dely inc. (299A) AI Stock Analysis

• Market Cap: ¥42.19B
• Dividend Yield: N/A
• Average Volume (3M): 169.99K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.45
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 204
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Software - Application
• EPS (TTM): 16.34
• Shares Outstanding: 42,571,810
• 10 Day Avg. Volume: 209,830
• 30 Day Avg. Volume: 169,993
• PEG Ratio: 1.69
• Price to Book (P/B): 3.80
• Price to Sales (P/S): 3.07
• P/FCF Ratio: 19.65
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 57.33
• Revenue Forecast (FY): ¥17.33B

• Rating: 70 Outperform
• Price Target: ¥1,082.00 ▼(-7.76% Downside)
• Action: Upgraded Date: 01/21/26
• Date: Action: Upgraded 01/21/26

The score is driven primarily by strong financial performance (high growth, solid profitability, and a zero-debt balance sheet). This is tempered by a weaker technical backdrop (negative MACD and trading below key longer-term moving averages) and a mid-range valuation with no dividend support.

Positive Factors

Zero-debt balance sheet

A zero-debt position materially lowers financial risk and preserves strategic optionality. Over 2–6 months this supports durable investment capacity, cushions against macro shocks, and enables capital allocation choices (R&D, M&A, buybacks) without interest burdens that can erode margins.

Sustained revenue scaling

Consistent multi-year revenue growth indicates durable product-market fit and execution capability. A growing top line provides a base for operating leverage, supports margin recovery potential, and makes future reinvestment or market-share gains more sustainable.

High earnings quality (FCF ~ Net Income)

Free cash flow roughly matching net income shows underlying profitability converts to real cash, enabling self-funded growth and flexible capital returns. Over months this strengthens liquidity planning and reduces reliance on external financing.

Negative Factors

Margin compression

Declining gross and net margins suggest rising cost pressures or heavier reinvestment that erodes long-term profitability. If structural, sustained margin compression will reduce cash available for growth and returns, and could force strategic pricing or cost-base adjustments.

Inconsistent operating cash flow

Operating cash flow lagging reported profits undermines cash conversion reliability. Persistent OCF coverage below 1x increases sensitivity to working-capital swings and weakens the firm's ability to fund operations from operations alone, complicating medium-term planning.

Volatile free cash flow

A material FCF drop followed by a rebound signals volatility in real cash generation. That variability raises execution risk for investment programs and shareholder returns, and suggests underlying operational or timing issues that could persist absent structural fixes.

dely inc. Business Overview & Revenue Model

Company Description

Kurashiru, Inc. plans, develops, manages, and operates multiple smartphone apps and web media. It operates Kurashiru, a recipe video platform and shopping support app; Kurashiru Job, a recruitment solution; Kurashiru Rewards a money-saving app; Kurashiru Comparison, a product comparison service; TRILL, a lifestyle media; and LIVEwith, a live streaming agency. Kurashiru, Inc. was formerly known as dely inc. and changed its name to Kurashiru, Inc. in October 2025. The company was incorporated in 2014 and is based in Tokyo, Japan.

How the Company Makes Money

dely inc. Financial Statement Overview

Summary

Strong overall fundamentals: rapid revenue scaling and robust profitability, supported by an exceptionally conservative balance sheet (zero debt). Offsetting factors are margin compression versus earlier periods and some volatility in cash conversion (operating cash flow coverage below 1x in FY2024–FY2025).

Income Statement

Revenue has scaled strongly over the last two years (FY2025 up materially vs FY2024, following strong growth in FY2024), indicating solid demand and execution. Profitability remains robust with healthy gross and operating margins, though margins have compressed year-over-year (gross margin and net margin both down from FY2023 levels), suggesting higher costs or reinvestment needs as the business scales.

Balance Sheet

The balance sheet is very strong with zero debt across periods, which materially reduces financial risk. Equity has grown alongside assets, and returns on equity remain healthy in the mid-to-high teens, albeit slightly lower versus earlier periods—consistent with a larger equity base and some margin compression.

Cash Flow

Cash generation is generally solid: free cash flow is close to net income across periods (near 1x), signaling good earnings quality. However, operating cash flow has been less consistent versus profit—coverage is below 1x in FY2024 and FY2025 (after being strong in FY2023), and FY2024 free cash flow declined meaningfully year-over-year before rebounding in FY2025, highlighting some volatility in cash conversion.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023
Income Statement
Total Revenue	16.09B	13.10B	9.90B	6.97B
Gross Profit	7.45B	6.49B	5.39B	4.69B
EBITDA	3.34B	2.80B	2.52B	1.97B
Net Income	2.17B	1.69B	1.48B	1.32B
Balance Sheet
Total Assets	15.55B	13.16B	10.54B	8.98B
Cash, Cash Equivalents and Short-Term Investments	10.07B	8.89B	7.09B	5.59B
Total Debt	0.00	0.00	0.00	0.00
Total Liabilities	3.04B	2.56B	1.63B	1.55B
Stockholders Equity	12.51B	10.59B	8.91B	7.42B
Cash Flow
Free Cash Flow	2.36B	2.05B	1.40B	2.03B
Operating Cash Flow	2.42B	2.11B	1.41B	2.03B
Investing Cash Flow	-575.99M	-314.25M	87.46M	-824.91M
Financing Cash Flow	128.72M	899.00K	0.00	5.60M

