AltPlus Inc. (3672) AI Stock Analysis

• Market Cap: ¥3.34B
• Dividend Yield: N/A
• Average Volume (3M): 781.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• 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: 81,555,230
• 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: 42 Neutral
• Price Target: ¥41.00 ▼(-21.15% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is driven primarily by weak financial performance—shrinking revenue, sustained losses, and ongoing negative free cash flow—despite low leverage and positive equity. Technicals add downside risk with a clear downtrend and negative momentum, while valuation is constrained by the negative P/E and lack of dividend yield data.

Positive Factors

Low Financial Leverage

Reported zero total debt in 2024–2025 meaningfully reduces insolvency and interest-rate risk. Over a multi-month horizon, low leverage preserves financial flexibility to refinance, restructure, or invest, giving management time to address operating losses without immediate debt pressure.

Positive Equity Cushion

A roughly ¥1.01B equity base provides a cushion against continued losses and supports balance-sheet stability. This capital buffer can absorb further operating deficits, enabling strategic repositioning or product investment over the next several months without forcing immediate emergency financing.

Relatively Stable Gross Margin

Gross margins holding around mid-single digits show some resilience in core product economics despite shrinking sales. If management can reduce operating costs or restore top-line scale, the steady gross margin offers a clearer path to recovering operating profitability over a sustained 2–6 month turnaround plan.

Negative Factors

Multi-year Revenue Decline

Revenue has fallen materially over multiple years, halving from 7.29B in 2021 to 2.90B in 2025. Persistent top-line contraction signals loss of market share or weakening product demand, undermining operating leverage and making sustained recovery harder without new products or channels.

Structural Unprofitability

Consistent negative operating and net margins indicate the business is not covering fixed and operating costs at current scale. Over months, persistent unprofitability erodes retained earnings and limits capacity to invest in growth or R&D without external capital or drastic cost restructuring.

Persistent Negative Cash Flow

Negative operating and free cash flow each year, worsening to about -0.57B OCF in 2025, creates ongoing funding needs. Continued cash burn increases reliance on financing or asset sales and constrains strategic options, posing a material structural risk over the coming months if cash generation isn't restored.

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

Financials are weak: multi-year revenue decline (2025: 2.90B vs. 2021: 7.29B), persistent operating/net losses, and worsening cash burn with negative operating cash flow and free cash flow in 2025 (about -0.57B and -0.58B). The main offset is a low-risk balance sheet with zero reported debt in 2024–2025 and positive equity (~1.01B in 2025).

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 45.40, above the 50-day MA of 49.36, and below the 200-day MA of 66.03, indicating a bearish trend. The MACD of -2.08 indicates Positive momentum. The RSI at 37.20 is Neutral, neither overbought nor oversold. The STOCH value of 42.59 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	¥9.62B	9.63	―	―	11.15%	―
3928	61 Neutral	¥2.57B	10.49	―	―	-10.80%	-64.63%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3903	46 Neutral	¥17.05B	52.94	―	―	-37.68%	―
3656	45 Neutral	¥28.61B	-5.14	―	―	-14.71%	-38.87%
3672	42 Neutral	¥3.34B	-4.30	―	―	-17.60%	37.30%
3793	42 Neutral	¥11.41B	4.66	―	―	93.85%	-216.24%