CROOZ, Inc. (2138) AI Stock Analysis

• Market Cap: ¥5.96B
• Dividend Yield: N/A
• Average Volume (3M): 25.48K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.56
• Revenue Growth: -12.37%
• EPS Growth: 12.44%
• Country: JP
• Employees: 594
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -15.53
• Shares Outstanding: 12,957,600
• 10 Day Avg. Volume: 41,870
• 30 Day Avg. Volume: 25,476
• PEG Ratio: 0.07
• Price to Book (P/B): 0.62
• Price to Sales (P/S): 0.40
• P/FCF Ratio: -6.78
• 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: 51 Neutral
• Price Target: ¥539.00 ▼(-2.36% Downside)
• Action: Reiterated Date: 01/07/26
• Date: Action: Reiterated 01/07/26

The score is held back primarily by weak financial performance (declining revenue, profitability pressure, and negative free cash flow). Technicals are a relative positive with price above major moving averages and positive MACD, but near-overbought readings add caution. Valuation is constrained by losses (negative P/E) and no dividend support.

Positive Factors

Omnichannel distribution

CROOZ's combined physical locations and online channels create durable distribution flexibility. Over months this omnichannel model broadens customer reach, diversifies sourcing and sales flows, and improves inventory turnover options—supporting more resilient unit economics and market coverage.

Balance sheet buffer

A reasonable equity ratio and modest equity growth provide a financial cushion that supports operating continuity. This stability helps absorb shocks, maintain supplier and lender relationships, and sustain necessary working capital for inventory-heavy used-vehicle operations over the medium term.

Stable gross margins

Stable gross margins indicate durable core unit economics in sourcing, reconditioning and resale despite revenue pressure. Consistent per-unit margin suggests the company can maintain pricing and cost discipline, which is crucial to regain profitability as volumes recover or operational efficiencies are implemented.

Negative Factors

Declining revenue

Significant revenue decline erodes scale benefits and hinders fixed-cost absorption in a capital- and inventory-intensive business. Sustained top-line contraction over months can weaken bargaining power with suppliers, reduce operating leverage, and prolong recovery of profitability even if margins per unit stay stable.

Negative free cash flow

Persistent negative free cash flow constrains the company's ability to fund inventory purchases, reconditioning, and channel investments internally. Over a multi-month horizon this increases reliance on external financing or asset sales, raising refinancing and liquidity risk in a cyclical used-vehicle market.

Rising leverage

Increasing debt-to-equity elevates interest burden and reduces financial flexibility. If earnings and cash flow remain weak, higher leverage raises default and refinancing risks, may force costly deleveraging, and limits the company's capacity to invest in inventory or technology needed to compete long term.

CROOZ, Inc. Business Overview & Revenue Model

Company Description

CROOZ, Inc. engages in the e-commerce, media and advertising, gaming, and investment and financial businesses. The company plans, develops, and operates SHOPLIST.com, a fashion mail order; and offers EC site system construction, operation contract, fulfillment, and other solutions. It also provides advertising agency and media services; plans, develops, and manages games for smartphones; and invests in private equity funds. The company was founded in 2001 and is headquartered in Tokyo, Japan.

How the Company Makes Money

CROOZ, Inc. primarily generates revenue by selling used motorcycles to consumers. This revenue is driven by (1) vehicle sales proceeds from retail transactions and (2) the margin between motorcycle procurement costs (sourcing/purchasing inventory) and the final sale price, net of reconditioning and logistics. The company also earns income from ancillary services tied to motorcycle transactions where available, such as fees or commissions associated with arranging financing, warranties/maintenance offerings, and other transaction-related services (specific products and pricing details: null). If the company operates online marketplaces or listing channels, it may additionally earn revenue from advertising, listing, or lead-generation fees (confirmation of these revenue streams and their materiality: null). Significant partnerships (e.g., finance providers, insurers, marketplaces, or dealer networks) and their contribution to earnings are not specifically available: null.

CROOZ, Inc. Financial Statement Overview

Summary

Income statement shows declining revenue and weakening profitability with a recent negative net margin; cash flows are also weak with negative free cash flow in recent years. The balance sheet is comparatively steadier with growing equity, but rising leverage adds risk.

Income Statement

The income statement reveals declining revenue growth and profitability challenges. Revenue has decreased consistently over the years, with a significant drop from 2021 to 2022. Gross profit margin has been stable, but net profit margin has turned negative in the most recent year, indicating profitability issues. EBIT and EBITDA margins have also declined, highlighting operational inefficiencies.

Balance Sheet

The balance sheet shows a moderate level of stability with a reasonable equity ratio. The debt-to-equity ratio has increased over time, indicating higher leverage, which could pose a risk if not managed properly. However, the company's equity has grown slightly, providing some buffer against liabilities. Overall, the company maintains a balanced asset structure, but increasing debt levels require attention.

Cash Flow

Cash flow analysis indicates negative free cash flow growth and operational cash flow challenges. The operating cash flow to net income ratio has turned unfavorable, and free cash flow has been negative for the past few years. This suggests difficulties in generating cash from operations, potentially impacting future liquidity and investment capacity.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	13.42B	14.19B	14.27B	14.00B	15.48B	35.71B
Gross Profit	6.17B	6.17B	6.70B	6.28B	6.90B	8.07B
EBITDA	-439.78M	-759.40M	393.34M	856.45M	1.50B	2.44B
Net Income	-404.53M	-530.40M	1.01B	254.88M	310.44M	1.43B
Balance Sheet
Total Assets	28.61B	29.53B	27.08B	25.41B	25.09B	27.07B
Cash, Cash Equivalents and Short-Term Investments	8.93B	10.10B	12.86B	14.31B	13.77B	17.97B
Total Debt	16.49B	17.11B	11.88B	10.75B	11.10B	11.92B
Total Liabilities	19.44B	20.20B	16.28B	15.44B	15.44B	17.33B
Stockholders Equity	9.05B	9.20B	10.66B	9.80B	9.39B	9.21B
Cash Flow
Free Cash Flow	0.00	-835.03M	187.66M	1.66B	941.22M	2.24B
Operating Cash Flow	0.00	-776.06M	222.82M	1.67B	1.16B	2.33B
Investing Cash Flow	0.00	-6.59B	-2.24B	-776.76M	-1.47B	-36.80M
Financing Cash Flow	0.00	4.63B	563.50M	-354.12M	-692.96M	-1.29B

CROOZ, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 552.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2138, the sentiment is Negative. The current price of 552 is below the 20-day moving average (MA) of 569.45, below the 50-day MA of 587.90, and below the 200-day MA of 597.89, indicating a bearish trend. The MACD of -11.83 indicates Positive momentum. The RSI at 33.88 is Neutral, neither overbought nor oversold. The STOCH value of 38.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2138.

CROOZ, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4477	73 Outperform	¥33.96B	20.10	―	―	27.97%	-5.25%
299A	70 Outperform	¥40.78B	17.94	―	―	―	―
9553	68 Neutral	¥23.68B	15.25	―	―	14.28%	-30.60%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
2138	51 Neutral	¥5.96B	-8.89	―	―	-12.37%	12.44%
5027	49 Neutral	¥26.49B	39.28	―	―	20.84%	10.41%
6047	48 Neutral	¥12.55B	30.14	―	3.48%	-11.85%	―