DeNA Co (2432) AI Stock Analysis

• Market Cap: ¥268.37B
• Dividend Yield: 2.72%
• Average Volume (3M): 5.10M
• Price to Earnings (P/E): 11.0
• Beta (1Y): 0.90
• Revenue Growth: 19.94%
• EPS Growth: N/A
• Country: JP
• Employees: 2,897
• Sector: Communication Services
• Sector Strength: 80
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 75.76
• Shares Outstanding: 122,145,546
• 10 Day Avg. Volume: 4,329,180
• 30 Day Avg. Volume: 5,102,190
• PEG Ratio: -0.34
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 64.64
• 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: ¥2,735.85
• Price Target Upside: 12.61% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2

• Rating: 68 Neutral
• Price Target: ¥2,620.00 ▲(7.84%Upside)

The overall stock score of 67.5 reflects a balance between strong financial performance and undervaluation against technical challenges. Significant improvements in financial metrics and an attractive valuation are tempered by negative technical signals, suggesting caution in the short term despite long-term potential.

Positive Factors

Model Update

A stronger-than-expected contribution from PokéPoké is reflected in the model update.

Monetization Momentum

The near-term outlook is solid, with a sustained top-10 ranking and strong monetization momentum.

Potential Buybacks

Near-term upside may come from potential buybacks or a positive surprise in the first quarter results.

Negative Factors

High Reliance on Single Title

High reliance on a single title limits long-term visibility.

Price Target Reduction

Initial momentum of Pokémon TCG Pocket has normalized, leading to a reduction in the price target.

Structural Constraints

Structural constraints remain for the company, potentially limiting growth opportunities.

DeNA Co Business Overview & Revenue Model

Company Description

DeNA Co., Ltd. is a leading Japanese company primarily involved in the internet and mobile services sector. Established in 1999, DeNA operates a diverse range of businesses including mobile games, e-commerce, sports, and healthcare. The company is renowned for its development and operation of mobile and online games, which are popular in Japan and globally. Additionally, DeNA has expanded into various digital content and platform services, leveraging its expertise in mobile technology and digital entertainment.

How the Company Makes Money

DeNA Co., Ltd. generates revenue through several key streams. The primary source of income is its mobile games segment, where it develops and operates a wide array of games available on smartphones and other digital platforms. This includes both original games and collaborations with other prominent game developers. Revenue in this segment is typically earned through in-app purchases, subscription services, and advertising. Beyond gaming, DeNA also earns revenue from its e-commerce platforms, which involve online sales and transactions across various products and services. Additionally, DeNA has ventured into the healthcare and sports industries, providing digital solutions and services that contribute to its revenue. Strategic partnerships and collaborations with other technology and entertainment companies further enhance its business operations and revenue potential.

DeNA Co Financial Statement Overview

Summary

DeNA Co demonstrates a strong recovery in financial performance with significant improvements in profitability and operational efficiency. Revenue growth is robust at 19.9% in 2025, and the company shows strong profitability metrics with a net profit margin of 14.7%. The balance sheet is robust with a low debt-to-equity ratio of 0.2, and cash flow generation is healthy, although past volatility poses some risk.

Income Statement

DeNA Co has shown a strong recovery in its income statement, with notable improvements in profitability metrics. The gross profit margin for 2025 stands at approximately 56.5%, reflecting efficient cost management. Net profit margin improved significantly to 14.7% in 2025 from a negative margin in 2024, indicating a turnaround. Revenue grew by 19.9% in 2025, demonstrating strong growth. EBIT and EBITDA margins also improved considerably, signaling enhanced operational efficiency.

Balance Sheet

The company exhibits a robust balance sheet with a low debt-to-equity ratio of 0.2, indicating conservative leverage. Return on Equity (ROE) improved to 10.0% in 2025, reflecting better profitability. The equity ratio remains strong at 61.3%, showcasing financial stability. These strengths indicate a resilient financial structure, although the equity ratio has slightly declined over the years.

