{},"「事業の柱」（複数のストック収益）",[63,2286,2287],{},"「紹介のお礼」（少額報酬）",[45,2289,2290,2293,2299],{},[63,2291,2292],{},"直販",[63,2294,2295,2298],{},[19,2296,2297],{},"なし","（パートナー経由のみ）",[63,2300,2301,2304],{},[19,2302,2303],{},"あり","（Web直販が主力）",[45,2306,2307,2310,2313],{},[63,2308,2309],{},"自社営業人員",[63,2311,2312],{},"最小限",[63,2314,2315],{},"大量",[45,2317,2318,2320,2323],{},[63,2319,2024],{},[63,2321,2322],{},"26億（売上比5.5%）",[63,2324,2325],{},"マネーフォワード: 80億（同16%）",[31,2327,2328,2329,2332],{},"つまり",[19,2330,2331],{},"同じ「顧客獲得コスト」がOBCでは卸値として売上から差し引かれ、マネーフォワードでは販管費に積まれる","。パートナーに利益を渡す代わりに自社の人件費を持たないOBCと、自社で全部やるから人件費が膨らむマネーフォワード。会計上の見え方は違うが、OBCの方が構造的に効率がいい理由は明確だ。",[31,2334,2335,2338,2339,2342],{},[19,2336,2337],{},"中堅企業の経理の世界ではOBCがデファクトスタンダード","であり、会計事務所は「うちの顧問先には勘定奉行を入れてください」と言う。これは製品が優れているからではなく、",[19,2340,2341],{},"40年の業界標準としてのポジション","とスイッチングコスト（データ移行の恐怖）で囲い込まれているからだ。",[1748,2344,2346],{"id":2345},"saas企業の不都合な真実","SaaS企業の「不都合な真実」",[31,2348,2349,2350,2353],{},"この比較が突きつけるのは、",[19,2351,2352],{},"「クラウドSaaS」という形態自体が高生産性を保証するわけではない","ということだ。むしろ直販SaaSモデルは「人を増やして売上を追う」構造になりやすい。",[31,2355,2356],{},"freee・マネーフォワードが最終的にOBCの利益体質に近づくためには、①ARPUの引き上げ（エンタープライズ進出）、②パートナー代販への転換、③組織効率の改善（マネーフォワードの子会社統合）、④AI活用による業務自動化、のいずれかまたは組み合わせが必要になる。ただし②のパートナー代販は40年の信頼関係が必要で、一朝一夕にはいかない。",[31,2358,2359],{},"なお、freeeはFY2025に人員を+179名増やしながら販管費を▲26億削減して黒字化を達成した。1人あたり販管費が1,707万→1,410万（▲17%）に低下しており、マーケティング費の最適化で成長率30%を維持しつつ利益体質に転換できることを証明した。マネーフォワードの1人あたり販管費は1,300万で上昇傾向にあり、同様の改善ができるかが黒字化の鍵になる。",[1748,2361,2363],{"id":2362},"オンプレ勢は縮小していない破壊ではなく棲み分け","オンプレ勢は縮小していない：「破壊」ではなく「棲み分け」",[31,2365,2366],{},"「クラウドSaaSがオンプレを駆逐する」というシナリオは、少なくとも会計ソフト市場では起きていない。",[39,2368,2369,2387],{},[42,2370,2371],{},[45,2372,2373,2375,2378,2381,2384],{},[48,2374,1293],{},[48,2376,2377],{},"2019年売上",[48,2379,2380],{},"2025年売上",[48,2382,2383],{},"成長率",[48,2385,2386],{},"有料顧客数",[58,2388,2389,2408,2427,2446,2461,2480,2500],{},[45,2390,2391,2394,2397,2400,2405],{},[63,2392,2393],{},"オービック",[63,2395,2396],{},"741億円",[63,2398,2399],{},"1,212億円",[63,2401,2402],{},[19,2403,2404],{},"+64%",[63,2406,2407],{},"中堅〜大企業",[45,2409,2410,2413,2416,2419,2424],{},[63,2411,2412],{},"OBC (勘定奉行)",[63,2414,2415],{},"295億円",[63,2417,2418],{},"470億円",[63,2420,2421],{},[19,2422,2423],{},"+59%",[63,2425,2426],{},"累計82万導入",[45,2428,2429,2432,2435,2438,2443],{},[63,2430,2431],{},"TKC",[63,2433,2434],{},"661億円",[63,2436,2437],{},"835億円",[63,2439,2440],{},[19,2441,2442],{},"+26%",[63,2444,2445],{},"税理士1.16万会員",[45,2447,2448,2451,2453,2456,2458],{},[63,2449,2450],{},"弥生",[63,2452,802],{},[63,2454,2455],{},"約332億円",[63,2457,802],{},[63,2459,2460],{},"登録280万超",[45,2462,2463,2466,2469,2472,2477],{},[63,2464,2465],{},"PCA",[63,2467,2468],{},"114億円",[63,2470,2471],{},"162億円",[63,2473,2474],{},[19,2475,2476],{},"+42%",[63,2478,2479],{},"クラウド2.5万法人",[45,2481,2482,2484,2487,2490,2495],{},[63,2483,169],{},[63,2485,2486],{},"45億円",[63,2488,2489],{},"333億円",[63,2491,2492],{},[19,2493,2494],{},"+640%",[63,2496,2497],{},[19,2498,2499],{},"62万事業所",[45,2501,2502,2504,2507,2510,2515],{},[63,2503,156],{},[63,2505,2506],{},"72億円",[63,2508,2509],{},"503億円",[63,2511,2512],{},[19,2513,2514],{},"+599%",[63,2516,2517],{},"40万事業者超",[31,2519,2520,2521,2524],{},"freee・マネーフォワードの成長率は圧倒的だが、",[19,2522,2523],{},"オンプレ勢も全社揃って成長している","。OBCは6年で+59%、オービックは+64%。クラウドSaaSにシェアを奪われて縮んでいるわけではない。",[31,2526,2527,2528,2531],{},"実態は",[19,2529,2530],{},"棲み分け","だ：",[446,2533,2534,2540,2546],{},[449,2535,2536,2539],{},[19,2537,2538],{},"新設法人（年間約15万社）"," → ほぼ全てがクラウドを選択。freeeは法人設立支援サービスで累計5万社の実績があり、新規法人の入り口を押さえている",[449,2541,2542,2545],{},[19,2543,2544],{},"既存の中堅企業"," → 勘定奉行オンプレ → 奉行クラウドへ自社内移行。わざわざ別ベンダーには行かない",[449,2547,2548,2551],{},[19,2549,2550],{},"税理士チャネル"," → TKCが40%超のシェア。税理士が使うソフトを顧問先も使う構造",[1748,2553,2554],{"id":2554},"なぜ勘定奉行からの移行が起きないのか",[31,2556,2557],{},[19,2558,2559],{},"1. 「今ので十分」の壁",[31,2561,2562],{},"勘定奉行は普通に動く。クラウド版（奉行クラウド）もある。顧客にとって乗り換える理由がない。マネーフォワードに移行しても「圧倒的に良くなる」体験がない。マネーフォワードは60以上のプロダクトを買収で積み上げたが統合していないため、個々の機能品質が勘定奉行を明確に上回っていない。",[31,2564,2565],{},[19,2566,2567],{},"2. データ移行の構造的な壁",[31,2569,2570],{},"freeeは従来の「仕訳」ベースではなく「取引」ベースという独自のデータ構造を持つ。これはfreeeの強みであると同時に、他ソフトからの乗り換えを阻む壁でもある。勘定奉行の仕訳データをfreeeの取引データに変換するのは単純なインポートでは済まない。一方、勘定奉行→マネーフォワードは仕訳ベース同士で技術的には比較的容易だが、上述のとおり移行するメリットが薄い。",[31,2572,2573],{},[19,2574,2575],{},"3. OBC自身のクラウド化が成功している",[31,2577,2578],{},"OBCは奉行クラウドのARRが405億円（売上の86%がリカーリング）。既存顧客を自社クラウドに移行させることで、むしろ顧客単価を上げている（ARPU 3年で1.7倍）。わざわざ競合に顧客を渡す理由がない。",[31,2580,2581],{},[19,2582,2583],{},"4. 価格帯の断絶",[31,2585,2586],{},"勘定奉行クラウドは月額3.5万〜35万円。freeeの法人プランは月額2,680〜47,760円。ターゲット顧客層が違う。勘定奉行を使っている中堅企業がfreeeに乗り換えようとすると、機能不足を感じる。freeeを使っている小規模企業が勘定奉行に乗り換えようとすると、価格が高すぎる。",[1748,2588,2589],{"id":2589},"freeeだけが勘定奉行を脅かせる理由",[31,2591,2592,2593,2596],{},"この構図の中で、",[19,2594,2595],{},"長期的に勘定奉行を脅かせるのはfreeeだけ","で、マネーフォワードにはその可能性が低い。",[31,2598,2599],{},[19,2600,2601],{},"freeeの武器：",[446,2603,2604,2610,2616],{},[449,2605,2606,2609],{},[19,2607,2608],{},"統合ERP戦略","：会計・人事・販売・経費・プロジェクト管理を一つのプラットフォームに統合。勘定奉行がバラバラのモジュール売りなのに対し、freeeはワンプロダクトでバックオフィス全体をカバーしようとしている",[449,2611,2612,2615],{},[19,2613,2614],{},"APIファースト設計","：公開APIが充実しており、外部サービスとの連携や自動化が容易。AI時代にはAPIがあるプラットフォームが圧倒的に有利になる",[449,2617,2618,2621],{},[19,2619,2620],{},"成長する顧客と共に大きくなるモデル","：新設法人をfreeeで獲得→企業の成長に合わせてアップセル。この「下から攻める」戦略は時間はかかるが、世代が変わると勘定奉行の牙城を崩せる可能性がある",[31,2623,2624],{},[19,2625,2626],{},"マネーフォワードが厳しい理由：",[446,2628,2629,2632,2635],{},[449,2630,2631],{},"60以上のプロダクトが未統合。機能改善のペースが遅く、勘定奉行を上回る体験を提供できていない",[449,2633,2634],{},"29社の子会社体制による組織の複雑さが、意思決定と開発を遅くしている",[449,2636,2637],{},"AI時代に「分散したプロダクト群」はデータの統合活用が難しく、統合プラットフォームを持つfreeeやOBCに対して不利",[31,2639,2640],{},[19,2641,2642],{},"ただしfreeeにも弱点がある：",[446,2644,2645,2648],{},[449,2646,2647],{},"取引ベースのデータ構造は革新的だが、他ソフトからの移行障壁になっている。