V-cube, Inc. (JP:3681)
:3681
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V-cube
(3681)
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Rating:40Underperform
Price Target:
¥18.00
▼(-86.26% Downside)
Action:Reiterated
Date:06/03/26
The score is driven primarily by weak financial performance (losses, negative 2025 operating/free cash flow, and negative equity with ongoing debt), reinforced by bearish technicals (price far below key moving averages and negative MACD). Valuation provides limited offset because earnings are negative and no dividend yield is available.
Positive Factors
Gross margin base
A mid-30% gross margin provides a durable unit-economics buffer common in software businesses. That baseline margin can support reinvestment in product and customer success and allows operating leverage to restore profitability if fixed costs are tightened or revenue growth resumes.
Negative Factors
Negative shareholders' equity
Negative equity signals cumulative losses have exhausted retained capital, materially weakening financial flexibility. Combined with multi‑billion yen debt, this creates higher default, covenant and refinancing risk, limiting the company's ability to invest or absorb further operational shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin base
A mid-30% gross margin provides a durable unit-economics buffer common in software businesses. That baseline margin can support reinvestment in product and customer success and allows operating leverage to restore profitability if fixed costs are tightened or revenue growth resumes.
Read all positive factors
V-cube (3681) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥491.67M
Dividend YieldN/A
Average Volume (3M)112.55K
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth-5.78%
EPS Growth-161.84%
CountryJP
Employees372
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-71.22
Shares Outstanding26,343,900
10 Day Avg. Volume69,410
30 Day Avg. Volume112,550
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-4.29
Price to Sales (P/S)0.34
P/FCF Ratio-3.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)¥15.50B
V-cube Business Overview & Revenue Model
Company Description
V-cube, Inc., established in Tokyo, Japan, in 1998, specializes in delivering advanced visual communication solutions tailored for businesses. Its comprehensive suite of offerings includes V-CUBE Meeting, a cloud-powered web conferencing platform;...
How the Company Makes Money
null...
V-cube Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
12
Very Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.86B | 9.86B | 10.46B | 11.08B | 12.23B | 11.49B |
| Gross Profit | 3.52B | 3.56B | 3.95B | 4.64B | 5.42B | 5.31B |
| EBITDA | -251.02M | -1.90B | 287.18M | -2.76B | 1.44B | 1.93B |
| Net Income | -1.84B | -3.17B | -1.42B | -5.62B | 84.59M | 1.32B |
Balance Sheet | ||||||
| Total Assets | 10.94B | 9.18B | 10.48B | 12.33B | 16.89B | 15.44B |
| Cash, Cash Equivalents and Short-Term Investments | 1.07B | 2.00B | 1.01B | 1.39B | 1.70B | 1.82B |
| Total Debt | 7.21B | 6.92B | 7.89B | 8.66B | 7.89B | 7.48B |
| Total Liabilities | 9.69B | 9.84B | 10.46B | 11.58B | 10.90B | 10.34B |
| Stockholders Equity | 1.11B | -790.83M | -121.80M | 630.33M | 5.90B | 5.05B |
Cash Flow | ||||||
| Free Cash Flow | -1.14B | -1.01B | 671.00M | 588.78M | 1.18B | 1.39B |
| Operating Cash Flow | -1.01B | -530.63M | 815.79M | 990.96M | 1.83B | 2.09B |
| Investing Cash Flow | -11.00M | 2.54B | -422.99M | -1.92B | -2.40B | -5.97B |
| Financing Cash Flow | 548.69M | -1.04B | -809.73M | 562.40M | 290.31M | 2.83B |
V-cube Technical Analysis
Negative
131.00
Price Trends
38.90
Negative
86.57
Negative
113.37
Negative
Market Momentum
-6.18
Negative
30.66
Neutral
4.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3681, the sentiment is Negative. The current price of 131 is above the 20-day moving average (MA) of 23.35, above the 50-day MA of 38.90, and above the 200-day MA of 113.37, indicating a bearish trend. The MACD of -6.18 indicates Negative momentum. The RSI at 30.66 is Neutral, neither overbought nor oversold. The STOCH value of 4.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3681.
V-cube Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ¥9.14B | 8.60 | ― | 0.70% | 12.98% | 80.52% | |
66 Neutral | ¥6.51B | 24.35 | ― | 0.57% | 32.11% | -0.12% | |
63 Neutral | ¥4.82B | 28.59 | ― | ― | 6.84% | -67.48% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ¥5.86B | 13.65 | ― | ― | 18.87% | ― | |
58 Neutral | ¥11.09B | 25.13 | ― | ― | 12.68% | ― | |
40 Underperform | ¥491.67M | -0.15 | -233.58% | ― | -5.78% | -161.84% |
* Technology Sector Average
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V-cube Corporate Events
V-cube Shareholders Approve Going-Private Steps and Minority Buyout Plan
Jun 15, 2026
V-cube shareholders approved all eight proposals at an extraordinary general meeting, including financial statements for the 26th fiscal year, creation of Class V preferred share provisions, two third-party share issuances, a share consolidation, ...
