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DeNA Co
(2432)
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Rating:68Neutral
Price Target:
¥2,635.00
▲(7.49% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by solid financial strength—strong margins and a conservatively levered balance sheet—partly offset by weaker near-term momentum (slightly declining TTM revenue and cooling cash flow). Technical indicators are currently bearish (price below key moving averages and negative MACD), while valuation is reasonable with a mid-level P/E and moderate dividend yield.
Positive Factors
Profitability / Margins
Sustained high gross and EBIT margins indicate durable pricing power and efficient operations within DeNA's games and digital services. Strong margins provide cash flow cushion to fund development, marketing and partnerships, supporting steady reinvestment and resilience through product cycles.
Negative Factors
Revenue trend weakness
Declining top-line over recent periods signals potential issues in product lifecycle, monetization or release cadence. For a games-focused firm, sustained revenue contraction reduces scale economies, limits R&D budgets and heightens the need for successful new title launches to restore long-term growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability / Margins
Sustained high gross and EBIT margins indicate durable pricing power and efficient operations within DeNA's games and digital services. Strong margins provide cash flow cushion to fund development, marketing and partnerships, supporting steady reinvestment and resilience through product cycles.
Read all positive factors
DeNA Co (2432) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥227.75B
Dividend Yield2.69%
Average Volume (3M)2.14M
Price to Earnings (P/E)6.1
Beta (1Y)0.80
Revenue Growth-16.65%
EPS Growth39.13%
CountryJP
Employees2,483
SectorIndustrials
Sector Strength72
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)403.99
Shares Outstanding122,145,546
10 Day Avg. Volume2,100,700
30 Day Avg. Volume2,136,333
Financial Highlights & Ratios
PEG Ratio-0.67
Price to Book (P/B)1.16
Price to Sales (P/S)1.83
P/FCF Ratio10.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)266.93
Revenue Forecast (FY)¥146.05B
DeNA Co Business Overview & Revenue Model
Company Description
DeNA Co., Ltd., established in Tokyo, Japan, in 1999, is a global developer and operator of a wide array of mobile and online services. The company's operations are structured across several key business areas: Gaming, Sports, Live Streaming, Heal...
How the Company Makes Money
DeNA primarily makes money through its games business. Revenue is generated from the operation and publishing of mobile/online games, where monetization is typically driven by in-game purchases (e.g., sales of virtual items and other digital conte...
DeNA Co Earnings Call Summary
Earnings Call Date:Nov 06, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The earnings call reflects a positive outlook with significant revenue growth across multiple segments, a successful recovery in the Sports business, and promising expansion in the Healthcare & Medical areas. The challenges in the mature Game market are noted but are outweighed by numerous achievements and forward-looking strategies.Positive Updates
Revenue and Operating Profit Increase
Revenue for Q2 was JPY 39.0 billion, with an increase in both revenue and operating profit on a quarter-over-quarter basis.
Negative Updates
Challenges in Game Market
The Game market is described as mature, implying potential challenges in sustaining growth amid market saturation.
Read all updates
Q2-2024 Updates
Positive
Negative
Revenue and Operating Profit Increase
Revenue for Q2 was JPY 39.0 billion, with an increase in both revenue and operating profit on a quarter-over-quarter basis.
