V-cube (3681) AI Stock Analysis

• Market Cap: ¥3.86B
• Dividend Yield: N/A
• Average Volume (3M): 112.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: -8.32%
• EPS Growth: 71.98%
• Country: JP
• Employees: 372
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -13.79
• Shares Outstanding: 26,343,900
• 10 Day Avg. Volume: 69,410
• 30 Day Avg. Volume: 112,550
• PEG Ratio: 0.05
• Price to Book (P/B): -39.88
• Price to Sales (P/S): 0.46
• P/FCF Ratio: 7.24
• 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: 48 Neutral
• Price Target: ¥152.00 ▲(16.03% Upside)

The score is held down primarily by weak financial performance (declining revenue, significant losses, and negative equity). Technicals are comparatively supportive with price strength above moving averages and a positive MACD, but an elevated RSI suggests momentum may be stretched. Valuation remains constrained due to loss-making results and a negative P/E.

Positive Factors

Recurring subscription revenue model

A subscription-led model provides durable revenue predictability and customer retention, supporting steady cash inflows and easier forecasting. Over 2–6 months this underpins ability to invest in platform improvements and upsell enterprise accounts, strengthening long-term customer lifetime value.

Positive operating and free cash flow recovery

Consistent positive operating cash flow and a recovery to positive free cash flow indicate the business can self-fund operations and modest investments without immediate reliance on external capital. This enhances financial flexibility and supports a multi-month runway to pursue profitability initiatives.

Stable gross profit margins

Stable gross margins imply solid unit economics of the core platform, enabling operating leverage if topline stabilizes or grows. This structural resilience in product economics supports scalable growth and makes margin recovery more achievable as fixed costs are spread over higher volumes.

Negative Factors

Sustained revenue decline

A multiyear top-line decline signals structural demand weakness or market share loss, reducing the company's ability to absorb fixed costs and invest in product development. Persistent revenue contraction undermines prospects for margin recovery and long-term growth without strategic change.

Material net losses and negative margins

Large operating and net losses erode equity and limit reinvestment capacity. Over a medium-term horizon, continued negative margins increase reliance on external financing, constrain R&D and go-to-market spending, and raise execution risk for turning growth back on sustainably.

Negative shareholders' equity and high leverage

Negative equity and high leverage materially increase solvency and refinancing risks. This structural balance-sheet weakness restricts access to capital, may force costly financing or asset sales, and limits strategic flexibility, posing a significant long-term risk to operational continuity.

V-cube Business Overview & Revenue Model

Company Description

V-cube, Inc. develops and provides visual communication services to enterprise customers. The company offers V-CUBE Meeting, a cloud-based Web conferencing service; V-CUBE Seminar, a Web seminar product for seminars, training, and information sessions; V-CUBE Sales, a web conferencing tool for online sales; V-CUBE Learning, a learning management system (LMS) that has incorporated the virtual online platform for training and learning purposes; and V-CUBE Voice, a teleconferencing service. It also provides Telecube, a soundproof smartphone box that can be installed anywhere and there are tables and chairs, and a PC inside that can be used for web conferencing; QUMU, a cloud-type video distribution management system; Agora for implementation of video calls and live distribution on iOS/Android applications and websites; EventIn, an online event platform; V-CUBE Collaboration, a web conferencing service to share video and audio, and PC desktop screens in real-time; and Realwear explosion-proof smart glass. In addition, the company offers hardware related to visual communication, such as web cameras, headsets, microphones with echo cancellers, large LCD displays, etc., as well as post-installation management services. V-cube, Inc. was founded in 1998 and is headquartered in Tokyo, Japan.

How the Company Makes Money

V-cube generates revenue primarily through subscription fees for its cloud-based services, which include video conferencing, online seminars, and virtual event platforms. The company also earns income from one-time service fees for custom solutions and technical support. Key revenue streams include corporate subscriptions, educational institution contracts, and partnerships with other tech companies for integrated services. Additionally, V-cube has established collaborations with various organizations to enhance its service offerings, contributing to its overall earnings through expanded market reach and customer base.

V-cube Financial Statement Overview

Summary

Weak overall fundamentals: revenue has declined (¥12.2B in 2022 to ¥10.5B in 2024) and profitability is materially negative (¥1.4B net loss in 2024 with negative EBIT/EBITDA margins). Balance sheet risk is high with stockholders’ equity turning negative in 2024, while cash flow is a relative bright spot with positive operating cash flow and free cash flow recovering to ¥671M in 2024.

