Adways, Inc. (JP:2489)
:2489
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Adways, Inc.
(2489)
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Rating:57Neutral
Price Target:
¥295.00
▲(9.26% Upside)
Action:ReiteratedDate:02/18/26
The score is anchored by a strong, low-risk balance sheet but held back by weak recent free-cash-flow generation and uneven profitability. Technicals are mildly supportive, while valuation is the biggest headwind due to a high P/E despite a moderate dividend yield.
Positive Factors
Conservative balance sheet
Adways' near-zero leverage and zero reported debt in 2025 provide durable financial flexibility. That conservative capital structure reduces default and refinancing risk, gives room to invest in product development or M&A during cycles, and cushions operating volatility while earnings recover.
Negative Factors
Negative free cash flow trend
Despite positive earnings in 2025, multi-year negative free cash flow signals weak cash conversion. Ongoing FCF deficits may reflect working-capital swings or investment outlays that constrain dividends, buybacks, or organic reinvestment, increasing reliance on cash reserves or new financing even with low leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Adways' near-zero leverage and zero reported debt in 2025 provide durable financial flexibility. That conservative capital structure reduces default and refinancing risk, gives room to invest in product development or M&A during cycles, and cushions operating volatility while earnings recover.
Read all positive factors
Adways, Inc. (2489) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥9.98B
Dividend Yield1.09%
Average Volume (3M)110.03K
Price to Earnings (P/E)40.8
Beta (1Y)0.92
Revenue Growth-5.70%
EPS Growth-215.73%
CountryJP
Employees1,041
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)3.97
Shares Outstanding42,006,000
10 Day Avg. Volume94,300
30 Day Avg. Volume110,030
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)0.76
Price to Sales (P/S)0.84
P/FCF Ratio-81.16
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)38.4
Revenue Forecast (FY)¥15.50B
Adways, Inc. Business Overview & Revenue Model
Company Description
Adways Inc. provides affiliate advertisement services for PC and mobiles, and mobile application and content development services in Japan, China, Taiwan, the Philippines, and the United States. The company offers Unicorn, a marketing platform for...
How the Company Makes Money
Adways generates revenue primarily through its advertising solutions by charging clients for ad placements and services rendered. The company's revenue model is built around a combination of cost-per-click (CPC), cost-per-impression (CPM), and per...
Adways, Inc. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
86
Very Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.20B | 12.22B | 12.68B | 13.52B | 13.42B | 12.93B |
| Gross Profit | 9.97B | 10.10B | 10.35B | 10.95B | 10.81B | 10.61B |
| EBITDA | 275.24M | 449.97M | 402.47M | 1.15B | 1.43B | 1.94B |
| Net Income | -728.91M | 252.90M | -473.46M | 966.14M | 2.54B | 1.37B |
Balance Sheet | ||||||
| Total Assets | 21.33B | 22.30B | 22.88B | 25.42B | 27.91B | 25.43B |
| Cash, Cash Equivalents and Short-Term Investments | 10.31B | 9.92B | 10.04B | 10.19B | 12.87B | 12.76B |
| Total Debt | 173.46M | 0.00 | 3.22M | 20.68M | 0.00 | 0.00 |
| Total Liabilities | 7.68B | 8.34B | 9.00B | 10.82B | 11.59B | 10.49B |
| Stockholders Equity | 13.37B | 13.65B | 13.61B | 14.36B | 16.03B | 14.66B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -127.12M | -216.90M | 161.55M | 129.64M | 1.02B |
| Operating Cash Flow | 0.00 | 216.01M | 338.75M | 810.15M | 538.11M | 1.14B |
| Investing Cash Flow | 0.00 | -132.61M | 3.00M | -313.02M | 1.81B | -428.56M |
| Financing Cash Flow | 0.00 | -134.79M | -236.44M | -2.86B | -1.91B | 2.67B |
Adways, Inc. Technical Analysis
Negative
270.00
Price Trends
271.86
Negative
271.11
Negative
290.41
Negative
Market Momentum
-2.23
Positive
40.73
Neutral
15.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2489, the sentiment is Negative. The current price of 270 is below the 20-day moving average (MA) of 275.10, below the 50-day MA of 271.86, and below the 200-day MA of 290.41, indicating a bearish trend. The MACD of -2.23 indicates Positive momentum. The RSI at 40.73 is Neutral, neither overbought nor oversold. The STOCH value of 15.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2489.
Adways, Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥7.39B | 15.62 | ― | 3.29% | 7.47% | 55.61% | |
64 Neutral | ¥5.63B | 24.73 | ― | ― | 8.77% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | ¥11.06B | 10.90 | ― | ― | 33.34% | -25.08% | |
57 Neutral | ¥9.98B | 40.80 | ― | 1.09% | -5.70% | -215.73% | |
40 Underperform | ¥1.12B | -104.06 | ― | ― | -11.68% | -66.76% |
* Communication Services Sector Average
JP:2489
Adways, Inc.
270.00
-2.58
-0.95%
JP:3675
Cross Marketing Group, Inc.
586.00
-125.44
-17.63%
JP:6180
GMO Media, Inc.
4,300.00
-142.78
-3.21%
JP:6185
SMN Corporation
385.00
-17.00
-4.23%
JP:6562
Geniee, Inc.
934.00
-744.00
-44.34%
JP:6579
logly, Inc.
305.00
-28.00
-8.41%
Adways, Inc. Corporate Events
Adways Clarifies Revenue Metrics and Segment Structure After Accounting Changes
Feb 10, 2026
Adways, Inc. detailed changes in its financial reporting framework, clarifying that from FY2021 it applies the Accounting Standard for Revenue Recognition and now presents former net sales as gross sales, while emphasizing that these gross sales f...
Adways Swings Back to Profit and Lifts Dividend as It Reshapes Portfolio
Feb 10, 2026
Adways reported full-year 2025 consolidated net sales of ¥12.2 billion, down 3.7% year on year, but sharply improved profitability with operating profit up 78.6% to ¥297 million and a return to the black at ¥252 million in profit at...
Adways Inc. Plans Strategic Subsidiary Transfer to Ureru Net Advertising Group
Dec 16, 2025
Adways Inc. has announced a memorandum of understanding with Ureru Net Advertising Group Co., Ltd. to discuss the transfer of its subsidiaries, ADWAYS CHINA and ADWAYS ASIA, to Ureru. This strategic move aims to combine the strengths of both compa...
Adways Inc. Revises Financial Forecasts Upward for 2025
Dec 12, 2025
Adways Inc. has revised its financial forecasts for the fiscal year ending December 31, 2025, reflecting a positive trend in business performance. The company expects a 2.6% increase in net sales to ¥12,000 million, driven by the success of i...
Adways Inc. Transitions to TSE Standard Market
Dec 12, 2025
Adways Inc. has received approval from the Tokyo Stock Exchange to change its market classification from the Prime Market to the Standard Market, effective December 19, 2025. Despite this change, the company will continue its initiatives to enhanc...
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.