Manabi-aid Co.,Ltd. (184A) AI Stock Analysis

• Market Cap: ¥1.32B
• Dividend Yield: N/A
• Average Volume (3M): 6.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.52
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Education & Training Services
• EPS (TTM): -13.11
• Shares Outstanding: 3,413,500
• 10 Day Avg. Volume: 9,130
• 30 Day Avg. Volume: 6,216
• PEG Ratio: 0.01
• Price to Book (P/B): 7.61
• Price to Sales (P/S): 3.56
• P/FCF Ratio: -4.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 38 Underperform
• Price Target: ¥366.00 ▼(-34.29% Downside)
• Action: Downgraded Date: 10/15/25
• Date: Action: Downgraded 10/15/25

The overall stock score of 38 reflects significant financial challenges, as evidenced by declining revenues, negative profitability, and liquidity issues. Technical analysis indicates bearish momentum, with the stock trading below key moving averages and technical indicators pointing to weak momentum. The negative P/E ratio and lack of dividend yield further highlight valuation concerns. These factors collectively suggest substantial risks to the company's financial health and future viability.

Positive Factors

Low Leverage / Manageable Debt

A low debt-to-equity ratio (0.28) gives the company structural financial flexibility: it reduces fixed interest burden, supports funding for product development or working capital, and lowers refinancing risk, aiding resilience over the next several quarters.

Recurring & Diversified Revenue Model

A multi-channel model centered on subscriptions and institutional tiers provides recurring revenue and higher customer lifetime value. Content sales, consulting and partnerships diversify income, improving predictability and enabling scale in a structurally growing digital education market.

Scalable Technology-Driven Platform

A technology-first product set is inherently scalable: incremental content distribution has low marginal cost and can drive gross margin expansion as user base grows. Platform capabilities also enable stickiness and potential network effects across institutions.

Negative Factors

Steep Revenue Decline

A greater-than-50% revenue drop is structurally damaging: it erodes scale economics, reduces bargaining power with customers and partners, and limits the firm's ability to invest in product and sales, making a durable recovery more difficult without strategic shifts.

Negative Operating & Free Cash Flow

Sustained negative operating and free cash flow constrains capital allocation for R&D, marketing, and platform improvements. It increases reliance on external financing, raises dilution or refinancing risk, and threatens near-term sustainability if cash burn persists.

Deteriorated Margins / Operational Inefficiency

Negative operating margins signal structural cost or pricing issues: even if top-line stabilizes, margin recovery will require significant efficiency gains or pricing power. Persistent margin weakness undermines free cash flow generation and long-term profitability.

Manabi-aid Co.,Ltd. Business Overview & Revenue Model

Company Description

Manabi-aid Co., Ltd. (184A) is a forward-thinking company focused on providing innovative educational solutions and technology-driven services. Operating primarily in the education sector, the company specializes in developing digital learning platforms, educational software, and resources aimed at enhancing learning outcomes for students and educators alike. By leveraging cutting-edge technology and educational research, Manabi-aid aims to bridge gaps in traditional education systems and promote accessible, effective learning experiences.

How the Company Makes Money

Manabi-aid Co., Ltd. generates revenue through multiple channels, primarily from subscription fees for its digital learning platforms and software solutions. The company offers tiered subscription models for schools and institutions, providing access to a range of educational tools and resources. Additionally, Manabi-aid produces and sells educational content, such as e-books and online courses, further contributing to its revenue stream. Strategic partnerships with educational institutions and government agencies also enhance its market presence and provide additional funding opportunities. Furthermore, the company may engage in consulting services to help institutions implement its technologies effectively, adding another layer to its revenue model.

Manabi-aid Co.,Ltd. Financial Statement Overview

Summary

Manabi-aid Co., Ltd. is facing significant financial difficulties, with declining revenues, negative profitability, and cash flow challenges. The income statement shows a dramatic decline in revenue and profitability, with a negative revenue growth rate of -53.89% and a net loss. The balance sheet reflects moderate stability but is weakened by declining equity. Cash flow analysis reveals severe liquidity problems, with negative operating and free cash flows.

Income Statement

The income statement shows significant challenges with a dramatic decline in revenue and profitability. The company experienced a negative revenue growth rate of -53.89% in the latest year, and net income turned negative, resulting in a net loss. Margins have deteriorated, with negative EBIT and EBITDA margins, indicating operational inefficiencies and financial distress.

Balance Sheet

The balance sheet reflects moderate stability with a manageable debt-to-equity ratio of 0.28. However, the return on equity has turned negative due to the net loss, indicating poor returns for shareholders. The equity ratio is relatively stable, suggesting a balanced asset structure, but the overall financial health is weakened by declining equity.

Cash Flow

Cash flow analysis reveals severe issues, with negative operating and free cash flows, indicating liquidity problems. The free cash flow growth rate is negative, and the ratios of operating and free cash flow to net income are unfavorable, highlighting cash generation challenges and potential sustainability risks.

Breakdown	Apr 2025	Apr 2024	Apr 2022
Income Statement
Total Revenue	289.91M	628.72M	290.46M
Gross Profit	94.06M	425.03M	196.51M
EBITDA	-300.63M	149.65M	-53.01M
Net Income	-318.04M	118.40M	-60.20M
Balance Sheet
Total Assets	219.67M	452.33M	192.66M
Cash, Cash Equivalents and Short-Term Investments	29.96M	141.61M	50.16M
Total Debt	37.84M	62.34M	44.22M
Total Liabilities	84.25M	162.87M	114.87M
Stockholders Equity	135.42M	289.46M	77.79M
Cash Flow
Free Cash Flow	-231.50M	59.02M	-59.56M
Operating Cash Flow	-218.39M	63.81M	-56.93M
Investing Cash Flow	-21.97M	-7.18M	-2.55M
Financing Cash Flow	128.71M	-38.40M	-13.16M

Manabi-aid Co.,Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 557.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:184A, the sentiment is Negative. The current price of 557 is above the 20-day moving average (MA) of 390.90, above the 50-day MA of 411.58, and above the 200-day MA of 537.50, indicating a bearish trend. The MACD of -9.25 indicates Negative momentum. The RSI at 34.66 is Neutral, neither overbought nor oversold. The STOCH value of 32.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:184A.

Manabi-aid Co.,Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4668	78 Outperform	¥18.01B	10.39	―	3.81%	9.96%	252.72%
4718	70 Outperform	¥38.94B	15.47	―	2.56%	7.41%	22.70%
9795	70 Outperform	¥42.34B	14.93	―	3.55%	4.95%	9.43%
4678	64 Neutral	¥2.33B	10.21	―	3.34%	1.92%	71.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4720	51 Neutral	¥2.31B	-19.71	―	―	-1.21%	-50.91%
184A	38 Underperform	¥1.32B	-2.94	―	―	―	―