AltPlus Inc. (3672) AI Stock Analysis

• Market Cap: ¥3.50B
• Dividend Yield: N/A
• Average Volume (3M): 781.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: -17.60%
• EPS Growth: 37.30%
• Country: JP
• Employees: 217
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -3.14
• Shares Outstanding: 77,705,230
• 10 Day Avg. Volume: 413,670
• 30 Day Avg. Volume: 781,070
• PEG Ratio: 0.14
• Price to Book (P/B): 2.48
• Price to Sales (P/S): 0.87
• P/FCF Ratio: -4.36
• 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: 45 Neutral
• Price Target: ¥44.00 ▼(-15.38% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is held down primarily by weak financial performance (shrinking revenue, ongoing losses, and continued cash burn) and bearish technical trends (price below key moving averages with negative MACD). A debt-free balance sheet with positive equity provides some stability, but valuation signals are limited due to the negative P/E and lack of dividend data.

Positive Factors

Debt-free balance sheet

Zero reported debt in 2024–2025 materially reduces near-term solvency and refinancing risk, giving management time to execute turnaround actions. A debt-free structure preserves strategic optionality for 2–6 months+ and limits forced deleveraging pressure while operations stabilize.

Positive equity cushion

A roughly ¥1.01B equity base provides a tangible capital buffer that can absorb ongoing losses and support operational continuity. This cushion improves resilience against short-term shocks and gives the company runway to restructure or pursue strategic initiatives before insolvency risk becomes acute.

Relatively steady gross margins

Stable mid-single-digit gross margins suggest product pricing or direct-cost control has not collapsed despite revenue declines. That structural gross-profitability foundation makes it more feasible to restore overall margins via operating-cost reductions or scale effects if revenue stabilizes or growth initiatives succeed.

Negative Factors

Multi-year revenue contraction

Sustained top-line decline erodes market position and reduces operating leverage, making fixed-cost absorption harder and margin recovery more difficult. A shrinking revenue base compresses the addressable scale for fixed-cost recovery and raises the bar for successful product or commercial turnarounds over the medium term.

Persistent negative cash flow

Consistent cash burn, worsening versus prior year, limits the company's ability to self-fund operations, invest in product development, or weather delays in revenue recovery. Persistent negative FCF increases reliance on external financing or equity dilution, constraining strategic flexibility over the coming months.

Structural unprofitability and weak returns

Deep negative margins and a severely negative ROE indicate the business is destroying shareholder capital, not generating it. Over 2–6 months this undermines reinvestment capacity and may erode the equity cushion if losses persist, forcing strategic trade-offs or capital raises to avoid capital impairment.

AltPlus Inc. Business Overview & Revenue Model

Company Description

AltPlus Inc. engages in the planning, development, and operation of social games. It is also involved in IT service development and operation support. AltPlus Inc. was founded in 2010 and is headquartered in Tokyo, Japan.

How the Company Makes Money

AltPlus Inc. generates revenue through various streams, predominantly from in-app purchases within its mobile games, where users can buy virtual goods or currency to enhance their gaming experience. The company also earns money through advertising within its games and applications. Additionally, AltPlus provides operation support services to other gaming companies, which includes marketing, customer service, and server management, contributing to its revenue. Strategic partnerships with other gaming and technology firms further augment its financial performance by expanding its market reach and enhancing its service offerings.

AltPlus Inc. Financial Statement Overview

Summary

Overall fundamentals are weak due to multi-year revenue contraction, sustained operating/net losses, and persistent negative operating cash flow/free cash flow. The main offset is a conservatively levered balance sheet with zero debt in 2024–2025 and positive equity, which reduces near-term solvency risk but does not resolve the underlying unprofitability.

Income Statement

AltPlus remains structurally unprofitable, with negative operating and net margins across all provided years. Revenue has been shrinking for several consecutive years (down to 2.90B in 2025 vs. 7.29B in 2021), and profitability has not improved alongside the smaller revenue base—2025 net margin is about -15% versus roughly -2% in 2020. A positive is that gross margin has been relatively steady in the mid-single digits recently (around 6% in 2024–2025), but it remains low and insufficient to cover operating costs.

Balance Sheet

The balance sheet is conservatively levered: total debt is reported at 0 in 2024–2025 (and was modest earlier), which reduces financial risk. Equity remains positive (about 1.01B in 2025), providing some cushion. The key weakness is persistent losses driving poor returns on equity (roughly -43% in 2025), which can pressure the capital base over time if not reversed.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative every year shown, including roughly -0.57B operating cash flow and -0.58B free cash flow in 2025. Cash burn worsened versus 2024, indicating limited near-term self-funding capacity. While free cash flow and net loss move closely together (suggesting losses are largely cash-based rather than accounting-only), the persistent negative cash flow heightens funding and execution risk.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.90B	3.52B	4.39B	6.00B	7.29B
Gross Profit	174.04M	214.94M	373.39M	228.03M	487.68M
EBITDA	-440.12M	-444.94M	-391.57M	-761.16M	-350.36M
Net Income	-434.66M	-452.27M	-420.60M	-780.30M	-389.10M
Balance Sheet
Total Assets	1.75B	1.54B	1.90B	1.97B	2.92B
Cash, Cash Equivalents and Short-Term Investments	863.51M	766.13M	847.35M	783.87M	1.52B
Total Debt	0.00	0.00	0.00	116.67M	171.67M
Total Liabilities	733.51M	763.77M	943.53M	1.04B	1.22B
Stockholders Equity	1.01B	774.32M	950.46M	928.01M	1.69B
Cash Flow
Free Cash Flow	-575.35M	-411.23M	-456.15M	-731.36M	-64.09M
Operating Cash Flow	-573.01M	-410.77M	-452.04M	-710.62M	-63.84M
Investing Cash Flow	19.09M	62.97M	309.42M	94.24M	-317.40M
Financing Cash Flow	651.30M	266.58M	326.00M	-54.00M	126.67M

AltPlus Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 52.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3672, the sentiment is Negative. The current price of 52 is above the 20-day moving average (MA) of 46.65, above the 50-day MA of 50.32, and below the 200-day MA of 66.40, indicating a bearish trend. The MACD of -1.81 indicates Positive momentum. The RSI at 39.15 is Neutral, neither overbought nor oversold. The STOCH value of 23.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3672.

AltPlus Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3911	62 Neutral	¥9.95B	9.15	―	―	11.15%	―
3928	61 Neutral	¥2.61B	11.18	―	―	-10.80%	-64.63%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3903	46 Neutral	¥17.96B	5.89	―	―	-37.68%	―
3672	45 Neutral	¥3.50B	-4.48	―	―	-17.60%	37.30%
3656	45 Neutral	¥26.12B	-4.24	―	―	-14.71%	-38.87%
3793	42 Neutral	¥11.88B	-6.01	―	―	93.85%	-216.24%