勘定奉行の既存顧客をfreeeに引っ張るには、データ移行ツールの改善が不可欠",[449,2649,2650],{},"現時点のfreeeは小規模〜中小企業向け。勘定奉行の主戦場である中堅企業に食い込むには、機能の深さ（連結会計、管理会計、グループ経営管理等）でまだ差がある",[1748,2652,2654],{"id":2653},"_10年後の展望世代交代で決着がつく","10年後の展望：世代交代で決着がつく",[31,2656,2657],{},"最も蓋然性が高いシナリオは「正面からのシェア奪取」ではなく「世代交代による自然な切り替わり」だ。",[446,2659,2660,2663,2666],{},[449,2661,2662],{},"今freeeで会社を設立した起業家が10年後に100名規模の中堅企業になったとき、freeeを使い続ける",[449,2664,2665],{},"今勘定奉行を使っている企業の経理担当者が世代交代したとき、「クラウドネイティブ」な後任がfreeeを選ぶ",[449,2667,2668],{},"OBCがこのシナリオに対抗するためにクラウド化を加速しているのは、まさにこの危機感の表れ",[31,2670,2671],{},"freeeの62万事業所（年+15%成長）が5年後に120万事業所になり、その中から中堅企業が育っていけば、勘定奉行の牙城は「攻略」されるのではなく「気づいたら世代交代で縮小していた」という形で崩れる可能性がある。",[154,2673,2675],{"id":2674},"改善率は実は悪くない問題は出発点の低さ","改善率は実は悪くない：問題は「出発点の低さ」",[39,2677,2678,2695],{},[42,2679,2680],{},[45,2681,2682,2684,2687,2690,2692],{},[48,2683,1293],{},[48,2685,2686],{},"起点RPE",[48,2688,2689],{},"直近RPE",[48,2691,1311],{},[48,2693,2694],{},"年平均CAGR",[58,2696,2697,2715,2733,2749],{},[45,2698,2699,2701,2704,2707,2712],{},[63,2700,169],{},[63,2702,2703],{},"870万円 (2019)",[63,2705,2706],{},"1,617万円 (2025)",[63,2708,2709],{},[19,2710,2711],{},"+86%",[63,2713,2714],{},"10.9%",[45,2716,2717,2719,2722,2725,2730],{},[63,2718,156],{},[63,2720,2721],{},"922万円 (2019)",[63,2723,2724],{},"1,543万円 (2025)",[63,2726,2727],{},[19,2728,2729],{},"+67%",[63,2731,2732],{},"8.9%",[45,2734,2735,2738,2741,2744,2747],{},[63,2736,2737],{},"Adobe参考",[63,2739,2740],{},"$423K (2018)",[63,2742,2743],{},"$700K (2024)",[63,2745,2746],{},"+65%",[63,2748,2019],{},[45,2750,2751,2754,2757,2760,2763],{},[63,2752,2753],{},"Salesforce参考",[63,2755,2756],{},"$336K (2018)",[63,2758,2759],{},"$496K (2025)",[63,2761,2762],{},"+48%",[63,2764,2765],{},"5.7%",[31,2767,2768,2771,2772,2775,2776,2780],{},[19,2769,2770],{},"CAGRで見ると、freee（10.9%）・マネーフォワード（8.9%）は米国大手に劣らないどころか上回るペースで改善している。"," 問題は改善率ではなく",[19,2773,2774],{},"出発点の低さ","。米国SaaSが",[1452,2777,2779],{"className":2778},[1455,1456],"200〜300K（3,000〜4,500万円）からスタートするのに対し、日本SaaSは","60K（900万円）から。同じペースで改善しても、絶対額の差は開き続ける。",[154,2782,2784],{"id":2783},"なぜ日本saasのrpeは米国の半分以下なのか","なぜ日本SaaSのRPEは米国の半分以下なのか",[31,2786,2787],{},[19,2788,2789],{},"1. ARPU（顧客単価）の構造差",[31,2791,2792],{},"マネーフォワードとfreeeの主力顧客は中小企業・個人事業主で、月額数千〜数万円のプラン。米国SaaSの多くはエンタープライズ向けに年間数万〜数十万ドルの契約を持つ。顧客1社あたりの売上が10〜100倍違えば、同じ人数でもRPEは桁違いになる。",[31,2794,2795],{},[19,2796,2797],{},"2. 日本市場のソフトウェア支出水準",[31,2799,2800],{},"日本企業のIT投資額は対GDP比で米国の約半分。「ソフトウェアにお金を払う」文化の差が、SaaS企業のARPU→RPEに直結している。",[31,2802,2803],{},[19,2804,2805],{},"3. 営業モデルの労働集約性",[31,2807,2808],{},"米国SaaSの多くはPLG（Product-Led Growth）で効率的に顧客を獲得する。日本のバックオフィスSaaSは対面営業や導入支援に人手がかかる。freee・マネーフォワードが対象とする会計・経理領域は「乗り換えコスト」が高く、ハイタッチなサポートが不可避。",[31,2810,2811],{},[19,2812,2813],{},"4. プロダクト戦略の差",[31,2815,2816],{},"ServiceNowやWorkdayは特定領域で深いプロダクトを高単価で提供する。マネーフォワードは60以上のプロダクトを横展開し、一つひとつの収益効率は相対的に低い。freeeは統合プラットフォームに集中しており、日本SaaS企業の中ではサイボウズに次ぐRPEを出している。",[154,2818,2820],{"id":2819},"ai時代の非連続的変化","AI時代の非連続的変化",[31,2822,2823],{},"2024-2025年、RPEの前提が変わりつつある：",[39,2825,2826,2837],{},[42,2827,2828],{},[45,2829,2830,2832,2835],{},[48,2831,1293],{},[48,2833,2834],{},"状況",[48,2836,1476],{},[58,2838,2839,2852,2867],{},[45,2840,2841,2844,2847],{},[63,2842,2843],{},"Cursor",[63,2845,2846],{},"約12名で$100M売上",[63,2848,2849],{},[19,2850,2851],{},"$1.67M/人（2.5億円/人）",[45,2853,2854,2857,2860],{},[63,2855,2856],{},"Shopify",[63,2858,2859],{},"物流事業売却+30%人員削減",[63,2861,2862,2866],{},[1452,2863,2865],{"className":2864},[1455,1456],"483K→","1,096K（+127%）",[45,2868,2869,2872,2875],{},[63,2870,2871],{},"Klarna",[63,2873,2874],{},"AI活用で従業員40%削減",[63,2876,2877],{},"5,527→2,907名",[31,2879,2880],{},"AIネイティブ企業のRPEは従来SaaSの10倍以上に達するケースも出てきた。Tomasz Tunguzの分析では、2024年にSaaS業界全体のRPEが前年比17%ジャンプ。エンタープライズSaaSに限ると47%改善しており、AI活用による非連続的な生産性向上がすでに始まっている。",[31,2882,2883],{},"マネーフォワードとfreeeがこの波に乗れるかどうかが、RPEの次の転換点になる。",[147,2885],{},[35,2887,2889],{"id":2888},"_10-平均年間給与の推移","10. 平均年間給与の推移",[31,2891,2892],{},[160,2893],{"alt":2894,"src":2895},"平均年間給与","/2026-03/2026-03-24/images/chart-avg-salary.svg",[39,2897,2898,2908],{},[42,2899,2900],{},[45,2901,2902,2904,2906],{},[48,2903,896],{},[48,2905,156],{},[48,2907,169],{},[58,2909,2910,2920,2930,2940,2950,2960,2970],{},[45,2911,2912,2914,2917],{},[63,2913,223],{},[63,2915,2916],{},"607万円",[63,2918,2919],{},"653万円",[45,2921,2922,2924,2927],{},[63,2923,240],{},[63,2925,2926],{},"613万円",[63,2928,2929],{},"688万円",[45,2931,2932,2934,2937],{},[63,2933,257],{},[63,2935,2936],{},"648万円",[63,2938,2939],{},"705万円",[45,2941,2942,2944,2947],{},[63,2943,274],{},[63,2945,2946],{},"647万円",[63,2948,2949],{},"716万円",[45,2951,2952,2954,2957],{},[63,2953,291],{},[63,2955,2956],{},"665万円",[63,2958,2959],{},"685万円",[45,2961,2962,2964,2967],{},[63,2963,308],{},[63,2965,2966],{},"711万円",[63,2968,2969],{},"678万円",[45,2971,2972,2974,2979],{},[63,2973,325],{},[63,2975,2976],{},[19,2977,2978],{},"723万円",[63,2980,2929],{},[31,2982,2983],{},"面白い逆転が起きている。FY2022まではfreeeの方が高給だったが、FY2023以降にマネーフォワードが逆転。マネーフォワードは6年で607→723万円（+19%）と着実に昇給する一方、freeeは716→688万円（-4%）と下がっている。",[31,2985,2986],{},"freeeの平均給与低下はコスト効率化の一環と見ることもできるが、エンジニア確保の観点からは注視が必要。",[147,2988],{},[35,2990,2992],{"id":2991},"_11-販管費研究開発費の構造","11. 販管費・研究開発費の構造",[154,2994,2995],{"id":2995},"販管費率の推移",[39,2997,2998,3010],{},[42,2999,3000],{},[45,3001,3002,3004,3007],{},[48,3003,896],{},[48,3005,3006],{},"マネーフォワード販管費率",[48,3008,3009],{},"freee販管費率",[58,3011,3012,3022,3032,3042,3052,3062,3072],{},[45,3013,3014,3016,3019],{},[63,3015,223],{},[63,3017,3018],{},"94.6%",[63,3020,3021],{},"140.8%",[45,3023,3024,3026,3029],{},[63,3025,240],{},[63,3027,3028],{},"92.1%",[63,3030,3031],{},"116.3%",[45,3033,3034,3036,3039],{},[63,3035,257],{},[63,3037,3038],{},"76.0%",[63,3040,3041],{},"103.3%",[45,3043,3044,3046,3049],{},[63,3045,274],{},[63,3047,3048],{},"101.8%",[63,3050,3051],{},"101.4%",[45,3053,3054,3056,3059],{},[63,3055,291],{},[63,3057,3058],{},"83.7%",[63,3060,3061],{},"124.8%",[45,3063,3064,3066,3069],{},[63,3065,308],{},[63,3067,3068],{},"78.8%",[63,3070,3071],{},"115.5%",[45,3073,3074,3076,3078],{},[63,3075,325],{},[63,3077,2112],{},[63,3079,3080],{},[19,3081,3082],{},"80.4%",[31,3084,3085],{},"freeeのFY2025の販管費率80.4%は前年の115.5%から35ptの劇的改善。