Read all positive updates
Company Guidance
In the earnings call for the second quarter of fiscal year 2023, Shingo Okamura provided detailed guidance on the company's performance and strategic direction. The revenue for Q2 reached JPY 39.0 billion, with an IFRS operating profit of JPY 3.1 billion and a non-GAAP operating profit of JPY 2.9 billion, indicating growth both quarter-over-quarter and year-over-year in revenue. The company's Game business saw revenue growth driven by new title launches and existing title seasonality, while the Live Streaming segment, particularly through Pococha Japan and IRIAM, achieved significant user growth and reduced losses. The Sports segment, exemplified by record-breaking attendance at Yokohama DeNA BayStars games, has recovered from COVID-19 impacts. In the Healthcare & Medical segment, strategic expansions and data utilization efforts have led to increased revenue and client acquisition, with the data health business seeing revenue grow from JPY 0.3 billion to JPY 0.84 billion year-over-year. The medical area, particularly through the Join platform, continues to expand regionally and is expected to tap into a market of several hundred billion yen. These initiatives are part of the overarching strategy to strengthen the business portfolio and achieve mid-term growth goals.DeNA Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 143.14B | 147.70B | 164.00B | 136.73B | 134.91B | 130.87B |
| Gross Profit | 73.92B | 79.36B | 91.31B | 59.23B | 62.12B | 63.64B |
| EBITDA | 27.90B | 36.54B | 37.24B | -21.43B | 19.22B | 35.12B |
| Net Income | 41.28B | 19.05B | 24.19B | -28.68B | 8.86B | 30.53B |
Balance Sheet | ||||||
| Total Assets | 304.89B | 333.24B | 394.19B | 335.71B | 348.94B | 340.57B |
| Cash, Cash Equivalents and Short-Term Investments | 84.43B | 103.05B | 92.80B | 71.40B | 97.73B | 78.30B |
| Total Debt | 13.60B | 15.43B | 48.41B | 44.51B | 45.16B | 28.27B |
| Total Liabilities | 78.29B | 92.46B | 141.31B | 115.68B | 114.95B | 95.66B |
| Stockholders Equity | 218.27B | 232.62B | 241.73B | 209.20B | 221.63B | 240.63B |
Cash Flow | ||||||
| Free Cash Flow | 14.57B | 25.28B | 34.75B | -14.38B | 10.18B | 17.88B |
| Operating Cash Flow | 21.54B | 33.43B | 39.00B | -10.84B | 10.81B | 18.38B |
| Investing Cash Flow | 62.94B | 30.11B | -12.26B | -12.30B | 12.95B | -19.59B |
| Financing Cash Flow | -89.27B | -53.37B | -5.46B | -4.43B | -5.43B | -18.88B |
DeNA Co Technical Analysis
Negative
2451.50
Price Trends
2531.36
Negative
2568.14
Negative
2524.48
Negative
Market Momentum
-17.77
Negative
47.47
Neutral
37.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2432, the sentiment is Negative. The current price of 2451.5 is below the 20-day moving average (MA) of 2459.17, below the 50-day MA of 2531.36, and below the 200-day MA of 2524.48, indicating a neutral trend. The MACD of -17.77 indicates Negative momentum. The RSI at 47.47 is Neutral, neither overbought nor oversold. The STOCH value of 37.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2432.
DeNA Co Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥205.82B | 10.09 | 9.75% | 4.24% | 19.88% | 34.50% | |
74 Outperform | ¥46.15B | 8.25 | ― | 4.06% | 9.32% | 243.27% | |
68 Neutral | ¥227.75B | 6.08 | 7.42% | 2.69% | -16.65% | 39.13% | |
66 Neutral | ¥72.00B | 32.35 | 2.38% | 5.42% | -10.13% | 242.23% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | ¥125.14B | 85.66 | 1.24% | 3.69% | -6.09% | -56.51% | |
42 Neutral | ¥17.38B | 21.18 | ― | ― | 10.54% | ― |
* Industrials Sector Average
JP:2432
DeNA Co
2,456.50
245.31
11.09%
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DeNA Co Corporate Events
DeNA to Cancel 15.6% of Its Issued Shares in Major Treasury Stock Reduction
Aug 5, 2026
DeNA Co., Ltd. has resolved at a Board of Directors meeting to cancel 19,109,700 shares of its common stock held as treasury shares, representing 15.6% of its issued shares before cancellation, with an effective date of August 31, 2026. This move ...
DeNA Profit Surges on One-Off Gains Despite Weaker Quarterly Revenue
Aug 5, 2026
DeNA reported revenue of ¥37.2 billion for the quarter ended June 30, 2026, a 10.9% year-on-year decline, as operating profit fell 46.3% to ¥7.4 billion amid weaker operating performance. Despite this, profit before tax surged to ¥4...
