m-up holdings, Inc. (3661) AI Stock Analysis

• Market Cap: ¥59.94B
• Dividend Yield: 0.9%
• Average Volume (3M): 326.06K
• Price to Earnings (P/E): 23.2
• Beta (1Y): 0.67
• Revenue Growth: 30.25%
• EPS Growth: 67.87%
• Country: JP
• Employees: 283
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 11.85
• Shares Outstanding: 72,992,775
• 10 Day Avg. Volume: 407,470
• 30 Day Avg. Volume: 326,056
• PEG Ratio: 2.80
• Price to Book (P/B): 8.08
• Price to Sales (P/S): 2.43
• P/FCF Ratio: 12.23
• 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: 80 Outperform
• Price Target: ¥1,090.00 ▲(14.98% Upside)

The score is driven primarily by strong financial quality (profitable growth, strong cash generation, and zero debt), partially offset by 2025 margin compression and historically volatile cash flow. Technicals are supportive in the short term but mixed versus longer-term moving averages, while valuation is reasonable (P/E ~13.3) with a low dividend yield.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term financial stability.

Cash Generation

Strong cash generation enhances financial flexibility, allowing for reinvestment in growth opportunities and resilience against economic downturns.

Debt-Free Balance Sheet

A debt-free balance sheet reduces financial risk, providing stability and enabling the company to capitalize on growth opportunities without leverage constraints.

Negative Factors

Margin Compression

Margin compression may indicate rising costs or pricing pressures, potentially impacting profitability and requiring strategic adjustments to maintain margins.

Cash Flow Volatility

Volatile cash flow can challenge financial planning and stability, necessitating careful management to ensure consistent liquidity and operational funding.

Increased Costs

Rising costs could pressure margins and profitability, requiring efficiency improvements or pricing strategies to sustain financial performance.

m-up holdings, Inc. Business Overview & Revenue Model

Company Description

m-up holdings, Inc. engages in the mobile and PC content distribution, and e-commerce businesses in Japan. The company is also involved in the official fan site management; entertainment Website management; management of music/video distribution site; e-book label management; production of digital contents; and application creation for smartphones. In addition, it engages in the fan club Website operation; YouTube channel construction; and Website creation business. Further, the company is involved in the e-commerce activities consisting of the sale of CD, DVD, and goods; the management of collection brand site; planning and production of goods; and various mail order site management, as well as electronic ticket business. m-up holdings, Inc. was founded in 2004 and is headquartered in Tokyo, Japan.

How the Company Makes Money

m-up Holdings, Inc. generates revenue through several key streams, primarily focusing on its digital content distribution services. The company earns money by licensing digital music and videos to various platforms, ensuring that artists and content creators have a means of monetizing their work. Additionally, m-up Holdings offers mobile content services that include ringtones and wallpapers, which further contribute to its earnings. The company also provides e-book services, allowing it to tap into the growing digital publishing market. Strategic partnerships with entertainment companies and mobile carriers enhance its distribution capabilities and expand its market reach, significantly contributing to its financial performance.

m-up holdings, Inc. Financial Statement Overview

Summary

Strong overall fundamentals: consistent revenue growth to 25.8B (2025), growing net income to 1.67B, and very conservative leverage with zero reported debt. Offsets include margin compression in 2025 versus 2024 and some historical cash flow volatility despite strong 2025 operating (5.48B) and free cash flow (5.11B).

Income Statement

The company shows a solid multi-year growth profile, with revenue rising each year and reaching 25.8B in 2025 (annual), including strong growth in 2024 and 2023. Profitability is healthy with double-digit operating profit margins across the period, though 2025 saw some margin compression versus 2024 (lower gross, operating, and net margins). Net income continues to grow to 1.67B in 2025, but the softer margin trajectory is a key watch item.