Cash Flow

DeNA Co's cash flow statement reveals a strong free cash flow growth, reversing from negative free cash flows in 2024 to positive in 2025. The operating cash flow to net income ratio is healthy, indicating efficient cash generation relative to net income. Free cash flow to net income ratio is favorable, showing the company's ability to generate cash beyond its net income. However, past volatility in cash flows suggests potential risk factors.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	164.00B	136.73B	134.91B	130.87B	136.97B
Gross Profit	92.64B	60.99B	64.09B	65.94B	74.93B
EBITDA	35.84B	-18.44B	17.45B	20.89B	34.82B
Net Income	24.19B	-28.68B	8.86B	30.53B	25.63B
Balance Sheet
Total Assets	394.19B	335.71B	348.94B	340.57B	327.12B
Cash, Cash Equivalents and Short-Term Investments	92.80B	71.80B	98.01B	78.53B	98.31B
Total Debt	48.41B	44.51B	45.16B	28.27B	27.14B
Total Liabilities	141.31B	115.68B	114.95B	95.66B	98.46B
Stockholders Equity	241.73B	209.20B	221.63B	240.63B	223.71B
Cash Flow
Free Cash Flow	34.75B	-21.39B	3.23B	11.94B	20.69B
Operating Cash Flow	39.00B	-10.84B	10.81B	18.38B	29.97B
Investing Cash Flow	-12.26B	-12.63B	12.45B	-19.92B	-8.64B
Financing Cash Flow	-5.46B	-4.10B	-4.93B	-18.55B	6.61B

DeNA Co Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2429.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 2429.5 is below the 20-day moving average (MA) of 2603.45, below the 50-day MA of 2827.91, and below the 200-day MA of 2750.27, indicating a bearish trend. The MACD of -117.37 indicates Positive momentum. The RSI at 25.93 is Positive, neither overbought nor oversold. The STOCH value of 8.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2432.

DeNA Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2121	80 Outperform	$224.84B	13.31	9.81%	3.79%	5.43%	156.35%
3765	76 Outperform	$152.30B	18.03	6.97%	2.14%	-17.33%	-28.64%
2432	68 Neutral	¥268.37B	10.99	10.56%	2.72%	19.94%	―
3632	66 Neutral	$87.40B	35.59	2.39%	3.00%	-14.96%	-72.07%
Sector *	66 Neutral	¥369.47B	13.44	2.24%	2.50%	5.32%	-15.13%
3932	66 Neutral	¥42.21B	25.64		3.76%	-1.33%	5.97%
3903	48 Neutral	¥30.54B	14.73		―	-12.61%	-314.92%

DeNA Co Corporate Events

DeNA Co. Revises Financial Results for FY 2025

DeNA Co., Ltd. announced a revision to its Consolidated Financial Results for the fiscal year ended March 31, 2025, due to an error in the printed figures. The revision adjusts the recorded goodwill from ¥33,562 million to ¥33,361 million, reflecting a correction in the company’s financial position. This adjustment highlights the company’s commitment to transparency and accuracy in its financial reporting, which is crucial for maintaining stakeholder trust and ensuring compliance with regulatory standards.

The most recent analyst rating on (JP:2432) stock is a Hold with a Yen2660.00 price target. To see the full list of analyst forecasts on DeNA Co stock, see the JP:2432 Stock Forecast page.

DeNA Finalizes Stock Options for Director Compensation

DeNA Co., Ltd. has finalized the details for issuing stock acquisition rights as a form of compensation for its directors, excluding outside directors. This decision, made by the Board of Directors, involves issuing 34,954 stock acquisition rights, which will be allocated to four directors, aligning their interests with the company’s performance and potentially impacting shareholder value.

The most recent analyst rating on (JP:2432) stock is a Hold with a Yen2660.00 price target. To see the full list of analyst forecasts on DeNA Co stock, see the JP:2432 Stock Forecast page.

