OPRO Co.,Ltd. (228A) AI Stock Analysis

• Market Cap: ¥3.53B
• Dividend Yield: N/A
• Average Volume (3M): 8.39K
• Price to Earnings (P/E): 22.4
• Beta (1Y): 0.39
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: N/A
• Sector: Consumer Goods
• Sector Strength: N/A
• Industry: Software - Services
• EPS (TTM): 27.25
• Shares Outstanding: 2,331,900
• 10 Day Avg. Volume: 12,000
• 30 Day Avg. Volume: 8,393
• PEG Ratio: 0.42
• Price to Book (P/B): 4.08
• Price to Sales (P/S): 2.12
• P/FCF Ratio: 12.92
• 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: 72 Outperform
• Price Target: ¥1,673.00 ▼(-29.17% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is primarily supported by strong financial performance (growth, improving margins, robust cash flow, and a zero-debt balance sheet). This is partially offset by weak technical signals (below key moving averages with negative MACD). Valuation is moderate based on the P/E, with no dividend data to add support.

Positive Factors

Revenue & margin expansion

Consistent revenue growth and material margin improvement through 2023–2025 indicate scalable unit economics and pricing power in the software/services model. Higher gross and EBIT margins support durable operating leverage, enabling reinvestment in product and sustaining profitability over the medium term.

Conservative balance sheet / zero debt

A zero-debt position and strengthened equity base materially reduce refinancing and solvency risk, giving the company flexibility to fund R&D, M&A or downturns from internal resources. This conservatism supports stability and lowers long-term financial distress probabilities.

Robust free cash flow generation

Sustained operating cash generation with free cash flow near net income (0.84–0.95x) signals high earnings quality and internal funding capacity. Reliable FCF underpins capital allocation flexibility for product investment, shareholder returns, or balance sheet strengthening over the medium term.

Negative Factors

Growth deceleration

Slowing revenue growth in 2025 versus prior years raises concern about market saturation, competitive pressure, or a maturing product cycle. If the company cannot reaccelerate top-line growth, margin gains may plateau and long-term earnings momentum could be weaker than historical trends suggest.

Cash flow volatility and conversion

Volatile free cash flow and only moderate cash conversion from operating profit reduce predictability of internally generated funds. This variability can constrain consistent reinvestment or distributions and raises the risk that reported earnings may not always convert to spendable cash in weaker periods.

Equity step-up / potential dilution

A materially larger equity base implies capital was raised, improving solvency but potentially diluting existing shareholders and pressuring EPS and ROE. If further equity issuance is needed for growth, per-share returns and long-term shareholder value could be negatively affected.

OPRO Co.,Ltd. Business Overview & Revenue Model

Company Description

OPRO Co. Ltd. offers cloud services. It develops data optimization solutions, sales management solutions, and others. The company was founded on June 29, 1993 and is headquartered in Tokyo, Japan.

OPRO Co.,Ltd. Financial Statement Overview

Summary

Strong multi-year revenue growth with improving profitability (gross margin ~54% and EBIT margin ~12% in 2025). Balance sheet is very conservative with effectively no debt, and free cash flow is robust in 2024–2025, though cash flow has been volatile and growth decelerated in 2025.

Income Statement

Strong growth and improving profitability. Revenue expanded consistently from 2023–2025 (2025: ~21% growth), while gross margin improved to ~54% in 2025 (from ~49% in 2023–2024). Operating profitability also strengthened, with EBIT margin rising to ~12% in 2025 (from ~6.8% in 2023) and net margin improving to ~9.4% (from ~5.9%). Main watch-out: growth decelerated in 2025 versus 2024, and margins are improving but not yet at top-tier software levels.

Balance Sheet

Very conservative balance sheet with effectively no debt in 2023–2025 and a debt-to-equity ratio of 0.0, reducing financial risk. Equity grew substantially (from ~¥157M in 2023 to ~¥1.33B in 2025), supporting a larger asset base. Key weakness: the sharp equity step-up versus 2023 suggests capital structure changed materially (e.g., new equity), which can dilute per-share economics even as it strengthens solvency.

Cash Flow

Cash generation is solid and generally supports earnings quality. Operating cash flow remained strong in 2024–2025 (~¥439–440M) and free cash flow was robust (2025: ~¥419M), with free cash flow close to net income in 2024–2025 (~0.84–0.95x). However, free cash flow was volatile (down in 2023, then sharp rebound in 2024), and cash conversion vs reported operating profit appears moderate based on the provided operating cash flow coverage figures (~0.30–0.40).

Breakdown	Nov 2025	Nov 2024	Nov 2023	Nov 2022
Income Statement
Total Revenue	2.55B	2.10B	1.62B	1.29B
Gross Profit	1.37B	1.03B	791.70M	678.68M
EBITDA	386.18M	254.09M	136.10M	140.83M
Net Income	241.19M	150.87M	95.83M	99.88M
Balance Sheet
Total Assets	2.78B	2.29B	1.10B	845.44M
Cash, Cash Equivalents and Short-Term Investments	2.08B	1.77B	626.52M	477.58M
Total Debt	0.00	0.00	0.00	55.42M
Total Liabilities	1.46B	1.22B	939.31M	784.02M
Stockholders Equity	1.33B	1.08B	157.25M	61.42M
Cash Flow
Free Cash Flow	418.53M	369.19M	220.91M	272.13M
Operating Cash Flow	440.40M	438.88M	278.68M	305.69M
Investing Cash Flow	-1.63B	-69.93M	-60.44M	-126.55M
Financing Cash Flow	4.42M	771.30M	-55.42M	-63.44M

OPRO Co.,Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
194A	75 Outperform	¥12.54B	25.86	―	―	―	―
228A	72 Outperform	¥3.53B	22.42	―	―	―	―
Sector *	57 Neutral	$3.13B	9.23	-34.32%	3.14%	-25.56%	-353.61%
5618	44 Neutral	¥2.67B	-17.63	―	―	23.63%	64.65%