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Link and Motivation Inc.
(2170)
Link and Motivation Inc. (2170) vs. iShares MSCI Japan ETF (EWJ)
Link and Motivation Inc. Business Overview & Revenue Model
Link and Motivation Inc. Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 41.52B | 37.46B | 33.97B | 32.78B | 32.64B |
| Gross Profit | 22.61B | 19.88B | 17.70B | 16.07B | 15.34B |
| EBITDA | 7.50B | 7.20B | 6.33B | 5.38B | 4.79B |
| Net Income | 1.62B | 3.69B | 2.84B | 2.06B | 918.00M |
Balance Sheet | |||||
| Total Assets | 41.00B | 33.18B | 30.84B | 28.91B | 30.06B |
| Cash, Cash Equivalents and Short-Term Investments | 11.37B | 8.62B | 7.39B | 6.12B | 4.93B |
| Total Debt | 17.76B | 11.63B | 11.10B | 11.13B | 13.88B |
| Total Liabilities | 24.18B | 18.79B | 17.90B | 17.61B | 21.41B |
| Stockholders Equity | 13.59B | 11.29B | 10.16B | 9.06B | 7.49B |
Cash Flow | |||||
| Free Cash Flow | 5.16B | 5.46B | 3.69B | 2.52B | 3.10B |
| Operating Cash Flow | 5.25B | 5.64B | 4.34B | 3.55B | 4.32B |
| Investing Cash Flow | -2.68B | -1.94B | 286.00M | -269.00M | -728.00M |
| Financing Cash Flow | 237.00M | -2.49B | -3.35B | -2.08B | -5.12B |
Link and Motivation Inc. Technical Analysis
Link and Motivation Inc. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥24.80B | 22.68 | ― | 3.50% | 15.91% | 36.39% | |
72 Outperform | ¥109.09B | 15.93 | ― | 3.44% | 10.28% | -20.11% | |
71 Outperform | ¥24.13B | 12.88 | ― | 2.18% | 17.87% | 5.31% | |
70 Outperform | ¥599.32B | 16.48 | ― | 1.30% | 25.07% | 26.47% | |
69 Neutral | ¥54.38B | 35.36 | ― | 2.96% | 10.63% | 7.42% | |
64 Neutral | ¥32.02B | 14.00 | ― | 4.39% | 2.46% | -31.77% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
Link and Motivation Inc. Corporate Events
Link and Motivation reported strong results for the fiscal year ended December 31, 2025, with significant year-on-year increases in revenue and gross profit, and revenues reaching a record high. The company also announced its largest-ever share repurchase program of up to ¥6.0 billion, signaling confidence in its financial position and shareholder return policy.
Management outlined a medium-term strategy to pivot toward a recurring revenue business model centered on its Consulting & Cloud operations, with 2030 targets of ¥15.0 billion in operating income and ¥24.0 billion in annual recurring revenue, driven mainly by Motivation Cloud. To accelerate restructuring in its Career School segment, the company will book a full impairment of goodwill, while forecasting record 2026 revenues of ¥46.7 billion, operating income of ¥6.31 billion, and Motivation Cloud monthly fee revenue of ¥700 million by the end of 2026, underscoring its growth ambitions in subscription-based services.
The most recent analyst rating on (JP:2170) stock is a Buy with a Yen594.00 price target. To see the full list of analyst forecasts on Link and Motivation Inc. stock, see the JP:2170 Stock Forecast page.
Link and Motivation Inc. has approved a share repurchase program under its articles of incorporation and the Companies Act, reflecting a flexible capital policy aimed at improving capital efficiency and shareholder returns. The move follows progress in its medium-term growth strategy, which is expected to strengthen the company’s earnings base, and management concluded that buying back shares would enhance return on equity and better align capital structure with its financial position and market valuation.
The company plans to repurchase up to 12 million shares of common stock, equivalent to 10.82% of its outstanding shares, for a maximum total of ¥6 billion between February 13 and August 31, 2026. With only 409 treasury shares currently held against 110,936,602 outstanding shares, the program represents a significant potential reduction in free float and is likely to support the stock price while signaling confidence in the firm’s long-term earnings prospects to shareholders and the market.
The most recent analyst rating on (JP:2170) stock is a Buy with a Yen594.00 price target. To see the full list of analyst forecasts on Link and Motivation Inc. stock, see the JP:2170 Stock Forecast page.
Link and Motivation Inc. has approved a syndicated loan agreement of up to ¥6 billion to fund a previously announced share repurchase program, reinforcing its capital efficiency strategy without pledging collateral. The facility, arranged and led by Mizuho Bank with participation from MUFG Bank, Sumitomo Mitsui Banking Corporation, and Resona Bank, runs as a line of credit through September 2032, with a commitment period ending September 2026 and an interest rate based on a base rate plus spread.
The loan carries a financial covenant prohibiting the company from posting operating losses for two consecutive fiscal years from the year ending December 31, 2026, with the first assessment to be made on results through 2027. Management expects no significant impact on consolidated results for the current fiscal year, suggesting the financing is primarily a balance sheet and shareholder-return measure rather than an operational necessity, while introducing performance-linked discipline that will be closely watched by lenders and investors.
The most recent analyst rating on (JP:2170) stock is a Buy with a Yen594.00 price target. To see the full list of analyst forecasts on Link and Motivation Inc. stock, see the JP:2170 Stock Forecast page.
Link and Motivation Inc. reported consolidated revenues for 2025 that were broadly in line with its earlier forecast, but operating income and net income fell significantly short, with net income attributable to owners less than half the projected level. The shortfall stemmed mainly from a full impairment loss on goodwill of ¥1,452 million in its Career School segment, where declining attendance at existing in-person schools contrasted with strong growth in online courses.
Management indicated that restructuring in the Career School business is progressing and that the company will focus on further expanding online offerings to restore profitability and drive growth. The recognition of the impairment front-loads balance sheet adjustments in this segment, potentially positioning the business for a leaner cost structure and improved earnings quality going forward, while highlighting the strategic shift from in-person to digital education services.
The most recent analyst rating on (JP:2170) stock is a Buy with a Yen594.00 price target. To see the full list of analyst forecasts on Link and Motivation Inc. stock, see the JP:2170 Stock Forecast page.
Link and Motivation Inc. reported 2025 consolidated revenues of ¥41.5 billion, up 10.9% year on year, but operating income fell 23.4% and net income attributable to owners of the parent dropped 56.1%, reflecting margin pressure despite top-line growth. The company strengthened its financial base with higher total assets, improved equity, robust operating cash flow and a higher annual dividend, while adding Unipos to the consolidation scope.
For 2026, the group forecasts a strong rebound, projecting revenues of ¥46.7 billion, a 12.5% increase, and a 50.1% jump in operating income, with net income attributable to owners of the parent expected to more than double. Management is signaling confidence in earnings recovery and shareholder returns, guiding further dividend growth and highlighting expanding demand in its Consulting & Cloud business despite prior-year profit headwinds from lower subsidiary dividends and absence of one-off gains.
The most recent analyst rating on (JP:2170) stock is a Buy with a Yen594.00 price target. To see the full list of analyst forecasts on Link and Motivation Inc. stock, see the JP:2170 Stock Forecast page.