V-cube Adjusts Effective Dates for Share Consolidation and Governance Changes
May 20, 2026
V-cube has amended elements of its previously announced plan for an extraordinary general meeting of shareholders, specifically changing the effective dates related to a planned share consolidation and associated amendments to its Articles of Inco...
V-cube Moves to Go Private via Third-Party Allotment and Share Consolidation
May 18, 2026
V-cube has signed a definitive agreement to issue Class V preferred shares via a third-party allotment to AVA3 HD Co., Ltd., an entity established by Japan Innovation Inc., as part of a broader transaction to make V-cube a wholly owned subsidiary....
V-cube Sets June EGM to Approve AVA3 Deal, Share Consolidation and Delisting
May 18, 2026
V-cube has called an extraordinary general meeting of shareholders for June 15, 2026, to approve financial statements for fiscal 2025 and a series of major capital and governance measures tied to a definitive agreement with AVA3 HD. Key proposals ...
V-cube Delays Definitive Sponsor Deal as Lender Talks Drag On
May 15, 2026
V-cube said it is still negotiating a definitive investment agreement with sponsor Japan Innovation Investment, under which a special purpose company formed by the sponsor would acquire newly issued shares and subsequently make V-cube a wholly own...
V-cube Continues Talks with Sponsor and Lenders on Rescue Investment
May 8, 2026
V-cube said it is still negotiating a definitive investment agreement with Japan Innovation Network Corp., under which a special purpose company would receive new shares via third-party allotment and subsequently make V-cube a wholly owned subsidi...
V-cube hit with auditor disclaimer over Nasdaq-linked fee probe
May 8, 2026
V-cube said its accounting auditor, Grant Thornton Taiyo, has issued a disclaimer of opinion on both its non-consolidated and consolidated financial statements for the year ended December 31, 2025, after failing to obtain sufficient evidence to su...
V-cube Faces Pricing Hurdle in Sponsor Talks After Audit and Probe Setbacks
Apr 30, 2026
V-cube said negotiations with sponsor Japan Innovation Network on a deal to make the company a wholly owned subsidiary via third-party allotment and share consolidation have been complicated by new governance and audit issues. J-INC has indicated ...
V-cube to Be Delisted from TSE Prime Market, Moves Toward Privatization After Net Asset Shortfall
Apr 30, 2026
V-cube has completed the delayed filing of its Annual Securities Report for the fiscal year ended December 31, 2025 with the Kanto Local Finance Bureau, confirming that its disclosed consolidated financial results remain unchanged after minor nume...
V-cube Clarifies Effective Dates for Board and Management Changes After Cancelled Adjourned Meeting
Apr 30, 2026
V-cube, Inc. announced corrections to previously disclosed information on changes to its representative directors and the appointment of directors, updating the status of resolutions taken on March 31, 2026. The company clarified that the change o...
V-cube Extends Loan Repayment Suspension as TEN Monetization Drags
Apr 30, 2026
V-cube has again amended the conditions of a syndicated loan tied to its acquisition of TEN Events, extending the suspension of scheduled repayments and financial covenant-related pressure from April to the end of June 2026. The move reflects ongo...
V-cube Cancels Adjourned AGM, Plans Extraordinary Meeting After Auditor Withholds Opinion
Apr 30, 2026
V-cube has cancelled the previously planned adjourned session of its 26th Annual General Meeting of Shareholders and instead will convene a separate Extraordinary General Meeting to report and seek approval for its business report and financial st...
V-cube Faces Auditor Exit After Disclaimer on 2025 Accounts
Apr 30, 2026
V-cube has disclosed that its independent auditor, Grant Thornton Taiyo LLC, will retire after completing the audit for the fiscal year ending December 31, 2025, and will not renew its audit contract. The firm had issued a disclaimer of opinion on...
V-cube Flags Material Weaknesses in Internal Controls Tied to U.S. Subsidiary TEN
Apr 30, 2026
V-cube has disclosed that its internal control over financial reporting for the year ended December 31, 2025, was not effective, citing material weaknesses and an inability to reach a conclusion on its internal control evaluation. The company high...
V-cube Hit With Auditor Disclaimer Amid Probe Into U.S. Subsidiary Fees
Apr 30, 2026
V-cube said its auditor, Grant Thornton Taiyo, has issued a disclaimer of opinion on the company’s standalone and consolidated financial statements for the year ended December 2025, as well as on its internal control audit. The auditor concl...