DeNA Tightens Internal Controls and Governance Framework to Align with New Mission
Aug 3, 2026
DeNA has revised its Basic Policy for Internal Control Systems to align with an updated corporate mission emphasizing delighting customers, reinforcing compliance, and strengthening ethical conduct across its group companies. The company is tighte...
DeNA Completes Restricted Stock Grant to Directors
Jul 29, 2026
DeNA Co., Ltd. has completed the allotment procedures for the disposal of treasury shares used as restricted stock compensation for its directors. The move follows a June 29 board resolution and involves issuing common shares without cash payment,...
DeNA Completes ¥50 Billion Share Buyback, Tightening Equity Base
Jul 10, 2026
DeNA Co., Ltd., a technology and internet services firm listed on the TSE Prime market, operates a range of online and mobile entertainment and digital platforms targeting both domestic and international users. The company emphasizes strong govern...
DeNA Nears Completion of ¥50 Billion Share Buyback Program
Jul 3, 2026
DeNA Co., Ltd. has continued its share repurchase program, buying back 4,099,400 shares of common stock in June 2026 for a total of approximately ¥10.57 billion through discretionary purchases on the Tokyo Stock Exchange. The repurchases are ...
DeNA Deploys Treasury Shares for New Performance-Linked Director Stock Plan
Jun 29, 2026
DeNA has approved the disposal of 18,267 shares of its treasury stock as restricted stock compensation for three inside directors and three outside directors, with a reference fair value of ¥2,405.5 per share based on recent market prices. Th...
DeNA Reshapes Management and Organization to Strengthen Governance
Jun 29, 2026
DeNA has approved a new management and organizational structure effective July 1, 2026, as part of efforts to advance its corporate strategy and reinforce execution across business units. The board confirmed a director lineup that maintains Tomoko...
DeNA Realizes Major Gain as GO Inc. Lists on TSE Growth Market
Jun 16, 2026
DeNA’s equity-method affiliate GO Inc. was listed on the Tokyo Stock Exchange Growth Market on June 16, 2026, prompting DeNA to sell part of its stake through a secondary offering. The company reduced its holding from 25.75% to 4.99%, genera...
DeNA Accelerates Share Buyback, Repurchases ¥13.6 Billion in Stock in May
Jun 3, 2026
DeNA has reported the progress of its share repurchase program for May 2026, buying back 5,116,400 common shares on the Tokyo Stock Exchange at a total cost of about ¥13.6 billion. The purchases were executed through discretionary transaction...
DeNA to Cut GO Inc. Stake as Affiliate Lists on TSE Growth Market
May 14, 2026
DeNA Co., Ltd. announced that its equity-method affiliate GO Inc., a mobility-focused company providing taxi dispatch systems and related services, has received approval to list on the Tokyo Stock Exchange Growth Market. In conjunction with the li...
DeNA Overhauls Executive Pay, Replacing Stock Options with Performance Share and Restricted Stock Plans
May 12, 2026
DeNA’s board has approved a revision of its executive compensation system, introducing a performance-based subsequent delivery-type share plan for inside directors and a restricted stock plan for outside directors, both subject to shareholde...
DeNA reshapes board and leadership to speed strategy amid shifting market
May 12, 2026
DeNA has proposed a refreshed board slate, reappointing five incumbent directors, including two outside members, and nominating a new independent outside director, as part of its governance framework to increase the proportion of independent overs...
DeNA’s Profit Falls Despite Solid Cash Position as It Signals Cautious Outlook for 2027
May 12, 2026
DeNA reported a 9.9% decline in revenue to ¥147.7 billion for the fiscal year ended March 31, 2026, with operating profit down 35.5% to ¥18.7 billion and profit attributable to owners of the parent falling 21.3% to ¥19.0 billion, as...
DeNA Advances Large-Scale Share Buyback Program in April 2026
May 8, 2026
DeNA Co., Ltd. reported that it repurchased 4,609,000 shares of its common stock in April 2026 for a total outlay of approximately 12.1 billion yen, executing the buyback via discretionary purchases on the Tokyo Stock Exchange. This move is part o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.