KAYAC, Inc. (3904) AI Stock Analysis

• Market Cap: ¥6.98B
• Dividend Yield: 0.75%
• Average Volume (3M): 16.59K
• Price to Earnings (P/E): 11.8
• Beta (1Y): 0.56
• Revenue Growth: 12.70%
• EPS Growth: 2207.66%
• Country: JP
• Employees: 612
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 2.47
• Shares Outstanding: 16,108,800
• 10 Day Avg. Volume: 14,260
• 30 Day Avg. Volume: 16,593
• PEG Ratio: 0.03
• Price to Book (P/B): 1.39
• Price to Sales (P/S): 0.40
• P/FCF Ratio: 15.74
• 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: 56 Neutral
• Price Target: ¥419.00 ▼(-16.53% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 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

Diversified Business Model

KAYAC's mix of gaming, advertising and web services spreads revenue sources across product types and monetization models (in‑game purchases, ads, subscriptions). This structural diversification reduces single-market dependence and supports steadier revenue over business cycles.

Negative Factors

Cash Conversion Volatility

Inconsistent cash conversion — a sharp swing from negative FCF in 2024 to modest positive FCF in 2025 that covers ~50% of net income — undermines durable cash generation. This constrains reinvestment, dividend consistency, and the ability to absorb shocks without relying on external financing.

KAYAC, Inc. Business Overview & Revenue Model

Company Description

KAYAC Inc. engages in the game-related business in Japan. It also operates a game community under the name Lobi; Tonamel, a tournament format where organizers manage their tournaments; and Pla-cole, a matching service for couples and wedding plann...

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KAYAC Inc. engages in the game-related business in Japan. It also operates a game community under the name Lobi; Tonamel, a tournament format where organizers manage their tournaments; and Pla-cole, a matching service for couples and wedding plann...

KAYAC, Inc. Financial Statement Overview

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.85B	20.09B	16.73B	17.47B	16.50B	12.57B
Gross Profit	9.94B	10.91B	9.03B	9.23B	7.92B	5.93B
EBITDA	946.76M	1.42B	706.92M	1.37B	1.46B	1.36B
Net Income	477.07M	683.92M	149.05M	511.18M	779.84M	828.84M
Balance Sheet
Total Assets	12.60B	13.56B	12.88B	11.68B	10.98B	7.85B
Cash, Cash Equivalents and Short-Term Investments	6.05B	5.66B	4.96B	5.00B	4.26B	2.46B
Total Debt	3.06B	3.23B	3.27B	2.12B	2.34B	2.30B
Total Liabilities	6.34B	7.26B	6.85B	5.75B	5.64B	4.26B
Stockholders Equity	5.84B	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

• Technical Analysis Sentiment: Negative
• Last Price: 502.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 429.65, above the 50-day MA of 471.88, and above the 200-day MA of 471.42, indicating a bearish trend. The MACD of -11.27 indicates Negative momentum. The RSI at 44.90 is Neutral, neither overbought nor oversold. The STOCH value of 86.56 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3912	76 Outperform	¥7.76B	16.35	15.74%	5.18%	5.17%	1662.63%
4728	69 Neutral	¥4.87B	6.40	―	3.95%	43.78%	―
3911	62 Neutral	¥9.39B	9.63	―	―	11.15%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3904	56 Neutral	¥6.98B	11.77	―	0.75%	12.70%	2207.66%
4175	48 Neutral	¥11.24B	137.85	―	―	16.70%	87.76%
3793	42 Neutral	¥12.05B	4.66	―	―	93.85%	-216.24%