Income Statement

V-cube, Inc. has experienced declining revenue over the past years, dropping from ¥12.2 billion in 2022 to ¥10.5 billion in 2024. The company has faced significant profitability challenges, evidenced by negative net profit margins in recent years, with a net income loss of ¥1.4 billion in 2024. Margins have also deteriorated, with the EBIT and EBITDA margins turning negative in 2023 and remaining low in 2024. While gross profit margins have remained relatively stable, the overall income statement performance suggests the company is struggling to maintain profitability.

Balance Sheet

The balance sheet of V-cube, Inc. reveals financial instability, with stockholders' equity turning negative in 2024. The debt-to-equity ratio is concerning due to negative equity, indicating high leverage. Total debt remains significantly high compared to the company’s assets, suggesting potential liquidity issues. These factors demonstrate a weak financial position and may pose risks to the company's long-term sustainability.

Cash Flow

Despite operating cash flow remaining positive, V-cube, Inc. has experienced volatility in free cash flow, recovering from negative figures in previous years to a positive ¥671 million in 2024. However, the operating cash flow to net income ratio is impacted by negative net income. The company's ability to generate cash from operations is a positive sign, but the fluctuations in free cash flow indicate potential challenges in managing capital expenditures and financing activities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.86B	10.46B	11.08B	12.23B	11.49B	8.28B
Gross Profit	3.52B	3.95B	4.64B	5.42B	5.31B	3.87B
EBITDA	-251.02M	287.18M	-2.76B	1.44B	1.93B	1.89B
Net Income	-1.84B	-1.42B	-5.62B	84.59M	1.32B	1.14B
Balance Sheet
Total Assets	10.94B	10.48B	12.33B	16.89B	15.26B	10.03B
Cash, Cash Equivalents and Short-Term Investments	1.07B	1.01B	1.39B	1.70B	1.82B	2.77B
Total Debt	7.21B	7.89B	8.66B	7.89B	7.48B	3.49B
Total Liabilities	9.69B	10.46B	11.58B	10.90B	10.16B	6.21B
Stockholders Equity	1.11B	-121.81M	630.32M	5.90B	5.05B	3.79B
Cash Flow
Free Cash Flow	-1.14B	671.00M	-1.15B	-414.09M	-25.91M	1.09B
Operating Cash Flow	-1.01B	815.79M	990.96M	1.83B	2.09B	1.98B
Investing Cash Flow	-11.00M	-473.13M	-1.92B	-2.40B	-5.97B	-935.46M
Financing Cash Flow	548.69M	-759.60M	562.40M	290.31M	2.83B	950.76M

V-cube Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 131.00
• 50DMA: Positive
• 100DMA: Positive
• 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:3681, the sentiment is Neutral. The current price of 131 is below the 20-day moving average (MA) of 146.85, above the 50-day MA of 130.02, and below the 200-day MA of 151.45, indicating a neutral trend. The MACD of 4.28 indicates Positive momentum. The RSI at 49.54 is Neutral, neither overbought nor oversold. The STOCH value of 26.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:3681.

V-cube Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3933	75 Outperform	¥5.10B	9.85	―	1.84%	86.36%	116.52%
3921	74 Outperform	¥24.93B	13.98	―	2.53%	16.13%	62.27%
3826	70 Outperform	¥5.57B	7.35	―	2.28%	―	―
3841	62 Neutral	¥4.99B	26.07	―	3.14%	-1.09%	-14.08%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
3681	48 Neutral	¥3.86B	-2.23	-282.36%	―	-8.32%	71.98%
3936	48 Neutral	¥5.16B	63.32	―	―	33.73%	―

V-cube Corporate Events

V-cube’s U.S. Subsidiary TEN Raises Capital as Parent Prepares to Deconsolidate Unit in 2026

V-cube, Inc. announced that its U.S. subsidiary TEN Holdings, Inc. has completed a new fundraising round of approximately US$2.25 million through the issuance of 991,000 new shares at US$2.27 per share, reducing V-cube’s voting rights in TEN from 50.90% to 38.22%. Despite falling below a majority stake, V-cube expects to continue treating TEN as a consolidated subsidiary for the fiscal year ending December 31, 2025, based on effective control, but aims to remove TEN from its consolidated scope at the start of the fiscal year ending December 31, 2026. The company is currently assessing the impact of this reorganization and related capital gains on its full-year consolidated earnings forecasts and will announce any necessary revisions once the evaluation is complete.