黒字化の原動力はこの販管費削減にある。",[154,3087,3089],{"id":3088},"研究開発費百万円","研究開発費（百万円）",[39,3091,3092,3102],{},[42,3093,3094],{},[45,3095,3096,3098,3100],{},[48,3097,896],{},[48,3099,156],{},[48,3101,169],{},[58,3103,3104,3114,3124,3134,3144,3154,3164],{},[45,3105,3106,3108,3111],{},[63,3107,223],{},[63,3109,3110],{},"67",[63,3112,3113],{},"1,624",[45,3115,3116,3118,3121],{},[63,3117,240],{},[63,3119,3120],{},"102",[63,3122,3123],{},"1,959",[45,3125,3126,3128,3131],{},[63,3127,257],{},[63,3129,3130],{},"103",[63,3132,3133],{},"2,630",[45,3135,3136,3138,3141],{},[63,3137,274],{},[63,3139,3140],{},"155",[63,3142,3143],{},"3,618",[45,3145,3146,3148,3151],{},[63,3147,291],{},[63,3149,3150],{},"179",[63,3152,3153],{},"6,865",[45,3155,3156,3158,3161],{},[63,3157,308],{},[63,3159,3160],{},"207",[63,3162,3163],{},"8,347",[45,3165,3166,3168,3171],{},[63,3167,325],{},[63,3169,3170],{},"228",[63,3172,3173],{},"4,742",[31,3175,3176,3179],{},[19,3177,3178],{},"この差は会計処理の違いが大きい。"," マネーフォワードは開発費の大部分をソフトウェア資産（設備投資）として計上しており、有報上の「研究開発費」は少額。FY2025の設備投資額は94.9億円で、ここに開発コストが含まれる。freeeもFY2025からソフトウェア資産化を再開し、研究開発費が83.5億→47.4億に減少（約21億円がBS計上に移行）。",[154,3181,3183],{"id":3182},"人件費外注費の推定","人件費・外注費の推定",[446,3185,3186,3195],{},[449,3187,3188,3191,3192],{},[19,3189,3190],{},"マネーフォワード FY2025",": 売上高比率61% → 約",[19,3193,3194],{},"307億円",[449,3196,3197,3199],{},[19,3198,169],{},": 機能別ではR&D 13-16%、S&M 46%、G&A 20%（FY2024実績）。人件費単独は非開示",[154,3201,3203],{"id":3202},"edinet財務サマリー設備投資研究開発費減価償却費のれんの推移","EDINET財務サマリー：設備投資・研究開発費・減価償却費・のれんの推移",[31,3205,3206,3207,3210],{},"研究開発費の数字だけ見ると「マネーフォワードは開発に投資していない」ように見えるが、実態は",[19,3208,3209],{},"会計処理の違い","だ。EDINET DB APIから取得した設備投資額・減価償却費を並べると、開発投資の実像が見えてくる。",[3212,3213,3214],"style",{},"\n.fs-wrap{font-family:-apple-system,'Segoe UI','Hiragino Sans','Noto Sans JP',sans-serif;color:#333;line-height:1.5}\n.fs-section{background:#fff;border-radius:8px;padding:20px;margin-bottom:28px;box-shadow:0 1px 3px rgba(0,0,0,.08)}\n.fs-section h4{font-size:1.15rem;margin:0 0 12px;padding-bottom:6px;border-bottom:2px solid #e0e0e0}\n.fs-tbl-wrap{margin-bottom:20px;overflow-x:auto}\n.fs-tbl-wrap h5{font-size:.9rem;color:#555;margin:0 0 6px;font-weight:500}\n.fs-tbl{width:100%;border-collapse:collapse;font-size:.8rem;table-layout:fixed}\n.fs-tbl th{background:#4A90A4;color:#fff;padding:5px 6px;text-align:center;font-weight:500;white-space:nowrap}\n.fs-tbl td{padding:4px 6px;border-bottom:1px solid #eee}\n.fs-fy{font-weight:600;width:52px;text-align:center}\n.fs-cell{position:relative;min-width:90px}\n.fs-bar{height:15px;border-radius:2px;opacity:.3;position:absolute;top:50%;left:3px;transform:translateY(-50%)}\n.fs-cell span{position:relative;z-index:1;font-size:.78rem;white-space:nowrap}\n.fs-grid{display:grid;grid-template-columns:repeat(auto-fill,minmax(260px,1fr));gap:16px}\n.fs-card{background:#fafbfc;border:1px solid #e8e8e8;border-radius:6px;padding:10px}\n.fs-card h5{font-size:.9rem;margin:0 0 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(4478)（6月期）",[15,3228,3231,3236],{"className":3229},[3230],"fs-tbl-wrap",[3232,3233,3235],"h5",{"id":3234},"設備投資額研究開発費等の推移","設備投資額、研究開発費等の推移",[39,3237,3240,3261],{"className":3238},[3239],"fs-tbl",[42,3241,3242],{},[45,3243,3244,3246,3248,3250,3253,3255,3258],{},[48,3245,896],{},[48,3247,1781],{},[48,3249,1846],{},[48,3251,3252],{},"設備投資額",[48,3254,2013],{},[48,3256,3257],{},"減価償却費",[48,3259,3260],{},"のれん",[58,3262,3263,3329,3392,3457,3519,3581,3642],{},[45,3264,3265,3269,3281,3291,3301,3310,3320],{},[63,3266,223],{"className":3267},[3268],"fs-fy",[63,3270,3273,3278],{"className":3271},[3272],"fs-cell",[15,3274],{"className":3275,"style":3277},[3276],"fs-bar","width:14%;background:#4CACBC",[27,3279,3280],{},"45.2億",[63,3282,3284,3288],{"className":3283},[3272],[15,3285],{"className":3286,"style":3287},[3276],"width:9%;background:#E85D5D",[27,3289,3290],{},"-28.3億",[63,3292,3294,3298],{"className":3293},[3272],[15,3295],{"className":3296,"style":3297},[3276],"width:0%;background:#7B8FF9",[27,3299,3300],{},"-",[63,3302,3304,3308],{"className":3303},[3272],[15,3305],{"className":3306,"style":3307},[3276],"width:0%;background:#E8834A",[27,3309,3300],{},[63,3311,3313,3317],{"className":3312},[3272],[15,3314],{"className":3315,"style":3316},[3276],"width:15%;background:#9B7DD4",[27,3318,3319],{},"50百万",[63,3321,3323,3327],{"className":3322},[3272],[15,3324],{"className":3325,"style":3326},[3276],"width:0%;background:#D4A76A",[27,3328,3300],{},[45,3330,3331,3334,3344,3354,3364,3374,3384],{},[63,3332,240],{"className":3333},[3268],[63,3335,3337,3341],{"className":3336},[3272],[15,3338],{"className":3339,"style":3340},[3276],"width:21%;background:#4CACBC",[27,3342,3343],{},"69.0億",[63,3345,3347,3351],{"className":3346},[3272],[15,3348],{"className":3349,"style":3350},[3276],"width:8%;background:#E85D5D",[27,3352,3353],{},"-26.8億",[63,3355,3357,3361],{"className":3356},[3272],[15,3358],{"className":3359,"style":3360},[3276],"width:5%;background:#7B8FF9",[27,3362,3363],{},"1.95億",[63,3365,3367,3371],{"className":3366},[3272],[15,3368],{"className":3369,"style":3370},[3276],"width:23%;background:#E8834A",[27,3372,3373],{},"19.6億",[63,3375,3377,3381],{"className":3376},[3272],[15,3378],{"className":3379,"style":3380},[3276],"width:55%;background:#9B7DD4",[27,3