DeNA Co Ltd (JP:2432)
:2432
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DeNA Co
(2432)
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Rating:69Neutral
Price Target:
¥2,802.00
▲(9.26% Upside)
Action:Downgraded
Date:05/14/26
The score is driven primarily by solid financial fundamentals—especially low leverage and a return to profitability—offset by volatility in revenue and free cash flow. Technical indicators are neutral to mildly positive, while valuation (P/E ~14.2 and ~2.6% yield) is supportive but not exceptional.
Positive Factors
Low Leverage / Strong Balance Sheet
Very low leverage gives DeNA durable financial flexibility: it can fund game development, marketing, M&A or weather downturns without heavy refinancing. A strong equity base supports strategic optionality, shareholder returns, and resilience across multi-quarter content cycles.
Negative Factors
Revenue Volatility
Top-line swings highlight the hit-driven nature of the gaming and entertainment businesses. Revenue variability complicates multi-year planning, makes reinvestment timing harder, and raises the probability that occasional weak title performance can materially affect reported growth and strategic initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
Very low leverage gives DeNA durable financial flexibility: it can fund game development, marketing, M&A or weather downturns without heavy refinancing. A strong equity base supports strategic optionality, shareholder returns, and resilience across multi-quarter content cycles.
Read all positive factors
DeNA Co (2432) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥296.04B
Dividend Yield2.52%
Average Volume (3M)2.14M
Price to Earnings (P/E)15.0
Beta (1Y)0.84
Revenue Growth-9.94%
EPS Growth-21.11%
CountryJP
Employees2,897
SectorIndustrials
Sector Strength72
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)171.39
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)186.5
Revenue Forecast (FY)¥144.60B
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 generates revenue by operating digital services and monetizing user engagement, with mobile/online games historically being a major contributor. In games, it earns money through in-game purchases (e.g., sale of virtual items and con...
DeNA Co Earnings Call Summary
Earnings Call Date:Nov 06, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Aug 12, 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
70
Positive
Balance Sheet
86
Very Positive
Cash Flow
61
Positive
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 147.70B | 164.00B | 136.73B | 134.91B | 130.87B |
| Gross Profit | 79.36B | 91.31B | 59.23B | 62.12B | 63.64B |
| EBITDA | 36.54B | 37.24B | -21.43B | 19.22B | 35.12B |
| Net Income | 19.05B | 24.19B | -28.68B | 8.86B | 30.53B |
Balance Sheet | |||||
| Total Assets | 333.24B | 394.19B | 335.71B | 348.94B | 340.57B |
| Cash, Cash Equivalents and Short-Term Investments | 103.05B | 92.80B | 71.40B | 97.73B | 78.30B |
| Total Debt | 15.43B | 48.41B | 44.51B | 45.16B | 28.27B |
| Total Liabilities | 92.46B | 141.31B | 115.68B | 114.95B | 95.66B |
| Stockholders Equity | 232.62B | 241.73B | 209.20B | 221.63B | 240.63B |
Cash Flow | |||||
| Free Cash Flow | 25.28B | 34.75B | -14.38B | 10.18B | 17.88B |
| Operating Cash Flow | 33.43B | 39.00B | -10.84B | 10.81B | 18.38B |
| Investing Cash Flow | 30.11B | -12.26B | -12.30B | 12.95B | -19.59B |
| Financing Cash Flow | -53.37B | -5.46B | -4.43B | -5.43B | -18.88B |
DeNA Co Technical Analysis
Positive
2564.50
Price Trends
2655.59
Positive
2586.31
Positive
2478.96
Positive
Market Momentum
3.58
Positive
51.32
Neutral
44.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2432, the sentiment is Positive. The current price of 2564.5 is below the 20-day moving average (MA) of 2694.90, below the 50-day MA of 2655.59, and above the 200-day MA of 2478.96, indicating a neutral trend. The MACD of 3.58 indicates Positive momentum. The RSI at 51.32 is Neutral, neither overbought nor oversold. The STOCH value of 44.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | ¥40.89B | 7.18 | ― | 4.06% | 9.32% | 243.34% | |
70 Outperform | ¥165.67B | 10.06 | 10.05% | 4.61% | 10.67% | 1.68% | |
69 Neutral | ¥296.04B | 14.97 | 17.98% | 2.52% | -9.94% | -21.11% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | ¥118.44B | 78.66 | 3.38% | 2.38% | -5.49% | -82.16% | |
54 Neutral | ¥70.57B | 30.13 | 1.59% | 2.09% | -8.43% | -5.44% | |
42 Neutral | ¥18.31B | -4.19 | ― | ― | -17.15% | -70.83% |
* Industrials Sector Average
JP:2432
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DeNA Co Corporate Events
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...
DeNA Begins Large-Scale Share Buyback With ¥10.7 Billion March Repurchase
Apr 3, 2026
DeNA Co., Ltd. has disclosed the progress of its share repurchase program authorized by its board in late February, detailing activity through the end of March 2026. The company repurchased 4,133,700 shares of its common stock on the Tokyo Stock E...
DeNA Realizes ¥49.2 Billion From Nintendo Share Sales, Books Large Gain
Mar 9, 2026
DeNA Co., Ltd. has completed pricing for a secondary offering of part of its stake in Nintendo Co., Ltd., selling 4,342,600 Nintendo common shares for 34.8 billion yen and reducing its holding to 2,797,000 shares. Together with Nintendo’s re...
DeNA Books ¥14.5bn From Partial Sale of Nintendo Stake, Trims Planned Secondary Offering
Mar 3, 2026
DeNA Co., Ltd. has sold 1,657,400 Nintendo common shares for 14.5 billion yen in response to Nintendo’s off-auction share repurchase program, reducing its Nintendo stake to 7,139,600 shares. The transaction forms part of DeNA’s previou...
DeNA Updates Capital-Efficient Management Drive and Mid-Term Profit Targets
Feb 27, 2026
DeNA said it is advancing initiatives to implement management more conscious of its cost of capital and stock price, updating investors on progress since it outlined a capital-efficient strategy in November 2025. The company plans to continue time...
DeNA Launches ¥50 Billion Share Buyback With Full Cancellation Plan
Feb 27, 2026
DeNA Co., Ltd. has approved a substantial share buyback of up to 25 million common shares, representing about 22.4% of its outstanding stock excluding treasury shares, with a maximum outlay of ¥50 billion for purchases on the Tokyo Stock Exch...
DeNA to Divest Majority of Nintendo Stake to Boost Asset Efficiency While Preserving Alliance
Feb 27, 2026
DeNA has resolved to sell a substantial portion of its shareholding in Nintendo through a secondary offering, as part of an ongoing review of policy-shareholdings to improve asset efficiency. The planned sale covers 6 million Nintendo common share...
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.