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

• Market Cap: ¥1.33B
• 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

Manageable leverage

A low debt-to-equity ratio (0.28) provides durable financial flexibility, reducing solvency pressure and interest burden. This structural strength supports the company’s ability to steward operations, pursue partnerships or targeted investments, and weather prolonged revenue weakness without immediate refinancing stress.

Recurring subscription revenue

A subscription-based model gives durable, predictable revenue and customer retention potential through tiered institutional contracts. Over months this supports stability of bookings, allows unit-economics improvements with scale, and creates a foundation for upsells and multi-year deals with schools and districts.

Institutional partnerships & market focus

Long-term ties to schools and government agencies create durable distribution channels, credibility, and potential contract renewals. Institutional adoption lowers customer acquisition friction and can lock in multi-year procurement cycles, supporting sustained product adoption and incremental expansion across education systems.

Negative Factors

Steep revenue decline

A >50% annual revenue drop is a structurally significant contraction that erodes scale economics and market positioning. Sustained declines impair pricing power, reduce fixed-cost absorption, limit reinvestment in product development, and raise the risk that core offerings lose competitiveness over a multi‑month horizon.

Negative operating & free cash flow

Persistent negative operating and free cash flows threaten operational continuity and force reliance on external financing. Over several months this constrains product investment, hiring, and customer support, and increases the probability of dilutive capital raises or cost cuts that can hinder long-term growth prospects.

Unprofitability and margin erosion

Negative net income and deteriorated EBIT/EBITDA margins reflect structural cost or pricing issues that undermine sustainable profitability. Without margin recovery, the company faces reduced capacity to fund R&D and sales, weakening competitive position and making multi‑period recovery more difficult.

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 389.95, above the 50-day MA of 410.26, and above the 200-day MA of 537.22, indicating a bearish trend. The MACD of -8.63 indicates Negative momentum. The RSI at 37.65 is Neutral, neither overbought nor oversold. The STOCH value of 37.12 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	¥17.78B	10.39	―	3.81%	9.96%	252.72%
4718	70 Outperform	¥38.49B	15.47	―	2.56%	7.41%	22.70%
9795	70 Outperform	¥41.81B	14.93	―	3.55%	4.95%	9.43%
4678	64 Neutral	¥2.34B	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	¥2.38B	-20.33	―	―	-1.21%	-50.91%
184A	38 Underperform	¥1.33B	-2.95	―	―	―	―