Collabos Corp. (3908) AI Stock Analysis

• Market Cap: ¥2.00B
• Dividend Yield: N/A
• Average Volume (3M): 60.06K
• Price to Earnings (P/E): 33.1
• Beta (1Y): 0.33
• Revenue Growth: -10.98%
• EPS Growth: N/A
• Country: JP
• Employees: 96
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 2.16
• Shares Outstanding: 4,977,000
• 10 Day Avg. Volume: 64,730
• 30 Day Avg. Volume: 60,056
• PEG Ratio: -0.08
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 0.74
• P/FCF Ratio: 7.03
• 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: 68 Neutral
• Price Target: ¥436.00 ▲(52.45% Upside)
• Action: Reiterated Date: 01/30/26
• Date: Action: Reiterated 01/30/26

The score is driven mainly by improving 2025 profitability/cash generation and a strong, low-leverage balance sheet. Technicals add support due to a strong uptrend, but an overbought RSI tempers the outlook. Valuation is reasonable on P/E, though the missing dividend yield limits additional upside.

Positive Factors

Recurring subscription revenue model

A subscription and licensing model provides durable, predictable recurring revenue and scalable unit economics. Tiered pricing and enterprise licenses support upsell and higher ARPU, while cloud partnerships expand distribution and co‑marketing, improving long‑term revenue visibility and retention.

Low leverage and strong equity ratio

Very low leverage and a strong equity ratio give the company financial flexibility to fund R&D, product development, and strategic initiatives without relying on high-cost debt. This resilience supports long-term investment and reduces insolvency risk during downturns.

Recovery to positive margins and FCF in 2025

Return to positive net margins and meaningful free cash flow indicates improved cost control and cash conversion. Reliable cash generation enables reinvestment, supports product roadmap funding, and provides a buffer for strategic initiatives, bolstering medium‑term financial sustainability.

Negative Factors

Declining and volatile revenue growth

A material decline and volatility in top-line growth undermines the subscription model's predictability and raises concern about customer retention, pricing power, or competitive displacement. Sustained revenue weakness would impair scale economics and long‑term margin expansion.

Margin pressure and prior net loss

Significant margin compression and a prior-year net loss point to structural cost or pricing issues. Low gross margins constrain operating leverage in software, making sustainable profitability reliant on durable cost reductions or meaningful ARPU improvements over the medium term.

Shrinking asset and equity base

A declining asset and equity base can erode financial firepower to fund growth, R&D, or acquisitions. Even with low leverage, shrinking balance sheet metrics reduce collateral and may limit strategic flexibility, increasing long‑term execution risk if the trend continues.

Collabos Corp. Business Overview & Revenue Model

Company Description

Collabos Corporation develops and provides cloud-based call center systems. The company offers @nyplace, an IP telephone exchange service; COLLABOS PHONE, an IP-PBX/CTI system developed; GROWCE, a CRM and marketing service; COLLABOS CRM, Inbound CRM service; COLLABOS CRM Outbound Edition, an outbound CRM service; Packet Folder, a call recording service; AmiVoice Communication Suite, a voice recognition service; Afullect, an overflow call collection service; GOLDEN LIST, a data analysis service; Challbo, a chat and chatbot service; and CollasQ, a FAQ service. The company was incorporated in 2001 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Collabos Corp. generates revenue through multiple streams, primarily by offering subscription-based services for its software products. Customers pay monthly or annual fees for access to its suite of collaborative tools, which are available on a tiered pricing model that scales based on the number of users and features required. Additionally, the company generates revenue from licensing fees for its enterprise solutions, which are customized for larger organizations. Significant partnerships with major cloud service providers enhance their market reach and allow for co-marketing opportunities, contributing to increased sales. The company's commitment to continuous product development and innovation also helps attract and retain customers, driving further revenue growth.

Collabos Corp. Financial Statement Overview

Summary

Financials are mixed: profitability and cash flow recovered in 2025 (net margin 7.6%, positive free cash flow ¥200M), and leverage is low (debt-to-equity 0.22). Offsetting this, revenue/profitability have been volatile (net margin negative in 2024) and assets/equity have trended down from 2023 to 2025.

Income Statement

Collabos Corp. experienced significant fluctuations in revenue and profitability over recent years. The gross profit margin has been under pressure, notably falling to 25.8% in 2024. The net profit margin also turned negative in 2024, highlighting operational challenges. However, there was a recovery in 2025, with the net profit margin reaching 7.6%, indicating improved cost management and profitability. Despite these improvements, the overall revenue trend shows volatility, necessitating further stabilization.

Balance Sheet

The company maintains a strong equity base with a favorable debt-to-equity ratio of 0.22 in 2025, reflecting low leverage. The equity ratio remains robust at 74.4%, indicating financial stability and a solid balance sheet. However, a decreasing trend in total assets and stockholders' equity from 2023 to 2025 suggests potential risks to financial flexibility.

Cash Flow

The cash flow from operations improved significantly in 2025, with a positive free cash flow of ¥200 million, representing a substantial recovery from previous negative figures. The operating cash flow to net income ratio improved to 1.44, demonstrating efficient cash generation relative to net income. Nevertheless, historical volatility in free cash flow growth rates indicates potential instability in cash flow management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.86B	1.91B	2.15B	2.35B	2.37B	2.10B
Gross Profit	706.56M	671.00M	483.78M	858.85M	911.91M	823.93M
EBITDA	191.29M	168.81M	-10.72M	301.71M	244.34M	269.52M
Net Income	163.70M	144.92M	-798.32M	67.86M	54.27M	99.47M
Balance Sheet
Total Assets	1.69B	1.74B	1.75B	2.23B	2.38B	2.29B
Cash, Cash Equivalents and Short-Term Investments	1.28B	1.31B	1.18B	1.25B	1.56B	1.54B
Total Debt	250.16M	285.53M	441.76M	154.37M	172.51M	248.74M
Total Liabilities	381.17M	444.04M	647.40M	326.64M	498.97M	450.45M
Stockholders Equity	1.31B	1.29B	1.10B	1.90B	1.88B	1.84B
Cash Flow
Free Cash Flow	0.00	200.23M	78.53M	106.18M	273.42M	263.07M
Operating Cash Flow	0.00	208.58M	104.18M	165.68M	297.38M	290.46M
Investing Cash Flow	0.00	31.30M	-360.69M	-344.91M	-174.16M	-116.06M
Financing Cash Flow	0.00	-111.10M	180.79M	-125.42M	-104.14M	-212.71M

Collabos Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 286.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3908, the sentiment is Positive. The current price of 286 is below the 20-day moving average (MA) of 401.25, below the 50-day MA of 371.68, and below the 200-day MA of 345.27, indicating a bullish trend. The MACD of 10.30 indicates Positive momentum. The RSI at 63.78 is Neutral, neither overbought nor oversold. The STOCH value of 50.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3908.

Collabos Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3908	68 Neutral	¥2.00B	33.06	―	―	-10.98%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6555	61 Neutral	¥1.87B	10.36	―	―	8.27%	-295.89%
4016	57 Neutral	¥1.96B	21.43	―	3.07%	2.07%	11.34%
4444	56 Neutral	¥1.85B	26.68	―	―	5.17%	-148.66%
3634	50 Neutral	¥1.85B	23.14	―	0.42%	6.81%	62.28%
9250	50 Neutral	¥1.49B	-2.58	―	―	5.17%	―