dely inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
299A	70 Outperform	¥42.19B	18.86	―	―	―	―
228A	68 Neutral	¥3.29B	13.01	―	―	―	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

dely inc. Corporate Events

Kurashiru Stays on Plan in Q3 as Media Outperforms and AI Cuts Costs

Kurashiru reported third-quarter net sales and operating profit generally in line with its internal plan, with media segment revenue exceeding expectations on the back of higher page views and the “Others” business tracking plan despite a lower gross margin. Sales promotion grew in its Receipt Challenge service through successful campaign acquisition, though online affiliate promotions underperformed in what should have been a peak demand period, while operating leverage, particularly in personnel costs, offset a 1.2-point gross margin decline.

Management said generative AI has not materially affected user traffic, arguing that its emotionally rich, easy-to-follow cooking videos still hold an advantage over AI-generated recipes, even as AI tools are being used internally to cut article-related costs by automating audits and other human tasks. The company also plans to accelerate proof-of-concept initiatives for Receipt Challenge by Kurashiru to expand participating retail partners, signaling a push to deepen its footprint in retail-linked promotions while maintaining cost discipline and content differentiation.

The most recent analyst rating on (JP:299A) stock is a Buy with a Yen1126.00 price target. To see the full list of analyst forecasts on dely inc. stock, see the JP:299A Stock Forecast page.

Kurashiru Delivers Strong Q3 Growth and Launches Shareholder Perk to Bolster Investor Loyalty

Kurashiru, Inc. reported solid third-quarter results for fiscal 2025, with Q3 revenue up 27.1% year on year and non-GAAP operating profit rising 20.6%, contributing to nine-month growth of 31.6% in revenue and 21.4% in non-GAAP operating profit. Growth was underpinned by a robust Shopping business, where revenue climbed 29.6% quarter on quarter on strong year-end demand and expanding Receipt Challenge users, as well as a 9.6% year-on-year revenue increase in the Media segment driven by higher page views. To deepen shareholder engagement and support a longer-term investor base, the company introduced a shareholder benefit program that grants eligible investors a one-year premium subscription to the Kurashiru cooking app, effectively offering an attractive benefit yield based on the current share price while simultaneously promoting wider adoption of its core service.

The most recent analyst rating on (JP:299A) stock is a Buy with a Yen1212.00 price target. To see the full list of analyst forecasts on dely inc. stock, see the JP:299A Stock Forecast page.

Kurashiru Posts Double-Digit Profit Growth and Confirms Bullish Full-Year Outlook

Kurashiru, Inc. reported strong non-consolidated results for the nine months ended December 31, 2025, with net sales rising 31.6% year on year to ¥12.47 billion and operating profit up 22.6% to ¥2.54 billion, while profit increased 37.2% to ¥1.78 billion. Earnings per share also improved following a 10-for-1 stock split carried out in October 2024, and the company maintains a solid financial position with an equity ratio of about 80%. Kurashiru, which listed on the Tokyo Stock Exchange Growth Market in December 2024, left its full-year forecast unchanged, projecting a 30.8% rise in net sales and a 35.7% increase in profit, signaling continued high-growth expectations but also confirming it will not pay dividends for the current fiscal year as it prioritizes reinvestment and expansion.

The most recent analyst rating on (JP:299A) stock is a Buy with a Yen1212.00 price target. To see the full list of analyst forecasts on dely inc. stock, see the JP:299A Stock Forecast page.

Kurashiru Refocuses on “Receipt Challenge” to Drive Growth and Stabilize Revenues

Kurashiru, Inc. has responded to investor inquiries by explaining that it is renaming its app from “Kurashiru Rewards” to “Receipt Challenge” in order to concentrate management and development resources on this core service. By optimizing the Receipt Challenge model, the company aims to drive sustainable growth in average revenue per user and expand its business scale to revenue levels exceeding those of its other online services, while also shifting toward a more stable, less volatile revenue structure based on direct transactions with CPG companies and retailers rather than exposure to fluctuating online advertising budgets.

Kurashiru’s Subsidiary Acquires Virtual YouTuber Business to Boost Market Position

Kurashiru, Inc. announced that its subsidiary, ATF, Inc., will acquire the Virtual YouTuber business from eleven inc. This strategic acquisition aims to enhance Kurashiru’s position in the entertainment sector by leveraging synergies between the Virtual YouTuber business and its existing live streaming expertise. The integration is expected to solidify Kurashiru’s standing in the growing market, although the acquisition price remains confidential.

Kurashiru, Inc. Strengthens Entertainment Position with Virtual YouTuber Acquisition

Kurashiru, Inc. has announced the acquisition of the Virtual YouTuber business from NRO production inc. through its new subsidiary, ATF, Inc. This strategic move aims to enhance Kurashiru’s position in the entertainment industry by leveraging synergies between its live streaming capabilities and the acquired virtual talent expertise. The acquisition is expected to solidify Kurashiru’s standing in the growing virtual entertainment market, although it does not alter the company’s current earnings forecast.