382,3383],{},"1.79億",[63,3385,3387,3390],{"className":3386},[3272],[15,3388],{"className":3389,"style":3326},[3276],[27,3391,3300],{},[45,3393,3394,3397,3407,3417,3427,3437,3447],{},[63,3395,257],{"className":3396},[3268],[63,3398,3400,3404],{"className":3399},[3272],[15,3401],{"className":3402,"style":3403},[3276],"width:31%;background:#4CACBC",[27,3405,3406],{},"102.6億",[63,3408,3410,3414],{"className":3409},[3272],[15,3411],{"className":3412,"style":3413},[3276],"width:7%;background:#E85D5D",[27,3415,3416],{},"-24.4億",[63,3418,3420,3424],{"className":3419},[3272],[15,3421],{"className":3422,"style":3423},[3276],"width:2%;background:#7B8FF9",[27,3425,3426],{},"79百万",[63,3428,3430,3434],{"className":3429},[3272],[15,3431],{"className":3432,"style":3433},[3276],"width:31%;background:#E8834A",[27,3435,3436],{},"26.3億",[63,3438,3440,3444],{"className":3439},[3272],[15,3441],{"className":3442,"style":3443},[3276],"width:91%;background:#9B7DD4",[27,3445,3446],{},"2.96億",[63,3448,3450,3454],{"className":3449},[3272],[15,3451],{"className":3452,"style":3453},[3276],"width:100%;background:#D4A76A",[27,3455,3456],{},"38.9億",[45,3458,3459,3462,3472,3481,3491,3501,3511],{},[63,3460,274],{"className":3461},[3268],[63,3463,3465,3469],{"className":3464},[3272],[15,3466],{"className":3467,"style":3468},[3276],"width:43%;background:#4CACBC",[27,3470,3471],{},"143.8億",[63,3473,3475,3478],{"className":3474},[3272],[15,3476],{"className":3477,"style":3287},[3276],[27,3479,3480],{},"-30.4億",[63,3482,3484,3488],{"className":3483},[3272],[15,3485],{"className":3486,"style":3487},[3276],"width:53%;background:#7B8FF9",[27,3489,3490],{},"20.7億",[63,3492,3494,3498],{"className":3493},[3272],[15,3495],{"className":3496,"style":3497},[3276],"width:43%;background:#E8834A",[27,3499,3500],{},"36.2億",[63,3502,3504,3508],{"className":3503},[3272],[15,3505],{"className":3506,"style":3507},[3276],"width:100%;background:#9B7DD4",[27,3509,3510],{},"3.24億",[63,3512,3514,3517],{"className":3513},[3272],[15,3515],{"className":3516,"style":3326},[3276],[27,3518,3300],{},[45,3520,3521,3524,3534,3544,3554,3564,3573],{},[63,3522,291],{"className":3523},[3268],[63,3525,3527,3531],{"className":3526},[3272],[15,3528],{"className":3529,"style":3530},[3276],"width:58%;background:#4CACBC",[27,3532,3533],{},"192.2億",[63,3535,3537,3541],{"className":3536},[3272],[15,3538],{"className":3539,"style":3540},[3276],"width:24%;background:#E85D5D",[27,3542,3543],{},"-79.2億",[63,3545,3547,3551],{"className":3546},[3272],[15,3548],{"className":3549,"style":3550},[3276],"width:57%;background:#7B8FF9",[27,3552,3553],{},"22.4億",[63,3555,3557,3561],{"className":3556},[3272],[15,3558],{"className":3559,"style":3560},[3276],"widt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,"-697%",[63,5188,5190,5193],{"className":5189},[3735],[15,5191],{"className":5192,"style":4753},[3739],[27,5194,4756],{"className":5195},[3743],[45,5197,5198,5201,5204],{},[63,5199,291],{"className":5200},[3268],[63,5202,3881],{"className":5203},[3729,3730],[63,5205,5207,5210],{"className":5206},[3735],[15,5208],{"className":5209,"style":4818},[3739],[27,5211,4821],{"className":5212},[3743],[45,5214,5215,5218,5221],{},[63,5216,308],{"className":5217},[3268],[63,5219,3881],{"className":5220},[3729,3730],[63,5222,5224,5227],{"className":5223},[3735],[15,5225],{"className":5226,"style":3287},[3739],[27,5228,4883],{"className":5229},[3743],[45,5231,5232,5235,5238],{},[63,5233,325],{"className":5234},[3268],[63,5236,3881],{"className":5237},[3729,3730],[63,5239,5241,5244],{"className":5240},[3735],[15,5242],{"className":5243,"style":4562},[3739],[27,5245,4946],{"className":5246},[3743],[15,5248,5250,5253],{"className":5249},[3714],[3232,5251,3252],{"id":5252},"設備投資額-1",[39,5254,5255],{},[58,5256,5257,5274,5292,5310,5328,5346,5364],{},[45,5258,5259,5262,5265],{},[63,5260,223],{"className":5261},[3268],[63,5263],{"className":5264},[3729],[63,5266,5268,5271],{"className":5267},[3735],[15,5269],{"className":5270,"style":4572},[3739],[27,5272,4575],{"className":5273},[3743],[45,5275,5276,5279,5283],{},[63,5277,240],{"className":5278},[3268],[63,5280,5282],{"className":5281},[3729,3730],"+932%",[63,5284,5286,5289],{"className":5285},[3735],[15,5287],{"className":5288,"style":4636},[3739],[27,5290,4639],{"className":5291},[3743],[45,5293,5294,5297,5301],{},[63,5295,257],{"className":5296},[3268],[63,5298,5300],{"className":5299},[3729,3730],"+109%",[63,5302,5304,5307],{"className":5303},[3735],[15,5305],{"className":5306,"style":4700},[3739],[27,5308,4703],{"className":5309},[3743],[45,5311,5312,5315,5319],{},[63,5313,274],{"className":5314},[3268],[63,5316,5318],{"className":5317},[3729,3730],"+78.9%",[63,5320,5322,5325],{"className":5321},[3735],[15,5323],{"className":5324,"style":4763},[3739],[27,5326,4766],{"className":5327},[3743],[45,5329,5330,5333,5337],{},[63,5331,291],{"className":5332},[3268],[63,5334,5336],{"className":5335},[3729,3730],"+20.2%",[63,5338,5340,5343],{"className":5339},[3735],[15,5341],{"className":5342,"style":3550},[3739],[27,5344,4830],{"className":5345},[3743],[45,5347,5348,5351,5355],{},[63,5349,308],{"className":5350},[3268],[63,5352,5354],{"className":5353},[3729,3730],"+22.3%",[63,5356,5358,5361],{"className":5357},[3735],[15,5359],{"className":5360,"style":4890},[3739],[27,5362,4893],{"className":5363},[3743],[45,5365,5366,5369,5373],{},[63,5367,325],{"className":5368},[3268],[63,5370,5372],{"className":5371},[3729,3730],"+44.2%",[63,5374,5376,5379],{"className":5375},[3735],[15,5377],{"className":5378,"style":3673},[3739],[27,5380,4955],{"className":5381},[3743],[15,5383,5385,5388],{"className":5384},[3714],[3232,5386,2013],{"id":5387},"研究開発費