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Digital Holdings, Inc.
(2389)
Digital Holdings, Inc. (2389) vs. iShares MSCI Japan ETF (EWJ)
Digital Holdings, Inc. Business Overview & Revenue Model
Digital Holdings, Inc. Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.10B | 16.16B | 16.26B | 16.92B | 98.52B |
| Gross Profit | 9.39B | 10.02B | 10.95B | 11.21B | 25.23B |
| EBITDA | 3.75B | 1.96B | 856.00M | 8.79B | 11.65B |
| Net Income | 1.82B | 1.34B | 237.00M | 5.72B | 10.23B |
Balance Sheet | |||||
| Total Assets | 47.71B | 48.22B | 50.28B | 55.96B | 69.73B |
| Cash, Cash Equivalents and Short-Term Investments | 30.78B | 25.31B | 24.41B | 33.33B | 46.32B |
| Total Debt | 4.00B | 4.08B | 5.00B | 5.17B | 9.04B |
| Total Liabilities | 16.76B | 15.15B | 16.39B | 19.72B | 28.80B |
| Stockholders Equity | 29.44B | 30.69B | 29.33B | 29.83B | 32.67B |
Cash Flow | |||||
| Free Cash Flow | 3.49B | 6.92B | -3.50B | -8.18B | 10.97B |
| Operating Cash Flow | 3.50B | 6.92B | -3.44B | -7.61B | 12.13B |
| Investing Cash Flow | 3.19B | 395.00M | -1.27B | 4.70B | 2.99B |
| Financing Cash Flow | -330.00M | -4.68B | -3.06B | -8.56B | -4.83B |
Digital Holdings, Inc. Technical Analysis
Digital Holdings, Inc. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥23.94B | 23.98 | ― | 9.87% | 11.51% | -29.82% | |
66 Neutral | ¥21.40B | 8.03 | ― | 2.01% | 15.43% | 12.47% | |
63 Neutral | ¥32.08B | 19.69 | ― | 2.14% | -22.10% | -16.33% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | ¥14.41B | 19.85 | ― | 7.85% | -3.20% | 34.08% | |
50 Neutral | ¥13.68B | 17.08 | ― | ― | -2.68% | 91.68% | |
43 Neutral | ¥30.58B | -25.70 | ― | ― | 4.53% | -464.41% |
Digital Holdings, Inc. Corporate Events
Digital Holdings has disclosed that it booked an extraordinary loss of ¥1,477 million in its non-consolidated financial statements for the year ended December 31, 2025. The loss stems from the previously announced decision to dissolve and liquidate its consolidated subsidiary Vankable, Inc., resulting in a write-down of the value of those subsidiary shares.
The company emphasized that this extraordinary loss is eliminated at the consolidated level and therefore does not affect its consolidated operating results. The announcement signals that while there is a balance sheet impact on the parent company’s stand-alone accounts, the group’s overall earnings profile and financial performance for stakeholders remain unchanged at the consolidated basis.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2126.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings reported a 13.2% year-on-year increase in non-consolidated revenue to ¥4.72 billion for the fiscal year ended December 31, 2025, with operating income surging 186.4% to ¥3.91 billion and ordinary income rising 27.0% to ¥3.86 billion. Despite recognizing a loss on valuation of subsidiary shares as an extraordinary loss, net income still edged up 1.9% to ¥2.84 billion, underscoring the growing contribution of dividend income from subsidiaries to the parent’s earnings profile and signaling improved profitability in its underlying group operations.
The modest decline in basic earnings per share from ¥159.61 to ¥158.58 suggests that while headline profit growth was strong, extraordinary losses and share-related factors tempered per-share gains. Overall, the results highlight strengthened income flows from subsidiaries, which may enhance the stability of returns for shareholders and reinforce the company’s position as a central coordinating and capital allocation hub within its digital business group.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2126.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings reported a sharp 18.9% decline in revenue to ¥13.1 billion and lower operating profit for the fiscal year to December 31, 2025, even as ordinary profit nearly doubled and profit attributable to owners of the parent rose 35.5%. Total assets and equity slipped slightly, comprehensive income turned negative, and the equity ratio eased, but cash and cash equivalents increased to ¥28.0 billion, reflecting strong operating and investing cash inflows.
