ANAP Inc. (3189) AI Stock Analysis

• Market Cap: ¥9.71B
• Dividend Yield: N/A
• Average Volume (3M): 86.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.32
• Revenue Growth: -34.49%
• EPS Growth: N/A
• Country: JP
• Employees: 140
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): -71.73
• Shares Outstanding: 40,609,400
• 10 Day Avg. Volume: 88,370
• 30 Day Avg. Volume: 86,413
• PEG Ratio: 0.14
• Price to Book (P/B): 0.96
• Price to Sales (P/S): 6.82
• P/FCF Ratio: -4.80
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: ¥232.00 ▼(-13.75% Downside)

The score is primarily weighed down by very weak financial performance (declining revenue, sustained losses, high leverage/negative equity, and negative cash flows). Technicals also remain soft with a negative MACD and long-term downtrend versus key moving averages, while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Recurring subscription revenue

A subscription-based cloud revenue model provides durable recurring revenue, improving predictability and customer retention. Over a multi-month horizon this supports upsell, smoother cash flows, and operational planning even while other fundamentals are being repaired.

Cloud platform and integrations

Cloud-native products plus third-party integrations increase customer switching costs and enable ecosystem growth. Structural platform capabilities support modular expansion, partner-led distribution, and cross-sell opportunities that can drive durable recovery if execution improves.

Diversified industry exposure

Serving multiple end markets reduces concentration risk and lets the company apply solutions and best practices across sectors. This diversification supports more stable long-term demand and provides multiple channels for reaccelerating growth if product-market fit is restored.

Negative Factors

Sharp revenue contraction

A very large year-over-year revenue decline materially damages scale, reduces margin leverage, and weakens the recurring revenue base. Sustained top-line shrinkage undermines reinvestment capacity and makes multi-month recovery difficult without clear commercial turnaround.

Persistent unprofitability

Ongoing net losses and negative EBIT/EBITDA margins indicate the company cannot currently generate operating profits from its core activities. Persistent unprofitability requires external funding to sustain operations and limits ability to self-fund growth or deleverage over the medium term.

Weak balance sheet and cash flow

Negative shareholders' equity and debt materially exceeding equity signal solvency risk, while negative operating and free cash flows mean the business is not generating cash to service obligations. This structural stress raises refinancing, dilution, or restructuring risk over months.

ANAP Inc. Business Overview & Revenue Model

Company Description

ANAP Inc. engages in the apparel retailing business in Japan. It operates in five segments: Internet Retailing Business, Store Retailing Business, Wholesale Distribution Business, Licensing Business, and Metaverse Related Business. It sells its products directly to general customers through the internet. The company also sells to general customers face-to-face. In addition, the company sells to select shops. The company offers its products under the ANAP, ANAP GiRL, ANAP Kids, anap mimpi, CHILLE, Latina, Settimissimo, Alluge, Anap USA, ANAP HOME, Factor, and AULI brands. The company was founded in 1992 and is headquartered in Tokyo, Japan.

How the Company Makes Money

ANAP Inc. generates revenue primarily through subscription fees for its cloud-based software services, which are billed on a monthly or annual basis. Additional revenue streams include professional services such as implementation, training, and ongoing support, which help clients effectively utilize the software. The company may also earn revenue from licensing fees for proprietary technology to partners and resellers. Strategic partnerships with technology firms and integration with third-party applications further enhance its product offerings, contributing to additional sales opportunities and customer retention.

ANAP Inc. Financial Statement Overview

Summary

Financial statements indicate severe weakness: sharp revenue decline, persistent net losses with negative operating margins, high leverage with negative equity/solvency stress, and negative operating/free cash flow.

Income Statement

ANAP Inc. has experienced significant revenue decline over the years, with a drastic drop of 56.14% in the most recent year. The company has consistently reported negative net income, resulting in negative net profit margins. The EBIT and EBITDA margins are also negative, indicating operational inefficiencies and challenges in covering operating expenses. The declining revenue and persistent losses suggest a struggling business model in the competitive apparel retail industry.

Balance Sheet

ANAP Inc.'s balance sheet reveals high leverage, with total debt significantly exceeding stockholders' equity, leading to a negative debt-to-equity ratio in recent years. The company's equity has been negative, indicating financial distress and potential solvency issues. Despite a large asset base, the negative return on equity highlights the company's inability to generate profits from its equity base, posing a risk to financial stability.

Cash Flow

The cash flow analysis shows negative operating and free cash flows, indicating that ANAP Inc. is not generating sufficient cash from its operations to cover its expenses. The free cash flow to net income ratio is above 1, suggesting that while the company is managing to convert its losses into cash flow, it is still insufficient to support growth or reduce debt. The negative growth in free cash flow further emphasizes the company's cash management challenges.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	435.79M	1.77B	2.71B	4.22B	5.06B	5.08B
Gross Profit	270.02M	884.61M	1.30B	2.24B	2.75B	2.84B
EBITDA	-226.42M	-2.51B	-1.16B	-1.09B	-428.25M	-670.79M
Net Income	-246.01M	-2.66B	-1.19B	-1.16B	-525.55M	-791.43M
Balance Sheet
Total Assets	6.65B	18.32B	822.86M	1.66B	2.57B	2.42B
Cash, Cash Equivalents and Short-Term Investments	2.02B	748.00M	170.77M	424.81M	919.68M	666.62M
Total Debt	5.59B	5.00B	2.55B	1.96B	1.91B	1.08B
Total Liabilities	6.09B	5.68B	2.90B	2.55B	2.47B	1.84B
Stockholders Equity	564.21M	12.64B	-2.08B	-893.79M	103.44M	573.09M
Cash Flow
Free Cash Flow	0.00	-2.52B	-790.56M	-673.70M	-636.61M	-535.00M
Operating Cash Flow	0.00	-1.95B	-747.82M	-597.53M	-580.26M	-397.11M
Investing Cash Flow	0.00	-10.68B	-28.67M	-55.33M	-43.57M	-230.28M
Financing Cash Flow	0.00	13.21B	523.08M	170.61M	876.85M	435.28M

ANAP Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 269.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3189, the sentiment is Negative. The current price of 269 is below the 20-day moving average (MA) of 270.70, below the 50-day MA of 309.90, and below the 200-day MA of 649.58, indicating a bearish trend. The MACD of -16.41 indicates Positive momentum. The RSI at 33.51 is Neutral, neither overbought nor oversold. The STOCH value of 2.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3189.

ANAP Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
3415	55 Neutral	¥15.19B	16.49	―	1.08%	17.48%	83.54%
7416	54 Neutral	¥12.35B	-30.67	―	2.24%	0.49%	-169.64%
7445	50 Neutral	¥10.82B	-16.34	-111.30%	―	-27.51%	96.20%
7494	47 Neutral	¥8.32B	17.58	―	4.13%	-10.82%	―
2686	42 Neutral	¥12.47B	-5.93	―	―	-9.54%	-53.85%
3189	40 Underperform	¥9.71B	-1.37	―	―	-34.49%	―