COOKPAD (2193) AI Stock Analysis

• Market Cap: ¥12.62B
• Dividend Yield: N/A
• Average Volume (3M): 348.50K
• Price to Earnings (P/E): 15.5
• Beta (1Y): 0.05
• Revenue Growth: -10.17%
• EPS Growth: -19.44%
• Country: JP
• Employees: 117
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 2.72
• Shares Outstanding: 107,429,400
• 10 Day Avg. Volume: 381,220
• 30 Day Avg. Volume: 348,496
• PEG Ratio: -0.39
• Price to Book (P/B): 0.87
• Price to Sales (P/S): 2.09
• P/FCF Ratio: 19.99
• 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: 62 Neutral
• Price Target: ¥153.00 ▲(0.66% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is primarily supported by improved profitability and a conservatively financed balance sheet, reducing financial risk. This is tempered by ongoing revenue contraction and uneven cash-flow conversion, while technical signals remain bearish with the stock trading below major moving averages.

Positive Factors

Conservative balance sheet

Very low leverage and a sizable equity base reduce refinancing and solvency risk, giving Cookpad durable financial flexibility. Over the next several months this supports continued product investment, capacity to absorb shocks, and optionality for partnerships or targeted M&A without stressing liquidity.

Very high gross margins

Extremely high gross margins reflect a scalable digital platform with low incremental costs, enabling operating leverage as revenue stabilizes. This structural advantage supports sustainable profitability, funds R&D and marketing, and provides a long-term cushion against cost pressure or promotional activity.

Recurring, diversified revenue streams

A business mix of subscription fees and B2B monetization of audience/data creates predictable recurring revenue and diversified monetization. This structural model improves revenue visibility, increases lifetime value potential, and supports cross-sell opportunities that can stabilize cash flow over months.

Negative Factors

Persistent revenue decline

Multi-year revenue contraction reduces scale and weakens network effects critical to a recipe-sharing platform. Continued top-line erosion limits operating leverage, makes it harder to justify marketing or product spend, and raises the bar for achieving sustainable margin growth absent a reversal in user engagement or monetization.

Volatile cash generation

Large year-to-year swings in operating cash flow undermine predictability and planning. Even with positive free cash flow in recent years, inconsistent cash conversion increases execution risk, constrains reinvestment pacing for product and marketing, and limits the company's ability to rely on internal funding for strategic initiatives.

Uneven historical returns on capital

A history of negative returns followed by only modest recovery indicates inconsistent capital efficiency. This uneven profitability suggests the business has struggled to convert its capital base into reliable shareholder returns, limiting retained-earnings growth and reducing firepower for sustained strategic investments.

COOKPAD Business Overview & Revenue Model

Company Description

Cookpad Inc. operates a community platform to share recipe ideas and cooking tips worldwide. It also engages in Cookpad mart and TV businesses. The company was formerly known as Coin Ltd. and changed its name to Cookpad Inc. in June 1999. Cookpad Inc. was founded in 1997 and is based in Tokyo, Japan.

How the Company Makes Money

COOKPAD generates revenue through a combination of subscription services, advertising, and partnerships. One of its primary revenue streams comes from premium subscriptions, where users pay for enhanced features such as ad-free browsing and exclusive access to special content. Additionally, the company earns revenue from advertisements placed on its platform, leveraging its large user base to attract food brands and related businesses. Significant partnerships with food manufacturers and grocery delivery services also contribute to its earnings, as COOKPAD can facilitate direct product placements and sponsored content within its recipes and cooking guides.

COOKPAD Financial Statement Overview

Summary

Strong balance sheet with very low leverage supports resilience, and earnings recovered to solid profitability in 2024–2025. Offsetting this, revenue has declined for multiple years and profitability/cash conversion showed instability in 2025 versus 2024.

Income Statement

Profitability has clearly improved versus 2021–2023, with a return to solid positive earnings in 2024 and 2025 after large losses in 2022–2023. Gross profitability remains extremely strong (gross profit margins consistently ~95%+), but the top line has been shrinking for several years (revenue declines each year from 2020–2025, including -4.4% in 2025). Margins are mixed: net margin remains healthy in 2025 (~13.9%) but down meaningfully from 2024 (~22.7%), and operating profit also softened in 2025 versus 2024—suggesting profitability is improving structurally, but not yet stable.

Balance Sheet

The balance sheet looks conservatively financed with low leverage throughout the period (debt-to-equity ~2%–8%), providing flexibility and lowering refinancing risk. Equity remains sizable relative to assets, supporting balance-sheet resilience despite prior loss years. The main weakness is variability in shareholder returns—return on equity was deeply negative in 2021–2023 and has only recently recovered to modestly positive levels (~9.8% in 2024, ~5.7% in 2025), indicating the capital base has not consistently generated strong returns.

Cash Flow

Cash generation has been volatile. 2024 showed strong cash conversion with operating cash flow comfortably covering reported earnings and solid free cash flow, but 2025 saw a sharp step-down in operating cash flow while net income remained positive, bringing cash conversion below 1x. Earlier years (2021–2023) included significant negative operating and free cash flow, highlighting execution risk and sensitivity in the business model. Positively, free cash flow stayed positive in both 2024 and 2025, but the year-to-year swing suggests durability is still being proven.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.58B	5.34B	5.88B	7.61B	9.09B	10.00B
Gross Profit	5.51B	5.00B	5.83B	7.29B	8.66B	9.57B
EBITDA	831.55M	1.48B	1.47B	-2.06B	-3.06B	-2.08B
Net Income	622.00M	741.44M	1.33B	-2.23B	-3.49B	-2.38B
Balance Sheet
Total Assets	13.98B	14.10B	15.02B	14.60B	20.15B	23.86B
Cash, Cash Equivalents and Short-Term Investments	10.24B	5.89B	12.08B	12.02B	16.86B	20.42B
Total Debt	744.95M	1.07B	837.28M	284.15M	1.14B	1.23B
Total Liabilities	1.27B	1.21B	1.40B	869.76M	2.40B	2.23B
Stockholders Equity	12.71B	12.90B	13.62B	13.73B	17.75B	21.03B
Cash Flow
Free Cash Flow	0.00	559.05M	1.30B	-2.20B	-2.76B	-1.95B
Operating Cash Flow	0.00	577.54M	1.52B	-2.16B	-2.70B	-1.77B
Investing Cash Flow	0.00	-4.93B	192.60M	-531.91M	-261.96M	-336.39M
Financing Cash Flow	0.00	-1.94B	-2.34B	-3.08B	-976.49M	-1.09B

COOKPAD Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 152.00
• 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:2193, the sentiment is Negative. The current price of 152 is above the 20-day moving average (MA) of 147.65, above the 50-day MA of 149.16, and below the 200-day MA of 172.84, indicating a bearish trend. The MACD of -1.32 indicates Positive momentum. The RSI at 45.32 is Neutral, neither overbought nor oversold. The STOCH value of 23.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2193.

COOKPAD Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2371	73 Outperform	¥338.15B	17.64	33.08%	3.62%	20.98%	0.48%
2193	62 Neutral	¥12.62B	15.54	4.78%	―	-10.17%	-19.44%
3930	61 Neutral	¥2.90B	16.19	―	―	7.20%	47.54%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
2454	59 Neutral	¥5.54B	-112.79	―	0.77%	4.75%	―
5243	54 Neutral	¥40.45B	83.80	―	―	22.37%	655.34%
7356	45 Neutral	¥2.13B	93.68	―	―	4.36%	―