Fisco Ltd. (3807) AI Stock Analysis

• Market Cap: ¥5.04B
• Dividend Yield: N/A
• Average Volume (3M): 358.30K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.08
• Revenue Growth: 34.00%
• EPS Growth: 99.28%
• Country: JP
• Employees: 29
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): -0.52
• Shares Outstanding: 45,908,222
• 10 Day Avg. Volume: 283,360
• 30 Day Avg. Volume: 358,303
• PEG Ratio: 6.51
• Price to Book (P/B): 4.70
• Price to Sales (P/S): 6.31
• P/FCF Ratio: 79.32K
• 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: 50 Neutral
• Price Target: ¥128.00 ▲(10.34% Upside)
• Action: Upgraded Date: 02/20/26
• Date: Action: Upgraded 02/20/26

The score is held back primarily by volatile and mostly negative profitability and inconsistent cash generation, despite a relatively conservative balance sheet. Technicals are neutral-to-mixed with short-term support but a weaker longer-term trend, and valuation is difficult to justify given negative earnings and no dividend data.

Positive Factors

Conservative balance sheet

Low reported debt and a sizable equity base give the company financial flexibility to fund operations or absorb losses without heavy external financing. Contained leverage reduces solvency risk and preserves strategic optionality over the next several quarters despite earnings volatility.

Revenue and gross profit recovery

A clear rebound in revenue together with meaningful gross profit improvement indicates the business can restore top-line momentum and improve unit economics. If sustained, these trends support durable margin recovery and longer-term operating leverage versus recent losses.

Return to positive cash flow

Re-emergence of modest positive OCF/FCF in 2025 shows operational cash generation is returning. While still small, it reduces immediate liquidity pressure, helps fund working capital, and provides a foundation for rebuilding durable cash conversion if management sustains controls.

Negative Factors

Highly volatile, negative profitability

Large recent net losses and pronounced profit volatility undermine confidence in durable earnings power. Without consistent margin improvement, occasional rebounds may not translate into sustained profitability, making long-term cash generation and shareholder returns uncertain.

Inconsistent cash generation

Irregular OCF/FCF patterns reveal instability in core operations and a limited cash buffer. The small positive cash flow base relative to revenue means renewed margin pressure could quickly reverse improvements, constraining reinvestment and forcing external funding that reduces flexibility.

Equity and execution variability

Material swings in equity reflect volatile earnings and suggest execution or capital-allocation inconsistency. This variability raises questions about management’s ability to deliver stable returns and complicates long-term planning and investor confidence.

Fisco Ltd. Business Overview & Revenue Model

Company Description

FISCO Ltd. provides investment support services. It analyzes Japanese and overseas stocks; foreign exchanges; rates and bonds, including Japanese government, overseas, and corporate bonds; commodities; emerging markets; and market movements. The company also provides information from market participants, market topics, and speculations on a real-time basis; and operates website platforms that offer various financial information. In addition, it offers IR consulting services, communication tools, English and multilingual translations, and IR professional services; corporate reports; and brand communication, interactive, sales promotion support, and advertisement consultation services. Further, the company offers CLUB FISCO, an information sales service for club members; and FISCO AI that provides automated predictions for share prices. FISCO Ltd. was founded in 1994 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Fisco Ltd. generates revenue through multiple streams primarily related to its financial services offerings. The company earns management fees from the assets it manages in various investment funds and portfolios. Additionally, it collects advisory fees for providing investment advice and financial planning services to clients. Transaction fees from buying and selling securities, as well as performance-based fees linked to the success of its investment strategies, also contribute to its earnings. Significant partnerships with financial institutions and technology providers enhance its service offerings and client reach, thereby boosting its revenue potential.

Fisco Ltd. Financial Statement Overview

Summary

Overall fundamentals are mixed: a solid balance sheet (low leverage) is offset by highly volatile profitability with very large losses in 2023–2024 and only modest stabilization in 2025. Cash flow has also been inconsistent, with negative OCF/FCF in 2023–2024 and only slightly positive levels in 2025.

Income Statement

Revenue rebounded sharply in 2024 versus 2023, but profitability has been highly volatile and mostly negative in recent years. 2023–2024 show very large net losses and deeply negative margins, followed by a near-breakeven EBIT in 2025 (still a net loss). Gross profit improved meaningfully in 2025 versus 2024, but the company has not yet demonstrated consistent, durable earnings power after the 2021 profitability peak.

Balance Sheet

The balance sheet appears conservatively levered, with low reported debt levels in recent periods and a large equity base relative to debt (notably in 2025). However, equity has fluctuated materially across years, consistent with the income statement volatility, which adds uncertainty around stability and capital durability. Overall leverage risk looks contained, but the variability in equity and returns suggests execution risk remains.

Cash Flow

Cash generation has been inconsistent. Operating and free cash flow were strong in 2021–2022, then turned meaningfully negative in 2023–2024, before returning to slightly positive levels in 2025. The recent improvement is a positive sign, but the current cash flow base (2025) is small relative to revenue, leaving limited cushion if profitability weakens again.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	720.44M	842.94M	867.88M	450.74M	1.18B	1.25B
Gross Profit	264.98M	494.48M	208.55M	19.38M	714.22M	774.89M
EBITDA	-3.05B	4.47M	-685.92M	-1.55B	-2.64B	5.37B
Net Income	-3.14B	-8.29M	-530.70M	-1.59B	-2.76B	3.80B
Balance Sheet
Total Assets	3.02B	2.67B	1.78B	2.09B	3.81B	5.38B
Cash, Cash Equivalents and Short-Term Investments	149.01M	228.36M	235.61M	528.93M	1.08B	1.13B
Total Debt	122.93M	8.00M	8.00M	109.70M	50.51M	83.51M
Total Liabilities	1.83B	1.54B	1.54B	1.80B	1.76B	1.76B
Stockholders Equity	1.19B	1.13B	240.50M	289.91M	2.05B	3.62B
Cash Flow
Free Cash Flow	0.00	67.00K	-76.84M	-66.82M	134.91M	298.59M
Operating Cash Flow	0.00	513.00K	-39.92M	-40.10M	170.77M	321.92M
Investing Cash Flow	0.00	-7.78M	90.36M	-46.93M	-40.28M	45.15M
Financing Cash Flow	0.00	0.00	-102.04M	-78.08M	-163.97M	-221.79M

Fisco Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 116.00
• 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:3807, the sentiment is Negative. The current price of 116 is below the 20-day moving average (MA) of 117.85, below the 50-day MA of 120.56, and below the 200-day MA of 141.00, indicating a bearish trend. The MACD of -3.03 indicates Positive momentum. The RSI at 36.96 is Neutral, neither overbought nor oversold. The STOCH value of 17.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3807.

Fisco Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8624	75 Outperform	¥46.11B	18.05	6.18%	4.42%	1.56%	-9.90%
8613	71 Outperform	¥73.17B	14.26	9.22%	6.15%	7.45%	45.25%
8628	69 Neutral	¥251.14B	18.80	14.00%	5.13%	3.27%	-1.81%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
4765	62 Neutral	¥84.18B	28.78	9.32%	3.75%	20.36%	9.29%
3807	50 Neutral	¥5.04B	-607.73	―	―	34.00%	99.28%
8698	43 Neutral	¥183.55B	21.40	-3.97%	4.16%	14.69%	-114.36%