-1",[39,5389,5390],{},[58,5391,5392,5409,5427,5445,5463,5481,5499],{},[45,5393,5394,5397,5400],{},[63,5395,223],{"className":5396},[3268],[63,5398],{"className":5399},[3729],[63,5401,5403,5406],{"className":5402},[3735],[15,5404],{"className":5405,"style":4582},[3739],[27,5407,4585],{"className":5408},[3743],[45,5410,5411,5414,5418],{},[63,5412,240],{"className":5413},[3268],[63,5415,5417],{"className":5416},[3729,3730],"+52.2%",[63,5419,5421,5424],{"className":5420},[3735],[15,5422],{"className":5423,"style":4646},[3739],[27,5425,4649],{"className":5426},[3743],[45,5428,5429,5432,5436],{},[63,5430,257],{"className":5431},[3268],[63,5433,5435],{"className":5434},[3729,3730],"+1.0%",[63,5437,5439,5442],{"className":5438},[3735],[15,5440],{"className":5441,"style":4646},[3739],[27,5443,4712],{"className":5444},[3743],[45,5446,5447,5450,5454],{},[63,5448,274],{"className":5449},[3268],[63,5451,5453],{"className":5452},[3729,3730],"+50.5%",[63,5455,5457,5460],{"className":5456},[3735],[15,5458],{"className":5459,"style":4773},[3739],[27,5461,4776],{"className":5462},[3743],[45,5464,5465,5468,5472],{},[63,5466,291],{"className":5467},[3268],[63,5469,5471],{"className":5470},[3729,3730],"+15.5%",[63,5473,5475,5478],{"className":5474},[3735],[15,5476],{"className":5477,"style":4837},[3739],[27,5479,3383],{"className":5480},[3743],[45,5482,5483,5486,5490],{},[63,5484,308],{"className":5485},[3268],[63,5487,5489],{"className":5488},[3729,3730],"+15.6%",[63,5491,5493,5496],{"className":5492},[3735],[15,5494],{"className":5495,"style":4900},[3739],[27,5497,4903],{"className":5498},[3743],[45,5500,5501,5504,5508],{},[63,5502,325],{"className":5503},[3268],[63,5505,5507],{"className":5506},[3729,3730],"+10.1%",[63,5509,5511,5514],{"className":5510},[3735],[15,5512],{"className":5513,"style":3622},[3739],[27,5515,4964],{"className":5516},[3743],[15,5518,5520,5523],{"className":5519},[3714],[3232,5521,3257],{"id":5522},"減価償却費-1",[39,5524,5525],{},[58,5526,5527,5544,5562,5580,5598,5616,5634],{},[45,5528,5529,5532,5535],{},[63,5530,223],{"className":5531},[3268],[63,5533],{"className":5534},[3729],[63,5536,5538,5541],{"className":5537},[3735],[15,5539],{"className":5540,"style":4592},[3739],[27,5542,4585],{"className":5543},[3743],[45,5545,5546,5549,5553],{},[63,5547,240],{"className":5548},[3268],[63,5550,5552],{"className":5551},[3729,3730],"+80.2%",[63,5554,5556,5559],{"className":5555},[3735],[15,5557],{"className":5558,"style":4656},[3739],[27,5560,4659],{"className":5561},[3743],[45,5563,5564,5567,5571],{},[63,5565,257],{"className":5566},[3268],[63,5568,5570],{"className":5569},[3729,3730],"+227%",[63,5572,5574,5577],{"className":5573},[3735],[15,5575],{"className":5576,"style":4719},[3739],[27,5578,4722],{"className":5579},[3743],[45,5581,5582,5585,5589],{},[63,5583,274],{"className":5584},[3268],[63,5586,5588],{"className":5587},[3729,3730],"+134%",[63,5590,5592,5595],{"className":5591},[3735],[15,5593],{"className":5594,"style":4783},[3739],[27,5596,4786],{"className":5597},[3743],[45,5599,5600,5603,5607],{},[63,5601,291],{"className":5602},[3268],[63,5604,5606],{"className":5605},[3729,3730],"+92.1%",[63,5608,5610,5613],{"className":5609},[3735],[15,5611],{"className":5612,"style":4846},[3739],[27,5614,4849],{"className":5615},[3743],[45,5617,5618,5621,5625],{},[63,5619,308],{"className":5620},[3268],[63,5622,5624],{"className":5623},[3729,3730],"+62.0%",[63,5626,5628,5631],{"className":5627},[3735],[15,5629],{"className":5630,"style":4910},[3739],[27,5632,4913],{"className":5633},[3743],[45,5635,5636,5639,5643],{},[63,5637,325],{"className":5638},[3268],[63,5640,5642],{"className":5641},[3729,3730],"+43.6%",[63,5644,5646,5649],{"className":5645},[3735],[15,5647],{"className":5648,"style":3507},[3739],[27,5650,4973],{"className":5651},[3743],[15,5653,5655,5658],{"className":5654},[3714],[3232,5656,3260],{"id":5657},"のれん-1",[39,5659,5660],{},[58,5661,5662,5680,5698,5716,5734,5752,5770],{},[45,5663,5664,5667,5671],{},[63,5665,223],{"className":5666},[3268],[63,5668,5670],{"className":5669},[3729,3730],"+193%",[63,5672,5674,5677],{"className":5673},[3735],[15,5675],{"className":5676,"style":4601},[3739],[27,5678,4604],{"className":5679},[3743],[45,5681,5682,5685,5689],{},[63,5683,240],{"className":5684},[3268],[63,5686,5688],{"className":5687},[3729,3730],"+35.4%",[63,5690,5692,5695],{"className":5691},[3735],[15,5693],{"className":5694,"style":4666},[3739],[27,5696,4669],{"className":5697},[3743],[45,5699,5700,5703,5707],{},[63,5701,257],{"className":5702},[3268],[63,5704,5706],{"className":5705},[3729,3916],"-13.5%",[63,5708,5710,5713],{"className":5709},[3735],[15,5711],{"className":5712,"style":4729},[3739],[27,5714,4732],{"className":5715},[3743],[45,5717,5718,5721,5725],{},[63,5719,274],{"className":5720},[3268],[63,5722,5724],{"className":5723},[3729,3730],"+46.8%",[63,5726,5728,5731],{"className":5727},[3735],[15,5729],{"className":5730,"style":4793},[3739],[27,5732,4796],{"className":5733},[3743],[45,5735,5736,5739,5743],{},[63,5737,291],{"className":5738},[3268],[63,5740,5742],{"className":5741},[3729,3916],"-14.7%",[63,5744,5746,5749],{"className":5745},[3735],[15,5747],{"className":5748,"style":4856},[3739],[27,5750,4859],{"className":5751},[3743],[45,5753,5754,5757,5761],{},[63,5755,308],{"className":5756},[3268],[63,5758,5760],{"className":5759},[3729,3916],"-12.0%",[63,5762,5764,5767],{"className":5763},[3735],[15,5765],{"className":5766,"style":4920},[3739],[27,5768,4923],{"className":5769},[3743],[45,5771,5772,5775,5779],{},[63,5773,325],{"className":5774},[3268],[63,5776,5778],{"className":5777},[3729,3730],"+99.1%",[63,5780,5782,5785],{"className":5781},[3735],[15,5783],{"className":5784,"style":3453},[3739],[27,5786,4982],{"className":5787},[3743],[31,5789,5792],{"className":5790},[5791],"fs-note","データソース: EDINET DB API (edinetdb.jp)｜freee FY2023-2024 研究開発費は有報記載値で補正",[1748,5794,5796],{"id":5795},"設備投資と研究開発費の合算で見る真の開発投資","設備投資と研究開発費の合算で見る「真の開発投資」",[31,5798,5799],{},"研究開発費だけを比較するとマネーフォワード2.28億 vs freee 47.4億で20倍の差に見えるが、設備投資額（ソフトウェア資産計上分を含む）を合算すると実態が見える。",[39,5801,5802,5813],{},[42,5803,5804],{},[45,5805,5806,5809,5811],{},[48,5807,5808],{},"項目（FY2025）",[48,5810,156],{},[48,5812,169],{},[58,5814,5815,5823,5831,5848],{},[45,5816,5817,5819,5821],{},[63,5818,2013],{},[63,5820,4964],{},[63,5822,3686],{},[45,5824,5825,5827,5829],{},[63,5826,3252],{},[63,5828,4955],{},[63,5830,3676],{},[45,5832,5833,5838,5843],{},[63,5834,5835],{},[19,5836,5837],{},"合計",[63,5839,5840],{},[19,5841,5842],{},"97.2億",[63,5844,5845],{},[19,5846,5847],{},"86.6億",[45,5849,5850,5853,5855],{},[63,5851,5852],{},"対売上高比率",[63,5854,1676],{},[63,5856,5857],{},"26.0%",[31,5859,5860,5863],{},[19,5861,5862],{},"マネーフォワードの方が開発投資の絶対額は大きい。"," ただし大部分がBS計上（資産化）されるため、PL上の費用インパクトは減価償却費41.2億に平準化される。freeeはFY2025にソフトウェア資産化を再開して研究開発費が83.5→47.4億に減少したが、それでも対売上比26%と高水準。",[1748,5865,5867],{"id":5866},"減価償却費の急増マネーフォワードの隠れた負担","減価償却費の急増：マネーフォワードの隠れた負担",[31,5869,5870,5871,5874],{},"マネーフォワードの減価償却費は7年で0.67億→41.2億と",[19,5872,5873],{},"61倍","に膨張。設備投資額の累計297億が資産として積み上がり、毎年の償却負担が年々重くなっている。マネーフォワードは売上の8.2%が減価償却費として毎年PLを圧迫する。この「開発投資の後払い」構造は、研究開発費を一括費用計上するfreeeにはない負担であり、営業利益ベースでの黒字化が遅れている一因でもある。",[147,5876],{},[35,5878,5880],{"id":5879},"_12-ma戦略と子会社構造の比較","12. M&A戦略と子会社構造の比較",[154,5882,5883],{"id":5883},"連結子会社数の実態",[31,5885,5886,5887,5890],{},"有報（EDINET提出書類）の「関係会社の状況」から確認した",[19,5888,5889],{},"正確な数字","：",[31,5892,5893],{},[19,5894,5895],{},"マネーフォワード FY2025/11末: 連結子会社29社 + 持分法適用関連会社4社",[31,5897,5898],{},"有報には個別記載7社＋「その他22社」と記載。IRBANKでは個別記載の7社しか表示されないため注意が必要。",[31,5900,5901],{},"公式サイトに掲載のグループ会社（2026年3月時点）：",[39,5903,5904,5914],{},[42,5905,5906],{},[45,5907,5908,5911],{},[48,5909,5910],{},"セグメント",[48,5912,5913],{},"子会社数",[58,5915,5916,5924,5932,5940,5947,5955],{},[45,5917,5918,5921],{},[63,5919,5920],{},"Business",[63,5922,5923],{},"9社（決済、入金消込、経営分析、経営管理、記帳代行等）",[45,5925,5926,5929],{},[63,5927,5928],{},"Finance",[63,5930,5931],{},"1社（ベンチャー投資）",[45,5933,5934,5937],{},[63,5935,5936],{},"Home",[63,5938,5939],{},"1社",[45,5941,5942,5945],{},[63,5943,5944],{},"X",[63,5946,5939],{},[45,5948,5949,5952],{},[63,5950,5951],{},"海外開発",[63,5953,5954],{},"2社（ベトナム、インド）",[45,5956,5957,5960],{},[63,5958,5959],{},"その他",[63,5961,5962],{},"4社（保証、DX推進等）",[31,5964,5965],{},"上記で18社。残り11社は孫会社（子会社の子会社）やファンド運営SPC等と推測。",[31,5967,5968,5971],{},[19,5969,5970],{},"freee FY2025/6末: 連結子会社は最大でも5社程度","（検索情報ベース。有報原本は未確認のため「その他」の記載有無は不明）。ただし吸収合併方式のため、FY2025/6末時点で存続しているのは海外拠点のLikha-iT（フィリピン）程度。",[31,5973,5974,5977],{},[19,5975,5976],{},"決定的な違い",": マネーフォワードは29社のグループを維持。freeeは買収後即吸収合併し、子会社を残さない。",[154,5979,5981],{"id":5980},"親会社-vs-子会社の従業員配分有報提出会社の状況より","親会社 vs 子会社の従業員配分（有報「提出会社の状況」より）",[39,5983,5984,5994],{},[42,5985,5986],{},[45,5987,5988,5990,5992],{},[48,5989,50],{},[48,5991,156],{},[48,5993,169],{},[58,5995,5996,6004,6015,6032],{},[45,5997,5998,6000,6002],{},[63,5999,1202],{},[63,6001,125],{},[63,6003,1207],{},[45,6005,6006,6009,6012],{},[63,6007,6008],{},"親会社（単体）",[63,6010,6011],{},"1,707名",[63,6013,6014],{},"1,851名",[45,6016,6017,6022,6027],{},[63,6018,6019],{},[19,6020,6021],{},"子会社の従業員",[63,6023,6024],{},[19,6025,6026],{},"1,132名（40%）",[63,6028,6029],{},[19,6030,6031],{},"50名（3%）",[45,6033,6034,6037,6040],{},[63,6035,6036],{},"連結子会社数",[63,6038,6039],{},"29社",[63,6041,6042],{},"5社",[31,6044,6045],{},[19,6046,6047],{},"マネーフォワードは従業員の40%（1,132名）が29の子会社に分散。freeeは97%（1,851名）が親会社に集中。",[31,6049,6050],{},"freeeの子会社5社に所属するのはわずか50名。吸収合併方式の結果、組織が一枚岩になっている。マネーフォワードは29社にまたがる人員配置で、各社に管理機能の重複が不可避。この構造差がコスト効率に直結している。",[154,6052,6053],{"id":6053},"のれん残高の推移",[31,6055,6056],{},[160,6057],{"alt":6053,"src":6058},"/2026-03/2026-03-24/images/chart-goodwill.svg",[31,6060,6061,6062,6065],{},"マネーフォワードののれんはFY2025で過去最高の",[19,6063,6064],{},"67.3億円","。子会社を存続させるためのれんが積み上がる構造。freeeは吸収合併に伴いのれんを償却・減損処理するため、残高がほぼゼロに戻る。",[154,6067,6069],{"id":6068},"マネーフォワード-主要ma一覧","マネーフォワード 主要M&A一覧",[39,6071,6072,6090],{},[42,6073,6074],{},[45,6075,6076,6079,6082,6085,6087],{},[48,6077,6078],{},"時期",[48,6080,6081],{},"買収先",[48,6083,6084],{},"事業内容",[48,6086,1992],{},[48,6088,6089],{},"統合状況",[58,6091,6092,6109,6126,6149,6168,6186,6205],{},[45,6093,6094,6097,6100,6103,6106],{},[63,6095,6096],{},"2017/11",[63,6098,6099],{},"クラビス",[63,6101,6102],{},"紙伝票→仕訳「STREAMED」",[63,6104,6105],{},"約8億",[63,6107,6108],{},"2024/12に吸収合併",[45,6110,6111,6114,6117,6120,6123],{},[63,6112,6113],{},"2018/7",[63,6115,6116],{},"ナレッジラボ",[63,6118,6119],{},"経営分析「Manageboard」",[63,6121,6122],{},"約2億（51%）",[63,6124,6125],{},"子会社存続→2024年完全子会社化",[45,6127,6128,6131,6134,6137,6143],{},[63,6129,6130],{},"2019/11",[63,6132,6133],{},"スマートキャンプ",[63,6135,6136],{},"SaaS「BOXIL」「BALES」",[63,6138,6139,6142],{},[19,6140,6141],{},"約20億","（72%）",[63,6144,6145,6148],{},[19,6146,6147],{},"2025/9に売却","（連結除外）",[45,6150,6151,6154,6157,6160,6165],{},[63,6152,6153],{},"2020/8",[63,6155,6156],{},"R&AC",[63,6158,6159],{},"入金消込「V-ONE」",[63,6161,6162],{},[19,6163,6164],{},"約13.3億",[63,6166,6167],{},"子会社として存続",[45,6169,6170,6173,6176,6179,6183],{},[63,6171,6172],{},"2021/12",[63,6174,6175],{},"HiTTO",[63,6177,6178],{},"AIチャットボット",[63,6180,6181],{},[19,6182,6141],{},[63,6184,6185],{},"2024/3に吸収合併",[45,6187,6188,6191,6194,6197,6202],{},[63,6189,6190],{},"2024/11〜26/1",[63,6192,6193],{},"アウトルックC",[63,6195,6196],{},"経営管理「Sactona」",[63,6198,6199],{},[19,6200,6201],{},"約54.6億",[63,6203,6204],{},"TOBで完全子会社化",[45,6206,6207,6210,6213,6216,6221],{},[63,6208,6209],{},"2026/2",[63,6211,6212],{},"ソニーBN AKASHI事業",[63,6214,6215],{},"勤怠管理",[63,6217,6218],{},[19,6219,6220],{},"約41.8億",[63,6222,6223],{},"吸収分割で取得",[31,6225,6226,6227,6230],{},"マネーフォワードの",[19,6228,6229],{},"累計M&A投資額は判明分だけで約160億円超","。