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KAYAC, Inc.
(3904)
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Rating:56Neutral
Price Target:
¥391.00
▼(-22.11% Downside)
Action:Reiterated
Date:03/24/26
The score is held back primarily by weak technicals (broadly below key moving averages with negative MACD), despite improved 2025 financial performance. Valuation is a modest positive with a moderate P/E, but low yield and uneven cash-flow consistency keep the overall score in the mid range.
Positive Factors
Revenue Rebound
A 12.6% revenue rebound in 2025 shows the company's core digital and gaming offerings can regain market traction after a downturn. That durability supports medium-term top-line growth, enables prioritized reinvestment in products, and underpins steadier operating leverage over 2–6 months.
Negative Factors
Volatile Cash Conversion
FCF covering only ~50% of net income and a large 2024–2025 swing shows inconsistent cash conversion. That volatility constrains the company's ability to self-fund capex or shareholder returns, raises reliance on external funding, and increases execution risk for multi-quarter investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
A 12.6% revenue rebound in 2025 shows the company's core digital and gaming offerings can regain market traction after a downturn. That durability supports medium-term top-line growth, enables prioritized reinvestment in products, and underpins steadier operating leverage over 2–6 months.
Read all positive factors
KAYAC, Inc. (3904) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥6.62B
Dividend Yield0.95%
Average Volume (3M)16.59K
Price to Earnings (P/E)14.0
Beta (1Y)0.60
Revenue Growth17.98%
EPS Growth9.85%
CountryJP
Employees618
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)29.01
Shares Outstanding16,108,800
10 Day Avg. Volume14,260
30 Day Avg. Volume16,593
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.39
Price to Sales (P/S)0.40
P/FCF Ratio15.74
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)N/A
KAYAC, Inc. Business Overview & Revenue Model
Company Description
KAYAC Inc. is a Japanese company primarily focused on the gaming industry. It manages various platforms, including Lobi, a community for gamers, and Tonamel, a system that assists organizers with managing tournaments. The company also supports esp...
How the Company Makes Money
KAYAC makes money primarily through three main business segments: gaming, advertising, and web services. The gaming segment generates revenue through the development and distribution of mobile games, with income derived from both in-game purchases...
KAYAC, Inc. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.63B | 20.09B | 16.73B | 17.47B | 16.50B | 12.57B |
| Gross Profit | 10.91B | 10.91B | 9.03B | 9.23B | 7.92B | 5.93B |
| EBITDA | 1.50B | 1.42B | 706.92M | 1.37B | 1.46B | 1.36B |
| Net Income | 456.01M | 683.92M | 149.05M | 511.18M | 779.84M | 828.84M |
Balance Sheet | ||||||
| Total Assets | 13.25B | 13.56B | 12.88B | 11.68B | 10.98B | 7.85B |
| Cash, Cash Equivalents and Short-Term Investments | 6.11B | 5.66B | 4.96B | 5.00B | 4.26B | 2.46B |
| Total Debt | 2.98B | 3.23B | 3.27B | 2.12B | 2.34B | 2.30B |
| Total Liabilities | 6.81B | 7.26B | 6.85B | 5.75B | 5.64B | 4.26B |
| Stockholders Equity | 5.92B | 5.80B | 5.56B | 5.46B | 4.86B | 3.31B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 511.52M | -383.94M | 977.46M | 1.51B | 383.54M |
| Operating Cash Flow | 0.00 | 1.04B | -219.66M | 1.12B | 1.77B | 489.66M |
| Investing Cash Flow | 0.00 | 99.28M | -949.59M | -351.90M | -691.48M | 13.41M |
| Financing Cash Flow | 0.00 | -588.14M | 926.49M | -37.96M | 713.82M | -572.15M |
KAYAC, Inc. Technical Analysis
Negative
502.00
Price Trends
405.04
Positive
419.10
Negative
458.17
Negative
Market Momentum
5.90
Negative
53.90
Neutral
83.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3904, the sentiment is Negative. The current price of 502 is above the 20-day moving average (MA) of 403.95, above the 50-day MA of 405.04, and above the 200-day MA of 458.17, indicating a neutral trend. The MACD of 5.90 indicates Negative momentum. The RSI at 53.90 is Neutral, neither overbought nor oversold. The STOCH value of 83.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3904.
KAYAC, Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥7.03B | 15.60 | 15.74% | 5.18% | 5.09% | -25.54% | |
69 Neutral | ¥4.83B | 14.74 | ― | 3.95% | 5.77% | 41.35% | |
66 Neutral | ¥9.25B | 10.61 | ― | ― | -21.20% | 141.82% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | ¥12.11B | 58.04 | ― | ― | 38.66% | ― | |
56 Neutral | ¥6.62B | 13.96 | ― | 0.75% | 17.98% | 9.85% | |
50 Neutral | ¥15.13B | -34.24 | ― | ― | 2.67% | -203.45% |
* Communication Services Sector Average
JP:3904
KAYAC, Inc.
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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.