Balance Sheet

The balance sheet is very conservatively positioned with zero reported debt across all periods, which significantly reduces financial risk and improves flexibility. Equity has grown to 7.74B in 2025 alongside a larger asset base, and returns on equity remain strong (roughly high-teens to low-20s in recent years), indicating efficient profitability relative to shareholder capital. The main limitation is that with no liquidity detail provided, the analysis is centered on leverage and returns rather than near-term balance sheet buffers.

Cash Flow

Cash generation is strong and improving, with operating cash flow rising to 5.48B and free cash flow to 5.11B in 2025 (annual). Free cash flow closely tracks earnings in most years, supporting earnings quality, and the business rebounded sharply from the 2020 outlier year when free cash flow was negative. A caution is that cash flow has shown meaningful volatility historically (notably 2020 and the 2023 free cash flow step-down), so stability of conversion remains a key focus.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	27.36B	25.78B	18.57B	15.94B	13.57B	12.33B
Gross Profit	8.34B	7.82B	6.05B	5.03B	4.35B	3.70B
EBITDA	4.07B	3.61B	3.34B	2.57B	2.05B	1.47B
Net Income	2.05B	1.67B	1.48B	1.09B	976.00M	633.14M
Balance Sheet
Total Assets	26.33B	25.98B	19.55B	16.44B	14.19B	11.76B
Cash, Cash Equivalents and Short-Term Investments	12.38B	12.33B	8.78B	6.93B	6.74B	4.82B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	17.27B	17.20B	12.41B	9.79B	8.79B	7.31B
Stockholders Equity	7.90B	7.74B	6.38B	6.19B	5.13B	4.29B
Cash Flow
Free Cash Flow	0.00	5.11B	2.81B	817.00M	2.01B	1.87B
Operating Cash Flow	0.00	5.48B	2.99B	1.46B	2.57B	1.98B
Investing Cash Flow	0.00	-1.05B	-604.00M	-1.07B	-459.82M	-1.66B
Financing Cash Flow	0.00	-881.00M	-586.00M	-149.00M	-191.60M	-403.62M

m-up holdings, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 948.00
• 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:3661, the sentiment is Negative. The current price of 948 is above the 20-day moving average (MA) of 867.45, above the 50-day MA of 879.92, and below the 200-day MA of 988.77, indicating a bearish trend. The MACD of -18.72 indicates Positive momentum. The RSI at 36.22 is Neutral, neither overbought nor oversold. The STOCH value of 19.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3661.

m-up holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3661	80 Outperform	¥59.94B	23.21	―	0.90%	30.25%	67.87%
3922	77 Outperform	¥35.59B	16.65	―	0.38%	18.02%	46.43%
3662	70 Outperform	¥19.94B	17.27	―	1.85%	0.63%	-1.84%
3491	67 Neutral	¥63.92B	15.92	―	―	31.11%	96.33%
3679	67 Neutral	¥49.81B	11.82	―	1.54%	10.84%	5.13%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%

m-up holdings, Inc. Corporate Events

m-up Holdings Revises Financial Forecast Upward for FY 2026

m-up Holdings, Inc. has revised its consolidated financial forecast for the fiscal year ending March 31, 2026, due to stronger-than-expected growth in its content and electronic ticketing businesses. The company anticipates higher net sales and profits, driven by increased paid memberships and ticket sales, despite expecting higher costs related to server expenses, personnel, and new business initiatives.

m-up Holdings Announces Stock Split and Dividend Increase

m-up Holdings, Inc. has announced a 5-for-1 stock split to make its shares more accessible to a broader range of investors, thereby enhancing liquidity and expanding its investor base. Additionally, the company has revised its year-end dividend forecast, increasing the dividend per share to 25 yen, reflecting a strategic focus on stable profit returns and business expansion.

m-up holdings, Inc. Reports Strong Financial Growth and Announces Stock Split

m-up holdings, Inc. reported a significant increase in its financial performance for the six months ending September 30, 2025, with net sales rising by 23.2% and profit attributable to owners of the parent more than doubling. The company announced a stock split to enhance shareholder value, reflecting its strong market position and commitment to growth, with a revised dividend forecast indicating a substantial increase.