特にFY2024-2025でアウトルック（55億）＋AKASHI（42億）で約97億円と、近年に大型案件が集中している。",[154,6232,6234],{"id":6233},"freee-主要ma一覧","freee 主要M&A一覧",[39,6236,6237,6251],{},[42,6238,6239],{},[45,6240,6241,6243,6245,6247,6249],{},[48,6242,6078],{},[48,6244,6081],{},[48,6246,6084],{},[48,6248,1992],{},[48,6250,6089],{},[58,6252,6253,6273,6290,6312,6332,6348,6367],{},[45,6254,6255,6258,6261,6264,6270],{},[63,6256,6257],{},"2021/4",[63,6259,6260],{},"サイトビジット",[63,6262,6263],{},"電子契約「NINJA SIGN」",[63,6265,6266,6269],{},[19,6267,6268],{},"約27.9億","（70%）",[63,6271,6272],{},"2024年に吸収合併",[45,6274,6275,6278,6281,6284,6287],{},[63,6276,6277],{},"2021/7",[63,6279,6280],{},"Likha-iT（フィリピン）",[63,6282,6283],{},"オフショア開発",[63,6285,6286],{},"非公表",[63,6288,6289],{},"子会社存続（海外拠点）",[45,6291,6292,6295,6298,6301,6306],{},[63,6293,6294],{},"2022/5",[63,6296,6297],{},"Mikatus",[63,6299,6300],{},"税理士向け会計",[63,6302,6303],{},[19,6304,6305],{},"約20.8億",[63,6307,6308,6311],{},[19,6309,6310],{},"2022/8に吸収合併","（3ヶ月で統合！）",[45,6313,6314,6317,6320,6323,6326],{},[63,6315,6316],{},"2023/4",[63,6318,6319],{},"Why",[63,6321,6322],{},"IT管理「Bundle」",[63,6324,6325],{},"約3.1億+",[63,6327,6328,6331],{},[19,6329,6330],{},"2023/5に吸収合併","（1ヶ月で統合！）",[45,6333,6334,6337,6340,6343,6345],{},[63,6335,6336],{},"2025/1",[63,6338,6339],{},"YUI",[63,6341,6342],{},"連結会計",[63,6344,6286],{},[63,6346,6347],{},"2025/3に吸収合併",[45,6349,6350,6353,6356,6359,6364],{},[63,6351,6352],{},"2025/7",[63,6354,6355],{},"GMOクリエイターズNW",[63,6357,6358],{},"フリーランス「FREENANCE」",[63,6360,6361],{},[19,6362,6363],{},"約11億",[63,6365,6366],{},"2025/10に吸収合併予定",[45,6368,6369,6372,6375,6378,6380],{},[63,6370,6371],{},"2026/3",[63,6373,6374],{},"ロジクラ",[63,6376,6377],{},"物流・在庫管理",[63,6379,6286],{},[63,6381,6382],{},"2026/4に完全子会社化予定",[31,6384,6385,6386,6389],{},"freeeの",[19,6387,6388],{},"累計M&A投資額は判明分で約63億円","。マネーフォワードの半分以下。",[154,6391,6393],{"id":6392},"ma後の統合アプローチの決定的な違い","M&A後の統合アプローチの決定的な違い",[31,6395,6396,6399],{},[19,6397,6398],{},"freeeの「即吸収合併」戦略",":",[446,6401,6402,6409,6415,6418],{},[449,6403,6404,6405,6408],{},"Mikatus: 買収完了から",[19,6406,6407],{},"わずか3ヶ月","で吸収合併",[449,6410,6411,6412,6408],{},"Why: ",[19,6413,6414],{},"1ヶ月",[449,6416,6417],{},"サイトビジット: 完全子会社化→吸収合併のプロセスを経て統合",[449,6419,6420],{},"結果: 連結子会社は常に1〜3社。間接部門の重複が構造的に発生しにくい",[31,6422,6423,6399],{},[19,6424,6425],{},"マネーフォワードの「子会社存続」戦略",[446,6427,6428,6435,6438,6441,6444],{},[449,6429,6430,6431,6434],{},"FY2025/11末時点で",[19,6432,6433],{},"連結子会社29社","（有報原本より。IRBANKの7社は個別記載分のみ）",[449,6436,6437],{},"Business 9社、Finance 1社、Home 1社、X 1社、海外2社、その他4社＋孫会社等11社",[449,6439,6440],{},"各社に最低限の管理機能が必要。29社のグループ管理コストは極めて重い",[449,6442,6443],{},"スマートキャンプは7年間子会社運営後に売却。統合できなかった典型例",[449,6445,6446],{},"結果: 全社共通895名の肥大化に直結",[154,6448,6449],{"id":6449},"全社共通895名の正体",[31,6451,6452,6453,6456],{},"有報上「全社（共通）」に分類される895名は、",[19,6454,6455],{},"純粋な間接部門だけではない","。マネーフォワードの採用資料によるとエンジニア・デザイナーは全体の約4割（推定1,100名超）で、そのうちセグメント横断の技術組織（社内研究所、AI推進室、技術基盤部、CTO室等）が「全社（共通）」にカウントされている。",[31,6458,6459],{},"推定内訳：",[39,6461,6462,6472],{},[42,6463,6464],{},[45,6465,6466,6469],{},[48,6467,6468],{},"区分",[48,6470,6471],{},"推定人数",[58,6473,6474,6482,6489],{},[45,6475,6476,6479],{},[63,6477,6478],{},"横断エンジニア・技術基盤",[63,6480,6481],{},"300-400名",[45,6483,6484,6487],{},[63,6485,6486],{},"コーポレート（経理・法務・人事・IR等）",[63,6488,6481],{},[45,6490,6491,6494],{},[63,6492,6493],{},"その他（広報・経営企画等）",[63,6495,6496],{},"100-200名",[31,6498,6499,6500,6503,6504,6507],{},"ただし、",[19,6501,6502],{},"連結子会社は実際には29社","（有報原本で確認）。IRBANKでは個別記載の7社しか表示されないが、「その他22社」が存在する。29社のグループを維持するコーポレート機能は相当に重い。freeeは吸収合併方式で子会社を残さないため、",[19,6505,6506],{},"管理機能の重複がほぼゼロ","。この差がコスト構造に直結している。",[147,6509],{},[35,6511,6513],{"id":6512},"_13-数字が示唆する経営戦略の違い","13. 数字が示唆する経営戦略の違い",[154,6515,6517],{"id":6516},"freee選択と集中コスト構造改革で一気に黒字化","freee：「選択と集中」＋コスト構造改革で一気に黒字化",[446,6519,6520,6526,6529,6532,6535],{},[449,6521,6522,6523],{},"FY2024で▲83.9億 → FY2025で+6.1億。",[19,6524,6525],{},"1年で90億円の利益改善",[449,6527,6528],{},"販管費率を115%→80%に劇的圧縮。人員は2,057名に抑制",[449,6530,6531],{},"1人あたり売上高1,617万円は両社トップ",[449,6533,6534],{},"売上成長率30%を維持しながらの黒字化は、市場から高く評価（時価総額5,373億円）",[449,6536,6537],{},"平均給与は下がっているが、人的生産性は最も高い",[154,6539,6541],{"id":6540},"マネーフォワード事業多角化で3263名体制に膨張","マネーフォワード：「事業多角化」で3,263名体制に膨張",[446,6543,6544,6547,6550,6553,6556],{},[449,6545,6546],{},"M&Aによるコンパウンド型SaaS戦略で従業員3,263名（freeeの1.6倍）",[449,6548,6549],{},"人件費・外注費が売上高の61%（約307億円）を占め、コスト構造が重い",[449,6551,6552],{},"売上は最大だが事業の広がりがコスト負担に",[449,6554,6555],{},"赤字の改善ペースは年間20億円程度で、黒字化にはあと1〜2年",[449,6557,6558],{},"平均給与723万円は上昇基調。人材への投資は手厚いが、それが利益に結びついていない",[154,6560,6561],{"id":6561},"ユーザー体験への示唆",[31,6563,6564],{},"freeeが「機能がどんどん良くなる」のは、2,057名の組織で中小企業向けに経営資源を集中投下しているから。マネーフォワードが「改善が遅い」のは、3,263名いても事業領域が広すぎて、一つひとつのプロダクトに投下できるリソースが薄いから。数字を見れば、ユーザーとしての体感は構造的な必然と言える。",[31,6566,6567],{},"マネーフォワードのFY2025セグメント別人員で、Business部門1,754名に対し全社共通が895名（31.5%）。ただしこの895名には横断エンジニア組織（社内研究所、AI推進室、技術基盤部等）が含まれるため、「全員が間接部門」ではない点に注意。エンジニア・デザイナーは全体の約4割（推定1,100名超）で、そのうち横断組織に所属する人員が全社共通にカウントされている。