DeNA Co. Issues Stock Options to Align Director Compensation with Performance

DeNA Co., Ltd. has announced the issuance of stock acquisition rights as part of a compensation package for its directors, linking their compensation to the company’s stock performance. This move aims to align directors’ interests with shareholders by incentivizing them to enhance corporate performance and value, potentially impacting the company’s market positioning and stakeholder relations.

The most recent analyst rating on (JP:2432) stock is a Hold with a Yen2660.00 price target. To see the full list of analyst forecasts on DeNA Co stock, see the JP:2432 Stock Forecast page.

DeNA Co. Proposes New Board Appointments to Strengthen Governance

DeNA Co., Ltd. has announced its intention to propose the appointment of six directors and one corporate auditor at its upcoming 27th Ordinary General Meeting of Shareholders. This strategic move includes the reappointment of five incumbent directors and the introduction of one new outside director, reflecting the company’s commitment to maintaining a strong and independent board. The proposed changes aim to enhance the board’s effectiveness and ensure robust oversight of the company’s operations, aligning with DeNA’s strategic goals and governance standards.

The most recent analyst rating on (JP:2432) stock is a Hold with a Yen2660.00 price target. To see the full list of analyst forecasts on DeNA Co stock, see the JP:2432 Stock Forecast page.

DeNA Co., Ltd. Announces Dividend Allocation for Fiscal Year 2025

DeNA Co., Ltd. announced its decision to allocate dividends from surplus, with a record date of March 31, 2025. The company plans to pay a total dividend of 65 yen per share, including a regular cash dividend of 33 yen and a special cash dividend of 32 yen, reflecting its strong performance and commitment to shareholder returns. This decision underscores DeNA’s strategy of maintaining a minimum payout ratio and aiming for a higher consolidated payout ratio in the future, aligning with its goal of enhancing corporate value.

The most recent analyst rating on (JP:2432) stock is a Hold with a Yen2660.00 price target. To see the full list of analyst forecasts on DeNA Co stock, see the JP:2432 Stock Forecast page.

DeNA Co. Announces Revised Dividend Forecast for FY 2025

DeNA Co., Ltd. has announced a revised dividend forecast for the fiscal year ended March 31, 2025, with a total dividend of 65 yen per share, comprising a regular cash dividend of 33 yen and a special cash dividend of 32 yen. This decision reflects the company’s commitment to shareholder interests and its strategy to balance profit allocation with business growth, aiming for a consolidated payout ratio of 30% in the future.

DeNA Co., Ltd. Reports Strong Financial Recovery in FY2025

DeNA Co., Ltd. reported a significant turnaround in its financial performance for the fiscal year ended March 31, 2025, with a 19.9% increase in revenue to ¥163,997 million and a return to profitability with an operating profit of ¥28,973 million. This positive shift marks a recovery from the previous fiscal year’s losses, indicating a strong operational rebound and improved market positioning, which is likely to have favorable implications for its stakeholders.

DeNA Co., Ltd. Reports Improved Financial Results for Fiscal Year 2025

DeNA Co., Ltd. reported a significant improvement in its financial results for the fiscal year ended March 31, 2025, compared to the previous year. The company saw a 19.9% increase in revenue, largely driven by the successful launch of the Pokémon Trading Card Game Pocket. Despite recording impairment losses of 4,389 million yen, the company’s profitability improved significantly, marking a positive shift in its financial health.

DeNA Reports Financial Discrepancies and Losses for Subsidiary

DeNA Co., Ltd. announced significant financial discrepancies for its subsidiary, DATA HORIZON CO., LTD., for the fiscal year ending March 31, 2025. The company reported substantial impairment losses and special losses, impacting its financial results. These developments may affect DeNA’s operational strategies and stakeholder interests, highlighting challenges in its financial management and market positioning.