V-cube Corrects Earnings Notice, Books Extra Loss on Impairments and Unexplained TEN Payments
Apr 30, 2026
V-cube has issued a partial correction to its March 31 disclosure on non-operating expenses and extraordinary losses, aligning it with amended consolidated financial results for the year ended December 31, 2025. The revision clarifies how ongoing ...
V-cube Revises 2025 Results After Unidentified Expenditures Trigger Extraordinary Loss
Apr 30, 2026
V-cube has corrected its previously disclosed consolidated financial results for the year ended December 31, 2025, after determining that ¥808 million in consulting fees tied to a Nasdaq listing-related capital policy could not be substantiat...
V-cube Launches Special Probe Into TEN Advisory Fee Irregularities
Apr 24, 2026
V-cube has formed a Special Investigation Committee of independent legal and accounting experts after uncovering irregularities surrounding advisory fees paid by former consolidated subsidiary TEN Holdings. The move follows the discovery that form...
V-cube Moves Toward Sponsor Deal With Japan Innovation Investment After No Rival Bids
Apr 22, 2026
V-cube has been exploring strategic options after agreeing to a Sponsor Basic Agreement under which it would become a wholly owned subsidiary of a special-purpose company to be formed by Japan Innovation Investment through a third-party share allo...
V-cube Sets Record Date for Shareholder Vote on Rescue Deal and Potential Delisting
Apr 7, 2026
V-cube has set April 23, 2026, as the record date to determine shareholders eligible to vote at an extraordinary general meeting expected by June 2026. The move is tied to a planned restructuring transaction aimed at addressing the company’s...
V-cube Swings to Deeper Loss and Negative Equity as 2025 Earnings Slide
Apr 7, 2026
V-cube posted a 5.8% year-on-year decline in consolidated net sales to ¥9,859 million for the year ended December 31, 2025, with adjusted EBITDA plunging 85.1% to ¥156 million and operating profit deteriorating to a ¥2,059 million l...
V-cube Moves Toward Delisting With Rescue Deal After Second Year of Negative Net Assets
Apr 1, 2026
V-cube has fallen into negative net assets for a second consecutive year, largely due to sluggish performance and heavy impairment losses in its domestic Event DX business and at U.S. subsidiary TEN Holdings, jeopardizing its continued listing on ...
V-cube Warns of Possible Delisting After Delayed Earnings and Continued Excess Liabilities
Mar 31, 2026
V-cube has disclosed its consolidated financial results for the fiscal year ended December 31, 2025, more than 50 days after the year-end, following an extended review of potential impairment losses. The delay stemmed from discussions with its ind...
V-cube Faces TSE Supervision Risk After Delay in Annual Report Filing
Mar 31, 2026
V-cube, Inc. said it will miss the March 31 statutory deadline for filing its annual securities report for the year ended December 31, 2025, after its auditor raised issues in December over potential impairment losses tied to its Event DX business...
V-cube Moves Toward Delisting and Privatization After Negative Net Worth
Mar 31, 2026
V-cube, Inc., a Japanese provider of web conferencing and online collaboration solutions, operates in the broader digital communications and remote-work technology sector. The company focuses on delivering virtual meeting and event platforms to en...
V-cube Books Nearly ¥2 Billion in Impairment Losses, Misses FY2025 Forecasts
Mar 31, 2026
V-cube has disclosed that its results for the year ended December 31, 2025 diverged from prior forecasts due to significant non-operating expenses and extraordinary losses. The company reported foreign exchange losses totaling ¥97,053 thousan...
V-cube Clarifies Leadership Transition and Board Appointment Schedule
Mar 31, 2026
V-cube, Inc. has corrected details of its previously announced leadership changes, clarifying the timing and scope of board resolutions on representative directors and executive appointments. The company now states that changes to representative d...
V-cube Extends Suspension of Loan Repayments Amid Delays in TEN Monetization
Mar 31, 2026
V-cube has secured an extension of the temporary suspension of scheduled repayments on a syndicated loan tied to its acquisition of TEN Events, Inc., moving the deadline from the end of March 2026 to the end of April 2026. The company is in the pr...
V-cube to Book ¥234.9 Million Dividend from Telecube as Non-Operating Income
Mar 31, 2026
V-cube, Inc. has announced it will receive a dividend of 234.855 million yen from its consolidated subsidiary Telecube, Inc., following a resolution dated March 31, 2026, with payment scheduled for early April. The transaction, which triggers an e...
V-cube Posts Deeper 2025 Losses as Capital Erodes and Outlook Stays Unclear
Mar 31, 2026
V-cube reported a deterioration in its 2025 financial performance, with consolidated net sales falling 5.8% to ¥9.86 billion and adjusted EBITDA plunging 85.1%, while operating and ordinary results swung deeper into loss and net loss attribut...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.