純粋なコーポレート部門は300-400名程度と推測される。",[147,6569],{},[35,6571,6572],{"id":6572},"データソース",[446,6574,6575,6584,6591,6598,6605,6608,6611,6618,6625,6632,6639,6646,6653,6660,6667,6674,6681,6688,6695,6702,6709,6716,6723,6730,6737],{},[449,6576,6577],{},[6578,6579,6583],"a",{"href":6580,"rel":6581},"https://irbank.net/E33390/pl",[6582],"nofollow","IRBANK - マネーフォワード業績",[449,6585,6586],{},[6578,6587,6590],{"href":6588,"rel":6589},"https://irbank.net/E35325/pl",[6582],"IRBANK - freee業績",[449,6592,6593],{},[6578,6594,6597],{"href":6595,"rel":6596},"https://irbank.net/E33390/quarter",[6582],"IRBANK - マネーフォワード四半期",[449,6599,6600],{},[6578,6601,6604],{"href":6602,"rel":6603},"https://irbank.net/E35325/quarter",[6582],"IRBANK - freee四半期",[449,6606,6607],{},"マネーフォワード IR（公式サイト）",[449,6609,6610],{},"freee IR（公式サイト）",[449,6612,6613],{},[6578,6614,6617],{"href":6615,"rel":6616},"https://irnote.jp/article/2025/04/10/507.html",[6582],"決算が読めるようになるノート - ARR比較",[449,6619,6620],{},[6578,6621,6624],{"href":6622,"rel":6623},"https://irbank.net/E33390/worker",[6582],"IRBANK - マネーフォワード従業員数",[449,6626,6627],{},[6578,6628,6631],{"href":6629,"rel":6630},"https://irbank.net/E35325/worker",[6582],"IRBANK - freee従業員数",[449,6633,6634],{},[6578,6635,6638],{"href":6636,"rel":6637},"https://irbank.net/E33390/salary",[6582],"IRBANK - マネーフォワード平均年収",[449,6640,6641],{},[6578,6642,6645],{"href":6643,"rel":6644},"https://irbank.net/E35325/salary",[6582],"IRBANK - freee平均年収",[449,6647,6648],{},[6578,6649,6652],{"href":6650,"rel":6651},"https://tomtunguz.com/revenue-per-employee-2023/",[6582],"Tomasz Tunguz - Revenue Per Employee Trends",[449,6654,6655],{},[6578,6656,6659],{"href":6657,"rel":6658},"https://www.saas-capital.com/blog-posts/revenue-per-employee-benchmarks-for-private-saas-companies/",[6582],"SaaS Capital - 2025 Revenue Per Employee Benchmarks",[449,6661,6662],{},[6578,6663,6666],{"href":6664,"rel":6665},"https://bullfincher.io/",[6582],"Bullfincher - 各社RPEデータ",[449,6668,6669],{},[6578,6670,6673],{"href":6671,"rel":6672},"https://blog.allstarsaas.com/posts/employee-arr",[6582],"ALL STAR SAAS FUND - 日米SaaS従業員あたり売上",[449,6675,6676],{},[6578,6677,6680],{"href":6678,"rel":6679},"https://corp.obc.co.jp/ir/financial/",[6582],"OBC IR - 財務情報",[449,6682,6683],{},[6578,6684,6687],{"href":6685,"rel":6686},"https://www.obic.co.jp/ir/highlight.html",[6582],"オービック IR - 業績ハイライト",[449,6689,6690],{},[6578,6691,6694],{"href":6692,"rel":6693},"https://irbank.net/E05048/worker",[6582],"IRBANK - OBC従業員数",[449,6696,6697],{},[6578,6698,6701],{"href":6699,"rel":6700},"https://irbank.net/E05025/worker",[6582],"IRBANK - オービック従業員数",[449,6703,6704],{},[6578,6705,6708],{"href":6706,"rel":6707},"https://irbank.net/E04807/pl",[6582],"IRBANK - TKC業績",[449,6710,6711],{},[6578,6712,6715],{"href":6713,"rel":6714},"https://irbank.net/E04894/worker",[6582],"IRBANK - PCA業績",[449,6717,6718],{},[6578,6719,6722],{"href":6720,"rel":6721},"https://finance.logmi.jp/articles/381500",[6582],"ログミーFinance - OBC決算説明",[449,6724,6725],{},[6578,6726,6729],{"href":6727,"rel":6728},"https://finance.logmi.jp/articles/380983",[6582],"ログミーFinance - マネーフォワード決算説明",[449,6731,6732],{},[6578,6733,6736],{"href":6734,"rel":6735},"https://sairu.co.jp/guide/partner-business/case/obc/",[6582],"才流 - OBCパートナービジネスの裏側",[449,6738,6739,6744],{},[6578,6740,6743],{"href":6741,"rel":6742},"https://edinetdb.jp/",[6582],"EDINET DB API"," - 各社有価証券報告書の財務データ取得に使用",[31,6746,6747],{},"※ データは各社有価証券報告書・決算短信に基づく公開情報。OBC・オービックの詳細財務データはEDINET DB APIから取得。マネーフォワードは11月期決算、freeeは6月期決算のため、厳密な同期間比較ではない点に留意。研究開発費の比較は会計処理の違い（ソフトウェア資産化の方針差）を考慮して読む必要がある。米国SaaS企業のRPEはBullfincher等の二次ソースから取得しており、計算基準（FTE定義等）が各社で異なる場合がある。",{"title":6749,"searchDepth":6750,"depth":6750,"links":6751},"",2,[6752,6753,6758,6761,6764,6765,6766,6770,6771,6774,6777,6786,6787,6793,6802,6807],{"id":37,"depth":6750,"text":37},{"id":151,"depth":6750,"text":152,"children":6754},[6755,6757],{"id":156,"depth":6756,"text":156},3,{"id":169,"depth":6756,"text":169},{"id":187,"depth":6750,"text":188,"children":6759},[6760],{"id":197,"depth":6756,"text":198},{"id":345,"depth":6750,"text":346,"children":6762},[6763],{"id":355,"depth":6756,"text":198},{"id":463,"depth":6750,"text":464},{"id":564,"depth":6750,"text":565},{"id":579,"depth":6750,"text":580,"children":6767},[6768,6769],{"id":589,"depth":6756,"text":590},{"id":701,"depth":6756,"text":702},{"id":812,"depth":6750,"text":813},{"id":876,"depth":6750,"text":877,"children":6772},[6773],{"id":886,"depth":6756,"text":887},{"id":1084,"depth":6750,"text":1085,"children":6775},[6776],{"id":1183,"depth":6756,"text":1183},{"id":1259,"depth":6750,"text":1260,"children":6778},[6779,6780,6781,6782,6783,6784,6785],{"id":1266,"depth":6756,"text":1267},{"id":1283,"depth":6756,"text":1284},{"id":1464,"depth":6756,"text":1465},{"id":1568,"depth":6756,"text":1569},{"id":2674,"depth":6756,"text":2675},{"id":2783,"depth":6756,"text":2784},{"id":2819,"depth":6756,"text":2820},{"id":2888,"depth":6750,"text":2889},{"id":2991,"depth":6750,"text":2992,"children":6788},[6789,6790,6791,6792],{"id":2995,"depth":6756,"text":2995},{"id":3088,"depth":6756,"text":3089},{"id":3182,"depth":6756,"text":3183},{"id":3202,"depth":6756,"text":3203},{"id":5879,"depth":6750,"text":5880,"children":6794},[6795,6796,6797,6798,6799,6800,6801],{"id":5883,"depth":6756,"text":5883},{"id":5980,"depth":6756,"text":5981},{"id":6053,"depth":6756,"text":6053},{"id":6068,"depth":6756,"text":6069},{"id":6233,"depth":6756,"text":6234},{"id":6392,"depth":6756,"text":6393},{"id":6449,"depth":6756,"text":6449},{"id":6512,"depth":6750,"text":6513,"children":6803},[6804,6805,6806],{"id":6516,"depth":6756,"text":6517},{"id":6540,"depth":6756,"text":6541},{"id":6561,"depth":6756,"text":6561},{"id":6572,"depth":6750,"text":6572},"analysis","マネーフォワードとfreeeの売上高・営業利益・成長率を過去7年分比較。freeeが先に黒字化を達成した構造的な理由と、日米SaaS企業の一人あたり売上高ベンチマーク比較を財務データから読み解く","md",{},true,"/2026-03-24-mf-vs-freee","financial-analysis",false,"2026-03-24T00:00:00.000Z",{"title":5,"description":6809},"2026-03/2026-03-24/mf-vs-freee-financial-comparison",[6820,6821,6822,6823,6824,6825],"クラウド会計","財務分析","SaaS","決算比較","生産性","一人当たり売上高",null,"63fp6vVpCai5oCHkXfYweWuYrhodqqrH9fkT3CPyvK0",[],"https://log.eurekapu.com/favicon.svg",1778379976972]