enish, Inc. (3667) AI Stock Analysis

• Market Cap: ¥2.71B
• Dividend Yield: N/A
• Average Volume (3M): 602.80K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.48
• Revenue Growth: -22.21%
• EPS Growth: 32.20%
• Country: JP
• Employees: 112
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -7.76
• Shares Outstanding: 40,393,560
• 10 Day Avg. Volume: 421,410
• 30 Day Avg. Volume: 602,803
• PEG Ratio: 0.07
• Price to Book (P/B): 3.94
• Price to Sales (P/S): 1.05
• P/FCF Ratio: -3.61
• 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: 42 Neutral
• Price Target: ¥62.00 ▲(8.77% Upside)

The score is primarily held back by weak financial performance—declining revenue, ongoing losses, and negative operating/free cash flow—along with balance-sheet risk from higher debt reliance. Technical indicators are mixed (neutral momentum but negative MACD and price below longer-term averages), and valuation is constrained by a negative P/E that reflects unprofitable operations.

Positive Factors

Niche mobile game expertise

Specialization across RPG, simulation and puzzle genres positions enish to build durable player communities and IP. Genre focus supports repeatable content pipelines, efficient user acquisition targeting, and sustained lifetime value from both casual and hardcore player cohorts.

Diversified freemium monetization

A business model combining in-game purchases, advertising and partner collaborations creates multiple long-term monetization levers. This diversification smooths revenue volatility per title, enables cross-promotion across titles, and supports recurring ARPU improvements over time.

Balance sheet equity buffer

A reasonable equity ratio provides a capital cushion that can absorb operating losses and fund development cycles. That stability gives management runway to execute product roadmaps or pursue partnerships without immediate solvency pressure, aiding medium-term recovery efforts.

Negative Factors

Declining revenue and negative margins

Sustained revenue declines and negative margins point to structural product or monetization shortcomings. Over several months this depletes reinvestment capacity for live-ops and new titles, hinders scaling of successful IP, and raises the risk that core franchises cannot be revitalized without material change.

Negative operating and free cash flow

Persistently negative operating and free cash flow mean internal operations don't generate sufficient cash to fund capex or growth. This structural cash shortfall forces reliance on external financing, constrains content investment and risks underfunding live-ops that drive retention and monetization.

Higher debt reliance & negative ROE

Elevated debt reliance combined with negative ROE increases solvency and interest-rate sensitivity. Higher leverage raises fixed obligations, reduces financial flexibility to invest in product development, and magnifies downside if revenues remain weak over the medium term.

enish, Inc. Business Overview & Revenue Model

Company Description

enish,inc. plans, develops, and operates game applications in Japan. The company was incorporated in 2009 and is based in Tokyo, Japan.

How the Company Makes Money

enish, Inc. generates revenue primarily through the sale of in-game purchases and advertisements within its mobile games. The company's revenue model is heavily reliant on the freemium model, where games are offered for free with optional purchases that enhance gameplay or provide cosmetic upgrades. Additionally, enish collaborates with various partners for game development and distribution, enabling access to broader audiences and shared marketing efforts. The company also monetizes through strategic partnerships with advertising networks, allowing it to earn revenue from ad placements within its games. Overall, the combination of in-game sales, advertising revenue, and partnerships forms the core of enish's earnings strategy.

enish, Inc. Financial Statement Overview

Summary

Enish, Inc. is experiencing significant financial challenges, with declining revenues and sustained losses. The company relies heavily on debt financing, which increases financial risk. Negative cash flows indicate potential liquidity issues, necessitating strategic changes to improve financial health.

Income Statement

The company has seen declining revenue over recent years, with a significant drop from 2023 to 2024. Profit margins are negative, indicating the company is operating at a loss. The negative EBIT and EBITDA margins further reinforce the lack of profitability. Gross profit margin is extremely low, showing limited control over production costs or pricing power.

Balance Sheet

The company has a reasonable equity ratio, suggesting some stability in its asset management. However, the debt-to-equity ratio indicates a higher reliance on debt, posing financial risk. The negative net income results in a negative ROE, reflecting challenges in generating profits from equity.

Cash Flow

Operating cash flow is negative, and free cash flow remains negative, highlighting cash management issues. Despite occasional financing inflows, cash flow from operations is not sufficient to cover capital expenditures. The free cash flow to net income ratio is unfavorable, indicating inefficiencies in converting earnings to cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.94B	3.32B	3.51B	4.12B	3.89B	4.07B
Gross Profit	28.67M	29.53M	-378.00M	348.44M	505.92M	335.35M
EBITDA	-847.02M	-832.05M	-1.30B	-365.30M	-237.31M	-996.37M
Net Income	-904.39M	-882.22M	-1.37B	-415.44M	-279.71M	-1.04B
Balance Sheet
Total Assets	1.78B	1.76B	1.89B	2.25B	1.54B	2.05B
Cash, Cash Equivalents and Short-Term Investments	1.18B	809.75M	1.09B	1.56B	652.91M	1.11B
Total Debt	300.00M	302.35M	752.00M	551.58M	552.20M	437.81M
Total Liabilities	792.32M	871.33M	1.39B	1.12B	974.66M	1.21B
Stockholders Equity	984.25M	888.00M	507.00M	1.13B	561.75M	840.91M
Cash Flow
Free Cash Flow	0.00	-967.00M	-1.34B	-212.35M	-538.10M	-736.37M
Operating Cash Flow	0.00	-966.00M	-1.34B	-206.30M	-526.60M	-734.75M
Investing Cash Flow	0.00	-124.75M	-81.92M	67.20M	-49.22M	-58.97M
Financing Cash Flow	0.00	1.15B	798.00M	1.10B	-172.12M	1.22B

enish, Inc. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 57.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3667, the sentiment is Neutral. The current price of 57 is below the 20-day moving average (MA) of 58.70, below the 50-day MA of 70.76, and below the 200-day MA of 98.96, indicating a neutral trend. The MACD of -1.10 indicates Negative momentum. The RSI at 55.21 is Neutral, neither overbought nor oversold. The STOCH value of 79.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:3667.

enish, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3723	82 Outperform	¥16.91B	18.88	―	1.25%	3.50%	6.04%
3928	65 Neutral	¥2.62B	20.75	―	―	-10.80%	-64.63%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3907	58 Neutral	¥2.18B	7.04	―	1.36%	2.33%	―
3911	48 Neutral	¥10.70B	5.87	―	―	11.15%	―
3667	42 Neutral	¥2.71B	-1.84	―	―	-22.21%	32.20%