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Services-computer programming, data processing, etc. company · Revenue ¥11.43B · -0.49% margin · -¥1.33B FCF
¥45.08
+¥1.83 (+4.23%)
Price from 40 days ago
The business is unprofitable at the operating level (-0.49% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 10.8%, still solid. Margins contracted 11.6pp, which offsets some of the top-line progress.
At 528x earnings, the current multiple leaves limited room for execution misses or growth deceleration. ROIC dropped from 1.99% to -0.09%, capital efficiency is deteriorating.
528.5x earnings. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
¥11.43B
▲ +10.8% YoY
Net Income (TTM)
¥950M
▼ -72.3% YoY
Op. Margin
-0.49%
▼ -11.6pp YoY
ROIC
-0.09%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-¥1.33B
▼ -7.7% YoY
Op. Cash Flow (TTM)
¥3.37B
▲ +73.6% YoY
Net Debt
¥13.32B
Cash & Equiv.
¥14.31B
5Y CAGR: +14.8%
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