AltPlus Inc. (3672) AI Stock Analysis

• Market Cap: ¥3.73B
• Dividend Yield: N/A
• Average Volume (3M): 781.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• Revenue Growth: -17.60%
• EPS Growth: 37.30%
• Country: JP
• Employees: 217
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -1.90
• 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: ¥46.00 ▼(-11.54% Downside)

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 materially reduces near-term solvency and interest burden risk. This durable capital structure gives management flexibility to execute restructuring or invest in product initiatives without immediate refinancing pressure, improving runway versus leveraged peers.

Positive equity cushion

A sizable positive equity base supplies a capital buffer to absorb ongoing losses and supports continuity while management pursues turnaround actions. This structural capital headroom lowers immediate insolvency risk and preserves optionality for strategic choices.

Relatively stable gross margin

Consistent mid-single-digit gross margins indicate the core product economics have not collapsed despite volume declines. That durable cost-of-goods consistency means restoring scale or reducing operating expense could more directly translate into improved profitability.

Negative Factors

Multi-year revenue contraction

Sustained revenue decline erodes scale, market relevance, and pricing power. Over several years this weakens competitive position, reduces leverage over fixed costs, and makes recovery harder because lost customer relationships and scale economies take time and investment to rebuild.

Persistent negative cash flow

Chronic operating and free cash flow deficits indicate the business is not self-funding and is burning cash to maintain operations. Over a multi-month horizon this raises financing and execution risk, constrains strategic investment, and can force dilutive or costly capital raises.

Structural unprofitability and poor returns

Persistently negative margins and very low returns on equity show the company cannot convert revenue into sustainable profit. This depletes shareholder capital over time and means lasting improvement requires material change to either revenue trajectory or cost structure.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.93B	2.90B	3.52B	4.39B	6.00B	7.29B
Gross Profit	139.34M	174.04M	214.94M	373.39M	228.03M	487.68M
EBITDA	-430.14M	-440.12M	-444.94M	-391.57M	-761.16M	-350.36M
Net Income	-470.16M	-434.66M	-452.27M	-420.60M	-780.30M	-389.10M
Balance Sheet
Total Assets	1.47B	1.75B	1.54B	1.90B	1.97B	2.92B
Cash, Cash Equivalents and Short-Term Investments	714.72M	863.51M	766.13M	847.35M	783.87M	1.52B
Total Debt	0.00	0.00	0.00	0.00	116.67M	171.67M
Total Liabilities	662.63M	733.51M	763.77M	943.53M	1.04B	1.22B
Stockholders Equity	805.61M	1.01B	774.32M	950.46M	928.01M	1.69B
Cash Flow
Free Cash Flow	0.00	-575.35M	-411.23M	-456.15M	-731.36M	-64.09M
Operating Cash Flow	0.00	-573.01M	-410.77M	-452.04M	-710.62M	-63.84M
Investing Cash Flow	0.00	19.09M	62.97M	309.42M	94.24M	-317.40M
Financing Cash Flow	0.00	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: Positive

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 51.45, below the 50-day MA of 53.98, and below the 200-day MA of 67.11, indicating a bearish trend. The MACD of -1.85 indicates Positive momentum. The RSI at 34.27 is Neutral, neither overbought nor oversold. The STOCH value of 19.05 is Positive, 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
3928	65 Neutral	¥2.48B	19.58	―	―	-10.80%	-64.63%
3907	64 Neutral	¥1.94B	9.41	―	1.36%	2.33%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3639	47 Neutral	¥1.81B	57.89	―	―	-17.76%	-15.23%
3672	45 Neutral	¥3.73B	-3.41	―	―	-17.60%	37.30%
3667	42 Neutral	¥2.53B	-1.75	―	―	-22.21%	32.20%
3664	39 Underperform	¥3.05B	-4.51	―	―	-9.66%	-55.87%