NTT Data Intramart Corporation (3850) AI Stock Analysis

• Market Cap: ¥14.25B
• Dividend Yield: 0.91%
• Average Volume (3M): 28.54K
• Price to Earnings (P/E): 25.1
• Beta (1Y): 0.50
• Revenue Growth: 15.28%
• EPS Growth: 60.07%
• Country: JP
• Employees: 474
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 36.97
• Shares Outstanding: 4,955,000
• 10 Day Avg. Volume: 24,610
• 30 Day Avg. Volume: 28,540
• PEG Ratio: -13.57
• Price to Book (P/B): 2.50
• Price to Sales (P/S): 1.08
• P/FCF Ratio: 9.45
• 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): 164.4
• Revenue Forecast (FY): ¥13.40B

• Rating: 65 Neutral
• Price Target: ¥3,163.00 ▼(-17.31% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily supported by strong financial stability (near-zero leverage) and improved 2025 free cash flow, but is held back by materially weaker profitability and a soft technical setup (below key moving averages with negative MACD). Valuation is also a mild headwind given the ~27x P/E and low dividend yield.

Positive Factors

Balance Sheet Strength

Essentially zero leverage and rising equity give the company durable financial flexibility. Low refinancing and interest risk supports continued investment in product development, partner programs and M&A optionality, and helps the firm weather downturns without forcing asset sales.

Cash Conversion Improvement

A clear inflection to positive free cash flow in 2025 improves the company's ability to self-fund R&D, professional services capacity and partner enablement. Sustained positive OCF reduces reliance on external financing and supports steady investment in platform enhancements and customer success.

Platform Revenue & Growth

The intra-mart platform plus license, maintenance and services mix creates recurring and services-driven revenue streams. High single-digit to double-digit top-line growth and a partner ecosystem support scalable adoption and cross-sell, underpinning durable revenue expansion over months-to-years.

Negative Factors

Margin Compression

Material margin erosion reduces the company's ability to convert revenue into sustainable profits. Lower gross and operating margins constrain reinvestment capacity, increase sensitivity to cost inflation or pricing pressure, and indicate weakening structural profitability versus prior years.

Volatile Cash Conversion

Irregular FCF undermines predictability for capex, partner investments and shareholder returns. If cash conversion lapses again, management may need to cut discretionary spending or seek external financing, limiting the sustainability of recent positive cash-flow improvements.

Uneven Growth & ROE Decline

Inconsistent revenue expansion and falling ROE suggest the company struggles to scale profitability with growth. A widening capital base without commensurate return increases the risk that future investments deliver subpar returns, pressuring long-term shareholder value creation.

NTT Data Intramart Corporation Business Overview & Revenue Model

Company Description

NTT Data Intramart Corporation provides software products and services in Japan and internationally. The company offers intra-mart, a package software to construct web system bases. It also provides consultation services. The company was incorporated in 2000 and is based in Tokyo, Japan.

How the Company Makes Money

The company primarily makes money by selling and supporting its “intra-mart” enterprise software platform. Key revenue streams generally include: (1) software-related revenue from licenses and/or subscription-type usage fees for the intra-mart platform and related modules; (2) maintenance and support revenue for ongoing product updates, technical support, and customer success activities tied to deployed systems; and (3) professional services revenue such as system integration, implementation support, customization, and consulting to help customers design and roll out business applications and workflows on intra-mart. A significant contributor to earnings is typically a partner ecosystem (e.g., IT service providers and system integrators) that promotes, implements, and extends intra-mart for end customers, expanding sales reach and driving services and support demand. Specific breakdowns by stream, pricing terms, or named partnership details are null.

NTT Data Intramart Corporation Financial Statement Overview

Summary

Strong balance sheet with essentially no debt and steadily growing equity supports resilience, while operating cash flow is consistently positive and free cash flow rebounded strongly in 2025. Offsetting this, profitability has deteriorated meaningfully (gross margin down to ~38% and operating margin ~4% in 2025), and cash flow has been volatile versus earnings in prior years.

Income Statement

Revenue has expanded over the period, with a strong rebound after the 2021 decline and a solid step-up in 2025, but the growth path is uneven. Profitability has compressed versus earlier years: gross margin drifted down from the mid-40%s (2022–2023) to ~38% in 2025, and operating margin fell to ~4% in 2025 from double-digits in 2020–2022. Net margin remains positive but thin (~3% in 2025), indicating execution and cost pressure despite ongoing top-line progress.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt (debt-to-equity near 0 across years) and steadily growing equity, supporting financial flexibility and lower refinancing risk. Returns on equity are positive but have moderated from peak levels (roughly low-teens in 2020–2022 to mid-single-digits in 2024–2025), suggesting profitability has not kept pace with the expanding capital base.

Cash Flow

Operating cash flow is consistently positive and improved in 2025, and free cash flow turned strongly positive in 2025 after being negative in 2021–2024, highlighting a meaningful improvement in cash conversion. However, cash generation has been volatile year-to-year, and free cash flow has not consistently tracked earnings (including negative free cash flow versus positive net income in several years), which raises questions on sustainability of recent improvement.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	12.47B	11.83B	9.26B	7.97B	7.65B	5.91B
Gross Profit	4.89B	4.53B	3.69B	3.56B	3.28B	2.43B
EBITDA	1.82B	1.44B	1.32B	1.27B	1.54B	822.88M
Net Income	582.67M	341.31M	350.13M	399.44M	550.01M	107.34M
Balance Sheet
Total Assets	10.24B	9.27B	8.53B	7.48B	7.66B	6.17B
Cash, Cash Equivalents and Short-Term Investments	3.63B	2.52B	2.54B	3.31B	3.89B	2.86B
Total Debt	0.00	0.00	45.43M	0.00	0.00	0.00
Total Liabilities	5.08B	4.15B	3.61B	2.75B	3.16B	2.17B
Stockholders Equity	5.16B	5.12B	4.92B	4.73B	4.50B	4.00B
Cash Flow
Free Cash Flow	0.00	1.35B	-239.89M	-394.04M	1.14B	-266.27M
Operating Cash Flow	0.00	1.39B	876.58M	910.61M	1.98B	555.91M
Investing Cash Flow	0.00	-1.20B	-1.70B	-1.31B	-899.94M	-822.22M
Financing Cash Flow	0.00	-215.24M	-222.35M	-169.65M	-53.25M	-121.44M

NTT Data Intramart Corporation Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3825.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3850, the sentiment is Negative. The current price of 3825 is above the 20-day moving average (MA) of 3304.85, above the 50-day MA of 3592.94, and above the 200-day MA of 3779.43, indicating a bearish trend. The MACD of -165.53 indicates Positive momentum. The RSI at 25.65 is Positive, neither overbought nor oversold. The STOCH value of 17.97 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3850.

NTT Data Intramart Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3741	75 Outperform	¥37.06B	19.37	―	1.74%	21.97%	15.89%
4686	69 Neutral	¥232.49B	21.08	―	0.43%	15.01%	19.66%
3915	68 Neutral	¥20.86B	9.96	―	―	17.93%	91.21%
4475	68 Neutral	¥32.76B	27.58	―	0.39%	30.59%	65.14%
3850	65 Neutral	¥14.25B	25.11	―	0.91%	15.28%	60.07%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4434	61 Neutral	¥16.47B	8.71	―	―	―	―