The most recent analyst rating on (JP:3681) stock is a Hold with a Yen121.00 price target. To see the full list of analyst forecasts on V-cube stock, see the JP:3681 Stock Forecast page.

V-cube Books ¥598 Million Extraordinary Gain From Sale of Investment Securities

V-cube, Inc. has decided to sell a portion of its investment securities, booking an extraordinary gain of 598 million yen on December 29, 2025, as part of a broader effort to improve asset efficiency and strengthen its financial structure. The gain will be recorded in both non-consolidated and consolidated results for the fourth quarter of the fiscal year ending December 31, 2025, and while the company is still assessing the overall impact on full-year consolidated earnings, the move signals a proactive balance-sheet management stance that could bolster financial resilience and potentially influence future performance metrics for investors and other stakeholders.

The most recent analyst rating on (JP:3681) stock is a Hold with a Yen121.00 price target. To see the full list of analyst forecasts on V-cube stock, see the JP:3681 Stock Forecast page.

V-cube Restructures Subsidiaries to Boost Telecube Business

V-cube, Inc. has announced a strategic business reorganization involving its subsidiary, Telecube, Inc., and its affiliate, Telecube Service Co., Ltd. The reorganization aims to strengthen V-cube’s competitive advantage by making Telecube, Inc. a wholly owned subsidiary, allowing for greater management flexibility and efficiency. Meanwhile, Mitsubishi Estate will focus on the installation and operation of Telecube units, acquiring all shares of Telecube Service, which will no longer be an affiliate of V-cube. This move is expected to enhance innovation and revenue growth in V-cube’s Third Place DX Business.

The most recent analyst rating on (JP:3681) stock is a Hold with a Yen121.00 price target. To see the full list of analyst forecasts on V-cube stock, see the JP:3681 Stock Forecast page.

V-cube Suspends Loan Repayments Amid Restructuring Efforts

V-cube, Inc. has announced a temporary suspension of loan repayments until March 2026, as part of its strategy to stabilize its financial base amidst restructuring efforts involving its U.S. subsidiary, TEN Holdings, Inc. This move is intended to alleviate financial pressure and allow the company to focus on future business and repayment plans, while maintaining the support of its financial institutions.

The most recent analyst rating on (JP:3681) stock is a Hold with a Yen121.00 price target. To see the full list of analyst forecasts on V-cube stock, see the JP:3681 Stock Forecast page.

V-cube, Inc. Advances Toward Listing Compliance with Improved Net Assets

V-cube, Inc. announced progress in meeting the listing maintenance criteria for the Tokyo Stock Exchange’s Prime Market. After facing challenges due to impairment losses, the company has improved its net assets through the IPO of its subsidiary, TEN Holdings, and other financial strategies, ensuring a positive financial outlook and continued listing eligibility.

The most recent analyst rating on (JP:3681) stock is a Sell with a Yen131.00 price target. To see the full list of analyst forecasts on V-cube stock, see the JP:3681 Stock Forecast page.

V-cube Reports Significant Foreign Exchange Losses in Q3 2025

V-cube, Inc. has reported foreign exchange losses amounting to 17,013 thousand yen for the third quarter of the fiscal year ending December 31, 2025. These losses, primarily due to the revaluation of foreign currency-denominated assets and liabilities, have resulted in a total of 90,994 thousand yen in foreign exchange losses for the first nine months of the fiscal year. This financial impact is reflected in the company’s consolidated financial results for the period, indicating potential challenges in managing currency fluctuations.

The most recent analyst rating on (JP:3681) stock is a Sell with a Yen131.00 price target. To see the full list of analyst forecasts on V-cube stock, see the JP:3681 Stock Forecast page.

V-cube Reports Decline in Financial Performance for 2025

V-cube, Inc. reported a decline in its financial performance for the nine months ended September 30, 2025, with net sales dropping by 7.5% and a significant decrease in adjusted EBITDA by 70.5%. The company experienced operating and ordinary losses, reflecting challenges in its market positioning and operational efficiency. Despite these setbacks, the company maintains its forecast for the fiscal year ending December 31, 2025, with no revisions to previously announced projections.

The most recent analyst rating on (JP:3681) stock is a Sell with a Yen131.00 price target. To see the full list of analyst forecasts on V-cube stock, see the JP:3681 Stock Forecast page.