enish, Inc. (3667) AI Stock Analysis

• Market Cap: ¥2.42B
• Dividend Yield: N/A
• Average Volume (3M): 602.80K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: -22.21%
• EPS Growth: 32.20%
• Country: JP
• Employees: 112
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -15.28
• Shares Outstanding: 43,981,560
• 10 Day Avg. Volume: 421,410
• 30 Day Avg. Volume: 602,803
• PEG Ratio: -0.06
• Price to Book (P/B): 1.94
• Price to Sales (P/S): 0.68
• P/FCF Ratio: -1.69
• 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: ¥57.00 ▲(0.00% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is weighed down primarily by weak financial performance—sharp revenue decline, deeply negative margins, and persistent cash burn—indicating elevated execution and funding risk. Technicals also remain bearish with the price below major moving averages and negative MACD. Valuation provides limited support due to negative earnings and no indicated dividend yield.

Positive Factors

Lower leverage / improved balance sheet flexibility

Significantly lower debt-to-equity versus 2023 reduces refinancing and liquidity risk, giving management more flexibility to fund product development, marketing, or strategic initiatives without immediate external capital. This structural improvement lengthens runway if losses persist.

Improving cash burn trend

A multi-year reduction in cash burn signals that cost controls or revenue mix changes are having effect, which can sustainably extend operational runway. If maintained, this trend improves solvency prospects and reduces the need for dilutive financing over the medium term.

Progress versus 2023 trough losses

Smaller losses versus the 2023 nadir indicate partial operational recovery and the potential for further margin stabilization. This suggests the company can incrementally improve unit economics if revenue stabilizes or cost discipline continues, supporting eventual return to profitability.

Negative Factors

Material revenue contraction

A steep, persistent revenue decline reduces operating leverage and undermines scale advantages critical in gaming (content investment, user acquisition efficiency). Continued top-line shrinkage strains margins and makes self-funding product development and marketing materially harder.

Deeply negative gross and net margins

Negative gross margins indicate core product economics are loss-making before overhead, a structural concern for sustainability. Such margin deficits require either durable revenue recovery or a fundamental shift in monetization or cost structure to restore profitable operations over the medium term.

Persistent negative operating and free cash flow

Continuous negative operating and free cash flow forces reliance on financing or asset sales, increasing dilution or solvency risk. Over months, sustained cash burn depletes equity (already eroded) and limits ability to invest in content or user acquisition needed to reverse revenue declines.

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

Overall financial quality is very weak: 2025 revenue fell 26.1% YoY, gross margin turned negative (-14.9%), and net margin worsened to -53.1%. Cash flow is also a major risk with negative operating cash flow (~-¥873M) and free cash flow (~-¥877M) in 2025. Balance sheet leverage is moderate and improved (debt-to-equity ~0.43), but equity erosion and deeply negative ROE (~-150%) keep the financial risk elevated.

Income Statement

Profitability remains very weak. In 2025 the company reported declining revenue (-26.1% YoY) and deep losses, with gross margin turning negative (-14.9%) and net margin deteriorating to -53.1% (vs. -26.6% in 2024). While losses were smaller than the 2023 trough, the overall trajectory shows shrinking scale and limited operating leverage, keeping earnings quality and visibility low.

Balance Sheet

Leverage is moderate and improved versus 2023, with debt-to-equity at ~0.43 in 2025 (down from ~1.48 in 2023), which provides some balance-sheet flexibility. However, equity has trended down from 2022 to 2025 and returns on equity are deeply negative (about -150% in 2025) due to sustained net losses—signaling ongoing capital erosion risk if profitability does not improve.

Cash Flow

Cash generation is a major concern: operating cash flow and free cash flow are negative across all years shown, including 2025 (operating cash flow about -¥873M; free cash flow about -¥877M). Cash burn improved from 2023–2024 levels but remains sizable, and cash flow continues to track net losses closely—indicating the business has not yet demonstrated self-funding operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.94B	2.17B	3.32B	3.51B	4.12B	3.89B
Gross Profit	27.67M	-323.61M	29.53M	-377.37M	348.44M	505.92M
EBITDA	-620.64M	-856.65M	-804.88M	-1.20B	-336.35M	-241.74M
Net Income	-904.27M	-1.15B	-882.22M	-1.37B	-415.44M	-279.71M
Balance Sheet
Total Assets	1.78B	1.59B	1.76B	1.89B	2.25B	1.54B
Cash, Cash Equivalents and Short-Term Investments	1.18B	994.38M	809.75M	1.09B	1.56B	652.91M
Total Debt	303.30M	331.69M	302.35M	753.00M	551.58M	552.20M
Total Liabilities	792.32M	827.09M	871.33M	1.38B	1.12B	974.66M
Stockholders Equity	984.25M	766.49M	889.46M	508.54M	1.13B	561.75M
Cash Flow
Free Cash Flow	0.00	-876.62M	-968.47M	-1.35B	-212.35M	-535.75M
Operating Cash Flow	0.00	-873.46M	-966.90M	-1.34B	-206.30M	-526.60M
Investing Cash Flow	0.00	-108.12M	-124.75M	-81.92M	67.20M	-49.22M
Financing Cash Flow	0.00	1.02B	1.15B	798.41M	1.10B	-172.12M

enish, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• 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 Negative. The current price of 57 is below the 20-day moving average (MA) of 57.20, below the 50-day MA of 60.54, and below the 200-day MA of 89.12, indicating a bearish trend. The MACD of -1.18 indicates Negative momentum. The RSI at 41.34 is Neutral, neither overbought nor oversold. The STOCH value of 40.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3667.

enish, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3912	76 Outperform	¥10.11B	16.35	15.74%	5.18%	5.17%	1662.63%
3911	62 Neutral	¥9.57B	9.63	―	―	11.15%	―
3928	61 Neutral	¥2.49B	10.49	―	―	-10.80%	-64.63%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3656	52 Neutral	¥29.86B	-95.92	―	―	-14.71%	-38.87%
3903	46 Neutral	¥17.21B	9.33	―	―	-37.68%	―
3667	42 Neutral	¥2.42B	-0.93	―	―	-22.21%	32.20%