The company cut its annual dividend to ¥23 per share for 2025 and confirmed that no year-end dividend will be paid, following the successful tender offer by Hakuhodo DY Holdings for its shares and share acquisition rights. With its shares scheduled to be delisted on March 19, 2026, Digital Holdings has suspended dividend and earnings forecasts for 2026, underscoring its shift away from public markets and winding down of shareholder return guidance.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2126.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. has resolved to convene an extraordinary shareholders’ meeting on February 25, 2026 to seek approval for a share consolidation, abolition of the share unit provision, and amendments to its Articles of Incorporation, a series of steps that will result in the delisting of its common stock from the Tokyo Stock Exchange Prime Market on March 19, 2026. The moves follow a tender offer by Hakuhodo DY Holdings Inc., which, after a months-long offer period ending December 3, 2025, acquired a majority stake of approximately 51.15% of Digital Holdings’ shares as part of a broader plan to make the company a wholly owned subsidiary. In anticipation of this change of control, Digital Holdings established an independent special committee of outside directors to review the proposal and negotiate with Hakuhodo DY, aiming to safeguard the interests of general shareholders amid the transition from a listed company to a fully controlled entity, which will eliminate public trading in the stock and concentrate ownership and decision-making with the new parent.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2126.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. has set January 15, 2026 as the record date for determining which shareholders will be entitled to vote at an extraordinary general meeting expected in mid to late February 2026, with notice to be given electronically. This meeting will consider proposals requested by new major shareholder Hakuhodo DY Holdings Inc., following its completed tender offer, including a share consolidation under the Companies Act and related amendments to the Articles of Incorporation, measures that are expected to further concentrate ownership and could significantly reshape the company’s capital structure and governance for remaining shareholders.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. announced the withdrawal of a planned tender offer by SilverCape Investments Limited for its shares, following the successful completion of a similar offer by Hakuhodo DY Holdings Inc. This decision impacts the company’s shareholder structure and market positioning, as the condition for SilverCape’s offer was unmet due to Hakuhodo’s successful acquisition.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. has resolved to dissolve and liquidate its subsidiary, Vankable, Inc., following the successful completion of a tender offer by Hakuhodo DY Holdings Inc. This decision was made due to limited synergies between Vankable’s financial services and the acquiring group’s operations. The move is aimed at enhancing Digital Holdings’ corporate value and aligning with strategic growth initiatives.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. announced the successful completion of a tender offer by Hakuhodo DY Holdings Inc., resulting in a change of the parent company and the largest shareholder. This strategic move is expected to enhance Digital Holdings’ market positioning and influence, as Hakuhodo DY Holdings Inc. will acquire more than 50% of the voting rights, marking a significant shift in the company’s shareholder structure.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. announced amendments regarding the planned tender offer by SilverCape Investments Limited, which intends to acquire all shares of the company. SilverCape has increased its tender offer price and matched the minimum share purchase requirements set by a competing offer from Hakuhodo DY Holdings Inc. The company has yet to announce its official stance on SilverCape’s offer, urging shareholders to consider forthcoming information carefully.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. has announced amendments to its previous statements regarding the tender offer for its shares by Hakuhodo DY Holdings Inc. The company has expressed continued support for the Hakuhodo tender offer, leaving the decision to shareholders, while also addressing a competing offer from SilverCape Investments Limited. The board has introduced response policies to mitigate potential coercion risks associated with SilverCape’s offer, emphasizing the importance of shareholder discretion in the decision-making process.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. has announced the continuation of its response policies concerning a tender offer by SilverCape Investments Limited. The company aims to engage in negotiations to prevent its shareholders from becoming minority stakeholders due to the coercive nature of the tender offer. Despite receiving an amended proposal from SilverCape, which includes a potential second tender offer, the company’s Special Committee advises maintaining the response policies to protect shareholder interests, as the proposal still poses risks without sufficient information for shareholders to make informed decisions.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. announced amendments to a planned tender offer by SilverCape Investments Limited, initially set for late November 2025, now postponed to late February 2026. The company has expressed concerns about potential coercion of shareholders due to SilverCape’s significant share acquisition, prompting the introduction of a response policy to protect shareholder interests.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.
Digital Holdings, Inc. announced amendments to its previous notice regarding the tender offer for its shares by Hakuhodo DY Holdings Inc. The tender offer period, initially set to end on November 12, 2025, has been extended to November 27, 2025, to allow shareholders more time to make informed decisions and increase the likelihood of successful completion.
The most recent analyst rating on (JP:2389) stock is a Hold with a Yen2237.00 price target. To see the full list of analyst forecasts on Digital Holdings, Inc. stock, see the JP:2389 Stock Forecast page.